<PAGE> 1
CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 15, 1996
DISCOVER CARD TRUST 1991 B
--------------------------
(Exact name of Registrant as specified in its charter)
Delaware 0-19488 Not Applicable
- -------- ------- --------------
(State of (Commission (IRS Employer
organization) File Number) Identification No.)
c/o Discover Receivables Financing Group, Inc.
12 Read's Way
New Castle, Delaware 19720
- ----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 323-7826
Not Applicable
-----------------------------------------
(Former address, if changed since last report)
Page 1 of 15
Index to Exhibits is on page 4
<PAGE> 2
Item 5. Other Events
On August 15, 1996 the Registrant made available the Monthly
Certificateholders' Statement for the Due Period of July 1996, which is
attached as Exhibit 21 hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
- ----------- -----------
21 Monthly Certificateholders' Statement for Discover Card
Trust 1991 B related to the Due Period ending July 31,
1996.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
DISCOVER CARD TRUST 1991 B
(Registrant)
By: DISCOVER RECEIVABLES FINANCING
GROUP, INC.
as originator of the Trust
By: Birendra Kumar
------------------------------------
Birendra Kumar
Vice President and Treasurer
Date: August 15, 1996
3
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
21 Monthly Certificateholders' Statement for Discover Card
Trust 1991 B related to the Due Period ending July 31,
1996.
4
<PAGE> 1
EXHIBIT 21
MONTHLY CERTIFICATEHOLDERS' STATEMENT
Discover Card Trust 1991 B
--------------------------------
CREDIT CARD
PASS-THROUGH CERTIFICATES
--------------------------------
Under the Pooling and Servicing Agreement dated as of July 1, 1991
(the "Agreement") by and among Greenwood Trust Company (the "Servicer") ,
Discover Receivables Financing Group and Wilmington Trust Company, as
Trustee ,the Servicer is required to prepare certain information each month
regarding current distributions to Investor Certificateholders and the
performance of the Trust during the previous month. The information
which is required to be prepared with respect to the distribution of August
15, 1996, and with respect to the performance of the Trust during the
Due Period ended in July 31, 1996 ,is set forth below. Certain of
the information is presented on the basis of an original principal amount
of $1,000 per Class A Certificate. Certain other information is presented
based on the aggregate amounts for the Trust as a whole.
Information Regarding the Current Monthly Distribution (stated on
the basis of $1,000 original principal amount).
- --------------------------------
1. The total amount of the distribution to Class A Certificateholders on
August 15, 1996 , per $1,000 interest .....
................................................ $ 0.000000000
2. The total amount of the distribution to Class B Certificate-
holders on August 15, 1996 , per $1,000 interest .....
................................................ $ 0.000000000
3. The amount of the distribution set forth in paragraph 1 above
in respect of interest on the Class A Certificates , per $1,000
interest ....................................... $ 0.000000000
4. The amount of the distribution set forth in paragraph 2 above
in respect of interest on the Class B Certificates , per $1,000
interest ....................................... $ 0.000000000
<PAGE> 2
5. The amount of the distribution set forth in paragraph 1 above
in respect of principal on the Class A Certificates , per $1,000
interest ........................................ $ 0.000000000
6. The amount of the distribution set forth in paragraph 2 above
in respect of principal on the Class B Certificates , per $1,000
interest ........................................ $ 0.000000000
Information Regarding the Performance of the Trust.
- ---------------------------------------------------
1. Collections of Receivables.
- --------------------------------
(a) The aggregate amount of Finance Charge Collections processed during the
related Due Period ............................... $ 9,718,279.91
(b) The aggregate amount of Principal Collections processed during the
related Due Period ............................... $ 123,368,894.83
(c) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Investor
Certificates ..................................... $ 726,927.34
(d) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Investor
Certificates ..................................... $ 99,978,152.37
(e) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Class A
Certificates ..................................... $ 0.00
(f) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Class A
Certificates ..................................... $ 90,885,864.82
(g) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Class B
Certificates ..................................... $ 726,927.34
(h) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Class B
Certificates ..................................... $ 9,092,287.55
(i) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Seller
Certificate ...................................... $ 8,991,352.57
<PAGE> 3
(j) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Seller
Certificate ...................................... $ 23,390,742.46
2. Principal Receivables in the Trust; Principal Funding Account.
- ------------------------------------------------------------------
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the Due Period ended in July 31, 1996 (which reflects the
Principal Receivables represented by the Seller Certificate and the
Investor Certificates) .........
