Common use of The Series Principal Funding Account Clause in Contracts

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this Series, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of a Qualified Trust Institution or (ii) a non-interest bearing segregated demand deposit account at an Eligible Institution (the "Series Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this Series. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this Series. Pursuant to authority granted to it under Section 3.01(b) of the Pooling and Servicing Agreement, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds on deposit in the Series Principal Funding Account. Such amount withdrawn shall be deposited into the Series Collections Account and shall be treated as a "Series Additional Allocable Amount."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "“Series Principal Funding Account"), ”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank’s notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Greenwood on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Series Principal Collections to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Greenwood on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Greenwood's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Greenwood on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Greenwood on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Greenwood; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate 29 41 records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "“Series Principal Funding Account"), ”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Series Principal Collections to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank’s notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated as a "on deposit in the Series Additional Allocable Amount."Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "“Series Principal Funding Account"), ”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. The Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on each Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate, if it determines funds are available for investment, shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank’s notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time, if it determines funds are available for reinvestment, provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the 30 42 name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Greenwood on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Series Principal Collections to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Greenwood on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Greenwood's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Greenwood on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Greenwood on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Greenwood; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "“Series Principal Funding Account"), ”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Discover Bank on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Controlled Liquidation Date, the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Discover Bank on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Discover Bank’s notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Discover Bank on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Discover Bank on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Discover Bank; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Greenwood on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Greenwood on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated on deposit in the Series Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Greenwood's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Greenwood on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Greenwood on behalf of the Holder of the Seller Certificate fails to direct the Trustee to invest or reinvest any funds that are deposited in the Series Principal Funding Account or that are received by it with respect to Permitted Investments by 2:00 p.m. on the date such funds are available for investment, the Trustee shall use reasonable efforts to invest such funds overnight in securities represented by instruments in bearer or registered form which evidence obligations issued or fully guaranteed, as a "Series Additional Allocable Amountto timely payment, by the United States of America or any instrumentality or agency thereof when such obligations are backed by the full faith and credit of the United States of America until such time as the Trustee receives the required notice from Greenwood; provided, however, that the Trustee shall have no liability for the failure to invest such funds if the Trustee has employed reasonable efforts to make such investment."

The Series Principal Funding Account. (1) The If the Series Term Sheet for the Series established hereby so provides, the Trustee, for the benefit of the Certificateholders of this Series, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of a Qualified Trust Institution or (ii) a non-interest bearing segregated demand deposit account at an Eligible Institution (the "Series Principal Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this Series. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this Series. Pursuant to authority granted to it under Section 3.01(b) of the Pooling and Servicing Agreement, the Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds on deposit in the Series Principal Funding Account. Such amount withdrawn shall be deposited into the Series Collections Account and shall be treated as a "Series Additional Allocable Amount."

The Series Principal Funding Account. (1) The Trustee, for the benefit of the Certificateholders of this SeriesCertificateholders, shall establish and maintain or cause to be established and maintained in the name of the Trust, either (i) a non-interest bearing segregated trust account with the corporate trust department of an office or branch of either the Trustee or a Qualified Trust Institution or (ii) Institution, a non-interest bearing segregated demand deposit trust account at an Eligible Institution (for principal to be paid to Investor Certificateholders of this Series, the "Series Principal Funding Account"), ) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders of this SeriesCertificateholders. The Trust shall possess all right, title and interest in all funds on deposit from time to time in the Series Principal Funding Account and in all proceeds thereof. The Series Principal Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Certificateholders of this SeriesCertificateholders. Pursuant to authority granted to it under pursuant to Section 3.01(b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Principal Funding Account for the purpose of carrying out the duties of the Master Servicer hereunder. Any funds on deposit in the Series Principal Funding Account for more than one Business Day shall be invested in Permitted Investments under Section 4.02(c) of the Pooling and Servicing Agreement. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Principal Funding Account. The Paying Agent also shall have the revocable authority to make withdrawals from the Series Principal Funding Account. (2) On or before each Distribution Date with respect to the Controlled Accumulation Period and the Rapid Amortization Period, if any, a withdrawal will be made from the Series Principal Funding Account in an amount equal to the income from the investment of funds . Funds on deposit in the Series Principal Funding AccountAccount shall be invested in Permitted Investments by the Trustee (or, at the direction of the Trustee, by the Master Servicer on behalf of the Trustee) at the direction of Greenwood on behalf of the Holder of the Seller Certificate, as set forth below. Such Any Permitted Investment with a stated maturity shall mature on or prior to the following Distribution Date. On or before the occurrence of the first Distribution Date with respect to the Accumulation Period or Controlled Liquidation Period, as applicable (and on or before any subsequent Distribution Date in which the notice previously given is no longer correct or valid), the Master Servicer shall notify the Trustee of the amount withdrawn shall of Certificate Principal to be deposited into the Series Collections Principal Funding Account on such Distribution Date, and Greenwood on behalf of the Holder of the Seller Certificate shall direct the Trustee in writing to invest the funds that will be treated as a "on deposit in the Series Additional Allocable Amount."Principal Funding Account on such Distribution Date (including any funds previously invested in Permitted Investments that will be available for reinvestment on such Distribution Date) in Permitted Investments. Greenwood's notice to the Trustee shall specifically identify each such Permitted Investment (including its principal amount and maturity). In addition, Greenwood on behalf of the Holder of the Seller Certificate shall from time to time provide written notice to the Trustee directing the Trustee to reinvest funds representing principal, interest or other investment income received by it with respect to such Permitted Investments (whether upon maturity or otherwise) in additional Permitted Investments. In the event that Greenwood on behalf of the Holder of the Seller Certificate fails to direct the