EXHIBIT 1.1
DISCOVER CARD MASTER TRUST I
CREDIT CARD PASS-THROUGH CERTIFICATES
TERMS AGREEMENT
Dated: January 15, 2002
To: Discover Bank, as Seller under the Pooling and Servicing Agreement, as
amended, dated as of October 1, 1993.
Re: Underwriting Agreement dated January 15, 2002
Title: Discover Card Master Trust I, Series 2002-1, Credit Card Pass-Through
Certificates, Class A and Class B.
Initial Principal Amount of Certificates: $1,052,632,000
Series and Class Designation Schedule: Discover Card Master Trust I, Series
2002-1 $1,000,000,000 Floating Rate Class A Credit Card Pass-Through
Certificates.
Discover Card Master Trust I, Series 2002-1 $52,632,000 Floating Rate Class B
Credit Card Pass-Through Certificates.
Series Cut-Off Date: January 1, 2002
Certificate Rating: Moody's Investors Standard & Poor's
Service, Inc. Ratings Services
Class A Aaa AAA
Class B A2 A
Aggregate outstanding balance of Receivables as of January 1, 2002:
$36,378,010,801.79.
Date of Series Supplement: January 23, 2002
Certificate Rate: Class A: One-month LIBOR plus 0.07 per annum; and Class B:
One-month LIBOR plus 0.40 per annum.
Terms of Sale: The purchase price for the Certificates to the Underwriters will
be 99.8% of the aggregate principal amount of the Class A Certificates and
99.75% of the aggregate principal amount of the Class B Certificates as of
January 23, 2002. The Underwriters will offer the Certificates to the public at
a price equal to 100% of the aggregate principal amount of the Class A
Certificates and 100% of the aggregate principal amount of the Class B
Certificates.
Time of Delivery: 9:00 A.M., Chicago, Illinois Time, on January 23, 2002, or at
such other time as may be agreed upon in writing.
Notwithstanding anything in the Agreement or in this Terms Agreement
to the contrary, the Agreement and this Terms Agreement constitute the entire
agreement and understanding among the parties hereto with respect to the
purchase and sale of the Series 2002-1 Certificates. This Terms Agreement may be
amended only by written agreement of the parties hereto.
Very truly yours,
XXXXXX XXXXXXX & CO. INCORPORATED
As Representative of the
Underwriters named in
Schedule I hereto
By: /s/ Xxxxxx X. Friend
--------------------------
Accepted:
DISCOVER BANK
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------
SCHEDULE I
UNDERWRITERS
$1,000,000,000 Floating Rate Class A Credit Card Pass-Through Certificates,
Series 2002-1
Principal Amount
----------------
Xxxxxx Xxxxxxx & Co. Incorporated $ 800,000,000
Banc of America Securities LLC $ 50,000,000
Barclays Capital Inc. $ 50,000,000
Deutsche Banc Alex. Xxxxx Inc. $ 50,000,000
Dresdner Kleinwort Xxxxxx North America LLC $ 50,000,000
Total $1,000,000,000
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$52,632,000 Floating Rate Class B Credit Card Pass-Through Certificates, Series
2002-1
Principal Amount
----------------
Xxxxxx Xxxxxxx & Co. Incorporated $ 42,105,600
Banc of America Securities LLC $ 2,631,600
Barclays Capital Inc. $ 2,631,600
Deutsche Banc Alex. Xxxxx Inc. $ 2,631,600
Dresdner Kleinwort Xxxxxx North America LLC $ 2,631,600
Total $ 52,632,000
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