Document:

Consent to Purchase and Sale Agreement

 Exhibit 10.105 
 EXECUTION COPY 
 CONSENT 
 Dated as of October 17, 2007 
 to 
 PURCHASE AND SALE AGREEMENT 
 Dated as of November 25, 1997 
 THIS CONSENT to PURCHASE AND SALE AGREEMENT (“Consent”) is entered into as of October 17, 2007 by and between SPIRIT OF AMERICA NATIONAL BANK (“Bank”), a national
banking association, as Seller, and CHARMING SHOPPES RECEIVABLES CORP. (“CSRC”), a Delaware corporation, as Purchaser. Each capitalized term used but not defined herein has the meaning ascribed thereto in the Purchase and Sale
Agreement, dated as of November 25, 1997 (as amended on July 22, 1999, November 9, 2000 and May 8, 2001, and as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Purchase
and Sale Agreement”), by and between Bank and CSRC, or, if not defined therein, in that certain Second Amended and Restated Pooling and Servicing Agreement, dated as of November 25, 1997 (as amended on July 22,
1999, May 8, 2001, August 5, 2004 and March 18, 2005, and on the date hereof, the “Pooling and Servicing Agreement”) among Spirit of America, Inc., as Servicer, CSRC, as Seller, and U.S. Bank National Association,
as Trustee (“Trustee”). 
 PRELIMINARY STATEMENTS 
 A. Bank wishes to obtain certain consents, and CSRC is willing to extend such waivers and consents on the terms and subject to the
conditions set forth in this Consent. 
 B. In consideration of the foregoing, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 C.
The Bank expects to acquire from World Financial Network National Bank (“WFN”), and to convey to CSRC, Receivables and Related Assets which arise under a portfolio of proprietary credit cards used primarily at Lane Bryant® stores (the “Lane Bryant Portfolio”) The purchase price paid by the Bank to WFN at the closing is
subject to adjustment to take into account differences in account balances between the actual account balances and the closing date estimate thereof, as provided in the Bank’s purchase agreement with WFN (the “WFN Agreement”).
The parties hereto desire to take such adjustment into account in the purchase price paid by CSRC to the Bank for the Lane Bryant Portfolio. 
 SECTION 1. Consents in respect of the Purchase and Sale Agreement. Effective as of the date hereof, subject to the satisfaction of the condition precedent set forth in Section 2 below,
the Purchase and Sale Agreement is hereby modified pursuant to the following consents: 
 1.1 The Bank is hereby
permitted to make adjustments (the “Lane Bryant Adjustments”) to the Purchase Price for the Lane Bryant Portfolio concurrently with the corresponding adjustment under the WFN Purchase Agreement, in an amount equal to any amount
payable by Bank to WFN, or by WFN to the Bank with respect to the adjustment to the purchase price for the Lane Bryant Portfolio paid by the Bank to WFN (the “WFN Adjustment”).

 
Promptly upon determination of such WFN Adjustment, CSRC shall pay to the Bank, an amount equal to the WFN Adjustment, if any, payable by the Bank to WFN. On the date of the WFN Adjustment, the
Bank shall pay to CSRC an amount equal to the WFN Adjustment, if any, paid by WFN to the Bank. 
 1.2 On the
Distribution Date following any Lane Bryant Adjustment, CSRC and the Bank agree to settle the amount due under such Lane Bryant Adjustment, either from CSRC to the Bank, or from the Bank to CSRC, as applicable, in full in cash. 
 SECTION 2. Condition Precedent. This Consent shall become effective and be deemed effective as of the date first above written upon
the following conditions precedent: 
 2.1 Delivery of an Opinion of Counsel meeting the requirements of
Section 7.1(a) of the Purchase and Sale Agreement; and 
 2.2 Receipt by the Trustee of fully executed
copies of this Consent and that certain Amendment to the Pooling and Servicing Agreement, of even date herewith. 
 SECTION 3.
Reference to and Effect on the Purchase and Sale Agreement. 
 3.1 Upon the effectiveness of this Consent,
each reference in the Purchase and Sale Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” “hereby” or words of like import shall mean and be a reference to the Purchase and Sale
Agreement as modified hereby, and each reference to the Purchase and Sale Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Purchase and Sale Agreement shall mean and be a reference to the
Purchase and Sale Agreement as modified hereby. 
 3.2 Except as specifically modified hereby, the Purchase and
Sale Agreement and the other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 SECTION 4. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAWS PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 5. Execution in Counterparts. This Consent may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile copy of a signature hereto shall have the same effect as the original thereof. 
 SECTION 6. Headings. Section headings in this Consent are included herein for convenience of reference only and shall not constitute
a part of this Consent for any other purpose. 
  

