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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.   20549

 

FORM 10-K

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

 

For the period from January 1, 2001 to December 31, 2001.

 

Commission file number     333-85463, 333-998

 

World Financial Network National Bank, on behalf

of World Financial Network Credit Card Master Trust

(Exact name of registrant as specified in its charter)

 

United States

 

34-1610866

(State or other jurisdiction)

 

(I.R.S. employer identification no.)

of incorporation or organization)

 

 

 

 

 

800 TechCenter Drive

Gahanna, Ohio 43230

(Address of principal executive offices)

 

(614) 729-4000

(Phone number)

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K         (Not Applicable)

 

Securities registered pursuant to Section 12(b) of the Act:          None

 

Securities registered pursuant to Section 12(g) of the Act: Series 1996-A, Class A, Class B; Series 1996-B, Class A, Class B; and Series 1999-A Class A.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(c) of the Securities Exchange Act 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ý    No o

 

Aggregate market value of voting stock held by nonaffiliates of the registrant.  $  0

 

No documents have been incorporated by reference in this Form 10-K.

 


 

PART I

 

In no action letters issued to a variety of issuers of pass-through securities representing ownership interests in trusts established by financial and retailing institutions, whose principal assets are receivables generated under consumer credit accounts owned by such institutions and transferred to such trusts, the Division of Corporation Finance has stated that it would not raise any objection if the servicer of the trust, on behalf of the trust, files its Annual Report on Form 10-K in accordance with a specified format.  See, e.g., Sears Credit Account Master Trust II (August 24, 1995), Mercantile Credit Card Master Trust (August 23, 1995); Banc One Credit Card Master Trust (May 26, 1995); Household Affinity Credit Card Master Trust I (April 29, 1994); Sears Credit Account Master Trust I (December 23, 1993); First Deposit Master Trust (December 23, 1993); Discover Card Trust 1993 B (April 9, 1993); Prime Credit Master Trust (January 29, 1993); Private Label Credit Card Master Trust (May 20, 1992); and Chase Manhattan Credit Card Trust 1990-A (March 22, 1991).

 

The World Financial Network Credit Card Master Trust (the “Trust”) was formed pursuant to a Pooling and Servicing Agreement dated as of January 17, 1996, first amended and restated as of September 17, 1999, and restated a second time as of August 1, 2001 (the “Pooling Agreement”), between WFN Credit Company, LLC as transferor (“WFNCC”), World Financial Network National Bank, as servicer (“WFNNB”), and BNY Midwest Trust Company, as Trustee.  The Trust was formed for the purpose of acquiring certain trust assets and issuing asset-backed certificates under the Pooling Agreement and one or more supplements thereto.  The property of the Trust includes receivables arising under private label credit card programs for a number of national retail and catalogue entities.

 

 

2



 

On May 9, 1996, the Trust issued: $445,500,000 6.70% Class A Asset Backed Certificates, Series 1996-A;  $46,750,000 7.00% Class B Asset Backed Certificates, Series 1996-A; $283,500,000 6.95% Class A Asset Backed Certificates, Series 1996-B, and $29,750,000 7.20% Class B Asset Backed Certificates, Series 1996-B.  On September 17, 1999, the Trust issued $473,400,000 1 Month Libor plus 0.33% variable rate Class A Asset Backed Certificates.  All of the above Certificates are registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended.

 

WFNNB, on behalf of the Trust, has prepared and filed this Annual Report on Form 10-K in substantially the form to which the Division of Corporation Finance, in the no action letters referred to above, has stated that it would not object.

 

 

ITEM 1.                             BUSINESS

 

The Trust acquires credit card receivables (the “Receivables”) originated through a number of private label credit card programs of national retail and catalogue entities.  The Receivables are originated or acquired by the Servicer and subsequently sold to the Transferor, which in turn transfers the Receivables to the Trust pursuant to the Pooling Agreement for the purpose of issuing asset backed certificates.

 

The Trust has issued four series of certificates - Series 1996-A, Series 1996-B, Series 1996-VFC, and Series 1999-A.  The Series 1996-A certificates matured and were paid off in 2001.  The Series 1996-B Class A Certificates, Series 1996-B Class B Certificates and Series 1999-A Class A Certificates were publicly issued.  The Series 1996-B Class D Certificates are held by WFNCC.  The Series 1996-VFC Certificates and Series 1999-A, Class B Certificates have been privately placed.  Each outstanding Series includes one or more classes of certificates as well as certain Collateral Interests.  In addition, the Trust has issued to WFNCC the World Financial Network Master Trust Collateral Certificate (the “Collateral Certificate”), which represents an undivided interest in the Receivables.  WFNCC subsequently transferred the Collateral Certificate to the World Financial Network Credit Card Master Note Trust pursuant to a transfer and servicing and agreement.  The Transferor is required under the Pooling Agreement to maintain a minimum 4% interest in the Trust Portfolio (6% November through January) (the “Transferor’s Interest”).

