Document:

Class A(2012-4) Terms Document

 Exhibit 4.2 

 
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer 

and 
 U.S. BANK
NATIONAL ASSOCIATION 
 Indenture Trustee 
 CLASS A(2012-4) TERMS DOCUMENT 
 Dated as of June 13, 2012 

to 
 AMENDED AND
RESTATED INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 

for the DiscoverSeries Notes 
 to 
 INDENTURE 

Dated as of July 26, 2007 
  

 

							
	TABLE OF CONTENTS	  			
			
	 	 	 	  	Page	 
	ARTICLE I	  			
		
	Definitions and Other Provisions of General Application	  			
			
	Section 1.01	 	 Definitions
	  	 	1	  
	Section 1.02	 	 Representations and Warranties of Issuer
	  	 	7	  
	Section 1.03	 	 Representations and Warranties of Indenture Trustee
	  	 	8	  
	Section 1.04	 	 Limitations on Liability
	  	 	8	  
	Section 1.05	 	 Governing Law
	  	 	8	  
	Section 1.06	 	 Counterparts
	  	 	8	  
	Section 1.07	 	 Ratification of Indenture and Indenture Supplement
	  	 	8	  
		
	ARTICLE II	  			
		
	The Class A(2012-4) Notes	  			
			
	Section 2.01	 	 Creation and Designation
	  	 	9	  
	Section 2.02	 	 Adjustments to Required Subordinated Percentages and Amount
	  	 	9	  
	Section 2.03	 	 Interest Payment
	  	 	9	  
	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(2012-4) Notes; Depository; Denominations
	  	 	10	  
	Section 2.07	 	 Delivery and Payment for the Class A(2012-4) Notes
	  	 	10	  
	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	  
		
	Exhibit	  			
	 Exhibit
A                                         
        Form of Class A Note
	  			

 THIS CLASS A(2012-4) 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 June 13, 2012. 
 Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries and shall specify the principal terms thereof. 

ARTICLE I 

Definitions and Other Provisions of General Application 
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 (2) all other terms used herein which are defined in the Indenture Supplement or the Indenture, either directly or by
reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or
permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation; 
 (4) all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms
Document; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained
in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2012-4) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2012-4) 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 $54,166,666.67; 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 May 1, 2016, or such later date as the Calculation Agent on behalf of the
Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning set
forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on
behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2012-4) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2012-4) 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%.

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

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no condition
requiring funding has occurred or the Calculation Agent has determined that the Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines that the
Accumulation Period Length will not be so shortened, the Accumulation Reserve Funding Period shall commence on the following Distribution Date. 
 “Class A(2012-4) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2012-4) Notes or (b) an Event of Default
and acceleration of the Class A(2012-4) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, a Class A(2012-4)
Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class A(2012-4)
Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2012-4) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2012-4) Noteholder” means a Person in whose name a Class A(2012-4) Note is registered in the Note Register.

 “Class A(2012-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on
which the Outstanding Dollar Principal Amount of the Class A(2012-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread
Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means May 15, 2017. 

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

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

“Initial Dollar Principal Amount” means $650,000,000, or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09 hereof. 
 “Interest Accrual Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2012-4) 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 July 2012, or if such
fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means June 13,
2012 with respect to all Class A(2012-4) Notes issued on the date hereof and, with respect to any additional Class A(2012-4) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance
delivered thereunder. 
 “Legal Maturity Date” means November 15, 2019. 

“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 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 at least four banks 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 Trustee, 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 LIBOR + 0.37% per annum, calculated on the basis of the actual number of days elapsed
and a 360-day year. 
 “Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof.

 “Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to
the Class A Tranche Interest Allocation for the related Distribution Date; 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(2012-4) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2012-4) Adverse Event, the Nominal Liquidation Amount of the Class A(2012-4)
Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes”
means, for the Class A(2012-4) Notes for any date of determination, an amount equal to the product of 
 (a) the Required
Subordinated Percentage of Class B Notes for such Class A(2012-4) Notes on such date of determination and 
 (b) the Nominal
Liquidation Amount of such Class A(2012-4) Notes on such date of determination; 
 provided however, that for any date of determination
on or after the occurrence and during the continuation of a Class A(2012-4) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2012-4) Notes will be the greater of 

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

(y) the amount determined above for the date immediately prior to the date on which such Class A(2012-4) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2012-4) Notes for any date
of determination, an amount equal to the product of 

