Document:

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                                                                     EXHIBIT 4.9

                          CREDIT ENHANCEMENT AGREEMENT

                                      AMONG

                         U.S. BANK NATIONAL ASSOCIATION

                                   AS TRUSTEE,

                                  DISCOVER BANK

                     AS MASTER SERVICER, SERVICER AND SELLER

                                       AND

                   DISCOVER RECEIVABLES FINANCING CORPORATION

                         AS CREDIT ENHANCEMENT PROVIDER

                          -----------------------------

                           DATED AS OF         , 200

                          ----------------------------

                          DISCOVER CARD MASTER TRUST I

                                  SERIES 200 -

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                                TABLE OF CONTENTS

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SECTION 1.           Defined Terms...............................................................................       3

SECTION 2.           Loan........................................................................................       4

SECTION 3.           Calculation of Amount of Interest Payable on the Loan.......................................       5

SECTION 4.           Payment of Interest on the Loan.............................................................       5

SECTION 5.           Repayment of Principal of the Loan..........................................................       5

SECTION 6.           Payments to the Holder of the Seller Certificate and the Master Servicer....................       6

SECTION 7.           Deposits to and Withdrawals from the Credit Enhancement Account.............................       7

SECTION 8.           Certain Additional Loans....................................................................       7

SECTION 9.           Limited Obligation; Waiver of Setoff; Obligations Absolute..................................       8

SECTION 10.          Investments and Information.................................................................       9

SECTION 11.          Servicing Transfer..........................................................................       9

SECTION 12.          Representations and Warranties..............................................................       9

SECTION 13.          Covenants...................................................................................      10

SECTION 14.          Governing Law...............................................................................      11

SECTION 15.          Termination.................................................................................      11

SECTION 16.          Notices.....................................................................................      11

SECTION 17.          Bankruptcy..................................................................................      12

SECTION 18.          Limitation of Remedies......................................................................      12

SECTION 19.          No Petition.................................................................................      12

SECTION 20.          Amendments..................................................................................      13

SECTION 21.          Successors and Assigns; Replacement of Credit Enhancement Provider..........................      13

SECTION 22.          Participation...............................................................................      13
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                  CREDIT ENHANCEMENT AGREEMENT, dated as of      , 200 , among
U.S. BANK NATIONAL ASSOCIATION (formerly First Bank National Association,
successor trustee to Bank of America Illinois, formerly Continental Bank,
National Association) as trustee (together with its successors and assigns as
trustee, the "Trustee") for Discover Card Master Trust I (the "Trust"), DISCOVER
BANK (formerly Greenwood Trust Company) ("Discover Bank") as Master Servicer,
Servicer and Seller with respect to the Trust and DISCOVER RECEIVABLES FINANCING
CORPORATION as cash collateral depositor (the "Credit Enhancement Provider").

                               W I T N E S S E T H

                  WHEREAS, Discover Bank as Master Servicer, Servicer and Seller
and the Trustee have entered into a Pooling and Servicing Agreement, dated as of
October 1, 1993 (as the same may from time to time be amended, modified or
otherwise supplemented, the "Pooling and Servicing Agreement"), and that certain
Series Supplement, dated as of       , 200 (as the same may from time to time be
amended, modified or otherwise supplemented, the "Series Supplement");

                  WHEREAS, the Trust, pursuant to the Pooling and Servicing
Agreement and the Series Supplement, is issuing $       in aggregate principal
amount of Investor Certificates of Discover Card Master Trust I, Series 200 -
(the "Series"), which will entitle the holders thereof to interest during the
Revolving Period, the Accumulation Period, and the Amortization Period, if any,
and principal on the Class A Expected Final Payment Date, the Class B Expected
Final Payment Date and during the Amortization Period, if any;

                  WHEREAS, the principal and interest payments on the Investor
Certificates are to be funded by Principal Collections and Finance Charge
Collections received by the Trust on the Receivables; and

                  WHEREAS, it is a condition to the issuance of the Investor
Certificates that at the closing on the date hereof, the Credit Enhancement
Provider make a term loan (the "Loan") to the Trust, for the benefit of the
Investor Certificateholders of the Series, of $       ( % of the Series Initial
Investor Interest), for deposit in the Credit Enhancement Account to provide
additional funds to make payments on the Investor Certificates under certain
circumstances.

                  NOW, THEREFORE, in consideration of the mutual covenants
herein contained, and other good and valuable consideration, the receipt and
adequacy of which are hereby expressly acknowledged, the parties hereto agree as
follows:

                  SECTION 1 DEFINED TERMS.

                  (a)      The capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to them in the Pooling and
Servicing Agreement or the Series Supplement, as applicable.

                  (b)      The following terms have the definitions set forth
below:

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                  "Interest Period" means (i) with respect to the initial
Distribution Date, the period commencing on the Series Closing Date and ending
on the day immediately preceding the initial Distribution Date and (ii) with
respect to each subsequent Distribution Date, the period commencing on the
preceding Distribution Date and ending on the day immediately preceding such
Distribution Date.

                  "Lender Rate" means, with respect to each Interest Period, the
prime commercial lending rate per annum established by the Trustee, as in effect
on each day in the Interest Period.

                  "LIBOR-Based Rate" means, with respect to each Interest
Period, the per annum interest rate equal to the London Interbank Offered Rate
which appears on Telerate Page 3750 at approximately 11:00 a.m. (London time)
two LIBOR Business Days prior to the first day of such Interest Period for
deposits of United States dollars for a period of time comparable to the
Interest Period, and in an amount comparable to the principal amount of the
Loan, plus        %.

                  "Portfolio Yield" means, with respect to any Due Period, the
annualized percentage equivalent of a fraction, the numerator of which shall be
the sum of (i) the amount of Finance Charge Collections received during such Due
Period, (ii) the amount of Series Yield Collections for each Series then
outstanding for such Due Period and (iii) the amount of Series Additional Funds
for each Series then outstanding for such Due Period, and the denominator of
which shall be the total amount of Principal Receivables in the Trust as of the
first day of such Due Period.

                  "Provider Amount" means, with respect to each Distribution
Date, the lesser of (i) the unpaid principal amount of the Loan (including any
amounts loaned by the Credit Enhancement Provider pursuant to Section 8 hereof)
and (ii) the amount on deposit in the Credit Enhancement Account, in each case
before giving effect to any payments, allocations or distributions on such
Distribution Date.

                  "Series Interest Payment Amount" means, for any Distribution
Date, an amount equal to the amount of interest payable on the Loan on such
Distribution Date, including any accrued but unpaid interest with respect to
previous Interest Periods and interest thereon, less the amount paid to the
Credit Enhancement Provider on such Distribution Date pursuant to Section 4(a)
hereof. The Series Interest Payment Amount shall be the amount of interest
payable pursuant to this Agreement for purposes of calculating the "Credit
Enhancement Fee" for the purpose of, and as such term is defined in, the Series
Supplement and such amount shall be paid in accordance with the provisions of
the Series Supplement.

                  SECTION 2. LOAN. The Credit Enhancement Provider hereby makes
a term loan to the Trust, for the benefit of the Investor Certificateholders of
the Series, on the Series Closing Date in an amount equal to $     , receipt of
which is hereby acknowledged by the Trustee. The amount of such Loan shall be
increased by the amount of any additional loan made by the Credit Enhancement
Provider pursuant to Section 8 hereof.

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                  SECTION 3. CALCULATION OF AMOUNT OF INTEREST PAYABLE ON THE
LOAN.

                  (a)      The Loan shall bear interest for each day during each
Interest Period with respect thereto at a rate per annum determined for such day
as follows. To the extent the unpaid portion of the principal of the Loan during
such Interest Period equals or is less than the amount on deposit in the Credit
Enhancement Account, the rate for such Interest Period on such principal portion
shall be the LIBOR-Based Rate. To the extent any portion of the unpaid principal
of the Loan exceeds such amount on deposit, the rate for such Interest Period on
such principal portion shall be the Lender Rate.

