Document:

PLEDGE AGREEMENT

 

THIS PLEDGE AGREEMENT
made as of this 10th day of October, 2017 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”),
between ADMA BIOLOGICS, INC., a Delaware corporation (“Pledgor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION,
in its capacity as agent (“Agent”) for the Lender (as defined below) (in such capacity, together with its successors
and assigns, “Pledgee”).

 

WHEREAS:

 

A.          
Pursuant to that certain Credit Agreement, dated as of the date hereof (as amended, restated, supplemented and/or otherwise
modified from time to time, the “Credit Agreement”), by and among Pledgor, ADMA Plasma Biologics, Inc., a Delaware
corporation (“ADMA Plasma”), ADMA Bio Centers Georgia Inc., a Delaware corporation (“ADMA Bio Centers”),
ADMA BioManufacturing, LLC, a Delaware limited liability company (“ADMA BioManufacturing” and together with
Pledgor, ADMA Plasma and ADMA Bio Centers, each a “Borrower” and, collectively, the “Borrowers”),
Marathon Healthcare Finance Fund, L.P. (the “Lender”) and Pledgee, the Lender has agreed to provide certain
financial accommodations to Borrowers;

 

B.           
Pledgor legally and beneficially owns the interests specified on Exhibit A hereto and the corporations, limited liability
companies and other entities set forth on Exhibit A and each other corporation or other entity, the stock or other equity interests
and securities of which are owned or acquired by Pledgor and described on an addendum hereto from time to time executed by Pledgor
(on the form attached hereto as Exhibit B), and otherwise satisfactory to Agent and Lender, are referred to herein collectively
as the “Pledge Entities”, and each a “Pledge Entity”; provided that the Pledgor represents
and warrants that, as of the date hereof, the Pledge Entities specified on Exhibit A are the only Pledge Entities.

 

C.           
Pursuant to a Security Agreement dated as of the date hereof by and among Pledgor, the other entities party thereto as “Debtors”
and Pledgee (as the same may be amended, restated, modified or supplement and in effect from time to time, the “Security
Agreement”), each of Pledgor and the other Borrowers has granted Pledgee, for its benefit and the benefit of the Lender,
a first priority security interest in, lien upon and pledge of all of such Borrower’s rights in such Borrower’s Collateral
(as defined in the Security Agreement and the other Collateral Documents).

 

D.          
To induce the Lender to enter into the Credit Agreement and to make the financial accommodations available to Pledgor and
each other Borrower under the Credit Agreement, and in order to secure the payment and performance by each Borrower of the Obligations,
Pledgor has agreed to pledge to Pledgee, for the benefit of Lender, all of the capital stock and other equity interests and securities
(the “Pledged Equity”) of the Pledge Entities now or hereafter owned or acquired by such Pledgor to secure the
Obligations.

 

    

    

    

 

NOW, THEREFORE,
in consideration of the premises and in order to induce the Lender to provide certain financial accommodations under the Credit
Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pledgor
hereby agrees with Pledgee as follows:

 

1.            
Defined Terms. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings
given them in the Credit Agreement.

 

2.            
Pledge.

 

(a)         
Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of Lender,
a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the
Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii)
any other shares of Pledged Equity hereafter pledged or referred to be pledged to Pledgee pursuant to this Agreement; (ii) all
“investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto;
(iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v)
all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing,
including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments,
rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive
or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without
affecting the obligations of any Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger
in which any Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed
by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section
2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and
complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All
of the Pledged Interests now owned by Pledgor which are presently represented by certificates are listed on Exhibit A
hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed
in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or
acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a
“Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter
be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing
the Pledged Interests and any additional Pledged Collateral.

 

(b)         
Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company
or (ii) a partnership interest in a Person that is a partnership (if any)and, in the case of clause (i) and (ii), (x) is not and
will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of
the UCC.

 

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3.            
Representations and Warranties of Pledgors. Pledgor represents and warrants to Pledgee, and covenants to Pledgee,
that:

 

(a)         
Exhibit A sets forth (i) the authorized capital stock and other equity interests of each Pledge Entity, (ii)
the number of shares of capital stock and other equity interests of each Pledge Entity that are issued and outstanding as of the
date hereof, and (iii) the percentage of the issued and outstanding shares of capital stock and other equity interests of each
Pledge Entity held by such Pledgor. Such Pledgor is the record and beneficial owner of, and has good and marketable title to, the
Pledged Interests of such Pledgor, and such shares are and will remain free and clear of all pledges, liens, security interests
and other encumbrances and restrictions whatsoever, except the liens and security interests in favor of Pledgee created by this
Agreement (other than Liens in favor of Oxford Finance LLC, which shall be released on the Closing Date) and Permitted Liens;

 

(b)         
Except as set forth on Exhibit A, there are no outstanding options, warrants or other similar agreements with
respect to the Pledged Interests or any of the other Pledged Collateral;

 

(c)         
This Agreement is the legal, valid and binding obligation of Pledgor, enforceable against Pledgor in accordance with
its terms except to the extent that such enforceability is subject to applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance and moratorium laws and other laws of general application affecting enforcement of creditors’ rights generally,
or the availability of equitable remedies, which are subject to the discretion of the court before which an action may be brought;

 

(d)         
The Pledged Interests have been duly and validly authorized and issued, are fully paid and non-assessable, and the
Pledged Interests listed on Exhibit A constitute all of the issued and outstanding capital stock or other equity interests
of the Pledge Entities;

 

(e)         
No consent, approval or authorization of or designation or filing with any governmental or regulatory authority on
the part of any Pledgor is required in connection with the pledge and security interest granted under this Agreement;

 

