Document:

Form of Global Note

 Exhibit 4.3 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY ANY
SUCH NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE OF SUCH SUCCESSOR DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO AN ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE. 
  

			
	No. 1	 	CUSIP No.: 88947E AK6

 5.875% Senior Notes due 2022 
 TOLL BROTHERS FINANCE CORP. 
 a Delaware corporation 

promises to pay to 
 or registered assigns the
principal sum of THREE HUNDRED MILLION DOLLARS ($300,000,000) on February 15, 2022 
  

			
	5.875% Senior Notes due 2022	 	
		
	Interest Payment Dates: February 15	 	 and August 15
		
	Record Dates: February 1	 	 and August 1
		
	Authenticated:	 	Dated: February 7, 2012

  

			
	TOLL BROTHERS FINANCE CORP.
	
	[Seal]
		
	By	 	  

		 	Title:
		
	By	 	  

		 	Title:

  
 2 

 THE BANK OF NEW YORK MELLON, as Trustee, certifies that this is one of the Securities referred to in the
within mentioned Indenture. 
  

			
	By:	 	  

		
		 	Authorized Signatory

 Dated: February 7, 2012 

  
 3 

 TOLL BROTHERS FINANCE CORP. 

5.875% SENIOR NOTES DUE 2022, Series A 
  

	1.	Interest. 

 TOLL BROTHERS FINANCE CORP. (the
“Issuer”), a Delaware corporation, promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Issuer will pay interest semiannually on February 15 and August 15 of each year,
commencing on August 15, 2011, until the principal is paid or made available for payment. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid,
from February 7, 2012, provided that, if there is no existing Default in the payment of interest and if this Security is authenticated between a Record Date referred to on the face hereof and the next succeeding interest payment date, interest
shall accrue from such interest payment date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment. 

 The Issuer will pay interest
on the Securities (except defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special Record Date as may be fixed by the Issuer) to the Persons who are registered Holders of Securities at the
close of business on the February 1 and August 1 (capitalized terms not defined herein have the meanings given to those terms in the Indenture). Holders must surrender Securities to a Paying Agent to collect principal payments. The Issuer
will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. 
  

	3.	Paying Agent and Registrar. 

 Initially, The Bank
of New York Mellon (the “Trustee”) will act as Paying Agent and Registrar. The Issuer may change or appoint any Paying Agent, Registrar or co-Registrar without notice. Toll Brothers, Inc. (the “Company”) or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture. 

 The Issuer issued the Securities
under an Indenture dated as of February 7, 2012 (“Indenture”), among the Issuer, the Company, the other Guarantors and the Trustee. The terms of the Securities and the Guarantee include those stated in the Indenture (including those
terms set forth in the Authorizing Resolution or supplemental indenture pertaining to the Securities of the Series of which this Security is a part) and those made part of the Indenture by reference to the Trust Indenture Act of 1939
(“TIA”) as in effect on the date of the Indenture. The Securities and the Guarantee are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of them. 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture and the applicable Authorizing Resolutions or
supplemental indenture. Requests may be made to: Toll Brothers Finance Corp., c/o Toll Brothers, Inc., 250 Gibraltar Road, Horsham, Pennsylvania 19044, Attention: Chief Financial Officer. 

  
 4 

	 	5.	Optional Redemption. 

 Prior to
November 15, 2021, the Issuer may, at its option, redeem the Securities, in whole at any time or in part from time to time, on at least 30 but not more than 60 days’ prior notice at a redemption price equal to the greater of 

 

	 	•	 	 100% of the principal amount of the Securities to be redeemed; and 

 

	 	•	 	 the sum of the present values of the Remaining Scheduled Payments on the Securities being redeemed on the redemption date, discounted to the date of
redemption, on a semiannual basis, at the Treasury Rate plus 50 basis points (0.50%). 

 On and after
November 15, 2021, the Securities are redeemable at our option, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on
the principal amount of the Securities being redeemed to the redemption date. 
 The Issuer will also accrue interest on the
Securities to the date of redemption. In determining the redemption price and accrued interest, interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

If money sufficient to pay the redemption price of and accrued interest on the Securities to be redeemed is deposited with the Trustee on
or before the redemption date, on and after the redemption date interest will cease to accrue on the Securities (or such portions thereof) called for redemption and such Securities (or such portions thereof) will cease to be outstanding. 

If less than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed, if the Securities are listed
on a national securities exchange, in accordance with the rules of such exchange, or if the Securities are not so listed, on either a pro rata basis or by lot or by such method as the Trustee shall deem fair and appropriate. The Trustee shall make
the selection from Securities outstanding and not previously called for redemption. Securities in denominations of $2,000 may only be redeemed in whole. The Trustee may select for redemption portions (equal to $2,000 or any integral multiple of
$1,000 thereof) of the principal of Securities that have denominations larger than $2,000. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed
at the registered address of such Holder. On and after the redemption dates interest ceases to accrue on the Securities or portions thereof called for redemption, provided that if the Issuer shall default in the payment of such Securities at the
redemption price together with accrued interest, interest shall continue to accrue at the rate borne by the Securities. 

  
 5 

	 	6.	Denominations, Transfer, Exchange. 

 The
Securities are in registered form only without coupons in denominations of $2,000 and integral multiples of $1,000 thereof. A Holder may transfer or exchange Securities by presentation of such Securities to the Registrar or a co-Registrar with a
request to register the transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay
any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed part thereof if the Security is redeemed in part, or transfer or exchange any
Securities for a period of 15 days before a selection of Securities to be redeemed. 
  

	 	7.	Persons Deemed Owners. 

 The registered Holder of
this Security shall be treated as the owner of it for all purposes. 
  

	 	8.	Unclaimed Money. 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Issuer at its request. After that, Holders entitled to the money must look to the Issuer for payment unless an abandoned property law
designates another Person. 
  

