Document:

Class A(2008-C) Terms Document

 Exhibit 4.1 
 EXECUTION VERSION 
  
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer

 and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Indenture Trustee 
 CLASS A(2008-C) TERMS DOCUMENT 
 Dated as of August 28, 2008 
 to 
 INDENTURE SUPPLEMENT 
 Dated as of July 26, 2007 
 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	  	1
			
	Section 1.01.	 	Definitions	  	1
	Section 1.02.	 	Representations and Warranties of Issuer	  	6
	Section 1.03.	 	Representations and Warranties of Indenture Trustee	  	7
	Section 1.04.	 	Limitations on Liability	  	7
	Section 1.05.	 	Governing Law	  	8
	Section 1.06.	 	Counterparts	  	8
	Section 1.07.	 	Ratification of Indenture and Indenture Supplement	  	8
		
	ARTICLE II The Class A(2008-C) Notes	  	8
			
	Section 2.01.	 	Creation and Designation	  	8
	Section 2.02.	 	Adjustments to Required Subordinated Percentages and Amount	  	8
	Section 2.03.	 	Interest Payment	  	9
	Section 2.04.	 	Payments of Interest and Principal; Payments of Increased Costs Amount	  	9
	Section 2.05.	 	[Reserved]	  	9
	Section 2.06.	 	Form of Class A(2008-C) Notes; Legend; Transfer Restriction	  	9
	Section 2.07.	 	Delivery and Payment for the Class A(2008-C) Notes	  	10
	Section 2.08.	 	Additional Early Redemption Events	  	10
	Section 2.09.	 	Increases in the Outstanding Dollar Principal Amount	  	11

  

					
	Exhibit
			
	Exhibit A	 	Form of Class A Note	 	

  

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 THIS CLASS A(2008-C) 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 August 28, 2008. 
 Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries and shall specify the principal terms thereof. 
 ARTICLE I 
 Definitions and Other Provisions of General Application 
 Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

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

 (2) all other terms used herein which are defined in the Note Purchase Agreement dated as of August 28, 2008, by and among Discover
Card Execution Note Trust, Discover Bank, Salisbury Receivables Company LLC and Sheffield Receivables Corporation, as purchasers, Barclays Bank PLC, as committed purchaser and agent (as may be amended, supplemented, restated, amended and restated or
otherwise modified from time to time, the “Note Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and,
except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United
States of America at the date of such computation; 
 (4) all references in this Terms Document to designated “Articles,”
“Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to
this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in the event that any term or
provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the
Class A(2008-C) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2008-C) Notes and no other Tranche of
Notes issued by the Issuer; 

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

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

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

 “Class A(2008-C) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the
Outstanding Dollar Principal Amount of the Class A(2008-C) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Class A(2008-C) Tranche Interest Allocation” for the Class A(2008-C) Notes for any Distribution Date means the Note Interest for the
Class A(2008-C) Notes. 
 “Consent Date” has the meaning set forth in the Note Purchase Agreement. 
 “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. 
 “Existing Expected Maturity Date” has the meaning set forth in the Note Purchase Agreement. 
 “Existing Legal Maturity Date” has the meaning set forth in the Note Purchase Agreement. 
  

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 “Existing Liquidation Commencement Date” has the meaning set forth in the Note Purchase
Agreement. 
 “Existing Termination Date” has the meaning set forth in the Note Purchase Agreement. 
 “Expected Maturity Date” means August 17, 2009 or, if such date is extended pursuant to the Note Purchase Agreement, the Existing
Expected Maturity Date. 
 “Expected Principal Payment Date” means each Distribution Date commencing on the earliest to
occur of (i) the Distribution Date next succeeding the failure of the parties to the Note Purchase Agreement to extend any Existing Termination Date on or prior to the applicable Consent Date pursuant to Section 2.10 of the Note Purchase
Agreement and (ii) the Expected Maturity Date. 
 “Increased Costs Amount” has the meaning set forth in the Note
Purchase Agreement. 
 “Indenture” means the Indenture dated as of July 26, 2007 between the Issuer and Indenture
Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 
 “Indenture Supplement” means the Indenture Supplement dated as of July 26, 2007 for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the same may be amended, supplemented, restated,
amended and restated, replaced or otherwise modified from time to time. 
 “Initial Dollar Principal Amount” means $0, or
such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 
 “Interest Accrual
Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2008-C) 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 September 2008, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance
Date” means August 28, 2008, with respect to all Class A(2008-C) Notes issued on the date hereof and, with respect to any increase in the Outstanding Dollar Principal Amount pursuant to Section 2.09, any Issuance Date specified in
the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means February 15, 2012 or, if such
date is extended pursuant to the Note Purchase Agreement, the Existing Legal Maturity Date. 
 “Liquidation Amount” means
the Nominal Liquidation Amount of the Class A(2008-C) Notes. 
  