                  (b)      Interest shall be payable monthly in arrears on each
Distribution Date. Interest on the Loan shall be calculated on the basis of the
actual number of days elapsed during the applicable Interest Period divided by
(i) 360, to the extent the LIBOR-Based Rate is applicable, or (ii) 365 or 366,
as the case may be, to the extent the Lender Rate is applicable. The Trustee
shall, as soon as practicable, notify the Seller, the Master Servicer and the
Credit Enhancement Provider of each determination of the Lender Rate and of the
LIBOR-Based Rate. Each determination thereof by the Trustee pursuant to the
provisions of this Agreement shall be conclusive and binding on the Seller, the
Master Servicer and the Credit Enhancement Provider, in the absence of manifest
error.

                  (c)      If any portion of interest due and payable on a
Distribution Date is not paid on such Distribution Date, the unpaid portion of
such interest shall be due and payable on the next succeeding Distribution Date.
Any interest that is not paid on the due date thereof shall accrue interest from
the Distribution Date on which such interest was due and payable to the date
such interest is actually paid at a rate per annum equal to the Lender Rate.

                  SECTION 4. PAYMENT OF INTEREST ON THE LOAN. On each
Distribution Date, the Trustee as administrator of the Credit Enhancement shall
pay or cause to be paid to the Credit Enhancement Provider the amount of accrued
but unpaid interest on the Loan from the funds and in the order of priority set
forth below; provided, however, that such payments shall not exceed the amount
of accrued but unpaid interest on the Loan and that such payments will be made
only to the extent such funds are available:

                  (a)      interest and earnings (net of losses and investment
expenses) accrued since the preceding Distribution Date on the Provider Amount;
and

                  (b)      the Series Interest Payment Amount, to the extent
such amount has been paid to the Trustee as administrator of the Credit
Enhancement pursuant to the Series Supplement.

                  SECTION 5. REPAYMENT OF PRINCIPAL OF THE LOAN. The principal
amount of the Loan shall be due and payable on the Series Termination Date. The
Trust shall repay the unpaid principal balance of the Loan in full on or before
the Series Termination Date in accordance with the provisions of this Agreement;
provided, however, that the unpaid principal amount of the Loan shall only be
paid from the funds described below, and only to the extent such funds are
available.

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                  (a)      If, as of any Distribution Date, after giving effect
to all other deposits to and withdrawals from the Credit Enhancement Account as
of such Distribution Date, the amount on deposit in the Credit Enhancement
Account exceeds the Total Maximum Credit Enhancement Amount, (i) the amount of
such excess, up to the amount, if any, by which the amount on deposit in the
Credit Enhancement Account exceeds the unpaid principal amount of the Loan,
shall be withdrawn from the Credit Enhancement Account and paid to Discover Bank
on behalf of the Holder of the Seller Certificate and (ii) the remaining amount
of such excess, if any, after payment of any amounts to be paid to Discover Bank
on behalf of the Holder of the Seller Certificate pursuant to clause (i) of this
Section 5(a), shall be withdrawn from the Credit Enhancement Account and paid to
the Credit Enhancement Provider for application toward the unpaid principal
amount of the Loan.

                  (b)      On the earlier to occur of (i) the Series Termination
Date and (ii) the day on which the Class Invested Amount with respect to each
Class of the Series is paid in full, and after payment of any amounts to be paid
on such day from the Credit Enhancement Account to or for the benefit of the
Investor Certificateholders of the Series, all amounts remaining on deposit in
the Credit Enhancement Account, up to the amount of the unpaid principal amount
of the Loan, shall be withdrawn from such account and paid to the Credit
Enhancement Provider for application toward the unpaid principal amount of the
Loan.

                  SECTION 6. PAYMENTS TO THE HOLDER OF THE SELLER CERTIFICATE
AND THE MASTER SERVICER.

                  (a)      On each Distribution Date, the Trustee as
administrator of the Credit Enhancement shall pay or cause to be paid to
Discover Bank on behalf of the Holder of the Seller Certificate (i) the interest
and earnings (net of losses and investment expenses) accrued since the preceding
Distribution Date on an amount equal to the positive difference, if any, between
(x) the amount on deposit in the Credit Enhancement Account and (y) the Provider
Amount and (ii) the positive difference, if any, between (x) the amount of
interest and earnings (net of losses and investment expenses) accrued since the
preceding Distribution Date on the Provider Amount and (y) the amount paid to
the Credit Enhancement Provider on such Distribution Date pursuant to Section
4(a).

                  (b)      On each Distribution Date, an amount equal to the
amount, if any, paid to the Trustee as administrator of the Credit Enhancement
pursuant to Section 9(b)(27) of the Series Supplement, shall be paid to Discover
Bank on behalf of the Holder of the Seller Certificate.

                  (c)      On the earlier to occur of (i) the Series Termination
Date and (ii) the day on which the Class Invested Amount with respect to each
Class of the Series is paid in full, and after payment of any amounts to be paid
on such day from the Credit Enhancement Account to or for the benefit of the
Investor Certificateholders of the Series, any amounts remaining on deposit in
the Credit Enhancement Account that are not paid to the Credit Enhancement
Provider pursuant to Section 5(b) hereof shall be withdrawn from such account
and paid to Discover Bank on behalf of the Holder of the Seller Certificate.

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                  SECTION 7. DEPOSITS TO AND WITHDRAWALS FROM THE CREDIT
ENHANCEMENT ACCOUNT.

                  (a)      The proceeds of the Loan made by the Credit
Enhancement Provider to the Trust pursuant to Section 2 hereof, for the benefit
of the Investor Certificateholders of the Series, on the Series Closing Date and
the proceeds of any additional loan made by the Credit Enhancement Provider
pursuant to Section 8 hereof, shall be deposited into the Credit Enhancement
Account. In addition, any amounts paid to the Trustee as administrator of the
Credit Enhancement on any Distribution Date with respect to the Total Available
Credit Enhancement Amount or the Available Class B Credit Enhancement Amount
pursuant to the terms of the Series Supplement also shall be deposited into the
Credit Enhancement Account upon receipt of such funds by the Trustee.

                  (b)      Any withdrawals from the Credit Enhancement Account
for the benefit of the Investor Certificateholders pursuant to Section 9 of the
Series Supplement may be made by the Master Servicer or by the Trustee as
administrator of the Credit Enhancement and shall be deemed to be made first
from amounts on deposit in the Credit Enhancement Account as a result of
payments of Series Excess Servicing and other amounts to the Trustee as
administrator of the Credit Enhancement to fund the Total Available Credit
Enhancement Amount, including any Series Excess Servicing or other such amounts
on deposit in the Credit Enhancement Account as a result of an Alternative
Credit Support Election having been made or as a result of the occurrence of a
Supplemental Credit Enhancement Event, and only after such amounts are exhausted
shall any such withdrawals be deemed to be made from amounts on deposit in the
Credit Enhancement Account that are attributable to the Loan.

                  (c)      On or before any Distribution Date on which Discover
Bank is the Master Servicer, all payments made pursuant to this Agreement or the
Series Supplement between the Master Servicer or the Holder of the Seller
Certificate and the Credit Enhancement Account, may be aggregated for such
Distribution Date such that Discover Bank, acting as Master Servicer and as
agent of the Holder of the Seller Certificate, may make only one payment to the
Credit Enhancement Account in satisfaction of all payments of the Master
Servicer and the Holder of the Seller Certificate pursuant to this Agreement or
the Series Supplement, to the extent that all payment obligations of the Master
Servicer and the Holder of the Seller Certificate to the Credit Enhancement
Account on such Distribution Date exceed all payment obligations of the Credit
Enhancement Account to the Master Servicer and the Holder of the Seller
Certificate on such Distribution Date.

                  SECTION 8. CERTAIN ADDITIONAL LOANS.

                  (a)      Alternative Credit Support Election. In the event
that an Alternative Credit Support Election is made pursuant to the provisions
of the Series Supplement, Discover Bank on behalf of the Holder of the Seller
Certificate may request that the Credit Enhancement Provider make an additional
loan in the amount of the Additional Credit Support Amount. If Discover Bank on
behalf of the Holder of the Seller Certificate makes such request, and if the
Credit Enhancement Provider elects to make such loan, the amount of such loan
shall be added to the unpaid principal amount of the Loan. In the event that the
Alternative Credit Support Election does not become effective, the Additional
Credit Support Amount (or, if the entire

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amount of the Additional Credit Support Amount is not then on deposit in the
Credit Enhancement Account, the portion of the Additional Credit Support Amount
that is then on deposit) shall be withdrawn from the Credit Enhancement Account
and repaid to Discover Bank on behalf of the Holder of the Seller Certificate
(or, if such amount was loaned by the Credit Enhancement Provider, returned to
the Credit Enhancement Provider).

