Document:

exv4w7

Exhibit 4.7

CLASS M

CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

	 	 	 	 	 	 	 
	Date:

	 	September 12, 2008
	 	Transaction Ref No:
	 	2648380B
	To:

	 	World Financial Network
Credit Card Master Note
Trust

c/o U.S. Bank Trust
National Association

300 Delaware Avenue

Wilmington, Delaware 19801
	 	From:
	 	Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB
	Attn:

	 	Corporate Trust Services
	 	Contact:	 	 
	Fax No:

	 	302-576-3717
	 	Fax No:
	 	44(20) 777 36461
	 
	 	 	 	 	 	 
	Tel No:

	 	302-576-3703
	 	Tel No:
	 	44(20) 777 36810

Dear Sir/Madam,

     The purpose of this letter agreement is to confirm the terms and conditions of the Transaction
entered into between World Financial Network Credit Card Master Note Trust (“Party B”) and Barclays
Bank PLC (“Party A”) (each a “party” and together “the parties”) on the Trade Date specified below
(the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified in paragraph 1 below (the “Agreement”).

     The definitions and provisions contained in the 2000 ISDA Definitions (as published by the
International Swaps and Derivatives Association, Inc., the “Definitions”) are incorporated into
this Confirmation. In the event of any inconsistency between the Definitions and this
Confirmation, this Confirmation will govern. Capitalized terms used herein and not otherwise
defined have the meanings set forth in the Definitions or the Indenture dated as of August 1, 2001
as amended from time to time, between Party B and The Bank of New York Mellon Trust Company, N.A.,
as indenture trustee (the “Master Indenture”) as supplemented by the Series 2008-A Indenture Supplement, dated as of
September 12, 2008 (the “Indenture Supplement” and together with the Master Indenture, the
“Indenture”).

1. This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement
(including the Schedule thereto) dated as of September 12, 2008 as amended and supplemented from
time to time (the “Agreement”), between the parties. All provisions contained in the Agreement
govern this Confirmation except as expressly modified below.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 
	Notional Amount:

	 	Initially, USD 2,706,000 and thereafter an amount equal
for each Calculation Period to the Class M Note
Principal Balance at the end of the first day of that
Calculation Period.
	 
	 	 
	Trade Date:

	 	September 5, 2008
	 
	 	 
	Effective Date:

	 	September 12, 2008

S-1 

 

	 	 	 
	Termination Date:

	 	The earlier of (i) the June 2014 Distribution Date,
subject to adjustment in accordance with the Following
Business Day Convention, and (ii) the date on which the
Class M Note Principal Balance is reduced to zero,
subject to early termination in accordance with the
terms of the Agreement. In accordance with the
Indenture Supplement, the Expected Principal Payment
Date is the August 2010 Distribution Date, subject to
the Following Business Day Convention.
	 
	 	 
	Upfront Amount:

	 	On the Effective Date, Party B shall pay to Party A an amount equal to
USD 34,460.96.
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	Fixed Rate Payer:

	 	Party B
	 
	 	 
	Fixed Rate Payer 

Payment Dates:

	 	The 15th of each month,
commencing October 15, 2008 and
ending on the Termination Date,
subject to adjustment in accordance
with the Following Business Day
Convention.
	 
	 	 
	Fixed Rate:

	 	 3.275%
	 
	 	 
	Fixed Rate Day 

Count
Fraction:

	 	Actual/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	Party A
	 
	 	 
	Floating Rate Payer 

Payment Dates:

	 	The 15th of each month commencing
October 15, 2008 and ending on the Termination
Date, subject to adjustment in accordance with the
Following Business Day Convention.
	 
