Document:

Commercial Promissory Note dated February 1, 2008

 EXHIBIT 10.1 
 Customer No. 
 Loan No. 
  

			
	 RBC Centura Bank
	  	Commercial Promissory Note
(UNSD – F&V)
		
	 $7,500,000.00
	  	Raleigh, North Carolina
		  	February 1, 2008
	 Original Loan
	  	

 FOR VALUE RECEIVED, the undersigned (whether one or more, “Borrower”) promises to pay to RBC CENTURA
BANK (“Bank”), or order, the sum of Seven Million Five Hundred Thousand Dollars ($7,500,000.00), or so much thereof as shall have been disbursed from time to time and remains unpaid, together with interest at the rate and payable in
the manner hereinafter stated. Principal and interest shall be payable at any banking office of Bank in the city or town indicated above, or such other place as the holder of this Note may designate. 
 Article I. Interest Rate. 
 Section 1.1. Rate of
Accrual. Interest will accrue on the unpaid principal balance at the rate set forth in Section 1.2.1. until demand by Bank for payment of this Note. Interest will accrue on any unpaid balance owing under this Note, whether principal,
interest, fees, premiums, charges or costs and expenses, after demand at the rate set forth in Section 1.2.2. All accrual rates of interest under this Note will be contract rates of interest, whether a pre-default rate or a default rate,
and references to contract rates in any loan documents executed and delivered by Borrower or others to Bank in connection with this Note shall be to such contract rates. 
 Section 1.2. Interest Rates. 
 1.2.1. Pre-Default Rate. Subject to the provisions of
Section 1.2.2. below, interest payable on this Note per annum will accrue at 81 basis points over the LIBOR Base Rate. The “LIBOR Base Rate” is the London Interbank Offer Rate for United States Dollars for a term of one month
which appears on Telerate Page 3750, Bloomberg Professional Screen BBAM (or any generally recognized successor method or means of publication) as of 11:00 a.m., London time, two (2) London business days prior to the day on which the rate will
become effective. The rate for the first month or part thereof will initially become effective on the date of the Note as shown on the face hereof. Thereafter, the rate will change and a new rate will become effective on the first calendar day of
each succeeding month. If for any reason the London Interbank Offer Rate is not available, then the “LIBOR Base Rate” shall mean the rate per annum which banks charge each other in a market comparable to England’s Eurodollar market on
short-term money in U.S. Dollars for an amount substantially equivalent to the principal amount due under this Note as determined at 11:00 A.M., London time, two (2) London business days prior to the day on which the rate will become effective,
as determined in the Bank’s sole discretion. Bank’s determination of such interest rate shall be conclusive, absent manifest error. 
 1.2.2. Default Rate. Upon the nonpayment of any payment of interest described herein, Bank, at its option and without demanding payment of this Note, may accrue interest on such unpaid interest at a rate per annum (“Default
Rate”) equal to the lesser of the maximum contract rate of interest that may be charged to and collected from Borrower on the loan evidenced by this Note under applicable law or five percent (5.0%) plus the pre-default interest rate
otherwise applicable hereunder, as set forth in Section 1.2.1. After demand for payment, interest will accrue on the unpaid principal of this Note, any accrued but unpaid interest and all fees, premiums, charges and costs and expenses
owing hereunder at the Default Rate until this Note is paid in full, whether this Note is paid in full pre-judgement or post-judgement. 
  