(f)          
The execution, delivery and performance of this Agreement will not violate, in any material respect, any provision
of any applicable law or regulation or of any order, judgment, writ, award or decree of any court, arbitrator or governmental authority,
which are applicable to any Pledgor, or of the articles or certificate of incorporation, certificate of formation, bylaws or any
other similar organizational documents of any Pledgor or any Pledge Entity or of any securities issued by any Pledgor or any Pledge
Entity or of any mortgage, indenture, lease, contract, or other agreement, instrument or undertaking to which any Pledgor or any
Pledge Entity is a party or which is binding upon any Pledgor or any Pledge Entity or upon any of the assets of any Pledgor or
any Pledge Entity, and will not result in the creation or imposition of any lien, charge or encumbrance on or security interest
in any of the assets of any Pledgor or any Pledge Entity, except as otherwise contemplated by this Agreement;

 

(g)         
The pledge, assignment and delivery of the Pledged Interests and the other Pledged Collateral pursuant to this Agreement
creates a valid first lien on and perfected first priority security interest in such Pledged Interests and Pledged Collateral and
the proceeds thereof in favor of Pledgee, subject to no prior pledge, lien, mortgage, hypothecation, security interest, charge,
option or encumbrance or to any agreement purporting to grant to any third party a security interest in the property or assets
of Pledgor which would include the Pledged Interests or any other Pledged Collateral (other than Liens in favor of Oxford Finance
LLC, which shall be released simultaneously with the purchase of the Notes on the Closing Date). Until this Agreement is terminated
pursuant to Section 11 hereof, Pledgor covenants and agrees that it will defend, for the benefit of Pledgee, Pledgee’s right,
title and security interest in and to the Pledged Interests, the other Pledged Collateral and the proceeds thereof against the
claims and demands of all other persons or entities; and

 

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(h)         
No Pledgor nor any Pledged Entity (i) will become a person whose property or interests in property are 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), (ii) will engage in any dealings or
transactions prohibited by Section 2 of such executive order, or (iii) will otherwise become a person on the list of Specially
Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other Office of Foreign Asset
Control regulation or executive order.

 

4.            
Dividends, Distributions, Etc. If, prior to the Payment in Full of the Obligations, any Pledgor shall receive
any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any
reclassification, increase or reduction of capital, or issued in connection with any reorganization, merger or consolidation),
or any options or rights, whether as an addition to, in substitution for, or in exchange for any of the Pledged Interests or otherwise,
such Pledgor agrees, in each case, to accept the same as Pledgee’s agent and to hold the same in trust for Pledgee, and to
deliver the same promptly (but in any event within five (5) days) to Pledgee in the exact form received, with the endorsement of
such Pledgor when necessary and/or with appropriate undated assignments separate from certificates or stock powers duly executed
in blank, to be held by Pledgee subject to the terms hereof, as additional Pledged Collateral. The applicable Pledgor shall promptly
deliver to Pledgee (i) a Pledge Addendum with respect to such additional certificates, and (ii) any financing statements or amendments
to financing statements as requested by Pledgee. Pledgor hereby authorizes Pledgee to attach each such Pledge Addendum to this
Agreement. Except as provided in Section 5(b) below, all sums of money and property so paid or distributed in respect of
the Pledged Interests which are received by any Pledgor shall, until paid or delivered to Pledgee, be held by Pledgor in trust
as additional Pledged Collateral.

 

5.            
Voting Rights; Dividends; Certificates.

 

(a)         
So long as no Event of Default has occurred and is continuing, Pledgor shall be entitled (subject to the other provisions
hereof, including, without limitation, Section 8 below) to exercise its voting and other consensual rights with respect
to the Pledged Interests and otherwise exercise the incidents of ownership thereof in any manner not inconsistent with this Agreement,
the Credit Agreement and/or any of the other Loan Documents. Pledgor hereby grants to Pledgee or its nominee, an irrevocable proxy
to exercise all voting, corporate and limited liability company rights relating to the Pledged Interests in any instance, which
proxy shall be effective, at the discretion of Pledgee (as determined, and to be exercised, at the direction of Lender), upon the
occurrence and during the continuance of an Event of Default. Upon the request of Pledgee at any time, Pledgor agrees to deliver
to Pledgee such further evidence of such irrevocable proxy or such further irrevocable proxies to vote the Pledged Interests as
Pledgee may request.

 

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(b)         
So long as no Event of Default shall have occurred and be continuing, Pledgor shall be entitled to receive cash dividends
or other distributions made in respect of the Pledged Interests, to the extent permitted to be made pursuant to the terms of the
Credit Agreement. Upon the occurrence and during the continuance of an Event of Default, in the event that any Pledgor, as record
and beneficial owner of the Pledged Interests, shall have received or shall have become entitled to receive, any cash dividends
or other distributions in the ordinary course, such Pledgor shall deliver to Pledgee, and Pledgee shall be entitled to receive
and retain, for the benefit of Pledgee and the Lender, all such cash or other distributions as additional security for the Obligations.

 

(c)         
Subject to any sale or other disposition by Pledgee of the Pledged Interests, any other Pledged Collateral or other
property pursuant to this Agreement, upon the Payment in Full and the termination of this Agreement pursuant to Section 11
hereof, the liens and security interests hereby granted shall automatically terminate and all rights to the Pledged Interests,
the other Pledged Collateral and any other property then held as part of the Pledged Collateral in accordance with the provisions
of this Agreement shall revert to the applicable Pledgor and the Secured Party, promptly following such termination, will deliver
possession of the Pledged Interests, the other Pledged Collateral and any other property then held as part of the Pledged Collateral
to the applicable Pledgor or to such other persons or entities as shall be legally entitled thereto.

 

(d)         
Pledgor shall cause all Pledged Interests (other than the Pledged Interests consisting of limited liability company
interests) to be certificated at all times while this Agreement is in effect.