	 	 
	Floating Rate for 

initial Calculation 

Period:

	 	Linear Interpolation
	 
	 	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:

	 	1 Month, except for the initial Calculation Period
	 
	 	 
	Spread:

	 	None
	 
	 	 
	Floating Rate Day 

Count Fraction:

	 	Actual/360
	 
	 	 
	Reset Dates:

	 	First day of each Calculation Period

 

 

	 	 	 
	Business Days:

	 	New York, Columbus, Ohio, and Chicago, Illinois
	 
	 	 
	Calculation Agent:

	 	Party A

3. Additional Amounts Upon Partial Termination

     On any Payment Date prior to the Expected Principal Payment Date, where as a result of
principal payments on the Class M Notes, the Notional Amount would be reduced by the corresponding
reduction in the Class M Note Principal Balance, the parties hereto shall treat the portion of such
reduction (without duplication) as terminated on such Payment Date (a “Terminated Transaction”).
Party A shall calculate the Market Quotation for the Terminated Transaction as set forth below.

     “Market Quotation” means, with respect to a Terminated Transaction, an amount determined on
the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if
any, that would be paid to Party A (expressed as a negative number) or by Party A (expressed as a
positive number) in consideration of an agreement between Party A and the quoting Reference
Market-maker to enter into such Terminated Transaction (with the same fixed and floating payment
rates and remaining term as this Transaction) on the relevant Payment Date. Party A will request
each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the
same day and time (without regard to different time zones) on or as soon as reasonably practicable
prior to the relevant Payment Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by Party A. If more than three quotations are provided,
the Market Quotation will be the arithmetic mean of the quotations, without regard to the
quotations having the highest and lowest values. If exactly three such quotations are provided,
the Market Quotation will be the quotation remaining after disregarding the highest and lowest
quotations. For this purpose, if more than one quotation has the same highest value or lowest
value, then one of such quotations shall be disregarded. If fewer than three quotations are
provided, Party A will determine the Market Quotation in good faith. Notwithstanding the
foregoing, Party A shall be the sole Reference Market-maker unless: (a) the reduction in the
Notional Amount of the Transaction is equal to or greater than $50 million on such Payment Date,
and (b) the Servicer or the Indenture Trustee requests that quotations from Reference Market-makers
other than Party A are utilized.

     If the amount so determined by Party A in respect of a Terminated Transaction is positive,
Party B shall owe such amount to Party A, which shall be payable (with interest thereon accruing
from such Payment Date and calculated at the Fixed Rate) on the next Distribution Date to the
extent funds are available for such purpose in accordance with the Indenture. If such amount is
negative, no amounts shall be payable by Party A or Party B in respect of the Terminated
Transaction.

4. Account Details:

	 	 	 
	Account for
payments to Party
A:

	 	Correspondent: BARCLAYS BANK PLC NEW YORK

FEED: 026002574

Beneficiary: BARCLAYS SWAPS

Beneficiary Account: 050-01922-8
	 
	 	 
	Account for
payments to Party
B:

	 	Name: Bank of New York

City: New York

ABA# 021-000-018

Ref: World Financial Network Credit Card Master

Note Trust-GLA 111565

Acct: 395030 WFN 2008-A Finance Charge Account

Attn: David H. Hill 312-827-8540

 

 

Please confirm that the foregoing correctly sets forth the terms and conditions of
our agreement.

	 	 	 
	BARCLAYS BANK PLC

	 	Accepted and confirmed as of the date first written:
	 
	 	 
	By: /s/ Shain Kalmanowitz

	 	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE
TRUST,
	Name: Shain Kalmanowitz

	 	By: U.S. Bank Trust National Association, not in
its individual capacity, but solely as Owner
Trustee
	Title: Authorized Signatory

	 
	 
	 	 
	 

	 	By: /s/ Mildred F. Smith
	 

	 	Name: Mildred F. Smith
	 

	 	Title: Vice Presidentexv4w8

Exhibit 4.8

CLASS B

CONFIRMATION FOR U.S. DOLLAR INTEREST RATE SWAP

TRANSACTION UNDER 1992 MASTER AGREEMENT

	 	 	 	 	 	 	 
	Date:

	 	September 12, 2008
	 	Transaction Ref No:
	 	2648379B
	To:

	 	World Financial Network
Credit Card Master Note
Trust

c/o U.S. Bank Trust
National Association

300 Delaware Avenue

Wilmington, Delaware 19801
	 	From:
	 	Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB
	Attn:

	 	Corporate Trust Services
	 	Contact:	 	 
	Fax No:

	 	302-576-3717
	 	Fax No:
	 	44(20) 777 36461
	 
	 	 	 	 	 	 
	Tel No:

	 	302-576-3703
	 	Tel No:
	 	44(20) 777 36810

Dear Sir/Madam,

     The purpose of this letter agreement is to confirm the terms and conditions of the Transaction
entered into between World Financial Network Credit Card Master Note Trust (“Party B”) and Barclays
Bank PLC (“Party A”) (each a “party” and together “the parties”) on the Trade Date specified below
(the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified in paragraph 1 below (the “Agreement”).

     The definitions and provisions contained in the 2000 ISDA Definitions (as published by the
International Swaps and Derivatives Association, Inc., the “Definitions”) are incorporated into
this Confirmation. In the event of any inconsistency between the Definitions and this
Confirmation, this Confirmation will govern. Capitalized terms used herein and not otherwise
defined have the meanings set forth in the Definitions or the Indenture dated as of August 1, 2001
as amended from time to time, between Party B and The Bank of New York Mellon Trust Company, N.A.,
as indenture trustee (the “Master Indenture”) as supplemented by the Series 2008-A Indenture Supplement, dated as of
September 12, 2008 (the “Indenture Supplement” and together with the Master Indenture, the
“Indenture”).

1. This Confirmation supplements, forms part of, and is subject to, the ISDA Master Agreement
(including the Schedule thereto) dated as of September 12, 2008 as amended and supplemented from
time to time (the “Agreement”), between the parties. All provisions contained in the Agreement
govern this Confirmation except as expressly modified below.

2. The terms of the particular Transaction to which this Confirmation relates are as follows:

	 	 	 
	Notional Amount:

	 	Initially, USD 3,427,000 and thereafter an amount equal
for each Calculation Period to the Class B Note
Principal Balance at the end of the first day of that
Calculation Period.
	 
	 	 
	Trade Date:

	 	September 5, 2008
	 
	 	 
	Effective Date:

	 	September 12, 2008

S-1 

 

	 	 	 
	Termination Date:

	 	The earlier of (i) the June 2014 Distribution Date,
subject to adjustment in accordance with the Following
Business Day Convention, and (ii) the date on which the
Class B Note Principal Balance is reduced to zero,
subject to early termination in accordance with the
terms of the Agreement. In accordance with the
Indenture Supplement, the Expected Principal Payment
Date is the August 2010 Distribution Date, subject to
the Following Business Day Convention.
	 
	 	 
	Upfront Amount:

	 	On the Effective Date, Party B shall pay to Party A an amount equal to
USD 43,642.91.
	 
	 	 
	Fixed Amounts:
	 	 
	 
	 	 
	Fixed Rate Payer:

	 	Party B
	 
	 	 
	Fixed Rate Payer 

Payment Dates:

	 	The 15th of each month
commencing October 15, 2008 and
ending on the Termination Date,
subject to adjustment in accordance
with the Following Business Day
Convention.
	 
	 	 
	Fixed Rate: 

Fixed Rate Day 

Count Fraction:

	 	 3.275%

Actual/360
	 
	 	 
	Floating Amounts:
	 	 
	 
	 	 
	Floating Rate Payer:

	 	Party A
	 
	 	 
	Floating Rate Payer 

Payment Dates:

	 	The 15th of each month commencing
October 15, 2008 and ending on the Termination
Date, subject to adjustment in accordance with the
Following Business Day Convention.
	 
