# EDGAR Filing Document

**Accession Number:** 0001407200
**File Stem:** 0001193125-25-326465
**Filing Date:** 2025-12
**Character Count:** 204350
**Document Hash:** 161e7128dbc5da507e2cace121c514cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-326465.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001193125-25-326465

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251218

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Card Execution Note Trust
- **CENTRAL INDEX KEY:** 0001407200
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 510020270
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-141703-02
- **FILM NUMBER:** 251586787

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 3023237315

**MAIL ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Funding LLC
- **CENTRAL INDEX KEY:** 0001645731
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 474047337
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-205455
- **FILM NUMBER:** 251586789

**BUSINESS ADDRESS:**
- **STREET 1:** 800 PRIDES CROSSING
- **STREET 2:** SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 303-323-7315

**MAIL ADDRESS:**
- **STREET 1:** 800 PRIDES CROSSING
- **STREET 2:** SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DISCOVER CARD MASTER TRUST I
- **CENTRAL INDEX KEY:** 0000894329
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 510020270
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-23108
- **FILM NUMBER:** 251586788

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 3023237315

**MAIL ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**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) December 18, 2025

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| | | |
|:---|:---|:---|
| **Commission File Number:** | **Commission File Number:** | **Commission File Number:** |
| **333-141703-02** | **000-23108** | **333-205455** |

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| | | |
|:---|:---|:---|
| **Central Index Key Number:**  | **Central Index Key Number:**  | **Central Index Key Number:**  |
| **0001407200** | **0000894329** | **0001645731** |

---

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| | | |
|:---|:---|:---|
| **DISCOVER CARD**<br> **EXECUTION NOTE TRUST** | **DISCOVER CARD**<br> **MASTER TRUST I** | **DISCOVER FUNDING LLC** |
| (Exact name of issuing entity in respect<br> of the notes<br> as specified in charter) | (Exact name of issuing entity in respect<br> of the Series 2007-CC Collateral Certificate) | (Exact name of depositor as specified in charter) |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** |
| (State or jurisdiction of<br> incorporation or organization<br> of the issuing entity) | (State or jurisdiction of<br> incorporation or organization<br> of the issuing entity) | (State or jurisdiction of<br> incorporation or organization<br> of the depositor) |

---

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| | | |
|:---|:---|:---|
| **c/o Discover Funding LLC**<br> **800 Prides Crossing**<br> **Suite 100**<br> **Newark, Delaware**<br> **19713** | **c/o Discover Funding LLC**<br> **800 Prides Crossing**<br> **Suite 100**<br> **Newark, Delaware**<br> **19713** | **Discover Funding LLC**<br> **800 Prides Crossing**<br> **Suite 100**<br> **Newark, Delaware**<br> **19713** |

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(Address of principal executive offices of the issuing entity) (Address of principal executive offices of the issuing entity) (Address of principal executive offices of the depositor)

**47-4047337** 

(IRS Employer Identification No.

of the depositor)

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**Central Index Key Number of Sponsor:** 

**0000047288** 

**CAPITAL ONE, NATIONAL ASSOCIATION** 

(Exact name of the sponsor as specified in its charter)

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| | | |
|:---|:---|:---|
| **National banking association** | **1680 Capital One Drive**<br> **McLean, Virginia** | **22102**  |
| (State or jurisdiction of incorporation or organization of the sponsor) | (Address of Principal Executive Office) | (Zip Code) |

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**(703) 720-3148** 

(Telephone, including area code)

**Former name or former address, if changed since last report:** 

N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| &nbsp;&nbsp; N/A | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Section 8 – Other Events.** 

Item 8.01. Other Events.

**DCENT Defeasance Amendments** 

On December 18, 2025, the following program agreements relating to the Discover Card Master Trust I ("DCMT") and Discover Card Execution Note Trust ("DCENT") issuance platform were amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DCENT, as issuer (the "Issuer"), and U.S. Bank Trust Company, National Association
("USBTC"), as indenture trustee for DCENT (in such capacity, the "Indenture Trustee"), entered into Amendment No. 1 to Second Amended and Restated Indenture (the "Indenture Amendment").

The Indenture Amendment provides for (i) the defeasance of any or all outstanding series, classes, or tranches of notes issued by Discover Card Execution Note Trust and (ii) in connection with any such defeasance, the cancellation of any subordinated notes held by Discover Funding LLC or any of its affiliates that, taken in the aggregate, provide credit enhancement solely for the benefit of notes belonging to any such defeased series, class, or tranche of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discover Funding LLC ("Funding"), as beneficiary (the "Beneficiary"), and Wilmington
Trust Company ("WTC"), as owner trustee for DCENT (in such capacity, the "Owner Trustee"), entered into Amendment No. 1 to Second Amended and Restated Trust Agreement (the "Trust Agreement Amendment").

The Trust Agreement Amendment addresses DCENT's purposes and powers in connection with a defeasance undertaken in accordance with the Second Amended and Restated Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital One, National Association ("CONA"), as master servicer and servicer, Funding, as
transferor (the "Transferor"), and USBTC, as trustee for DCMT (in such capacity, the "DCMT Trustee"), entered into Amendment No. 1 to Fourth Amended and Restated Pooling and Servicing Agreement (the PSA Amendment")
and Amendment No. 1 to Second Amended and Restated Series 2007-CC Supplement (the "Series Supplement Amendment and, together with the PSA Amendment, the "Pooling and Servicing Agreement
Amendment" and, together with the Indenture Amendment and the Trust Agreement Amendment, the "DCENT Defeasance Amendments").

The Pooling and Servicing Agreement Amendment addresses provisions relating to the termination of DCMT and reassignment of the portfolio of credit card receivables to Funding in connection with a defeasance undertaken in accordance with the Second Amended and Restated Indenture.

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Each of the DCENT Defeasance Amendments is filed as an Exhibit to this current report on Form 8 K.

**Defeasance of Outstanding DiscoverSeries Class A Notes** 

On December 18, 2025, after giving effect to the DCENT Defeasance Amendments described above, Funding, as Beneficiary on behalf of DCENT, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the "Class A Notes") issued by DCENT pursuant to Section 1310 of the Second Amended and Restated Indenture, as amended by the Indenture Amendment, and a Defeasance Agreement, dated as of December 18, 2025 (the "Defeasance Agreement"), by establishing certain defeasance principal funding accounts and defeasance interest funding accounts in the name of the Indenture Trustee and crediting, or causing to be credited, to such accounts certain defeasance collateral.

The defeasance collateral consists of U.S. Treasury bonds, cash, or a combination of both, in an aggregate amount that is expected to be sufficient to pay the remaining principal of, and interest on, the Class A Notes in accordance with their terms, as detailed in the DCENT program agreements. A portion of the U.S. Treasury bonds, cash, or a combination of both was deposited into dedicated defeasance principal funding accounts and defeasance interest funding accounts established for each tranche of the Class A Notes. Upon completion of the defeasance, the amounts credited to each of these segregated funding accounts are the sole source for the scheduled payments of principal of, and interest on, the Class A Notes.

The Defeasance Agreement is filed as an Exhibit to this current report on Form 8-K.

**Cancellation of DCENT Subordinated Notes, Release of Original Collateral from Lien of Indenture, Cancellation of Series 2007-CC Collateral Certificate, Termination of DCMT and Reassignment of DCMT Trust Portfolio to CONA** 

In connection with the defeasance, Funding, as Beneficiary on behalf of DCENT or as Holder of the DCMT Transferor Certificate (as applicable) (i) retired and canceled each subordinated class of DiscoverSeries notes, all of which were held by Funding or its affiliates, pursuant to Section 603 of the Second Amended and Restated Indenture, as amended by the Indenture Amendment; (ii) directed the Indenture Trustee to release the original collateral securing DCENT's obligations with respect to the defeased Class A Notes, including the Series 2007-CC Collateral Certificate, which represented a beneficial interest in the portfolio of credit card receivables held by DCMT, from the lien of the Indenture and to transfer such collateral, including the Series 2007-CC Collateral Certificate, to Funding; (iii) canceled the Series 2007-CC Collateral Certificate, surrendered it to the DCMT Trustee pursuant to Section 6.14 of the Fourth Amended and Restated Pooling and Servicing Agreement, as amended by the Pooling and Servicing Agreement Amendment, and terminated DCMT and the obligations of the parties to the Pooling and Servicing Agreement, subject to the survival of certain limited obligations, pursuant to Article XII of the Fourth Amended and Restated Pooling and Servicing Agreement, as amended by the Pooling and Servicing Agreement Amendment; (iv) directed the reassignment of the portfolio of credit card receivables from DCMT to Funding pursuant to a Reassignment and Release, and from Funding to CONA pursuant to a Reconveyance of Receivables; and (v) terminated each of the

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program agreements relating to DCMT pursuant to their terms, as acknowledged pursuant to an Omnibus Termination Acknowledgement and a Termination and Consent Agreement with respect to the Asset Representations Review Agreement, dated as of December 18, 2025 ("ARRA Termination and Consent Agreement").

Copies of the Reassignment and Release, Reconveyance of Receivables, Omnibus Termination Acknowledgement, and ARRA Termination and Consent Agreement are filed as Exhibits to this current report on Form 8-K.

**Section 9 – Financial Statements and Exhibits.** 

Item 9.01 (d). Exhibits.

**Exhibit Index** 

Each of the following are filed as an Exhibit to this Report.

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
|  Exhibit 4.1 | [Amendment No. 1 to Second Amended and Restated Indenture, dated as of December 18, 2025, between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association.](d24119dex41.htm) |
|  Exhibit 4.2 | [Amendment No. 1 to Second Amended and Restated Trust Agreement, dated as of December 18, 2025, between Discover Funding LLC and Wilmington Trust Company.](d24119dex42.htm) |
|  Exhibit 4.3 | [Amendment No. 1 to Fourth Amended and Restated Pooling and Servicing Agreement and Amendment No. 1 to Second Amended and Restated Series Supplement, dated as of December 18, 2025, among Capital One, National Association, Discover Funding LLC and U.S. Bank Trust Company, National Association.](d24119dex43.htm) |
|  Exhibit 4.4 | [Defeasance Agreement, dated as of December 18, 2025, by and among Discover Card Execution Note Trust, U.S. Bank Trust Company, National Association and U.S. Bank National Association.](d24119dex44.htm) |
|  Exhibit 4.5 | [Reassignment and Release, dated as of December 18, 2025, among Discover Funding LLC, among Discover Funding LLC, Capital One, National Association and U.S. Bank Trust Company, National Association.](d24119dex45.htm) |
|  Exhibit 4.6 | [Reconveyance of Receivables, dated as of December 18, 2025, between Discover Funding LLC and Capital One, National Association.](d24119dex46.htm) |

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| | |
|:---|:---|
|  Exhibit 4.7 | [Termination and Consent Agreement relating to the Asset Representations Review Agreement, dated as of December 18, 2025, among Discover Card Execution Note Trust, Capital One, National Association, and FTI Consulting, Inc.](d24119dex47.htm) |
|  Exhibit 4.8 | [Omnibus Termination Acknowledgement, dated as of December 18, 2025, among Discover Card Execution Note Trust, Discover Funding LLC and Capital One, National Association.](d24119dex48.htm) |

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **DISCOVER FUNDING LLC**<br> Acting solely in its capacity as depositor of Discover Card Master Trust I and Discover Card Execution Note Trust | **DISCOVER FUNDING LLC**<br> Acting solely in its capacity as depositor of Discover Card Master Trust I and Discover Card Execution Note Trust |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Franco E. Harris |
|  | Name: Franco E. Harris |
|  | Title: President |

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December 19, 2025

## Exhibit 4.1

**Exhibit 4.1** 

**EXECUTION VERSION** 

**AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED INDENTURE** 

THIS AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED INDENTURE, dated as of December 18, 2025 (this "<u>Agreement</u>"), is entered into between: (i) Discover Card Execution Note Trust, a Delaware statutory trust, as issuer (the "<u>Issuer</u>"), and (ii) U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee under the Indenture referred to below (in such capacity, the "<u>Indenture Trustee</u>").

**RECITALS** 

WHEREAS, the Indenture Trustee and the Issuer are parties to the Second Amended and Restated Indenture, dated as of May 18, 2025 (the "<u>Indenture</u>"), as supplemented by the Third Amended and Restated Indenture Supplement, dated as of May 18, 2025 (the "<u>Indenture Supplement</u>"); and

WHEREAS, the parties hereto desire to effect certain amendments to the Indenture pursuant to Section 1001(b) of the Indenture.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. <u>DEFINITIONS</u>. As used herein, (a) capitalized terms which are defined in the preamble hereto shall have the meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the Indenture, as amended hereby.

SECTION 2. <u>AMENDMENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Amendments to Article</u> <u>I</u>**.

Article I shall be and hereby is amended by adding the following definitions to Section 101:

"<u>Defeasance</u>" has the meaning specified in <u>Section</u> <u>1310(a)</u>.

"<u>Defeasance Collateral</u>" shall mean money and, to the extent permitted by applicable law, U.S. Government Obligations.

"<u>Defeased Series, Class, or Tranche</u>" has the meaning specified in <u>Section</u> <u>1310(a)</u>.

"<u>U.S. Government Obligations</u>" shall mean securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligations or a specific payment of interest on or principal of any such U.S. Government

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Obligations held by such custodian for the account of the holder of a depository receipt; <u>provided</u> that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of interest on or principal of the U.S. Government Obligations evidenced by such depository receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **<u>Amendments to Article</u> <u>VI</u>**.

Article VI shall be and hereby is amended by deleting Section 603 in its entirety and substituting in lieu thereof the following as new Section 603:

Section 603. <u>Cancellation of Notes Held by the Issuer or any Beneficiary</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section</u> <u>603(b)</u>, if the Issuer, any Beneficiary, the Depositor or any of their Affiliates holds any Notes, that Holder may, subject to any provisions of a related Indenture Supplement limiting the repayment of such Notes, by notice from that Holder to the Indenture Trustee, cause the Notes to be repaid and canceled, whereupon the Notes will no longer be Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or after the date on which a Defeasance conducted in accordance with <u>Section</u> <u>1310</u> has occurred, if the Issuer, any Beneficiary, the Depositor or any of their Affiliates holds any Subordinated Notes that, taken in the aggregate, provide credit enhancement solely for the benefit of Notes belonging to any Defeased Series, Class, or Tranche of Notes, that Holder may, notwithstanding anything to the contrary in this Indenture or any Indenture Supplement relating to the Subordinated Notes so held or the Notes belonging to any Defeased Series, Class, or Tranche purporting to limit the repayment of such Subordinated Notes, by notice from that Holder to the Indenture Trustee, cause the Notes to be repaid and canceled, whereupon the Subordinated Notes will no longer be Outstanding; <u>provided</u>, <u>however</u>, that such Subordinated Notes may be so cancelled only so long as Discover Funding, as Beneficiary, shall have satisfied the Rating Agency Condition with respect to such cancellation and shall have confirmed the same to the Master Servicer and the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **<u>Amendments to Article</u> <u>XIII</u>**.

Article XIII shall be and hereby is amended by adding the following as Section 1310:

Section 1310. <u>Defeasance</u>. Notwithstanding anything to the contrary in this Indenture or any Indenture Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer may, at its option, be discharged from its obligations under this Indenture and any related Indenture Supplement (except, for the avoidance of doubt, with respect to those obligations of the Issuer set forth in the proviso below) with respect to any Series, Class, or Tranche of Notes or all Outstanding Series, Classes, or Tranches of Notes, as applicable (each, a "<u>Defeased Series, Class, or Tranche</u>"), and the Holders of Notes belonging to any Defeased Series, Class, or Tranche shall cease to be entitled to any benefit or security under this Indenture and any related Indenture Supplement, on the

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date the applicable conditions set forth in <u>Section</u> <u>1310(c)</u> are satisfied (each a "<u>Defeasance</u>"); <u>provided</u>, <u>however</u>, that the following rights, obligations, powers, duties and immunities shall survive with respect to the Notes belonging to any Defeased Series, Class, or Tranche until otherwise terminated or discharged hereunder: (i) the obligations of the Issuer to make, and the rights of Holders of Notes of the Defeased Series, Class or Tranche to receive, solely from the defeasance deposits provided for in <u>Section</u> <u>1310(c)</u>, payments in respect of principal of and interest on such Notes when such payments are scheduled to be made; (ii) the Issuer's obligations with respect to such Notes under <u>Sections</u> <u>305</u> and <u>306</u>; (iii) the rights, obligations, powers, trusts, duties and immunities of the Indenture Trustee, the Paying Agent and the Note Registrar hereunder, including the obligations of CONA, as Master Servicer, to indemnify the Indenture Trustee under <u>Section</u> <u>807</u> and to pay the Indenture Trustee's fees and expenses under <u>Section</u> <u>806</u>; and (iv) the rights, obligations, powers, duties and immunities provided for in this <u>Section</u> <u>1310</u>; <u>provided</u> <u>further</u>, <u>however</u>, that nothing herein shall be interpreted to, and no Defeasance shall, release the Issuer from such recourse as may otherwise be had to the Issuer under this Indenture and any related Indenture Supplement with respect to its obligations to pay principal and interest on the Notes when such payments are scheduled to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>1310(c)</u>, the Issuer, or the Beneficiary on behalf of the Issuer, at its option may cause Series Finance Charge Amounts and Series Principal Amounts allocated to a Defeased Series, Class or Tranche and available to acquire additional Receivables (as defined in the DCMT Pooling and Servicing Agreement) to be applied to acquire Defeasance Collateral rather than additional Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The following shall be the conditions to each Defeasance under <u>Section</u> <u>1310(a)</u>: (i) the Issuer irrevocably shall have deposited or caused to be deposited with the Indenture Trustee, under the terms of an irrevocable defeasance in form and substance satisfactory to the Indenture Trustee, as funds, in trust, for the benefit of the of Holders of Notes of the Defeased Series, Class or Tranche, for making the payments described below, (A) U.S. dollars in an amount, or (B) U.S. Government Obligations that will provide money in an amount, or (C) a combination thereof, in each case at least sufficient to pay and discharge, and, which shall be applied by the Indenture Trustee to pay and discharge, all remaining scheduled interest and principal payments on all Outstanding Notes of the Defeased Series, Class, or Tranche on the dates scheduled for such payments in this Indenture and each applicable Indenture Supplement (such amount to be verified in the form of a report of a nationally recognized firm of independent certified public accountants, or other nationally recognized verification agent acceptable to the Indenture Trustee in its reasonable judgment, confirming that the cash, U.S. Government Obligations, or combination thereof identified in such report will provide moneys, available in both time and amount without further reinvestment, to enable timely payment of all amounts required to be paid on the Outstanding Notes of the applicable Defeased Series, Class, or Tranche); (ii) the Issuer shall have delivered to the Indenture Trustee (A) an Opinion of Counsel to the effect that such Defeasance (1) will not cause the Issuer or any portion thereof to be treated as an association (or publicly traded partnership) taxable as a corporation and (2) should not cause gain or loss to be

