Attached files
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| 8-K - FORM 8-K - WFN CREDIT CO LLC | form_8k.htm |
Exhibit 99.1
FOURTH ADDENDUM TO
APPENDIX A OF
THIRD AMENDED AND RESTATED SERVICE AGREEMENT, AS AMENDED
APPENDIX A OF
THIRD AMENDED AND RESTATED SERVICE AGREEMENT, AS AMENDED
This Fourth Addendum to Appendix A of that certain Third Amended and Restated Service Agreement, as Amended (the "Addendum") is entered
into as of this 31st day of March, 2021, by and between Comenity Servicing LLC (“Servicer”), a Texas limited liability company with its principal place of business at 3075 Loyalty Circle, Columbus, OH 43219 and Comenity Bank (“Bank”), a Delaware state bank with its principal place of business at One Righter Parkway, Suite 100, Wilmington, DE 19803.
RECITALS
WHEREAS, Bank and Servicer entered into that certain Third Amended and Restated Service Agreement as of April 23, 2019, as amended on
February 20, 2020 (the “Agreement”) to outsource certain data processing activities and certain other administrative and servicing functions; and
WHEREAS, Bank and Servicer desire to modify certain Performance Standards set forth in Exhibit A to the Agreement.
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, Bank and Servicer agree as follows:
1. Performance Standards. Bank and Servicer agree to amend the Performance Standards set forth in Appendix A to the
Agreement, such that certain Performance Standards are hereby amended in as set forth in further detail in Exhibit A hereto.
2. Effective Date: The amendments to the Performance Standards, as
set forth in Exhibit A hereto, shall be effective as of the first day of the month following the month in which this Addendum is executed.
3. Miscellaneous. Capitalized
terms not otherwise defined in this Addendum shall have the meanings assigned to them in the Agreement. Other than as set forth above and in Exhibit A
hereto, the parties agree that the Agreement, as amended by this Addendum, shall continue in full force and effect. The parties may execute this Addendum in one or more counterparts, each of which shall be deemed an original, but all of which shall
constitute but one and the same instrument.
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IN WITNESS WHEREOF,
the parties have caused this Addendum to be executed by their authorized officers effective as of the date first written above.
Comenity Servicing LLC
By: /s/ Julie Fire
Name: Julie Fire
Title: Vice President, Delivery
Comenity Bank
By: /s/ Ron Ostler
Name: Ron Ostler
Title: President
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EXHIBIT A
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1.
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Amendments. Set forth below are
revisions to existing Performance Standards, all of which shall be incorporated into Appendix A to the Agreement.
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Service
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Performance Standard
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Measuring Period
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Amended/
Added |
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Credit Management
• Provide services related to all aspects of the Bank’s credit management programs including underwriting and account management to ensure
processes to identify, evaluate, mitigate, and monitor credit risk will adhere to the Bank’s established credit risk appetite, tolerances and limits, and comply with all applicable Bank credit risk management policies, strategies, and related
laws and regulations.
• Ensure that key credit risk strategies are thoroughly analyzed and effectively documented, presented and approved by the Bank as required, and
that credit actions adhere to the Bank credit policy and regulatory requirements.
• Prepare and deliver presentations regarding key credit risk trends, issues, exposures, effectiveness of strategies, and other information as
requested by the Bank.
• Provide other Credit Risk services, as requested.
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Produce and adhere to an “underwriting review calendar”, which will include an analysis of new account underwriting and recommendations for clients
with A/R > $150MM and any requests for specific clients as needed.
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M
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Amended
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Produce client specific summary level report of key performance metrics on a monthly basis with comments for clients with A/R greater than $150MM
as well as any request by the Bank for specific clients as needed.
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M
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Amended
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