 

The Bank services the receivables pursuant to the Pooling Agreement and is compensated for acting as the servicer.

 

 

ITEM 2.                             PROPERTIES

 

There is nothing to report with regard to this item.

 

 

ITEM 3.                             LEGAL PROCEEDINGS

 

There is nothing to report with regard to this item.

 

 

ITEM 4.                             SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

There is nothing to report with regard to this item.

 

 

3



PART II

 

ITEM 5.                             MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 

To the knowledge of the Bank and the Trust, there is an over the counter market in the Trust’s Series 1996-B, Class A and Class B, and Series 1999-A, Class A Certificates.  The frequency of such transactions varies from year to year.

 

 

ITEM 6.                             SELECTED FINANCIAL DATA

 

The selected financial data has been omitted since the required information is included in the financial statements.

 

 

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

 

The Pooling and Servicing Agreement was amended and restated a second time as of August 1, 2001, between WFN Credit Company, LLC as transferor (the “Transferor”), World Financial Network National Bank as servicer (the “Servicer”), and BNY Midwest Trust Company as trustee (the “Trustee”).  As of August 1, 2001, the Trust issued the World Financial Network Credit Card Master Trust Collateral Certificate (the “Collateral Certificate”) to WFN Credit Company, LLC, which in turn assigned the Collateral Certificate to the World Financial Network Master Note Trust.  The World Financial Network Master Note Trust subsequently issued certain asset backed notes.

 

The Trust has sold four series of certificates representing an undivided interest in the Trust Portfolio.  In addition, the Trust has sold certain Collateral Interests in the Trust Portfolio as well as the Collateral Certificate.  The Transferor is required under the Pooling Agreement to maintain a minimum 4% interest in the Trust Portfolio (6% November through January).  The following series of certificates have been issued by the Trust and are outstanding as of December 31, 2001 (dollars in thousands):

 

 

 

 

 

 

 

% of Trust

 

 

Description

 

$ Issued

 

Portfolio

 

 

Series 1996-B, Class A

 

$

283,500

 

12.5

%

 

Series 1996-B, Class B

 

29,750

 

1.3

%

 

Series 1996-B, Class D

 

8,861

 

0.4

%

 

Series 1996-VFC

 

286,000

 

12.6

%

 

Series 1999-A, Class A

 

473,400

 

20.8

%

 

Series 1999-A, Class B

 

51,600

 

2.3

%

 

Collateral Certificate

 

900,000

 

39.6

%

 

 

 

 

 

 

 

 

 

4



 

 

The Series 1996-B, Class A and Class B certificates have been distributed to the public under prospectuses dated April 9, 1996.  The Series 1999-A, Class A certificates have been distributed to the public under a prospectus dated September 3, 1999.

 

The Bank is the originator and puchaser of the receivables, continues to service the receivables for the Trust and receives a fee for providing such servicing.  Under the Pooling Agreement, new receivables generated under the specified proprietary credit card programs are required to be sold to the Trust on a daily basis.  If there are insufficient new receivables to maintain the required minimum receivables level in the Trust, principal collections are retained by the Trust for the benefit of the certificateholders or until new receivables are available for purchase.

 

 

ITEM 7A.                    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

To manage our direct risk from market interest rates, we actively monitor the interest rates to minimize the impact that changes in interest rates have on the fair value of assets, net income and cash flow.  To achieve this objective, we manage our exposure to fluctuations in market interest rates through the use of fixed rate debt instruments to the extent that reasonably favorable rates are obtainable with such arrangements.  In addition, we have entered into derivative financial instruments, interest rate swaps, to mitigate our interest rate risk and to effectively lock the interest rate on a portion of our variable rate debt.