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 1.2.3. Variable Rate; Calculation of Interest. 
 1.2.3.1. Variable Rate. This is a variable rate note. Any change in the rate of interest payable under this Note will equal the change in the
variable rate index to which such rate is tied, but the rate at which interest accrues under this Note shall never exceed the maximum contract rate which may be charged to and collected from Borrower on the loan evidenced by this Note under
applicable law. Bank shall have no obligation to notify Borrower of adjustments in the rate of interest payable under this Note. Adjustments to the rate of interest will be effective on the date of change in the variable rate index. 
 1.2.3.2. Calculation of Interest. All interest payable under this Note shall be calculated on the basis of the actual number of days elapsed and a
year of three hundred sixty (360) days. In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and the day on which
funds are repaid shall be included unless repayment is credited prior to close of business. Payments in federal funds, immediately available in the place designated for payment, received by Bank prior to 2:00 p.m. local time at said place of
payment, shall be credited as if received prior to close of business on the day the funds are immediately available; while other payments, at the option of Bank, may not be credited until such payments are immediately available to Bank, in federal
funds, in the place designated for payment, prior to 2:00 p.m. local time at said place of payment on a day on which Bank is open for business. 
 Article II. Payment Terms. 
 Section 2.1. Interest Payment Terms. Interest shall be payable with principal and the payment set forth in
Section 2.2 below includes both principal and interest. 
 Section 2.2. Principal Payment Terms. Principal and interest shall be payable
on the earlier of DEMAND or February 1, 2010. 
 Section 2.3. Prepayment. This Note may be prepaid in whole, or in part in multiples of
$1,000,000.00, at any time without any prepayment premium. 
 Section 2.4. Application of Payments. All payments made on this Note shall be applied
first to payment of all late fees, charges, premiums and costs and expenses due but unpaid under this Note, then to accrued but unpaid interest and finally to principal, in the inverse order of the payment dates therefor, unless Bank determines in
its sole discretion to apply payments in a different order or applicable law requires a different application of payments. The partial prepayment of this Note, if permitted, shall not result in a payment holiday or any other deferral of any
regularly scheduled payments under this Note, all of which shall be made as and when the same are scheduled to be paid. 
 Article III.
Security. 
 This Note is unsecured except for (1) any security documents and other supporting obligations which reference that they secure this Note,
(2) any security documents and other supporting obligations which reference that they secure all indebtedness or other obligations owing from time to time by Borrower to Bank, and (3) any security documents and other supporting obligations
which reference that they secure all indebtedness from time to time owing by Borrower to Bank other than consumer credit as defined under the Federal Reserve Board’s Regulation Z (Truth-in-Lending)(12 CFR 226 et. Seq.) (“security
documents”). 
 Article IV. Default. 
 Section 4.1. Late Charges and Expenses. Borrower agrees to pay, upon demand by Bank, for each payment past due for fifteen (15) or more calendar days, a late charge in an amount equal to the lesser of (1) four percent
(4%) of the amount of the payment past due, or (2) the maximum percentage of the payment past due permitted by applicable law, or the maximum amount if not expressed as a percentage. If this Note is not paid in full whenever it becomes due
and payable, Borrower agrees to pay all costs and expenses of collection, including reasonable attorneys’ fees. 
 Section 4.2. Demand
Obligation. This Note is payable on demand by Bank and there are no conditions precedent to Bank’s right to demand payment of this Note, in whole or in part, at any time or from time to time, without prior notice, until the entire unpaid
balance outstanding under this Note, including principal, interest, fees, premiums, charges or costs and expenses, is paid in full; and, there are no conditions precedent to Bank exercising any of and 

  