 2 

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

			
	CHARMING SHOPPES RECEIVABLES CORP., as Purchaser
		
	By:	 	/s/ Kirk R. Simme
	Name:	 	Kirk R. Simme
	Title:	 	Vice President

  

			
	SPIRIT OF AMERICA NATIONAL BANK, as Seller
		
	By:	 	/s/ Kirk R. Simme
	Name:	 	Kirk R. Simme
	Title:	 	President

  

 S-1Fourth Amendment to Purchase and Sale Agreement

 Exhibit 10.106 
 EXECUTION COPY 
 FOURTH AMENDMENT TO PURCHASE AND SALE
AGREEMENT 
 THIS FOURTH AMENDMENT (this “Amendment”) dated as of October 30, 2009 to the Purchase and
Sale Agreement, dated as of November 25, 1997 and amended by the First Amendment thereto dated as of July 22, 1999, by the Second Amendment thereto dated as of November 9, 2000 and by the Third Amendment thereto dated as of
May 8, 2001 (the “Purchase Agreement”), is between, (i) solely with respect to the amendments described in Section 3(a) of this Amendment, SPIRIT OF AMERICA NATIONAL BANK, a national banking association
(“Spirit”) and CHARMING SHOPPES RECEIVABLES CORP. (“CSRC”) and (ii) solely with respect to the amendments described in Section 3(b) of this Amendment, WFN CREDIT COMPANY, LLC (“WFN SPV”)
and WORLD FINANCIAL NETWORK NATIONAL BANK (“WFNNB”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings assigned in the Purchase Agreement. 
 W I T N E S S E T H: 
 WHEREAS, Spirit and CSRC have entered
into the Purchase Agreement pursuant to which Spirit transfers Receivables to CSRC from time to time; 
 WHEREAS, CSRC is a
party to the Second Amended and Restated Pooling and Servicing Agreement, dated as of November 25, 1997 (as amended from time to time, the “Pooling and Servicing Agreement”), among Spirit, CSRC and U.S. Bank National
Association, as Trustee (in such capacity, the “Trustee”), pursuant to which CSRC transfers Receivables to the Trust from time to time; and 
 WHEREAS, the parties hereto desire to amend the Purchase Agreement in certain respects as set forth herein. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments. (a) The following definitions from Appendix A of the Purchase Agreement are hereby amended and restated
in their entirety to read as follows or added and inserted in alphabetical order into Appendix A of the Purchase Agreement, as applicable: 
 “Purchaser” shall mean WFN Credit Company, LLC, a Delaware corporation, and its permitted successors and assigns. 
 “Purchaser Tangible Equity” means, at any date of determination, an amount equal to: 
 (a) the Seller Interest, plus 
 (b) the aggregate amount on deposit in all cash collateral accounts or spread accounts established for the benefit of any Series or Class of Investor Certificates; minus 

 (c) the outstanding balance of the Subordinated Note; plus 
 (d) the “Purchaser Tangible Equity” or other similar amounts for any other transactions to which the Purchaser is a party.

