<SEC-DOCUMENT>0001104659-21-111859.txt : 20211122
<SEC-HEADER>0001104659-21-111859.hdr.sgml : 20211122
<ACCEPTANCE-DATETIME>20210901090921
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-21-111859
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210901

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Loyalty Ventures Inc.
		CENTRAL INDEX KEY:			0001870997
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				871353472
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7500 DALLAS PARKWAY
		STREET 2:		SUITE 700
		CITY:			PLANO
		STATE:			TX
		ZIP:			75024
		BUSINESS PHONE:		(972) 338-5170

	MAIL ADDRESS:	
		STREET 1:		7500 DALLAS PARKWAY
		STREET 2:		SUITE 700
		CITY:			PLANO
		STATE:			TX
		ZIP:			75024
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD ROWSPAN="4" STYLE="text-align: left; width: 25%; vertical-align: top"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2122068d6_correspimg001.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">John B. Meade</FONT></TD>
    <TD STYLE="font-variant: small-caps; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: capitalize">Davis
    Polk&nbsp;&amp; Wardwell</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">llp</FONT></TD>
    <TD STYLE="text-align: right; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps; text-transform: uppercase">Confidential</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">+1 212 450 4077</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">450 Lexington Avenue</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">john.meade@davispolk.com</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10017</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">davispolk.com</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September&nbsp;1, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="text-align: left; width: 4%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Re:</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; text-align: left">Loyalty Ventures Inc.<BR> Draft Registration Statement on Form&nbsp;10-12B<BR> Submitted July&nbsp;14, 2021<BR> CIK No.&nbsp;0001870997</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CONFIDENTIAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade&nbsp;&amp; Services<BR>
100 F Street, N.E.<BR>
Washington, DC 20549-3628&nbsp;</P>