................................................. $ 665,753,108.40
(b) The amount of Principal Receivables in the Trust represented by
the Class A Certificates (the "Class A Interest") as of the Due
Period Ended in July 31, 1996
................................................. $ 0.00
(c) The amount of Principal Receivables in the Trust represented by
the Class B Certificates (the "Class B Interest") as of the Due
Period Ended in July 31, 1996 .................. $ 25,000,000.00
(d) The Class A Interest and the Class B Interest set forth in paragraph 2
(b) and 2 (c) above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph 2 (a) above
................................................. 3.76%
(e) The Class A Interest set forth in paragraph 2 (b) above as a percentage
of the aggregate amount of Principal Receivables set forth in paragraph
2 (a) above ..................................... 0.00%
(f) The Class B Interest set forth in paragraph 2 (c) above as a percentage
of the aggregate amount of Principal Receivables set forth in paragraph
2 (a) above ..................................... 3.76%
(g) The Aggregate Invested Amount as of the end of the current Distribution
Date ...................... $ 50,000,000.00
(h) The Invested Amount as of the end of the current Distribution Date with
respect to the Class A Certificates ............. $ 0.00
(i) The Invested Amount as of the end of the current Distribution Date with
respect to the Class B Certificates ........... . $ 50,000,000.00
(j) The total amount to be deposited into the Principal Funding Account in
respect of Principal Collections on such Distribution Date ..............
$ 25,000,000.00
<PAGE> 4
(k) The amount of the deposit referred to in paragraph 2(j) which was
allocated in respect of the Class A Certificates
................................................. $ 0.00
(l) The amount of the deposit referred to in paragraph 2(j) into the
Principal Funding Account on such Distribtion Date which was allocated in
respect of the Class B Certificates ............. $ 25,000,000.00
(m) The total amount on deposit in the Principal Funding Account on such
Distribution Date (after giving effect to the deposit referred to in
paragraph 2(j) ......................... $ 25,000,000.00
(n) The total amount on deposit in the Principal Funding Account on such
Distribution Date for the benefit of the Class A Certificates (after
giving effect to the deposit referred to in paragraph 2(k)
................................................. $ 0.00
(o) The total amount on deposit in the Principal Funding Account on such
Distribution Date for the benefit of the Class B Certificates (after
giving effect to the deposit referred to in paragraph 2(l)
................................................. $ 25,000,000.00
(p) The total amount of Investment Income since the last Distribution Date
................................................. $ 0.00
(q) The total amount of Investment Income since the last Distribution Date in
respect of the Class A Certificates ............. $ 0.00
(r) The total amount of Investment Income since the last Distribution Date in
respect of the Class B Certificates ............. $ 0.00
(s) The Deficit Accumulation Amount (after giving effect to the deposit
referred in paragraph 2(j)........................$ 0.00
3. Interest Funding Account.
- ----------------------
(a) The total amount to be deposited into the Interest Funding Account in
respect of Certificate Interest on such Distribution Date
.................................................. $ 368,750.00
<PAGE> 5
(b) The amount of Certificate Interest to be deposited into the Interest
Funding Account on such Distribtion Date in respect of the Class A
Certificates ......................................$ 0.00
(c) The amount of Certificate Interest to be deposited into the Interest
Funding Account on such Distribtion Date in respect of the Class B
Certificates ......................................$ 368,750.00
(d) The total amount on deposit in the Interest Funding Account in respect of
Certificate Interest on such Distribution Date (after giving effect to
the deposit referred to in paragraph 3(a) ......... $ 368,750.00
(e) The total amount of Certificate Interest on deposit in the Interest
Funding Account on such Distribution Date in respect of the Class A
Certificates (after giving effect to the deposit referred to in paragraph
3(b) .............................................. $ 0.00
(f) The total amount of Certificate Interest on deposit in the Interest
Funding Account on such Distribution Date in respect of the Class B
Certificates (after giving effect to the deposit referred to in paragraph
3(c) .............................................. $ 368,750.00
4. Investor Charged-Off Amount.
- --------------------------------
(a) The aggregate amount of Receivables charged-off as uncollectible
during the Due Period ended in July 31, 1996 allocable to the
Investor Certificates (the "Investor Charged-Off Amount")
............................................... $ 190,657.33
(b) The aggregate amount of Receivables charged-off as Uncollectible
during the Due Period ended in July 31, 1996 allocable to the
Class A Certificates (the "Class A Charged-Off Amount")
............................................... $ 0.00
(c) The sum of (i) the aggregate amount of Receivables charged-off as
uncollectible during the Due Period ended in July 31,
1996 allocable to the Class B Certficates and (ii) the sum of (a)
the positive difference, if any, between the Class B Subordinated
Payment and Class B Finance Charge Collections (less Class B Excess
Servicing) and (b) the amount by which the Investor Interest for the
Class B Certificates is reduced pursuant to subsection 4.03(c) (i)(C)(the
"Class B Charged-Off Amount") $ 190,657.33
(d) The Cumulative Class A Charged-Off Amount on ..........
