EX-99.1 2 cccertstatement061608exhibit.htm 2007-CC cccertstatement061608exhibit.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 99.1

Investor Certificateholders' Monthly Statement

Discover Card Master Trust I

Series 2007-CC Monthly Statement

Distribution Date: June 16, 2008

Month Ending: May 31, 2008

Pursuant to the Series Supplement dated as of July 26, 2007 relating to the Amended and Restated Pooling and Servicing Agreement dated as of November 3, 2004, as amended, by and between Discover Bank and U.S. Bank National Association, as Trustee (the "Pooling and Servicing Agreement") the Trustee is required to prepare certain information each month regarding current distributions to investors and the performance of the Discover Card Master Trust I (the "Master Trust"). We have set forth below this information and certain other information required under the Securities Exchange Act of 1934, as amended, for the Distribution Date listed above, as well as for the calendar month ended on the date listed above. Capitalized terms used in this report without definition have the meanings given to them in the Pooling and Servicing Agreement and the Series Supplement. The Pooling and Servicing Agreement and the Series Supplement were filed with the Securities and Exchange Commission as follows:

Pooling and Servicing Agreement    As Exhibit 4.2 to the Current Report on Form 8-K filed on October 29, 2004 under file 
number 000-23108, as amended.
 
Series Supplement    As Exhibit 4.3 to the Current Report on Form 8-K filed on July 27, 2007 under file number 
    333-141703-02. 

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1.    Principal Receivables for May, 2008        Beginning Balances    Ending Balances 
    (a)    Aggregate Investor Interest (including Series        $28,068,935,000.00    $26,996,955,000.00 
        2007-CC Investor Interest)             
        Seller Interest        $9,662,396,728.61    $10,669,768,623.48 
        Total Master Trust        $37,731,331,728.61    $37,666,723,623.48 
    (b)    Group One Investor Interest        $28,068,935,000.00    $26,996,955,000.00 
    (c)    Group One Investor Interest for Interchange Series        $23,414,217,000.00    $23,014,217,000.00 
    (d)    Series 2007-CC Investor Interest        $6,950,000,000.00    $6,950,000,000.00 
    (e)    Total Master Trust # of Accounts        31,534,271    31,206,885 
    (f)    Minimum Principal Receivables Balance at the end of month (1)        $29,028,983,870.97 
    (g)    Amount by which Master Trust Principal Receivables Exceeded        $8,637,739,752.51 
        the Minimum Principal Receivables Balance at the end of month         
    (h)    Percentage of the Principal Receivables that reflect Seller Interest        28.33% 
2.    Allocation Percentages at the beginning of May, 2008    (after giving effect to any increases in the Aggregate Investor Interest 
    or the Series 2007-CC Investor Interest occurring during the month)         
    (a)    Series 2007-CC Finance Charge Collections Allocation Percentage        18.4197% 
    (b)    Series 2007-CC Principal Collections Allocation Percentage        18.4197% 
    (c)    Series 2007-CC Charge-Off Allocation Percentage            18.4197% 
    (d)    Series 2007-CC Interchange Allocation Percentage            18.4197% 

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3.    Allocation of Receivables and other amounts collected during May, 2008         
        Finance Charge Collections    Principal Collections    Interchange 
    (a)    Allocation between Investors and Seller:             
        Aggregate Investor Allocation    $392,190,546.99    $5,364,463,040.79    $69,431,584.46 
        (including Series 2007-CC Allocation)             
        Seller Allocation    $135,010,350.69    $1,846,699,370.81    $42,455,948.01 
    (b)    Group One Allocation    $392,190,546.99    $5,364,463,040.79    $69,431,584.46 
    (c)    Series 2007-CC Allocation    $97,108,823.75    $1,328,274,482.73    $20,609,347.82 
    (d)            Reallocation to Series 2007-CC from    $0.00    $0.00    $0.00 
        Other Series             
    (e)            Reallocation from Series 2007-CC to    $0.00    $152,768,073.16    $0.00 
        Other Series             
    (f)    Group One Portfolio Yield as an annualized percentage    15.87%    N/A    N/A 
        of the Aggregate Investor Interest (FCC yield excludes             
        principal recoveries)             
    (g)    Series 2007-CC Portfolio Yield as an annualized    15.87%    N/A    3.56% 
        percentage of the Series Investor Interest (FCC yield             
        excludes principal recoveries)             
     (h)    Principal Collections as a monthly percentage of Master Trust Receivables        18.87% 
        at the beginning of May, 2008             
     (i)    Finance Charge Collections as a monthly percentage of Master Trust Receivables        1.38% 
        at the beginning of May, 2008             
     (j)    Total Collections as a monthly percentage of Master Trust Receivables        20.24% 
        at the beginning of May, 2008             
    (k)    Interchange as a monthly percentage of Master Trust Receivables        0.29% 
        at the beginning of May, 2008             
    (l)    Total Collections and Interchange as a monthly percentage of Master Trust Receivables    20.54% 
        at the beginning of May, 2008             
    (m)    Trust Collections deposited for the month (2)        Prior Month    May, 2008 
                $429,284,520.87    $1,519,235,789.87 
 