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all of its other rights and remedies under this Note and the other loan documents, as well as any additional rights and remedies it may have at law and it
may have in equity, to recover full payment. 
 Article V. Miscellaneous. 
 Section 5.1. Use and Application of Terms. To the end of achieving the full realization by Bank of its rights and remedies under this Note, including payment in full of the loan evidenced hereby, in using and
applying the various terms, provisions and conditions in this Note, the following shall apply: (1) words in the masculine gender mean and include correlative words of the feminine and neuter genders and words importing the singular numbered
meaning include the plural number, and vice versa; (2) words importing persons include firms, companies, associations, general partnerships, limited partnerships, limited liability partnerships, limited liability limited partnerships, limited
liability companies, trusts, business trusts, corporations and legal entities, including public and quasi-public bodies, as well as individuals; (3) the term “Note” refers to this Commercial Promissory Note, the term “loan
document” refers to this Note, the Commitment Letter (if any), the Loan Agreement (if any) and any security documents and other documents and agreements executed and delivered to Bank or others on Bank’s behalf in connection with this
Note, and the term “Borrower” refers to all signatories of this Note collectively and severally, as the context of this Note requires, and all signatories of this Note shall be and the same are jointly and severally liable hereunder;
(4) as the context requires, the word “and” may have a joint meaning or a several meaning and the word “or” may have an inclusive meaning or an exclusive meaning; (5) the term “subsidiary” means any registered
organization or other organization (i) the majority (by number of votes) of the outstanding voting interests of which is at the time owned or controlled by Borrower, or by one or more subsidiaries of Borrower, or Borrower and one or more
subsidiaries of Borrower, or (ii) otherwise controlled by or within the control of Borrower or any subsidiary; (6) the Commitment Letter (if any) and any other loan documents shall be applied and construed in harmony with each other to the
end that Bank is ensured repayment of the loan evidenced by this Note in accordance with the terms of this Note and such other loan documents, and this Note and the other loan documents shall not be applied, interpreted and construed more strictly
against a person because that person or that person’s attorney drafted this Note or any of the other loan documents; (7) Bank does not intend to and shall not reserve, charge or collect interest, fees or charges hereunder in excess of the
maximum rates or amounts permitted by applicable law and if any interest, fees or charges are reserved, charged or collected in excess of the maximum rates or amounts, it shall be construed as a mutual mistake, appropriate adjustments shall be made
by Bank and to the extent paid, the excess shall be returned to the person making such a payment; and (8) wherever possible each provision of this Note shall be interpreted and applied in such manner as to be effective and valid under
applicable law, but if any provision of this Note shall be prohibited or invalid under such law, or the application thereof shall be prohibited or invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity without invalidating the remainder of such provision or the remaining provisions of this Note, or the application thereof shall be in a manner and to an extent permissible under applicable law. 
 Section 5.2. Documentary and Intangibles Taxes. To the extent not prohibited by law and notwithstanding who is liable for payment of the taxes and fees, Borrower
shall pay, on Bank’s demand, all intangible personal property taxes, documentary stamp taxes, excise taxes and other similar taxes assessed, charged or required to be paid in connection with the loan evidenced by this Note, or any extension,
renewal or modification of such loan, or assessed, charged or required to be paid in connection with any of the loan documents. 
 Section 5.3.
Maintenance of Records by Bank. Bank is authorized to maintain, store and otherwise retain the loan documents in their original, inscribed tangible forms or records thereof in an electronic medium or other non-tangible medium which permits
such records to be retrieved in perceivable forms. 
 Section 5.4. Right of Set-off; Recoupment. Upon demand by Bank for payment of this Note, Bank is
authorized and empowered to apply to the payment hereof, any and all money deposited in Bank in the name of or to the credit of Borrower, without advance notice, and is authorized to offset any obligation of Bank to Borrower to the payment hereof
and is authorized to exercise its rights of recoupment relative to Borrower. 
 Section 5.5. Waiver. Borrower waives presentment, demand, protest and
notice of dishonor, waives any rights which it may have to require Bank to proceed against any other person or property, agrees that without notice to any person and without affecting any person’s liability under this Note, Bank, at any time or
times, may grant extensions of the time for payment or other indulgences to any person or permit the renewal, amendment or modification of this 

  