 

6.            
Rights of Pledgee. Pledgee shall not be liable for failure to collect or realize upon the Obligations or any
collateral security or guaranty therefor, or any part thereof, or for any delay in so doing, nor shall Pledgee be under any obligation
to take any action whatsoever with regard thereto. Any or all of the Pledged Interests held by Pledgee hereunder may, if an Event
of Default has occurred and is continuing, without notice, be registered in the name of Pledgee or its nominee, and Pledgee or
its nominee may thereafter without notice exercise (at the direction of Lender) all voting and corporate rights at any meeting
with respect to any Pledge Entity and exercise any and all rights of conversion, exchange, subscription or any other rights, privileges
or options pertaining to any of the Pledged Interests as if it were the absolute owner thereof, including, without limitation,
the right to vote in favor of, and to exchange at its discretion (at the direction of Lender) any and all of the Pledged Interests
upon the merger, consolidation, reorganization, recapitalization or other readjustment with respect to any Pledge Entity or upon
the exercise by any Pledge Entity, any Pledgor or Pledgee of any right, privilege or option pertaining to any of the Pledged Interests,
and in connection therewith, to deposit and deliver any and all of the Pledged Interests with any committee, depository, transfer
agent, registrar or other designated agency upon such terms and conditions as Pledgee may reasonably determine, all without liability
except to account for property actually received by Pledgee, but Pledgee shall have no duty to exercise any of the aforesaid rights,
privileges or options and shall not be responsible for any failure to do so or delay in so doing.

 

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7.            
Remedies. Upon the occurrence and during the continuance of an Event of Default, Pledgee may (and, at the
direction of Lender, shall) exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for
herein or otherwise available to it, all the rights and remedies of a secured party under the Uniform Commercial Code (“UCC”)
of the jurisdiction applicable to the affected Pledged Collateral from time to time. Without limiting the foregoing, Pledgee may
(and, at the direction of Lender, shall), without demand of performance or other demand, advertisement or notice of any kind (except
the notice specified below of time and place of public or private sale) to or upon any Pledgor or any other person or entity (all
and each of which demands, advertisements and/or notices are hereby expressly waived), upon the occurrence and during the continuance
of an Event of Default forthwith collect, receive, appropriate and realize upon the Pledged Collateral, or any part thereof, and/or
may forthwith date and otherwise fill in the blanks on any assignments separate from certificates or stock power or otherwise sell,
assign, give an option or options to purchase, contract to sell or otherwise dispose of and deliver said Pledged Collateral, or
any part thereof, in one or more portions at one or more public or private sales or dispositions, at any exchange or broker’s
board or at any of Pledgee’s offices or elsewhere upon such terms and conditions as Pledgee may deem advisable and at such
prices as it may deem best, for any combination of cash and/or securities or other property or on credit or for future delivery
without assumption of any credit risk, with the right to Pledgee or Lender (or the designee of either of them) upon any such sale,
public or private, to purchase the whole or any part of said Pledged Collateral so sold, free of any right or equity of redemption
in Pledgor, which right or equity is hereby expressly waived or released. Pledgee (at the direction of Lender) shall apply the
net proceeds of any such collection, recovery, receipt, appropriation, realization, sale or disposition, after deducting all costs
and expenses of every kind incurred therein or incidental to the safekeeping of any and all of the Pledged Collateral or in any
way relating to the rights of Pledgee hereunder, including reasonable attorneys’ fees and legal expenses, to the payment,
in whole or in part, of the Obligations, in such order as Pledgee (at the direction of Lender) may elect. Pledgor shall remain
liable for any deficiency remaining unpaid after such application. Only after so paying over such net proceeds and after the payment
by Pledgee (at the direction of Lender) of any other amount required by any provision of law, including, without limitation, Section
9-608 of the UCC, need Pledgee (at the direction of Lender) account for the surplus, if any, to any Pledgor. Pledgor agrees that
Pledgee need not give more than ten (10) days’ notice of the time and place of any public sale or of the time after which
a private sale or other intended disposition is to take place and that such notice is reasonable notification of such matters.
No notification need be given to any Pledgor if it has signed after default a statement renouncing or modifying any right to notification
of sale or other intended disposition. Notwithstanding any provision in any operating agreement or shareholder agreement of any
issuer of the Pledged Collateral or the Delaware Limited Liability Company Act or the Business Corporation Law of the State of
New York to the contrary, the undersigned constituting all of the members and/or shareholders of each issuer hereby acknowledge
that such member and/or shareholder, as applicable, may pledge to the Pledgee all of such member’s and/or shareholder’s
right, title and interest in such issuer, and upon foreclosure the successful bidder (which may include the Pledgee or Lender)
will be deemed admitted as a member and/or shareholder, as applicable, of such issuer, and will automatically succeed to all of
such pledged right, title and interest, including without limitation such members’ and/or shareholder’s limited liability
company and equity interests, right to vote and participate in the management and business affairs of the issuer, right to a share
of the profits and losses of the issuer and right to receive distributions from the issuer.

 

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8.            
No Disposition, Etc. Until the irrevocable Payment in Full of the Obligations, Pledgor agrees that it will
not sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Pledged Interests or any
other Pledged Collateral, nor will any Pledgor create, incur or permit to exist any pledge, lien, mortgage, hypothecation, security
interest, charge, option or any other encumbrance with respect to any of the Pledged Interests or any other Pledged Collateral,
or any interest therein, or any proceeds thereof, except for the lien and security interest of Pledgee provided for by this Agreement,
the Security Agreement, the other Collateral Documents and Permitted Liens.

