Document:

EXHIBIT 4.11

 

CLASS B

CONFIRMATION FOR U.S.
DOLLAR INTEREST RATE SWAP

TRANSACTION UNDER 1992
MASTER AGREEMENT

 

	
  Date:

  	
   

  	
  August 7,
  2003

  	
   

  	
  Our ref:

  	
   

  	
  JPMorgan
  Reference Number

  1762169

  
	
  To:

  	
   

  	
  World
  Financial Network Credit Card

  Master Note Trust

  c/o Chase Manhattan Bank

  USA, National Association

  500 Stanton Christiana Road

  OPS4, 3rd Floor

  Newark, DE 19713

  	
   

  	
  From:

  	
   

  	
  JPMorgan
  Chase Bank

  270 Park Avenue

  New York, NY 10017

  

  Global Derivative Operations

  4 Metrotech Center, 17th Floor

  Brooklyn, NY 11245

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Institutional
  Trust Services

  	
   

  	
  Contact:

  	
   

  	
  Document
  Control

  
	
  Fax No:

  	
   

  	
  302-552-6280

  	
   

  	
  Fax No:

  	
   

  	
  718-242-9263

  
	
  Tel No:

  	
   

  	
  302-552-6279

  	
   

  	
  Tel No:

  	
   

  	
  718-242-7294

  

 

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
and JPMorgan
Chase Bank (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 BNY Midwest Trust Company, as indenture trustee (the “Master
Indenture”) as supplemented by the Series 2003-A Indenture Supplement, dated as
of June 19, 2003 (the “Indenture Supplement”), as supplemented by the
Issuance Supplement, dated as of August 14, 2003 (the “Issuance
Supplement” and together with the Master Indenture and Indenture Supplement,
the “Indenture”).

 

1.                                      This
Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement (including the Schedule thereto) dated as of August 7, 2003
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.

 

In this
Confirmation “Party A” means JPMorgan Chase Bank  and “Party B” means World
Financial Network Credit Card Master Note Trust.

 

 

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

 

	
  Notional
  Amount:

  	
   

  	
  Initially,
  USD $51,000,000 and thereafter an amount equal for each Calculation Period to
  the Class B Note Principal Balance (as defined in the Indenture Supplement)
  at the end of the first day of that Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Trade
  Date:

  	
   

  	
  August 7,
  2003

  
	
   

  	
   

  	
   

  
	
  Effective
  Date:

  	
   

  	
  August 14,
  2003

  
	
   

  	
   

  	
   

  
	
  Termination
  Date:

  	
   

  	
  The earlier
  of (i) the March 2012 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 (as defined in the Indenture Supplement) is reduced to zero, subject
  to early termination in accordance with the terms of the Agreement. In
  accordance with the Indenture Supplement, the Class A/B Expected Principal
  Payment Date is the May 2008 Distribution Date, subject to the Modified
  Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer Payment Dates:

  	
   

  	
  The 15th
  of each month commencing September 15, 2003 and ending on the
  Termination Date, subject to adjustment in accordance with the Modified
  Following Business Day Convention

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate:

  	
   

  	
  As per the
  Fixed Rate Schedule attached hereto as Schedule I

  
	
   

  	
   

  	
   

  
	
  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 September 15, 2003 and ending on the
  Termination Date, subject to adjustment in accordance with the Modified
  Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate for initial Calculation Period:

  	
   

  	
  Linear
  Interpolation

  

 

World Financial Network Credit Card Master Note Trust

Series 2003-A Confirmation

Reference Number

 

2

 

	
  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,
  London, Columbus, Ohio, and Chicago, Illinois

  
	
   

  	
   

  	
   

  
	
  Calculation
  Agent:

  	
   

  	
  Party A

  

 

3.                                      Additional Amounts Upon Partial Termination

 

On
any Payment Date prior to the Class A/B Expected Principal Payment Date (as
defined in the Indenture Supplement), where as a result of principal payments
on the Class B Notes (as defined in the Indenture Supplement), the Notional
Amount would be reduced by the corresponding reduction in the Class B Note
Principal Balance (as defined in the Indenture Supplement), 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 provided in

 

3

 

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:

  	
   

  	
  Name:
  JPMorgan Chase Bank

  City: New York

  ABA# 021-000-021

  Ref: World Financial Network Credit Card Master

  Note Trust – Swaps Group

  Acct: 900-900-1364

  
	
   

  	
   

  	
   

  
	
  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 – GLA111565

  Acct: 382899 Finance Charge Account

  