  
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 (a) the Required Subordinated Percentage of Class C Notes for such Class A(2012-4) Notes on
such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2012-4) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of
a Class A(2012-4) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2012-4) Notes will be the greater of 
 (x) the amount determined above for such date of determination and 
 (y) the
amount determined above for the date immediately prior to the date on which such Class A(2012-4) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2012-4) Notes for any date of determination, an amount equal to the product of 

(a) the Required Subordinated Percentage of Class D Notes for such Class A(2012-4) Notes on such date of determination and 

(b) the Nominal Liquidation Amount of such Class A(2012-4) Notes on such date of determination; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2012-4) Adverse Event,
the Required Subordinated Amount of Class D Notes for the Class A(2012-4) Notes will be the greater of 
 (x) the amount
determined above for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date
on which the Class A(2012-4) Adverse Event shall have occurred. 
 “Required Subordinated Percentage of Class B
Notes” means, for the Class A(2012-4) Notes, 7.284768%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the Class A(2012-4) Notes, 9.271523%, subject to
adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means,
for the Class A(2012-4) Notes, 15.894040%, subject to adjustment in accordance with Section 2.02. 
 “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). 

“Specified Rating” means, for the Class A(2012-4) Notes, Aaa(sf) with respect to Moody’s, AAA(sf) with respect to
Standard & Poor’s and AAAsf with respect to Fitch. 

  
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 “Stated Principal Amount” means $650,000,000 or such higher amount as is
specified in any Notice of Additional Issuance under Section 2.09. 
 “Targeted Accumulation Reserve Subaccount
Deposit” means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2012-4) Notes as of the close of business on
the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer. 
 Section 1.02 Representations and Warranties of Issuer. The Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this
Terms Document and to perform the terms and provisions hereof; 
 (b) the execution, delivery and performance of this Terms
Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority, and do not and will
not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 
 (c) this Terms
Document is the valid, binding and enforceable obligation of the Issuer, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by
general equity principles; 
 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law
or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under the
Investment Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for
purposes of or in connection with this Terms Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or
based on reasonable estimates on the date as of which such information is stated or certified; and 
 (g) to the best knowledge
of the Issuer, there are no proceedings or investigations pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting
the invalidity of this Terms Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially
and adversely affect the performance by the Issuer of its obligations under this Terms Document or the validity or enforceability of this Terms Document. 

  
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 Section 1.03 Representations and Warranties of Indenture Trustee. The Indenture
Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) The Indenture Trustee is
organized, existing and in good standing under the laws of the United States of America; 
 (b) The Indenture Trustee has full
power, authority and right to execute, deliver and perform this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) This Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04 Limitations on Liability. 
 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee
under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal
representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or
personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under
no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Issuer under this Terms Document or any related documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the
Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may
be had solely to the Collateral pledged to secure these Class A(2012-4) Notes under the Indenture, the Indenture Supplement and this Terms Document. 
 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 

  
 8 

 
ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 

ARTICLE II 
 The
Class A(2012-4) Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes to
be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2012-4) Notes.” 
 Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2012-4) Notes, without the consent of any Noteholders; provided that the Issuer has received written
confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of
Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2012-4) Notes with a different form of credit enhancement (including, without limitation, a cash
collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms
Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments
will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03 Interest
Payment. For each Interest Payment Date, the amount of interest due with respect to the Class A(2012-4) 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(2012-4) Notes determined as of the first date of such related Interest Accrual Period, plus

  
 9 

 any Class A Tranche Interest Allocation Shortfall for such Class A(2012-4) 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(2012-4) 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(2012-4) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2012-4) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2012-4) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class A(2012-4) Noteholders to receive payments from the Issuer will terminate on the Class A(2012-4) Termination
Date. 
 (c) All payments of principal, interest or other amounts to the Class A(2012-4) Noteholders will be made pro
rata based on the Stated Principal Amount of their Class A(2012-4) Notes. 
 Section 2.06 Form of Delivery of Class
A(2012-4) Notes; Depository; Denominations. 
 (a) The Class A(2012-4) Notes shall be delivered in the form of a Global Note
which shall be a Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2012-4) Notes is attached hereto as Exhibit A. 
 (b) The Depository for the Class A(2012-4) Notes shall be The Depository Trust Company, and the Class A(2012-4) Notes shall initially be registered in the name of Cede & Co., its nominee.