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Note or any other agreement executed and delivered by any person in connection with this Note, or permit the substitution, exchange or release of the
security (if any) for this Note and may add or release any person primarily or secondarily liable, and agrees that Bank may apply all moneys made available to it from any part of the proceeds from the disposition of the security (if any) for this
Note either to this Note or to any other obligation of Borrower to Bank, as Bank may elect from time to time. No act or inaction of Bank under this Note shall be deemed to constitute or establish a “course of performance or dealing” that
would require Bank to so act or refrain from acting in any particular manner at a later time under similar or dissimilar circumstances. 
 Section 5.6.
Jury and Jurisdiction. This Note shall be governed by and construed in accordance with the substantive laws of the State of North Carolina, excluding, however, the conflict of law and choice of law provisions thereof. Borrower, to the
extent permitted by law, waives any right to a trial by jury in any action arising from or related to this Note. 
 Section 5.7. Successors and
Assigns. This Note shall apply to and bind Borrower’s and Bank’s heirs, personal representatives, successors and assigns. All references in this Note to Bank shall include the holder hereof and this Note shall inure to the benefit of
any holder, its successors and assigns. Borrower acknowledges that Customer Numbers and Loan Numbers may be added to this Note after execution and delivery of this Note by Borrower and if there is a section denoted “BANK USE ONLY”, the
information under such section may also be completed by Bank after execution and delivery of this Note. In addition, in the event the date of this Note is omitted, Borrower consents to Bank inserting the date. 
 Section 5.8. Anti-Money Laundering and Anti-Terrorism. Borrower represents, warrants and covenants to Bank as follows: (1) Borrower (a) is not and shall
not become a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (b) does not engage in and shall not engage in any dealings or transactions prohibited by Section 2 of such executive order, and is not and shall not otherwise become
associated with any such person in any manner violative of Section 2, (c) is not and shall not become a person on the list of Specially Designated Nationals and Blocked Persons, and (d) is not and shall not become subject to the
limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order; (2) Borrower is and shall remain in compliance, in all material respects, with (a) the Trading
with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and
(b) the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001); and (3) Borrower has not and shall not use all or any part of the proceeds, advances or other
amounts or sums evidenced by this Note, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 (Signatures Begin on the Next Page) 
  

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 The undersigned has executed this Note as of the day and year first above stated. 
  

									
	BORROWER:	 		 		 	
			
	Alabama National BanCorporation	 		 	Witness:
				
	By:	 	/s/ William E. Matthews, V	 		 	/s/ Richard Murray, IV
	Print Name:	 	William E. Matthews, V	 		 	Print Name:	 	Richard Murray, IV
	Title:	 	Executive Vice President and Chief Financial Officer	 		 		 	

  

 5Class A(2008-A) Terms Document

 Exhibit 4.1 
 Execution Version 
  
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer

 and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Indenture Trustee 
 CLASS A(2008-A) TERMS DOCUMENT 
 Dated as of January 31, 2008 
 to 
 INDENTURE SUPPLEMENT 
 Dated as of July 26, 2007 
 for the DiscoverSeries Notes 
 to 
 INDENTURE 
 Dated as of July 26, 2007 
  
  

 Execution Version 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I Definitions and Other Provisions of General Application
	  	1
			
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Representations and Warranties of Issuer
	  	6
	 Section 1.03.
	  	 Representations and Warranties of Indenture Trustee
	  	6
	 Section 1.04.
	  	 Limitations on Liability
	  	7
	 Section 1.05.
	  	 Governing Law
	  	7
	 Section 1.06.
	  	 Counterparts
	  	7
	 Section 1.07.
	  	 Ratification of Indenture and Indenture Supplement
	  	7
		
	 ARTICLE II The Class A(2008-A) Notes
	  	8
			
	 Section 2.01.
	  	 Creation and Designation
	  	8
	 Section 2.02.
	  	 Adjustments to Required Subordinated Percentages and Amount
	  	8
	 Section 2.03.
	  	 Interest Payment
	  	8
	 Section 2.04.
	  	 Payments of Interest and Principal; Payments of Increased Costs Amount.
	  	9
	 Section 2.05.
	  	 Variable Liquidation Period.
	  	9
	 Section 2.06
	  	 Form of Class A(2008-A) Notes; Legend; Transfer Restriction
	  	10
	 Section 2.07.
	  	 Delivery and Payment for the Class A(2008-A) Notes
	  	10
	 Section 2.08.
	  	 Additional Early Redemption Events.
	  	11

 Exhibit 
  

			
	Exhibit A	  	Form of Class A Note

  

 i 

 Execution Version 
 THIS CLASS A(2008-A) TERMS DOCUMENT (this “Terms Document”), by and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the
“Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and
entered into as of January 31, 2008. 
 Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of
the DiscoverSeries and shall specify the principal terms thereof. 
 ARTICLE I 
 Definitions and Other Provisions of General Application 
 Section 1.01. Definitions. For
all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined
in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms
used herein which are defined in the Note Purchase Agreement dated as of January 31, 2008, by and among Discover Card Execution Note Trust, Discover Bank, Gotham Funding Corporation and BTMU (as may be amended, supplemented, restated, amended
and restated or otherwise modified from time to time, the “Note Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation; 
 (4) all references in this Terms Document to designated “Articles,”
“Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in the event that any term or
provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the
Class A(2008-A) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2008-A) Notes and no other Tranche of
Notes issued by the Issuer; 