 

9.            
Sale of Pledged Interests.

 

(a)         
Pledgor recognizes that Pledgee may be unable to effect a public sale or disposition (including, without limitation,
any disposition in connection with a merger of a Pledge Entity) of any or all the Pledged Interests by reason of certain prohibitions
contained in the Securities Act, and applicable state securities laws, but may be compelled to resort to one or more private sales
or dispositions thereof to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities
for their own account, for investment and not with a view to the distribution or resale thereof. Pledgor acknowledges and agrees
that any such private sale or disposition may result in prices and other terms (including the terms of any securities or other
property received in connection therewith) less favorable to the seller than if such sale or disposition were a public sale or
disposition and Pledgor agrees that it is not commercially unreasonable for Pledgee to engage in any such private sales or dispositions
under such circumstances. Pledgee shall be under no obligation to delay a sale or disposition of any of the Pledged Interests in
order to permit any Pledgor or a Pledge Entity to register such securities for public sale under the Securities Act, or under applicable
state securities laws, even if such Pledgor or a Pledge Entity would agree to do so.

 

(b)         
Pledgor further agrees to do or cause to be done all such other acts and things as may be reasonably necessary to
make such sales or dispositions of the Pledged Interests valid and binding and in compliance with any and all applicable laws,
regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities,
domestic or foreign, having jurisdiction over any such sales or dispositions, all at such Pledgor’s expense; provided that
no Pledgor shall have any obligation to register the Pledged Interests as securities under the Securities Act or the applicable
state securities laws solely by virtue of this Section 9(b). Pledgor further agrees that a breach of any of the covenants
contained in Sections 4, 5(a), 5(b), 8, 9 and 24 will cause irreparable injury to Pledgee
and that Pledgee has no adequate remedy at law in respect of such breach and, as a consequence, agrees, without limiting the right
of Pledgee to seek and obtain specific performance of other obligations of Pledgor contained in this Agreement, that each and every
covenant referenced above shall be specifically enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert
any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred
and is continuing.

 

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(c)         
Pledgor further agrees not to exercise any and all rights of subrogation it may have against a Pledge Entity upon
the sale or disposition of all or any portion of the Pledged Collateral by Pledgee pursuant to the terms of this Agreement until
the termination of this Agreement in accordance with Section 11 below.

 

10.         
No Waiver; Cumulative Remedies. Pledgee shall not by any act, delay, omission or otherwise be deemed to have
waived any of its remedies hereunder, and no waiver by Pledgee shall be valid unless in writing and signed by Pledgee, and then
only to the extent therein set forth. A waiver by Pledgee of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which Pledgee would otherwise have on any further occasion. No course of dealing between any Pledgor
and Pledgee and no failure to exercise, nor any delay in exercising on the part of Pledgee or the Lender of, any right, power or
privilege hereunder or under the other Loan Documents shall impair such right or remedy or operate as a waiver thereof; nor shall
any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative and may be exercised singly
or concurrently, and are not exclusive of any rights or remedies provided by law or in the Credit Agreement.

 

11.         
Termination. This Agreement and the Liens and security interests granted hereunder shall automatically terminate
and Pledgee, at Pledgor’s sole cost and expense, shall promptly following such termination return any Pledged Interests or
other Pledged Collateral then held by Pledgee in accordance with the provisions of this Agreement to Pledgor upon the Payment in
Full of the Obligations and the termination of the Credit Agreement.

 

12.         
Possession of Collateral. Beyond the exercise of reasonable care to assure the safe custody of the Pledged
Interests in the physical possession of Pledgee pursuant hereto, neither Pledgee, nor any nominee of Pledgee, shall have any duty
or liability to collect any sums due in respect thereof or to protect, preserve or exercise any rights pertaining thereto (including
any duty to ascertain or take action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating
to the Pledged Collateral and any duty to take any necessary steps to preserve rights against any parties with respect to the Pledged
Collateral), and shall be relieved of all responsibility for the Pledged Collateral upon surrendering them to any Pledgor. Pledgor
assumes the responsibility for being and keeping itself informed of the financial condition of a Pledge Entity and of all other
circumstances bearing upon the risk of non-payment of the Obligations, and Pledgee shall have no duty to advise any Pledgor of
information known to Pledgee regarding such condition or any such circumstance. Pledgee shall have no duty to inquire into the
powers of a Pledge Entity or its officers, directors, managers, members, partners or agents thereof acting or purporting to act
on its behalf.

 

13.         
Pledgee Appointed Attorney-In-Fact. Pledgor hereby irrevocably appoints Pledgee as such Pledgor’s attorney-in-fact,
with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time in Pledgee’s
discretion, to take any action and to execute any instrument that Pledgee deems reasonably necessary or advisable to accomplish
the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to
such Pledgor representing any dividend, interest payment or other distribution in respect of the Pledged Collateral or any part
thereof and to give full discharge for the same, when and to the extent permitted by this Agreement; provided that the power of
attorney granted hereunder shall only be exercised by Pledgee after the occurrence and during the continuance of an Event of Default.

 

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14.         
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing by registered or certified mail a copy thereof to such party
at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof five (5) business days after the mailing thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. Notwithstanding the foregoing, Pledgee may enforce its rights
and remedies in any other jurisdiction of its choosing, including any jurisdiction applicable to the Pledged Collateral. EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

15.         
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party; provided that a facsimile, .pdf or similar electronically transmitted signature shall be considered
due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original
signature.

 

16.         
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement.