................... August 15, 1996 ........ $ 0.00
(e) The Cumulative Class B Charged-Off Amount on ..........
................... August 15, 1996 ........ $ 0.00
<PAGE> 6
5. Investor losses; Reimbursement of Charge-Offs.
(a) The amount of Class A Investor Loss , as defined in Section
4.06 (b) of the Agreement , during the Due Period ended in July 31,
1996 ........................................ $ (0.00)
(b) The amount of Class B Investor Loss , as defined in Section
4.06 (b) of the Agreement , during the Due Period ended in July 31,
1996 ........................................ $ 0.00
(c) The amount of Class A Investor Loss set forth in Paragraph 5 (a) above,
per $1,000 interest ( which will have the effect of reducing, pro rata,
the amount of each Class A Certficate-holder's investment)
................................................. $ 0.000000000
(d) The amount of Class B Investor Loss set forth in Paragraph 5 (b) above,
per $1,000 interest ( which will have the effect of reducing, pro rata,
the amount of each Class B Certficateholder's investment)
................................................. $ 0.000000000
(e) The total amount reimbursed to the Trust in the current month
pursuant to Section 4.06 (c) of the Agreement, if any, in respect
of Class A Investor Losses in prior months
................................................. $ 0.00
(f) The total amount reimbursed to the Trust in the current month
pursuant to Section 4.06 (c) of the Agreement, if any, in respect
of Class B Investor Losses in prior months
................................................. $ 0.00
(g) The amount set forth in paragraph 5 (e) above, per $1,000 interest
(which will have the effect of increasing, pro rata, the amount of each
Class A Certificateholder's investment)
................................................. $ 0.000000000
(h) The amount set forth in paragraph 5 (f) above, per $1,000 interest
(which will have the effect of increasing, pro rata, the amount of each
Class B Certificateholder's investment)
................................................. $ 0.000000000
(i) The aggregate amount of Class A Investor Losses in the Trust
as of the end of the day on August 15, 1996
................................................. $ 0.00
(j) The aggregate amount of Class B Investor Losses in the Trust
as of the end of the day on August 15, 1996
................................................. $ 0.00
(k) The amount set forth in paragraph 5 (i) above , per $1,000 interest
(which will have had the effect of reducing , pro rata , the amount
of Class A Certificateholder's investment )
................................................. $ 0.000000000
<PAGE> 7
(l) The amount set forth in paragraph 5 (j) above , per $1,000 interest
(which will have had the effect of reducing , pro rata , the amount
of Class B Certificateholder's investment )
................................................. $ 0.000000000
6. Investor Servicing Fee.
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(a) The amount of the Class A Monthly Servicing Fee payable by the Trust to
the Servicer for the month of July 31, 1996
................................................. $ 0.00
(b) The amount of the Class B Monthly Servicing Fee payable by the Trust to
the Servicer for the month of July 31, 1996
................................................. $ 83,279.16
7. Available Subordinated Amount.
- ---------------------------------
(a) The amount available to be applied pursuant to Sections 4.03 (c)