 “Required Purchaser Tangible Equity” means, at any date of determination, the sum of:

 (a) the product of (i) the Seller Interest, multiplied by (ii) the highest required enhancement percentage then in
effect for any outstanding Class of Investor Certificates that was rated BBB (or an equivalent rating) by any of Moody’s, S&P or Fitch at the time of its issuance, which shall be calculated as the quotient (expressed as a percentage) of
(x) the amount of Enhancement (including any cash collateral account, the subordination of other interests in the Receivables) that is available or junior to such Class in covering charged-off Receivables allocated to the related Series,
divided by (y) the Initial Investor Interest for the Series of Investor Certificates of which such Class is a part; plus 
 (b) the aggregate amount on deposit in all cash collateral accounts or spread accounts established for the benefit of any Series or Class of Investor Certificates, plus 
 (c) the “Required Purchaser Tangible Equity” or other similar amounts for any other transactions to which the Purchaser is a party.

 “Seller” shall mean World Financial Network National Bank, and its permitted successors and
assigns. 
 “Subordinated Note” shall mean a note substantially in the form of Exhibit F
to the Purchase Agreement evidencing borrowings made by Purchaser from Seller pursuant to this Agreement. 
 “Subordinated Note Maturity Date” is defined in Section 3.1(c) of this Agreement. 
 “Subordinated Note Rate” is defined in Section 3.1(c) of this Agreement. 
 “Transfer Date” is defined in Section 1.2(a) of this Agreement. 
 “WFN
SPV” is defined in Section 1.2(a) of this Agreement. 
 “WFNNB” is defined
in Section 1.2(b) of this Agreement. 
 (b) The definition of “Reassignment” in Appendix A of the Purchase
Agreement is hereby deleted in its entirety. 

 (c) The last paragraph of Section 1.1 of the Purchase Agreement is hereby amended and
restated to read as follows: 
 It is the intention of the parties hereto that the conveyances of the Existing Assets, the
Receivables and the other Related Assets by the Seller to the Purchaser as provided in this Section 1.1 be, and be construed as, absolute sales or capital contributions, including for accounting purposes to the extent consistent with
generally accepted accounting principles, without recourse except as explicitly provided herein, of the Existing Assets, the Receivables and the other Related Assets by the Seller to the Purchaser. Furthermore, it is not intended that such
conveyance be deemed a pledge of the Existing Assets, the Receivables and the other Related Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller. If, however, notwithstanding the intention of the parties, the
conveyance provided for in this Section 1.1 is determined to be a transfer for security, then this Agreement shall also be deemed to be a security agreement and the Seller hereby grants to the Purchaser a security interest in all of the
Seller’s right, title and interest in and to the Existing Assets, the Receivables and the other Related Assets. Further, to the extent the Seller retains any interest in the Receivables now existing and arising from time to time in the Accounts
and the other Related Assets, the Seller hereby grants to the Trustee for the benefit of the Investor Certificateholders, a security interest in the Seller’s right, title and interest, whether now owned or hereafter arising, in, to and under
the Receivables now existing and arising from time to time in the Accounts and the other Related Assets to secure the performance of all obligations of the Seller under this Agreement, the Pooling and Servicing Agreement and the other Transaction
Documents and the rights of each Investor Certificateholder to receive its share of the Series Investor Interest under the applicable Supplement, interest on the Investor Certificates held by it at the rate specified in the Supplement and any other
amounts owed to it under the terms of such Supplement and the other Transaction Documents. 
 (d) The following Section 1.2
is hereby added to the Purchase Agreement: 
 “Assignment and Assumptions. It is understood and
agreed that: 
 (a) CSRC and WFN Credit Company, LLC (“WFN SPV”) will enter into an assignment
and assumption agreement, substantially in the form of Exhibit D hereto, under which CSRC will assign to WFN SPV all of CSRC’s rights and obligations as Purchaser and WFN SPV will accept and assume such rights and obligations. From and after
the date of effectiveness of such assignment and assumption agreement (the “Transfer Date”), (i) except to the extent provided in such agreement with respect to events arising out of its actions or omissions to act as Purchaser
occurring before such date, CSRC shall be released from all obligations of the Purchaser, (ii) CSRC shall cease to be a party to this