 

5.                                      Offices:

 

	
  The Office
  of Party A for this Transaction is:

  	
   

  	
  4 Metrotech
  Center, 17th Floor

  Brooklyn, NY 11245

  
	
   

  	
   

  	
   

  
	
  The Office
  of Party B for this Transaction is:

  	
   

  	
  c/o Chase
  Manhattan Bank

  USA, National Association

  500 Stanton Christiana Road

  OPS4, 3rd Floor

  Newark, DE 19713

  

 

Please confirm
that the foregoing correctly sets forth the terms and conditions of our agreement
by responding within three (3) Business Days by returning via telecopier an
executed copy of this Confirmation to the attention of Ron Pope (fax no.
718-242-9263/9262).

 

Failure to
respond within such period shall not affect the validity or enforceability of
this Transaction, and shall be deemed to be an affirmation of the terms and
conditions contained herein, absent manifest error.

 

4

 

	
  JPMORGAN CHASE BANK

  	
  Accepted and confirmed as of the
  date first

  written:

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Don Thompson

  	
   

  	
  WORLD FINANCIAL NETWORK CREDIT

  CARD MASTER NOTE TRUST,

  By: Chase Manhattan Bank USA, National

  Association, not in its individual capacity, but

  solely as Owner Trustee

  
	
  Name: Don Thompson

  
	
  Title:
  Managing Director and

  Associate General Counsel

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John J. Cashin

  	
   

  
	
   

  	
  Name: John J. Cashin

  
	
   

  	
  Title:
  Vice-President

  
							

 

5

 

SCHEDULE
I

 

FIXED
RATE SCHEDULE

 

 

	
  Period Start Date

  	
   

  	
  Period End Date

  	
   

  	
  B Fixed Rate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  08/14/2003

  	
   

  	
  09/15/2003

  	
   

  	
  4.50%

  	
   

  
	
  09/15/2003

  	
   

  	
  10/15/2003

  	
   

  	
  4.50%

  	
   

  
	
  10/15/2003

  	
   

  	
  11/15/2003

  	
   

  	
  4.50%

  	
   

  
	
  11/15/2003

  	
   

  	
  12/15/2003

  	
   

  	
  4.50%

  	
   

  
	
  12/15/2003

  	
   

  	
  01/15/2004

  	
   

  	
  4.50%

  	
   

  
	
  01/15/2004

  	
   

  	
  02/15/2004

  	
   

  	
  4.50%

  	
   

  
	
  02/15/2004

  	
   

  	
  03/15/2004

  	
   

  	
  4.50%

  	
   

  
	
  03/15/2004

  	
   

  	
  04/15/2004

  	
   

  	
  4.50%

  	
   

  
	
  04/15/2004

  	
   

  	
  05/15/2004

  	
   

  	
  4.50%

  	
   

  
	
  05/15/2004

  	
   

  	
  06/15/2004

  	
   

  	
  4.50%

  	
   

  
	
  06/15/2004

  	
   

  	
  07/15/2004

  	
   

  	
  3.975%

  	
   

  
	
  07/15/2004

  	
   

  	
  08/15/2004

  	
   

  	
  3.975%

  	
   

  
	
  08/15/2004

  	
   

  	
  09/15/2004

  	
   

  	
  3.975%

  	
   

  
	
  09/15/2004

  	
   

  	
  10/15/2004

  	
   

  	
  3.975%

  	
   

  
	
  10/15/2004

  	
   

  	
  11/15/2004

  	
   

  	
  3.975%

  	
   

  
	
  11/15/2004

  	
   

  	
  12/15/2004

  	
   

  	
  3.975%

  	
   

  
	
  12/15/2004

  	
   

  	
  01/15/2005

  	
   

  	
  3.975%

  	
   

  
	
  01/15/2005

  	
   

  	
  02/15/2005

  	
   

  	
  3.975%

  	
   

  
	
  02/15/2005

  	
   

  	
  03/15/2005

  	
   

  	
  3.975%

  	
   

  
	
  03/15/2005

  	
   

  	
  04/15/2005

  	
   

  	
  3.975%

  	
   

  
	
  04/15/2005

  	
   

  	
  05/15/2005

  	
   

  	
  3.975%

  	
   

  
	
  05/15/2005

  	
   

  	
  06/15/2005

  	
   

  	
  3.975%

  	
   

  
	
  06/15/2005

  	
   

  	
  07/15/2005

  	
   