 (c) The Class A(2012-4) Notes will be issued in minimum denominations of $200,000 and integral multiples of $1,000 in excess
of that amount. 
 Section 2.07 Delivery and Payment for the Class A(2012-4) Notes. The Issuer shall execute and deliver
the Class A(2012-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2012-4) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

  
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 Section 2.08 Targeted Deposits to the Accumulation Reserve Account. The deposit
targeted to be made to the Accumulation Reserve Subaccount for the Class A(2012-4) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus
any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2012-4) Notes. 
 Section 2.09 Additional
Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2012-4) Notes, so long as the following conditions precedent
are satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class
A(2012-4) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	the Issuance Date of such additional Class A(2012-4) Notes; 

  

	 	(ii)	the amount of such additional Class A(2012-4) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2012-4)
Notes; 

  

	 	(iii)	the date from which interest on such additional Class A(2012-4) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2012-4) Notes; and 

 

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2012-4) Notes to clarify the rights of Holders of such additional Class
A(2012-4) Notes or the effect of such issuance of additional Class A(2012-4) Notes on any calculations to be made with respect to the Class A(2012-4) Notes, Class A, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2012-4) Notes;

 (b) no Class A(2012-4) Adverse Event has occurred and is continuing; and 

(c) either (i) the issuance of such additional Class A(2012-4) Notes would be treated as part of the same issue as the outstanding
Class A(2012-4) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k), or (ii) such additional Class A(2012-4) Notes are not issued with “original issue discount” for purposes of Section 1273 of the Code.

 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an
issuance of additional Class A(2012-4) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2012-4) Notes; 

  
 11 

 
provided, however, that the Issuer shall have to deliver to the Indenture Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 

Section 2.10 Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any
time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust
to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator
of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A(2012-4) Notes and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust
minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and
shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 
 Section 2.11 Variable Accumulation
Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation
Period for the Class A(2012-4) Notes and determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the
first day of the Due Period related to the Expected Maturity Date for the Class A(2012-4) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately
preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 

The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the
following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the
payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period for the Class A(2012-4) Notes will not result in any Tranche of Notes not being
paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and (iii) the Accumulation
Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable Note Rating Agencies that such
delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries Notes, which were issued
prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note
Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period for the Class A(2012-4) Notes is delayed
pursuant to this Section 2.11. 
 [Remainder of page intentionally blank; signature page follows] 

  
 12 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST, as Issuer

		
	 By:   
	 	 Wilmington Trust Company,
not in its individual capacity but solely
as Owner Trustee

		
	By:	 	 
		 	Name: Jennifer A. Luce
		 	Title:    Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
as Indenture Trustee

		
	By:	 	 
		 	Name: Patricia M. Child
		 	Title:   Vice President

 [Signature Page to Class A(2012-4) Terms Document] 

 FORM OF DISCOVERSERIES CLASS A(2012-4) NOTE 

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

			
	REGISTERED	  	$[•] *
	No. 1	  	CUSIP NO. 254683AW5

 DISCOVER CARD EXECUTION NOTE TRUST 
 Floating Rate 
 DISCOVERSERIES CLASS A(2012-4) 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 May 15, 2017 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 November 15, 2019 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of one-month LIBOR + 0.37% per
annum, as more specifically set forth in the Class A(2012-4) Terms Document dated as of June 13, 2012 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date (or, in the case of the first Interest
Payment Date for any Class A(2012-4) Notes, from and including the applicable Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the basis of 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(2012-4) Notes is $650,000,000. 

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

  

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

  
 2 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,
as Issuer

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

		
	By:	 	 
		 	Name:
		 	Title:
		
		 	Date:

  
 3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	By:	 	 
		 	Name:
		 	Title:
		
		 	Date:

  
 4 

 REVERSE OF NOTE 

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

The Class A(2012-4) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2012-4) Notes will be payable on the Expected Maturity Date
in an amount described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As
described above, the entire unpaid principal amount of this Class A(2012-4) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2012-4) Notes shall be due and
payable on the date on which an Event of Default relating to the Class A(2012-4) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable
Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2012-4) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

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

  
 5 

 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note
Issuance Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2012-4) Notes of record on the related Record Date (except for the final distribution with respect to this Class A(2012-4)
Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A Notes. 

