<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): February 18, 1997
DISCOVER CARD TRUST 1991 E
--------------------------
(Exact name of Registrant as specified in its charter)
Delaware 0-19759 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 14
Index to Exhibits is on page 4
<PAGE> 2
Item 5. Other Events
On February 18, 1997 the Registrant made available the Monthly
Certificateholders' Statement for the Due Period of January 1997, which is
attached as Exhibit 21 hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
21 Monthly Certificateholders' Statement for Discover
Card Trust 1991 E related to the Due Period ending
January 31, 1997.
</TABLE>
<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 E
(Registrant)
By: DISCOVER RECEIVABLES FINANCING
GROUP, INC.
as originator of the Trust
By: /s/ Birendra Kumar
---------------------------------------
Birendra Kumar
Vice President and Treasurer
Date: February 18, 1997
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
21 Monthly Certificateholders' Statement for Discover
Card Trust 1991 E related to the Due Period
ending January 31, 1997
</TABLE>
<PAGE> 1
EXHIBIT 21
MONTHLY CERTIFICATEHOLDERS' STATEMENT
Discover Card Trust 1991 E
-------------------------------------
CREDIT CARD
PASS-THROUGH CERTIFICATES
-------------------------------------
Under the Pooling and Servicing Agreement dated as of Nov. 1, 1991 (the
"Agreement") by and among Greenwood Trust Company (the "Servicer"), Discover
Receivables Financing Group Inc. 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 February 20, 1997, and with respect to the
performance of the Trust during the Due Period ended in January 31, 1997, 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 or Class B Certificate.
Certain other information is presented based on the aggregate amounts for the
Trust as a whole.
A. 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
February 20, 1997, per $1,000 interest ............ $ 85.361111125
2. The total amount of the distribution to Class B Certificateholders on
February 20, 1997, per $1,000 interest ............ $ 6.541666750
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 .......................................... $ 2.027777775
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 .......................................... $ 6.541666750
<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............................................... $ 83.333333350
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
B. 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 ............................. $ 8,085,573.83
(b) The aggregate amount of Principal Collections processed during the
related Due Period ............................. $ 99,691,398.63
(c) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Investor
Certificates ................................... $ 2,504,910.77
(d) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Investor
Certificates ................................... $ 84,398,738.08
(e) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Class A
Certificates ................................... $ 1,926,792.24
(f) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Class A
Certificates ................................... $ 76,722,500.39
(g) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Class B
Certificates ................................... $ 578,118.53
(h) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Class B
Certificates ................................... $ 7,676,237.69
(i) The aggregate amount of Finance Charge Collections processed during the
related Due Period which was allocated in respect of the Seller
Certificate .................................... $ 5,580,663.06
<PAGE> 3
(j) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Seller
Certificate .................................... $ 15,292,660.55
2. Principal Receivables in the Trust.
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the Due Period ended in January 31, 1997 (which reflects the
Principal Receivables represented by the Seller Certificate and the
Investor Certificates) ......................... $ 533,811,992.90
(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 January 31, 1997............... $ 99,999,999.94
(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 January 31, 1997............... $ 40,000,000.00
(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
................................................ 26.22%
(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 .................................... 18.73%
(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 .................................... 7.49%
(g) The Deficit Controlled Amortization Amount (after giving effect to the
payments made on such Distribution Date..........$ 0.00
3. Investor Charged-Off Amount.
(a) The aggregate amount of Receivables charged-off as uncollectible during
the Due Period ended in January 31, 1997 allocable to the
Investor Certificates (the "Investor Charged-Off Amount")
................................................ $ 791,700.54
<PAGE> 4
(b) The aggregate amount of Receivables charged-off as Uncollectible
during the Due Period ended in January 31, 1997 allocable to the
Class A Certificates (the "Class A Charged-Off Amount")
................................................ $ 608,980.76
(c) The sum of (i) the aggregate amount of Receivables charged- off as
uncollectible during the Due Period ended in January 31,
1997 allocable to the Class B Certificates 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") ......................... $ 463,370.13
(d) The Cumulative Class A Charged-Off Amount on ..........
............ February 20, 1997 ................ $ 0.00
(e) The Cumulative Class B Charged-Off Amount on ..........