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recognized by any Holder of Notes belonging to any Defeased Series, Class, or Tranche, in each case for United States federal income tax purposes, (B) an Opinion of Counsel to the effect that such Defeasance will not result in the Issuer being required to register as an "investment company" within the meaning of the Investment Company Act, (C) an Officer's Certificate of the Issuer, or of the Beneficiary on behalf of the Issuer, stating that the Issuer, or the Beneficiary on behalf of the Issuer, reasonably believes that such Defeasance will not, based on the facts known to such officer at the time of such certification, adversely affect in any material respect the Holders of Notes belonging to any Defeased Series, Class, or Tranche, (D) an Officer's Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders of Notes of the Defeased Series, Class, or Tranche over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditor of the Issuer or others, (E) an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or in relation to the Defeasance have been complied with; (iii) no Default shall have occurred and be continuing on the date of such deposit; (iv) such Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Issuer is a party or by which the Issuer is bound; and (v) the Issuer, or the Beneficiary on behalf of the Issuer, shall have satisfied the Rating Agency Condition with respect to such Defeasance and shall have confirmed the same to the Master Servicer and the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or after the date on which the conditions set forth in <u>Section</u> <u>1310(c)</u> are satisfied with respect to any Defeased Series, Class, or Tranche, each of the Issuer and the Indenture Trustee shall, at the request and expense of the Beneficiary or, with the consent of the Beneficiary, the Master Servicer, execute and deliver such termination statements, reassignments and such other instruments of satisfaction and discharge as may be necessary, and pay, assign, transfer and deliver to or at the direction of the Issuer, the Series 2007-CC Collateral Certificate, all assets in the Collections Account and each other Issuer Account (including all Subaccounts thereof) established from time to time relating to such Defeased Series, Class, or Tranche (and, for the avoidance of doubt, any related Subordinated Notes cancelled pursuant to <u>Section</u> <u>603</u> of this Indenture in connection with such Defeasance), cash, securities and other property then held by it, and any and all other Collateral set forth in the Granting Clause of this Indenture, in each case for the sole benefit of the Noteholders of such Defeased Series, Class, or Tranche, under the Indenture (other than any property held by it specifically in satisfaction of any condition in this <u>Section</u> <u>1310</u> with respect to any Defeased Series, Class, or Tranche).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section</u> <u>1310(f)</u>, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Indenture Trustee pursuant to <u>Section</u> <u>1310(c)</u> in respect of the Notes of a Defeased Series, Class, or Tranche shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Issuer) as the Indenture Trustee may determine, to the Holders of Notes of such Defeased Series, Class, or Tranche of all sums due and to become due thereon in respect of principal of and interest on the Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Anything in this <u>Section</u> <u>1310</u> to the contrary notwithstanding, but subject to the provisos included in this <u>Section</u> <u>1310(f)</u>, the Indenture Trustee shall pay or deliver to or at the direction of the Issuer from time to time upon the written request of the Issuer any money or U.S. Government Obligations held by it as provided in <u>Section</u> <u>1310(c)</u> with respect to the Notes of a Defeased Series, Class, or Tranche that, in the opinion of a nationally recognized firm of independent public accountants, or other nationally recognized verification agent acceptable to the Indenture Trustee in its reasonable judgment, expressed in a written opinion, report, or certification thereof delivered to the Indenture Trustee, are in excess of the sum of (i) the amount thereof that would then be required to be deposited to effect an equivalent Defeasance *plus* (ii) 2% of the amount described in the immediately preceding clause (i); <u>provided</u>, <u>however</u>, that, upon payment in full of all sums due and to become due to the Holders of Notes of a Defeased Series, Class, or Tranche, the Indenture Trustee shall pay or deliver to or at the direction of the Issuer (or the Master Servicer on its behalf) any remaining money or U.S. Government Obligations held by it as provided in <u>Section</u> <u>1310(c)</u> with respect to the Notes of such Defeased Series, Class, or Tranche.

SECTION 3. <u>EFFECTIVENESS</u>. This Agreement shall become effective as of the date first set forth above (and, for the avoidance of doubt, prior to any Defeasance conducted in accordance with <u>Section</u> <u>1310</u> of this Indenture on or after such date); <u>provided</u> that (i) each of the Indenture Trustee and the Issuer shall have executed and delivered to the other a counterpart of this Agreement, (ii) the Indenture Trustee shall have provided prior notice of this Agreement to each Note Rating Agency, and (iii) the Indenture Trustee shall have received an Officer's Certificate indicating that the execution of this Agreement will not adversely affect in any material respect the interests of the Holders of any Outstanding Notes of any Series, Class or Tranche.

SECTION 4. <u>BINDING EFFECT; RATIFICATION</u>. (a) On and after the execution and delivery hereof, (i) this Agreement shall be a part of the Indenture and (ii) each reference in the Indenture to "this Agreement", "this Amendment", "hereof", "hereunder" or words of like import, and each reference in any other related document to the Indenture, shall mean and be a reference to the Indenture as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly amended hereby, the Indenture (and, for the avoidance of doubt, the Indenture Supplement) shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.

SECTION 5. <u>NO RECOURSE</u>. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of

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any representations and warranties made by the Issuer in this Agreement and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

SECTION 6. <u>NO PETITION</u>. The Indenture Trustee covenants that it will not directly or indirectly institute or cause to be instituted against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy law and it will not directly or indirectly institute or cause to be instituted against the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law in any instance; <u>provided</u> that the foregoing shall not in any way limit the Noteholders' rights to pursue any other creditor rights or remedies that the Noteholders may have for claims against the Issuer.

SECTION 7. <u>MISCELLANEOUS</u>. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings used herein are for convenience of reference only and shall not affect the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which, when executed, shall be deemed an original, but all of which together shall constitute one and the same instrument. The words "executed," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee is not responsible for the validity or sufficiency of this Agreement or the recitals contained herein.

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\* \* \* \* \* \*

[Page Left Intentionally Blank]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

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| | |
|:---|:---|
| **DISCOVER CARD EXECUTION NOTE TRUST**, as Issuer | **DISCOVER CARD EXECUTION NOTE TRUST**, as Issuer |
| By: **WILMINGTON TRUST COMPANY**, not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer | By: **WILMINGTON TRUST COMPANY**, not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer |
| By: | /s/ Drew H. Davis |
|  | Name: Drew H. Davis |
|  | Title: Vice President |

---

*Amendment No. 1 to* 

*Second Amended and Restated Indenture* 

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| | |
|:---|:---|
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as the Indenture Trustee | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as the Indenture Trustee |
| By: | /s/ Christopher J. Nuxoll |
|  | Name: Christopher J. Nuxoll |
|  | Title: Vice President |

---

*Amendment No. 1 to* 

*Second Amended and Restated Indenture* 

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---

| | |
|:---|:---|
| Acknowledged and Agreed By: | Acknowledged and Agreed By: |
| **CAPITAL ONE, NATIONAL ASSOCIATION,** | **CAPITAL ONE, NATIONAL ASSOCIATION,** |
| as Calculation Agent and Master Servicer | as Calculation Agent and Master Servicer |
| By: | /s/ Franco E. Harris |
|  | Name: Franco E. Harris |
|  | Title: Treasurer |
| **DISCOVER FUNDING LLC,** | **DISCOVER FUNDING LLC,** |
| as Beneficiary and Depositor | as Beneficiary and Depositor |
| By: | /s/ Eric D. Bauder |
|  | Name: Eric D. Bauder |
|  | Title: Assistant Vice President, Treasurer |

---

*Amendment No. 1 to* 

*Second Amended and Restated Indenture*

## Exhibit 4.2

**Exhibit 4.2** 

**EXECUTION VERSION** 

**AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED** 

**TRUST AGREEMENT** 

THIS AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED TRUST AGREEMENT, dated as of December 18, 2025 (this "<u>Agreement</u>"), is entered into between: (i) Discover Funding LLC, a Delaware limited liability company, as beneficiary ("<u>Discover Funding</u>"), and (ii) WILMINGTON TRUST COMPANY, a Delaware corporation with trust powers, as owner trustee for DISCOVER CARD EXECUTION NOTE TRUST (in such capacity, the "<u>Owner Trustee</u>").

**RECITALS** 

WHEREAS, Discover Funding and the Owner Trustee are parties to the Second Amended and Restated Trust Agreement, dated as of May 18, 2025 (the "<u>Amended and Restated Trust Agreement</u>"); and

WHEREAS, the parties hereto desire to effect certain amendments to the Amended and Restated Trust Agreement pursuant to Section 9.01(a) of the Amended and Restated Trust Agreement.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. <u>DEFINITIONS</u>. As used herein, (a) capitalized terms which are defined in the preamble hereto shall have the meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the Amended and Restated Trust Agreement, as amended hereby.

SECTION 2. <u>AMENDMENTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Amendments to Article</u> <u>II</u>**.

Article II shall be and hereby is amended by deleting Section 2.03 in its entirety and substituting in lieu thereof the following as new Section 2.03:

Section 2.03. <u>Purposes and Powers; Trust to Operate as a Limited Purpose Entity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purpose of the Note Issuance Trust is to engage solely in a program of receiving transfers of assets comprising the Trust Estate, owning the Trust Estate, issuing Notes under the Indenture and related activities. Without limiting the generality of the foregoing, the Note Issuance Trust may and shall have the power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept transfers of any assets comprising all or a portion of the Trust Estate and hold the Trust Estate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from time to time, (A) in connection with its issuance of Notes, enter into the Indenture, any Indenture Supplement thereto, and any Terms Document thereto, and grant a security interest in the Trust Estate and grant a security interest in collateral accounts, collections accounts, funding accounts, reserve accounts, payment accounts and other trust accounts established under the Indenture and (B) in connection with a Defeasance (as defined in the Indenture) of any such Notes, enter into any related agreement and grant a security interest in any related Defeasance Collateral (as defined in the Indenture) and execute and deliver such termination statements, reassignments and such other instruments of satisfaction and discharge as may be necessary, and pay, assign, transfer and deliver any assets or collateral included in the Trust Estate in exchange for such Defeasance Collateral, in each case consistent with the direction of the Beneficiary or, with the consent of the Beneficiary, any Master Trust servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) from time to time authorize and approve the issuance of, and issue, Series, Classes or Tranches of Notes pursuant to the Indenture without limitation to aggregate amounts, the terms of which shall be determined by the Beneficiary, together with any registration statements, underwriting or similar agreements, prospectuses, offering memoranda or other documents necessary to permit the offering and sale of such notes on terms and conditions approved by the Beneficiary or the qualification of the Indenture under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) from time to time receive payments and proceeds with respect to the Trust Estate and the Indenture and either invest or distribute those payments and proceeds, in each case as required by the terms of this Agreement and the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from time to time make deposits to and withdrawals from collateral accounts, collections accounts, funding accounts, reserve accounts, payment accounts and other trust accounts established under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) from time to time make and receive payments pursuant to derivative agreements, supplemental credit enhancement agreements and supplemental liquidity agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) from time to time make payments on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) from time to time accept transfers of additional collateral to be included in the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) from time to time perform such obligations and exercise and enforce such rights and pursue such remedies as may be appropriate by virtue of the Note Issuance Trust being party to any of the agreements contemplated in clauses (i) through (viii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) execute, deliver and perform the Transaction Documents and all other documents, certificates and agreements necessary or incidental in connection therewith (including, without limitation, the documents listed in <u>Section</u> <u>2.03(b));</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) issue the Trust Certificate to the Beneficiary in accordance with <u>Section</u> <u>10.01</u>; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) subject to compliance with the Transaction Documents, engage in such other related activities as may be required or convenient in connection with conservation of the Trust Estate and the making of payments to the Noteholders and distributions to the Beneficiary.

In connection with any of the foregoing, the Note Issuance Trust may (x) execute and deliver, and/or accept, such instruments, agreements, certificates, UCC financing statements and other documents, and create such security interests, as may be necessary or desirable in connection therewith, and (y) subject to the terms of this Agreement, take such other action as may be necessary or incidental to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Note Issuance Trust, and each of the Beneficiary, on behalf of the Note Issuance Trust, and the Owner Trustee, on behalf of the Note Issuance Trust, are hereby authorized and shall have the power to execute and deliver from time to time loan agreements, underwriting agreements, terms agreements, selling agent agreements, purchase agreements, private placement agreements, dealer agreements, issuing and paying agency agreements, swap and other derivative agreements, including performance agreements, indentures, indenture supplements, liquidity facilities, terms documents, notes, security agreements, defeasance agreements and other agreements and instruments as are consistent with the purposes of the Note Issuance Trust. Without limiting the generality of the foregoing, the Note Issuance Trust, and each of the Beneficiary, on behalf of the Note Issuance Trust, and the Owner Trustee, on behalf of the Note Issuance Trust, are specifically authorized to execute and deliver without any further act, vote or approval, and notwithstanding any other provision of this Agreement, the Delaware Statutory Trust Act or other applicable law, rule or regulation, agreements, documents or securities relating to the purposes of the Note Issuance Trust including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Transaction Documents, any defeasance agreement and each Issuer Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each interest rate, basis or currency swap, cap, collar, guaranteed investment contract or other derivative agreement, including agreements related thereto, between the Note Issuance Trust and a counterparty to manage interest rate or currency risk relating to the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any documents relating to listing securities on the Luxembourg Stock Exchange, the Irish Stock Exchange or another applicable exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other document necessary or desirable in connection with the fulfillment of the purposes of the Note Issuance Trust described in, and pursuant to, <u>Section</u> <u>2.03(a)</u>.

The authorization set forth in the preceding sentence will not be deemed a restriction on the power and authority of the Beneficiary, on behalf of the Note Issuance Trust, and the Owner Trustee, on behalf of the Note Issuance Trust, to execute and deliver other agreements,

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documents, instruments and securities or to take other actions on behalf of the Note Issuance Trust in connection with the fulfillment of the purposes of the Note Issuance Trust described in, and pursuant to, <u>Section</u> <u>2.03(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Beneficiary, on behalf of the Note Issuance Trust, and the Owner Trustee, at the written direction of the Beneficiary and on behalf of the Note Issuance Trust, is hereby authorized and shall have the power to execute and file any Periodic Filings on behalf of the Note Issuance Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the Owner Trustee and the Beneficiary, on behalf of the Note Issuance Trust, is authorized to appoint calculation agents, notification agents and other agents (which may be the Beneficiary, the Owner Trustee, the Indenture Trustee or any affiliate thereof) to notify any Master Trust servicer or trustee of issuances of Notes, increases in any collateral certificate, and amounts due under or to be reallocated from or to the Notes, and to make any other determinations with respect to the application of funds under any indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Owner Trustee and the Beneficiary will at all times maintain any books, records and accounts of the Note Issuance Trust separate and apart from those of any other Person, and each of the Beneficiary and the Owner Trustee will cause the Note Issuance Trust to hold itself out as being a Person separate and apart from any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Note Issuance Trust will not engage in any business or own any assets unrelated to the purposes of the Note Issuance Trust.

SECTION 3. <u>EFFECTIVENESS</u>. This Agreement shall become effective as of the date first set forth above (and, for the avoidance of doubt, prior to any Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture on or after such date); <u>provided</u> that (i) each of Discover Funding and the Owner Trustee shall have executed and delivered to the other a counterpart of this Agreement, (ii) Discover Funding has satisfied the Rating Agency Condition, (iii) promptly after execution of this Amendment, Discover Funding shall provide written notice of the substance of this Agreement to each Note Rating Agency and the Indenture Trustee, and (iv) the Owner Trustee shall have received an Officer's Certificate to the effect that all conditions precedent to the execution of this Agreement have been satisfied.

SECTION 4. <u>BINDING EFFECT; RATIFICATION</u>. (a) On and after the execution and delivery hereof, (i) this Agreement shall be a part of the Amended and Restated Trust Agreement and (ii) each reference in the Amended and Restated Trust Agreement to "this Agreement", "this Amendment", "hereof", "hereunder" or words of like import, and each reference in any other related document to the Amended and Restated Trust Agreement, shall mean and be a reference to the Amended and Restated Trust Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly amended hereby, the Amended and Restated Trust Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.

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SECTION 5. <u>[RESERVED]</u>.

SECTION 6. <u>NO PETITION</u>. The Owner Trustee covenants that it will not directly or indirectly institute or cause to be instituted against the Note Issuance Trust or any applicable Master Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy law and it will not directly or indirectly institute or cause to be instituted against the Note Issuance Trust or any applicable Master Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law in any instance; <u>provided</u> that the foregoing shall not in any way limit the Noteholders' rights to pursue any other creditor rights or remedies that the Noteholders may have for claims against the Note Issuance Trust; <u>provided</u> <u>further</u> that nothing contained herein shall prevent or prohibit the Owner Trustee's rights to file a proof of claim in any such proceeding.