	 	9.	Amendment, Supplement, Waiver. 

 Subject to
certain exceptions, the Indenture, the Guarantee or the Securities may be amended or supplemented by the Issuer with the consent of the Holders of at least a majority in principal amount of the outstanding Securities and any past default or
compliance with any provision relating to the Securities may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the outstanding Securities. Without the consent of any Holder, the Issuer may amend
or supplement the Indenture, the Guarantee or the Securities to cure any ambiguity, omission, defect or inconsistency, (provided such action does not adversely affect the rights of the Holders), to evidence the succession of another Person to the
Issuer or any Guarantor, to add covenants of the Issuer or of the Guarantors under Article Four of the Indenture for the benefit of the Holders or to surrender rights or powers conferred upon the Issuer or the Guarantors by the Indenture, to add
Events of Default for the benefit of the Holders, to change or eliminate any provisions of the Indenture, (provided such change or elimination shall become effective only when none of the Securities are outstanding), to add Guarantors, to provide
for the acceptance of appointment by a successor Trustee or facilitate the administration of the trusts under the Indenture by more than one Trustee, to close the Indenture as to authentication and delivery of additional Securities, to supplement
Indenture provisions to permit or facilitate defeasance and discharge of the Securities, (provided such action does not adversely affect the rights of the Holders), to provide that specific Indenture provisions shall not apply to an unissued Series
of Securities, to provide for uncertificated Securities in addition to or in place of certificated Securities, to create a Series and establish its terms, to remove a Guarantor, other than the Company, which, in accordance with the terms of the
Indenture, ceases to be liable in respect of the Guarantee, or to make any other change, (provided such action does not adversely affect the rights of any Holder). 

  
 6 

	 	10.	Trustee Dealings With Company. 

 The Bank of New
York Mellon, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not Trustee. 
  

	 	11.	No Recourse Against Others. 

 A director,
officer, employee or stockholder, as such, of the Issuer shall not have any liability for any obligations of the Issuer under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

 

	 	12.	Discharge of Indenture. 

 The Indenture contains
certain provisions pertaining to defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 
  

	 	13.	Authentication. 

 This Security shall not be
valid until the Trustee signs the certificate of authentication on the other side of this Security. 
  

	 	14.	Governing Law. 

 This Security shall be governed
by and construed in accordance with the laws of the State of New York. 
  

	 	15.	Abbreviations. 

 Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform
Gifts to Minors Act). 

  
 7 

 ASSIGNMENT FORM 

 

	
	

 If you the Holder want to assign this Security, fill in the form below: I or we assign and transfer this
Security to 
  
  

 
 (Insert assignee’s social
security or tax ID number) 
  
  

 
  
  

 
 (Print or type assignee’s name,
address, and zip code) 
 and irrevocably appoint agent to transfer this Security on the books of the Issuer. The agent may substitute another
to act for him. 
  

			
	Date:	  	 Your signature: (Sign exactly as your name
 appears on the other side of this Security)

 SIGNATURE GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended. 

  
 8 

 [FORM OF NOTATION ON SECURITY RELATING TO GUARANTEE] 

GUARANTEE 
 The
Guarantors listed on Schedule I, attached hereto (the “Guarantors”), have unconditionally guaranteed, jointly and severally on a senior basis (such guarantee by each Guarantor being referred to herein as the “Guarantee”)
(i) the due and punctual payment of the principal of and interest on the Securities, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and interest, if any, on the Securities,
to the extent lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms set forth in Article Nine of the Indenture and (ii) in case of any extension of
time of payment or renewal of any Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. No past, present or future stockholder, partner, member, officer, director, manager, general partner, employee or incorporator, as such, of any of the Guarantors shall have any liability under the Guarantee by reason of such Person’s
status as stockholder, partner, member, officer, director, manager, general partner, employee or incorporator. Each holder of a Security by accepting a Security waives and releases all such liability. This waiver and release are part of the
consideration for the issuance of the Guarantee. Each holder of a Security by accepting a Security agrees that any Guarantor other than Toll Brothers, Inc. (the “Company”) shall have no further liability with respect to its Guarantee if
such Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture. 

  
 9 

 The Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Securities upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. 

 

			
	TOLL BROTHERS, INC.
		
	By:	 	  

	Title:	 	  

	
	 THE GUARANTORS LISTED ON
 SCHEDULE I, ATTACHED HERETO

		
	By:	 	  

	Title:	 	  