 (7) “including” and words of similar import will be deemed to be followed by “without
limitation”; and 
 (8) for purposes of determining any amount or making any calculation hereunder, such amount or calculation,
(x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any payments,
deposits or other allocations made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Agent” has the meaning set forth in the Note Purchase Agreement.

 “Class A(2008-A) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class A(2008-A) Notes or (b) an Event of Default and acceleration of the Class A(2008-A) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an
Excess Spread Early Redemption Cure has occurred, a Class A(2008-A) Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class A(2008-A) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2008-A) Note and duly executed and authenticated in accordance with the Indenture.

 “Class A(2008-A) Noteholder” means a Person in whose name a Class A(2008-A) Note is registered in the Note Register.

 “Class A(2008-A) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the
Outstanding Dollar Principal Amount of the Class A(2008-A) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Class A(2008-A) Tranche Interest Allocation” for the Class A(2008-A) Notes for any Distribution Date means the Note Interest for the
Class A(2008-A) Notes. 
 “Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is
the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means May 17, 2010. 
 “Expected Principal Payment Date” means each Distribution Date commencing on the Distribution Date in June, 2009; provided, however, if the commencement of the Liquidation Period is
delayed in accordance with Section 2.05, the Expected Principal Payment Date shall mean each Distribution Date specified in the notice of such delay. 
 “Increased Costs Amount” has the meaning set forth in the Note Purchase Agreement. 
  

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 “Indenture” means the Indenture dated as of July 26, 2007 between the Issuer and
Indenture Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 
 “Indenture Supplement” means the Indenture Supplement dated as of July 26, 2007 for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the same may be amended, supplemented, restated,
amended and restated, replaced or otherwise modified from time to time. 
 “Interest Accrual Period” means, with respect to
any Interest Payment Date, the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2008-A) Note, from and including the applicable Issuance Date) to but excluding such
Interest Payment Date. 
 “Interest Payment Date” means the fifteenth day of each month commencing in February 2008, or if
such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means January 31, 2008,
with respect to all Class A(2008-A) Notes issued on the date hereof. 
 “Legal Maturity Date” means November 15, 2012.

 “Liquidation Amount” means $41,666,666.67; provided, however, if the commencement of the Liquidation Period
is delayed in accordance with Section 2.05 of this Terms Document, the Liquidation Amount shall be an amount equal to the Nominal Liquidation Amount as of the first day of the Liquidation Period as so delayed divided by the Liquidation Period
Length (in each case, as adjusted to give effect to any Excess Spread Early Redemption Cure in accordance with Section 4.01(c) of the Indenture Supplement). 
 “Liquidation Commencement Date” means May 1, 2009, or such later date as the Calculation Agent on behalf of the Issuer determines in accordance with Section 2.05 of this Terms Document.

 “Liquidation Period” for these Class A(2008-A) Notes means, unless an Early Redemption Event or an Event of Default for
these Class A(2008-A) Notes shall have occurred prior thereto, the period commencing on the Liquidation Commencement Date and ending on the earlier to occur of (x) the payment in full of the Outstanding Dollar Principal Amount of these Class
A(2008-A) Notes or (y) the occurrence of an Early Redemption Event or an Event of Default for these Class A(2008-A) Notes; provided, however, that if an Excess Spread Early Redemption Cure has occurred with respect to any Excess
Spread Early Redemption Event for these Class A(2008-A) Notes prior to the commencement of the Liquidation Period for these Class A(2008-A) Notes (and no other Early Redemption Event or Event of Default for these Class A(2008-A) Notes has occurred),
the Liquidation Period for these Class A(2008-A) Notes shall be determined as if such Excess Spread Early Redemption Event had not occurred, and if the Liquidation Period has terminated in accordance with clause (y), the Liquidation Period for these
Class A(2008-A) Notes shall resume and shall continue until the earlier to occur of (x) the payment in full of the Outstanding Dollar Principal Amount of these Class A(2008-A) Notes or (y) the occurrence of a subsequent Early Redemption
Event or Event of Default. 
  