SECTION 7. <u>MISCELLANEOUS</u>. (a) THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings used herein are for convenience of reference only and shall not affect the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which, when executed, shall be deemed an original, but all of which together shall constitute one and the same instrument. The words "executed," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

\* \* \* \* \* \*

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

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| | |
|:---|:---|
| **DISCOVER FUNDING LLC,** as Beneficiary | **DISCOVER FUNDING LLC,** as Beneficiary |
| By: | /s/ Eric D. Bauder |
|  | Name: Eric D. Bauder |
|  | Title: Assistant Vice President, Treasurer |

---

*Amendment No. 1 to* 

*Second Amended and Restated Trust Agreement* 

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---

| | |
|:---|:---|
| **WILMINGTON TRUST COMPANY**, not in its individual capacity, but solely as the Owner Trustee | **WILMINGTON TRUST COMPANY**, not in its individual capacity, but solely as the Owner Trustee |
| By: | /s/ Drew H. Davis |
|  | Name: Drew H. Davis |
|  | Title: Vice President |

---

*Amendment No. 1 to* 

*Second Amended and Restated Trust Agreement* 

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| | |
|:---|:---|
| Acknowledged and Agreed By: | Acknowledged and Agreed By: |
| **DISCOVER CARD EXECUTION NOTE TRUST**,<br> as Note Issuance Trust | **DISCOVER CARD EXECUTION NOTE TRUST**,<br> as Note Issuance Trust |
| By: | Discover Funding LLC,<br>as Beneficiary on behalf of the Note Issuance Trust |
| By: | /s/ Eric D. Bauder |
|  | Name: Eric D. Bauder |
|  | Title: Assistant Vice President, Treasurer |
| **CAPITAL ONE, NATIONAL ASSOCIATION,** | **CAPITAL ONE, NATIONAL ASSOCIATION,** |
| as successor by merger to Discover Bank, the predecessor Beneficiary under the Original Trust Agreement | as successor by merger to Discover Bank, the predecessor Beneficiary under the Original Trust Agreement |
| By: | /s/ Franco E. Harris |
| Name: Franco E. Harris | Name: Franco E. Harris |
| Title: Treasurer | Title: Treasurer |

---

*Amendment No. 1 to* 

*Second Amended and Restated Trust Agreement*

## Exhibit 4.3

**Exhibit 4.3** 

**EXECUTION VERSION** 

**AMENDMENT NO. 1 TO FOURTH AMENDED AND RESTATED** 

**POOLING AND SERVICING AGREEMENT AND AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED SERIES SUPPLEMENT** 

THIS AMENDMENT NO. 1 TO FOURTH AMENDED AND RESTATED POOLING AND SERVICING AGREEMENT AND AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED SERIES SUPPLEMENT, dated as of December 18, 2025 (this "<u>Agreement</u>"), is entered into among: (i) Capital One, National Association, a national banking association, as master servicer and servicer ("CONA", "Master Servicer" or "Servicer"), (ii) Discover Funding LLC, a Delaware limited liability company, as transferor ("<u>Discover Funding</u>" or "<u>Transferor</u>"), and (iii) U.S. Bank Trust Company, National Association, a national banking association organized under the laws of the United States of America, as trustee (in such capacity, the "<u>Trustee</u>").

**RECITALS** 

WHEREAS, CONA, Discover Funding and the Trustee are parties to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025 (the "<u>PSA</u>") and the Second Amended and Restated Series Supplement, dated as of May 18, 2025 (the "<u>Series Supplement</u>" and together with the PSA, collectively, the "<u>Pooling and Servicing Agreement</u>"); and

WHEREAS, the parties hereto desire to effect certain amendments to the PSA and the Series Supplement pursuant to Section 13.01(a) of the Pooling and Servicing Agreement.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. <u>DEFINITIONS</u>. As used herein, (a) capitalized terms which are defined in the preamble hereto shall have the meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the PSA, as amended hereby.

SECTION 2. <u>AMENDMENTS TO PSA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Amendments to Article</u> <u>VI of the PSA</u>**.

Article VI of the PSA shall be and hereby is amended by deleting Section 6.14 in its entirety and substituting in lieu thereof the following as new Section 6.14:

Section 6.14. *Exchange of Investor Certificates for Transferor Interest*. In the event that the Transferor becomes a Certificate Owner or an Investor Certificateholder (in the event that Definitive Certificates are issued pursuant to <u>Section</u> <u>6.02</u>), Discover Funding as the Holder of the Transferor Certificate may cancel such Investor Certificates on a Distribution Date with respect to such Investor Certificates or, to the extent such Investor Certificates have been assigned, transferred and delivered to the Transferor in connection with a Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture, on any date on or after the date on which the related

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Defeasance has occurred, by providing notice to the Trustee of such cancellation; *provided, however*, that no Investor Certificates, except Class A Certificates and any Investor Certificate assigned, transferred and delivered to the Transferor in connection with a Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture, may be cancelled unless Discover Funding as the Holder of the Transferor Certificate shall have been advised by the Rating Agencies that such cancellation would not cause the rating of any Class of any Series then outstanding to be lowered below the Required Rating or withdrawn. Such cancellation shall be deemed to occur after giving effect to all allocations and payments pursuant to <u>Article IV</u> hereof and the applicable provisions of the Series Supplements for each Series then outstanding as of such Distribution Date and the related Trust Distribution Date; *provided, however*, that, to the extent the Investor Certificates subject to such cancellation have been assigned, transferred and delivered to the Transferor in connection with a Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture, the Transferor or the Master Servicer, at its option, may cause amounts available for allocations and payments pursuant to <u>Article IV</u> hereof and the applicable provisions of the Series Supplement for each related Series and available to acquire additional Receivables to be applied to acquire Defeasance Collateral (as defined in the Indenture) rather than additional Receivables and, in such case, such cancellation shall be deemed to occur after giving effect to such applications. Simultaneously with such cancellation, the Class Investor Interest of the applicable Class and the Series Investor Interest of the Series under which such Investor Certificates were issued shall be reduced, and the Transferor Interest shall be increased, by the aggregate Class Investor Interest represented by such cancelled Investor Certificates, in each case as of the end of the related Due Period (or, to the extent the Investor Certificates subject to such cancellation have been assigned, transferred and delivered to the Transferor in connection with a Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture, as of the end of the day preceding such cancellation). Such reduction in the Class Investor Interest will not result in any change in any numerator for purposes of determining any Class Percentage with respect to such Class if a Fixed Principal Allocation Event with respect to such Series has previously occurred. Discover Funding as the Holder of the Transferor Certificate shall promptly notify the Rating Agencies of any exchange of Investor Certificates for Transferor Interest pursuant to this <u>Section</u> <u>6.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **<u>Amendments to Article</u> <u>XII of the PSA</u>**.

Article XII of the PSA shall be and hereby is amended by deleting Section 12.01(a) in its entirety and substituting in lieu thereof the following as new Section 12.01(a):

Section 12.01. *Termination of the Transferor's Obligations; Termination of Trust*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the proviso below, the respective obligations and responsibilities of the Transferor, the Master Servicer, each Servicer and the Trustee created hereby shall terminate (other than the obligation of the Trustee to make payments to Certificateholders as hereafter set forth), except with respect to the duties described in <u>Sections 7.04</u>, <u>11.06</u> and <u>Section</u> <u>12.02(b)</u>, upon the Final Trust Termination Date or, if earlier, at the option of the Transferor, on the day after the Distribution Date on which

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funds shall have been deposited in the Series Distribution Accounts sufficient to pay in full the Aggregate Investor Interest *plus* accrued and unpaid Certificate Interest at the applicable Certificate Rates on all Series then outstanding; *provided, however*, that, notwithstanding anything to the contrary in this Agreement or any Series Supplement for each related Series, to the extent the Investor Certificates of any Series then outstanding have been assigned, transferred and delivered to the Transferor in connection with a Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture, no such deposit shall be required hereunder or thereunder and, the respective obligations and responsibilities of the Transferor, the Master Servicer, each Servicer and the Trustee created hereby and thereby, insofar as they relate to activities undertaken by such Person prior to such Defeasance, shall survive such Defeasance and termination of the Trust and shall apply, *mutatis mutandis*, following such Defeasance until otherwise terminated or discharged under this Agreement and such Series Supplement.

SECTION 3. <u>AMENDMENTS TO SERIES SUPPLEMENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Amendments to Section</u> <u>1 of the Series Supplement</u>.**

Section 1 of the Series Supplement shall be and hereby is amended by deleting the definition of "Series Termination Date" in its entirety and substituting in lieu thereof the following new definition:

"<u>Series Termination Date</u>" shall mean, unless extended by the parties hereto, July 1, 2049 or, if earlier, the earlier of (x) the date on which the Nominal Liquidation Amount for all series, classes and Tranches of Notes has been reduced to zero or (y) in the event of a Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture, the date on which any Investor Certificates pledged as collateral securing repayment of the Notes of such Defeased Series, Classes or Tranches (as defined in the Indenture) have been assigned, transferred and delivered to the Transferor in connection with such Defeasance.

SECTION 4. <u>EFFECTIVENESS</u>. This Agreement shall become effective as of the date first set forth above (and, for the avoidance of doubt, prior to any Defeasance (as defined in the Indenture) conducted in accordance with <u>Section</u> <u>1310</u> of the Indenture on or after such date); <u>provided</u> that (i) each of CONA, Discover Funding and the Trustee shall have executed and delivered to the other a counterpart of this Agreement, (ii) a copy of the Agreement is provided to the Rating Agencies, and (iii) CONA has provided an Officer's Certificate indicating that the execution of this Agreement will not adversely affect in any material respect the Holders of any Class of any Series currently outstanding.

SECTION 5. <u>BINDING EFFECT; RATIFICATION</u>. (a) On and after the execution and delivery hereof, (i) this Agreement shall be a part of the Pooling and Servicing Agreement and (ii) each reference in the Pooling and Servicing Agreement to "this Agreement", "this Amendment", "hereof", "hereunder" or words of like import, and each reference in any other related document to the Pooling and Servicing Agreement, shall mean and be a reference to the Pooling and Servicing Agreement as amended hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly amended hereby, the Pooling and Servicing Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties hereto.

SECTION 6. <u>[RESERVED]</u>.

SECTION 7. <u>NO PETITION</u>. The Trustee covenants that it will not directly or indirectly institute or cause to be instituted against Discover Funding any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy law and it will not directly or indirectly institute or cause to be instituted against CONA any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law in any instance; <u>provided</u> that the foregoing shall not in any way limit the Certificateholders' rights to pursue any other creditor rights or remedies that the Certificateholders may have for claims against the Trust.

SECTION 8. <u>MISCELLANEOUS</u>. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings used herein are for convenience of reference only and shall not affect the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which, when executed, shall be deemed an original, but all of which together shall constitute one and the same instrument. The words "executed," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee is not responsible for the validity or sufficiency of this Agreement or the recitals contained herein.

\* \* \* \* \* \*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **DISCOVER FUNDING LLC**, as Transferor | **DISCOVER FUNDING LLC**, as Transferor |
| By: | /s/ Eric D. Bauder |
|  | Name: Eric D. Bauder |
|  | Title: Assistant Vice President, Treasurer |
| **CAPITAL ONE, NATIONAL ASSOCIATION**, as Master Servicer and Servicer | **CAPITAL ONE, NATIONAL ASSOCIATION**, as Master Servicer and Servicer |
| By: | /s/ Franco E. Harris |
|  | Name: Franco E. Harris |
|  | Title: Treasurer |

---

*Amendment No. 1 to Fourth Amended and Restated PSA and* 

*Amendment No. 1 to Series Supplement* 

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---

| | |
|:---|:---|
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** not in its individual capacity, but solely as the Trustee | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** not in its individual capacity, but solely as the Trustee |
| By: | /s/ Christopher J. Nuxoll |
|  | Name: Christopher J. Nuxoll |
|  | Title: Vice President |

---

*Amendment No. 1 to Fourth Amended and Restated PSA and* 

*Amendment No. 1 to Series Supplement*

## Exhibit 4.4

**Exhibit 4.4** 

**EXECUTION VERSION** 

**DEFEASANCE AGREEMENT** 

by and among

**DISCOVER CARD EXECUTION NOTE TRUST** 

as Issuer

and

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION** 

as Indenture Trustee and Paying Agent

and

**U.S. BANK NATIONAL ASSOCIATION** 

as Securities Intermediary

**relating to** 

**DISCOVERSERIES CLASS A(2021-2) NOTE** 

**DISCOVERSERIES CLASS A(2023-1) NOTE** 

**DISCOVERSERIES CLASS A(2023-2) NOTE** 

Dated as of December 18, 2025

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  **SECTION 1. DEFINITIONS** | 2 |
|  **SECTION 2. SECURITIES INTERMEDIARY** | 8 |
|  **SECTION 3. CLASS A DEFEASANCE PRINCIPAL FUNDING ACCOUNTS** | 9 |
|  **SECTION 4. CLASS A DEFEASANCE INTEREST FUNDING ACCOUNTS** | 11 |
|  **SECTION 5. TRANSFER OF DEFEASANCE COLLATERAL** | 12 |
|  **SECTION 6. DRAWINGS AND DISTRIBUTIONS** | 13 |
|  **SECTION 7. MONTHLY MASTER SERVICER CERTIFICATE** | 14 |
|  **SECTION 8. REPRESENTATIONS OF THE ISSUER** | 14 |
|  **SECTION 9. PERMITTED INVESTMENTS** | 15 |
|  **SECTION 10. SURVIVAL OF CERTAIN RIGHTS** | 15 |
|  **SECTION 11. NO LIENS** | 15 |
|  **SECTION 12. TERM** | 15 |
|  **SECTION 13. AMENDMENTS** | 16 |
|  **SECTION 14. NONPETITION COVENANT** | 16 |
|  **SECTION 15. SEVERABILITY** | 16 |
|  **SECTION 16. NOTICES** | 16 |
|  **SECTION 17. COUNTERPARTS** | 16 |
|  **SECTION 18. GOVERNING LAW** | 17 |
|  **SECTION 19. SUFFICIENCY OF DEFEASANCE COLLATERAL** | 17 |
|  **SECTION 20. LIMITATION OF LIABILITY** | 17 |
|  **SECTION 21. RECITALS** | 17 |

---

**EXHIBIT A - Form of Monthly Master Servicer Certificate** 

i

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**DEFEASANCE AGREEMENT** 

THIS DEFEASANCE AGREEMENT, dated as of December 18, 2025 (this "<u>Defeasance Agreement</u>"), by and among DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust organized under the laws of the State of Delaware (the "<u>Issuer</u>"), U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, in its capacity as Indenture Trustee (the "<u>Indenture Trustee</u>") and as Paying Agent (the "<u>Paying Agent</u>"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, in its capacity as Securities Intermediary (the "<u>Securities Intermediary</u>").

**<u>RECITALS</u>** 

WHEREAS, the Issuer was created as a Delaware statutory trust pursuant to the Delaware Statutory Trust Act (as hereinafter defined) by filing the Certificate of Trust (as hereinafter defined) with the office of the Secretary of State (as hereinafter defined) on July 2, 2007, and entering into a Trust Agreement, dated July 2, 2007 (as amended, amended and restated, and supplemented from time to time, the "<u>Trust Agreement</u>");

WHEREAS, pursuant to an Indenture, dated as of July 26, 2007 (as amended, amended and restated, and supplemented from time to time, the "<u>Base Indenture</u>"), as supplemented by an Indenture Supplement for the DiscoverSeries Notes, dated as of July 26, 2007 (as amended, amended and restated, and supplemented from time to time, together with any applicable Terms Document for any Class and Tranche of Notes belonging to the DiscoverSeries related to such Indenture Supplement, the "<u>Indenture Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), each between the Issuer and the Indenture Trustee, Classes and Tranches of DiscoverSeries Notes have been issued from time to time;

WHEREAS, three Tranches of Class A DiscoverSeries Notes issued by the Issuer pursuant to the Indenture (including, in each case, the Terms Document related to the respective Tranche) remain outstanding as of the date hereof (the "<u>Class</u> <u>A(2021-2) Notes</u>," the "<u>Class</u> <u>A(2023-1) Notes</u>," and the "<u>Class</u> <u>A(2023-2) Notes</u>," and, collectively, the "<u>Class</u> <u>A Notes</u>");

WHEREAS, one Tranche of Class B DiscoverSeries Notes, one Tranche of Class C DiscoverSeries Notes, and one Tranche of Class D DiscoverSeries Notes issued by the Issuer pursuant to the Indenture (including, in each case, the Terms Document related to the respective Tranche) remain outstanding as of the date hereof (the "<u>Class</u> <u>B(2023</u><u>-1) Notes</u>," the "<u>Class</u> <u>C(2023-1) Notes</u>," and the "<u>Class</u> <u>D(2009-1) Notes</u>," and, collectively, the "<u>Subordinated Notes</u>");

WHEREAS, the Issuer has, pursuant to <u>Section</u> <u>1310</u> of the Indenture, elected to be discharged from its obligations under the Indenture and Indenture Supplement, on the conditions, in the manner, and to the extent specified therein, with respect to $600,000,000.00 outstanding principal amount of the Class A(2021-2) Notes, $1,250,000,000.00 outstanding principal amount of the Class A(2023-1) Notes, and $1,000,000,000.00 outstanding principal amount of the Class A(2023-2) Notes by entering into this Defeasance Agreement, establishing certain defeasance principal funding accounts and defeasance interest funding accounts and crediting, or causing to be credited, with the Indenture Trustee in accordance with this Defeasance Agreement certain property and amounts to such accounts, all as more fully described herein; and

WHEREAS, simultaneously with the discharge of the Issuer's obligations under the Indenture and Indenture Supplement with respect to the Class A Notes identified above, the remaining $135,759,493.74 outstanding principal amount of the Class B(2023-1) Notes, $172,784,810.25 outstanding principal amount of the Class C(2023-1) Notes, and $209,810,127.00 outstanding principal amount of the Class D(2009-1) Notes will be cancelled by the Indenture Trustee pursuant to <u>Section</u> <u>603</u> of the Indenture.

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NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

**SECTION 1. <u>Definitions</u>.** (a) As used herein, the following terms shall have the following meanings:

"<u>Account</u>" means each Class A Defeasance Interest Funding Account and each Class A Defeasance Principal Funding Account.

