Common use of Alternative Credit Support Election Clause in Contracts

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “Class Percentage,” and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.absolute

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election.. 57 69 (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.the

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.the

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election.. 57 (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows:: 50 (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.Support

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider;; 49 60 (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.prior

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the 47 58 Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.the

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the 48 61 Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on Greexxxxx xx behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on Greexxxxx xx behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may 47 61 be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.. 49

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.the

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “"Class Percentage,” " and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; ; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; ; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank Greenwood on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election.absolute (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “"Effective Alternative Credit Support Election”"). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.

Alternative Credit Support Election. (a) The Sellers may elect to effect a change in the calculation of the Class Percentage with respect to Finance Charge Collections during the Early Accumulation Period or the Amortization Period, as set forth in the definition of “Class Percentage,” and increase the Available Class B Credit Enhancement Amount, by making an Alternative Credit Support Election. An Alternative Credit Support Election may be made as follows: (i) at any time during the Revolving Period, Discover Bank on behalf of the Holder of the Seller Certificate shall deliver written notice of such Alternative Credit Support Election to the Rating Agencies, the Trustee and the Credit Enhancement Provider; (ii) prior to the last day of the Revolving Period, the Additional Credit Support Amount shall be paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the provisions of the Credit Enhancement Agreement; provided, however, that following an Early Accumulation Event or an Amortization Event, the Additional Credit Support Amount may be paid to the Trustee as administrator of the Credit Enhancement at any time on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs; (iii) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), the Rating Agencies shall have confirmed that the Alternative Credit Support Election shall not cause a reduction in or withdrawal of the rating of any Class of Investor Certificates of the Series established hereby; and (iv) prior to the last day of the Revolving Period (or, following an Early Accumulation Event or an Amortization Event during the Revolving Period, on or prior to the last day of the Due Period in which the Early Accumulation Event or the Amortization Event occurs), Discover Bank on behalf of the Holder of the Seller Certificate shall have delivered to the Rating Agencies written confirmation that the conclusions reached in the legal opinions delivered on the Initial Closing Date regarding the absolute transfer of the Receivables and the security interest of the Trust in the Receivables are not affected by the Alternative Credit Support Election. (b) If each of the actions set forth in Section 12(a) above has been taken or satisfied as required, the Alternative Credit Support Election shall become effective on the last day of the Due Period in which the Additional Credit Support Amount has been paid to the Trustee as administrator of the Credit Enhancement (an “Effective Alternative Credit Support Election”). (c) At any time until the Alternative Credit Support Election becomes effective, such Alternative Credit Support Election may be cancelled upon notice to the Rating Agencies, the Trustee and the Credit Enhancement Provider. Thereafter, the Additional Credit Support Amount, if any, shall be returned by the Trustee as administrator of the Credit Enhancement in accordance with the Credit Enhancement Agreement.