 

 

ITEM 8.                             FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

 

Cross Reference Sheet

 

Caption

 

 

 

Independent Auditors’ Report

 

 

 

Statements of Assets and Liabilities Arising from Cash Transactions as of December 31, 2001 and December 31, 2000

 

 

 

Statements of Distributable Income Arising From Cash Transactions for the year ended December 31, 2001 and for the year ended December 31, 2000

 

 

 

Notes to Financial Statements

 

 

 

5



 

II-1

 

INDEPENDENT AUDITORS’ REPORT

 

To the World Financial Network Credit Card Master Trust

 

We have audited the accompanying statements of assets and liabilities arising from cash transactions of the World Financial Network Credit Card Master Trust (the “Trust”) as of December 31, 2001 and 2000, and the related statements of distributable income arising from cash transactions for the years then ended.  These financial statements are the responsibility of the management of the Trust.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

 

As described in Note 1 to the financial statements, these financial statements were prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.

 

In our opinion, such financial statements present fairly, in all material respects, the assets and liabilities arising from cash transactions of the Trust as of December 31, 2001 and 2000, and its distributable income arising from cash transactions for the years then ended on the basis of accounting described in Note 1.

 

 

 

 

By:

 

 

 

 

 

Deloitte & Touche LLP

 

Columbus, Ohio

 

March 26, 2002

 

 

6



II-2

 

 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST

 

 

STATEMENTS OF ASSETS AND LIABILITIES ARISING FROM CASH TRANSACTIONS

 

 

 

Year Ended December 31,

 

 

 

 

2001

 

2000

 

Assets

 

 

(in thousands of dollars)

 

Cash Available for Distribution

 

$

373,914

 

$

310,660

 

 

 

 

 

 

 

Credit Card Receivables

 

2,275,302

 

2,202,444

 

 

 

 

 

 

 

Total Assets

 

$

2,649,216

 

$

2,513,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Income to be Distributed

 

$

373,914

 

$

310,660

 

 

 

 

 

 

 

Asset-backed Certificates:

 

 

 

 

 

Series 1996-A

 

 

506,174

 

Series 1996-B

 

322,111

 

322,111

 

Series 1996-VFC

 

286,000

 

512,500

 

Series 1999-A

 

525,000

 

525,000

 

Collateral Certificate

 

900,000

 

 

Collateral Interest

 

150,750

 

236,096

 

Transferor’s Interest

 

91,441

 

100,563

 

 

 

 

 

 

 

Total Liabilities

 

$

2,649,216

 

$

2,513,104

 

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

 

7



II-3

 

 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST

 

STATEMENTS OF DISTRIBUTABLE INCOME ARISING FROM CASH TRANSACTIONS

 

 

 

 

For The

 

For The

 

 

 

Year Ended

 

Year Ended

 

 

 

December 31, 2001

 

December 31, 2000

 

 

 

(in thousands of dollars)

 

Distributable Income

 

 

 

 

 

Allocable to Principal

 

$

3,771,493

 

$

3,622,309

 

Allocable to Interest

 

543,204

 

520,412

 

 

 

 

 

 

 

Total Distributable Income

 

$

4,314,697

 

$

4,142,721

 

 

 

 

 

 

 

Income Distributed

 

 

 

 

 

Distribution of Principal to Purchase New Receivables

 

$

3,440,858

 

$

3,351,788

 

Interest Paid on Asset Backed Certificates

 

122,846

 

131,356

 

Servicing Fees

 

39,238

 

38,096

 

Distribution to Purchase New Receivables for Amounts Previously Written-off

 

207,228

 

166,281

 

Distribution on Transferor’s Interest

 

130,613

 

144,540

 

 

 

 

 

 

 

Income Distributed

 

$

3,940,783

 

$

3,832,061

 

 

 

 

 

 

 

Excess of Distributable Income over Income Distributed (Distributed January 15, 2002 and January 16, 2001 respectively)

 

$

373,914

 

$

310,660

 

 

 

 

 

 

 

See accompanying Notes to Financial Statements.

 

 

8



 

II-4

 

WORLD FINANCIAL NETWORK CREDIT CARD MASTER TRUST

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

NOTE 1.                         General Information and Accounting Policies

 

The World Financial Network Credit Card Master Trust (the “Trust”) was formed pursuant to a Pooling and Servicing Agreement, dated as of January 17,1996, first amended and restated as of September 17, 1999, and restated a second time as of August 1, 2001 (the “Pooling Agreement”) between WFN Credit Company, LLC, (“WFNCC”) as transferor (the “Transferor”) and World Financial Network National Bank (the “Bank”), as servicer (the “Servicer”) of receivables (the “Receivables”) arising in a portfolio of consumer open end credit card accounts (the “Trust Portfolio”) and BNY Midwest Trust Company, as trustee (the “Trustee”).  The Trust Portfolio includes the private label credit card programs of a number of national retail and catalogue entities.