                  (b)      Increased Credit Enhancement Amount. In the event the
Series Investor Interest is increased pursuant to Section 32 of the Series
Supplement, requiring an Increased Credit Enhancement Amount, Discover Bank on
behalf of the Holder of the Seller Certificate may request that the Credit
Enhancement Provider make an additional loan in the amount of the Increased
Credit Enhancement Amount. If Discover Bank on behalf of the Holder of the
Seller Certificate makes such request, and if the Credit Enhancement Provider
elects to make such loan, the amount of such loan shall be added to the unpaid
principal amount of the Loan.

                  (c)      Supplemental Credit Enhancement Event. In the event
that a Supplemental Credit Enhancement Event occurs, Discover Bank as Servicer
may request that the Credit Enhancement Provider make an additional loan in the
amount of the Supplemental Credit Enhancement Amount. If Discover Bank as
Servicer makes such a request, and if the Credit Enhancement Provider elects to
make such loan, the amount of such loan shall be equal to the Supplemental
Credit Enhancement Amount and shall be added to the unpaid principal amount of
the Loan.

                  (d)      Notice. The Credit Enhancement Provider shall give
prior written notice to Moody's of the making of any loan by the Credit
Enhancement Provider other than the additional loans described in this Section
8.

                  (e)      Interest Rate. At the time of any additional loan
described in this Section 8, Discover Bank as Servicer and the Credit
Enhancement Provider may agree in writing that the Supplemental Credit
Enhancement Amount, the Increased Credit Enhancement Amount or the Additional
Credit Support Amount, as applicable, shall bear interest at a different
LIBOR-Based Rate, which rate shall reflect prevailing market conditions and the
expected duration of such additional loan.

                  SECTION 9. LIMITED OBLIGATION; WAIVER OF SETOFF; OBLIGATIONS
ABSOLUTE.

                  (a)      Notwithstanding any provision in any other section of
this Agreement to the contrary, the obligation to repay the Loan, together with
interest thereon, shall be without recourse to any Seller, the Master Servicer,
any Servicer, the Trustee, the Trust, any Certificateholder, or any affiliate,
officer, director, employee or person acting on behalf of any of them, and the
obligation to pay such amounts shall be limited solely to the application of
funds pursuant to this Agreement, in the manner and to the extent such funds are
available, except for the direct recourse indemnification obligation of each
successor Master Servicer pursuant to Section 11 hereof. The Credit Enhancement
Provider agrees that its interest in funds on deposit in the Credit Enhancement
Account is subordinated to the interests of the Investor Certificateholders of
the Series, as provided in this Agreement and in the Series Supplement. The
Credit Enhancement Provider further agrees that it shall have no right of setoff
or lender's

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lien against any Seller, the Master Servicer, any Servicer, the Trustee, the
Trust, or any Certificateholder.

                  (b)      The obligations of the Seller, the Trustee, the
Credit Enhancement Provider and the Master Servicer under this Agreement shall
be absolute, unconditional and irrevocable, and shall be performed strictly in
accordance with the terms of this Agreement.

                  SECTION 10. INVESTMENTS AND INFORMATION.

                  (a)      The Trustee shall from time to time during the term
of this Agreement invest all amounts on deposit in the Credit Enhancement
Account as the Master Servicer shall direct, which investments shall at all
times be made in compliance with the terms of the Pooling and Servicing
Agreement and the Series Supplement.

                  (b)      The Master Servicer shall provide the Credit
Enhancement Provider with such background information and data with respect to
the Credit Enhancement Account as the Credit Enhancement Provider may reasonably
request.

                  SECTION 11. SERVICING TRANSFER. In the event that a successor
Master Servicer is appointed pursuant to the Pooling and Servicing Agreement,
from and after the effective date of such transfer of servicing, the successor
Master Servicer appointed pursuant to the Pooling and Servicing Agreement, and
not the former Master Servicer, shall (a) be responsible for the performance of
all servicing functions to be performed from and after such date, (b) agree to
be bound by the terms, covenants and conditions contained herein applicable to
the Master Servicer and be subject to the duties and obligations of the Master
Servicer hereunder, and (c) agree to indemnify and hold harmless the Credit
Enhancement Provider from and against any and all claims, damages, losses,
liabilities, costs or expenses whatsoever which the Credit Enhancement Provider
may incur (or which may be claimed against the Credit Enhancement Provider) by
reason of the gross negligence or willful misconduct of the successor Master
Servicer in exercising its powers and carrying out its obligations under the
Pooling and Servicing Agreement and the Series Supplement. Such transfer of
servicing shall not affect any rights or obligations of the former Master
Servicer under this Agreement that arose prior to the effective date of the
transfer of servicing, except that such former Master Servicer shall have no
obligation to indemnify the Credit Enhancement Provider as a result of any act
or failure to act of any successor Master Servicer in the performance of the
servicing functions.

                  SECTION 12. REPRESENTATIONS AND WARRANTIES.

                  (a)      The Credit Enhancement Provider hereby represents and
warrants to the Master Servicer and the Trustee that:

                  (i)      The Credit Enhancement Provider has been duly
incorporated and is validly existing as a corporation in good standing under the
laws of the State of Delaware, and has the corporate power and authority to
execute, deliver and perform its obligations under this Agreement.

                  (ii)     This Agreement has been duly authorized, executed and
delivered on the part of the Credit Enhancement Provider.

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                  (iii)    When executed and delivered, this Agreement will
constitute a valid and binding agreement of the Credit Enhancement Provider
enforceable against the Credit Enhancement Provider in accordance with its
terms, except (A) as the same may be limited by insolvency, bankruptcy or
reorganization or other laws relating to or affecting the enforcement of
creditors' rights and (B) as the same may be limited by general equity
principles (whether considered in a proceeding at law or in equity) and by the
discretion of the court before which any proceeding therefor may be brought.

                  (b)      The Master Servicer hereby represents and warrants to
the Credit Enhancement Provider and the Trustee that:

                  (i)      The Master Servicer has been duly incorporated and is
validly existing as a banking corporation in good standing under the laws of the
State of Delaware, and has the corporate power and authority to execute, deliver
and perform its obligations under the Pooling and Servicing Agreement, the
Series Supplement and this Agreement.

                  (ii)     This Agreement, the Pooling and Servicing Agreement
and the Series Supplement have been duly authorized, executed and delivered on
the part of the Master Servicer.

                  (iii)    When executed and delivered, each of this Agreement,
the Pooling and Servicing Agreement and the Series Supplement will constitute a
valid and binding agreement of the Master Servicer enforceable against the
Master Servicer in accordance with its terms, except (A) as the same may be
limited by insolvency, bankruptcy, receivership or reorganization or other laws
relating to or affecting the enforcement of creditors' rights and (B) as the
same may be limited by general equity principles (whether considered in a
proceeding at law or in equity) and by the discretion of the court before which
any proceeding therefor may be brought.

                  (c)      The Trustee hereby represents and warrants to the
Credit Enhancement Provider and the Master Servicer that:

                  (i)      The Trustee is organized, existing and in good
standing under the laws of the United States of America.

                  (ii)     The Trustee has full power, authority and right to
execute, deliver and perform this Agreement, the Pooling and Servicing Agreement
and the Series Supplement, and has taken all necessary action to authorize the
execution, delivery and performance by it of this Agreement, the Pooling and
Servicing Agreement and the Series Supplement.

                  (iii)    Each of this Agreement, the Pooling and Servicing
Agreement and the Series Supplement have been duly executed and delivered by the
Trustee.