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 “Liquidation Period Length” for these Class A(2008-A) Notes means 12 months;
provided, however, if the commencement of the Liquidation Period is delayed in accordance with Section 2.05 of this Terms Document, the Liquidation Period Length shall be the number of whole months from the Liquidation
Commencement Date as so delayed to the first day of the calendar month in which the Expected Maturity Date for these Class A(2008-A) Notes is scheduled to occur. 
 “Note Interest” for these Class A(2008-A) Notes has the meaning set forth in the Note Purchase Agreement. 
 “Note Interest Rate” for these Class A(2008-A) Notes has the meaning set forth in the Note Purchase Agreement; for the avoidance of doubt the Note Interest Rate shall be calculated in accordance with
the calculation basis set forth in the Note Purchase Agreement. 
 “Principal Payment Date” means, for the Class A(2008-A)
Notes, each Expected Principal Payment Date, or upon the acceleration of such Notes following an Event of Default or upon the occurrence and during the continuance of an Early Redemption Event (unless all such events have been cured), each
Distribution Date and the Legal Maturity Date, or in the event of a cleanup call, the date of redemption in accordance with Section 1202 of the Indenture. 
 “Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class A(2008-A) Tranche Interest Allocation for the related Distribution Date;
provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A(2008-A) Tranche Interest Allocation cannot be determined because the Note Interest Rate for the
applicable Interest Accrual Period has not yet been notified to the Calculation Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, the Required Daily Deposit Target Finance Charge Amount shall be the Class A(2008-A)
Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that the Note Interest Rate will be equal to the sum of (i) the Note Interest Rate, excluding any applicable margin, for the prior Interest Accrual
Period and applicable to the Interest Payment Date occurring in such Due Period, multiplied by 1.25 and (ii) any applicable margin; provided, further, that for purposes of determining the Required Daily Deposit Target
Finance Charge Amount for any day in the Due Period preceding the first Interest Payment Date on which the Class A(2008-A) Tranche Interest Allocation cannot be determined because the Note Interest Rate for the first Interest Accrual Period has not
yet been notified to the Calculation Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, a rate equal to the rate provided by the Agent, based on the Agent’s good faith estimate of the anticipated Note Interest Rate
for the first Interest Accrual Period, to the Indenture Trustee and Calculation Agent on the Issuance Date shall be used in lieu of the Note Interest Rate. 
 “Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in the Liquidation Period for the Class A(2008-A) Notes, the Liquidation Amount,
(ii) if such day is on or after the occurrence and during the continuance of a Class A(2008-A) Adverse Event, the Nominal Liquidation Amount of the Class A(2008-A) Notes, and (iii) in all other circumstances, zero. 
  

 4 

 “Required Subordinated Amount of Class B Notes” means, for the Class A(2008-A) Notes for
any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class B Notes for such Class
A(2008-A) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2008-A) Notes on such date of
determination; 
 provided however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2008-A)
Adverse Event, the Required Subordinated Amount of Class B Notes for Class A(2008-A) Notes will be the greater of 
 (x) the amount
determined above for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class A(2008-A) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the
Class A(2008-A) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class C
Notes for such Class A(2008-A) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2008-A) Notes on
such date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of
a Class A(2008-A) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2008-A) Notes will be the greater of 
 (x) the amount determined above for such date of determination and 
 (y) the amount determined above for the date immediately prior
to the date on which such Class A(2008-A) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D
Notes” means, for the Class A(2008-A) Notes for any date of determination, zero, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2008-A) Notes, 6.285714%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2008-A) Notes, 8.000000%, subject to adjustment in accordance
with Section 2.02. 
 “Stated Principal Amount” means $500,000,000. 
  