Payments of interest on this Class A(2012-4) Note due and payable on each Payment Date, together with any installment of principal, if
any, to the extent not in full payment of this Class A(2012-4) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2012-4) Note on the Note Register as of the close of business on each Record
Date, except that with respect to Class A(2012-4) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be CEDE & CO.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class
A(2012-4) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2012-4) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders
of this Class A(2012-4) Note and of any Class A(2012-4) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Class A(2012-4) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as
of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class A(2012-4) Note at the Indenture
Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be
entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto. 
 As provided in the Indenture and subject to
certain limitations set forth therein and as set forth in the first legend on the face hereof, the transfer of this Class A(2012-4) Note may be registered on the Note Register upon surrender of this Class A(2012-4) Note for registration of transfer
at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a
national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class A(2012-4) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2012-4) Note, but the transferor may be required to pay a sum 

  
 6 

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

To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2012-4) Note or, in the case
of a Note Owner, a beneficial interest in a Class A(2012-4) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class A(2012-4) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2012-4) Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A(2012-4) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal
Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2012-4) Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Class A(2012-4) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Class A(2012-4) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2012-4) Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class A(2012-4) Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

  
 7 

 THIS CLASS A(2012-4) NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2012-4) Note or of the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2012-4) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2012-4) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture
Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2012-4) Note. 

  
 8 

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

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

					
	Dated:                            
                                        
	  	  
	  	*
		  	Signature Guaranteed:	  	

  

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

  
 9 

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 

 

									
	 Interest

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

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

  
 10 

									
	 38.
	  		  		  		  	
	 39.
	  		  		  		  	
	 40.
	  		  		  		  	
	 41.
	  		  		  		  	
	 42.
	  		  		  		  	
	 43.
	  		  		  		  	
	 44.
	  		  		  		  	
	 45.
	  		  		  		  	
	 46.
	  		  		  		  	
	 47.
	  		  		  		  	
	 48.
	  		  		  		  	
	 49.
	  		  		  		  	
	 50.
	  		  		  		  	
	 51.
	  		  		  		  	
	 52.
	  		  		  		  	
	 53.
	  		  		  		  	
	 54.
	  		  		  		  	
	 55.
	  		  		  		  	
	 56.
	  		  		  		  	
	 57.
	  		  		  		  	
	 58.
	  		  		  		  	
	 59.
	  		  		  		  	

  
 11 

 PART II 
 PRINCIPAL PAYMENTS 
  

									
	 Principal

Payment Date
	  	 Date of
Payment
	  	 Total Amount
of Principal

Payable
	  	 Total Amount

Paid
	  	 Confirmation of
payment by or
on
behalf of the Note Issuance
Trust

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

  
 12Severance Agreement and Release

 Exhibit 10.1 
 June 1, 2012 
 VIA HAND DELIVERY 

Richard Domaleski 
 471 Whittemore Road

 Leicester, MA 01524 

Re: Severance Agreement and Release 
 Dear Rich: 
 This letter summarizes the terms of your separation from employment
with World Energy Solutions, Inc. (the “Company”) as a result of your resignation from employment with the Company, your resignation as Chief Executive Officer, and your resignation as a member of the Board of Directors for the Company
– each of which shall be effective as of June 6, 2012 (the “Resignation Date”). The purpose of this Severance Agreement and Release (the “Agreement”) is to establish an amicable arrangement for ending your employment
relationship, to release the Company from any claims and to permit you to receive severance pay and related benefits. With these understandings and in exchange for the promises by you and the Company as set forth below, you and the Company agree as
follows. 
  

	1.	Employment Status and Final Payments: 

 (a) As of the Resignation Date, your salary will cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as required
by federal or state law, or as otherwise described below. 
 (b) As of the Resignation Date, you will be paid all wages earned
but unpaid and all vacation time accrued but unused as of the Resignation Date. 
 (c) You agree to submit a final documented
expense reimbursement statement reflecting all business expenses incurred through the Resignation Date, if any, for which you seek reimbursement within ten (10) days of the Resignation Date. The Company shall reimburse you for such expenses
pursuant to Company policy. 
 (d) The Resignation Date shall be the date of the “qualifying event” under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and the Company will present you with information on COBRA under separate cover. 
 (e) The Company acknowledges and agrees that, following the Resignation Date, you shall continue to be entitled to indemnification protection as a former officer and executive of the Company to the
fullest extent permitted under the Company’s articles of organization and Delaware law, as applicable. 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 2
 
  
 2.
Consideration: In exchange for, and in consideration of, your full execution of this Agreement and after the seven-day revocation period set forth herein has expired, the Company agrees as follows: 

(a) Severance Pay: The Company will pay you severance payments through December 31, 2012 at your current gross base salary
rate of Five Thousand Three Hundred Twenty Five and 73/100 Dollars ($5,325.73) per week less applicable taxes. Such payments shall be made pursuant to the Company’s payroll practices then in effect. 