 
Agreement; provided that nothing herein shall release CSRC of any liability for any of its actions (or omissions to act) as Purchaser prior to the Transfer Date, and (iii) except as the
context shall require, references in this Agreement to Purchaser shall be deemed to be references to WFN SPV. 
 (b) Effective as of the Transfer Date, Spirit and World Financial Network National Bank (“WFNNB”) will enter into an assignment and assumption agreement, substantially in the form of Exhibit E hereto, under which Spirit
will assign to WFNNB, all of Spirit’s rights and obligations as Seller and WFNNB will acquire and assume such rights and obligations. From and after the Transfer Date, (i) except to the extent provided in such agreement with respect to
events arising out of its actions or omissions to act as Seller occurring before the Transfer Date, Spirit shall be released from all obligations of the Seller, (ii) Spirit shall cease to be a party to this Agreement; provided that nothing
herein shall relieve Spirit of any liability for any of its actions (or omissions to act) as Seller prior to the Transfer Date, and (iii) except as the context shall require, references in this Agreement to Seller shall be deemed to be
references to WFNNB. 
 (e) Section 2.3(f) of the Purchase Agreement is hereby amended and restated to read as follows:

 Except as provided herein (including, without limitation, Section 1.2 hereof) and as provided in
the Pooling and Servicing Agreement, the Seller covenants and agrees that it will not Convey the Accounts to any Person prior to the termination of this Agreement and the Pooling and Servicing Agreement. 
 (f) Section 2.5 of the Purchase Agreement is hereby amended and restated to read as follows: 
 Section 2.5 Removal of Accounts. Purchaser may remove Accounts from the Trust in accordance with
Section 2.7 of the Pooling and Servicing Agreement. On each day on which Accounts are removed from the Trust pursuant to Section 2.7 of the Pooling and Servicing Agreement, the Seller and the Purchaser may, but shall not be
required to, by mutual agreement, remove Accounts from the operation of this Agreement (the “Removed Accounts”). The Seller agrees to provide to Purchaser such information, certificates, financing statement, opinions and other
materials as are reasonably necessary to enable the Purchaser to satisfy its obligations under Section 2.7 of the Pooling and Servicing Agreement with respect to the removal of Accounts. 

 (g) Sections 3.1(b) and (c) of the Purchase Agreement are hereby amended and restated
to read as follows: 
 (b) The “Purchase Price” for the Receivables (including Receivables in Additional
Accounts) to be conveyed to Purchaser under this Agreement that come into existence on or after the Transfer Date shall be payable on each Business Day on which such Receivables are conveyed by Seller to Purchaser in an amount equal to 100% of the
Principal Receivables so conveyed, adjusted from time to time with respect to Principal Receivables originated hereafter to reflect such factors as Seller and Purchaser mutually agree will result in a Purchase Price determined to approximate the
fair market value of such Principal Receivables. If and to the extent that Purchaser shall not have funds available to pay Seller the Purchase Price for the Receivables transferred on any day, an amount equal to the portion of the Purchase Price for
such Receivables for which Purchaser shall not have funds shall be deemed to be a borrowing by Purchaser from Seller under the Subordinated Note in the amount of such deficiency; provided that no borrowing may be made under the Subordinated
Note if, after giving effect to such borrowing, Purchaser Tangible Equity would be less than Required Purchaser Tangible Equity; and provided, further, that Seller may, in its discretion, contribute Receivables on any Business Day and
the Purchase Price of such Receivables shall be deemed to be a capital contribution from Seller to Purchaser. Seller is hereby authorized by Purchaser to endorse on the schedule attached to the Subordinated Note (or a continuation of such schedule
attached thereto and made a part thereof) an appropriate notation evidencing the date and amount of each borrowing thereunder, as well as the date and amount of each payment made with respect thereto; provided that the failure of any Person
to make such a notation shall not affect any obligations of Purchaser thereunder. 
 (c) The terms and conditions of the
Subordinated Note and all borrowings thereunder shall be as follows: 
 (i) All amounts paid by Purchaser with
respect to the Subordinated Note shall be allocated first to the repayment of accrued interest until all such interest is paid, and then to the outstanding principal amount of the Subordinated Note. 
 (ii) The outstanding principal amount of the Subordinated Note shall bear interest at a fixed rate per annum agreed upon by
Seller and Purchaser from time to time from the Transfer Date, calculated based on a 360-day year consistently of twelve thirty-day months (such rate as in effect from time to time, the “Subordinated Note Rate”). Interest on the
Subordinated Note shall be payable on the 15th day of each calendar month falling after the Transfer Date, or if the 15th is not a Business Day, the next succeeding Business Day (each such date, an “Interest Payment Date”). If on
any Interest Payment Date, the amount of funds available to pay interest on the Subordinated Note is insufficient to pay any amount