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 Section 1.02. Representations and Warranties of Issuer. The Issuer represents and warrants that: 

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full
power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the execution, delivery
and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or
authority, and do not and will not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligations of the Issuer, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’
rights generally or by general equity principles; 
 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict
with any law or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under the
Investment Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in
connection with this Terms Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable
estimates on the date as of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no
proceedings or investigations pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms
Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the
performance by the Issuer of its obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 Section 1.03.
Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) The Indenture Trustee is organized, existing and in good standing under the laws of the United States of America; 
 (b) The Indenture Trustee has full power, authority and right to execute, deliver and perform this Indenture, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms
Document; and 
  

 6 

 (c) This Terms Document has been duly executed and delivered by the Indenture Trustee. 
 Section 1.04. Limitations on Liability. 
 (a) It
is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee 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 Terms Document and by any Person claiming by, through or under them and (iv) 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 Terms Document or any related
documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master
Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class
A(2008-A) Notes under the Indenture, the Indenture Supplement and this Terms Document (except as expressly provided in Sections 9.01 and 9.02 of the Note Purchase Agreement). 
 Section 1.05. Governing Law. THIS TERMS DOCUMENT 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 1.06. Counterparts.
This Terms Document may be executed in any number of counterparts, each of which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.07. Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement
is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 
  

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 ARTICLE II 
 The Class A(2008-A) Notes 
 Section 2.01. Creation and Designation. There is hereby created a Tranche of
Class A Notes belonging to Class A to be issued pursuant to the Indenture, the Indenture Supplement and the Note Purchase Agreement to be known as the “DiscoverSeries Class A(2008-A) Notes.” 
 Section 2.02. Adjustments to Required Subordinated Percentages and Amount. 
 (a) On any date, the Issuer, at the direction of the Beneficiary, may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated Percentage of Class C Notes, in each case for the Class
A(2008-A) Notes, with the consent of the Agent; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of
Outstanding DiscoverSeries Notes. On any date, the Issuer may change the Required Subordinated Amount of Class D Notes for the Class A(2008-A) Notes (though not below zero) and may add such definitions and other terms and make such additional
amendments to this Terms Document as shall be necessary to determine such Required Subordinated Amount of Class D Notes, in each case, with the consent of the Agent; provided that the Issuer has received written confirmation from each
applicable Note Rating Agency that the change in such percentage and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes; provided, however, that at any time the Class D Notes are or
will be held by Discover Bank or any of its affiliates, the Required Subordinated Amount of Class D Notes for these Class A(2008-A) Notes may not be increased above zero. 
 (b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required
Subordinated Amount of Class D Notes, in each case for the Class A(2008-A) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account, a surety bond, an
insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement, in each case, with the consent
of the Agent; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries
Notes. 
 Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with respect to the Class A(2008-A) Notes
shall be the Note Interest for the Class A(2008-A) Notes, or such other amount based on any alternative rate then in effect under the Note Purchase Agreement, in each case as determined pursuant to the Note Purchase Agreement; plus any
Class A Tranche Interest Allocation Shortfall for such Class A(2008-A) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. 
  