  
 10 

 SCHEDULE I 

THE GUARANTORS 
  

					
	Toll Brothers, Inc. (DE)	 	Toll Land Corp. No. 10 (DE)	 	Toll VA GP Corp. (DE)
	110-112 Third Ave. Realty Corp. (NY)	 	Toll Land Corp. No. 20 (DE)	 	Toll VA Member Two, Inc. (DE)
	Amwell Chase, Inc. (DE)	 	Toll Land Corp. No. 43 (DE)	 	Toll WA GP Corp. (WA)
	ESE Consultants, Inc. (DE)	 	Toll Land Corp. No. 50 (DE)	 	Toll WestCoast LP Company, Inc. (DE)
	Fairway Valley, Inc. (DE)	 	Toll Land Corp. No. 6 (PA)	 	Toll WestCoast Note Company, Inc. (DE)
	First Brandywine Investment Corp. II (DE)	 	Toll Manhattan I, Inc. (NY)	 	Toll WV GP Corp. (WV)
	First Brandywine Investment Corp. IV (DE)	 	Toll MD Builder Corp. (MD)	 	Toll YL, Inc. (CA)
	First Huntingdon Finance Corp. (DE)	 	Toll MI GP Corp. (MI)	 	Warren Chase, Inc. (DE)
	Franklin Farms G.P., Inc. (DE)	 	Toll Mid-Atlantic LP Company, Inc. (DE)	 	51 N. 8th Street L.P. (NY)
	HQZ Acquisitions, Inc. (MI)	 	Toll Mid-Atlantic Note Company, Inc. (DE)	 	Audubon Ridge, L.P. (PA)
	MA Limited Land Corporation (DE)	 	Toll Midwest LP Company, Inc. (DE)	 	Belmont Land, L.P. (VA)
	SH Homes Corporation (MI)	 	Toll Midwest Note Company, Inc.(DE)	 	Binks Estates Limited Partnership (FL)
	SI Investment Corporation (MI)	 	Toll MN GP Corp. (MN)	 	Blue Bell Country Club, L.P. (PA)
	TB Proprietary Corp. (DE)	 	Toll NC GP Corp. (NC)	 	Broad Run Associates, L.P. (PA)
	Tenby Hunt, Inc. (DE)	 	Toll NH GP Corp. (NH)	 	Buckingham Woods, L.P. (PA)
	The Silverman Building Companies, Inc. (MI)	 	Toll NJX-I Corp. (DE)	 	CC Estates Limited Partnership (MA)
	Toll Architecture I, P.A. (DE)	 	Toll Northeast LP Company, Inc. (DE)	 	Cold Spring Hunt, L.P. (PA)
	Toll Architecture, Inc. (DE)	 	Toll Northeast Note Company, Inc. (DE)	 	Dominion Country Club, L.P. (VA)
	Toll AZ GP Corp. (DE)	 	Toll Northeast Services, Inc. (DE)	 	Eagle Farm Limited Partnership (MA)
	Toll Bros. of Arizona, Inc. (AZ)	 	Toll NV GP Corp. (NV)	 	Estates at Princeton Junction, L.P. (NJ)
	Toll Bros. of North Carolina II, Inc. (NC)	 	Toll OH GP Corp. (OH)	 	Estates at Rivers Edge, L.P. (NJ)
	Toll Bros. of North Carolina III, Inc. (NC)	 	Toll PA Builder Corp. (PA)	 	Fairfax Investment, L.P. (VA)
	Toll Bros. of North Carolina, Inc. (NC)	 	Toll PA GP Corp. (PA)	 	Fairfax Station Hunt, L.P. (VA)
	Toll Bros., Inc. (DE)	 	Toll PA II GP Corp. (PA)	 	Farmwell Hunt, L.P. (VA)
	Toll Bros., Inc. (PA)	 	Toll PA III GP Corp. (PA)	 	First Brandywine Partners, L.P. (DE)
	Toll Bros., Inc. (TX)	 	Toll Palmetto Corp. (DE)	 	Great Falls Hunt, L.P. (VA)
	Toll Brothers AZ Construction Company (AZ)	 	Toll Peppertree, Inc. (NY)	 	Greenwich Chase, L.P. (NJ)
	Toll Brothers Canada USA, Inc. (DE)	 	Toll Philmont Corporation (DE)	 	Hoboken Land LP (NJ)
	Toll Brothers Real Estate, Inc. (PA)	 	Toll Realty Holdings Corp. I (DE)	 	Hockessin Chase, L.P. (DE)
	Toll Buckeye Corp. (DE)	 	Toll Realty Holdings Corp. II (DE)	 	Huckins Farm Limited Partnership (MA)
	Toll CA GP Corp. (CA)	 	Toll RI GP Corp. (RI)	 	Kensington Woods Limited Partnership (MA)
	Toll Centennial Corp. (DE)	 	Toll SC GP Corp. (SC)	 	Laurel Creek, L.P. (NJ)
	Toll CO GP Corp. (CO)	 	Toll Southeast LP Company, Inc. (DE)	 	Loudoun Valley Associates, L.P. (VA)
	Toll Corp. (DE)	 	Toll Southeast Note Company, Inc. (DE)	 	NC Country Club Estates Limited Partnership (NC)
	Toll Development Company, Inc. (MI)	 	Toll Southwest LP Company, Inc. (DE)	 	Toll NJ, L.P. (NJ)
	Toll FL GP Corp. (FL)	 	Toll Southwest Note Company, Inc. (DE)	 	Toll Northville Limited Partnership (MI)
	Toll GA GP Corp. (GA)	 	Toll TN GP Corp. (TN)	 	Toll NV Limited Partnership (NV)
	Toll Golden Corp. (DE)	 	Toll TX GP Corp. (DE)	 	Toll NY LP (NY)
	Toll Granite Corp. (DE)	 	Toll East Naples Limited Partnership (FL)	 	Toll NY II L.P. (NY)
	Toll Holdings, Inc. (DE)	 	Toll Estero Limited Partnership (FL)	 	Toll NY III L.P. (NY)
	Toll IL GP Corp. (IL)	 	Toll FL II Limited Partnership (FL)	 	Toll NY IV L.P. (NY)
	Silverman-Toll Limited Partnership (MI)	 	Toll FL III Limited Partnership (FL)	 	Toll Orlando Limited Partnership (FL)
	Somers Chase, L.P. (NY)	 	Toll FL IV Limited Partnership (FL)	 	Toll PA II, L.P. (PA)
	Sorrento at Dublin Ranch I LP (CA)	 	Toll FL Limited Partnership (FL)	 	Toll PA III, L.P. (PA)
	Sorrento at Dublin Ranch III LP (CA)	 	Toll FL V Limited Partnership (FL)	 	Toll PA IV, L.P. (PA)
	South Riding, L.P. (VA)	 	Toll FL VI Limited Partnership (FL)	 	Toll PA IX, L.P. (PA)
	South Riding Amberlea LP (VA)	 	Toll FL VII Limited Partnership (FL)	 	Toll PA V, L.P. (PA)
	South Riding Partners Amberlea LP (VA)	 	Toll FL VIII Limited Partnership (FL)	 	Toll PA VI, L.P. (PA)
	South Riding Partners, L.P. (VA)	 	Toll FL X Limited Partnership (FL)	 	Toll PA VIII, L.P. (PA)
	Southport Landing Limited Partnership (CT)	 	Toll Ft. Myers Limited Partnership (FL)	 	Toll PA X, L.P. (PA)
	Springton Pointe, L.P. (PA)	 	Toll GA LP (GA)	 	Toll PA XI, L.P. (PA)
	Stone Mill Estates, L.P. (PA)	 	Toll Grove LP (NJ)	 	Toll PA XII, L.P. (PA)
	Swedesford Chase, L.P. (PA)	 	Toll Hudson LP (NJ)	 	Toll PA XIII, L.P. (PA)
	TBI/Naples Limited Partnership (FL)	 	Toll IL HWCC, L.P. (IL)	 	Toll PA XIV , L.P. (PA)
	TBI/Palm Beach Limited Partnership (FL)	 	Toll IL II, L.P. (IL)	 	Toll PA XV, L.P. (PA)
	The Bird Estate Limited Partnership (MA)	 	Toll IL III, L.P. (IL)	 	Toll PA, L.P. (PA)
	The Estates at Brooke Manor Limited Partnership (MD)	 	Toll IL IV, L.P. (IL)	 	Toll Realty Holdings LP (DE)
		 	Toll IL WSB, L.P. (IL)	 	Toll RI II, L.P. (RI)