(i) (B) and (C) of the Agreement as of the end of the day on
August 15, 1996 .............................. $ 50,000,000.00
(b) The amount set forth in paragraph 7(a) above as a percentage of the Class
A Interest. ....................................... 0.00%
8. Available Class B Credit Enhancement Amount.
- -----------------------------------------------
(a) The amount available to be drawn under the Class B Credit
Enhancement pursuant to Sections 4.03 (c) (i) (G) and (H) of the
Agreement as of the end of the day on August 15, 1996
................................................. $ 56,500,000.00
(b) The amount set forth in paragraph 8 above as a percentage of the Class B
Interest. ........................................ 113.00%
<PAGE> 8
9. The Pool Factor.
- -------------------
The Pool Factor represents the ratio of the amount of the Class A Invested
amount as of the end of the day on August 15, 1996 to the amount of the
Class A Invested Amount as of the Closing Date. The amount of a Class A
Certificateholder's pro rata share of the Class A Invested Amount can be
determined by multiplying the original denomination of the Class A
Certificateholder's Certificate by the
Pool Factor .................................... 0.00000000
The Pool Factor represents the ratio of the amount of the Class B Invested
amount as of the end of the day on August 15, 1996 to the amount of the
Class B Invested Amount as of the Closing Date. The amount of a Class B
Certificateholder's pro rata share of the Class B Invested Amount can be
determined by multiplying the original denomination of the Class B
Certificateholder's Certificate by the
Pool Factor .................................... 1.00000000
10. The aggregate outstanding balance of Receivables that were
delinquent by 30 to 59 days as of the close of business on the last day of
the Due Period related to such Distribution Date
............................................... $ 13,392,373.03
11. The aggregate outstanding balance of Receivables that were
delinquent by 60 days or more as of the close of business on the last day
of the Due Period related to such Distribution Date
............................................... $ 16,736,394.45
Greenwood Trust Company as Servicer
By:
-----------------------------
Title: Vice President, Director of
Accounting and Treasurer
<PAGE> 9
MONTHLY SERVICER CERTIFICATE
DISCOVER CARD TRUST 1991 B
-----------------------------
CREDIT CARD
PASS-THROUGH CERTIFICATES
-----------------------------
The undersigned , a duly authorized representative of Greenwood
Trust Company ("Greenwood") , as Servicer pursuant to the Pooling
and Servicing Agreement dated as of July 1, 1991 (the "Pooling
and Servicing Agreement" ) by and among Greenwood, Discover Receivables
Financing Group Inc and Wilmington Trust Company , does hereby certify as
follows:
1. Greenwood is Servicer under the Pooling and
Servicing Agreement.
2. The undersigned is a Servicing Officer.
3. The aggregate amount of Collections processed
during the related Due Period was equal to ....... $ 133,087,174.74
4. The aggregate amount of Class A Principal
Collections processed by the Servicer during
the related Due Period is equal to .......... $ 90,885,864.82
5. The aggregate amount of the Class A Finance
Charge Collections processed by the Servicer
during the related Due Period is equal to ... $ 0.00
6. The sum of all amounts payable to the Class A
Certificateholders on the current Distribution
Date is equal to ............................ $ 0.00
7. The aggregate amount of Class B Principal
Collections processed by the Servicer during
the related Due Period is equal to .......... $ 9,092,287.55
8. The aggregate amount of the Class B Finance
Charge Collections processed by the Servicer
during the related Due Period is equal to .. $ 726,927.34
9. The amount of drawings under the Class B
Credit Enhancement required to be made on the
<PAGE> 10
succeeding Drawing Date pursuant to
(a) Section 4.03(c)(i)(G) is equal to...... $ 0.00
(b) Section 4.03(c)(i)(H) is equal to...... $ 0.00
(c) Section 4.05 is equal to............... $ 0.00
10. The sum of all amounts payable to the Class B
Certificateholders on the current Distribution
Date is equal to ........................... $ 0.00
11. The total amount to be deposited in the Principal
Funding Account on the related Distribution Date
is equal to ................................ $ 25,000,000.00
12. The total amount on deposit in the Principal
Funding Account (after giving effect to the
deposit referred to in Item 11 above) will be
equal to ................................... $ 25,000,000.00
13. The total amount to be deposited in the Interest
Funding Account on the related Distribution Date
is equal to ................................ $ 368,750.00
14. The total amount on deposit in the Interest
Funding Account (after giving effect to the
deposit referred to in Item 13 above) will be
equal to ................................... $ 368,750.00
15. The Invested Amount as of the end of the current
Distribution Date .......................... $ 50,000,000.00
(a) for the Class A Certificateholders will be
equal to .............................. $ 0.00
(b) for the Class B Certificateholders will be
equal to .............................. $ 50,000,000.00
16. Attached hereto is a true copy of the statement
required to be delivered by the Servicer on the
date of this Certificate to the Trustee
pursuant to section 5.02.
IN WHITNESS WHEREOF , the undersigned has duly executed and and
delivered this certificate this day of August 15, 1996
GREENWOOD TRUST COMPANY, as Servicer
By:
-------------------------------
Title: Vice President, Director of
Accounting and Treasurer
<PAGE> 11
Greenwood Trust Company
Cash Collateral Account
Monthly Portfolio Status Report
Discover Card Trust 1991 B
Due Period Ending: 07/31/96
<TABLE>
<CAPTION>
PORTFOLIO STATUS LOSSES & DELINQUENCIES
# of Accounts Dollars
<S> <C> <C>
Ending Total Outstanding 920,946 675,401,825.71
Total Principal Outstanding n/a 665,753,108.40
Total Finance Charge Outstanding n/a 9,648,717.31
Aggregate Investor Interest n/a 25,000,000.00
Delinquencies (90 days or greater) 3,802 10,355,758.45
% of Ending Total Outstanding n/a 1.533274%
Investor Net Charge Offs n/a 190,657.33
Annualized % of Investor Interest n/a 4.575776%
Monthly Principal Payment Rate n/a 399.912609%
</TABLE>
<TABLE>
<CAPTION>
PAYMENTS & YIELD
<S> <C>
Principal Payments
(Allocable to Investor Interest) 99,978,152.37
Finance Charges, Annual Fees & Late Fees
(Allocable to Investor Interest) 726,927.34
Annualized Gross Yield to Investor 1.586023%
</TABLE>