  	
  3.45%

  	
   

  
	
  07/15/2005

  	
   

  	
  08/15/2005

  	
   

  	
  3.45%

  	
   

  
	
  08/15/2005

  	
   

  	
  09/15/2005

  	
   

  	
  3.45%

  	
   

  
	
  09/15/2005

  	
   

  	
  10/15/2005

  	
   

  	
  3.45%

  	
   

  
	
  10/15/2005

  	
   

  	
  11/15/2005

  	
   

  	
  3.45%

  	
   

  
	
  11/15/2005

  	
   

  	
  12/15/2005

  	
   

  	
  3.45%

  	
   

  
	
  12/15/2005

  	
   

  	
  01/15/2006

  	
   

  	
  3.45%

  	
   

  
	
  01/15/2006

  	
   

  	
  02/15/2006

  	
   

  	
  3.45%

  	
   

  
	
  02/15/2006

  	
   

  	
  03/15/2006

  	
   

  	
  3.45%

  	
   

  
	
  03/15/2006

  	
   

  	
  04/15/2006

  	
   

  	
  3.45%

  	
   

  
	
  04/15/2006

  	
   

  	
  05/15/2006

  	
   

  	
  3.45%

  	
   

  
	
  05/15/2006

  	
   

  	
  06/15/2006

  	
   

  	
  3.45%

  	
   

  
	
  06/15/2006

  	
   

  	
  07/15/2006

  	
   

  	
  2.925%

  	
   

  
	
  07/15/2006

  	
   

  	
  08/15/2006

  	
   

  	
  2.925%

  	
   

  
	
  08/15/2006

  	
   

  	
  09/15/2006

  	
   

  	
  2.925%

  	
   

  
	
  09/15/2006

  	
   

  	
  10/15/2006

  	
   

  	
  2.925%

  	
   

  
	
  10/15/2006

  	
   

  	
  11/15/2006

  	
   

  	
  2.925%

  	
   

  
	
  11/15/2006

  	
   

  	
  12/15/2006

  	
   

  	
  2.925%

  	
   

  
	
  12/15/2006

  	
   

  	
  01/15/2007

  	
   

  	
  2.925%

  	
   

  
	
  01/15/2007

  	
   

  	
  02/15/2007

  	
   

  	
  2.925%

  	
   

  

 

 

	
  02/15/2007

  	
   

  	
  03/15/2007

  	
   

  	
  2.925%

  	
   

  
	
  03/15/2007

  	
   

  	
  04/15/2007

  	
   

  	
  2.925%

  	
   

  
	
  04/15/2007

  	
   

  	
  05/15/2007

  	
   

  	
  2.925%

  	
   

  
	
  05/15/2007

  	
   

  	
  06/15/2007

  	
   

  	
  2.925%

  	
   

  
	
  06/15/2007

  	
   

  	
  07/15/2007

  	
   

  	
  2.40%

  	
   

  
	
  07/15/2007

  	
   

  	
  08/15/2007

  	
   

  	
  2.40%

  	
   

  
	
  08/15/2007

  	
   

  	
  09/15/2007

  	
   

  	
  2.40%

  	
   

  
	
  09/15/2007

  	
   

  	
  10/15/2007

  	
   

  	
  2.40%

  	
   

  
	
  10/15/2007

  	
   

  	
  11/15/2007

  	
   

  	
  2.40%

  	
   

  
	
  11/15/2007

  	
   

  	
  12/15/2007

  	
   

  	
  2.40%

  	
   

  
	
  12/15/2007

  	
   

  	
  01/15/2008

  	
   

  	
  2.40%

  	
   

  
	
  01/15/2008

  	
   

  	
  02/15/2008

  	
   

  	
  2.40%

  	
   

  
	
  02/15/2008

  	
   

  	
  03/15/2008

  	
   

  	
  2.40%

  	
   

  
	
  03/15/2008

  	
   

  	
  04/15/2008

  	
   

  	
  2.40%

  	
   

  
	
  04/15/2008

  	
   

  	
  05/15/2008

  	
   

  	
  2.40%

  	
   

  
	
  05/15/2008

  	
   

  	
  Thereafter

  	
   

  	
  3.45%EXHIBIT 4.12

 

CLASS C-2

CONFIRMATION FOR U.S.
DOLLAR INTEREST RATE SWAP

TRANSACTION UNDER 1992
MASTER AGREEMENT

 

	
  Date:

  	
   

  	
  August 7,
  2003

  	
   

  	
  Our ref:

  	
   

  	
  JPMorgan
  Reference Number

  1764211

  
	
  To:

  	
   

  	
  World
  Financial Network Credit Card

  Master Note Trust

  c/o Chase Manhattan Bank

  USA, National Association

  500 Stanton Christiana Road

  OPS4, 3rd Floor

  Newark, DE 19713

  	
   

  	
  From:

  	
   

  	
  JPMorgan
  Chase Bank

  270 Park Avenue

  New York, NY 10017

  

  Global Derivative Operations

  4 Metrotech Center, 17th Floor

  Brooklyn, NY 11245

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Institutional
  Trust Services

  	
   

  	
  Contact:

  	
   

  	
  Document
  Control

  
	
  Fax No:

  	
   

  	
  302-552-6280

  	
   

  	
  Fax No:

  	
   

  	
  718-242-9263

  
	
  Tel No:

  	
   

  	
  302-552-6279

  	
   

  	
  Tel No:

  	
   

  	
  718-242-7294

  

 

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
and JPMorgan
Chase Bank (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 BNY Midwest Trust Company, as
indenture trustee (the “Master Indenture”) as supplemented by the Series 2003-A
Indenture Supplement, dated as of June 19, 2003 (the “Indenture
Supplement”), as supplemented by the Issuance Supplement, dated as of
August 14, 2003 (the “Issuance Supplement”, and together with the Master
Indenture and Indenture Supplement, the “Indenture”).

 

1.                                      This
Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement (including the Schedule thereto) dated as of August 7, 2003
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.

 

In this
Confirmation “Party A” means JPMorgan Chase Bank  and “Party B” means World
Financial Network Credit Card Master Note Trust.

 

 

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

 

	
  Notional
  Amount:

  	
   

  	
  Initially,
  USD $41,000,000 and thereafter an amount equal for each Calculation Period to
  the Class C-2 Note Principal Balance (as defined in the Indenture Supplement)
  at the end of the first day of that Calculation Period.

  
	
   

  	
   

  	
   

  
	
  Trade
  Date:

  	
   

  	
  August 7,
  2003

  
	
   

  	
   

  	
   

  
	
  Effective
  Date:

  	
   

  	
  August 14,
  2003

  
	
   

  	
   

  	
   

  
	
  Termination
  Date:

  	
   

  	
  The earlier
  of (i) the March 2012 Distribution Date, subject to adjustment in
  accordance with the Following Business Day Convention, and (ii) the date on which the Class C-2 Note
  Principal Balance (as defined in the Indenture Supplement) is reduced to
  zero, subject to early termination in accordance with the terms of the
  Agreement. In accordance with the Indenture Supplement, the Class C Expected
  Principal Payment Date is the June 2008 Distribution Date, subject to
  the Modified Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Fixed Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate Payer Payment Dates:

  	
   

  	
  The 15th
  of each month commencing September 15, 2003 and ending on the
  Termination Date, subject to adjustment in accordance with the Modified
  Following Business Day Convention

  
	
   

  	
   

  	
   

  
	
  Fixed
  Rate:

  	
   

  	
  As per the
  Fixed Rate Schedule attached hereto as Schedule I

  
	
   

  	
   

  	
   

  
	
  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 September 15, 2003 and ending on the
  Termination Date, subject to adjustment in accordance with the Modified
  Following Business Day Convention.

  
	
   

  	
   

  	
   

  
	
  Floating
  Rate for initial Calculation Period:

  	
   

  	
  Linear
  Interpolation

  

 

World Financial Network Credit Card Master Note Trust

Series 2003-A Confirmation

Reference Number

 

2

 

	
  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,
  London, Columbus, Ohio, and Chicago, Illinois

  
	
   

  	
   

  	
   

  
	
  Calculation
  Agent:

  	
   

  	
  Party A

  

 

3.                                      Additional Amounts Upon Partial Termination

 

On
any Payment Date prior to the Class C Expected Principal Payment Date (as
defined in the Indenture Supplement), where as a result of principal payments
on the Class C-2 Notes (as defined in the Indenture Supplement), the Notional
Amount would be reduced by the corresponding reduction in the Class C-2 Note
Principal Balance (as defined in the Indenture Supplement), 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 $30 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 provided in

 

3

 

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:

  	
   

  	
  Name:
  JPMorgan Chase Bank

  City: New York

  ABA# 021-000-021

  Ref: World Financial Network Credit Card Master

  Note Trust – Swaps Group

  Acct: 900-900-1364

  
	