  
 11 

					
	The Estates at Summit Chase, L.P. (CA)	 	Toll IL, L.P. (IL)	 	Toll RI, L.P. (RI)
	Toll at Brier Creek Limited Partnership (NC)	 	Toll Jacksonville Limited Partnership (FL)	 	Toll SC II, L.P. (SC)
	Toll at Honey Creek Limited Partnership (MI)	 	Toll Land IV Limited Partnership (NJ)	 	Toll SC III, L.P. (SC)
	Toll at Westlake, L.P. (NJ)	 	Toll Land IX Limited Partnership (VA)	 	Toll SC IV, L.P. (SC)
	Toll at Whippoorwill, L.P. (NY)	 	Toll Land Limited Partnership (CT)	 	Toll SC, L.P. (SC)
	Toll Brooklyn L.P. (NY)	 	Toll Land V Limited Partnership (NY)	 	Toll Stonebrae LP (CA)
	Toll Bros. of Tennessee, L.P. (TN)	 	Toll Land VI Limited Partnership (NY)	 	Toll VA II, L.P. (VA)
	Toll Brothers AZ Limited Partnership (AZ)	 	Toll Land VII Limited Partnership (NY)	 	Toll VA III, L.P. (VA)
	Toll CA II, L.P. (CA)	 	Toll Land X Limited Partnership (VA)	 	Toll VA IV, L.P. (VA)
	Toll CA III, L.P. (CA)	 	Toll Land XI Limited Partnership (NJ)	 	Toll VA V, L.P. (VA)
	Toll CA IV, L.P. (CA)	 	Toll Land XIV Limited Partnership (NY)	 	Toll VA VI, L.P. (VA)
	Toll CA V, L.P. (CA)	 	Toll Land XIX Limited Partnership (CA)	 	Toll VA VII, L.P. (VA)
	Toll CA VI, L.P. (CA)	 	Toll Land XV Limited Partnership (VA)	 	Toll VA, L.P. (VA)
	Toll CA VII, L.P. (CA)	 	Toll Land XVI Limited Partnership (NJ)	 	Toll WA LP (WA)
	Toll CA VIII, L.P. (CA)	 	Toll Land XVIII Limited Partnership (CT)	 	Toll WV LP (WV)
	Toll CA IX, L.P. (CA)	 	Toll Land XX Limited Partnership (CA)	 	Toll YL II, L.P. (CA)
	Toll CA X, L.P. (CA)	 	Toll Land XXI Limited Partnership (VA)	 	Toll YL, L.P. (CA)
	Toll CA XI, L.P. (CA)	 	Toll Land XXII Limited Partnership (CA)	 	Toll-Dublin, L.P. (CA)
	Toll CA XII, L.P. (CA)	 	Toll Land XXIII Limited Partnership (CA)	 	Village Partners, L.P. (PA)
	Toll CA XIX, L.P. (CA)	 	Toll Land XXV Limited Partnership (NJ)	 	West Amwell Limited Partnership (NJ)
	Toll CA, L.P. (CA)	 	Toll Land XXVI Limited Partnership (OH)	 	Wilson Concord, L.P. (TN)
	Toll CO, L.P. (CO)	 	Toll Livingston at Naples Limited Partnership (FL)	 	110-112 Third Ave. GC II LLC (NY)
	Toll CT Limited Partnership (CT)	 	Toll MA Land Limited Partnership (MA)	 	110-112 Third Ave. GC LLC (NY)
	Toll CT II Limited Partnership (CT)	 	Toll MD Builder I, L.P. (MD)	 	1450 Washington LLC (NJ)
	Toll CT III Limited Partnership (CT)	 	Toll MD Limited Partnership (MD)	 	1500 Garden St. LLC (NJ)
	Toll DE LP (DE)	 	Toll MD V Limited Partnership (MD)	 	2301 Fallston Road LLC (MD)
	Toll DE II LP (DE)	 	Toll MD VI Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue GC II LLC (NY)
	C.B.A.Z. Holding Company LLC (DE)	 	Toll MD VII Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue GC LLC (NY)
	Component Systems I LLC (DE)	 	Toll MD II Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue II LLC (NY)
	Component Systems II LLC (DE)	 	Toll MD III Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue LLC (NY)
	CWG Construction Company LLC (NJ)	 	Toll MD IV Limited Partnership (MD)	 	51 N. 8th Street GC II LLC (NY)
	Dominion Valley Country Club I LLC (VA)	 	Toll MD IX Limited Partnership (MD)	 	51 N. 8th Street GC LLC (NY)
	Dominion Valley Country Club II LLC (VA)	 	Toll MD VIII Limited Partnership (MD)	 	51 N. 8th Street I LLC (NY)
	First Brandywine LLC I (DE)	 	Toll MD X Limited Partnership (MD)	 	700 Grove Street Urban Renewal, LLC (NJ)
	First Brandywine LLC II (DE)	 	Toll MD XI Limited Partnership (MD)	 	Arbor Hills Development LLC (MI)
	First Brandywine LLC III (DE)	 	Toll MI II Limited Partnership (MI)	 	Arthur’s Woods, LLC (MD)
	First Brandywine LLC IV (DE)	 	Toll MI III Limited Partnership (MI)	 	Belmont Country Club I LLC (VA)
	Frenchman’s Reserve Realty, LLC (FL)	 	Toll MI IV Limited Partnership (MI)	 	Belmont Country Club II LLC (VA)
	Hatboro Road Associates LLC (PA)	 	Toll MI Limited Partnership (MI)	 	Block 255 LLC (NJ)
	Hawthorn Woods Country Club II LLC (IL)	 	Toll MI V Limited Partnership (MI)	 	Brier Creek Country Club I LLC (NC)
	Hoboken Cove LLC (NJ)	 	Toll MN II, L.P. (MN)	 	Brier Creek Country Club II LLC (NC)
	Hoboken Land I LLC (DE)	 	Toll MN, L.P. (MN)	 	C.B.A.Z. Construction Company LLC (AZ)
	Jacksonville TBI Realty LLC (FL)	 	Toll Naval Associates (PA)	 	Golf I Country Club Estates at Moorpark (CA)
	Lighthouse Point Land Company, LLC (FL)	 	Toll NC, L.P. (NC)	 	Golf IIC Country Club Estates at Moorpark (CA)
	Long Meadows TBI, LLC (MD)	 	Toll NC II LP (NC)	 	Paramount Village LLC (CA)
	Longmeadow Properties LLC (MD)	 	Toll NC III LP (NC)	 	Toll MD III LLC (MD)
	Martinsburg Ventures, L.L.C. (VA)	 	Toll NH Limited Partnership (NH)	 	Toll MD IV LLC (MD)
	Mizner Realty, L.L.C. (FL)	 	Toll NJ Builder I, L.P. (NJ)	 	Toll NC Note II LLC
	Naples TBI Realty, LLC (FL)	 	Toll NJ II, L.P. (NJ)	 	Toll Realty L.L.C.
	Orlando TBI Realty LLC (FL)	 	Toll NJ III, L.P. (NJ)	 	Greens at Waynesborough, L.P. (PA)
	Phillips Drive LLC (MD)	 	Toll NJ IV, L.P. (NJ)	 	Rose Hollow Crossing Associates (PA)
	Prince William Land I LLC (VA)	 	Toll NJ V, L.P. (NJ)	 	
	Prince William Land II LLC (VA)	 	Toll NJ VI, L.P. (NJ)	 	
	PT Maxwell Holdings, LLC ((NJ)	 	Toll NJ VII, L.P. (NJ)	 	
	PT Maxwell, L.L.C. (NJ)	 	Toll NJ VIII, L.P. (NJ)	 	
	Regency at Denville LLC (NJ)	 	Toll NJ XI, L.P. (NJ)	 	
	Regency at Dominion Valley LLC (VA)	 	Toll Jupiter LLC (FL)	 	
	Regency at Long Valley I LLC (NJ)	 	Toll MA I LLC (MA)	 	
	Regency at Long Valley II LLC (NJ)	 	Toll MA II LLC (MA)	 	
	Regency at Mansfield I LLC (NJ)	 	Toll MD I, L.L.C. (MD)	 	
	Regency at Mansfield II LLC (NJ)	 	Toll MD II LLC (MD)	 	
	Regency at Washington I LLC (NJ)	 	Toll Midwest LLC (DE)	 	
	Regency at Washington II LLC (NJ)	 	Toll Morgan Street LLC (DE)	 	
	South Riding Realty LLC (VA)	 	Toll NC I LLC (NC)	 	
	SR Amberlea LLC (VA)	 	Toll NC IV LLC (NC)	 	