 

The Bank services the receivables pursuant to the Pooling Agreement and is compensated for acting as the Servicer.  In order to facilitate its servicing functions and minimize administrative burdens and expenses, the Bank retains physical possession of the documents relating to the receivables as custodian for the Trustee.  The Trust has no employees.

 

The financial statements of the Trust are prepared on a cash basis of accounting which differs from financial statements prepared in accordance with accounting principles generally accepted in the United States of America in that interest income and the related assets are recognized when received rather than when earned and distributions to certificateholders are recognized when paid rather than when the obligation is incurred.  The statement of assets and liabilities arising from cash transactions as of December 31, 2001 reflects the amounts to be distributed on January 15, 2002, which represents the distribution of income received by the Trust for the period December 1 through December 31, 2001.

 

 

NOTE 2.                         Sale of Certificates

 

The Trust may issue from time to time asset-backed certificates in one or more Series, which will consist of one or more classes of certificates, representing an undivided ownership interest in the Receivables.  As of December 31, 2001 the Trust had issued and had outstanding the following certificates, representing the indicated undivided interest in the Trust Portfolio:

 

 

 

 

 

 

 

 

 

 

% of Trust

 

Description

 

$ Issued

 

Portfolio

 

Series 1996-B, Class A

 

$

283,500

 

12.5

%

Series 1996-B, Class B

 

29,750

 

1.3

%

Series 1996-B, Class D

 

8,861

 

0.4

%

Series 1996-VFC

 

286,000

 

12.6

%

Series 1999-A, Class A

 

473,400

 

20.8

%

Series 1999-A, Class B

 

51,600

 

2.3

%

Collateral Certificate

 

900,000

 

39.6

%

 

 

 

 

 

 

 

 

9



 

The Series 1996-B Class A and Class B Certificates were publicly issued pursuant to a Prospectus dated April 9, 1996.  The Series 1999-A, Class A Certificates were distributed to the public pursuant to a Prospectus dated September 3, 1999.  The Series 1996-B, Class D Certificate is held by the Transferor WFN Credit Company, LLC.  The Series 1999-A, Class B Certificates were privately placed, and the Series 1996-VFC Certificates have been purchased by three conduit banks.  The Collateral Certificate is held by World Financial Network Master Note Trust.  Collectively, holders of all Series are referred to as “Certificateholders.”

 

In addition, certain Collateral Interests were issued by the Trust, representing a 6.6% interest in the Trust Portfolio.  Such Collateral Interests were held by three banks as of December 31, 2001 (the “Collateral Interestholders”).  The Transferor is required to maintain a minimum 4% (6% November through January) interest in the Trust Portfolio (the “Transferor’s Interest”).  The rights of the Collateral Interestholders to receive distributions are subordinate to the rights of the Class A and Class B Certificateholders and the Transferor’s Interest.

 

 

NOTE 3.                         Principal and Interest Payment to Certificateholders

 

Collections of principal are used by the Trust to make principal distributions with respect to certain series, to restore certain reserve and cash collateral accounts and to purchase new charge card receivables on a daily basis.

 

Collections of finance charges, which includes late fees, non-sufficient funds check fees and recoveries of amounts previously written-off, are used to pay interest to the Certificateholders, pay servicing fees and to purchase new charge card receivables equal to amounts written-off during the month.  Excess finance charge collections, if any, are distributed to the Transferor.

 

The distribution date is the 15th day of each month (or, if such day is not a business day, the next following business day).

 

 

NOTE 4.                         Federal Income Taxes

 

The Trust is not taxable as a corporation for Federal income tax purposes.  Accordingly, no provision for income taxes is reflected in the accompanying financial statements.

 

 

 

10



 

NOTE 5.                         Supplementary Financial Data (unaudited)

 

The following is a summary of distributable income for 2001 and 2000 arising from cash transactions (in thousands of dollars):

 

 

 

 

 

 

 

Servicing

 

Defaulted

 

Transferor’s

 

 

 

2001

 

Principal

 

Interest

 

Fees

 

Receivables

 

Interest

 

Total

 

Undistributed at December 31, 2000

 

$270,521

 

$12,351

 

$3,399

 

$16,169

 

$8,220

 

$310,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2001

 

896,275

 

33,057

 

9,981

 

50,423

 

41,093

 

1,030,829

 

June 30, 2001

 