"<u>Agreement</u>" means this Defeasance Agreement.

"<u>Base Indenture</u>" has the meaning specified in the recitals hereto.

"<u>Beneficiary</u>" shall mean Discover Funding in its capacity as Beneficiary under the Trust Agreement.

"<u>Business Day</u>" has the meaning set forth in the Indenture.

"<u>Class</u> <u>A(2021-2) Defeasance Accounts</u>" means the Class A(2021-2) Defeasance Interest Funding Account and the Class A(2021-2) Defeasance Principal Funding Accounts.

"<u>Class</u> <u>A(2023-1) Defeasance Accounts</u>" means the Class A(2023-1) Defeasance Interest Funding Account and the Class A(2023-1) Defeasance Principal Funding Accounts.

"<u>Class</u> <u>A(2023-2) Defeasance Accounts</u>" means the Class A(2023-2) Defeasance Interest Funding Account and the Class A(2023-2) Defeasance Principal Funding Accounts.

"<u>Class</u> <u>A Defeasance Accounts</u>" means the Class A(2021-2) Defeasance Accounts, the Class A(2023-1) Defeasance Accounts, and the Class A(2023-2) Defeasance Accounts.

"<u>Class</u> <u>A(2021-2) Defeasance Collateral</u>" means the Class A(2021-2) Primary Defeasance Collateral and the Class A(2021-2) Supplemental Defeasance Collateral.

"<u>Class</u> <u>A(2023-1) Defeasance Collateral</u>" means the Class A(2023-1) Primary Defeasance Collateral and the Class A(2023-1) Supplemental Defeasance Collateral.

"<u>Class</u> <u>A(2023-2) Defeasance Collateral</u>" means the Class A(2023-2) Primary Defeasance Collateral and the Class A(2023-2) Supplemental Defeasance Collateral.

"<u>Class</u> <u>A(2021-2) Defeasance Interest Funding Account</u>" means the Class A(2021-2) Defeasance Interest Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2021-2) Noteholders pursuant to <u>Section</u> <u>4</u> of this Agreement.

"<u>Class</u> <u>A(2023-1) Defeasance Interest Funding Account</u>" means the Class A(2023-1) Defeasance Interest Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2023-1) Noteholders pursuant to <u>Section</u> <u>4</u> of this Agreement.

"<u>Class</u> <u>A(2023-2) Defeasance Interest Funding Account</u>" means the Class A(2023-2) Defeasance Interest Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2023-2) Noteholders pursuant to <u>Section</u> <u>4</u> of this Agreement.

"<u>Class</u> <u>A Defeasance Interest Funding Accounts</u>" means the Class A(2021-2) Defeasance Interest Funding Account, the Class A(2023-1) Defeasance Interest Funding Account, and the Class A(2023-2) Defeasance Interest Funding Account.

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"<u>Class</u> <u>A(2021-2) Defeasance Principal Funding Accounts</u>" means the Class A(2021-2) Primary Defeasance Principal Funding Account and the Class A(2021-2) Supplemental Defeasance Principal Funding Account.

"<u>Class</u> <u>A(2023-1) Defeasance Principal Funding Accounts</u>" means the Class A(2023-1) Primary Defeasance Principal Funding Account and the Class A(2023-1) Supplemental Defeasance Principal Funding Account.

"<u>Class</u> <u>A(2023-2) Defeasance Principal Funding Accounts</u>" means the Class A(2023-2) Primary Defeasance Principal Funding Account and the Class A(2023-2) Supplemental Defeasance Principal Funding Account.

"<u>Class</u> <u>A Defeasance Principal Funding Accounts</u>" means the Class A(2021-2) Defeasance Principal Funding Accounts, the Class A(2023-1) Defeasance Principal Funding Accounts, and the Class A(2023-2) Defeasance Principal Funding Accounts.

"<u>Class</u> <u>A(2021-2) Expected Maturity Date</u>" means September 15, 2026.

"<u>Class</u> <u>A(2023-1) Expected Maturity Date</u>" means March 16, 2026.

"<u>Class</u> <u>A(2023-2) Expected Maturity Date</u>" means June 15, 2026.

"<u>Class</u> <u>A(2021-2) Initial Interest Credit</u>" has the meaning specified in <u>Section</u> <u>4(b)</u>.

"<u>Class</u> <u>A(2023-1) Initial Interest Credit</u>" has the meaning specified in <u>Section</u> <u>4(c)</u>.

"<u>Class</u> <u>A(2023-2) Initial Interest Credit</u>" has the meaning specified in <u>Section</u> <u>4(d)</u>.

"<u>Class</u> <u>A Initial Interest Credits</u>" means the Class A(2021-2) Initial Interest Credit, the Class A(2023-1) Initial Interest Credit, and the Class A(2023-2) Initial Interest Credit.

"<u>Class</u> <u>A(2021-2) Initial Principal Credit</u>" has the meaning specified in <u>Section</u> <u>3(b)(ii)</u>.

"<u>Class</u> <u>A(2023-1) Initial Principal Credit</u>" has the meaning specified in <u>Section</u> <u>3(c)(ii)</u>.

"<u>Class</u> <u>A(2023-2) Initial Principal Credit</u>" has the meaning specified in <u>Section</u> <u>3(d)(ii)</u>.

"<u>Class</u> <u>A Initial Principal Credits</u>" means the Class A(2021-2) Initial Principal Credit, the Class A(2023-1) Initial Principal Credit, and the Class A(2023-2) Initial Principal Credit.

"<u>Class</u> <u>A(2023-1) Interest Investments</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) $4,490,000.00 principal amount of zero coupon bonds issued by the U.S. Treasury and due January 13, 2026 (CUSIP
912797SF5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) $4,490,000.00 principal amount of zero coupon bonds issued by the U.S. Treasury and due February 12, 2026 (CUSIP
912797RT6); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) $4,490,000.00 principal amount of zero coupon bonds issued by the U.S. Treasury and due March 12, 2026 (CUSIP
912797SB4).

"<u>Class</u> <u>A Interest Investments</u>" means the Class A(2023-1) Interest Investments.

"<u>Class</u> <u>A(2021-2) Note Interest</u>" means, with respect to the Class A(2021-2) Notes, the amount of interest due on the applicable Interest Payment Date with respect to the Class A(2021-2) Notes, calculated in accordance with the applicable Terms Document.

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"<u>Class</u> <u>A(2023-1) Note Interest</u>" means, with respect to the Class A(2023-1) Notes, the amount of interest due on the applicable Interest Payment Date with respect to the Class A(2023-1) Notes, calculated in accordance with the applicable Terms Document.

"<u>Class</u> <u>A(2023-2) Note Interest</u>" means, with respect to the Class A(2023-2) Notes, the amount of interest due on the applicable Interest Payment Date with respect to the Class A(2023-2) Notes, calculated in accordance with the applicable Terms Document.

"<u>Class</u> <u>A(2021-2) Notes</u>" has the meaning specified in the recitals hereto.

"<u>Class</u> <u>A(2023-1) Notes</u>" has the meaning specified in the recitals hereto.

"<u>Class</u> <u>A(2023-2) Notes</u>" has the meaning specified in the recitals hereto.

"<u>Class</u> <u>A Notes</u>" has the meaning specified in the recitals hereto.

"<u>Class</u> <u>A(2021-2) Noteholders</u>" means a Person in whose name a Class A(2021-2) Note is registered in the Note Register.

"<u>Class</u> <u>A(2023-1) Noteholders</u>" means a Person in whose name a Class A(2023-1) Note is registered in the Note Register.

"<u>Class</u> <u>A(2023-2) Noteholders</u>" means a Person in whose name a Class A(2023-2) Note is registered in the Note Register.

"<u>Class</u> <u>A Noteholders</u>" means a Person in whose name a Class A Note is registered in the Note Register.

"<u>Class</u> <u>A(2021-2) Primary Defeasance Collateral</u>" means (a) the Class A(2021-2) Principal Investments, (b) the Class A(2021-2) Initial Interest Credit, (c) the Class A(2021-2) Primary Defeasance Principal Funding Account, the Class A(2021-2) Defeasance Interest Funding Account and all other property credited to any of the foregoing, and (d) all proceeds of any of the foregoing.

"<u>Class</u> <u>A(2023-1) Primary Defeasance Collateral</u>" means (a) the Class A(2023-1) Principal Investments, (b) the Class A(2023-1) Interest Investments, (c) the Class A(2023-1) Initial Interest Credit, (d) the Class A(2023-1) Primary Defeasance Principal Funding Account, the Class A(2023-1) Defeasance Interest Funding Account and all other property credited to any of the foregoing, and (e) all proceeds of any of the foregoing.

"<u>Class</u> <u>A(2023-2) Primary Defeasance Collateral</u>" means (a) the Class A(2023-2) Principal Investments, (b) the Class A(2023-2) Initial Interest Credit, (c) the Class A(2023-2) Primary Defeasance Principal Funding Account, the Class A(2023-2) Defeasance Interest Funding Account and all other property credited to any of the foregoing and (d) all proceeds of any of the foregoing.

"<u>Class</u> <u>A(2021-2) Primary Defeasance Principal Funding Account</u>" means the Class A(2021-2) Primary Defeasance Principal Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2021-2) Noteholders pursuant to <u>Section</u> <u>3(a)</u> of this Agreement, and in which the Class A(2021-2) Principal Investments will be held.

"<u>Class</u> <u>A(2023-1) Primary Defeasance Principal Funding Account</u>" means the Class A(2023-1) Primary Defeasance Principal Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2023-1) Noteholders pursuant to <u>Section</u> <u>3(a)</u> of this Agreement, and in which the Class A(2023-1) Principal Investments will be held.

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"<u>Class</u> <u>A(2023-2) Primary Defeasance Principal Funding Account</u>" means the Class A(2023-2) Primary Defeasance Principal Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2023-2) Noteholders pursuant to <u>Section</u> <u>3(a)</u> of this Agreement, and in which the Class A(2023-2) Principal Investments will be held.

"<u>Class</u> <u>A(2021-2) Principal</u>" means, with respect to the Class A(2021-2) Expected Maturity Date, the unpaid principal amount of the Class A(2021-2) Notes immediately prior to such Distribution Date.

"<u>Class</u> <u>A(2023-1) Principal</u>" means, with respect to the Class A(2023-1) Expected Maturity Date, the unpaid principal amount of the Class A(2023-1) Notes immediately prior to such Distribution Date.

"<u>Class</u> <u>A(2023-2) Principal</u>" means, with respect to the Class A(2023-2) Expected Maturity Date, the unpaid principal amount of the Class A(2023-2) Notes immediately prior to such Distribution Date.

"<u>Class</u> <u>A(2021-2) Principal Investments</u>" means $600,000,000.00 principal amount of zero coupon bonds issued by the U.S. Treasury and due September 3, 2026 (CUSIP 912797RS8).

"<u>Class</u> <u>A(2023-1) Principal Investments</u>" means $1,250,000,000.00 principal amount of zero coupon bonds issued by the U.S. Treasury and due March 12, 2026 (CUSIP 912797SB4).

"<u>Class</u> <u>A(2023-2) Principal Investments</u>" means $1,000,000,000.00 principal amount of zero coupon bonds issued by the U.S. Treasury and due June 11, 2026 (CUSIP 912797QX8).

"<u>Class</u> <u>A Principal Investments</u>" means the Class A(2021-2) Principal Investments, the Class A(2023-1) Principal Investments and the Class A(2023-2) Principal Investments.

"<u>Class</u> <u>A(2021-2) Supplemental Defeasance Collateral</u>" means (a) the Class A(2021-2) Initial Principal Credit, (b) the Class A(2021-2) Supplemental Defeasance Principal Funding Account, (c) all Permitted Investments and other property credited to the Class A(2021-2) Supplemental Defeasance Principal Funding Account with respect to the Class A(2021-2) Initial Principal Credit and (d) all proceeds of any of the foregoing.

"<u>Class</u> <u>A(2023-1) Supplemental Defeasance Collateral</u>" means (a) the Class A(2023-1) Initial Principal Credit, (b) the Class A(2023-1) Supplemental Defeasance Principal Funding Account, (c) all Permitted Investments and other property credited to the Class A(2023-1) Supplemental Defeasance Principal Funding Account with respect to the Class A(2023-1) Initial Principal Credit and (c) all proceeds of any of the foregoing.

"<u>Class</u> <u>A(2023-2) Supplemental Defeasance Collateral</u>" means (a) the Class A(2023-2) Initial Principal Credit, (b) the Class A(2023-2) Supplemental Defeasance Principal Funding Account, (c) all Permitted Investments and other property credited to the Class A(2023-2) Supplemental Defeasance Principal Funding Account with respect to the Class A(2023-2) Initial Principal Credit and (d) all proceeds of any of the foregoing.

"<u>Class</u> <u>A(2021-2) Supplemental Defeasance Principal Funding Account</u>" means the Class A(2021-2) Supplemental Defeasance Principal Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2021-2) Noteholders pursuant to <u>Section</u> <u>3(a)</u> of this Agreement, and in which the Class A(2021-2) Initial Principal Credit will be held.

"<u>Class</u> <u>A(2023-1) Supplemental Defeasance Principal Funding Account</u>" means the Class A(2023-1) Supplemental Defeasance Principal Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2023-1) Noteholders pursuant to <u>Section</u> <u>3(a)</u> of this Agreement, and in which the Class A(2023-1) Initial Principal Credit will be held.

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"<u>Class</u> <u>A(2023-2) Supplemental Defeasance Principal Funding Account</u>" means the Class A(2023-2) Supplemental Defeasance Principal Funding Account established with the Securities Intermediary in the name of the Indenture Trustee for the benefit of the Class A(2023-2) Noteholders pursuant to <u>Section</u> <u>3(a)</u> of this Agreement, and in which the Class A(2023-2) Initial Principal Credit will be held.

"<u>Corporate Trust Office</u>" means the office of the Indenture Trustee in Chicago, Illinois at which at any particular time its corporate trust business will be principally administered, which office as of the date hereof is located at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: U.S. Bank Corporate Trust Services.

"<u>DCMT</u>" means the Discover Card Master Trust I, established pursuant to the DCMT Pooling and Servicing Agreement.

"<u>DCMT Pooling and Servicing Agreement</u>" means that certain Fourth Amended and Restated Pooling and Servicing Agreement dated as of May 18, 2025, by among CONA, as Master Servicer and Servicer, Discover Funding, as transferor, and U.S. Bank Trust Company, National Association, as Master Trust Trustee, as well as such Pooling and Servicing Agreement as originally executed and as amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time.

"<u>Defeasance</u>" has the meaning set forth in the Indenture.

"<u>Defeasance Collateral</u>" means (a) the Class A Principal Investments, (b) the Class A Interest Investments, (c) the Class A Initial Principal Credits, (d) the Class A Initial Interest Credits, (e) each Account and all Permitted Investments and other property credited thereto, and (f) all proceeds of any of the foregoing.

"<u>Depositor</u>" means Discover Funding, in its capacity as depositor for the Issuer.

"<u>Discover Funding</u>" means Discover Funding LLC, a Delaware limited liability company, and its successors and permitted assigns.

"<u>DiscoverSeries</u>" means the Series of Notes established pursuant to the Indenture Supplement.

"<u>DiscoverSeries Note</u>" means any Note issued pursuant to <u>Section</u> <u>2.01</u> of the Indenture Supplement and a related Terms Document.

"<u>Distribution Date</u>" means the 15th day of each calendar month (or, if such day is not a Business Day, the next succeeding Business Day) commencing in January 2026.

"<u>Due Period</u>" or "<u>related Due Period</u>" means, with respect to any Distribution Date, the calendar month preceding the calendar month in which such Distribution Date occurs.

"<u>Eligible Institution</u>" means (a) a depository institution (which may be the Indenture Trustee, the Owner Trustee or any affiliate thereof, but not CONA or any Affiliate thereof) organized under the laws of the United States of America or any one of the states thereof, including the District of Columbia (or any U.S. branch of a foreign bank), that at all times (i) has either (x) a long-term issuer rating of A2 or better by Moody's or (y) a short-term issuer rating of P-1 by Moody's, (ii) has either (x) a long-term issuer rating of A or better by Standard & Poor's or (y) a short-term issuer rating of A-1 or better by Standard & Poor's, (iii) has either (x) a long-term issuer rating of A or better by Fitch or (y) a short-term issuer rating of F1 or better by Fitch and (iv) is a member of the FDIC or (b) any other institution that is reasonably acceptable to Moody's, Standard & Poor's and Fitch.

"<u>Fitch</u>" means Fitch Ratings, Inc.

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"<u>Indenture</u>" has the meaning specified in the recitals hereto.

"<u>Indenture Supplement</u>" has the meaning specified in the recitals hereto.

"<u>Indenture Trustee</u>" has the meaning specified in the recitals hereto.

"<u>Interest Accrual Period</u>" means, with respect to any Interest Payment Date, the period from and including the immediately preceding Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A Note, from and including December 15, 2025) to but excluding the current Interest Payment Date.

"<u>Interest Payment Date</u>" means the fifteenth day of each month commencing in January 2026, or if such fifteenth day is not a Business Day, the next succeeding Business Day.

"<u>Issuer</u>" has the meaning specified in the recitals hereto.

"<u>Master Servicer</u>" means CONA, as master servicer under the DCMT Pooling and Servicing Agreement, and any successor servicer thereunder.

"<u>Master Trust Trustee</u>" means U.S. Bank Trust Company, National Association, as trustee under the DCMT Pooling and Servicing Agreement, and any successor trustee thereunder.

"<u>Monthly Master Servicer Certificate</u>" has the meaning specified in <u>Section</u> <u>7</u>.

"<u>Moody's</u>" means Moody's Investors Service, Inc.

"<u>Note</u>" or "<u>Notes</u>" means any note or notes of any Series, Class or Tranche authenticated and delivered from time to time under the Indenture.