  
 12 

					
	SRLP II LLC (VA)	 	Toll NC Note LLC (NC)	 	
	Tampa TBI Realty LLC (FL)	 	Toll NC IV LLC (NC)	 	
	TB Kent Partners LLC (DE)	 	Toll NJ I, L.L.C. (NJ)	 	
	The Regency Golf Club I LLC (VA)	 	Toll NJ II, L.L.C. (NJ)	 	
	The Regency Golf Club II LLC (VA)	 	Toll NJ III, LLC (NJ)	 	
	The Ridges at Belmont Country Club I LLC (VA)	 	Toll North LV LLC (NV)	 	
	The Ridges at Belmont Country Club II LLC (VA)	 	Toll North Reno LLC (NV)	 	
	Toll Austin TX LLC (TX)	 	Toll NV Holdings LLC (NV)	 	
	Toll CA I LLC (CA)	 	Toll San Antonio TX LLC (TX)	 	
	Toll CA Note II LLC (CA)	 	Toll South LV LLC (NV)	 	
	Toll Cedar Hunt LLC (VA)	 	Toll South Reno LLC (NV)	 	
	Toll CO I LLC (CO)	 	Toll Southwest LLC (DE)	 	
	Toll Corners LLC (DE)	 	Toll Stratford LLC (VA)	 	
	Toll Dallas TX LLC (TX)	 	Toll TX Note LLC (TX)	 	
	Toll DE X II, LLC (DE)	 	Toll VA III L.L.C. (VA)	 	
	Toll EB, LLC (DE)	 	Toll VA L.L.C. (DE)	 	
	Toll Equipment, L.L.C. (DE)	 	Toll Van Wyck, LLC (NY)	 	
	Toll FL I, LLC (FL)	 	Toll Vanderbilt I LLC (RI)	 	
	Toll FL IV LLC (FL)	 	Toll Vanderbilt II LLC (RI)	 	
	Toll Glastonbury LLC (CT)	 	Toll-Dublin, LLC (CA)	 	
	Toll Henderson LLC (NV)	 	Toll West Coast LLC (DE)	 	
	Toll Hoboken LLC (DE)	 	Vanderbilt Capital LLC (RI)	 	
	Toll Houston TX LLC (TX)	 	Virginia Construction Co. I, LLC (VA)	 	
	Toll IN LLC (IN)	 	Virginia Construction Co. II, LLC (VA)	 	
	Toll Lexington LLC (NY)	 		 	

  
 13Class A(2012-1) Terms Document

 Exhibit 4.1 

 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 
 U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 