(b) Health Insurance: If you elect to continue medical and dental insurance coverage after the Resignation Date in accordance with
the provisions of COBRA, the Company shall pay your monthly premium payments until the earlier of: (i) December 31, 2012; (ii) the date you obtain comparable coverage; or (iii) the date your COBRA continuation coverage would
terminate in accordance with the provisions of COBRA. Thereafter, medical and dental insurance coverage shall be continued only to the extent required by COBRA and only to the extent you timely pay the premium payments yourself. 

(c) Pro-Rated Bonus: Within ten (10) days of your full execution (without revocation) of this Agreement, you will receive a
gross lump-sum payment of $90,000, which represents a pro-rated bonus for 2012. 
 (d) Payments: The payments set forth
in this Section 2 shall be subject to all applicable federal, state and/or local withholding and/or payroll taxes. 
 (e)
Tax Advice: You acknowledge that neither the Company nor its counsel has advised you regarding the taxability of any monies payable to you under this Agreement. You are advised to consult with your own counsel and/or tax advisor as to the
specific tax consequences of any payments made under this Agreement. 
 3. Release: In exchange for the consideration described in
Section 2, which is in addition to anything of value to which you are entitled to receive, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, you and your representatives, agents, estate, heirs,
successors and assigns, absolutely and unconditionally hereby release, remise, discharge, indemnify and hold harmless the Company Releasees (defined to include the Company and/or any of its parents, subsidiaries or affiliates, predecessors,
successors or assigns, and its and their respective current and/or former partners, directors, shareholders/stockholders, officers, employees, attorneys and/or agents, all both individually and in their official capacities), from any and all actions
or causes of action, suits, claims, grievances, complaints, contracts, liabilities, agreements, promises, torts, debts, damages, controversies, judgments, rights and demands, whether existing or contingent, known or unknown, suspected or
unsuspected, including but not limited to those which arise out of your employment with, change in employment status with, and/or separation of employment from, the Company. This release is intended by you to be all encompassing and to act as a full
and total release of any claims, whether specifically enumerated herein or not, that you may have or have had against the Company Releasees arising from conduct occurring up to and through the date of this Agreement, including, but not limited to,
any claims arising from any federal, state or local law, regulation or constitution dealing with either employment, employment benefits or employment discrimination such as those laws or regulations concerning discrimination on the basis of race,
color, creed, religion, age, sex, sex harassment, sexual orientation, gender identity, national origin, ancestry, genetic carrier status, handicap or disability, veteran status, any military service or application for military service, or any other
category protected under federal or state law; any contract, whether oral or written, express or implied, including without limitation, any letter offering employment and any stock option agreement(s); any tort; any claim for equity or other
benefits; or any other statutory and/or common law claim. You not only release and discharge the Company Releasees from any and all claims as stated above that you could make on your own behalf or on behalf of others, but also those claims that
might be made by any other person or organization on your behalf, and you specifically waive any right to recover any damage awards as a member of any class in a case in which any claim(s) against the Company Releasees are made involving any
matters. 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 3
 
  

This Release does not apply to claims for workers’ compensation benefits, unemployment insurance benefits or any other claim that
cannot lawfully be waived by this Agreement. 
 This Release does not apply to any claims arising solely after the execution of
this Agreement or to any claims arising from a breach of this Agreement. 
 Notwithstanding the foregoing, nothing in this
Agreement shall bar or prohibit you from contacting, filing a charge or complaint with, seeking assistance from or participating in any proceeding before any federal or state administrative agency to the extent permitted by applicable federal, state
and/or local law. However, you nevertheless will be prohibited to the fullest extent authorized by law from obtaining monetary damages or other personal relief in any agency proceeding in which you do so participate. 