 

17.         
Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

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18.         
ENTIRE AGREEMENT; AMENDMENTS. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, SUPERSEDES ALL
OTHER PRIOR ORAL OR WRITTEN AGREEMENTS BETWEEN ANY PLEDGOR, PLEDGEE, THEIR AFFILIATES AND PERSONS ACTING ON THEIR BEHALF WITH RESPECT
TO THE MATTERS DISCUSSED HEREIN, AND THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS AND THE OTHER INSTRUMENTS REFERENCED
HEREIN AND THEREIN, CONTAIN THE ENTIRE UNDERSTANDING OF THE PARTIES WITH RESPECT TO THE MATTERS COVERED HEREIN AND THEREIN AND,
EXCEPT AS SPECIFICALLY SET FORTH HEREIN OR THEREIN, NEITHER PLEDGEE NOR PLEDGOR MAKES ANY REPRESENTATION, WARRANTY, COVENANT OR
UNDERTAKING WITH RESPECT TO SUCH MATTERS. AS OF THE DATE OF THIS AGREEMENT, THERE ARE NO UNWRITTEN AGREEMENT BETWEEN THE PARTIES
WITH RESPECT TO THE MATTERS DISCUSSED HEREIN. EXCEPT AS SET FORTH IN SECTION 2(A) HEREOF, NO PROVISION OF THIS AGREEMENT MAY BE
AMENDED, MODIFIED OR SUPPLEMENTED OTHER THAN BY AN INSTRUMENT IN WRITING SIGNED BY PLEDGOR AND PLEDGEE.

 

19.         
Notices. All notices, approvals, requests, demands and other communications hereunder shall be delivered or
made in the manner set forth in, and shall be effective in accordance with the terms of, the Credit Agreement, in the case of communications
to the Agent, directed to the notice address set forth in the Security Agreement.

 

20.         
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns. Pledgor shall not assign this Agreement or any rights or obligations hereunder without the prior
written consent of Pledgee. Pledgee may assign its rights hereunder without the consent of Pledgor, in which event such assignee
shall be deemed to be Pledgee hereunder with respect to such assigned rights.

 

21.         
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person
or entity.

 

22.         
Survival. All representations, warranties, covenants and agreements of Pledgor and Pledgee shall survive the
execution and delivery of this Agreement.

 

23.         
Further Assurances. Pledgor agrees that it will, at any time and from time to time upon the reasonable written
request of Pledgee, execute and deliver all assignments separate from certificates or stock powers, financing statements and such
further documents and do such further acts and things as Pledgee may reasonably request consistent with the provisions hereof in
order to carry out the intent and accomplish the purpose of this Agreement and the consummation of the transactions contemplated
hereby.

 

24.         
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rules of strict construction will be applied against any party.

 

25.         
Pledgee Authorized. Pledgor hereby authorizes Pledgee to file one or more financing or continuation statements
and amendments thereto (or similar documents required by any laws of any applicable jurisdiction) relating to all or any part of
the Pledged Interests or other Pledged Collateral without the signature of such Pledgor.

 

    10

    

    

 

26.         
Pledgor Acknowledgement. Pledgor acknowledges receipt of an executed copy of this Agreement. Pledgor waives
the right to receive any amount that it may now or hereafter be entitled to receive (whether by way of damages, fine, penalty,
or otherwise) by reason of the failure of Pledgee to deliver to any Pledgor a copy of any financing statement or any statement
issued by any registry that confirms registration of a financing statement relating to this Agreement.

 

[Signature Pages Follow]

 

    11

    

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Pledge Agreement to be duly executed and delivered by their duly authorized officers on the
date first above written.

 

PLEDGOR:

 

ADMA BIOLOGICS, INC.

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

	SIGNATURE PAGE TO

PLEDGE AGREEMENT

 

    

    

    

 

PLEDGEE:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Agent

 

		By:	/s/ Jennifer K. Anderson

Name: Jennifer K. Anderson

Title: Assistant Vice President

 

	SIGNATURE PAGE TO

PLEDGE AGREEMENT

 

    

    

    

 

ACKNOWLEDGEMENT

 

Notwithstanding anything
to the contrary contained in any operating agreement, shareholder agreement, organizational document or business corporation or
limited liability company law of the state of formation of any Pledged Entity, each of the undersigned hereby (i) acknowledges
receipt of a copy of the foregoing Pledge Agreement, (ii) agrees promptly to note on its books and records the grant of the security
interest in the stock or other equity interests of the undersigned as provided in such Pledge Agreement, (iii) acknowledges that
any member and/or shareholder of any Pledge Entity may pledge, grant a security interest in, or hypothecate all or a portion of
such member’s and/or shareholder’s right, title and interest in such Pledged Entity and upon foreclosure the successful
bidder (which may include Agent or its designee) will be deemed admitted as a member and/or shareholder, as applicable, of such
Pledged Entity and will automatically succeed to all of such pledged right, title and interest, including, without limitation,
such member’s and/or shareholder’s equity interests, right to vote and participate in the management and business affairs
of the Pledged Entity, right to a share of the profits and losses of the Pledged Entity and right to receive distributions from
the Pledged Entity; (iv) waives any restrictions on the Agent’s ability and/or right to sell any equity interests in such
Pledged Equity, (v) consents to the transactions contemplated by the foregoing Pledge Agreement; (vi) waives any and all obligations
of the members and/or shareholders of any Pledged Entity to notify such Pledged Entity’s other members and/or shareholders
of any of the actions set forth in the foregoing clause “(iii)” (each, a “Transfer”), (vii) waives
any and all rights of first refusal in connection with any Transfer and (viii) acknowledges that no stock or membership interest
certificate shall require that any restrictive legend be included thereon, including without limitation, any legend restricting
the sale, pledge, hypothecation or other transfer of the equity interests evidenced by such certificate.

 

Dated: October 10, 2017

 

[Remainder of page intentionally left
blank.

Signature page follows.]

 

    

    

    

 

PLEDGED ENTITIES:

 

ADMA PLASMA BIOLOGICS, INC. 

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA BIO CENTERS GEORGIA INC. 