CLASS A(2012-1) TERMS DOCUMENT 
 Dated as of February 8, 2012 
 to 

AMENDED AND RESTATED INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 
 for the DiscoverSeries Notes 

to 
 INDENTURE

 Dated as of July 26, 2007 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I
  

Definitions and Other Provisions of General Application
	   
 
   

	Section 1.01	 	 Definitions
	  	 	1	  
	Section 1.02	 	 Representations and Warranties of Issuer
	  	 	6	  
	Section 1.03	 	 Representations and Warranties of Indenture Trustee
	  	 	7	  
	Section 1.04	 	 Limitations on Liability
	  	 	7	  
	Section 1.05	 	 Governing Law
	  	 	8	  
	Section 1.06	 	 Counterparts
	  	 	8	  
	Section 1.07	 	 Ratification of Indenture and Indenture Supplement
	  	 	8	  
	
	ARTICLE II	  
	
	The Class A(2012-1) Notes	  
	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	 	 [Reserved]
	  	 	9	  
	Section 2.05	 	 Payments of Interest and Principal
	  	 	9	  
	Section 2.06	 	 Form of Delivery of Class A(2012-1) Notes; Depository; Denominations
	  	 	9	  
	Section 2.07	 	 Delivery and Payment for the Class A(2012-1) Notes
	  	 	10	  
	Section 2.08	 	 Targeted Deposits to the Accumulation Reserve Account
	  	 	10	  
	Section 2.09	 	 Additional Issuances of Notes
	  	 	10	  
	Section 2.10	 	 Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes
	  	 	11	  
	Section 2.11	 	 Variable Accumulation Period
	  	 	11	  
	
	Exhibit	  
			
	         Exhibit A
	 	 Form of Class A
Note                
	  			

 THIS CLASS A(2012-1) 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 February 8, 2012. 
 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 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(2012-1) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2012-1) 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. 
 “Accumulation Amount” means $83,333,333.34; provided, however, if the
commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture Supplement. 

“Accumulation Commencement Date” means February 1, 2014, or such later date as the Calculation Agent on behalf of
the Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning set
forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on
behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2012-1) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2012-1) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

		
	(a) The Distribution Date occurring three (3) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with
Section 2.11 hereof) and any following Distribution Date	  	No condition.
		
	(b) The Distribution Date occurring four (4) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with
Section 2.11 hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 4%.

  
 2 

			
		
	(c) The Distribution Date occurring six (6) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11
hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 3%.
		
	(d) The Distribution Date occurring twelve (12) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with
Section 2.11 hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 2%.

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no condition
requiring funding has occurred or the Calculation Agent has determined that the Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines that the
Accumulation Period Length will not be so shortened, the Accumulation Reserve Funding Period shall commence on the following Distribution Date. 
 “Class A(2012-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2012-1) Notes or (b) an Event of Default
and acceleration of the Class A(2012-1) 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(2012-1)
Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class A(2012-1)
Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2012-1) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2012-1) Noteholder” means a Person in whose name a Class A(2012-1) Note is registered in the Note Register.

 “Class A(2012-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on
which the Outstanding Dollar Principal Amount of the Class A(2012-1) 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. 

“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 February 17, 2015. 

  
 3 

 “Indenture” means the Indenture dated as of July 26, 2007 between the
Issuer and Indenture Trustee, as amended by the First Amendment to Indenture, dated as of June 4, 2010, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time.

 “Indenture Supplement” means the Amended and Restated Indenture Supplement dated as of June 4, 2010,
for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $1,000,000,000, or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.09 hereof. 
 “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(2012-1) Note, from and including the applicable Issuance Date and assuming the month of
issuance has 30 days) to but excluding such Interest Payment Date. 
 “Interest Payment Date” means the
fifteenth day of each month commencing in March 2012, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means February 8, 2012 with respect to all Class A(2012-1) Notes issued on the date hereof and, with respect to any additional Class A(2012-1) Notes issued pursuant
to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means August 15, 2017. 

“Note Interest Rate” means 0.81% per annum, calculated on the basis of twelve 30-day months and a 360-day year.

 “Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof. 

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the
Class A Tranche Interest Allocation for the related Distribution Date. 
 “Required Daily Deposit Target Principal
Amount” means, for any day in a Due Period, (i) if such Due Period is in the Accumulation Period for the Class A(2012-1) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of
a Class A(2012-1) Adverse Event, the Nominal Liquidation Amount of the Class A(2012-1) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the Class A(2012-1) 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(2012-1) Notes on such date of determination and 

  
 4 

 (b) the Nominal Liquidation Amount of such Class A(2012-1) 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(2012-1) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2012-1) 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(2012-1) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2012-1) 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(2012-1) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2012-1) 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(2012-1) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2012-1) 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(2012-1) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2012-1) Notes for any date of determination, an amount equal to the product of 

(a) the Required Subordinated Percentage of Class D Notes for such Class A(2012-1) Notes on such date of determination and 

(b) the Nominal Liquidation Amount of such Class A(2012-1) 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(2012-1) Adverse Event,
the Required Subordinated Amount of Class D Notes for the Class A(2012-1) 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 the Class A(2012-1) Adverse Event shall have occurred. 

  
 5 

 “Required Subordinated Percentage of Class B Notes” means, for the Class
A(2012-1) Notes, 7.284768%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated
Percentage of Class C Notes” means, for the Class A(2012-1) Notes, 9.271523%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2012-1) Notes, 15.894040%, subject to adjustment in accordance with Section 2.02. 

“Specified Rating” means, for the Class A(2012-1) Notes, Aaa(sf) with respect to Moody’s, AAA(sf) with respect to
Standard & Poor’s and AAAsf with respect to Fitch. 
 “Stated Principal Amount” means
$1,000,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 

“Targeted Accumulation Reserve Subaccount Deposit” means, with respect to any Distribution Date during the Accumulation
Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2012-1) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the
Calculation Agent on behalf of the Issuer. 
 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 obligation 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 

  
 6 

 
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 Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(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(2012-1) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

  
 7 

 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. 
 ARTICLE II 

The Class A(2012-1) Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known
as the “DiscoverSeries Class A(2012-1) Notes.” 
 Section 2.02 Adjustments to Required Subordinated Percentages and
Amount. 
 (a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage
of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2012-1) Notes, without the consent of any Noteholders; 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. 