 

	4.	Waiver of Rights and Claims Under the Age Discrimination in Employment Act of 1967: 

Since you are 40 years of age or older, you are being informed that you have or may have specific rights and/or claims under the Age
Discrimination in Employment Act of 1967 (ADEA) and you agree that: 
 (a) in exchange for the consideration described in
Section 2 of this Agreement, which you are not otherwise entitled to receive, you specifically and voluntarily waive such rights and/or claims under the ADEA you might have against the Company Releasees to the extent such rights and/or claims
arose prior to the date this Agreement was executed; 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 4
 
  
 (b)
you understand that rights or claims under the ADEA which may arise after the date this Agreement is executed are not waived by you; 
 (c) you are advised that you have at least twenty-one (21) days within which to consider the terms of this Agreement and to consult with or seek advice from an attorney of your choice or any other
person of your choosing prior to executing this Agreement, and you acknowledge that you have not been subject to any undue or improper influence interfering with the exercise of your free will in deciding whether to consult with counsel; 

(d) you have carefully read and fully understand all of the provisions of this Agreement, and you knowingly and voluntarily agree to all
of the terms set forth in this Agreement; and 
 (e) in entering into this Agreement you are not relying on any representation,
promise or inducement made by the Company or its attorneys with the exception of those promises described in this document. 
  

	5.	Period for Review and Consideration of Agreement: 

 (a) You acknowledge that you were informed and understand that you have 21 days to review this Agreement and consider its terms before signing it. 

(b) The 21-day review period will not be affected or extended by any revisions, whether material or immaterial, that might be made to
this Agreement. 
 6. Accord and Satisfaction: The payments set forth herein shall be complete and unconditional payment,
settlement, accord and/or satisfaction with respect to all obligations and liabilities of the Company Releasees to you, including, without limitation, all claims for back wages, salary, vacation pay, draws, incentive pay, bonuses, stock and stock
options, commissions, severance pay, reimbursement of expenses, any and all other forms of compensation or benefits, attorney’s fees, or other costs or sums. 
 7. Company Files, Documents and Other Property: You agree that on or before the Resignation Date you will return to the Company all Company property and materials, including but not limited
to, (if applicable) personal computers, laptops, palm pilots and their equivalent, fax machines, scanners, copiers, cellular phones, Company credit cards and telephone charge cards, manuals, building keys and passes, courtesy parking passes,
diskettes, intangible information stored on diskettes, software programs and data compiled with the use of those programs, software passwords or codes, tangible copies of trade secrets and confidential information, sales forecasts, names and
addresses of Company customers and potential customers, customer lists, customer contacts, sales information, sales forecasts, memoranda, sales brochures, business or marketing plans, reports, projections, and any and all other information or
property previously or currently held or used by you that is or was related to your employment with the Company (“Company Property”). You represent that you have not and will not take by download or otherwise any Company Property. You
agree that in the event that you discover any Company Property in your possession, whether in electronic form or otherwise, after the Resignation Date, you will immediately return such materials to the Company. 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 5
 
  
 8. No
Liability or Wrongdoing: Nothing in this Agreement, nor any of its terms and provisions, nor any of the negotiations or proceedings connected with it, constitutes, will be construed to constitute, will be offered in evidence as, received in
evidence as, and/or deemed to be evidence of, an admission of liability or wrongdoing by any and/or all of the Company Releasees, and any such liability or wrongdoing is hereby expressly denied by each of the Company Releasees. 

 

	9.	Future Conduct: 

(a) Mutual Non-disparagement: You agree not to make disparaging, critical or otherwise detrimental comments to any person or
entity concerning the Company Releasees; the products, services or programs provided or to be provided by the Company; the business affairs, operation, management or the financial condition of the Company; or the circumstances surrounding your
employment and/or separation of employment from the Company. Likewise, the Company agrees that it shall not issue any public statement containing any disparaging, critical or otherwise detrimental comments concerning you, your employment or the
circumstances of your separation from employment and, further, that the members of its Executive Team, Board of Directors and its Human Resources personnel shall not make any disparaging, critical or otherwise detrimental comments concerning you,
your employment or the circumstances of your separation from employment. 
 (b) Confidentiality of this Agreement: You
agree that you shall not disclose, divulge or publish, directly or indirectly, any information regarding the substance, terms or existence of this Agreement and/or any discussion or negotiations relating to this Agreement, to any person or
organization other than your immediate family and accountants or attorneys when such disclosure is necessary for the accountants or attorneys to render professional services. Prior to any such disclosure that you may make, you shall secure from your
attorney or accountant their agreement to maintain the confidentiality of such matters. Notwithstanding the foregoing, you (and any agent on your behalf) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax
structure of this transaction and all materials of any kind that are provided to you, if any, relating to such tax treatment and tax structure. For this purpose, “tax structure” is limited to any facts relevant to the U.S. federal and
state income tax treatment of the transaction and does not include information relating to the identity of the parties. 
 (c)
Disclosures: Nothing herein shall prohibit or bar you or the Company (including the individuals referenced in Section 9(a)) from providing truthful testimony in any legal proceeding or in communicating with any governmental agency or
representative or from making any truthful disclosure required, authorized or permitted under law; provided, however, that in providing such testimony or making such disclosures or communications, you and the Company will use their best efforts to
ensure that this Section is complied with to the maximum extent possible. 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 6
 
