Collateral Certificate Transfer Agreement
EXHIBIT 4.15
THIS COLLATERAL CERTIFICATE TRANSFER AGREEMENT (this “Agreement”), by and between
DISCOVER BANK, a Delaware banking corporation, as Depositor (“Discover Bank”), and DISCOVER
CARD EXECUTION NOTE TRUST (the “Note Issuance Trust”) is made and entered into as of [ ],
2007.
All terms used herein which are defined in the Trust Agreement dated as of [ ], 2007 between
Discover Bank and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), the
Indenture dated as of [ ], 2007 between the Note Issuance Trust and U.S. Bank National Association
in its capacity as Indenture Trustee (the “Indenture Trustee”) or the Indenture Supplement
for the DiscoverSeries Notes (the “Indenture Supplement”) dated as of [ ], 2007 between the
Note Issuance Trust and the Indenture Trustee, each as may be amended, restated, amended and
restated, supplemented, replaced or otherwise modified from time to time, either directly or by
reference therein, have the meanings assigned to them therein.
Section 1. Transfer and Consideration. In consideration of the Note Issuance Trust’s
payment to Discover Bank of the net proceeds of the initial sale of Notes, Discover Bank does
hereby transfer, assign, set over, pledge and otherwise convey to the Note Issuance Trust, without
recourse (subject to the obligations herein), all right, title and interest of Discover Bank in and
to the Series 2007-CC Collateral Certificate and the proceeds thereof. The Series 2007-CC
Collateral Certificate is issued by the Discover Card Master Trust I (the “Master Trust”) pursuant
to the Amended and Restated Pooling and Servicing Agreement (the “Amended and Restated Pooling
and Servicing Agreement”) dated as of November 3, 2004 between Discover Bank and U.S. Bank
National Association and the Series 2007-CC Supplement (the “Series Supplement”) thereto as
of [ ], 2007 between Discover Bank and U.S. Bank National Association. The parties to this
Agreement intend that the conveyance of the Series 2007-CC Collateral Certificate and the proceeds
thereof pursuant to this Agreement constitute a sale, and not a secured borrowing, for accounting
purposes. If, notwithstanding such intention, the conveyance of the Series 2007-CC Collateral
Certificate from Discover Bank to the Note Issuance Trust shall ever be characterized as a secured
loan and not a sale, this Agreement shall be deemed to constitute a security agreement within the
meaning of the UCC, and the conveyance by Discover Bank provided for in this Agreement shall be
deemed to be a grant by Discover Bank to the Note Issuance Trust of a security interest in and to
all of Discover Bank’s right, title and interest, whether now owned or hereafter acquired, in, to
and under the Series 2007-CC Collateral Certificate, all accounts, general intangibles, chattel
paper, instruments, documents, goods, money, investment property, deposit accounts, letters of
credit and letter-of-credit rights consisting of, arising from, or relating to the Series 2007-CC
Collateral Certificate, and the proceeds thereof, to secure the obligations of Discover Bank
hereunder.
Section 2. Acceptance by the Note Issuance Trust. The Note Issuance Trust hereby
acknowledges its acceptance of all right, title and interest to the property, now existing and
hereafter created, conveyed to the Note Issuance Trust
pursuant to Section 1.
Section 3. Closing. The transfer, assignment, set over, pledge and conveyance of the
Series 2007-CC Collateral Certificate shall take place at the offices of Xxxxxx & Xxxxxxx LLP,
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Xxxxx Xxxxx, Xxxxx 0000, Xxxxxxx, XX 00000 on [ ].
Section 4. Allocations. All allocations with respect to the Series 2007-CC
Collateral Certificate shall be made in accordance with the terms of the Series Supplement and the
Pooling and Servicing Agreement. All reinvestments of Principal Amounts by the Note Issuance Trust
in the Series 2007-CC Collateral Certificate will be made in accordance with the Indenture, each
Indenture Supplement thereto and the Series Supplement, as applicable.
Section 5. Increases in the Series Investor Interest of the Series 2007-CC Collateral
Certificate. If the Calculation Agent on behalf of the Note Issuance Trust requests a transfer
of an additional fractional undivided interest in the assets of the Master Trust as represented by
an increase in the Series Investor Interest of the Series 2007-CC Collateral Certificate pursuant
to Section 19 of the Series Supplement in connection with any issuance of notes under the
Indenture and an Indenture Supplement, and such additional fractional undivided interest in such
assets is transferred in the form an increase in the Series Investor Interest of the Series 2007-CC
Collateral Certificate, the Note Issuance Trust shall pay to Discover Bank the proceeds from the
issuance of notes (net of underwriting discounts and commissions and any other offering expenses
paid by the Note Issuance Trust, and the amount of deposits into certain reserve accounts required
under Section 2.03 of the Indenture Supplement for the DiscoverSeries Notes or any similar
provision of another Indenture Supplement) in exchange for such transfer.
Section 6. Limitation on Liability.
(a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is
executed and delivered by the Owner Trustee not individually or personally but solely as Owner
Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested
in it, (ii) each of the representations, undertakings and agreements herein made on the part of the
Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner
Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein
contained will be construed as creating any liability on the Owner Trustee individually or
personally, to perform any covenant of the Issuer either expressed or implied herein, all such
liability, if any, being expressly waived by the parties to this Agreement and by any Person
claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be
personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this Agreement or any related documents.
(b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary,
the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors,
employees, incorporators or agents will have any liability with respect to this Agreement, and
recourse may be had solely to the Collateral pledged to secure the DiscoverSeries Notes under the
Indenture and the Indenture Supplement.
Section 7. Governing Law. THIS COLLATERAL CERTIFICATE TRANSFER AGREEMENT WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION
5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW
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PROVISIONS THAT
WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.
The parties hereto have each caused this Agreement to be duly executed, by their
representative officers hereunder duly authorized all as of the day and year first above written.
| DISCOVER BANK | DISCOVER CARD EXECUTION NOTE TRUST | |||||||
| By: | Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee |
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By:
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By: | |||||||
| Name: | Name: | |||||||
| Title: | Title: | |||||||
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