(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(2012-1) 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 without the consent of any Noteholders, 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 the first Interest Payment Date, March 15, 2012, the amount of interest due with respect to the Class A(2012-1) Notes is $832,500.00. For each 

  
 8 

 
Interest Payment Date following the first Interest Payment Date for any Class A(2012-1) Note, the amount of interest due with respect to the Class A(2012-1) Notes shall be an amount equal to

  

	 	(i)	(A) a fraction, the numerator of which is 30 and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

 

	 	(ii)	the Outstanding Dollar Principal Amount of the Class A(2012-1) Notes determined as of the first date of such related Interest Accrual Period, plus

 any Class A Tranche Interest Allocation Shortfall for such Class A(2012-1) 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 twelve 30-day months and a 360-day year. 

Section 2.04 [Reserved]. 
 Section 2.05 Payments of Interest and Principal. 
 (a) The Issuer will
cause interest to be paid on each Interest Payment Date and principal to be paid 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(2012-1) Adverse Event has occurred and is continuing, principal will instead
be payable in monthly installments on each Principal Payment Date for the Class A(2012-1) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2012-1) Notes shall be made
as set forth in Section 1102 of the Indenture. 
 (b) The right of the Class A(2012-1) Noteholders to receive payments from
the Issuer will terminate on the Class A(2012-1) Termination Date. 
 (c) All payments of principal, interest or other amounts
to the Class A(2012-1) Noteholders will be made pro rata based on the Stated Principal Amount of their Class A(2012-1) Notes. 
 Section 2.06 Form of Delivery of Class A(2012-1) Notes; Depository; Denominations. 
 (a) The Class A(2012-1) Notes shall be delivered in the form of a Global Note which shall be a Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2012-1) Notes is
attached hereto as Exhibit A. 
 (b) The Depository for the Class A(2012-1) Notes shall be The Depository Trust Company, and the
Class A(2012-1) Notes shall initially be registered in the name of Cede & Co., its nominee. 

  
 9 

 (c) The Class A(2012-1) Notes will be issued in minimum denominations of $200,000 and
integral multiples of $1,000 in excess of that amount. 
 Section 2.07 Delivery and Payment for the Class A(2012-1)
Notes. The Issuer shall execute and deliver the Class A(2012-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2012-1) Notes when authenticated, each in accordance with Sections 203 and 303
of the Indenture. 
 Section 2.08 Targeted Deposits to the Accumulation Reserve Account. The deposit targeted to be made
to the Accumulation Reserve Subaccount for the Class A(2012-1) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit
in the Accumulation Reserve Subaccount for the Class A(2012-1) Notes. 
 Section 2.09 Additional Issuances of Notes.
Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2012-1) Notes, so long as the following conditions precedent are satisfied:

 (a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class A(2012-1) Notes
(the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 
  

	 	(i)	the Issuance Date of such additional Class A(2012-1) Notes; 

  

	 	(ii)	the amount of such additional Class A(2012-1) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2012-1)
Notes; 

  

	 	(iii)	the date from which interest on such additional Class A(2012-1) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2012-1) Notes; and 

 

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2012-1) Notes to clarify the rights of Holders of such additional Class
A(2012-1) Notes or the effect of such issuance of additional Class A(2012-1) Notes on any calculations to be made with respect to the Class A(2012-1) Notes, Class A, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2012-1) Notes;

 (b) no Class A(2012-1) Adverse Event has occurred and is continuing; and 

  
 10 

 (c) either (i) the issuance of such additional Class A(2012-1) Notes would be treated
as part of the same issue as the outstanding Class A(2012-1) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k), or (ii) such additional Class A(2012-1) Notes are not issued with “original issue discount” for
purposes of Section 1273 of the Code. 
 The Issuer shall not have to satisfy the conditions set forth in Section 310
of the Indenture in connection with an issuance of additional Class A(2012-1) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2012-1) Notes; provided, however, that the Issuer shall
have to deliver to the Indenture Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 

Section 2.10 Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any
time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust
to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator
of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A(2012-1) Notes and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust
minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and
shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 
 Section 2.11 Variable Accumulation
Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation
Period for the Class A(2012-1) Notes and determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the
first day of the Due Period related to the Expected Maturity Date for the Class A(2012-1) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately
preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 

The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the
following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer 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 Accumulation Period for the Class A(2012-1) Notes will not result in any Tranche of Notes not being
paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and (iii) the Accumulation
Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the 

  
 11 

 
Issuer shall not be required to obtain confirmation from the applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for
any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for
such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide
written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period for the Class A(2012-1) Notes is delayed pursuant to this Section 2.11. 

[Remainder of page intentionally blank; signature page follows] 

  
 12 

 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:	 	 
		 	 Name: Jennifer A. Luce

Title: Assistant Vice President

 
			
	
	 U.S. BANK NATIONAL ASSOCIATION,
     as Indenture Trustee

		
	By:	 	 
		 	 Name: Patricia M. Child

Title: Vice President

 [Signature Page to Class A(2012-1) Terms Document] 

 FORM OF DISCOVERSERIES CLASS A(2012-1) NOTE 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT AT
ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE
ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION
WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS
FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  

			
	REGISTERED	  	$[•] *
	No. 1	  	CUSIP NO. 254683AT2

 DISCOVER CARD EXECUTION NOTE TRUST 

0.81% 

DISCOVERSERIES CLASS A(2012-1) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuer” or the “Note Issuance Trust”),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of $[•] ([•] dollars) payable on the February 17, 2015 Payment Date (the “Expected
Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the August 15, 2017 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of 0.81% per annum, as more specifically set forth in the Class A(2012-1) Terms Document dated as of
February 8, 2012 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the
Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2012-1) Notes, from and including the applicable
Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the basis of twelve 30-day months and a 360-day year (or, in the case of the first Interest Payment Date, based on the actual number of days elapsed and a
360-day year, assuming the month of issuance has 30 days). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal and interest may be payable monthly, and may be payable earlier or later than the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is
continuing. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 The Initial Dollar Principal Amount of the Class A(2012-1) Notes is $1,000,000,000. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be valid or obligatory for any purpose.

