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EX-4.1 - CLASS A(2011-B) TERMS DOCUMENT - DISCOVER BANKdex41.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2011

 

 

Discover Card Execution Note Trust

(Exact name of issuing entity in respect of the notes as specified in charter)

Discover Card Master Trust I

(Exact name of issuing entity in respect of the Series 2007-CC Collateral Certificate as specified in charter)

Discover Bank

(Exact name of sponsor and depositor as specified in charter)

 

 

 

Delaware  

333-141703-02

000-23108

033-54804

  51-0020270

(State of

Organization)

 

(Commission

File Numbers)

 

(IRS Employer

Identification No.)

c/o Discover Bank

12 Read’s Way

New Castle, Delaware

 

19720

(Address of principal executive offices)   (Zip Code)

Registrant’s Telephone Number, including area code: (302) 323-7315

Former name or former address, if changed since last report: Not Applicable

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01 Entry into Material Definitive Agreement

Class A(2011-B) Terms Document. On February 11, 2011, Discover Card Execution Note Trust entered into the Class A(2011-B) Terms Document, dated as of February 11, 2011, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association as Indenture Trustee.

 

Item 8.01 Other Events

Unregistered Sale of Class A(2011-B) Notes. On February 11, 2011, Discover Card Execution Note Trust sold the DiscoverSeries Class A(2011-B) Notes (the “Notes”) in reliance upon the exemption contained in Section 4(2) of the Securities Act of 1933, as amended. The initial principal amount of the Notes was $0, which amount may be increased from time to time, up to a maximum principal amount of $500,000,000. The Notes will be sold at par value for cash, with no applicable underwriting discounts or commissions. The Notes have an expected maturity date of May 15, 2013, which may be extended from time to time. Interest to be paid on the Notes will be a floating rate which will generally be related to the pass-through costs of the purchaser’s commercial paper program, plus a margin, but may be based on LIBOR, the federal funds effective rate or the prime rate in limited circumstances. In connection with this issuance, the investor interest in receivables represented by the collateral certificate issued by the Discover Card Master Trust I that secures the DiscoverSeries Notes will be increased to the outstanding principal amount of the Notes any time there is an increase in the principal amount of the Notes. Discover Card Execution Note Trust will pay the net proceeds from the issuance to Discover Bank in exchange for the increase in the investor interest in receivables represented by the collateral certificate.

 

Item 9.01 Exhibit

 

Exhibit No.

  

Description

  

Page

4.1    Class A(2011-B) Terms Document, dated as of February 11, 2011, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.   


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

Discover Bank

    (as Depositor for Discover Card Master Trust I and Discover Card Execution Note Trust)

 
Date: February 15, 2011   By:  

/s/ Michael F. Rickert

            Michael F. Rickert
            Vice President, Chief Financial Officer and Treasurer


INDEX TO EXHIBIT

 

Exhibit No.

  

Description

  

Page

4.1    Class A(2011-B) Terms Document, dated as of February 11, 2011, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.