  
 (d) Non-Disclosure of Confidential Information1: You agree that you shall keep confidential all confidential matters entrusted to you as an employee or Board member of the Company and shall not rely upon, use or attempt to use, or disclose or attempt
to disclose, any confidential, proprietary or trade secret information (collectively, “Confidential Information”), including Confidential Information related to third parties which the Company is obligated to maintain as confidential, to
any person or entity. 
 All original and copies of any Confidential Information or other written materials relating to the
business of the Company, however and whenever produced, shall be the sole property of the Company and shall be surrendered to the Company on or before the Resignation Date. 
 (e) Non-Competition. You agree that from the Resignation Date through December 31, 2012 (the “Restricted Period”), you will not, without prior written approval of the Company’s
Board of Directors, directly or indirectly, alone or as a consultant, partner, officer, director, employee, joint venturer, lender or stockholder of any entity (a) accept employment or establish any other relationship with any business anywhere
within the United States or Canada that is in competition with the products or services created, developed, marketed, distributed, or sold, by the Company as of the Resignation Date (the “Products and Services”), or (b) engage in any
business or activity anywhere within the United States or Canada that is in competition with the Products and Services. 
 (f)
Non-Solicitation of Customers. You further agree that during the Restricted Period, you will not, without prior written approval of the Company’s Board of Directors, directly or indirectly, alone or as a consultant, partner, officer,
director, employee, joint venturer, lender or stockholder of any entity, solicit or do business in any capacity that competes with any of the Company’s Products and Services with any customer of the Company or Prospective Customer (as defined
below) of the Company (a) with whom you have had contact during the course of your employment with the Company, or (b) about whom you obtained Confidential Information during the course of your employment with the Company. Prospective
Customer means a business entity to which the Company has made contact for the proposed sale or sale of the Company’s Products or Services within the six month period prior to the Resignation Date. 

 

	1 	 The term “Confidential Information” shall mean any trade secret, proprietary or confidential information concerning the organization,
personnel, business or finances of the Company, or of any third party which the Company is under an obligation to keep confidential, and that is maintained by the Company as confidential. Such Confidential Information shall include, but is not
limited to, trade secrets, proprietary or confidential information respecting existing and future products and services, designs, methods, formulas, drafts of publications, research, know-how, techniques, systems, databases, processes, software
programs or code, developments or experimental work, works of authorship, customer lists and/or customer information, business plans, marketing plans, financial information, sales techniques, projects, personnel information, and all other plans and
proposals. 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 7
 
  
 (g)
Non-Solicitation of Employees and Recent Former Employees. Additionally, you agree that during the Restricted Period, you will not, without prior written approval of the Company’s Board of Directors, directly or indirectly, alone or as a
consultant, partner, officer, director, employee, joint venturer, lender or stockholder of any entity, recruit or solicit for hire any individual who is employed or engaged by the Company or who was employed or engaged by the Company either at any
point during the Restricted Period or within the three month period preceding the recruitment or solicitation. 
 (h) Future
Cooperation: You agree to reasonably assist the Company and cooperate with the Company in the event of any litigation arising from events occurring prior to the Resignation Date. The Company agrees that it will coordinate with you so that such
cooperation shall not unreasonably interfere with your professional or personal endeavors following the Resignation Date. 
  

	10.	Representations and Governing Law: 

 (a) This Agreement sets forth the complete and sole agreement between the parties and supersedes any and all other agreements or understandings, whether oral or written. This Agreement may not be changed,
amended, modified, altered or rescinded except upon the express written consent of both the President of the Company and you. 