	 	 
	Floating Rate for 

initial Calculation 

Period:

	 	Linear Interpolation
	 
	 	 
	Floating Rate Option:

	 	USD-LIBOR-BBA
	 
	 	 
	Designated Maturity:

	 	1 Month, except for the initial Calculation Period
	 
	 	 
	Spread:

	 	None
	 
	 	 
	Floating Rate Day 

Count Fraction:

	 	Actual/360
	 
	 	 
	Reset Dates:

	 	First day of each Calculation Period

 

 

	 	 	 
	Business Days:

	 	New York, Columbus, Ohio, and Chicago, Illinois
	 
	 	 
	Calculation Agent:

	 	Party A

3. Additional Amounts Upon Partial Termination

     On any Payment Date prior to the Expected Principal Payment Date, where as a result of
principal payments on the Class B Notes, the Notional Amount would be reduced by the corresponding
reduction in the Class B Note Principal Balance, the parties hereto shall treat the portion of such
reduction (without duplication) as terminated on such Payment Date (a “Terminated Transaction”).
Party A shall calculate the Market Quotation for the Terminated Transaction as set forth below.

     “Market Quotation” means, with respect to a Terminated Transaction, an amount determined on
the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if
any, that would be paid to Party A (expressed as a negative number) or by Party A (expressed as a
positive number) in consideration of an agreement between Party A and the quoting Reference
Market-maker to enter into such Terminated Transaction (with the same fixed and floating payment
rates and remaining term as this Transaction) on the relevant Payment Date. Party A will request
each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the
same day and time (without regard to different time zones) on or as soon as reasonably practicable
prior to the relevant Payment Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by Party A. If more than three quotations are provided,
the Market Quotation will be the arithmetic mean of the quotations, without regard to the
quotations having the highest and lowest values. If exactly three such quotations are provided,
the Market Quotation will be the quotation remaining after disregarding the highest and lowest
quotations. For this purpose, if more than one quotation has the same highest value or lowest
value, then one of such quotations shall be disregarded. If fewer than three quotations are
provided, Party A will determine the Market Quotation in good faith. Notwithstanding the
foregoing, Party A shall be the sole Reference Market-maker unless: (a) the reduction in the
Notional Amount of the Transaction is equal to or greater than $50 million on such Payment Date,
and (b) the Servicer or the Indenture Trustee requests that quotations from Reference Market-makers
other than Party A are utilized.

     If the amount so determined by Party A in respect of a Terminated Transaction is positive,
Party B shall owe such amount to Party A, which shall be payable (with interest thereon accruing
from such Payment Date and calculated at the Fixed Rate) on the next Distribution Date to the
extent funds are available for such purpose in accordance with the Indenture. If such amount is
negative, no amounts shall be payable by Party A or Party B in respect of the Terminated
Transaction.

4. Account Details:

	 	 	 
	Account for payments to
Party A:

	 	Correspondent: BARCLAYS BANK PLC NEW
YORK

FEED: 026002574

Beneficiary: BARCLAYS SWAPS

Beneficiary Account: 050-01922-8
	 
	 	 
	Account for payments to
Party B:

	 	Name: Bank of New York

City: New York

ABA# 021-000-018

Ref: World Financial Network Credit
Card Master
 Note Trust-GLA 111565

Acct: 395030 WFN 2008-A Finance
Charge Account

    Attn: David H. Hill 312-827-8540

 

 

Please confirm that the foregoing correctly sets forth the terms and conditions of our agreement.

	 	 	 
	BARCLAYS BANK PLC

	 	Accepted and confirmed as of the date first written:
	 
	 	 
	By: /s/ Shain Kalmanowitz

	 	WORLD FINANCIAL NETWORK CREDIT CARD MASTER NOTE
TRUST,
	Name: Shain Kalmanowitz

	 	By: U.S. Bank Trust National Association, not in
its individual capacity, but solely as Owner
Trustee
	Title: Authorized Signatory

	 
	 
	 	 
	 

	 	By: /s/ Mildred F. Smith
	 

	 	Name: Mildred F. Smith
	 

	 	Title: Vice President

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