Item 1.01 | Entry into Material Definitive Agreements |
Class B(2020-1) Notes. On May 27, 2020, Discover Card Execution Note Trust entered into theClass B(2020-1) Terms Document, dated as of May 27, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.
Class C(2020-1) Notes. On May 27, 2020, Discover Card Execution Note Trust entered into theClass C(2020-1) Terms Document, dated as of May 27, 2020, 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 B(2020-1) Notes and Class C(2020-1) Notes. On May 27, 2020, Discover Card Execution Note Trust sold $100,000,000 principal amount of the DiscoverSeriesClass B(2020-1) Notes and $340,000,000 principal amount of the DiscoverSeriesClass C(2020-1) Notes (collectively, the “Notes”) in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The Notes were sold at a discount for $429,201,021, with no applicable underwriting discounts or commissions, and will not bear interest prior to their expected maturity. 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 was increased by $440,000,000. Discover Card Execution Note Trust paid 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.
Increase in Principal Amount of Class D(2009-1) Notes. On May 27, 2020, Discover Bank, pursuant to Section 2.03 of the Amended and Restated Note Purchase Agreement (the “Note Purchase Agreement”), dated as of January 1, 2016, among Discover Card Execution Note Trust, as Issuer, Discover Bank, as Sponsor, Discover Funding LLC, as Transferor, and the purchasers named therein and Section 2.06 of theClass D(2009-1) Terms Document, dated as of July 2, 2009, by and between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, increased the Outstanding Dollar Principal Amount of theClass D(2009-1) Notes. The increase in the Outstanding Dollar Principal Amount of theClass D(2009-1) Notes was in the amount of $40,874,317, resulting in an Outstanding Dollar Principal Amount of theClass D(2009-1) Notes of $1,493,770,493. TheClass D(2009-1) Notes were sold to purchasers in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The Notes were sold at par value for cash, with no applicable underwriting discounts or commissions. In connection with this increase, the investor interest in receivables represented by the collateral certificate issued by the Discover Card Master Trust I that secures the DiscoverSeries Notes was increased by $40,874,317. Discover Card Execution Note Trust paid 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.
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Exhibit No. | | Description |
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4.1 | | Class B(2020-1) Terms Document, dated as of May 27, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. |
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4.2 | | Class C(2020-1) Terms Document, dated as of May 27, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. |