828,408

 

29,918

 

9,860

 

51,597

 

30,004

 

949,787

 

September 30, 2001

 

869,189

 

27,959

 

9,545

 

52,409

 

35,518

 

994,620

 

December 31, 2001

 

907,100

 

28,959

 

9,941

 

55,014

 

27,787

 

1,028,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$3,771,493

 

$132,244

 

$42,726

 

$225,612

 

$142,622

 

$4,314,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing

 

Defaulted

 

Transferor’s

 

 

 

2000

 

Principal

 

Interest

 

Fees

 

Receivables

 

Interest

 

Total

 

Undistributed at December 31, 1999

 

$258,364

 

$12,045

 

$3,250

 

$13,723

 

$5,004

 

$292,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2000

 

902,181

 

31,749

 

9,576

 

42,110

 

42,874

 

1,028,490

 

June 30, 2000

 

833,561

 

32,706

 

9,460

 

40,649

 

34,929

 

951,305

 

September 30, 2000

 

809,598

 

32,711

 

9,437

 

39,934

 

37,801

 

929,481

 

December 31, 2000

 

818,605

 

34,496

 

9,771

 

45,229

 

32,958

 

941,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$3,622,309

 

$143,707

 

$41,494

 

$181,645

 

$153,566

 

$4,142,721

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE 6:                        Fair Value of Financial Instruments

 

The fair value of the Trust’s credit card receivables approximate their carrying value due to the short maturity and average interest rates that approximate current market rates.

 

The fair value of the asset-backed certificates is estimated to be $2,285,277,843 (carrying value of $2,275,301,593) as of December 31, 2001 and $2,211,026,987 (carrying value of $2,202,444,268) as of December 31, 2000, based on quoted market prices or current market rates for similar securities with similar remaining maturities and interest rates.  (See also Note 7)

 

 

 

11



 

NOTE 7: INTEREST SWAPS

 

In September 1999, the Trust entered into two interest rate swap agreements with the JPMorgan Chase Bank (“Morgan”) with a notional amount of $525 million.  Management believes the counterparty will be able to perform under the terms of the interest rate swap agreements.  The interest rate swaps effectively change the Trust’s interest rate exposure on $473.4 million and $51.6 million of securitized acounts receivable to a fixed rate of approximately 6.40% and 6.41% respectively.  The notional amount of swaps, $525 million as of December 31, 2001 will decrease with a corresponding decrease of the related securitized receivables.  The fair value of the interest rate swaps was estimated based on the monies the Trust would pay if they terminated the agreements.

 

Notional

 

 

 

 

 

 

 

Fair

 

Amount

 

 

 

Variable Rate

 

Fixed Rate

 

Value

 

(Millions)

 

Swap Period

 

Received

 

Paid

 

(Millions)

 

$

473.4

 

September 17, 1999 through July 17, 2006

 

USD-LIBOR-BBA

 

6.395

%

$

(15.4

)

 

 

 

 

 

 

 

 

 

 

$

51.6

 

September 17, 1999 through July 17, 2006

 

USD-LIBOR-BBA

 

6.410

%

$

(1.8

)

 

 

ITEM 9.

 

CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

There is nothing to report with regard to this item.

 

 

 

PART III

 

 

ITEM 10.                      DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

 

There is nothing to report with regard to this item.

 

 

ITEM 11.                      EXECUTIVE COMPENSATION

 

There is nothing to report with regard to this item.

 

 

 

ITEM 12.                      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

                                                                  MANAGEMENT

 

There is nothing to report with regard to this item.

 

 

ITEM 13.                      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

There is nothing to report with regard to this item.

 

 

 

12



 

 

PART IV

 

 

ITEM 14.                      EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

 

a)     Listed below are the documents filed as part of this report:

 

                Ommitted

 

b)    Reports on Form 8-K:

 

                The following current reports on Form 8-K were filed for the fourth quarter of 2001:

 

Monthly Report

 

Date of Report

 

October 2001

 

November 15, 2001

 

November 2001

 

December 17, 2001

 

December 2001

 

January 15, 2002

 

 

 

c)     Omitted

 

d)    Omitted

 

 

SIGNATURES

 

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Bank, on behalf of the Trust, has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

By:

World Financial Network Credit Card

 

 

 

Master Trust

 

 

 

World Financial Network National

 

 

 

Bank, as Servicer

 

 

 

 

Date:

March 29, 2002

 

By:

Daniel T. Groomes

 

 

 

President

 

 

13