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    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">Attn:</TD>
    <TD STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; text-align: left">Donald Field</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Jennifer L&oacute;pez</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr.&nbsp;Field and Ms.&nbsp;L&oacute;pez:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On behalf of our client, Loyalty Ventures
Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), this letter sets forth the Company&rsquo;s responses to the comments
provided by the staff (the &ldquo;<B>Staff</B>&rdquo;) of the Division of Corporation Finance of the U.S. Securities and Exchange Commission
relating to the Company&rsquo;s Draft Registration Statement on Form&nbsp;10-12B (the &ldquo;<B>Draft Registration Statement</B>&rdquo;)
contained in the Staff&rsquo;s letter dated August&nbsp;12, 2021 (the &ldquo;<B>Comment Letter</B>&rdquo;). In response to the comments
set forth in the Comment Letter, the Company has revised the Draft Registration Statement and is filing a revised Registration Statement
on Form&nbsp;10-12B (the &ldquo;<B>Registration Statement</B>&rdquo;)</FONT> together with this response letter. The Registration Statement
also contains certain additional updates and revisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the convenience of the Staff, each comment from the Comment Letter
is restated in italics prior to the response to such comment. All references to page&nbsp;numbers and captions (other than those in the
Staff&rsquo;s comments) correspond to pages&nbsp;and captions in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Draft Registration Statement on Form&nbsp;10-12B Submitted July&nbsp;14,
2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Preliminary Information Statement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Global tech-enabled loyalty leader, page&nbsp;3</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in">1.</TD><TD STYLE="font-size: 10pt"><I>We note that the first paragraph references your &ldquo;sponsor base&rdquo; and discloses that the AIR MILES Reward Program partners
with over &ldquo;300 brands.&rdquo; Please revise to clarify if your sponsor base is made up of these 300 brands or if the metrics are
unique. If unique, please revise to quantify your AIR MILES Reward Program sponsor base of retail partners.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised the disclosure on pages&nbsp;3 and 79 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2122068d6_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Q: Will SpinCo incur any debt in connection with the Separation?,
page&nbsp;9</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">2.</TD><TD STYLE="font-size: 10pt"><I>Please revise the first paragraph to quantify the cash transfer to ADS. Please also revise the Incurrence of Debt section on page&nbsp;41
accordingly.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on pages&nbsp;9, 41 and 72 of the Registration Statement.
The Company respectfully advises the Staff that it will further revise the relevant disclosure in a future amendment once the amount of
the cash transfer is finalized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Impacts related to the COVID-19 pandemic are expected to continue
to pose risks to our business, page&nbsp;24</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">3.</TD><TD STYLE="font-size: 10pt"><I>Please revise, to the extent possible, to quantify the negative impacts COVID-19 has had on the company&rsquo;s business and operations.
Please include enough detail so that shareholders can appreciate the discussed risk.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on page&nbsp;24-25 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The loss of our most active AIR MILES Reward Program collectors
could adversely affect our growth and profitability, page&nbsp;25</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">4.</TD><TD STYLE="font-size: 10pt"><I>We note your disclosure that your most active collectors drive a disproportionately large percentage of your AIR MILES reward miles
issued. To the extent possible, please quantify the phrase &ldquo;most active collectors&rdquo; and their relative percentage of AIR MILES
reward miles issued.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on page&nbsp;25 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Our amended and restated bylaws will designate Delaware as the exclusive
forum for certain litigation, page&nbsp;37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">5.</TD><TD STYLE="font-size: 10pt"><I>Please refer to the second paragraph and the disclosure related to the company's Federal Forum Provision and its applicability
to claims brought under the Securities Act. Please reconcile your disclosure with the last sentence of the second paragraph which states
that the provision will not apply to suits brought under the Securities Act or the Exchange Act. Please also make conforming changes to
the related disclosure on page&nbsp;99.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on pages&nbsp;37-38 and 108 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Separation</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Agreements with ADS</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Transition Services Agreement, page&nbsp;48</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">6.</TD><TD STYLE="font-size: 10pt"><I>We note your disclosure on page&nbsp;18 that &ldquo;[f]ollowing the Separation, ADS will continue to provide certain of these services
to us on a transitional basis, for a period of up to two years following the Distribution pursuant to a Transition Services Agreement
that we enter into with ADS.&rdquo; Please revise your disclosure in this section to more fully discuss and quantify, to the extent possible,
the anticipated costs in connection with the separation and distribution, including those fees associated with the Transition Services
Agreement.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">September 1, 2021</TD><TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2122068d6_correspimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on pages&nbsp;41 and 48 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Discussion of critical accounting estimates, page&nbsp;66</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">7.</TD><TD STYLE="font-size: 10pt"><I>We note per the risk factor on page&nbsp;25 that AIR MILES reward miles do not expire with the exception of cases of inactivity.
Please include this information and define &ldquo;inactivity&rdquo; in your discussion on breakage.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on page&nbsp;74 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Business, page&nbsp;69</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">8.</TD><TD STYLE="font-size: 10pt"><I>We note your disclosure that your growth strategy includes expanding &ldquo;to non-traditional partnerships and alliances.&rdquo;
Please revise to clarify what you mean by &ldquo;non-traditional partnerships.&rdquo;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on pages 2 and 78 of the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Our sponsors, page&nbsp;73</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">9.</TD><TD STYLE="font-size: 10pt"><I>Please revise to discuss any dependence upon or any material sponsors. In this regard, we note your risk factor on page&nbsp;25
and disclosure that Bank of Montreal contributes a significant portion of your combined revenue.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has revised its disclosure on page&nbsp;81 of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Financial Statements, page&nbsp;F-1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.5in">10.</TD><TD STYLE="font-size: 10pt"><I>Please update your financial statements in accordance with Rule&nbsp;3-12(d)&nbsp;of Regulation S-X.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Response:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT>In
response to the Staff&rsquo;s comment, the Company has updated its financial statements starting on page&nbsp;F-1 of the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not hesitate to contact me at (212) 450-4077 or john.meade@davispolk.com
if you have any questions regarding the foregoing or if we can provide additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">September 1, 2021</TD><TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: right">3</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ John B. Meade</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">John B. Meade</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cynthia L. Hageman, General Counsel of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Laura Santillan, Chief Accounting Officer of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Louis L. Goldberg, Davis Polk&nbsp;&amp; Wardwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif">September 1, 2021</TD><TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-top: rgb(20,11,227) 1.5pt solid; width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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