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

ADMA BIOMANUFACTURING, LLC

 

		By:	/s/ Brian Lenz

Name: Brian Lenz

Title: Vice President

 

SIGNATURE PAGE TO

ACKNOWLEDGMENT TO

PLEDGE AGREEMENTEX-4.1

 Exhibit 4.1 
  

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS A(2017-7) TERMS DOCUMENT 
 Dated as of October 10, 2017 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of December 22, 2015 

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 
  

 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
	  	 	7	 
	Section 1.03	 	 Representations and Warranties of Indenture Trustee
	  	 	8	 
	Section 1.04	 	 Limitations on Liability
	  	 	8	 
	Section 1.05	 	 Governing Law
	  	 	9	 
	Section 1.06	 	 Counterparts
	  	 	9	 
	Section 1.07	 	 Ratification of Indenture and Indenture Supplement
	  	 	9	 
	
	ARTICLE II	 
	THE CLASS A(2017-7) NOTES	 
	Section 2.01	 	 Creation and Designation
	  	 	9	 
	Section 2.02	 	 Adjustments to Required Subordinated Percentages and Amount
	  	 	9	 
	Section 2.03	 	 Interest Payment
	  	 	10	 
	Section 2.04	 	 Notification of LIBOR
	  	 	10	 
	Section 2.05	 	 Payments of Interest and Principal
	  	 	10	 
	Section 2.06	 	 Form of Delivery of Class A(2017-7) Notes;
Depository; Denominations
	  	 	10	 
	Section 2.07	 	 Delivery and Payment for the Class A(2017-7)
Notes
	  	 	11	 
	Section 2.08	 	 Targeted Deposits to the Accumulation Reserve Account
	  	 	11	 
	Section 2.09	 	 Additional Issuances of Notes
	  	 	11	 
	Section 2.10	 	 Designation of Additional Amounts to Be Included in the Excess Spread Amount for the
DiscoverSeries Notes
	  	 	12	 
	Section 2.11	 	 Variable Accumulation Period
	  	 	12	 
	Section 2.12	 	 Seller’s Interest to Be Included in the Monthly Statement
	  	 	13	 
	Section 2.13	 	 Duties of the Indenture Trustee
	  	 	13	 
			
	EXHIBIT A	 	 FORM OF CLASS A(2017-7) NOTE
	  			

  
 -i- 

 THIS CLASS A(2017-7) 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 October 10, 2017. 

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(2017-7) Notes; 

(6) each capitalized term defined herein shall relate only to the Class A(2017-7) 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 $68,750,000; 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 October 1, 2021, 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 such 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(2017-7) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class A(2017-7) 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%.
		
	(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%.

  
 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(2017-7) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class A(2017-7) Notes or (b) an Event of Default and acceleration of the Class A(2017-7)
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(2017-7) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2017-7) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class A(2017-7) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2017-7) Noteholder” means a Person in whose name a Class A(2017-7) Note is registered in the Note Register. 
 “Class A(2017-7) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class A(2017-7) 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. 

  
 3 

 “Expected Maturity Date” means October 17, 2022. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, between the Issuer and Indenture
Trustee, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Indenture Supplement” means the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015, for
the DiscoverSeries Notes, 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 $825,000,000, 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(2017-7) 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
November 2017, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means
October 10, 2017, with respect to all Class A(2017-7) Notes issued on the date hereof and, with respect to any additional Class A(2017-7) Notes issued
pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means April 15, 2025. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration
comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture Trustee on
the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the Indenture Trustee, at approximately 11:00 a.m., London time, on
such day to prime banks in the London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London office of four banks selected by the
Calculation Agent to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the
arithmetic mean of the rates quoted by four major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration
comparable to the relevant Interest Accrual Period commencing on that day. If LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with
respect to the immediately prior LIBOR Determination Date. 

  
 4 

 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a
Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 

“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual
Period. 
 “Note Interest Rate” means, for any Interest Accrual Period, LIBOR + 0.36% per annum, calculated on the basis of
the actual number of days elapsed and a 360-day year; provided, that if the sum of LIBOR + 0.36% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual
Period will be deemed to be 0.00%. 
 “Notice of Additional Issuance” has the meaning set forth in Section 2.09
hereof. 
 “Regulation RR” means Regulation RR (Credit Risk Retention) promulgated by the Securities and Exchange
Commission to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act. 
 “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; provided, however, that for purposes of
determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet
occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined
on the first day of such calendar month, multiplied by 1.25. 
 “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(2017-7) Notes, the Accumulation Amount, (ii) if such day is on or after the
occurrence and during the continuance of a Class A(2017-7) Adverse Event, the Nominal Liquidation Amount of the Class A(2017-7) Notes and (iii) in all
other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the Class A(2017-7) 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(2017-7) Notes on such date of determination; and 

(b) the Nominal Liquidation Amount of such Class A(2017-7) 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(2017-7) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2017-7) Notes will be the greater of 

(x) the amount determined above for such date of determination; and 

  
 5 

 (y) the amount determined above for the date immediately prior to the date on which such Class A(2017-7) Adverse Event shall have occurred. 
 “Required Subordinated Amount of
Class C Notes” means, for the Class A(2017-7) 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(2017-7) Notes on
such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2017-7)
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(2017-7) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2017-7) 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(2017-7) Adverse Event shall have occurred. 
 “Required Subordinated Amount of
Class D Notes” means, for the Class A(2017-7) 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(2017-7) Notes on
such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2017-7)
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(2017-7) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2017-7) 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(2017-7) Adverse Event shall have occurred. 
 “Required Subordinated Percentage
of Class B Notes” means, for the Class A(2017-7) Notes, 6.96202532%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the
Class A(2017-7) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the
Class A(2017-7) Notes, 10.75949368%, subject to adjustment in accordance with Section 2.02. 

  
 6 

 “Reuters Screen LIBOR01” means the display page currently so designated on the
Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“Seller’s Interest” means, at any time, a “seller’s interest” as defined in, and calculated in accordance
with, Regulation RR. 
 “Seller’s Interest Measurement Date” means the last day of each calendar month. 