 8 

 Section 2.04. Payments of Interest and Principal; Payments of Increased Costs Amount. 
 (a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on each Principal Payment Date during the Liquidation
Period, with the last such principal payment to be made on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such
payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided, further, that if a Class A(2008-A) Adverse Event has occurred and is continuing, principal will instead be payable in monthly
installments on each Principal Payment Date for the Class A(2008-A) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2008-A) Notes shall be made as set forth in
Section 1102 of the Indenture. 
 (b) The right of the Class A(2008-A) Noteholders to receive payments from the Issuer will terminate on
the Class A(2008-A) Termination Date. 
 (c) All payments of principal, interest or other amounts to the Class A(2008-A) Noteholders will be
made pro rata based on the Outstanding Dollar Principal Amount of their Class A(2008-A) Notes. 
 (d) The Increased Costs Amount, if
applicable, shall be paid in accordance with the Note Purchase Agreement from the Series Finance Charge Amounts remaining after step (54) (Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge Amounts) of Section 3.01
of the Indenture Supplement, in accordance with step (55) (Other Deposits and Payments from Series Finance Charge Amounts) of Section 3.01 of the Indenture Supplement. 
 Section 2.05. Variable Liquidation Period. 
 (a) The Calculation Agent shall, at the Direction of
the Agent, by written notice to the Indenture Trustee and the Issuer, delay the commencement of the Liquidation Period for the Class A(2008-A) Notes and determine a new Liquidation Commencement Date, subject to the conditions set forth in this
Section 2.05; provided, however, that the Liquidation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class A(2008-A) Notes. Any such delay by the Calculation Agent
shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Liquidation Period (after giving effect to any prior delay in the commencement of the Liquidation Period pursuant to this
Section 2.05). 
 (b) The Calculation Agent shall cause such delay only if the following conditions will be satisfied: (i) the
Calculation Agent is able to deliver to the Indenture Trustee and the Agent a certificate to the effect that the Calculation Agent reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and
Reallocated Principal Amounts, the delay in the commencement of the Liquidation Period for the Class A(2008-A) Notes will not result in any Tranche of Outstanding DiscoverSeries Notes not being paid in full on the relevant Expected Maturity Date
(and the Calculation Agent shall deliver such certificate); (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; (iii) the applicable
Note Rating 

  

 9 

 
Agencies shall have advised the Calculation Agent and the Issuer that such delay in the commencement of the Liquidation Period will not result in a Ratings
Effect for any Tranche of Outstanding DiscoverSeries Notes; and (iv) the Liquidation Amount, the Liquidation Commencement Date and the Liquidation Period Length shall have been adjusted. 
 Section 2.06 Form of Class A(2008-A) Notes; Legend; Transfer Restriction. 
 (a) The Class A(2008-A) Notes shall be Registered Notes delivered in definitive form and shall be initially registered in the name of The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch as Agent on behalf of the
Owners. The Class A(2008-A) Notes will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount. 
 (b) Each Class A(2008-A) Note issued pursuant to this Terms Document and the Note Purchase Agreement shall, until such time as the laws of any jurisdiction in which they are offered or sold no longer restrict the transfer or sale thereof,
bear a legend in substantially the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD
EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR (2) TO DISCOVER BANK OR ITS AFFILIATES, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 (c) No Note issued under this Terms Document or beneficial interest therein shall be transferred except in accordance with the transfer restrictions
described in the legend set forth in clause (b) above. 
 Section 2.07. Delivery and Payment for the Class A(2008-A) Notes. The Issuer shall
execute and deliver the Class A(2008-A) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2008-A) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture and the
Note Purchase Agreement. 
  

 10 

 Section 2.08. Additional Early Redemption Events. Pursuant to Section 4.01(b) of the Indenture
Supplement, the following shall be additional Early Redemption Events relating to the Class A(2008-A) Notes: 
 (a) failure on the part of the
Issuer to make any interest payment with respect to the Class A(2008-A) Notes required by the terms of the Note Purchase Agreement, the Indenture Supplement or this Terms Document on or before the date occurring five Business Days after the date
such payment is required to be made herein or therein; and 
 (b) a default in the performance, or breach, of any covenant or warranty of the
Issuer in the Note Purchase Agreement, and continuance of such default or breach for a period of sixty (60) days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the
Indenture Trustee by the Class A(2008-A) Noteholders evidencing at least 25% of the Outstanding Dollar Principal Amount of the Class A(2008-A) Notes, a written notice specifying such default or breach and requesting it to be remedied, if as a result
of such default, the interests of the Class A(2008-A) Noteholders are materially and adversely affected and continue to be materially and adversely affected during the sixty (60) day period. 
 [Remainder of page intentionally blank; signature page follows] 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the day and year
first above written. 
  

			
	DISCOVER CARD EXECUTION NOTE TRUST,
	as Issuer
		
	By:	 	Wilmington Trust Company,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Jennifer A. Luce

	Name:	 	Jennifer A. Luce
	Title:	 	Sr. Financial Services Officer
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee
		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

 [Signature page to the Terms Document Class A(2008-A)]

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