Discover Card Execution Note Trust - FORM 8-K - January 12, 2016

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EX-99.1 - EX-99.1 - Discover Card Execution Note Trustd108895dex991.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): January 12, 2016

 

 

 

Commission File Number:

333-141703-02;

333-167413;

333-191359;

333-205455-01

  

Commission File Number:

333-141703;

333-167413-02;

333-191359-02;

333-205455-02;

000-23108

  

Commission File Number:

333-205455

  

Commission File Number:

333-141703-01;

333-167413-01;

333-191359-01;

033-54804

DISCOVER CARD

EXECUTION NOTE

TRUST

  

DISCOVER CARD

MASTER TRUST I

  

DISCOVER FUNDING

LLC

   DISCOVER BANK

(Exact name of issuing

entity in respect of the notes

as specified in charter)

  

(Exact name of issuing

entity in respect of the

Series 2007-CC Collateral

Certificate)

  

(Exact name of depositor as

specified in charter)

  

(Exact name of sponsor as

specified in charter)

Delaware   Delaware   Delaware   Delaware

(State or jurisdiction of

incorporation or

organization

of the issuing entity)

  

(State or jurisdiction of

incorporation or

organization

of the issuing entity)

  

(State or jurisdiction of

incorporation or

organization

of the depositor)

  

(State or jurisdiction of

incorporation or

organization

of the sponsor)

c/o Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware

19890-0001

  

c/o Discover Bank

12 Read’s Way

New Castle, Delaware

19720

  

Discover Funding LLC

12 Read’s Way

New Castle, Delaware

19720

  

Discover Bank

12 Read’s Way

New Castle, Delaware

19720

(Address of principal

executive offices of the

issuing entity)

  

(Address of principal

executive offices of the

issuing entity)

  

(Address of principal

executive offices of the

depositor)

  

(Address of principal

executive offices of the

sponsor)

 

 

51-0020270

(IRS Employer Identification No. of the sponsor)

47-4047337

(IRS Employer Identification No. of the depositor)

(302) 323-7315

(Telephone, including area code)

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 6.03 Change in Credit Enhancement or Other External Support

Pursuant to the Designation of Required Subordinated Percentages, as filed as Exhibit 99.1 to this Current Report and incorporated herein by reference (the “Designation”), Discover Card Execution Note Trust (“DCENT”) has reduced the required enhancement percentages for all outstanding DiscoverSeries Class A Notes issued by DCENT as follows:

 

  •   the Required Subordinated Percentage of Class B notes has been reduced from 7.284768% to 6.96202532%;

 

  •   the Required Subordinated Percentage of Class C notes has been reduced from 9.271523% to 8.86075950%; and

 

  •   the Required Subordinated Percentage of Class D notes has been reduced from 15.89404% to 10.75949368%.

Such reductions have resulted in the required subordination for the DiscoverSeries Class A notes to be 21%. Similar reductions have been made with respect to the required enhancement percentages for all outstanding DiscoverSeries Class B notes and Class C notes as specified in the Designation. The changes described in this paragraph are collectively referred to in this Current Report as, the “Credit Enhancement Reductions.” The Credit Enhancement Reductions are effective as of the date hereof.

In connection with the Credit Enhancement Reductions, Discover Bank, as Calculation Agent, has declared an Expected Principal Payment Date to occur on January 15, 2016 for the Class D(2009-1) Notes. A principal payment on the Class D(2009-1) Notes in the amount of $827,837,803 is expected to be made on such date. After giving effect to this repayment and prior increases and repayments of the Class D(2009-1) Notes, the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes will be $1,769,207,652.

 

Item 9.01 Exhibits

 

Exhibit 99.1    Designation of Required Subordinated Percentages

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.

 

Date: January 12, 2016      
   

Discover Funding LLC
(as Depositor for Discover Card Master Trust I and Discover Card Execution Note Trust and as registrant under Commission File Number 333-205455)

    By:  

/s/ Michael F. Rickert

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

Discover Bank
(as registrant under Commission File Numbers 333-141703-01, 333-167413-01 and 333-191359-01)

    By:  

/s/ Michael F. Rickert

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