                  SECTION 13. COVENANTS. Discover Bank, as Master Servicer and
on behalf of the Holder of the Seller Certificate, covenants and agrees that, so
long as this Agreement shall remain in effect or any monetary obligation arising
hereunder or under the Series Supplement shall remain unpaid, it will change the
terms and provisions of a Credit Agreement with respect to a Discover Bank
Discover Card Account or any other Account with respect to which it is the
Servicer (including, without limitation, the calculation of the amount, or

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the timing, of charge-offs) only if it does not believe, after a good faith
assessment of the expected effects of such change, that such change will result
in a reduction of the Portfolio Yield, for any Due Period beginning prior to the
termination of the Series, to less than the Base Rate unless such change (i) is
required by any Requirements of Law or (ii) is deemed necessary by Discover Bank
in its sole reasonable judgment to maintain its credit card business on a
competitive basis. For purposes of this Section 13, "Base Rate" shall mean (i)
the weighted average of the Certificate Rates for each Class of each Series then
outstanding plus (ii) 1% per annum. For purposes of the immediately preceding
sentence, the Certificate Rate for each Class that does not have a fixed
Certificate Rate shall be the actual Certificate Rate for such Class for the
Interest Accrual Period commencing in the immediately preceding Due Period. In
the event that any Additional Seller shall transfer Receivables in Additional
Accounts to the Trust, Discover Bank on behalf of the Holder of the Seller
Certificate shall cause the Servicer with respect to such Additional Accounts to
make the covenant set forth above with respect to such Additional Accounts.

                  SECTION 14. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  SECTION 15. TERMINATION. This Agreement shall terminate on the
date on which the Series terminates in accordance with the provisions of the
Pooling and Servicing Agreement and the Series Supplement; provided, however,
that this Agreement may be terminated by the Master Servicer at any time,
without penalty, provided that such termination does not cause the ratings of
the Investor Certificates to be lowered or withdrawn by either of the Rating
Agencies; and provided, further, that all amounts owing to the Credit
Enhancement Provider hereunder with respect to principal and interest on the
Loan shall have been paid in full. Notwithstanding the foregoing, the Credit
Enhancement Provider shall have no rights under this Agreement, and shall not be
entitled to any payments hereunder, if and for so long as there is no Loan
outstanding hereunder and no accrued but unpaid interest.

                  SECTION 16. NOTICES. Unless specifically indicated otherwise
herein, all notices and other communications provided for hereunder shall be in
writing and, if to the Credit Enhancement Provider, addressed to:

                   Discover Receivables Financing Corporation
                                  12 Read's Way
                           New Castle, Delaware 19720
                  Attn: Executive Vice President and Secretary
                              Phone: (302) 323-7167
                               Fax: (302) 323-7393

or, if to the Seller or the Master Servicer, addressed to:

                                  Discover Bank
                                  12 Read's Way

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                           New Castle, Delaware 19720
                            Attn: Michael F. Rickert
                              Phone: (302) 323-7434
                               Fax: (302) 323-7393

or, if to the Trustee, addressed to:

                         U.S. Bank National Association
                                Wrigley Building
                      400 North Michigan Avenue, 2nd Floor
                                    ILWB0410
                          Chicago, Illinois 60611-4181
                             Attn: Patricia M. Child
                              Phone: (312) 836-6713
                               Fax: (312) 836-6701

or as to any party at such other address as shall be designated by such party in
a written notice to the other parties.

                  Any notice or other communication shall be sufficiently given
and shall be deemed given when delivered to the addressee in writing or when
transmitted by telecopier, receipt of which by the addressee is confirmed by
telephone.

                  SECTION 17. BANKRUPTCY. To the extent that the Trustee, the
Master Servicer or Discover Bank on behalf of the Holder of the Seller
Certificate makes a payment to the Credit Enhancement Provider or the Credit
Enhancement Provider receives any payment or proceeds with respect to the Loan,
which payment or proceeds or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to
a trustee, receiver or any other party under any state or federal insolvency or
bankruptcy law then, to the extent such payment or proceeds are set aside, the
amount or part thereof intended to be satisfied shall be revived and continue in
full force and effect, as if such payment or proceeds had not been received by
the Credit Enhancement Provider.

                  SECTION 18. LIMITATION OF REMEDIES. The Credit Enhancement
Provider shall not have the right to cause the Loan or any portion thereof to
become due and payable prior to the due date for the Loan as set forth herein.

                  SECTION 19. NO PETITION.

                  (a)      The Credit Enhancement Provider, by entering into
this Agreement, hereby covenants and agrees that it will not at any time
institute, join in or otherwise cause the institution of, against any Seller,
the Master Servicer or the Trust, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or state or similar law prior to a year and a day after the final
payment of all investor certificates issued by any trust with respect to which
Discover Bank is the seller.

                  (b)      Each of Discover Bank and the Trustee, by entering
into this Agreement, hereby covenants and agrees that it will not at any time
institute, join in or otherwise cause the

                                       12
<PAGE>

institution of, against the Credit Enhancement Provider, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state or similar law prior to a
year and a day after the final payment of all investor certificates issued by
any trust with respect to which Discover Bank is the seller.

                  SECTION 20. AMENDMENTS. This Agreement shall not be amended or
modified without the written consent of each of the parties hereto. No amendment
hereto shall become effective without prior confirmation from the Rating
Agencies that such amendment will not cause a lowering or withdrawal of the then
current ratings of the Investor Certificates of the Series. The Master Servicer
shall provide a copy of any amendment hereto to the Rating Agencies.

                  SECTION 21. SUCCESSORS AND ASSIGNS; REPLACEMENT OF CREDIT
ENHANCEMENT PROVIDER.

                  (a)      This Agreement shall be binding upon, and inure to
the benefit of, the Trustee, the Sellers, the Servicers, the Master Servicer and
the Credit Enhancement Provider and their respective successors and permitted
assigns.

                  (b)      No Seller shall assign its interests hereunder and
under the Pooling and Servicing Agreement or the Series Supplement, or any
portion of such interests, except by an assignment that transfers each such
interest to the same assignee.

                  (c)      In the event that a successor trustee is appointed
pursuant to the provisions of the Pooling and Servicing Agreement to replace the
then current Trustee, such successor trustee, from and after its appointment,
shall be the Trustee for purposes of this Agreement and shall assume all of the
rights and obligations of the Trustee hereunder.

                  (d)      The Credit Enhancement Provider may not assign any of
its rights or obligations hereunder without the prior written consent of
Discover Bank on behalf of the Holder of the Seller Certificate and without
prior written confirmation from the Rating Agencies that such assignment will
not result in the lowering or withdrawal of the rating of any Class of any
Series then outstanding.

                  SECTION 22. PARTICIPATION. Any successor Credit Enhancement
Provider that is not a special-purpose corporation that is an affiliate of
Discover Bank may, without the consent of the Trustee, the Trust, any Seller,
the Master Servicer, any Servicer or any Certificateholder of the Series, sell
participations to one or more banks or other entities in all or a portion of its
rights under this Agreement (including all or a portion of the Loan); provided,
however, that (a) the Credit Enhancement Provider's obligations under this
Agreement shall remain unchanged, (b) the Credit Enhancement Provider shall
remain solely responsible to the other parties hereto for the performance of
such obligations, (c) the Trustee, the Trust, the Sellers and the Master
Servicer shall continue to deal solely and directly with the Credit Enhancement
Provider in connection with the Credit Enhancement Provider's rights and
obligations under this Agreement, and (d) the Credit Enhancement Provider shall
retain the sole right to enforce the obligations of the Trustee, the Trust, the
Sellers or the Master Servicer under this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement.

                                       13
<PAGE>

                  IN WITNESS WHEREOF, the parties hereby have caused this
Agreement to be duly executed and delivered by the undersigned thereunto duly
authorized as of the day and year first above written.

                                        DISCOVER RECEIVABLES FINANCING
                                           CORPORATION,
                                        as Credit Enhancement Provider

                                        By: ____________________________________
                                            Name:  Jai Sooklal
                                            Title: Vice President

                                        DISCOVER BANK,
                                        as Master Servicer, Servicer and Seller

                                        By: ____________________________________
                                            Name:  Michael F. Rickert
                                            Title: Vice President, Chief
                                                   Accounting Officer and
                                                   Treasurer

                                        U.S. BANK NATIONAL ASSOCIATION,
                                        as Trustee

                                        By: ____________________________________
                                            Name:  Patricia M. Child
                                            Title: Vice President

                                      S-1<PAGE>

                                                                    EXHIBIT 10.1

                                 FIRST AMENDMENT

                  FIRST AMENDMENT, dated as of November 24, 2003 (this "FIRST
AMENDMENT"), to the Second Amended and Restated Credit Agreement, dated as of
September 16, 2003 (as amended by this First Amendment and as otherwise amended,
supplemented or modified from time to time, the "CREDIT AGREEMENT"), among DAY
INTERNATIONAL GROUP, INC., a Delaware corporation (the "BORROWER"), the several
banks and other financial institutions or entities from time to time parties
thereto (the "LENDERS"), LEHMAN BROTHERS INC., as sole advisor, sole bookrunner
and joint lead arranger, and BANC ONE CAPITAL MARKETS, INC., as joint lead
arranger, BANK ONE, NA, as syndication agent, NATIONAL CITY BANK, as
documentation agent, and LEHMAN COMMERCIAL PAPER INC., as administrative agent
(in such capacity, the "ADMINISTRATIVE AGENT").

