Terms Agreement

EX-1.2 2 c91273exv1w2.htm TERMS AGREEMENT exv1w2
 

Exhibit 1.2

EXECUTION COPY

DISCOVER CARD MASTER TRUST I

CREDIT CARD PASS-THROUGH CERTIFICATES

TERMS AGREEMENT

Dated: January 11, 2005

     
To:
  Discover Bank, as Seller under the Amended and Restated Pooling and Servicing Agreement, dated as of November 3, 2004.
 
    
Re:
  Underwriting Agreement dated December 19, 2003
 
    
Title of Securities:
 
    
  Discover Card Master Trust I, Series 2005-1 Floating Rate Class A Credit Card Pass-Through Certificates and
 
    
  Discover Card Master Trust I, Series 2005-1 Floating Rate Class B Credit Card Pass-Through Certificates.

Initial Principal Amount of Certificates: $1,578,948,000

Series and Class Designation Schedule:

     
  Discover Card Master Trust I, Series 2005-1 $1,500,000,000 Floating Rate Class A Credit Card Pass-Through Certificates.
 
    
  Discover Card Master Trust I, Series 2005-1 $78,948,000 Floating Rate Class B Credit Card Pass-Through Certificates.

Series Cut-Off Date: January 1, 2005

         
Certificate Rating:   Moody’s Investors   Standard & Poor’s
    Service, Inc.   Ratings Services
Class A
   Aaa   AAA
Class B
   A2   A

Aggregate outstanding balance of Receivables as of January 1, 2005: $35,519,346,935.41

Date of Series Supplement: January 18, 2005.

 

 

Certificate Rate:

         
  Class A:   One-month LIBOR plus 0.01% per annum; and
 
        
  Class B:   One-month LIBOR plus 0.15% per annum.

Terms of Sale:

The purchase price for the Certificates to the Underwriters will be

     
  99.825% of the aggregate principal amount of the Class A Certificates and
  99.775% of the aggregate principal amount of the Class B Certificates.

The Underwriters will offer the Certificates to the public at a price equal to

     
  100% of the aggregate principal amount of the Class A Certificates and
  100% of the aggregate principal amount of the Class B Certificates.

Time of Delivery: 9:00 A.M., Chicago, Illinois Time, on January 18, 2005, or at such other time as may be agreed upon in writing.

 

 

     Notwithstanding anything in the Agreement or in this Terms Agreement to the contrary, the Agreement and this Terms Agreement constitute the entire agreement and understanding among the parties hereto with respect to the purchase and sale of the Series 2005-1 Certificates. This Terms Agreement may be amended only by written agreement of the parties hereto.

         
  Very truly yours,


MORGAN STANLEY & CO. INCORPORATED
As Representative of the
Underwriters named in
Schedule I hereto
 		  
  By:   /s/ Peter Chai  
       
       
 
         
Accepted:


DISCOVER BANK
 		    
By:   /s/ Michael F. Rickert    
       
       
 

 

 

SCHEDULE I

UNDERWRITERS

$1,500,000,000 Floating Rate Class A Credit Card Pass-Through Certificates, Series 2005-1

         
    Principal Amount  
Morgan Stanley & Co. Incorporated
   $ 1,125,000,000  
Deutsche Bank Securities Inc.
   $ 135,000,000  
RBC Capital Markets Corporation
   $ 105,000,000  
Calyon Securities (USA) Inc.
   $ 45,000,000  
Wachovia Capital Markets, LLC
   $ 45,000,000  
Wells Fargo Securities, LLC
   $ 45,000,000  
Total
   $ 1,500,000,000  
 
      

$78,948,000 Floating Rate Class B Credit Card Pass-Through Certificates, Series 2005-1

         
    Principal Amount  
Morgan Stanley & Co. Incorporated
   $ 59,211,000  
Deutsche Bank Securities Inc.
   $ 7,105,320  
RBC Capital Markets Corporation
   $ 5,526,360  
Calyon Securities (USA) Inc.
   $ 2,368,440  
Wachovia Capital Markets, LLC
   $ 2,368,440  
Wells Fargo Securities, LLC
   $ 2,368,440  
Total
   $ 78,948,000