   

  	
   

  	
   

  
	
  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 – GLA111565

  Acct: 382899 Finance Charge Account

  

 

5.                                      Offices:

 

	
  The
  Office of Party A for this Transaction is:

  	
   

  	
  4 Metrotech
  Center, 17th Floor Brooklyn, NY 11245

  
	
   

  	
   

  	
   

  
	
  The
  Office of Party B for this Transaction is:

  	
   

  	
  c/o Chase
  Manhattan Bank USA, National Association 500 Stanton Christiana Road OPS4, 3rd
  Floor Newark, DE 19713

  

 

Please confirm
that the foregoing correctly sets forth the terms and conditions of our
agreement by responding within three (3) Business Days by returning via
telecopier an executed copy of this Confirmation to the attention of Ron Pope
(fax no. 718-242-9263/9262).

 

Failure to
respond within such period shall not affect the validity or enforceability of
this Transaction, and shall be deemed to be an affirmation of the terms and
conditions contained herein, absent manifest error.

 

4

 

	
  JPMORGAN CHASE BANK

  	
   

  	
  Accepted and confirmed as of the date
  first

  written:

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Don
  Thompson

  	
   

  	
   

  	
  WORLD FINANCIAL NETWORK CREDIT

  CARD MASTER NOTE TRUST,

  By: Chase Manhattan Bank USA, National

  Association, not in its individual capacity, but

  solely as Owner Trustee

  
	
  Name: Don Thompson

  	
   

  
	
  Title: Managing Director and

  Associate General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ John J. Cashin

  	
   

  
	
   

  	
   

  	
  Name: John J. Cashin

  
	
   

  	
   

  	
  Title:
  Vice-President

  
							

 

5

 

SCHEDULE
I

 

FIXED
RATE SCHEDULE

 

	
  Period Start

  Date

  	
   

  	
  Period End Date

  	
   

  	
  C-2 Fixed
  Rate

  	
   

  
	
  08/14/2003

  	
   

  	
  09/15/2003

  	
   

  	
  5.20%

  	
   

  
	
  09/15/2003

  	
   

  	
  10/15/2003

  	
   

  	
  5.20%

  	
   

  
	
  10/15/2003

  	
   

  	
  11/15/2003

  	
   

  	
  5.20%

  	
   

  
	
  11/15/2003

  	
   

  	
  12/15/2003

  	
   

  	
  5.20%

  	
   

  
	
  12/15/2003

  	
   

  	
  01/15/2004

  	
   

  	
  5.20%

  	
   

  
	
  01/15/2004

  	
   

  	
  02/15/2004

  	
   

  	
  5.20%

  	
   

  
	
  02/15/2004

  	
   

  	
  03/15/2004

  	
   

  	
  5.20%

  	
   

  
	
  03/15/2004

  	
   

  	
  04/15/2004

  	
   

  	
  5.20%

  	
   

  
	
  04/15/2004

  	
   

  	
  05/15/2004

  	
   

  	
  5.20%

  	
   

  
	
  05/15/2004

  	
   

  	
  06/15/2004

  	
   

  	
  5.20%

  	
   

  
	
  06/15/2004

  	
   

  	
  07/15/2004

  	
   

  	
  4.355%

  	
   

  
	
  07/15/2004

  	
   

  	
  08/15/2004

  	
   

  	
  4.355%

  	
   

  
	
  08/15/2004

  	
   

  	
  09/15/2004

  	
   

  	
  4.355%

  	
   

  
	
  09/15/2004

  	
   

  	
  10/15/2004

  	
   

  	
  4.355%

  	
   

  
	
  10/15/2004

  	
   

  	
  11/15/2004

  	
   

  	
  4.355%

  	
   

  
	
  11/15/2004

  	
   

  	
  12/15/2004

  	
   

  	
  4.355%

  	
   

  
	
  12/15/2004

  	
   

  	
  01/15/2005

  	
   

  	
  4.355%

  	
   

  
	
  01/15/2005

  	
   

  	
  02/15/2005

  	
   

  	
  4.355%

  	
   

  
	
  02/15/2005

  	
   

  	
  03/15/2005

  	
   

  	
  4.355%

  	
   

  
	
  03/15/2005

  	
   

  	
  04/15/2005

  	
   

  	
  4.355%

  	
   

  
	
  04/15/2005

  	
   

  	
  05/15/2005

  	
   

  	
  4.355%

  	
   

  
	
  05/15/2005

  	
   