"<u>Note Interest</u>" with respect to each Tranche of Class A Notes means the amount of interest due on the applicable Interest Payment Date with respect to such Tranche of Class A Notes, calculated in accordance with the applicable Terms Document.

"<u>Note Rating Agency</u>" means, with respect to any Outstanding Series, Class or Tranche of Notes, each nationally recognized statistical rating organization hired by the Issuer or any Affiliate to rate such Notes.

"<u>Note Register</u>" has the meaning specified in the Indenture.

"<u>Owner Trustee</u>" means Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee of the Issuer under the Trust Agreement.

"<u>Paying Agent</u>" has the meaning specified in the recitals hereto.

"<u>Permitted Investments</u>" means money and, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investments in money market funds that are not represented by an instrument, which are registered in the name of the Indenture Trustee upon books maintained for that purpose by or on behalf of the issuer thereof and identified on books maintained for that purpose by the Indenture Trustee as held for the benefit of the Issuer or the Noteholders, and consisting of shares of an open end diversified investment company which is registered under the Investment Company Act of 1940, as amended, and which (i) invests its assets exclusively in obligations of or guaranteed by the United States of America or any instrumentality or agency thereof having in each instance a final maturity date of less than one year from its date of purchase (ii) seeks to maintain a constant net asset value per share, (iii) has aggregate net assets of not less than $100,000,000 on the date of purchase of such shares, and (iv) has a rating, at the time of such

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investment, of no less than Aaa by Moody's, AAAm by Standard & Poor's and AAA by Fitch, if rated by Fitch; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) investments in money market mutual funds (including those offered or managed by the Indenture Trustee or an Affiliate thereof) consisting of shares of an open end diversified investment company which is registered under the Investment Company Act of 1940, as amended, and which (i) seeks to maintain a constant net asset value per share, (ii) has aggregate net assets of not less than $100,000,000 on the date of purchase of such shares, and (iii) has a rating, at the time of such investment, of no less than Aaa by Moody's, AAAm by Standard & Poor's and AAA by Fitch, if rated by Fitch.

"<u>S&P</u>" means S&P Global Ratings.

"<u>Securities Intermediary</u>" has the meaning specified in the recitals hereto.

"<u>Series 2007-CC Supplement</u>" means the Second Amended and Restated Series 2007-CC Supplement to the DCMT Pooling and Servicing Agreement, dated as of May 18, 2025, as well as such Series Supplement as originally executed and as amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time.

"<u>Servicer</u>" means CONA, as servicer under the DCMT Pooling and Servicing Agreement, and any successor servicer thereunder.

"<u>Subordinated Notes</u>" has the meaning specified in the recitals hereto.

"<u>Terms Document</u>" means, with respect to any Class or Tranche of DiscoverSeries Notes, a supplement to the Indenture Supplement that establishes such Class or Tranche, in each case, in the form attached to the Indenture Supplement as Exhibit A, B, C, or D, as applicable, with such additional or different provisions as the Issuer determines are necessary or appropriate in connection with the issuance of any Tranche of Notes.

"<u>Tranche</u>" has the meaning set forth in the Indenture.

"<u>Trust Agreement</u>" has the meaning specified in the recitals hereto.

"<u>UCC</u>" means the Uniform Commercial Code, as in effect in the relevant jurisdiction.

"<u>U.S. Government Obligations</u>" has the meaning set forth in the Indenture.

"<u>United States Regulations</u>" means 31 C.F.R. Part 357, Subpart B; and 31 C.F.R. Part 354.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other capitalized terms not defined herein shall have the meanings given to such terms in the Indenture. Unless the context otherwise requires, terms defined in the UCC and not otherwise defined in this Agreement shall have the meanings set forth in the UCC.

**SECTION 2. <u>Securities Intermediary</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee hereby appoints the Securities Intermediary as the securities intermediary for purposes of this Agreement, and the Securities Intermediary hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary represents and warrants that it is, as of the date hereof, and covenants that it shall remain, a national banking association organized and existing under the laws of the United States of America that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity hereunder. The Securities Intermediary agrees with the other parties hereto that each Class A Defeasance Account shall be an account to which financial assets may be credited and

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undertakes to treat the Indenture Trustee as entitled to exercise the rights that comprise such financial assets. The Securities Intermediary agrees with the other parties hereto that each item of property credited to each Class A Defeasance Account shall be treated as a financial asset. The Securities Intermediary agrees with the other parties hereto that, for purposes of the UCC and the United States Regulations, the jurisdiction of the Securities Intermediary with respect to the Defeasance Collateral shall be the State of New York. The Securities Intermediary represents and warrants that it is not, as of the date hereof, and covenants that it shall not be, a party to any agreement that is inconsistent with the provisions of this Agreement. The Securities Intermediary covenants that it will not take any action inconsistent with the provisions of this Agreement. The Securities Intermediary agrees with the other parties hereto that any item of property credited to any Class A Defeasance Account shall not be subject to any security interest, lien, encumbrance or right of setoff in favor of the Securities Intermediary or anyone claiming through the Securities Intermediary (other than the Indenture Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties hereto intend that each Class A Defeasance Account shall be a securities account of the Indenture Trustee and not an account of the Issuer or any other person or entity. Nonetheless, for the avoidance of doubt, the Securities Intermediary agrees with the other parties hereto that (i) it shall comply with entitlement orders originated by the Indenture Trustee without further consent by the Issuer or any other person or entity and (ii) it shall not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by any person or entity other than the Indenture Trustee. In accordance with clause (ii) above, but at all times revocable under and otherwise subject to the first sentence of this paragraph and clause (i) above, the Indenture Trustee hereby authorizes the Securities Intermediary to comply with investment instructions originated by the Issuer (or the Master Servicer as its agent) in accordance with Section 3 of this Agreement, and the Securities Intermediary hereby agrees to comply with such investment instructions. The Securities Intermediary shall have no power or duty to invest any funds or proceeds from U.S. Government Obligations held under this Agreement or to sell, transfer or otherwise dispose of the moneys. Funds or proceeds from U.S. Government Obligations shall remain uninvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing herein shall imply or impose upon the Securities Intermediary any duties or obligations other than those expressly set forth herein and those applicable to a securities intermediary under the UCC and the United States Regulations (and the Securities Intermediary shall be entitled to all of the protections available to a securities intermediary under the UCC and the United States Regulations). Without limiting the foregoing, nothing herein shall imply or impose upon the Securities Intermediary any duties of a fiduciary nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any corporation into which the Securities Intermediary may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which the Securities Intermediary shall be a party, shall be the successor of the Securities Intermediary under this Agreement, without the execution or filing of any further act on the part of the parties hereto or such Securities Intermediary or such successor corporation. Promptly following such a merger, conversion or consolidation, the Securities Intermediary shall give notice of such event to each of the other parties hereto and to each Note Rating Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Securities Intermediary represents and warrants that it is, as of the date hereof, an Eligible Institution. If the Securities Intermediary at any time fails to qualify as an Eligible Institution, the Indenture Trustee shall, within ten Business Days, appoint a successor Securities Intermediary, which shall be made a party to this Agreement, and shall cause the Class A Defeasance Accounts to be established and maintained with such successor Securities Intermediary in accordance with this Agreement; <u>provided</u>, <u>however</u>, that the responsibilities and duties of the retiring Securities Intermediary shall remain in effect until all of the Defeasance Collateral credited to the Class A Defeasance Accounts held by such retiring Securities Intermediary have been transferred to such successor Securities Intermediary.

**SECTION 3. <u>Class</u> <u>A Defeasance Principal Funding Accounts</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Class</u> <u>A Defeasance Principal Funding Accounts</u>. The Indenture Trustee, for the benefit of the Class A(2021-2) Noteholders, shall establish and maintain with the Securities

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Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2021-2) Primary Defeasance Principal Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2021-2) Noteholders. The Indenture Trustee, for the benefit of the Class A(2021-2) Noteholders, shall also establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2021-2) Supplemental Defeasance Principal Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2021-2) Noteholders. The Indenture Trustee, for the benefit of the Class A(2023-1) Noteholders, shall also establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2023-1) Primary Defeasance Principal Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2023-1) Noteholders. The Indenture Trustee, for the benefit of the Class A(2023-1) Noteholders, shall also establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2023-1) Supplemental Defeasance Principal Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2023-1) Noteholders. The Indenture Trustee, for the benefit of the Class A(2023-2) Noteholders, shall also establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2023-2) Primary Defeasance Principal Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2023-2) Noteholders. The Indenture Trustee, for the benefit of the Class A(2023-2) Noteholders, shall also establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2023-2) Supplemental Defeasance Principal Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2023-2) Noteholders. The Class A Defeasance Principal Funding Accounts shall be under the sole dominion and control of the Indenture Trustee in accordance with <u>Section</u> <u>2</u> of this Agreement. The parties hereto agree that the Master Servicer shall have the power, revocable by the Indenture Trustee, to instruct the Indenture Trustee to make demands on the amounts held in the Class A Defeasance Principal Funding Accounts for the purposes of carrying out the Master Servicer's or the Indenture Trustee's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Class</u> <u>A(2021-2) Defeasance Principal Funding Accounts</u>. On the date hereof, the Beneficiary, on behalf of the Issuer, shall credit, or cause to be credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A(2021-2) Principal Investments to the Class A(2021-2) Primary Defeasance Principal Funding Account. Funds credited to the Class A(2021-2) Primary Defeasance Principal Funding Account may be invested overnight (to mature on the Class A(2021-2) Expected Maturity Date) in Permitted Investments of the Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to $300,000,000.00 in immediately available funds (the "<u>Class</u> <u>A(2021-2) Initial Principal Credit</u>"), to the Class A(2021-2) Supplemental Defeasance Principal Funding Account. The Class A(2021-2) Initial Principal Credit shall, if so directed, at all times be invested in Permitted Investments at the direction of the Issuer (or the Master Servicer as its agent); <u>provided</u>, <u>however</u>, that all Permitted Investments shall have a stated maturity, or shall mature or be redeemed, on or prior to the Business Day immediately preceding the Class A(2021-2) Expected Maturity Date. Any interest or earnings on any Permitted Investment credited to the Class A(2021-2) Supplemental Defeasance Principal Funding Account shall remain in such account and any such funds so credited for more than one Business Day, shall, if so directed, at all times be invested in Permitted Investments at the direction of the Issuer (or the Master Servicer as its agent); <u>provided</u>, <u>however</u>, that all Permitted Investments shall have a stated maturity, or shall mature or be redeemed, on or prior to the Business Day immediately preceding the Class A(2021-2) Expected Maturity Date. Funds credited to the Class A(2021-2) Supplemental Defeasance Principal Funding Account may be invested overnight (to mature on the Class A(2021-2) Expected Maturity Date) in Permitted Investments of the Paying Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Class</u> <u>A(2023-1) Defeasance Principal Funding Accounts</u>. On the date hereof, the Beneficiary, on behalf of the Issuer, shall credit, or cause to be credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A(2023-1) Principal Investments to the Class A(2023-1) Primary Defeasance Principal Funding Account. Funds credited to the Class A(2023-1) Primary Defeasance Principal Funding Account may be invested overnight (to mature on the Class A(2023-1) Expected Maturity Date) in Permitted Investments of the Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to $625,000,000.00 in immediately available funds (the "<u>Class</u> <u>A(2023-1) Initial Principal Credit</u>"), to the Class A(2023-1) Supplemental Defeasance Principal Funding Account. The Class A(2023-1) Initial Principal Credit shall, if so directed, at all times be invested in Permitted Investments at the direction of the Issuer (or the Master Servicer as its agent); <u>provided</u>, <u>however</u>, that all Permitted Investments shall have a stated maturity, or shall mature or be redeemed, on or prior to the Business Day immediately preceding the Class A(2023-1) Expected Maturity Date. Any interest or earnings on any Permitted Investment credited to the Class A(2023-1) Supplemental Defeasance Principal Funding Account shall remain in such account and any such funds so credited for more than one Business Day, shall, if so directed, at all times be invested in Permitted Investments at the direction of the Issuer (or the Master Servicer as its agent); <u>provided</u>, <u>however</u>, that all Permitted Investments shall have a stated maturity, or shall mature or be redeemed, on or prior to the Business Day immediately preceding the Class A(2023-1) Expected Maturity Date. Funds credited to the Class A(2023-1) Supplemental Defeasance Principal Funding Account may be invested overnight (to mature on the Class A(2023-1) Expected Maturity Date) in Permitted Investments of the Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Administration of the Class</u> <u>A(2023-2) Defeasance Principal Funding Accounts</u>. On the date hereof, the Beneficiary, on behalf of the Issuer, shall credit, or cause to be credited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Class A(2023-2) Principal Investments to the Class A(2023-2) Primary Defeasance Principal Funding Account. Funds credited to the Class A(2023-2) Primary Defeasance Principal Funding Account may be invested overnight (to mature on the Class A(2023-2) Expected Maturity Date) in Permitted Investments of the Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an amount equal to $500,000,000.00 in immediately available funds (the "<u>Class</u> <u>A(2023-2) Initial Principal Credit</u>"), to the Class A(2023-2) Supplemental Defeasance Principal Funding Account. The Class A(2023-2) Initial Principal Credit shall, if so directed, at all times be invested in Permitted Investments at the direction of the Issuer (or the Master Servicer as its agent); <u>provided</u>, <u>however</u>, that all Permitted Investments shall have a stated maturity, or shall mature or be redeemed, on or prior to the Business Day immediately preceding the Class A(2023-2) Expected Maturity Date. Any interest or earnings on any Permitted Investment credited to the Class A(2023-2) Supplemental Defeasance Principal Funding Account shall remain in such account and any such funds so credited for more than one Business Day, shall, if so directed, at all times be invested in Permitted Investments at the direction of the Issuer (or the Master Servicer as its agent); <u>provided</u>, <u>however</u>, that all Permitted Investments shall have a stated maturity , or shall mature or be redeemed, on or prior to the Business Day immediately preceding the Class A(2023-2) Expected Maturity Date. Funds credited to the Class A(2023-2) Supplemental Defeasance Principal Funding Account may be invested overnight (to mature on the Class A(2023-2) Expected Maturity Date) in Permitted Investments of the Paying Agent.

**SECTION 4. <u>Class</u> <u>A Defeasance</u><u> </u><u>Interest Funding Accounts</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of the Class</u> <u>A Defeasance Interest Funding Accounts</u>. The Indenture Trustee, for the benefit of the Class A(2021-2) Noteholders, shall establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2021-2) Defeasance Interest Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2021-2) Noteholders. The Indenture Trustee, for the benefit of the Class A(2023-1) Noteholders, shall also establish and maintain with the Securities Intermediary in the

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name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2023-1) Defeasance Interest Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2023-1) Noteholders. The Indenture Trustee, for the benefit of the Class A(2023-2) Noteholders, shall also establish and maintain with the Securities Intermediary in the name of the Indenture Trustee, a segregated securities account (the "<u>Class</u> <u>A(2023-2) Defeasance Interest Funding Account</u>") bearing a designation clearly indicating that the property credited thereto is held for the benefit of the Class A(2023-2) Noteholders. The Class A Defeasance Interest Funding Accounts shall be under the sole dominion and control of the Indenture Trustee in accordance with <u>Section</u> <u>2</u> of this Agreement. The parties hereto agree that the Master Servicer shall have the power, revocable by the Indenture Trustee, to instruct the Indenture Trustee to make demands on the amounts held in the Class A Defeasance Interest Funding Accounts for the purposes of carrying out the Master Servicer's or the Indenture Trustee's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration of the Class</u> <u>A(2021-2) Defeasance Interest Funding Account</u>. On the date hereof, the Beneficiary, on behalf of the Issuer, shall credit an amount equal to $4,727,700.00 in immediately available funds (the "<u>Class</u> <u>A(2021-2) Initial Interest Credit</u>"), to the Class A(2021-2) Defeasance Interest Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administration of the Class</u> <u>A(2023-1) Defeasance Interest Funding Account</u>. On the date hereof, the Beneficiary, on behalf of the Issuer, shall credit each of (i) the Class A(2023-1) Interest Investments and (ii) an amount equal to $13,468,750.00 in immediately available funds (the "<u>Class</u> <u>A(2023</u><u>-1) Initial Interest Credit</u>"), to the Class A(2023-1) Defeasance Interest Funding Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Administration of the Class</u> <u>A(2023-2) Defeasance Interest Funding Account</u>. On the date hereof, the Beneficiary, on behalf of the Issuer, shall credit an amount equal to $25,143,000 in immediately available funds (the "<u>Class</u> <u>A(2023-2) Initial Interest Credit</u>"), to the Class A(2023-2) Defeasance Interest Funding Account.

**SECTION 5. <u>Transfer of Defe</u><u>asance Collateral</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transfer of Class</u> <u>A(2021-2) Defeasance Collateral</u>. The Issuer hereby irrevocably transfers, assigns and otherwise conveys to the Indenture Trustee, for the benefit of the Class A(2021-2) Noteholders, as their interests are described in this Agreement, all of the Issuer's right, title, and interest in and to the Class A(2021-2) Defeasance Collateral. The Indenture Trustee hereby acknowledges its acceptance of such conveyance and its receipt of the Class A(2021-2) Defeasance Collateral, and the Indenture Trustee shall retain exclusive control or possession of the Class A(2021-2) Defeasance Collateral in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transfer of Class</u> <u>A(2023-1) Defeasance Collateral</u>. The Issuer hereby irrevocably transfers, assigns and otherwise conveys to the Indenture Trustee, for the benefit of the Class A(2023-1) Noteholders, as their interests are described in this Agreement, all of the Issuer's right, title, and interest in and to the Class A(2023-1) Defeasance Collateral. The Indenture Trustee hereby acknowledges its acceptance of such conveyance and its receipt of the Class A(2023-1) Defeasance Collateral, and the Indenture Trustee shall retain exclusive control or possession of the Class A(2023-1) Defeasance Collateral in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transfer of Class</u> <u>A(2023-2) Defeasance Collateral</u>. The Issuer hereby irrevocably transfers, assigns and otherwise conveys to the Indenture Trustee, for the benefit of the Class A(2023-2) Noteholders, as their interests are described in this Agreement, all of the Issuer's right, title, and interest in and to the Class A(2023-2) Defeasance Collateral. The Indenture Trustee hereby acknowledges its acceptance of such conveyance and its receipt of the Class A(2023-2) Defeasance Collateral, and the Indenture Trustee shall retain exclusive control or possession of the Class A(2023-2) Defeasance Collateral in accordance with this Agreement.