“Specified Rating” means, for the Class A(2017-7) 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 $825,000,000 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(2017-7) 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 limited liability
company and statutory trust proceedings of the 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 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 

  
 7 

 (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 (i) asserting the invalidity of this Terms Document, (ii) seeking to prevent
the consummation of any of the transactions contemplated by this Terms Document or (iii) 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, the 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(2017-7) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

  
 8 

 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(2017-7) 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(2017-7) 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(2017-7) 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(2017-7) 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. 

  
 9 

 Section 2.03 Interest Payment. For each Interest Payment Date the amount of interest
due with respect to the Class A(2017-7) Notes shall be an amount equal to 
  

	 	(i)	(A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period 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(2017-7) 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(2017-7) 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. 
 Section 2.04 Notification of LIBOR. On each LIBOR
Determination Date, the Indenture Trustee shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A(2017-7) Notes are then listed (if the rules
of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Accrual Period. 

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(2017-7) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment
Date for the Class A(2017-7) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the
Class A(2017-7) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b)
The right of the Class A(2017-7) Noteholders to receive payments from the Issuer will terminate on the Class A(2017-7) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class A(2017-7) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class A(2017-7) Notes. 

Section 2.06 Form of Delivery of Class A(2017-7) Notes; Depository;
Denominations. 
 (a) The Class A(2017-7) 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(2017-7) Notes is attached hereto as Exhibit A. 

  
 10 

 (b) The Depository for the Class A(2017-7) Notes
shall be The Depository Trust Company, and the Class A(2017-7) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c) The Class A(2017-7) Notes will be issued in minimum denominations of $100,000 and integral
multiples of $1,000 in excess of that amount. 
 Section 2.07 Delivery and Payment for the Class A(2017-7) Notes. The Issuer shall execute and deliver the Class A(2017-7) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class A(2017-7) 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(2017-7) 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(2017-7) Notes. 

Section 2.09 Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Section 2.02 and
Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2017-7) 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(2017-7) 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(2017-7) Notes; 

  

	 	(ii)	the amount of such additional Class A(2017-7) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2017-7) Notes; 

  

	 	(iii)	the date from which interest on such additional Class A(2017-7) 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(2017-7) Notes; and 

 

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2017-7) Notes to clarify the rights of Holders of such additional Class A(2017-7) Notes or the effect of such issuance of additional Class A(2017-7) Notes on any calculations to be made with respect to the Class A(2017-7) Notes, the Class A Notes 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(2017-7) Notes; 

(b) no Class A(2017-7) Adverse Event has occurred and is continuing; and 

  
 11 

 (c) either (i) the issuance of such additional
Class A(2017-7) Notes would be treated as part of the same issue as the outstanding Class A(2017-7) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k) or (ii) such additional Class A(2017-7) 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(2017-7) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2017-7) 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(2017-7) 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(2017-7) 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(2017-7) Notes. Any such delay by the Calculation Agent on
behalf of the Issuer shall be made no later than the last day of the Due Period immediately preceding the first day of the first Due Period in the scheduled 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(2017-7) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date (as defined in the applicable Terms Document); (ii) such delay is permitted under the
Series 2007-CC 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 

  
 12 

 
Calculation Agent on behalf of the 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. 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(2017-7) Notes is delayed pursuant to this Section 2.11. 

Section 2.12 Seller’s Interest to Be Included in the Monthly Statement. The Issuer shall cause the Master
Servicer to include the amount of the Seller’s Interest as of the Seller’s Interest Measurement Date on each investor certificateholder’s monthly statement delivered pursuant to the Series
2007-CC Supplement. 
 Section 2.13 Duties of the Indenture Trustee. For the avoidance
of doubt, the Indenture Trustee undertakes to perform only such duties as are specifically set forth in the Indenture, the Indenture Supplement, the Pooling and Servicing Agreement, any Series Supplement and this Agreement and as such
shall have no obligation or responsibility to monitor or enforce compliance with Regulation RR, nor shall be liable to any Person for any violation of Regulation RR; provided that nothing in this Section 2.13 shall alter the Indenture
Trustee’s duties, obligations or standard of care as set forth in the Indenture or any Indenture Supplement. It is understood and acknowledged that the Indenture Trustee has not provided any advice with respect to the acquisition of the Class A(2017-7) Notes, and has no financial interest in the acquisition of such Class A(2017-7) Notes. 

[Remainder of page intentionally blank; signature page follows] 

  
 13 

 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: Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Indenture Trustee

		
	By:	 	/s/ Julia Linian
		 	Name: Julia Linian
		 	Title: Vice President

 [Signature Page to Class A(2017-7) Terms Document] 

 EXHIBIT A 

FORM OF CLASS A(2017-7) NOTE 

 DISCOVERSERIES CLASS A(2017-7) 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. 

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, WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THIS NOTE WITH THE ASSETS OF A BENEFIT PLAN INVESTOR (AS DEFINED BELOW) OR PLAN SUBJECT TO SIMILAR LAW (AS DEFINED BELOW) OR (ii) (A) THE
ACQUISITION AND HOLDING OF THIS NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”) OR A VIOLATION OF SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN INVESTOR, THE DECISION TO ACQUIRE THIS NOTE WAS MADE BY AN AUTHORIZED FIDUCIARY THAT IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL
EXPERTISE,” AS DESCRIBED IN 29 

 
C.F.R. SECTION 2510.3-21(c)(1). FOR THESE PURPOSES, A “BENEFIT PLAN INVESTOR” INCLUDES AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION
3(3) OF ERISA THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE CODE THAT IS SUBJECT TO SECTION 4975 OF THE CODE AND (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
“PLAN ASSETS” OF THE FOREGOING. ”SIMILAR LAW” MEANS ANY LAW SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION SECTIONS OF ERISA OR SECTION 4975 OF THE CODE. 