 
due under the Subordinated Note, then interest shall be payable only to the extent funds are available thereof. All interest in the Subordinated Note that is not paid when due pursuant to this
paragraph shall be payable on the next Interest Payment Date on which funds are available therefor and all such unpaid interest shall accrue interest at the Subordinated Note Rate until paid in full. 
 (iii) Purchaser may at its option, prepay the Subordinated Note at any time and from time to time; provided that in no event
shall Seller or any holder of the Subordinated Note have any right to demand any payment of principal under the Subordinated Note prior to the date that is one year and one day after the latest occurring Series Termination Date for any Series of
Investor Certificates (the “Subordinated Note Maturity Date”). 
 (h) Schedule I and Schedule II to this
Amendment are hereby added to the Purchase Agreement as Exhibit D and Exhibit E respectively, thereto. 
 (i) Schedule III to
this Amendment is hereby added to the Purchase Agreement as Exhibit F thereto. 
 (j) Exhibit C of the Purchase Agreement is
hereby deleted in its entirety and marked as “[reserved]”. 
 (k) Clauses (a) and (b) of Section 7.4 of
the Purchase Agreement are hereby amended and restated as follows: 
 (a) in the case of the Seller and the
Servicer, to World Financial Network National Bank, 3100 Easton Square Place, Columbus, OH 43219, Attention: General Counsel, (b) in the case of the Purchaser, to WFN Credit Company, LLC, 3100 Easton Square Place, #3108, Columbus, Ohio 43219.

 SECTION 2. Change of Address and Waiver of Notice. Effective as of the Transfer Date, pursuant to Section 2.3(j)
of the Purchase Agreement, WFNNB, as Seller, hereby designates the following additional addresses as location of records concerning the Receivables: 
 3100 Easton Square Place 
 Columbus, OH 43219 
 Attention: President 
 With a copy (which shall not constitute notice) to: 
 World Financial Network National Bank 
 3100 Easton Square Place 
 Columbus, OH 43219 
 Attention: General Counsel 

 The Trustee hereby waives the requirement of 30 days notice of such change of address.

 SECTION 3. Amendment Date. 
 (a) The amendments set forth in clauses (d), (e) and (h) of Section 1 shall become effective on the
date when all of the following shall have occurred: (i) the Trustee receives executed counterpart signatures pages of this Amendment from Spirit and CSRC and (ii) an Opinion of Counsel of CSRC pursuant to Section 7.1(a) of the
Purchase Agreement has been delivered to the Trustee. 
 (b) Immediately following the effectiveness of the
amendments described in Section 3(a) of this Amendment, the amendments set forth in clauses (a) through (c), (f), (g) and (i) through (k) of Section 1 shall become effective when the Trustee receives
counterparts of this Amendment executed by WFNNB and WFN SPV. 
 SECTION 4. Governing Law. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 5. Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for the
purpose of determining the legal enforceability of any provision hereof, and the unenforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of
rendering such provision or provisions unenforceable in any other jurisdiction. 
 SECTION 6. Ratification of the Purchase
Agreement. From and after the Amendment Date, each reference in the Purchase Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and references to the Purchase Agreement
in any other document, instrument or agreement executed and/or delivered in connection therewith, shall, in each case, mean and be a reference to the Purchase Agreement as amended hereby. Except as otherwise amended by this Amendment, the Purchase
Agreement shall continue in full force and effect and is hereby ratified and confirmed. 
 SECTION 7. Counterparts. This
Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
 [Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date first above written. 
 Solely with respect to the amendments described in Section 3(a) of this Amendment: 

 

			
	SPIRIT OF AMERICA NATIONAL BANK
		
	By:	 	/s/ Eric M. Specter
	Name:	 	Eric M. Specter
	Title:	 	Chairman of the Board

  

			
	CHARMING SHOPPES RECEIVABLES CORP.
		