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**SECTION 6. <u>Drawings and Distributions</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Monthly Master Servicer Instructions</u>. On or prior to the second Business Day preceding each Distribution Date, the Master Servicer shall forward to the Issuer and the Indenture Trustee written instructions (which may be in electronic form) detailing each distribution to be made pursuant to this <u>Section</u> <u>6</u> on such Distribution Date. Each Servicer shall provide the Master Servicer with such information as the Master Servicer may reasonably request to allow the Master Servicer to prepare such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Withdrawal and Distribution of the Class</u> <u>A(2021-2) Note Interest</u>. On each Distribution Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, an amount equal to the Class A(2021-2) Note Interest with respect to such Distribution Date, from the Class A(2021-2) Defeasance Interest Funding Account. Such amount shall be paid by the Paying Agent to the Class A(2021-2) Noteholders on such Distribution Date as payment in full of the Class A(2021-2) Note Interest due to the Class A(2021-2) Noteholders on such Distribution Date. On the final Distribution Date with respect to the Class A(2021-2) Notes, which is also the Class A(2021-2) Expected Maturity Date, any amounts being distributed pursuant to this <u>Section</u> <u>6(b)</u> that remain after giving effect to the distribution described above in this <u>Section</u> <u>6(b)</u>, shall be paid by the Paying Agent to the Beneficiary on such Class A(2021-2) Expected Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Withdrawal and Distribution from the Class</u> <u>A(2021-2) Defeasance Principal Funding Accounts</u>. On the Class A(2021-2) Expected Maturity Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, all amounts then credited to each Class A(2021-2) Defeasance Principal Funding Account, and the Paying Agent shall distribute such aggregate amounts withdrawn from such Class A(2021-2) Defeasance Principal Funding Accounts in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to any unpaid amounts of principal with respect to the Class A(2021-2) Notes on such Class A(2021-2) Expected Maturity Date, shall be paid by the Paying Agent, as a payment of principal on the Class A(2021-2) Notes, to the Class A(2021-2) Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amounts being distributed pursuant to this <u>Section</u> <u>6(c)</u> that remain after giving effect to the distribution described above in this <u>Section</u> <u>6(c)</u>, shall be paid by the Paying Agent to the Beneficiary on such Class A(2021-2) Expected Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Withdrawal and Distribution of the Class</u> <u>A(2023-1) Note Interest</u>. On each Distribution Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, an amount equal to the Class A(2023-1) Note Interest with respect to such Distribution Date, from the Class A(2023-1) Defeasance Interest Funding Account. Such amount shall be paid by the Paying Agent to the Class A(2023-1) Noteholders on such Distribution Date as payment in full of the Class A(2023-1) Note Interest due to the Class A(2023-1) Noteholders on such Distribution Date. On the final Distribution Date with respect to the Class A(2023-1) Notes, which is also the Class A(2023-1) Expected Maturity Date, any amounts being distributed pursuant to this <u>Section</u> <u>6(d)</u> that remain after giving effect to the distribution described above in this <u>Section</u> <u>6(d)</u>, shall be paid by the Paying Agent to the Beneficiary on such Class A(2023-1) Expected Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Withdrawal and Distribution from the Class</u> <u>A(2023-1) Defeasance Principal Funding Accounts</u>. On the Class A(2023-1) Expected Maturity Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, all amounts then credited to each Class A(2023-1) Defeasance Principal Funding Account, and the Paying Agent shall distribute such aggregate amounts withdrawn from such Class A(2023-1) Defeasance Principal Funding Accounts in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to any unpaid amounts of principal with respect to the Class A(2023-1) Notes on such Class A(2023-1) Expected Maturity Date, shall be paid by the Paying Agent, as a payment of principal on the Class A(2023-1) Notes, to the Class A(2023-1) Noteholders; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amounts being distributed pursuant to this <u>Section</u> <u>6(e)</u> that remain after giving effect to the distribution described above in this <u>Section</u> <u>6(e)</u>, shall be paid by the Paying Agent to the Beneficiary on such Class A(2023-1) Expected Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Withdrawal and Distribution of the Class</u> <u>A(2023-2) Note Interest</u>. On each Distribution Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, an amount equal to the Class A(2023-2) Note Interest with respect to such Distribution Date, from the Class A(2023-2) Defeasance Interest Funding Account. Such amount shall be paid by the Paying Agent to the Class A(2023-2) Noteholders on such Distribution Date as payment in full of the Class A(2023-2) Note Interest due to the Class A(2023-2) Noteholders on such Distribution Date. On the final Distribution Date with respect to the Class A(2023-2) Notes, which is also the Class A(2023-2) Expected Maturity Date, any amounts being distributed pursuant to this <u>Section</u> <u>6(f)</u> that remain after giving effect to the distribution described above in this <u>Section</u> <u>6(f)</u>, shall be paid by the Paying Agent to the Beneficiary on such Class A(2023-2) Expected Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Withdrawal and Distribution from the Class</u> <u>A(2023-2) Defeasance Principal Funding Accounts</u>. On the Class A(2023-2) Expected Maturity Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, all amounts then credited to each Class A(2023-2) Defeasance Principal Funding Account, and the Paying Agent shall distribute such aggregate amounts withdrawn from such Class A(2023-2) Defeasance Principal Funding Accounts in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amount equal to any unpaid amounts of principal with respect to the Class A(2023-2) Notes on such Class A(2023-2) Expected Maturity Date, shall be paid by the Paying Agent, as a payment of principal on the Class A(2023-2) Notes, to the Class A(2023-2) Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amounts being distributed pursuant to this <u>Section</u> <u>6(g)</u> that remain after giving effect to the distribution described above in this <u>Section</u> <u>6(g)</u>, shall be paid by the Paying Agent to the Beneficiary on such Class A(2023-2) Expected Maturity Date.

**SECTION 7. <u>Monthly Master Servicer Certificate</u>.** On or prior to the second Business Day preceding each Distribution Date, a certificate of a Servicing Officer substantially in the form of <u>Exhibit A</u>, as prepared by the Master Servicer setting forth the information listed thereon (each a "<u>Monthly Master Servicer Certificate</u>"), shall be available to the Issuer, the Indenture Trustee, and the Paying Agent from the Master Servicer and shall be available to each Noteholder and each Note Rating Agency from the Indenture Trustee and the Paying Agent. Each Servicer shall provide the Master Servicer with such information as the Master Servicer may reasonably request to allow the Master Servicer to prepare such Monthly Master Servicer Certificate.

**SECTION 8. <u>Representations of the Issuer</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer represents, on the date hereof, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Defeasance Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Defeasance Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens and is enforceable as such as against creditors of and purchasers from the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All of the Defeasance Collateral has been and will have been credited to one of the Accounts. The Securities Intermediary has agreed to treat all assets credited to the Accounts as "financial assets" within the meaning of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Issuer owns good and marketable title to the Defeasance Collateral free and clear of any lien, claim or encumbrance of any Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Issuer has received all consents and approvals required by the terms of the Defeasance Collateral to the transfer to the Indenture Trustee of its interest and rights in the Defeasance Collateral hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Issuer has caused or will have caused, within ten days, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the Defeasance Collateral to the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing representations and warranties shall survive the termination of this Defeasance Agreement and shall not be waived without the written consent of each Note Rating Agency. Additionally, the Issuer shall take such action, or execute and deliver such instruments as may be necessary to maintain and perfect, as a first priority interest, the Indenture Trustee's security interest in the Defeasance Collateral.

**SECTION 9. <u>Permitted Investments</u>.** The Indenture Trustee and the Securities Intermediary shall not be liable for any loss attributable to the investment of funds in any Permitted Investment pursuant to this Agreement or the Indenture. In no event shall the Indenture Trustee or the Securities Intermediary be liable for the payment of interest on any funds in its possession, except as expressly provided in this Agreement or the Indenture.

**SECTION 10. <u>Survival</u> <u>of Certain Rights</u>.** (a) As provided in <u>Section</u> <u>1310</u> of the Indenture, notwithstanding anything to the contrary in the Indenture or the Indenture Supplement, the Issuer is discharged from its obligations under the Indenture and the Indenture Supplement with respect to the Class A Notes, and the Holders of the Class A Notes shall cease to be entitled to any benefit or security under the Indenture, other than (i) the obligations of the Issuer to make, and the rights of Holders of the Class A Notes to receive, solely from the Defeasance Collateral, payments in respect of principal of and interest on the Class A Notes when such payments are scheduled to be made and (ii) the other rights, obligations, powers, duties and immunities specifically identified in the proviso to <u>Section</u> <u>1310(a)</u> of the Indenture, which in each case shall survive with respect to the Class A Notes until otherwise terminated or discharged under the Indenture and the Indenture Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in the Indenture or the Indenture Supplement, the rights, obligations, powers, trusts, duties and immunities of the Indenture Trustee, the Paying Agent, the Note Registrar, the Master Servicer, the Servicer, and the Transferor under the Indenture and the Indenture Supplement (including, in each case, the related Terms Document), including the obligations of CONA, as Master Servicer, to indemnify the Indenture Trustee under <u>Section</u> <u>807</u> of the Indenture and to pay the Indenture Trustee's fees and expenses under <u>Section</u> <u>806</u> of the Indenture shall survive this Defeasance and shall apply, *mutatis mutandis*, following such Defeasance until otherwise terminated or discharged under the Indenture and the Indenture Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in the DCMT Pooling and Servicing Agreement or the Series 2007-CC Supplement, the rights, obligations, powers, duties and immunities of the Master Trust Trustee, the Master Servicer, the Servicer, and the Transferor under the DCMT Pooling and Servicing Agreement and the Series 2007-CC Supplement, insofar as they relate to activities undertaken by such Person prior to the Defeasance effected hereby, shall survive this Defeasance and the termination of DCMT and shall apply, *mutatis mutandis*, following such Defeasance until otherwise terminated or discharged under the DCMT Pooling and Servicing Agreement and the Series 2007-CC Supplement.

**SECTION 11. <u>No liens</u>.** The interests of the Indenture Trustee in the Defeasance Collateral shall not secure, or otherwise be used for the payment of, fees and expenses for services rendered by the Indenture Trustee, the Paying Agent or the Securities Intermediary under this Agreement.

**SECTION 12. <u>Term</u>.** This Agreement shall commence upon its execution and delivery and shall terminate with respect to a Tranche of Class A Notes on the Class A(2021-2) Expected Maturity Date, the

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Class A(2023-1) Expected Maturity Date, and the Class A(2023-2) Expected Maturity Date, respectively, after giving effect to all of the payments provided for herein. Upon the termination of this Agreement, any remaining amounts credited to any Account, after giving effect to all of the payments provided for herein, shall be withdrawn by the Indenture Trustee and distributed by the Paying Agent to the Beneficiary.

**SECTION 13. <u>Amendments</u>.** This Agreement may be amended only by an instrument in writing signed by the parties hereto and only if such amendment meets the requirements to amend the Indenture set forth in <u>Article X</u> of the Indenture as though such requirements of the Indenture were set forth in this Agreement.

**SECTION 14. <u>Nonpetition Covenant</u>.** To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, the Indenture Trustee, the Securities Intermediary, and the Paying Agent, shall not, prior to the date which is one year and one day after the termination of the Indenture, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the Issuer under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property or ordering the winding-up or liquidation of the affairs of the Issuer.

**SECTION 15. <u>Severability</u>.** If any one or more of the covenants or agreements provided in this Agreement on the part of the Indenture Trustee, the Securities Intermediary, or the Paying Agent should be determined by a court of competent jurisdiction to be contrary to law, such covenant or agreement herein contained shall be deemed and construed to be severable from the remaining covenants and agreements and shall in no way affect the validity of the remaining provisions of this Agreement.

**SECTION 16. <u>Notices</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notices, instructions and other communications sent to the Indenture Trustee will be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid or sent via email to the Indenture Trustee at its Corporate Trust Office, or at such other address as the Indenture Trustee may give written notice to the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices, instructions and other communications sent to the Issuer will be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid or sent via email to the Issuer c/o the Wilmington Trust Company at its principal office at 1100 N. Market Street Wilmington, Delaware 19890-0001, or at such other address as the Issuer may give written notice to the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notices, instructions and other communications sent to the Securities Intermediary will be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid or sent via email to the Securities Intermediary at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Discover Card Execution Note Trust, Chris Nuxoll and email address: christopher.nuxoll@usbank.com, or at such other address as the Securities Intermediary may give written notice to the other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices, instructions and other communications sent to the Paying Agent will be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid or sent via email to the Paying Agent at 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Discover Card Execution Note Trust, Chris Nuxoll and email address: christopher.nuxoll@usbank.com, or at such other address as the Paying Agent may give written notice to the other parties.

**SECTION 17. <u>Counterparts</u>.** This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which, when executed, shall be deemed an original, but all of which together shall constitute one and the same instrument. The words "executed," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without

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limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

**SECTION 18. <u>Governing Law</u>.** This Agreement will be construed in accordance with and governed by the laws of the State of New York, including Section 5-1401 of the General Obligation Law, without reference to any conflict of law provisions that would result in the application of the laws of any other State.

**SECTION 19. <u>Sufficiency of Defeasance Collateral</u>.** The Issuer agrees that, if for any reason the investments and moneys and other funds in the Class A(2021-2) Defeasance Accounts, the Class A(2023-1) Defeasance Accounts, or the Class A(2023-2) Defeasance Accounts are insufficient or otherwise unavailable to pay timely the principal of and interest on the Class A(2021-2) Notes, the Class A(2023-1) Notes, or the Class A(2023-2) Notes, respectively, when such payments are scheduled to be made, the Issuer shall continue to be liable therefor in accordance with the terms of the Class A(2021-2) Notes, the Class A(2023-1) Notes, or the Class A(2023-2) Notes, as applicable, and the Indenture and Indenture Supplement (including, in each case, the related Terms Document). For the avoidance of doubt, nothing herein shall be interpreted to, and no Defeasance shall, release the Issuer from such recourse as may otherwise be had to the Issuer under the Indenture and Indenture Supplement (including, in each case, the related Terms Document) with respect to its obligations to pay principal and interest on the Class A Notes when such payments are scheduled to be made.

**SECTION 20. <u>Limitation of Liability</u>.** It is expressly understood and agreed by the parties hereto that (i) this Defeasance Agreement is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Defeasance Agreement and by any Person claiming by, through or under them, (iv) the Owner Trustee has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Defeasance Agreement and (v) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Defeasance Agreement or any related documents.

**SECTION 21. <u>Recitals</u>.** The Indenture Trustee, the Paying Agent and the Securities Intermediary assume no responsibility for the correctness of the recitals contained herein. The Indenture Trustee, the Paying Agent and the Securities Intermediary make no representations as to the validity or sufficiency of this Agreement, the Indenture or any related document.

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IN WITNESS WHEREOF, the parties hereto have caused this Defeasance Agreement to be executed by their duly authorized officers as of the date first above written.

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| | |
|:---|:---|
| **DISCOVER CARD EXECUTION NOTE TRUST**, as Issuer | **DISCOVER CARD EXECUTION NOTE TRUST**, as Issuer |
| By: **WILMINGTON TRUST COMPANY**, not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer | By: **WILMINGTON TRUST COMPANY**, not in its individual capacity, but solely as Owner Trustee on behalf of the Issuer |
| By: | /s/ Drew H. Davis |
|  | Name: Drew H. Davis |
|  | Title: Vice President |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Indenture Trustee and Paying Agent | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Indenture Trustee and Paying Agent |
| By: | /s/ Christopher J. Nuxoll |
|  | Name: Christopher J. Nuxoll |
|  | Title: Vice President |
| **U.S. BANK NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Securities Intermediary | **U.S. BANK NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Securities Intermediary |
| By: | /s/ Christopher J. Nuxoll |
|  | Name: Christopher J. Nuxoll |
|  | Title: Vice President |

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[Signature page to Defeasance Agreement]

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| | |
|:---|:---|
| Acknowledged and Agreed By: | Acknowledged and Agreed By: |
| **CAPITAL ONE, NATIONAL ASSOCIATION**,<br> as Master Servicer and Servicer | **CAPITAL ONE, NATIONAL ASSOCIATION**,<br> as Master Servicer and Servicer |
| By: | /s/ Franco E. Harris |
|  | Name: Franco E. Harris |
|  | Title: Treasurer |
| **DISCOVER FUNDING LLC**,<br> as Beneficiary and Depositor | **DISCOVER FUNDING LLC**,<br> as Beneficiary and Depositor |
| By: | /s/ Eric D. Bauder |
|  | Name: Eric D. Bauder |
|  | Title: Assistant Vice President, Treasurer |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Master Trust Trustee | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Master Trust Trustee |
| By: | /s/ Christopher J. Nuxoll |
|  | Name: Christopher J. Nuxoll |
|  | Title: Vice President |

---

[Signature page to Defeasance Agreement]

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**Exhibit A** 

**Form of Monthly Servicer Certificate** 

**Discover Card Execution Note Trust** 

**DiscoverSeries Class A(2021-2) Notes** 

**DiscoverSeries Class A(2023-1) Notes** 

**DiscoverSeries Class A(2023-2) Notes** 

Distribution Date: _____________ __, _______

Related Due Period _____________ __, _______ to _____________ __, _______

Related Interest Accrual Period _____________ __, _______ to _____________ __, _______

Under the Defeasance Agreement, dated as of December 18, 2025 (the "Defeasance Agreement"), by and among Discover Card Execution Note Trust ("DCENT"), as Issuer, U.S. Bank Trust Company, National Association ("USBTC"), in its capacity as Indenture Trustee and as Paying Agent, and U.S. Bank National Association ("USB"), in its capacity as Securities Intermediary relating to the Indenture and Indenture Supplement, the Master Servicer is required to prepare, and the Indenture Trustee and the Paying Agent are required to make available, certain information each month regarding current distributions to Noteholders. The information for the Distribution Date listed above is set forth below.