(b) If any provision of this Agreement, or part thereof, is held invalid, void or voidable as against public policy or otherwise, the
invalidity shall not affect other provisions, or parts thereof, which may be given effect without the invalid provision or part. To this extent, the provisions and parts thereof of this Agreement are declared to be severable. Moreover, if one or
more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise, so as to be unenforceable by law, such provision or provisions shall be construed by the appropriate
judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear. Any waiver of any provision of this Agreement shall not constitute a waiver of any other
provision of this Agreement unless expressly so indicated otherwise. The language of all parts of this Agreement shall in all cases be construed according to its fair meaning and not strictly for or against either of the parties. 

(c) You agree that any breach of your obligations under Sections 7 or 9 of this Agreement by you may cause irreparable damage to the
Company and in the event of such breach, the Company shall have, in addition to any and all remedies of law, the right to seek an injunction, specific performance or other equitable relief to prevent the violations of your obligations hereunder. In
addition, in the event you violate any provision of this Agreement and fail to cure such violation (for those violations that are subject to cure) within ten calendar days of your receipt of written notice from the Company, which describes in
reasonable detail the nature of the conduct giving rise to the Company’s notice, the Company shall be entitled to cease all further payments under Section 2. You further agree that the Company, in the event of your violation of this
Agreement, shall also be entitled to recoup any amounts previously paid to you under Section 2 of the Agreement. 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 8
 
  
 (d)
This Agreement and any claims arising out of this Agreement (or any other claims arising out of the relationship between the parties) shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts and shall in
all respects be interpreted, enforced and governed under the internal and domestic laws of Massachusetts, without giving effect to the principles of conflicts of laws of such state. Any claims or legal actions by one party against the other shall be
commenced and maintained in a state or federal court located in Massachusetts, and you hereby submit to the jurisdiction and venue of any such court. 
 (e) You represent that you have not been subject to any retaliation or any other form of adverse action by the Company Releasees for any action taken by you as an employee of the Company or resulting from
your exercise of or attempt to exercise any statutory rights recognized under federal, state or local law. 
 (f) You may not
assign any of your rights or delegate any of your duties under this Agreement. The rights and benefits of this Agreement shall inure to the benefit of, and be binding upon, the Company’s successors and assigns. 

11. Effective Date: After signing this letter, you may revoke this Agreement for a period of seven (7) days following said
execution. The revocation must be in writing and must be received within the 7-day revocation period. The Agreement shall not become effective or enforceable and no payments will be made pursuant to this Agreement until this revocation period has
expired (“Effective Date”). To exercise your right of revocation, you must ensure receipt of your written revocation by the President of the Company prior to expiration of the 7-day revocation period. 

If this letter correctly states the agreement and understanding we have reached, please indicate your acceptance by countersigning the
enclosed copy and returning it to me. 
  

			
	Very truly yours,
	
	World Energy Solutions, Inc.
		 	/s/ Edward T. Libbey
	By:	 	Edward T. Libbey, Ph.D.

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 9
 
  
 I REPRESENT THAT
I HAVE READ THE FOREGOING AGREEMENT, THAT I FULLY UNDERSTAND THE TERMS AND CONDITIONS OF SUCH AGREEMENT AND THAT I AM KNOWINGLY AND VOLUNTARILY EXECUTING THE SAME. IN ENTERING INTO THIS AGREEMENT, I DO NOT RELY ON ANY REPRESENTATION, PROMISE OR
INDUCEMENT MADE BY THE COMPANY OR ITS REPRESENTATIVES WITH THE EXCEPTION OF THE CONSIDERATION DESCRIBED IN THIS DOCUMENT. 
 Accepted and
Agreed to: 

	
	
	 /s/ Richard Domaleski

 Richard Domaleski 
 Date: June 1, 2012 

 Richard Domaleski 
 JUNE 1, 2012 
  Page
 10
 
  
 IF
YOU DO NOT WISH TO USE THE 21-DAY PERIOD, 
 PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT 

I, Richard Domaleski, acknowledge that I was informed and understand that I have twenty-one (21) days within which to consider the
attached Severance Agreement and Release, have been advised of my right to consult with an attorney regarding such Agreement and have considered carefully every provision of the Agreement, and that after having engaged in those actions, I prefer to
and have requested that I enter into the Agreement prior to the expiration of the 21-day period. 
  

					
	 Dated: June 1, 2012
	 		 	 /s/ Richard Domaleski

		 		 	Richard Domaleski

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