			
	 REGISTERED

No. [●]
	  	 $[●]*

CUSIP NO. 254683 CC7

 DISCOVER CARD EXECUTION NOTE TRUST 

ONE-MONTH LIBOR + 0.36% 

DISCOVERSERIES CLASS A(2017-7) 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 October 2022 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 April 2025 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of one-month LIBOR + 0.36% per annum; provided, that if the sum of LIBOR + 0.36% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%, as more specifically set forth in the Class A(2017-7) Terms Document dated as of October 10, 2017 (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 for the period from and including the previous Interest Payment Date (or, in the case of the
first Interest Payment Date for any Class A(2017-7) Notes, from and including the applicable Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the actual number of
days elapsed and a 360-day year. 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(2017-7) Notes is $825,000,000. 
 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 $100,000 and in integral multiples of $1,000 in excess thereof. 

 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:                     , 20    

 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:                     , 20    

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its
One-Month LIBOR + 0.36% Class A(2017-7) DiscoverSeries Notes (herein called the “Class A(2017-7)
Notes”), all issued under an Amended and Restated Indenture dated as of December 22, 2015 (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 a Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of December 22, 2015 (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(2017-7) Notes are subject to all terms of the
Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class A(2017-7) 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(2017-7) 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(2017-7) 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(2017-7) Note shall be due
and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2017-7) Notes shall be due and payable on the date on which an Event of Default
relating to the Class A(2017-7) 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(2017-7) 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. 

 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(2017-7) Notes
of record on the related Record Date (except for the final distribution with respect to this Class A(2017-7) 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(2017-7) 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(2017-7) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2017-7) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class A(2017-7) 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(2017-7) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2017-7) 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(2017-7) Note and of any Class A(2017-7) 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(2017-7) 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(2017-7) 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. 
 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(2017-7) Note may be registered on the Note Register upon surrender of this Class A(2017-7) 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(2017-7) 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(2017-7) Note, but the
transferor may be required to pay a sum 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(2017-7) Note or, in the case of a Note Owner, a beneficial interest in a Class A(2017-7) 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. 

By acquiring a Class A(2017-7) Note (or interest therein), each Noteholder or Note Owner (and if
each Noteholder or Note Owner is a Plan, its fiduciary) shall be deemed to represent and warrant that either: (a) it is not acquiring the Class A(2017-7) Note (or interest therein) with the assets of
(i) an “employee benefit plan” as defined in Section 3(3) of Employee Retirement Income Security Act of 1974 (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” as defined in and subject
to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (iii) an entity deemed to hold plan assets of the foregoing (each of (i), (ii) and (iii), a “Benefit Plan Investor”) or (iv) a
plan that is subject to federal, state, local or other law that is similar to the fiduciary or prohibited transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”); or (b) the acquisition and holding of
the Class A(2017-7) Note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 In addition, each Noteholder or Note Owner that is a Benefit Plan Investor, and the fiduciary purchasing the Class A(2017-7) Notes on behalf of a Benefit Plan Investor (the “Plan Fiduciary”), is deemed to represent and warrant by its acquisition of a
Class A(2017-7) Note (or interest therein) that the decision to acquire the Class A(2017-7) Note has been made by the Plan Fiduciary and the Plan Fiduciary is
an “independent fiduciary with financial expertise” as described in 29 C.F.R. Sec. 2510.3-21(c)(1). Specifically, this requires the Benefit Plan Investor and Plan Fiduciary to represent and warrant
that: (a) the Plan Fiduciary is independent of the Issuer, the Underwriters, the Depositor, the Owner Trustee, any Master Servicer, any Servicer and each of their affiliates (the “Transaction Parties”) and the Plan Fiduciary
either: (i) is a bank as defined in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a U.S.
state or U.S. federal agency, (ii) is an insurance carrier which is qualified under the laws of more than one U.S. state to perform the services of managing, acquiring or disposing of assets of an employee benefit plan described in
Section 3(3) of ERISA or any plan described in Section 4975(e)(1)(A) of the Code, (iii) is an investment adviser registered under the Advisers Act, or, if not registered as an investment adviser under the Advisers Act by reason of
paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of 

 
the U.S. state in which it maintains its principal office and place of business, (iv) is a broker-dealer registered under the U.S. Securities Exchange Act of 1934, as amended or
(v) holds, or has under its management or control, total assets of at least U.S. $50 million (provided that this clause (v) shall not be satisfied if the Plan Fiduciary is an individual directing his or her own individual retirement
account or plan account or relative of such individual); (b) the Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies, including the acquisition
by the Benefit Plan Investor of the Class A(2017-7) Notes; (c) the Plan Fiduciary is a “fiduciary” with respect to the Benefit Plan Investor within the meaning of Section 3(21) of
ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the Benefit Plan Investor’s acquisition of the Class A(2017-7) Notes, (d) none
of the Transaction Parties has exercised any authority to cause the Benefit Plan Investor to invest in the Class A(2017-7) Notes or to negotiate the terms of the Benefit Plan Investor’s investment in
the Class A(2017-7) Notes; and (e) the Plan Fiduciary has been informed by the Transaction Parties: (i) that none of the Transaction Parties are undertaking to provide impartial investment
advice or to give advice in a fiduciary capacity, and that no such entity has given investment advice or otherwise made a recommendation, in connection with the Benefit Plan Investor’s acquisition of the
Class A(2017-7) Notes and (ii) of the existence and nature of the Transaction Parties’ financial interests in the Benefit Plan Investor’s acquisition of the
Class A(2017-7) Notes. 
 Prior to the due presentment for registration of transfer of this Class A(2017-7) 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(2017-7)
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(2017-7) 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(2017-7) Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Class A(2017-7) 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(2017-7) 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(2017-7) 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(2017-7) Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

THIS CLASS A(2017-7) 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(2017-7) 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(2017-7) 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(2017-7) 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(2017-7) Note. 

 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.

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