  	
  06/15/2005

  	
   

  	
  4.355%

  	
   

  
	
  06/15/2005

  	
   

  	
  07/15/2005

  	
   

  	
  3.51%

  	
   

  
	
  07/15/2005

  	
   

  	
  08/15/2005

  	
   

  	
  3.51%

  	
   

  
	
  08/15/2005

  	
   

  	
  09/15/2005

  	
   

  	
  3.51%

  	
   

  
	
  09/15/2005

  	
   

  	
  10/15/2005

  	
   

  	
  3.51%

  	
   

  
	
  10/15/2005

  	
   

  	
  11/15/2005

  	
   

  	
  3.51%

  	
   

  
	
  11/15/2005

  	
   

  	
  12/15/2005

  	
   

  	
  3.51%

  	
   

  
	
  12/15/2005

  	
   

  	
  01/15/2006

  	
   

  	
  3.51%

  	
   

  
	
  01/15/2006

  	
   

  	
  02/15/2006

  	
   

  	
  3.51%

  	
   

  
	
  02/15/2006

  	
   

  	
  03/15/2006

  	
   

  	
  3.51%

  	
   

  
	
  03/15/2006

  	
   

  	
  04/15/2006

  	
   

  	
  3.51%

  	
   

  
	
  04/15/2006

  	
   

  	
  05/15/2006

  	
   

  	
  3.51%

  	
   

  
	
  05/15/2006

  	
   

  	
  06/15/2006

  	
   

  	
  3.51%

  	
   

  
	
  06/15/2006

  	
   

  	
  07/15/2006

  	
   

  	
  2.665%

  	
   

  
	
  07/15/2006

  	
   

  	
  08/15/2006

  	
   

  	
  2.665%

  	
   

  
	
  08/15/2006

  	
   

  	
  09/15/2006

  	
   

  	
  2.665%

  	
   

  
	
  09/15/2006

  	
   

  	
  10/15/2006

  	
   

  	
  2.665%

  	
   

  
	
  10/15/2006

  	
   

  	
  11/15/2006

  	
   

  	
  2.665%

  	
   

  
	
  11/15/2006

  	
   

  	
  12/15/2006

  	
   

  	
  2.665%

  	
   

  
	
  12/15/2006

  	
   

  	
  01/15/2007

  	
   

  	
  2.665%

  	
   

  
	
  01/15/2007

  	
   

  	
  02/15/2007

  	
   

  	
  2.665%

  	
   

  

 

 

	
  02/15/2007

  	
   

  	
  03/15/2007

  	
   

  	
  2.665%

  	
   

  
	
  03/15/2007

  	
   

  	
  04/15/2007

  	
   

  	
  2.665%

  	
   

  
	
  04/15/2007

  	
   

  	
  05/15/2007

  	
   

  	
  2.665%

  	
   

  
	
  05/15/2007

  	
   

  	
  06/15/2007

  	
   

  	
  2.665%

  	
   

  
	
  06/15/2007

  	
   

  	
  07/15/2007

  	
   

  	
  1.82%

  	
   

  
	
  07/15/2007

  	
   

  	
  08/15/2007

  	
   

  	
  1.82%

  	
   

  
	
  08/15/2007

  	
   

  	
  09/15/2007

  	
   

  	
  1.82%

  	
   

  
	
  09/15/2007

  	
   

  	
  10/15/2007

  	
   

  	
  1.82%

  	
   

  
	
  10/15/2007

  	
   

  	
  11/15/2007

  	
   

  	
  1.82%

  	
   

  
	
  11/15/2007

  	
   

  	
  12/15/2007

  	
   

  	
  1.82%

  	
   

  
	
  12/15/2007

  	
   

  	
  01/15/2008

  	
   

  	
  1.82%

  	
   

  
	
  01/15/2008

  	
   

  	
  02/15/2008

  	
   

  	
  1.82%

  	
   

  
	
  02/15/2008

  	
   

  	
  03/15/2008

  	
   

  	
  1.82%

  	
   

  
	
  03/15/2008

  	
   

  	
  04/15/2008

  	
   

  	
  1.82%

  	
   

  
	
  04/15/2008

  	
   

  	
  05/15/2008

  	
   

  	
  1.82%

  	
   

  
	
  05/15/2008

  	
   

  	
  06/16/2008

  	
   

  	
  1.82%

  	
   

  
	
  06/16/2008

  	
   

  	
  Thereafter

  	
   

  	
  3.51%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]