Document:

ads_Ex10_96

		
			Exhibit 10.96
		

		
			 
		

		
			SEVENTH AMENDMENT TO 
		

		
			AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT
		

		
			 
		

		
			 
		

		
			This SEVENTH AMENDMENT TO AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT, dated as of September 1, 2017 (this “Amendment”) is made among Comenity Bank (formerly known as World Financial Network Bank), a Delaware state chartered bank, as Servicer (the “Servicer”), WFN Credit Company, LLC, a Delaware limited liability company, as Transferor (the “Transferor”), and U.S. Bank National Association (successor to Deutsche Bank Trust Company Americas, successor to Union Bank, N.A., formerly known as Union Bank of California, N.A., successor to JPMorgan Chase Bank, N.A.), a national banking association, as Trustee (the “Trustee”) of World Financial Network Credit Card Master Trust III, to the Amended and Restated Pooling and Servicing Agreement, dated as of January 30, 1998, among the Servicer, the Transferor and the Trustee (as amended and restated as of September 28, 2001, as further amended as of April 7, 2004, March 23, 2005, October 26, 2007, March 30, 2010, September 30, 2011 and December 1, 2016, and as modified by a Trust Combination Agreement, dated as of April 26, 2005, as amended, the “Pooling Agreement”).  Capitalized terms used and not otherwise defined in this Amendment are used as defined in the Pooling Agreement. 
		

		
			 
		

		
			WHEREAS, the parties hereto are party to the Pooling Agreement and desire to amend the Pooling Agreement in certain respects as set forth herein;
		

		
			NOW THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:
		

		
			 
		

		
			SECTION 1.    Amendments.  (a) Section 6.4(b) of the Pooling Agreement is hereby amended and restated in its entirety to read as follows:
		

		
			 
		

		
			“The Transfer Agent and Registrar will maintain at its expense at its Corporate Trust Office and, if and so long as any Series or Class is listed on the Luxembourg Stock Exchange, Luxembourg, an office or agency where Investor Certificates may be surrendered for registration of transfer or exchange (except that Bearer Certificates may not be surrendered for exchange at any such office or agency in the United States).”
		

		
			 
		

		
			(b)     Section 11.15(a) of the Pooling Agreement is hereby amended and restated in its entirety to read as follows:
		

		
			 
		

		
			“Trustee is a national banking association, formed and existing under the laws of the United States of America.”
		

		
			 
		

		
			SECTION 2.    Conditions to Effectiveness. This Amendment shall become effective on the date (the “Effective Date”) upon which (i) each of the parties hereto receive counterparts of this Amendment, duly executed and delivered by each of the parties hereto and (ii) each of the conditions precedent described in Section 13.1(b) of the Pooling Agreement are satisfied.
		

		
			 
		

		
			
		

		
			

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

						 

					

					

						 

				

		

			 

		

 

		

		
			SECTION 3.    Effect of Amendment; Ratification.    (a) On and after the Effective Date, this Amendment shall be a part of the Pooling Agreement and each reference in the Pooling Agreement to “this Agreement” or “hereof,” “hereunder” or words of like import, and each reference in any other Transaction Document to the Pooling Agreement shall mean and be a reference to the Pooling Agreement as amended hereby.
		

		
			 
		

		
			(b)     Except as expressly amended hereby, the Pooling Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto. 
		

		
			 
		

		
			SECTION 4.    Governing Law.     THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS. 
		

		
			 
		

		
			SECTION 5.  Section Headings.     Headings used herein are for convenience of reference only and shall not affect the meaning of this Amendment.
		

		
			 
		

		
			SECTION 6.    Counterparts.     This Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement.    Counterparts of this Amendment may be delivered by facsimile or electronic transmission.
		

		
			 
		

		
			SECTION 7.    Trustee Disclaimer.     Trustee shall not be responsible for the validity or sufficiency of this amendment, nor for the recitals contained herein.
		