4.    Investor Charged-Off Amount        Cumulative Reductions in Series 
                Investor Interests Due to 
            May, 2008    Investor Charged-Off Amounts 
    (a)     Group One    $ 150,706,037.87        $0.00 
    (b)     Series 2007-CC    $ 37,315,754.25        $0.00 
 
    (c)     As an annualized percentage of    6.44%        N/A 
         Principal Receivables at the             
         beginning of May, 2008             

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5.    Investor Monthly Servicing Fee payable to Discover Bank on this Distribution Date     
    (a) Group One            $46,781,558.34 
    (b) Series 2007-CC            $11,583,333.33 
 
6.    Delinquency Summary             
    Master Trust Receivables Outstanding at the end of May, 2008        $38,144,549,720.85 
            Number of    Delinquent Amount    Percentage of Ending 
         Payment Status    Delinquent Accounts    Ending Balance    Receivables Outstanding 
         30-59 Days    74,291    $419,798,280.12    1.10% 
         60-89 Days    51,022    $317,549,158.65    0.83% 
         90-119 Days    42,538    $287,324,241.52    0.75% 
         120-149 Days    36,289    $255,958,651.11    0.67% 
         150-179 Days    33,885    $247,437,265.02    0.65% 
         180+ Days    0    $0.00    0.00% 
           
 
 
         Total    238,025    $1,528,067,596.42    4.01% 
 
7.    Investor Principal Charge-Offs on this Distribution Date (3)    Amount    Rate 
    (a)    Gross Charge-offs (rate shown as an annualized percentage of Investor    $150,706,037.87    6.44% 
        Principal Receivables at the beginning of May, 2008)         
    (b)    Recoveries (rate shown as an annualized percentage of Investor    $20,980,780.47    0.90% 
        Principal Receivables at the beginning of May, 2008)         
    (c)    Net Charge-offs (rate shown as an annualized percentage of Investor    $129,725,257.40    5.55% 
        Principal Receivables at the beginning of May, 2008)         

  U.S. Bank National Association
as Trustee

By
___________________________

Vice President

(1)      The Discover Card Master Trust I is required to maintain Principal Receivables greater than or equal to the Minimum Principal Receivables Balance. The Minimum Principal Receivables Balance is generally calculated by dividing the Investor Interest by 93%. If the Principal Receivables in the Master Trust are less than the Minimum Principal Receivables Balance, and Discover Bank fails to assign sufficient Receivables to eliminate the deficiency, then an amortization event would occur. This would also cause an early redemption event for the notes issued by Discover Card Execution Note Trust.
 
(2)      Only the portion of Master Trust Collections required to be deposited under the Master Trust's Required Daily Deposit provisions will typically be deposited in the Master Trust Collections Account each month, and these required amounts may vary markedly from month to month depending on whether any Investor Certificates or Notes are maturing on the following distribution date (in which case additional Principal Collections are retained in such account). Accordingly, the amount deposited in the account is not meaningful as an indicator of Master Trust performance.
 
(3)      For purposes of allocations to investors, all recoveries are treated as Finance Charge Collections and are included as such in Item 3 above.
 

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