Capitalized terms used herein have the meanings set forth in the Defeasance Agreement (including by reference to the Indenture), unless otherwise defined herein.

1.  **<u>Payments to DiscoverSeries Investors with respect to this Distribution Date</u>** 

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| | | | |
|:---|:---|:---|:---|
|  | Total | Interest | Principal |
|  Class A(2021-2) Notes | $__________ | $__________ | $__________ |
|  Class A(2023-1) Notes | $__________ | $__________ | $__________ |
|  Class A(2023-2) Notes | $__________ | $__________ | $__________ |

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2.  **<u>Information Concerning Principal Payments</u>** 

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| | | |
|:---|:---|:---|
|  | *Amount Distributed<br>this Due Period* | *Total Principal Distributions<br>through this Due Period* |
|  DISCOVERSERIES BY TRANCHE |  |  |
| (a) Class A(2021-2) Notes | $__________ | $__________ |
| (b) Class A(2023-1) Notes | $__________ | $__________ |
| (c) Class A(2023-2) Notes | $__________ | $__________ |

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------

3.  **<u>Information Concerning Class</u> <u>A(2021-2) Defeasance Interest Funding Account</u> <sup>1</sup>** 

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| | |
|:---|:---|
| (a) Amount credited to the Class A(2021-2) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $__________ |
| (b) Amount of Class A(2021-2) Note Interest withdrawn from the Class A(2021-2) Defeasance Interest Funding Account with respect to the current Distribution Date *[pursuant to the first sentence of Section 6(b) of the Defeasance Agreement]* | $__________ |
| (c) Amount, if any, withdrawn from the Class A(2021-2) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date *[pursuant to the third sentence of Section 6(b) of the Defeasance Agreement, this is the amount that remains in the Class A(2021-2) Defeasance Interest Funding Account on the Class A(2021-2) Expected Maturity Date after giving effect to the distribution in Item 3(b) above]* | $__________ |
| (d) Amount credited to the Class A(2021-2) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $__________ |

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4.  **<u>Information Concerning Class</u> <u>A(2021-2) Defeasance Principal Funding Accounts</u>** 

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| | |
|:---|:---|
| (a) Aggregate amount credited to the Class A(2021-2) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $__________ |
| (b) Amount of interest and earnings on any Permitted Investment credited to the Class A(2021-2) Supplemental Defeasance Principal Funding Account, if any, since the close of business on the immediately preceding Distribution Date *[pursuant to Section 3(b) of the Defeasance Agreement]* | $__________ |
| (c) Aggregate amount withdrawn from the Class A(2021-2) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2021-2) Notes, if any, and distributed to Class A(2021-2) Noteholders with respect to the current Distribution Date *[pursuant to Section 6(c)(i) of the Defeasance Agreement, this amount is due on the Class A(2021-2) Expected Maturity Date]* | $__________ |

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<sup>1</sup> Note: Bracketed information is intended for internal purposes, to cross-reference to operational provisions of the Defeasance Agreement relating to the related line-item in the Form of Monthly Servicer Certificate.

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| | |
|:---|:---|
| (d) Aggregate amount, if any, withdrawn from the Class A(2021-2) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date *[pursuant to Section 6(c)(ii) of the Defeasance Agreement, this is the amount that remains in the Class A(2021-2) Defeasance Principal Funding Accounts on the Class A(2021-2) Expected Maturity Date after giving effect to the distribution in Item 4(c) above]* | $__________ |
| (e) Aggregate amount credited to the Class A(2021-2) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $__________ |

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5.  **<u>Information Concerning Class</u> <u>A(2023-1) Defeasance Interest Funding Account</u>** 

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| | |
|:---|:---|
| (a) Amount credited to the Class A(2023-1) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $__________ |
| (b) Amount of Class A(2023-1) Note Interest withdrawn from the Class A(2023-1) Defeasance Interest Funding Account with respect to the current Distribution Date *[pursuant to the first sentence of Section 6(d) of the Defeasance Agreement]* | $__________ |
| (c) Amount, if any, withdrawn from the Class A(2023-1) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date *[pursuant to the third sentence of Section 6(d) of the Defeasance Agreement, this is the amount that remains in the Class A(2023-1) Defeasance Interest Funding Account on the Class A(2023-1) Expected Maturity Date after giving effect to the distribution in Item 5(b) above]* | $__________ |
| (d) Amount credited to the Class A(2023-1) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $__________ |

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6.  **<u>Information Concerning Class</u> <u>A(2023-1) Defeasance Principal Funding Accounts</u>** 

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| | |
|:---|:---|
| (a) Aggregate amount credited to the Class A(2023-1) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $__________ |

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| | |
|:---|:---|
| (b) Amount of interest and earnings on any Permitted Investment credited to the Class A(2023-1) Supplemental Defeasance Principal Funding Accounts, if any, since the close of business on the immediately preceding Distribution Date *[pursuant to Section 3(c) of the Defeasance Agreement]* | $__________ |
| (c) Aggregate amount withdrawn from the Class A(2023-1) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2023-1) Notes, if any, and distributed to Class A(2023-1) Noteholders with respect to the current Distribution Date *[pursuant to Section 6(e)(i) of the Defeasance Agreement, this amount is due on the Class A(2023-1) Expected Maturity Date]* | $__________ |
| (d) Aggregate amount, if any, withdrawn from the Class A(2023-1) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date *[pursuant to Section 6(e)(ii) of the Defeasance Agreement, this is the amount that remains in the Class A(2023-1) Defeasance Principal Funding Accounts on the Class A(2023-1) Expected Maturity Date after giving effect to the distribution in Item 6(c) above]* | $__________ |
| (e) Aggregate amount credited to the Class A(2023-1) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $__________ |

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7.  **<u>Information Concerning Class</u> <u>A(2023-2) Defeasance Interest Funding Account</u>** 

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| | |
|:---|:---|
| (a) Amount credited to the Class A(2023-2) Defeasance Interest Funding Account at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $__________ |
| (b) Amount of Class A(2023-2) Note Interest withdrawn from the Class A(2023-2) Defeasance Interest Funding Account with respect to the current Distribution Date *[pursuant to the first sentence of Section 6(f) of the Defeasance Agreement]* | $__________ |
| (c) Amount, if any, withdrawn from the Class A(2023-2) Defeasance Interest Funding Account and paid to the Beneficiary with respect to the current Distribution Date *[pursuant to the third sentence of Section 6(f) of the Defeasance Agreement, this is the amount that remains in the Class A(2023-2) Defeasance Interest Funding Account on the Class A(2023-2) Expected Maturity Date after giving effect to the distribution in Item 7(b) above]* | $__________ |

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| | |
|:---|:---|
| (d) Amount credited to the Class A(2023-2) Defeasance Interest Funding Account at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $__________ |

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8.  **<u>Information Concerning Class</u> <u>A(2023-2) Defeasance Principal Funding Accounts</u>** 

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| | |
|:---|:---|
| (a) Aggregate amount credited to the Class A(2023-2) Defeasance Principal Funding Accounts at the close of business on the immediately preceding Distribution Date (or, in the case of the first Distribution Date, on December 18, 2025) | $__________ |
| (b) Amount of interest and earnings on any Permitted Investment credited to the Class A(2023-2) Supplemental Defeasance Principal Funding Accounts, if any, since the close of business on the immediately preceding Distribution Date *[pursuant to Section 3(d) of the Defeasance Agreement]* | $__________ |
| (c) Aggregate amount withdrawn from the Class A(2023-2) Defeasance Principal Funding Accounts in respect of unpaid amounts of principal with respect to the Class A(2023-2) Notes, if any, and distributed to Class A(2023-2) Noteholders with respect to the current Distribution Date *[pursuant to Section 6(g)(i) of the Defeasance Agreement, this amount is due on the Class A(2023-2) Expected Maturity Date]* | $__________ |
| (d) Aggregate amount, if any, withdrawn from the Class A(2023-2) Defeasance Principal Funding Accounts and paid to the Beneficiary with respect to the current Distribution Date *[pursuant to Section 6(g)(ii) of the Defeasance Agreement, this is the amount that remains in the Class A(2023-2) Defeasance Principal Funding Accounts on the Class A(2023-2) Expected Maturity Date after giving effect to the distribution in Item 8(c) above]* | $__________ |
| (d) Aggregate amounts credited to the Class A(2023-2) Defeasance Principal Funding Accounts at the close of business on the current Distribution Date after taking into account all withdrawals and distributions on or prior to such Distribution Date | $__________ |

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| |
|:---|
| **CAPITAL ONE, NATIONAL ASSOCIATION**,<br> as Master Servicer |
| By: |

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## Exhibit 4.5

**Exhibit 4.5** 

**EXECUTION VERSION** 

**REASSIGNMENT AND RELEASE** 

REASSIGNMENT AND RELEASE, dated as of December 18, 2025 (this "<u>Reassignment</u>"), among Discover Funding LLC, a Delaware limited liability company (the "<u>Transferor</u>"), Capital One, National Association (as successor by merger to Discover Bank, the "<u>Master Servicer</u>" and "<u>Service</u>r"), and U.S. Bank Trust Company, National Association, a national banking association (the "<u>Trustee</u>"), pursuant to the Pooling and Servicing Agreement referred to below.

<u>W I T N E S S E T H</u>:

WHEREAS, the Transferor, the Master Servicer and Servicer, and the Trustee are parties to the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025 (hereinafter as such agreement may have been, or may from time to time be, amended, restated, supplemented or otherwise modified, the "<u>Pooling and Servicing Agreement</u>");

WHEREAS, upon the termination of the Transferor's obligations and responsibilities with respect to the Discover Card Master Trust I (the "<u>Trust</u>") and termination of the Trust itself pursuant to Section 12.01 of the Pooling and Servicing Agreement (subject to the survival of any such obligations and responsibilities pursuant to the terms of the Pooling and Servicing Agreement or any other agreement to which the Transferor is a party or has acknowledged and agreed), the Trustee shall distribute to the Holder of the Transferor Certificate any Receivables and Interchange and cash remaining in the Trust in respect of the Transferor Interest pursuant to Section 12.03 of the Pooling and Servicing Agreement;

WHEREAS, subject to the terms and conditions hereof, the Trustee is hereby directed to distribute to the Holder of the Transferor Certificate any such Receivables and Interchange and cash remaining in the Trust in respect of the Transferor Interest;

WHEREAS, the conditions to termination of the Transferor's obligations and responsibilities with respect to the Trust and termination of the Trust have been satisfied or waived;

NOW, THEREFORE, the Transferor, the Master Servicer and Servicer, and the Trustee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All terms defined in the Pooling and Servicing Agreement and used herein shall have such defined meanings when used herein, unless otherwise defined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Designation of Accounts</u>. <u>Schedule 1</u> to this Reassignment shall list each Account, the Receivables of which the Trustee is directed by the Transferor, the Master Servicer and the Servicer to be reassigned and released pursuant to Section 3 below, such list to be delivered on or before January 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reassignment and Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee does hereby transfer, assign, set-over and otherwise convey to the Transferor, without recourse, representation or warranty (except as set forth in Section 7 hereof),

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on and after the date hereof, all right, title and interest of the Trustee in and to, and the Trustee does hereby release its security interest in, each and every Receivable whether now existing or hereafter created in the Accounts designated hereby, all monies due or to become due with respect thereto (including all Collections and Finance Charge Receivables), all Interchange, and all proceeds of such Receivables and Interchange and all cash remaining in the Trust in respect of the Transferor Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with such transfer, assignment, set-over and conveyance, the Trustee agrees to execute and deliver to the Holder of the Transferor Certificate on or prior to the date hereof, such instruments of transfer and assignment including, without limitation, any document necessary to release the Trustee's security interest in such Receivables and Interchange, and such proceeds thereof, and to release any filing evidencing or perfecting such security interest, in each case without recourse, representation or warranty (except as set forth in Section 7 hereof), and in each case as shall be reasonably requested by the Holder of the Transferor Certificate to vest in the Holder of the Transferor Certificate all right, title and interest which the Trust or Trustee had in such Receivables and Interchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of the Transferor</u>. This Reassignment constitutes a legal, valid and binding obligation of the Transferor enforceable against the Transferor in accordance with its terms, except as the foregoing may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors' rights and remedies in general or the rights and remedies of creditors of national banking associations, state banking corporations or similar financial institutions and except as such enforceability may be limited by general principles of equity, whether considered in a suit at law or in equity, and by the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties of the Trustee</u>. Since the date of transfer by the Transferor under the Pooling and Servicing Agreement, the Trustee has not sold, transferred or encumbered any Receivable, Interchange or any interest in either.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Counterparts; Electronic Execution</u>. This Reassignment may be executed in multiple counterparts, each of which shall be deemed an original but all of which, taken together, shall constitute one and the same instrument. Each of the parties hereto agrees that this transaction may be conducted by electronic means. Any signature (including, without limitation, (x) any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record and (y) any facsimile or .pdf signature) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereto hereby waive any objection to the contrary. Each party agrees, and acknowledges that it is such party's intent, that if such party signs this Reassignment using an electronic signature, it is signing, adopting, and accepting this Reassignment and that signing this Reassignment using an electronic signature is the legal

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equivalent of having placed its handwritten signature on this Reassignment on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Reassignment in a usable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Governing Law</u>. THIS REASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Recitals</u>. The Trustee assumes no responsibility for the correctness of the recitals contained herein. The Trustee makes no representations as to the validity or sufficiency of this Agreement or any related document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>. The rights, powers, indemnities and immunities of the Trustee under the Pooling and Servicing Agreement shall survive this Reassignment and shall apply, *mutatis mutandis*, to this Reassignment.

*(signature page follows)*

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IN WITNESS WHEREOF, the undersigned have caused this Reassignment to be duly executed and delivered by their respective duly authorized officers on the day and year first above written.

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| | |
|:---|:---|
| **DISCOVER FUNDING LLC**, as Transferor | **DISCOVER FUNDING LLC**, as Transferor |
| By: | /s/ Eric D. Bauder |
| Name: Eric D. Bauder | Name: Eric D. Bauder |
| Title: Assistant Vice President, Treasurer | Title: Assistant Vice President, Treasurer |
| **CAPITAL ONE, NATIONAL ASSOCIATION**, as Master Servicer and Servicer | **CAPITAL ONE, NATIONAL ASSOCIATION**, as Master Servicer and Servicer |
| By: | /s/ Franco E. Harris |
| Name: Franco E. Harris | Name: Franco E. Harris |
| Title: Treasurer | Title: Treasurer |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Trustee | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**, not in its individual capacity, but solely as Trustee |
| By: | /s/ Christopher J. Nuxoll |
| Name: Christopher J. Nuxoll | Name: Christopher J. Nuxoll |
| Title: Vice President | Title: Vice President |

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[Funding Reassignment]

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**<u>Schedule 1</u>**

**Account List** 

[To Be Delivered to the Trustee in accordance with Section 2]

## Exhibit 4.6

**Exhibit 4.6** 

**EXECUTION VERSION** 

**RECONVEYANCE OF RECEIVABLES** 

RECONVEYANCE OF RECEIVABLES, dated as of December 18, 2025, between Discover Funding LLC, a Delaware limited liability company ("<u>Funding</u>" or the "<u>Transferor</u>") and Capital One, National Association, a national banking association ("<u>CONA</u>").

<u>W I T N E S S E T H</u>:

WHEREAS, CONA (including as successor to Discover Bank) sold certain credit card receivables it originated to Funding under that certain Receivables Sale and Contribution Agreement, dated as of December 22, 2015, as amended and restated by the Amended and Restated Receivables Sale and Contribution Agreement, dated as of May 18, 2025 (hereinafter as such agreement may have been, or may from time to time be, amended, restated, supplemented or otherwise modified, the "<u>RSCA</u>"), which Funding further transferred to Discover Card Master Trust I ("<u>DCMT</u>") under that certain Third Amended and Restated Pooling and Servicing Agreement, dated as of December 22, 2015, as amended and restated by the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025 (hereinafter as such agreement may have been, or may from time to time be, amended, restated, supplemented or otherwise modified "<u>Pooling and Servicing Agreement</u>"), each by and between Funding, as Transferor, CONA, as Master Servicer and Servicer, and U.S. Bank Trust Company ("<u>USBTC</u>"), as Trustee;

WHEREAS, pursuant to a certain Reassignment and Release Agreement, dated as of December 18, 2025, among Funding, CONA, as Master Servicer and Servicer, and U.S. Bank Trust Company, National Association, Funding owns 100% of all the Receivables assigned to it pursuant to the terms therein; and

WHEREAS, Funding is willing to reconvey, and CONA desires to acquire, the Receivables subject to the terms and conditions hereof.