                              W I T N E S S E T H:

                  WHEREAS, the Borrower and the Administrative Agent are parties
to the Credit Agreement;

                  WHEREAS, the Borrower desires to acquire all of the issued and
outstanding shares of beneficial interests of Network Distribution
International, a Massachusetts business trust (the "TARGET"), for cash and other
consideration (the "TARGET ACQUISITION") pursuant to the Target Acquisition
Documentation (as defined herein);

                  WHEREAS, in connection with the Target Acquisition, and
pursuant to Section 10.1 of the Credit Agreement, the Borrower has requested
that the Administrative Agent amend the Credit Agreement as set forth in this
First Amendment to add an additional term loan facility to the Credit Agreement
in an aggregate principal amount of $30,000,000; and

                  WHEREAS, the Administrative Agent agrees, subject to the
limitations and conditions set forth herein, to amend the Credit Agreement as
set forth in this First Amendment;

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and in consideration
of the premises contained herein, the parties hereto agree as follows:

                  1.       Defined Terms. Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed to such terms in the
Credit Agreement.

                  2.       Amendment to Section 1.1 (Defined Terms). (a) Section
1.1 of the Credit Agreement is hereby amended by (i) deleting the defined terms
"Commitment", "Facility", "Majority Facility Lenders", "Required Lenders", "Term
Loan Facilities", "Term Loan Lender" and "Term Loans" and (ii) substituting in
lieu thereof the following definitions:

                  "'COMMITMENT': as to any Lender, the sum of the Tranche A Term
Loan Commitment, Tranche B Term Loan Commitment, Tranche C Term Loan Commitment
and the Revolving Credit Commitment of such Lender."

<PAGE>

                  "'FACILITY': each of (a) the Tranche A Term Loan Commitments
and the Tranche A Term Loans made thereunder (the "TRANCHE A TERM LOAN
FACILITY"), (b) the Tranche B Term Loan Commitments and the Tranche B Term Loans
made thereunder (the "TRANCHE B TERM LOAN FACILITY"), (c) the Tranche C Term
Loan Commitments and the Tranche C Term Loans made thereunder (the "TRANCHE C
TERM LOAN FACILITY") and (d) the Revolving Credit Commitments and the extensions
of credit made thereunder (the "REVOLVING CREDIT FACILITY")."

                  "'MAJORITY FACILITY LENDERS': with respect to any Facility,
the holders of more than 50% of the aggregate unpaid principal amount of the
Tranche A Term Loans, Tranche B Term Loans, Tranche C Term Loans or the Total
Revolving Extensions of Credit, as the case may be, outstanding under such
Facility (or, in the case of the Revolving Credit Facility, prior to any
termination of the Revolving Credit Commitments, the holders of more than 50% of
the Total Revolving Credit Commitments)."

                  "'REQUIRED LENDERS': the holders of more than 50% of (a) until
the Closing Date, the Commitments and (b) thereafter, the sum of (i) the
aggregate unpaid principal amount of the Tranche A Term Loans, (ii) the
aggregate unpaid principal amount of the Tranche B Term Loans, (iii) the
aggregate unpaid principal amount of the Tranche C Term Loans and (iv) the Total
Revolving Credit Commitments or, if the Revolving Credit Commitments have been
terminated, the Total Revolving Extensions of Credit."

                  "'TERM LOAN FACILITIES': the collective reference to the
Tranche A Term Loan Facility, the Tranche B Term Loan Facility and the Tranche C
Term Loan Facility."

                  "'TERM LOAN LENDER': each of the Tranche A Term Loan Lenders,
the Tranche B Term Loan Lenders and the Tranche C Term Loan Lenders."

                  "'TERM LOANS': the collective reference to the Tranche A Term
Loans, the Tranche B Term Loans and the Tranche C Term Loans."

                  (b)      The definition of "Applicable Margin" in Section 1.1
of the Credit Agreement is hereby amended by inserting the following below the
last line of the chart therein (and prior to the proviso contained therein):

<TABLE>
<CAPTION>
                                   Base Rate    Eurocurrency
                                     Loans         Loans
                                     -----         -----
<S>                                <C>          <C>
"Tranche C Term Loan Facility        3.50%         4.50%".
</TABLE>

                  (c)      The definition of "Interest Period" in Section 1.1 of
the Credit Agreement is hereby amended by deleting paragraph (ii) in the proviso
to such definition in its entirety and substituting in lieu thereof the
following:

                  "(ii)    any Interest Period that would otherwise extend
beyond the Revolving Credit Termination Date or beyond the date final payment is
due on the Tranche A Term Loans, the Tranche B Term Loans or the Tranche C Term
Loans, as the case may be, shall end on the Revolving Credit Termination Date or
such due date, as applicable;"

                                       2
<PAGE>

                  (d)      Section 1.1 of the Credit Agreement is hereby amended
by adding alphabetically therein the following definitions:

                  "'FIRST AMENDMENT': the First Amendment to this Agreement
dated as of November 24, 2003."

                  "'REVOLVING CREDIT FACILITY': as defined in the definition of
"Facility" in this Section 1.1."

                  "TARGET": Network Distribution International, a Massachusetts
business trust.

                  "TARGET ACQUISITION": the acquisition by the Borrower of all
of the issued and outstanding shares of beneficial interests of Target for cash
and other consideration pursuant to the Target Acquisition Documentation."

                  "TARGET ACQUISITION DOCUMENTATION": (i) the Stock Purchase
Agreement, dated as of November 24, 2003, by and among Mark E. Barrington; Glenn
M. Hicks; Carol Hicks Norcross; Irene Hicks; D. Scott Morrison; Leslie Kay
Hoffman; D. Scott Morrison and Leslie Kay Hoffman as Trustees under Trust
Agreement dated December 29, 1987, for the benefit of D. Scott Morrison; D.
Scott Morrison and Leslie Kay Hoffman as Trustees under Trust Agreement dated
December 31, 1990, for the benefit of D. Scott Morrison; D. Scott Morrison and
Leslie Kay Hoffman as Trustees under Trust Agreement dated December 29, 1987,
for the benefit of Leslie Kay Hoffman; D. Scott Morrison and Leslie Kay Hoffman
as Trustees under Trust Agreement dated December 31, 1990, for the benefit of
Leslie Kay Hoffman; and Irene Hicks as Trustee of The Hicks Family Trust created
under The Will of Henry C. Hicks (collectively, the "Shareholders"), Mark E.
Barrington and D. Scott Morrison, as the representatives of the Shareholders,
and the Borrower, and all schedules, exhibits, annexes and amendments thereto
and all side letters and voting and other agreements affecting the terms thereof
or entered into in connection therewith, and (ii) the Purchase Agreement, dated
as of November 24, 2003, by and among the Borrower, Carver Golf Enterprises,
Inc. and Morrison Ink Company, and all schedules, exhibits, annexes and
amendments thereto and all side letters and voting and other agreements
affecting the terms thereof or entered into in connection therewith.

                  "'TRANCHE A TERM LOAN FACILITY': as defined in the definition
of "Facility" in this Section 1.1."

                  "'TRANCHE B TERM LOAN FACILITY': as defined in the definition
of "Facility" in this Section 1.1."

                  "'TRANCHE C EFFECTIVE DATE': as defined in Section 2.2(b)."

                  "'TRANCHE C TERM LOAN': as defined in Section 2.1(c)."