	By:	 	/s/ Eric M. Specter
	Name:	 	Eric M. Specter
	Title:	 	President

  

					
		  	 S-1
	  	 Fourth Amendment to
 Purchase and Sale Agreement

 Solely with respect to the amendments described in Section 3(b) of this Amendment:

  

			
	WFN CREDIT COMPANY, LLC
		
	By:	 	/s/ Ronald C. Reed
	Name:	 	Ronald C. Reed
	Title:	 	Assistant Treasurer

  

			
	WORLD FINANCIAL NETWORK NATIONAL BANK
		
	By:	 	/s/ Daniel T. Groomes
	Name:	 	Daniel T. Groomes
	Title:	 	President

  

					
		  	 S-2
	  	 Fourth Amendment to
 Purchase and Sale Agreement

 Acknowledged and agreed with respect to Section 2 of 
 this Amendment: 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Tamara Schultz-Fugh
	Name:	 	Tamara Schultz-Fugh
	Title:	 	Vice President

  

					
		  	 S-3
	  	 Fourth Amendment to
 Purchase and Sale Agreement

 SCHEDULE III 
 EXHIBIT F 
 SUBORDINATED NOTE 
 FOR VALUE RECEIVED, the undersigned, a Delaware limited liability company (“Purchaser”), hereby unconditionally promises to
pay to the order of WORLD FINANCIAL NETWORK NATIONAL BANK (“WFN”) in lawful money of the United States of America in immediately available funds on the Subordinated Note Maturity Date, the aggregate unpaid amount (as shown in the
records of Seller or, at the Seller’s option, on the schedule attached hereto and any continuation thereof) of all borrowings made by Purchaser from Seller to fund the acquisition of Receivables in connection with the transactions contemplated
by the Purchase and Sale Agreement, dated as of November 25, 1997 (as amended and supplemented from time to time, the “Purchase Agreement”), among Purchaser and Seller. Purchaser may at its option prepay this Note in whole or in
part at any time and from time to time; provided that in no event shall the holder hereof have any right to demand any payment of principal hereunder prior to the Subordinated Note Maturity Date. 
 Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Purchase Agreement. 
 The undersigned further agrees to pay interest from the date hereof on the unpaid principal amount hereof from time to time at the rate and
at the times specified in the Purchase Agreement. Interest shall be payable in arrears on each Interest Payment Date and upon final payment of the unpaid principal amount hereof. 
 This Note is subordinate and junior in right and time of payment to all “Senior Debt” of Purchaser, which is any
Indebtedness of Purchaser and all renewals, extensions, refinancings and refundings thereof, except any such Indebtedness that expressly provides that it is not senior or superior in right of payment hereto. “Indebtedness” is any
indebtedness, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereto) and guarantees of any of the foregoing,
whether or not any such indebtedness would appear as a liability on a balance sheet of Purchaser prepared on a consolidated basis in accordance with generally accepted accounting principles. 
 All scheduled payments of principal and interest in respect of Senior Debt must be paid before this Note shall be payable, and all scheduled
payments of principal and interest on this Note shall be payable only to the extent that Purchaser, after paying all its accounts payable and other expenses and obligations, has the funds to make such payments. Purchaser agrees, and the holder
hereof by accepting this Note agrees, to the subordination provisions herein contained. 

 Upon prior written notice to Purchaser, the holder hereof may sell, pledge, assign or
otherwise transfer this Note; provided, that prior to such sale, pledge, assignment or transfer, the Rating Agency Condition is satisfied. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York. 
 The holder of this Note, by its acceptance hereof, hereby covenants and agrees that it will not at any time institute against Purchaser any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law. 

 IN WITNESS WHEREOF, Purchaser has caused this Subordinated Note to be duly executed as of
the day and year first above written. 
  

			
	WFN CREDIT COMPANY, LLC
		
	By:	 	 
		 	 Name:
 Title:

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