We analyse the evolution of a mildly inclined circumbinary disc that orbits an eccentric orbit binary by means of smoother particle hydrodynamic (SPH) simulations and linear theory. We show that the alignment process of an initially misaligned circumbinary disc around an eccentric orbit binary is significantly different than around a circular orbit binary and involves tilt oscillations. The more eccentric the binary, the larger the tilt oscillations and the longer it takes to damp these oscillations. A circumbinary disc that is only mildly inclined may increase its inclination by a factor of a few before it moves towards alignment. The results of the SPH simulations agree well with those of linear theory. We investigate the properties of the circumbinary disc/ring around KH 15D. We determine disc properties based on the observational constraints imposed by the changing binary brightness. We find that the inclination is currently at a local minimum and will increase substantially before setting to coplanarity. In addition, the nodal precession is currently near its most rapid rate. The recent observations that show a reappearance of Star B impose constraints on the thickness of the layer of obscuring material. Our results suggest that disc solids have undergone substantial inward drift and settling towards to disc midplane. For disc masses $sim 0.001 M_odot$, our model indicates that the level of disc turbulence is low $alpha ll 0.001$. Another possibility is that the disc/ring contains little gas.
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