                  "'TRANCHE C TERM LOAN COMMITMENT': as to any Lender, the
obligation of such Lender, if any, to make a Tranche C Term Loan to the Borrower
hereunder in a principal amount not to exceed the amount set forth under the
heading "Tranche C Term Loan Commitment" opposite such Lender's name on Schedule
1 to the Lender Addendum delivered

                                       3
<PAGE>

by such Lender, or, as the case may be, in the Assignment and Acceptance
pursuant to which such Lender became a party hereto, as the same may be changed
from time to time pursuant to the terms hereof. The original aggregate amount of
the Tranche C Term Loan Commitments is $30,000,000."

                  "'TRANCHE C TERM LOAN FACILITY': as defined in the definition
of "Facility" in this Section 1.1."

                  "'TRANCHE C TERM LOAN LENDER': each Lender which has a Tranche
C Term Loan Commitment or which is the holder of a Tranche C Term Loan."

                  "'TRANCHE C TERM LOAN MATURITY DATE': September 16, 2009 (or
such earlier date on which the Loans become due and payable pursuant to Section
8); provided, that notwithstanding the foregoing, the Tranche C Term Loan
Maturity Date shall be September 15, 2007 in the event that the Borrower's
Senior Subordinated Notes are not refinanced in full prior to September 15, 2007
with the proceeds of the Subordinated Refinancing."

                  "'TRANCHE C TERM LOAN PERCENTAGE': as to any Tranche C Term
Loan Lender at any time, the percentage which such Lender's Tranche C Term Loan
Commitment then constitutes of the aggregate Tranche C Term Loan Commitments
(or, at any time after the Tranche C Effective Date, the percentage which the
aggregate principal amount of such Lender's Tranche C Term Loan then outstanding
constitutes of the aggregate principal amount of the Tranche C Term Loans then
outstanding)."

                  3.       Amendment to Section 2.1 (Term Loan Commitments). (a)
Section 2.1(b) of the Credit Agreement is hereby amended by deleting from the
first parenthetical therein the definition of "Term Loans."

                  (b)      Section 2.1 of the Credit Agreement is hereby amended
by adding to such section at the end thereof the following:

                  "(c) Subject to the terms and conditions hereof, each Tranche
C Term Loan Lender severally agrees to make a term loan (a "TRANCHE C TERM
LOAN") to the Borrower on the Tranche C Effective Date in an amount not to
exceed the amount of the Tranche C Term Loan Commitment of such Tranche C Term
Loan Lender. The Tranche C Term Loans may from time to time be Eurocurrency
Loans or Base Rate Loans, or a combination thereof, as determined by the
Borrower and notified to the Administrative Agent in accordance with Sections
2.2 and 2.13."

                  4.       Amendment to Section 2.2 (Procedure for Term Loan
Borrowings). Section 2.2 of the Credit Agreement is hereby amended by (a)
amending all references therein (i) from "Term Loans" to "Tranche A Term Loans
and Tranche B Term Loans", (ii) from "Term Loan" to "Tranche A Term Loan and
Tranche B Term Loan" and (iii) from "Term Loan Lenders" to "Tranche A Term Loan
Lenders and Tranche B Term Loan Lenders", (b) identifying the existing paragraph
therein as paragraph "(a)", and (c) adding to such section at the end thereof
the following:

                                       4
<PAGE>

                  "(b) The Borrower shall deliver to the Administrative Agent a
Borrowing Notice (which Borrowing Notice must be received by the Administrative
Agent prior to 10:00 A.M., New York City time, one Business Day prior to the
anticipated Borrowing Date of the Tranche C Term Loans (the actual Borrowing
Date of such Tranche C Term Loans being referred to herein as the "TRANCHE C
EFFECTIVE DATE") requesting that the Tranche C Term Loan Lenders make the
Tranche C Term Loans on the Tranche C Effective Date. The Tranche C Term Loans
shall initially be Base Rate Loans, and no Tranche C Term Loan may be converted
into or continued as a Eurocurrency Loan having an Interest Period in excess of
one month prior to the date which is 30 days after the Tranche C Effective Date
or such shorter period as may be acceptable to the Administrative Agent. Upon
receipt of such Borrowing Notice the Administrative Agent shall promptly notify
each Tranche C Term Loan Lender thereof. Not later than 12:00 Noon, New York
City time, on the Tranche C Effective Date, each Tranche C Term Loan Lender
shall make available to the Administrative Agent at the Funding Office an amount
in immediately available funds equal to its Tranche C Term Loan. The
Administrative Agent shall make available to the Borrower the aggregate of the
amounts made available to the Administrative Agent by the Tranche C Term Loan
Lenders, in like funds as received by the Administrative Agent."

                  5.       Amendment to Section 2.3 (Repayment of Term Loans).
Section 2.3 of the Credit Agreement is hereby amended by adding to such section
at the end thereof the following:

                  "(c) The Tranche C Term Loan of each Lender shall be repaid in
24 consecutive quarterly installments, commencing on December 31, 2003, each of
which shall be in an amount equal to such Lender's Tranche C Term Loan
Percentage multiplied by the amount set forth below opposite such installment:

<TABLE>
<CAPTION>
    Installment                               Amount
    -----------                               ------
<S>                                        <C>
December 31, 2003                          $   75,000
March 31, 2004                             $   75,000
June 30, 2004                              $   75,000
September 30, 2004                         $   75,000
December 31, 2004                          $   75,000
March 31, 2005                             $   75,000
June 30, 2005                              $   75,000
September 30, 2005                         $   75,000
December 31, 2005                          $   75,000
March 31, 2006                             $   75,000
June 30, 2006                              $   75,000
September 30, 2006                         $   75,000
December 31, 2006                          $   75,000
March 31, 2007                             $   75,000
June 30, 2007                              $   75,000
September 30, 2007                         $   75,000
December 31, 2007                          $   75,000
March 31, 2008                             $   75,000
June 30, 2008                              $   75,000
</TABLE>

                                       5
<PAGE>

<TABLE>
<CAPTION>
    Installment                               Amount
    -----------                               ------
<S>                                        <C>
September 30, 2008                         $   75,000
December 31, 2008                          $7,125,000
March 31, 2009                             $7,125,000
June 30, 2009                              $7,125,000
Tranche C Term                             $7,125,000;
Loan Maturity Date
</TABLE>

                  provided, that notwithstanding the foregoing, all outstanding
Tranche C Term Loans, together with accrued interest thereon, shall be due and
payable on the Tranche C Term Loan Maturity Date."

                  6.       Amendment to Section 2.8 (Repayment of Loans;
Evidence of Debt). (a) Section 2.8(a) of the Credit Agreement is hereby amended
by adding after the first sentence thereof the following: "The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of
the appropriate Tranche C Term Loan Lender the principal amount of each Tranche
C Term Loan of such Tranche C Term Loan Lender in installments according to the
amortization schedule set forth in Section 2.3(c) and the then unpaid principal
amount of each Tranche C Term Loan of such Tranche C Term Loan Lender on the
Tranche C Term Loan Maturity Date."

                  (b) Section 2.8(e) of the Credit Agreement is hereby amended
by adding to such section at the end thereof the following: "The Borrower agrees
that, upon the request to the Administrative Agent by any Lender, the Borrower
will promptly execute and deliver to such Lender a promissory note of the
Borrower evidencing any Tranche C Term Loans of such Lender, substantially in
the form of Exhibit E-5, with appropriate insertions as to date and principal
amount."

                  7.       Amendment to Section 2.18 (Pro Rata Treatment and
Payments). (a) Section 2.18(a) of the Credit Agreement is hereby amended by
inserting the phrase ", Tranche C Term Loan Percentages" in the fifth line
thereof immediately before the phrase "or Revolving Credit Percentages".