............ February 20, 1997 ................ $ 0.00
4. 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 January
31, 1997 ...................................... $ 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 January
31, 1997 ...................................... $ 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 Certificateholders 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 Certificateholders investment)
................................................ $ 0.000000000
<PAGE> 5
(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 February 20, 1997
................................................ $ 0.00
(j) The aggregate amount of Class B Investor Losses in the Trust
as of the end of the day on February 20, 1997
................................................ $ 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
(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
5. Investor Servicing Fee.
- --------------------------
(a) The amount of the Class A Monthly Servicing Fee payable by the Trust to
the Servicer for the month of January 31, 1997
................................................ $ 222,181.39
<PAGE> 6
(b) The amount of the Class B Monthly Servicing Fee payable by the Trust to
the Servicer for the month of January 31, 1997
................................................ $ 66,663.74
6. 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
February 20, 1997 ............................... $ 40,000,000.00
(b) The amount set forth in paragraph 6(a) above as a percentage of the Class A
Interest. ...................................... 40.00%
7. 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 February 20, 1997
................................................. $ 30,400,000.00
(b) The amount set forth in paragraph 8 above as a percentage of the Class B
Interest. ....................................... 76.00%
8. The Pool Factor.
The Pool Factor represents the ratio of the amount of the Class A
Investor Interest as of the end of the day on
February 20, 1997 to the amount of the Class A Investor
Interest as of the Closing Date. The amount of Class A Certificateholder's
pro rata share of the Class A Investor Interest can be determined by
multiplying the original denomination of the Class A
Certificateholder's Certificate by the Pool Factor ...... 0.25000000
The Pool Factor represents the ratio of the amount of the Class B
Investor Interest as of the end of the day on
February 20, 1997 to the amount of the Class b Investor
Interest as of the Closing Date. The amount of Class B Certificateholder's
pro rata share of the Class B Investor Interest can be determined by
multiplying the original denomination of the Class B
Certificateholder's Certificate by the Pool Factor ....... 1.00000000
<PAGE> 7
9. The aggregate outstanding balance of Receivables that were delinquent by
the 30 to 59 days as of the close of business on the last day of the Due
Period related to such Distribution Date.......... $ 13,273,370.79
10. The aggregate outstanding balance of Receivables that were delinquent by 60
days as of the close of business on the last day of the Due Period related
to such Distribution Date ........................ $ 20,429,601.65
Greenwood Trust Company as Servicer
By: ______________________________
Title: Vice President, Director of
Accounting and Treasurer
<PAGE> 8
MONTHLY SERVICER CERTIFICATE
DISCOVER CARD TRUST 1991 E
--------------------------
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 Nov. 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 ...................................... $107,776,972.46
4. The aggregate amount of Class A Principal Collections processed by
the Servicer during the related Due Period is equal to.... $76,722,500.39
5. The aggregate amount of the Class A Finance Charge Collections
processed by the Servicer during the related Due Period is
equal to ................................................ $ 1,926,792.24
6. The sum of all amounts payable to the Class A Certificateholders on the
current Distribution Date is equal to .................. $ 34,144,444.45
7. The aggregate amount of Class B Principal Collections processed by
the Servicer during the related Due Period is equal to ... $ 7,676,237.69
8. The aggregate amount of the Class B Finance Charge Collections
processed by the Servicer during the related Due Period is
equal to ................................................. $ 578,118.53
<PAGE> 9
9. The amount of drawings under the Class B Credit Enhancement
required to be made on the 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 .......... $ 261,666.67
11. 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 February 20, 1997
GREENWOOD TRUST COMPANY, as Servicer
By: ______________________________
Title: Vice President, Director of
Accounting and Treasurer
<PAGE> 10
Greenwood Trust Company
Cash Collateral Account
Monthly Portfolio Status Report
Discover Card Trust 1991 E
Due Period Ending: 01/31/97
<TABLE>
<CAPTION>
PORTFOLIO STATUS LOSSES & DELINQUENCIES
# of Accounts Dollars
<S> <C> <C>
Ending Total Outstanding 673,535 542,371,525.54
Total Principal Outstanding n/a 533,811,992.90
Total Finance Charge Outstanding n/a 8,559,532.64
Aggregate Investor Interest n/a 139,999,999.94
Delinquencies (90 days or greater 4,325 13,038,758.03
% of Ending Total Outstanding n/a 2.404027%
Investor Net Charge Offs n/a 791,700.54
Annualized % of Investor Interest n/a 5.481004%
Monthly Principal Payment Rate n/a 60.284813%
PAYMENTS & YIELD
Principal Payments
(Allocable to Investor Interest) 84,398,738.08
Finance Charges, Annual Fees & Late Fees
(Allocable to Investor Interest) 2,504,910.77
Annualized Gross Yield to Investor 17.341690%
</TABLE>