  
  

	*	Denominations of $200,000 and in integral multiples of $1,000 in excess thereof. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer. 
  

			
	 DISCOVER CARD EXECUTION NOTE TRUST,
     as Issuer

		
	By:	 	 WILMINGTON TRUST COMPANY,
 not
in its individual capacity,
 but solely as Owner Trustee

		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date:

  
 3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

			
	US BANK NATIONAL ASSOCIATION,
	 not in its individual capacity but solely as

Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date:

  
 4 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Class A(2012-1) DiscoverSeries Notes
(herein called the “Class A(2012-1) Notes”), all issued under an Indenture dated as of July 26, 2007, as amended by the First Amendment to Indenture, dated as of June 4, 2010 (such Indenture, as may be further amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by an Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated
as of June 4, 2010 (such Indenture Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the
Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
A(2012-1) Notes are subject to all terms of the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class A(2012-1) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the
meanings assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class B
Notes, the Class C Notes and the Class D Notes of the DiscoverSeries and other tranches of Class A Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class A(2012-1) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2012-1) Notes will be payable on the Expected Maturity Date
in an amount described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As
described above, the entire unpaid principal amount of this Class A(2012-1) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2012-1) Notes shall be due and
payable on the date on which an Event of Default relating to the Class A(2012-1) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable
Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2012-1) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Tranche of Notes is reduced to less
than 5% of its highest Outstanding Dollar Principal Amount, the Depositor or any Affiliate thereof has the right, but not the obligation, to redeem such Tranche of Notes in whole but not in part, pursuant to Section 1202 of the
Indenture. The redemption price will be an amount equal to the Outstanding Dollar Principal Amount of such Tranche, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of
redemption. 

  
 5 

 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note
Issuance Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2012-1) Notes of record on the related Record Date (except for the final distribution with respect to this Class A(2012-1)
Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A Notes. 

Payments of interest on this Class A(2012-1) Note due and payable on each Payment Date, together with any installment of principal, if
any, to the extent not in full payment of this Class A(2012-1) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2012-1) Note on the Note Register as of the close of business on each Record
Date, except that with respect to Class A(2012-1) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be CEDE & CO.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class
A(2012-1) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2012-1) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders
of this Class A(2012-1) Note and of any Class A(2012-1) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Class A(2012-1) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as
of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class A(2012-1) Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be
entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto. 
 As provided in the Indenture and subject to
certain limitations set forth therein and as set forth in the first legend on the face hereof, the transfer of this Class A(2012-1) Note may be registered on the Note Register upon surrender of this Class A(2012-1) Note for registration of transfer
at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a
national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class A(2012-1) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2012-1) Note, but the transferor may be required to pay a sum 

  
 6 

 
sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2012-1) Note or, in the case
of a Note Owner, a beneficial interest in a Class A(2012-1) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class A(2012-1) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2012-1) Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A(2012-1) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal
Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2012-1) Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Class A(2012-1) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Class A(2012-1) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2012-1) Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class A(2012-1) Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

  
 7 

 THIS CLASS A(2012-1) NOTE AND THE INDENTURE 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. 

No reference herein to the Indenture and no provision of this Class A(2012-1) Note or of the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2012-1) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2012-1) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture
Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2012-1) Note. 

  
 8 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
  

 
 FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto 
 (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in
the premises. 
  

									
	Dated:	 	  
	 		  	  
	  	*
		 		 		  	Signature Guaranteed:	  	

  
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
alteration, enlargement or any change whatsoever. 

  
 9 

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 

 

									
	 Interest

Payment Date
	 	 Date of
Payment
	 	 Total Amount
of Interest
Payable
	 	 Amount of
Interest Paid
	 	 Confirmation of
payment by or
on
behalf of the Note Issuance
Trust

	 1.
	 		 		 	
	 2.
	 		 		 	
	 3.
	 		 		 	
	 4.
	 		 		 	
	 5.
	 		 		 	
	 6.
	 		 		 	
	 7.
	 		 		 	
	 8.
	 		 		 	
	 9.
	 		 		 	
	 10.
	 		 		 	
	 11.
	 		 		 	
	 12.
	 		 		 	
	 13.
	 		 		 	
	 14.
	 		 		 	
	 15.
	 		 		 	
	 16.
	 		 		 	
	 17.
	 		 		 	
	 18.
	 		 		 	
	 19.
	 		 		 	
	 20.
	 		 		 	
	 21.
	 		 		 	
	 22.
	 		 		 	
	 23.
	 		 		 	
	 24.
	 		 		 	
	 25.
	 		 		 	
	 26.
	 		 		 	
	 27.
	 		 		 	
	 28.
	 		 		 	
	 29.
	 		 		 	
	 30.
	 		 		 	
	 31.
	 		 		 	
	 32.
	 		 		 	
	 33.
	 		 		 	
	 34.
	 		 		 	
	 35.
	 		 		 	
	 36.
	 		 		 	
	 37.
	 		 		 	

  
 10 

 PART II 
 PRINCIPAL PAYMENTS 
  

									
	 Principal

Payment Date
	 	 Date of
Payment
	 	 Total Amount
of Principal
Payable
	 	 Total Amount Paid
	 	 Confirmation of
payment by or
on
behalf of the Note Issuance
Trust

	 1.
	 		 		 		 	
	 2.
	 		 		 		 	
	 3.
	 		 		 		 	
	 4.
	 		 		 		 	
	 5.
	 		 		 		 	
	 6.
	 		 		 		 	
	 7.
	 		 		 		 	
	 8.
	 		 		 		 	
	 9.
	 		 		 		 	
	 10.
	 		 		 		 	
	 11.
	 		 		 		 	
	 12.
	 		 		 		 	

  
 11

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