NOW, THEREFORE, Funding and CONA hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Defined Terms</u>. All terms defined in the RSCA or, if not defined therein, in the Pooling and Servicing Agreement and used herein shall have such defined meanings when used herein, unless otherwise defined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Designation of Accounts</u>. <u>Schedule 1</u> to this Reconveyance shall list each Account, the Receivables of which Funding will transfer, assign and reconvey to CONA pursuant to Section 3 below, such list to be delivered on or before January 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reconveyance of Receivables</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Funding does hereby transfer, assign, and reconvey to CONA, without recourse, representation or warranty, on and after the date hereof, all right, title and interest of Funding in and to each and every Receivable whether now existing or hereafter created in the Accounts designated hereby, all monies due or to become due with respect thereto (including all Collections and Finance Charge Receivables), all Interchange, and all proceeds of such Receivables and Interchange (collectively, the "<u>Reconveyed Assets</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with such transfer, Funding agrees, at its own expense, on or prior to the date of this Conveyance to indicate, or to cause to be indicated, in the books and records (including its computer files) of the Servicer the Receivables conveyed hereby, and to execute and deliver to CONA on or prior to the date of this Conveyance, such financing statements as CONA may reasonably request and which shall be prepared by Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Purchase Price</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CONA must pay to Funding the purchase price described in this Section 4 (the "<u>Purchase Price</u>") in return for the related Reconveyed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchase Price for the Receivables to be reconveyed to CONA under this Agreement that are or come into existence on or after the date hereof shall be equal to the fair market value of the Receivables so conveyed. CONA shall transfer the Purchase Price to Funding as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the fair market value of the Receivables to be transferred is equal to or greater than the book value of such Receivables, (1) an amount equal to the book value of such Receivables shall be due and payable by CONA to Funding and (2) Funding shall be deemed to have made a capital distribution to CONA to the extent of any excess of the fair market value over the book value of such Receivables; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the fair market value of the Receivables to be transferred is less than the book value of such Receivables, an amount equal to the fair market value of such Receivables shall be due and payable by CONA to Funding;

*provided* that, if Funding elects, in its sole discretion, an amount equal to the portion of the Purchase Price for such Receivables not paid by CONA shall be deemed to be a repayment by Funding to CONA under the Long Term Intercompany Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any portion of the Purchase Price that is not (i) deemed a repayment under the Long Term Intercompany Note or (ii) deemed a capital distribution, in each case pursuant to clause (b) above, shall be payable by CONA to Funding in immediately available funds on the date (the "Purchase Price Payment Date") mutually selected by Funding and CONA; *provided* that the Purchase Price Payment Date for any Receivables and other Conveyed Assets shall not be later than the fifth Business Day of January 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of Funding and CONA hereby agree that the Purchase Price is fair and adequate consideration for the Reconveyed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Adjustments to Purchase Price</u>. With respect to any Receivable to which any adjustment without payment by or on behalf of an Obligor is made including, but not limited to, any Receivable that (1) was created as a result of fraudulent or counterfeit charge, (2) the servicer with respect to such Receivable otherwise adjusts, increases, reduces, modifies or cancels in accordance with the applicable Credit Guidelines (as defined in the without receiving cash or other payment therefor by the Obligor with respect to such Receivable, (3) was created in respect of merchandise returned by the Obligor thereunder or (4) was created or cancelled through an Account Combination, the parties hereto will increase or decrease the Purchase Price

------

(a "<u>Purchase Price Adjustment</u>"). The amount of that Purchase Price Adjustment is equal to the amount by which that Receivable has been reduced or increased; *provided* that no Purchase Price Adjustment for any Receivables and other Conveyed Assets shall be made later than the 90<sup>th</sup> day following the Purchase Price Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Transferor</u>. This Conveyance constitutes a legal, valid and binding obligation of the Transferor enforceable against the Transferor in accordance with its terms, except as the foregoing may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors' rights and remedies in general or the rights and remedies of creditors of national banking associations, state banking corporations or similar financial institutions and except as such enforceability may be limited by general principles of equity, whether considered in a suit at law or in equity, and by the discretion of the court before which any proceeding therefor may be brought.

Since the date of transfer by the Transferor has not sold, transferred or encumbered any Receivable, Interchange or any interest in either.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Counterparts; Electronic Execution</u>. This Conveyance may be executed in multiple counterparts, each of which shall be deemed an original but all of which, taken together, shall constitute one and the same instrument. Each of the parties hereto agrees that this transaction may be conducted by electronic means. Any signature (including, without limitation, (x) any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record and (y) any facsimile or .pdf signature) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereto hereby waive any objection to the contrary. Each party agrees, and acknowledges that it is such party's intent, that if such party signs this Conveyance using an electronic signature, it is signing, adopting, and accepting this Conveyance and that signing this Conveyance using an electronic signature is the legal equivalent of having placed its handwritten signature on this Conveyance on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Conveyance in a usable format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Governing Law</u>. THIS CONVEYANCE SHALL BE CONSTRUED IN ACCORDANCE WITH THE 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.**

*(signature page follows)* 

------

IN WITNESS WHEREOF, the undersigned have caused this Conveyance to be duly executed and delivered by their respective duly authorized officers on the day and year first above written.

---

| | |
|:---|:---|
| **DISCOVER FUNDING LLC** | **DISCOVER FUNDING LLC** |
| By: | /s/ Eric D. Bauder |
| Name: | Eric D. Bauder |
| Title: | Assistant Vice President, Treasurer |
| **CAPITAL ONE, NATIONAL ASSOCIATION** | **CAPITAL ONE, NATIONAL ASSOCIATION** |
| By: | /s/ Franco E. Harris |
| Name: | Franco E. Harris |
| Title: | Treasurer |

---

[CONA Reconveyance]

------

**<u>Schedule 1</u>**

**Account List** 

[To Be Delivered to CONA in accordance with Section 2]

## Exhibit 4.7

**Exhibit 4.7** 

**EXECUTION VERSION** 

TERMINATION AND CONSENT AGREEMENT

This TERMINATION AND CONSENT AGREEMENT, dated as of December 18, 2025 (this "<u>Agreement</u>"), is made among DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust organized under the laws of the State of Delaware, as Issuer (the "<u>Issuer</u>"), CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association (*"*<u>CONA</u>*"*), as Master Servicer and Calculation Agent for the Issuer, and FTI CONSULTING, INC., a Maryland corporation, as Asset Representations Reviewer (the "<u>Asset Representations Reviewer</u>").

*Background* 

WHEREAS, the Issuer, CONA and the Asset Representations Reviewer are parties to the Amended and Restated Asset Representations Review Agreement, dated as of May 18, 2025 (the "<u>Amended and Restated ARR Agreement</u>"), where the Issuer engaged the Asset Representations Reviewer to perform reviews of compliance by the applicable Account Owner and Discover Funding LLC with representations and warranties relating to certain Receivables made by such Account Owner and Discover Funding, and CONA, the Issuer and the Asset Representation Reviewer mutually developed the review procedures specified therein.

WHEREAS, the Issuer has, pursuant to Section 1310 of the Second Amended and Restated Indenture, dated as of May 18, 2025, as further amended by Amendment No. 1 thereto, dated as of December 18, 2025 (as amended, restated or otherwise modified prior to the date hereof, the "<u>Base Indenture</u>"), as supplemented by the Third Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of May 18, 2025, as supplemented, in each case, by a Terms Document relating to a tranche of Notes currently outstanding (each, as so amended, restated, supplemented, or otherwise modified prior to the date hereof, the "<u>Indenture Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), each by and between the Issuer and U.S. Bank Trust Company, National Association, a national banking association ("<u>USBTC</u>"), as Indenture Trustee (the "<u>Indenture Trustee</u>"), elected to discharge its obligations under the Indenture (except, for the avoidance of doubt, with respect to those obligations set forth in the proviso to Section 1310(a) of the Indenture) by defeasing the outstanding Class A Notes (the "<u>Defeasance</u>") pursuant to the terms of a Defeasance Agreement, dated as of the date hereof (the "<u>Defeasance Agreement</u>"), by and among the Issuer, USBTC, in its capacity as Indenture Trustee and as Paying Agent, and U.S. Bank, National Association, a national banking association, in its capacity as Securities Intermediary;

WHEREAS, the Defeasance became effective as of December 18, 2025 (the "<u>Effective Date</u>");

WHEREAS, in connection with the Defeasance, the collateral securing the Class A Notes, which consists of, among other things, the Series 2007-CC Collateral Certificate and the related proceeds held by the Issuer, was released from the lien of the Indenture and the 2007-CC Collateral Certificate cancelled on the Effective Date;

WHEREAS, subsequent to the cancellation of the Series 2007-CC Collateral Certificate, Discover Master Trust I ("<u>DCMT</u>") was terminated as provided in Article XII of the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025, as further

*Termination and Consent Agreement*

------

amended by Amendment No. 1 thereto dated as of December 18, 2025 (as amended, restated, supplemented or otherwise amended prior to the date hereof, the "<u>PSA</u>"), as supplemented by the Second Amended and Restated Series 2007-CC Supplement, dated of May 18, 2025, as further amended by Amendment No. 1 thereto, dated as of December 18, 2025 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the "<u>Series Supplement</u>" and, together with the PSA, the "<u>Pooling and Servicing Agreement</u>"), among CONA, as Master Servicer and Servicer, Funding, as Transferor, and USBTC, as Trustee;

WHEREAS, as a result of the Defeasance and subsequent cancellation of the 2007-CC Collateral and termination of DCMT, the parties agree that the engagement of the Asset Representation Reviewer is no longer necessary; and

WHEREAS, all parties hereto desire to terminate the Amended and Restated ARR Agreement as of the date hereof.

*Agreement* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Definitions.* Capitalized terms used and not otherwise defined in this Agreement are used as defined in (or by reference in) the Amended and Restated ARR Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Payments.* On or before 5:00 p.m. (New York time) on December 18, 2025, CONA shall pay to the Asset Representations Reviewer, the final amounts due under the Amended and Restated ARR Agreement.

The parties hereto agree that the payment above represents all sums due and payable with respect to the Amended and Restated ARR Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Consent*. Each of the parties, by its signature below, hereby consents to the termination of the Amended and Restated ARR Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Binding Effect*. This Agreement shall be binding on the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WITHOUT REFERENCE TO ANY CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which, when executed, shall be deemed an original, but all of which together shall constitute one and the same instrument. The words "executed," "signed," "signature," and words of like import in this Agreement or

2 *Termination and Consent Agreement*

------

in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

[Signatures Follow]

3 *Termination and Consent Agreement*

------

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | |
|:---|:---|
| DISCOVER CARD EXECUTION NOTE TRUST, | DISCOVER CARD EXECUTION NOTE TRUST, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Issuer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Issuer |
| By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee | By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee |
| By: | /s/ Drew H. Davis |
| Name: Drew H. Davis | Name: Drew H. Davis |
| Title: Vice President | Title: Vice President |
| CAPITAL ONE, NATIONAL ASSOCIATION, | CAPITAL ONE, NATIONAL ASSOCIATION, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Master Servicer and Servicer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Master Servicer and Servicer |
| By: | /s/ Franco E. Harris |
| Name: Franco E. Harris | Name: Franco E. Harris |
| Title: Treasurer | Title: Treasurer |
| FTI CONSULTING, INC., | FTI CONSULTING, INC., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Asset Representations Reviewer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Asset Representations Reviewer |
| By: | /s/ Vincent J. Varca |
|  | Name: Vincent J. Varca |
|  | Title: Managing Director |

---

S-1 *Termination and Consent Agreement*

## Exhibit 4.8

**Exhibit 4.8** 

**EXECUTION VERSION** 

OMNIBUS TERMINATION ACKNOWLEDGEMENT

This OMNIBUS TERMINATION ACKNOWLEDGEMENT dated as of December 18, 2025 (this "<u>Acknowledgement</u>"), is made among DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust organized under the laws of the State of Delaware, as issuer (the "<u>Issuer</u>"), DISCOVER FUNDING LLC, a Delaware limited liability company ("<u>Funding</u>"), in its capacity as transferor (the "<u>Transferor</u>"), and CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association (*"*<u>CONA</u>*"*), in its capacity as master servicer, servicer and seller (individually, "<u>Master Servicer</u>," "<u>Servicer</u>" and "<u>Seller</u>").

*Background* 

WHEREAS, the Issuer has, pursuant to Section 1310 of the Second Amended and Restated Indenture, dated as of May 18, 2025, as further amended by Amendment No. 1 thereto, dated as of December 18, 2025 (as amended, restated or otherwise modified prior to the date hereof, the "<u>Base Indenture</u>"), as supplemented by the Third Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of May 18, 2025, as supplemented, in each case, by a Terms Document relating to a tranche of Notes currently outstanding (each, as so amended, restated, supplemented, or otherwise modified prior to the date hereof, the "<u>Indenture Supplement</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), each by and between the Issuer and U.S. Bank Trust Company, National Association ("USBTC"), in its capacity as indenture trustee (the "<u>Indenture Trustee</u>"), elected to discharge its obligations under the Indenture (except, for the avoidance of doubt, with respect to those obligations set forth in the proviso to Section 1310(a) of the Indenture) by defeasing the outstanding Class A Notes (the "<u>Defeasance</u>") pursuant to the terms of a Defeasance Agreement, dated as of the date hereof (the "Defeasance Agreement"), by and among the Issuer, USBTC, in its capacity as Indenture Trustee and as paying agent, and U.S. Bank National Association, in its capacity as securities intermediary;

WHEREAS, the Defeasance became effective as of December 18, 2025;

WHEREAS, pursuant to subsection 603(b) of the Indenture, upon consummation of the Defeasance, as directed by Funding, on behalf of the Issuer, the Indenture Trustee caused the Subordinated Notes held by Funding or any of its Affiliates to be repaid and canceled without surrender or presentment, whereupon the Subordinated Notes were no longer Outstanding;

WHEREAS, upon cancellation of the Subordinated Notes, the Indenture Trustee assigned, transferred and delivered the Series 2007-CC Collateral Certificate (the "<u>Investor Certificate</u>") and all other Collateral set forth in the Granting Clause of the Indenture to the Transferor in accordance with Section 1310(d) of the Indenture on December 18, 2025;

WHEREAS, upon assignment, transfer and delivery of the Investor Certificate and all other Collateral set forth in the Granting Clause of the Indenture to the Transferor in accordance with the terms of the Defeasance Agreement, the Series Termination Date occurred;

WHEREAS, upon the occurrence of such Series Termination Date, Funding canceled the Investor Certificate in accordance with Section 6.14 of the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025, as further amended by Amendment No. 1 thereto dated as of the date hereof (as amended, restated, supplemented or otherwise amended prior

*Omnibus Termination Acknowledgement*

------

to the date hereof, the "<u>PSA</u>"), as supplemented by the Second Amended and Restated Series 2007-CC Supplement, dated of May 18, 2025, as further amended by Amendment No. 1 thereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified prior to the date hereof, the "<u>Series Supplement</u>" and, together with the PSA, the "<u>Pooling and Servicing Agreement</u>"), among CONA, as Master Servicer and Servicer, Funding, as Transferor, and USBTC, in its capacity as trustee (the "<u>Trustee</u>");

WHEREAS, pursuant to subsection 12.02(b) and Section 12.03 of the Pooling and Servicing Agreement, upon the termination of the Transferor's obligations and responsibilities with respect to DCMT pursuant to Section 12.01 of the Pooling and Servicing Agreement and the surrender, if applicable, of any certificated Transferor Certificate, the Trustee executed a written reconveyance pursuant to which it distributed and transferred all right, title and interest of DCMT in the Receivables and Interchange, whether then existing or thereafter created, any cash remaining in DCMT in respect of the Transferor Interest, and all proceeds of any of the above to the Holder of the Transferor Certificate, such distribution having been made without recourse, representation or warranty except for the warranty that since the date of transfer by the Transferor under the Pooling and Servicing Agreement, the Trustee has not sold, transferred or encumbered any such Receivables, Interchange or interests in either;

WHEREAS, Funding conveyed such money and property received pursuant to the reconveyance to CONA;

WHEREAS, Section 8.1 of the Amended and Restated Receivables Sale and Contribution Agreement, dated as of May 18, 2025 (the "<u>Receivables Sale and Contribution Agreement"),</u> between CONA and Funding, provides that the Receivables Sale and Contribution Agreement shall continue until the termination of DCMT as provided in Article XII of the Pooling and Servicing Agreement;

WHEREAS, the parties to the Risk and Retention Agreements executed in connection with the outstanding Class A(2021-2) Notes, Class A (2023-1) Notes and Class A(2023-2) Notes (the "<u>Risk Retention Agreements</u>"), among CONA, Funding and the Issuer agree to terminate such Risk Retention Agreements pursuant to subsection 6(d) thereof; and

WHEREAS, all parties hereto desire to acknowledge the termination of the Receivables Sale and Contribution Agreement and the Risk Retention Agreements.

*Acknowledgement* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Definitions.* Capitalized terms used and not otherwise defined in this Agreement are used as defined in (or by reference in) the Indenture, the Pooling and Servicing Agreement, the Receivables Sale and Contribution Agreement and the Risk Retention Agreements, as applicable.

2 *Omnibus Termination Acknowledgement*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Acknowledgement of the Terminations*. Pursuant to Section 8.1(d) of the Receivables Sale and Contribution Agreement and Section 6(d) of the Risk Retention Agreements, each of the Receivables Sale and Contribution Agreement and the Risk Retention Agreements shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Binding Effect*. This Acknowledgement shall be binding on the parties hereto and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) THIS ACKNOWLEDGMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, WITHOUT REFERENCE TO ANY CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section headings contained in this Acknowledgement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Acknowledgement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Acknowledgement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which, when executed, shall be deemed an original, but all of which together shall constitute one and the same instrument. The words "executed," "signed," "signature," and words of like import in this Acknowledgement or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Acknowledgment is executed by Wilmington Trust Company, not in its individual capacity but solely as owner trustee (the "<u>Owner Trustee</u>") on behalf of the Issuer and the Owner Trustee shall incur no personal liability in connection herewith or the transactions contemplated hereby.

[Signatures Follow]

3 *Omnibus Termination Acknowledgement*

------

IN WITNESS WHEREOF, the parties have caused this Acknowledgement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | |
|:---|:---|
|  DISCOVER CARD EXECUTION NOTE TRUST, as Issuer | DISCOVER CARD EXECUTION NOTE TRUST, as Issuer |
| By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee | By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee |
| By: | /s/ Drew H. Davis |
| Name: | Drew H. Davis |
| Title: | Vice President |
|  CAPITAL ONE, NATIONAL ASSOCIATION, as Master Servicer, Servicer and Seller | CAPITAL ONE, NATIONAL ASSOCIATION, as Master Servicer, Servicer and Seller |
| By: | /s/ Franco E. Harris |
| Name: | Franco E. Harris |
| Title: | Treasurer |
|  DISCOVER FUNDING, LLC as Transferor | DISCOVER FUNDING, LLC as Transferor |
| By: | /s/ Eric D. Bauder |
|  | Name:Eric D. Bauder |
|  | Title: Assistant Vice President, Treasurer |

---

S-1 *Omnibus Termination Acknowledgement*