		
			 
		

		
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						Seventh Amendment to Pooling 

					

						Agreement (Trust III)

				

		

			 

		

 

		

		
			IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
		

		
			 
		

			
					
						 

					
					
						WFN CREDIT COMPANY, LLC 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Michael Blackham

				
	
					
						 

					
					
						       Name:  Michael Blackham

				
	
					
						 

					
					
						       Title:  Treasurer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						U.S. Bank National Association, as 

					
						Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Mirtza Escobar

				
	
					
						 

					
					
						       Name: Mirtza Escobar

				
	
					
						 

					
					
						       Title: Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						COMENITY BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: /s/ Randy J. Redcay

				
	
					
						 

					
					
						       Name:  Randy J. Redcay

				
	
					
						 

					
					
						       Title:  Chief Financial Officer

				

		
			 
		

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						 

					

					

						 

					

					

						Seventh Amendment to Pooling 

					

						Agreement (Trust III)ex_105960.htm

Exhibit 10.9

 

 

Gray Television, Inc.

 

Description of Annual Incentive Plan Structure

 

The Compensation Committee (the “Committee”) of the board of directors of the Company, establishes incentive compensation programs designed to provide opportunities for the Company’s executive officers to receive annual cash incentive compensation awards based upon achieving certain pre-established targets for Company and individual performance. The target opportunities are based on the achievement of certain performance metrics, and are generally established each year as a percentage of each executive officer’s base salary. Such metrics may vary from year to year, but are generally chosen from those the Committee deems appropriate, from time to time, to motivate the Company’s executive officers towards the achievement of performance objectives that are in the Company’s best interests, such as revenues, “net operating profit” (calculated as net revenue less broadcast expense and corporate and administrative expense), broadcast cash flow (as defined in the Non-GAAP reconciliations published by the Company) and/or qualitative individual objectives based on the executive’s position and responsibilities. The incentive opportunities generally range between a threshold of 50% and a maximum of 150% of an executive officer’s base salary, depending on the level of satisfaction of the relevant metrics.

 

The weighting of the total incentive opportunity assigned to specified performance metrics for 2017 is as follows: (i) 15% for revenue goals, (ii) 15% for net operating profit goals, (iii) 30% for broadcast cash flow goals and (iv) 40% for qualitative goals for each executive officer. 

 

As part of the annual incentive plan, the Committee generally establishes threshold (minimum), target and maximum levels of performance for each quantitative metric. Quantitative target performance goals are developed based on internal company budgets and forecasts. If actual Company performance for any of the quantitative metrics above is less than 80% of the “target” amount of such metrics, no payment would be made for that metric. If actual performance is between 80% and 100% of target performance, awards would be paid on a scale of 50% to 100% of each executive officer’s target opportunity. If actual performance exceeds 100% and is less than or equal to 110% of target performance, awards would be payable on a scale from 100% to 150% of an executive officer’s target opportunity, in each case based on linear interpolation of actual results. The maximum award payable for any single quantitative metric is 150% of an executive officer’s target opportunity for that metric. If the threshold measure is not achieved, then no payment would be made for the associated quantitative metric.

 

Qualitative goals are set by the Committee for the executive officers. The qualitative performance metrics will be measured against the attainment of these qualitative objectives. The portion of each executive officer’s total payout attributable to qualitative goals will equal 40% of the executive officer’s target opportunity multiplied by a payout factor. The specific payout factor for the qualitative metric will range from 0% to 150%, based on actual individual performance as measured against the approved qualitative goals as determined by the Committee.

 

The Committee reviews performance at the conclusion of each fiscal year and determines the actual incentive payments earned based upon achieving the relevant metrics. In addition, as a part of the incentive plan structure, the Committee retains the discretion to adjust any amount that would have been payable based on the achievement of the pre-established metrics, or to make other discretionary cash bonus payments, in either case, based upon the Company’s or an individual executive officer’s performance.

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