                  (b) Section 2.18(d) of the Credit Agreement is hereby amended
by deleting such section in its entirety and substituting in lieu thereof the
following:

                  "(d) Notwithstanding anything to the contrary in Sections 2.12
or 2.18(b), so long as any Tranche A Term Loans are outstanding, each Tranche B
Term Loan Lender and each Tranche C Term Loan Lender may, at its option, decline
up to 100% of the portion of any mandatory prepayment applicable to the Tranche
B Term Loans or Tranche C Term Loans, as the case may be, of such Lender;
accordingly, with respect to the amount of any mandatory prepayment described in
Section 2.12 that is allocated to Tranche B Term Loans and/or Tranche C Term
Loans (such amounts, the "MANDATORY PREPAYMENT AMOUNT"), at any time when
Tranche A Term Loans remain outstanding, the Borrower will, on the date
specified in Section 2.12 for such prepayment, (i) give the Administrative Agent
telephonic notice (promptly confirmed in writing) requesting that the
Administrative Agent prepare and provide to each Tranche B Term Loan Lender and
Tranche C Term Loan Lender a notice (each, a

                                       6
<PAGE>

"PREPAYMENT OPTION NOTICE") as described below and (ii) deposit with the
Administrative Agent the Mandatory Prepayment Amount. As promptly as practicable
after receiving such notice from the Borrower, the Administrative Agent will
send to each Tranche B Term Loan Lender and each Tranche C Term Loan Lender a
Prepayment Option Notice, which shall be substantially in the form of Exhibit K,
and shall include an offer by the Borrower to prepay on the Prepayment Date (as
defined below) the Tranche B Term Loans or Tranche C Term Loans, as the case may
be, of such Lender by an amount equal to the portion of the Mandatory Prepayment
Amount indicated in such Lender's Prepayment Option Notice as being applicable
to such Lender's Tranche B Term Loans or Tranche C Term Loans, as the case may
be. The "Prepayment Date" in respect of any Prepayment Option Notice shall be
the date which is five Business Days after the date of such Prepayment Option
Notice. On the Prepayment Date, the Administrative Agent shall (A) apply the
Mandatory Prepayment Amount toward prepayment of the outstanding Tranche B Term
Loans and/or Tranche C Term Loans in respect of which Lenders have accepted
mandatory prepayment as described above and (B) apply the remaining portion of
the Mandatory Prepayment Amount not accepted by the Tranche B Term Loan Lenders
or the Tranche C Term Loan Lenders toward prepayment of the Tranche A Term
Loans. The procedures described above in this paragraph shall not be applicable
in the case of a prepayment in full of all Term Loans."

                  8.       Amendment to Section 4.16 (Use of Proceeds). Section
4.16 of the Credit Agreement is hereby amended by (a) amending all references
therein from "Term Loans" to "Tranche A Term Loans and Tranche B Term Loans",
and (b) adding to such section at the end thereof the following: "The proceeds
of the Tranche C Term Loans shall be used solely to finance the Target
Acquisition and pay fees and expenses related thereto."

                  9.       Amendment to Exhibits to Credit Agreement. (a)
Exhibit B (Form of Borrowing Notice) to the Credit Agreement is amended in its
entirety to read as set forth in Annex I hereto.

                  (b) Exhibit K (Form of Prepayment Option Notice) to the Credit
Agreement is amended in its entirety to read as set forth in Annex II hereto.

                  (c) The Form of Tranche C Term Note attached hereto as Annex
III is hereby added to the Credit Agreement as Exhibit E-5 thereto.

                  10.      Conditions to Effectiveness of this First Amendment.
This First Amendment shall become effective upon the satisfaction of the
following conditions precedent concurrently or prior to the closing date of the
Target Acquisition (such date, the "First Amendment Effective Date"), which date
shall occur prior to December 31, 2003:

                  (a)      The Administrative Agent shall have received
counterparts of this First Amendment duly executed and delivered by each of the
Borrower, each of the Subsidiary Guarantors and the Administrative Agent.

                  (b)      The Administrative Agent shall have received a Lender
Addendum executed and delivered by each Tranche C Term Loan Lender and accepted
by the Borrower.

                                       7
<PAGE>

                  (c)      The Administrative Agent shall have received (i) an
Assumption Agreement, duly executed and delivered by Target and each Subsidiary
of Target, pursuant to which Target and each Subsidiary of Target shall become a
party to the Guarantee and Collateral Agreement as a Grantor and as a Subsidiary
Guarantor and (ii) an Assumption Agreement, duly executed and delivered by
Target and each Subsidiary of Target, pursuant to which Target and each
Subsidiary of Target shall become a party to the Patent and Trademark Security
Agreement as a Grantor.

                  (d)      The sources and uses of funds for the Target
Acquisition shall be reasonably satisfactory to the Administrative Agent.

                  (e)      The Tranche C Term Loan Lenders shall have received
the results of a recent lien search in each relevant jurisdiction with respect
to the Target and its Subsidiaries, and such search shall reveal no liens on any
of the assets of the Target or its Subsidiaries except for liens permitted by
the Credit Agreement or liens to be discharged on or prior to the First
Amendment Effective Date pursuant to documentation satisfactory to the
Administrative Agent.

                  (f)      The Administrative Agent shall be satisfied that the
Borrower shall have (i) complied with Section 6.9 (Additional Collateral, etc.)
of the Credit Agreement and (ii) taken all necessary or advisable actions to
grant to the Administrative Agent, for the benefit of the Secured Parties, a
first priority security interest in the Capital Stock of Target and each
Subsidiary of Target and a first priority security interest in the assets and
properties of Target and each Subsidiary of Target.

                  (g)      The Administrative Agent shall have received true and
correct copies, certified as to authenticity by the Borrower, of (i) the Stock
Purchase Agreement, dated as of November 24, 2003, by and among Mark E.
Barrington; Glenn M. Hicks; Carol Hicks Norcross; Irene Hicks; D. Scott
Morrison; Leslie Kay Hoffman; D. Scott Morrison and Leslie Kay Hoffman as
Trustees under Trust Agreement dated December 29, 1987, for the benefit of D.
Scott Morrison; D. Scott Morrison and Leslie Kay Hoffman as Trustees under Trust
Agreement dated December 31, 1990, for the benefit of D. Scott Morrison; D.
Scott Morrison and Leslie Kay Hoffman as Trustees under Trust Agreement dated
December 29, 1987, for the benefit of Leslie Kay Hoffman; D. Scott Morrison and
Leslie Kay Hoffman as Trustees under Trust Agreement dated December 31, 1990,
for the benefit of Leslie Kay Hoffman; and Irene Hicks as Trustee of The Hicks
Family Trust created under The Will of Henry C. Hicks (collectively, the
"SHAREHOLDERS"), Mark E. Barrington and D. Scott Morrison, as the
representatives of the Shareholders, and the Borrower, and all schedules,
exhibits, annexes and amendments thereto and all side letters and voting and
other agreements affecting the terms thereof or entered into in connection
therewith, and (ii) the Purchase Agreement, dated as of November 24, 2003, by
and among the Borrower, Carver Golf Enterprises, Inc. and Morrison Ink Company,
and all schedules, exhibits, annexes and amendments thereto and all side letters
and voting and other agreements affecting the terms thereof or entered into in
connection therewith (clauses (i) and (ii) collectively, the "Target Acquisition
Documentation"), and such Target Acquisition Documentation shall be on terms and
conditions reasonably satisfactory to the Administrative Agent.

                                       8
<PAGE>

                  (h)      The Administrative Agent shall have received an
officer's certificate from the Borrower certifying compliance with each of the
requirements contained in the definition of "Permitted Business Acquisition,"
together with all information necessary for determining such compliance, and all
relevant financial statements and information, in each case, satisfactory to the
Administrative Agent.

                  (i)      The Administrative Agent shall have received (i) a
copy of the certificate of incorporation (or equivalent document) of the Target
and each of its Subsidiaries, certified as of a recent date by the Secretary of
State of the state of organization of the Target and each of its Subsidiaries,
as applicable, together with certificates of such official attesting to the good
standing of the Target and each of its Subsidiaries, (ii) a certificate of the
Secretary or an Assistant Secretary of the Target and each of its Subsidiaries
certifying (A) the names and true signatures of each Responsible Officer of the
Target and each of its Subsidiaries who has been authorized to execute and
deliver any Loan Document or other document required hereunder to be executed
and delivered by or on behalf of the Target and each of its Subsidiaries, (B)
the by-laws (or equivalent document) of the Target and each of its Subsidiaries
as in effect on the date of such certification, (C) the resolutions of the
Target's and each of its Subsidiaries' board of directors (or equivalent body)
approving and authorizing the execution, delivery and performance of any Loan
Document to which it is a party and other document required hereunder to be
executed and delivered by or on behalf of the Target and each of its
Subsidiaries and (D) that there have been no changes in the certificate of
incorporation (or equivalent document) of the Target and each of its
Subsidiaries from the document delivered pursuant to subclause (i) above and
(iii) a certificate of the Secretary or an Assistant Secretary of the Borrower
certifying the resolutions of the Borrower's board of directors approving and
authorizing the execution, delivery and performance of the First Amendment and
any other document required hereunder to be executed and delivered by or on
behalf of the Borrower.

