The Limited, Inc., and Consolidated Subsidiaries - Page 9

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          Credit and WFN to WFNNB, which corporations were thereafter                 
          liquidated and dissolved.  WFNNB is a wholly owned subsidiary               
          corporation of petitioner.                                                  
          Credit Operations of World Financial Network National Bank                  
               Upon receipt of its charter, WFNNB entered into agreements             
          (the merchant agreements) with the stores.  The merchant                    
          agreements concerned credit cards to be issued by WFNNB to                  
          customers of the stores and embodied the contractual relationship           
          between WFNNB and the stores with respect thereto.  Among other             
          things, the merchant agreements entitled WFNNB to issue credit              
          cards bearing the name and logo of each store to customers of               
          that store.                                                                 
               Also upon receipt of its charter, WFNNB sent notices (change           
          of terms notices) to holders of the credit cards previously                 
          issued under the credit plans operated by Limited Credit and WFN.           
          The change of terms notices, among other things, informed such              
          credit card holders that WFNNB would be the extender of credit on           
          their account and, for credit card holders in certain States,               
          there would be an increase in the interest rate on their                    
               As of January 30, 1993, WFNNB had opened 12.9 million credit           
          card accounts, and it had outstanding credit card loans in excess           
          of $757 million.                                                            

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Last modified: May 25, 2011