Terms Agreement

EX-1.2 2 c99046exv1w2.htm TERMS AGREEMENT exv1w2
 

DISCOVER CARD MASTER TRUST I
CREDIT CARD PASS-THROUGH CERTIFICATES
TERMS AGREEMENT
Dated: October 6, 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 2005-2 Floating Rate Class A Credit Card Pass-Through Certificates and
Discover Card Master Trust I, Series 2005-2 Floating Rate Class B Credit Card Pass-Through Certificates.
Initial Principal Amount of Certificates: $842,106,000
Series and Class Designation Schedule:
Discover Card Master Trust I, Series 2005-2 $800,000,000 Floating Rate Class A Credit Card Pass-Through Certificates.
Discover Card Master Trust I, Series 2005-2 $42,106,000 Floating Rate Class B Credit Card Pass-Through Certificates.
Series Cut-Off Date: October 1, 2005
         
    Moody's Investors   Standard & Poor's
Certificate Rating:   Service, Inc.   Ratings Services
Class A
Class B
  Aaa
A2
  AAA
A
Aggregate outstanding balance of Receivables as of October 1, 2005: $33,195,314,612.85
Date of Series Supplement: October 13, 2005.

 


 

Certificate Rate:
Class A:           One-month LIBOR plus 0.03% per annum; and
Class B:           One-month LIBOR plus 0.16% per annum.
Terms of Sale:
The purchase price for the Certificates to the Underwriters will be
99.8% 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 October 13, 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 2005-2 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    
    Managing Director   
       
 
Accepted:
DISCOVER BANK
         
     
By:   /s/ Michael F. Rickert    
    Vice President, Chief Accounting   
    Officer and Treasurer   

 


 

         
SCHEDULE I
UNDERWRITERS
$800,000,000 Floating Rate Class A Credit Card Pass-Through Certificates, Series 2005-2
         
    Principal Amount  
 
Morgan Stanley & Co. Incorporated
  $ 600,000,000  
Deutsche Bank Securities Inc.
  $ 64,000,000  
Calyon Securities (USA) Inc.
  $ 40,000,000  
ABN AMRO Incorporated
  $ 24,000,000  
Harris Nesbitt Corp.
  $ 24,000,000  
Scotia Capital (USA) Inc.
  $ 24,000,000  
SunTrust Capital Markets, Inc.
  $ 24,000,000  
Total
  $ 800,000,000  
 
     
$42,106,000 Floating Rate Class B Credit Card Pass-Through Certificates, Series 2005-2
         
    Principal Amount  
 
Morgan Stanley & Co. Incorporated
  $ 31,579,500  
Deutsche Bank Securities Inc.
  $ 3,368,480  
Calyon Securities (USA) Inc.
  $ 2,105,300  
ABN AMRO Incorporated
  $ 1,263,180  
Harris Nesbitt Corp.
  $ 1,263,180  
Scotia Capital (USA) Inc.
  $ 1,263,180  
SunTrust Capital Markets, Inc.
  $ 1,263,180  
Total
  $ 42,106,000