                  (j)      The Tranche C Term Loan Lenders shall have received
(i) a pro forma consolidated balance sheet of the Borrower and its consolidated
Subsidiaries as at September 30, 2003 (including notes thereto) in form and
substance satisfactory to the Administrative Agent, prepared giving effect (as
if such events had occurred on such date) to (A) the Target Acquisition and the
transactions contemplated thereby, (B) the Tranche C Term Loans to be made to
the Borrower on the Tranche C Effective Date and the use of proceeds therefrom
and (C) the payment of fees and expenses in connection with the foregoing, (ii)
with respect to Target, audited consolidated financial statements of Target and
its consolidated Subsidiaries for the fiscal years ended December 31, 2001 and
2002, and (iii) unaudited interim consolidated financial statements of Target
and its consolidated Subsidiaries for each quarterly period ended subsequent to
the date of the latest financial statements delivered pursuant to the
immediately preceding clause (ii) as to which such financial statements are
available, in each case with respect to clauses (ii) and (iii), in form and
substance reasonably satisfactory to the Administrative Agent; and such
financial statements shall not in the reasonable judgment of the Administrative
Agent reflect any material adverse change in the consolidated financial
condition of such parties as reflected in the financial statements or
projections contained in the confidential information memorandum prepared in
connection with the Tranche C Term Loan Facility.

                  (k)      The Tranche C Term Loan Lenders shall have received a
satisfactory revised business plan for fiscal years 2003 to 2010 and a
satisfactory written analysis of the

                                       9
<PAGE>

business and prospects of the Borrower and its Subsidiaries for the period from
the First Amendment Effective Date through the final maturity of the Tranche C
Term Loans after giving effect to the Target Acquisition.

                  (l)      The Tranche C Term Loan Lenders shall have received
such legal opinions as are customary for transactions of this type or as they
may reasonably request.

                  (m)      The Tranche C Term Loan Lenders shall have received a
compliance certificate from the chief financial officer of the Borrower
reasonably satisfactory to the Tranche C Term Loan Lenders, which shall document
compliance by the Borrower under all of the Borrower's indentures and preferred
stock documents after giving effect to (i) the Target Acquisition and the
transactions contemplated thereby, (ii) the Tranche C Term Loans to be made to
the Borrower on the Tranche C Effective Date and the use of proceeds therefrom
and (iii) the payment of fees and expenses in connection with the foregoing.

                  (n)      Moody's Investors Service, Inc. and Standard & Poor's
Ratings Group each shall have affirmed the Borrower's existing ratings and
outlook for the Credit Agreement, after giving effect to the Tranche C Term Loan
Facility and the Tranche C Term Loans made thereunder, both of which ratings
shall remain in effect on the First Amendment Effective Date.

                  (o)      All governmental and material third party approvals
(including landlords' and other consents) necessary or, in the discretion of the
Administrative Agent, advisable in connection with the Target Acquisition, the
financing contemplated hereby and the continuing operations of the Borrower and
its Subsidiaries shall have been obtained and be in full force and effect, and
all applicable waiting periods shall have expired without any action being taken
or threatened by any competent authority which would restrain, prevent or
otherwise impose adverse conditions on the Target Acquisition or the financing
contemplated hereby.

                  (p)      Prior to and after giving effect to this First
Amendment, each of the representations and warranties made by any Loan Party in
or pursuant to the Loan Documents shall be true and correct on and as of the
date hereof as if made on and as of such date; provided that the references to
the Credit Agreement in such representations and warranties shall be deemed to
refer to the Credit Agreement as amended pursuant to this First Amendment.

                  (q)      No Default or Event of Default shall have occurred
and be continuing on the date hereof prior to or after giving effect to the
transactions contemplated hereby.

                  (r)      The Tranche C Term Loan Lenders shall have received
such documents and other instruments as are customary for transactions of this
type or as they may reasonably request.

                  11.      Continuing Effect; No Other Amendments. Except as
expressly set forth in this First Amendment, all of the terms and provisions of
the Credit Agreement are and shall remain in full force and effect and the
Borrower shall continue to be bound by all of such terms and provisions. The
amendments provided for herein are limited to the specific subsections of the
Credit Agreement specified herein and shall not constitute an amendment of, or
an indication of the Administrative Agent's or the Lenders' willingness to amend
or waive, any other

                                       10
<PAGE>

provisions of the Credit Agreement or the same subsections for any other date or
purpose. The First Amendment shall constitute a Loan Document.

                  12.      Expenses. The Borrower agrees to pay and reimburse
the Administrative Agent for all its reasonable out-of-pocket costs and expenses
incurred in connection with the development, preparation and execution and
delivery of this First Amendment, and other documents prepared in connection
herewith, and the transactions contemplated hereby, including, without
limitation, reasonable fees and disbursements and other charges of counsel to
the Administrative Agent and the charges of IntraLinks.

                  13.      Counterparts. This First Amendment may be executed by
one or more of the parties to this First Amendment on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of an executed signature page
of this First Amendment by facsimile transmission shall be effective as delivery
of a manually executed counterpart hereof. A set of the copies of this First
Amendment signed by all the parties shall be lodged with the Borrower and the
Administrative Agent. The execution and delivery of this First Amendment by the
Loan Parties and the Administrative Agent shall be binding upon the Loan
Parties, the Lenders, the Agents and all future holders of the Loans.

                  14.      Effect of Amendment. On the First Amendment Effective
Date, the Credit Agreement shall be amended as provided herein. The parties
hereto acknowledge and agree that (a) this First Amendment and the other Loan
Documents executed and delivered in connection herewith do not constitute a
novation, or termination of the "Obligations" (as defined in the Credit
Agreement) under the Credit Agreement as in effect prior to the First Amendment
Effective Date; (b) such "Obligations" are in all respects continuing (as
amended hereby) with only the terms thereof being modified to the extent
provided in this First Amendment; and (c) the Liens and security interests as
granted under the Security Documents securing payment of such "Obligations" are
in all respects continuing and in full force and effect and secure the payment
of the "Obligations."

                  15.      GOVERNING LAW. THIS FIRST AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS FIRST AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

                            [SIGNATURE PAGE FOLLOWS]

                                       11
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this First
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first above written.

                                            DAY INTERNATIONAL GROUP, INC.

                                            By: /s/ Thomas J. Koenig
                                               ---------------------------------
                                                Name: Thomas J. Koenig
                                                Title: Vice President and CFO

                                            LEHMAN COMMERCIAL PAPER INC., as
                                            Administrative Agent

                                            By: /s/ G. Andrew Keith
                                               ---------------------------------
                                                Name: G. Andrew Keith
                                                Title: Authorized Signatory

                       [SIGNATURE PAGE TO FIRST AMENDMENT]

<PAGE>

Each Subsidiary Guarantor hereby consents to this First Amendment and agrees
that the terms hereof shall not affect in any way its obligations and
liabilities under the Loan Documents (as amended and otherwise expressly
modified by this First Amendment), all of which obligations and liabilities
shall remain in full force and effect and each of which is hereby reaffirmed (as
amended and otherwise expressly modified by this First Amendment).

Consented to and Agreed as of
the date of this First Amendment:

DAY INTERNATIONAL, INC.
DAY INTERNATIONAL FINANCE, INC.
VARN INTERNATIONAL, INC.

By: /s/ Thomas J. Koenig
   ----------------------------------------
    Name: Thomas J. Koenig
    Title: Vice President and CFO

                       [SIGNATURE PAGE TO FIRST AMENDMENT]
<PAGE>

                                      INDEX

ANNEXES:

I        Form of Borrowing Notice

II       Form of Prepayment Option Notice

III      Form of Tranche C Term Note

ANCILLARY DOCUMENTS:

1.       Assumption Agreement to Guarantee and Collateral Agreement

2.       Assumption Agreement to Patent and Trademark Security Agreement

A copy of the Annexes and Ancillary Documents will be furnished supplementally
to the Commission upon request.

                       [SIGNATURE PAGE TO FIRST AMENDMENT]

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