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 “Liquidation Commencement Date” means the date that is the earliest to occur of
(i) the Distribution Date next succeeding the failure of the parties to the Note Purchase Agreement to extend any Existing Termination Date (whether by notice or by the failure to deliver notice on or prior to the applicable Consent Date)
pursuant to Section 2.10 of the Note Purchase Agreement and (ii) the Existing Liquidation Commencement Date. 
 “Liquidation Period” for these Class A(2008-C) Notes means, unless an Early Redemption Event or an Event of Default for these Class A(2008-C) Notes shall have occurred prior thereto, the period commencing on the Liquidation
Commencement Date and ending on the earlier to occur of (x) the payment in full of the Outstanding Dollar Principal Amount of these Class A(2008-C) Notes or (y) the occurrence of an Early Redemption Event or an Event of Default for these
Class A(2008-C) Notes; provided, however, that if an Excess Spread Early Redemption Cure has occurred with respect to any Excess Spread Early Redemption Event for these Class A(2008-C) Notes prior to the commencement of the Liquidation
Period for these Class A(2008-C) Notes (and no other Early Redemption Event or Event of Default for these Class A(2008-C) Notes has occurred), the Liquidation Period for these Class A(2008-C) Notes shall be determined as if such Excess Spread Early
Redemption Event had not occurred, and if the Liquidation Period has terminated in accordance with clause (y), the Liquidation Period for these Class A(2008-C) Notes shall resume and shall continue until the earlier to occur of (x) the payment
in full of the Outstanding Dollar Principal Amount of these Class A(2008-C) Notes or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 
 “Note Interest” for these Class A(2008-C) Notes has the meaning set forth in the Note Purchase Agreement. 
 “Note Interest Rate” for these Class A(2008-C) Notes has the meaning set forth in the Note Purchase Agreement; for the avoidance of doubt the Note Interest Rate shall be calculated in accordance with
the calculation basis set forth in the Note Purchase Agreement. 
 “Notice of Additional Issuance” has the meaning set forth
in Section 2.09. 
 “Principal Payment Date” means, for the Class A(2008-C) Notes, each Expected Principal Payment
Date, or upon the acceleration of such Notes following an Event of Default or upon the occurrence and during the continuance of an Early Redemption Event (unless all such events have been cured), each Distribution Date and the Legal Maturity Date,
or in the event of a cleanup call, the date of redemption in accordance with Section 1202 of the Indenture. 
 “Required Daily
Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class A(2008-C) Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the
Required Daily Deposit Target Finance Charge Amount on any day on which the Class A(2008-C) Tranche Interest Allocation cannot be determined because the Note Interest Rate for the applicable Interest Accrual Period has not yet been notified to the
Calculation Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, the Required Daily Deposit Target Finance Charge Amount shall be the Class A(2008-C) Tranche Interest Allocation determined based on a pro forma calculation
made on the assumption that the Note Interest Rate will be equal to the sum of (i) the Note Interest Rate, excluding any applicable margin, for the prior 

  

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Interest Accrual Period and applicable to the Interest Payment Date occurring in such Due Period, multiplied by 1.25 and (ii) any applicable
margin; provided, further, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount for any day in the Due Period preceding the first Interest Payment Date on which the Outstanding Dollar Principal
Amount of the Class A(2008-C) Notes is greater than zero, if the Class A(2008-C) Tranche Interest Allocation cannot be determined because the Note Interest Rate for such first Interest Accrual Period has not yet been notified to the Calculation
Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, a rate equal to the rate provided by the Agent, based on the Agent’s good faith estimate of the anticipated Note Interest Rate for such first Interest Accrual
Period, to the Indenture Trustee and Calculation Agent on the date of effectiveness of such first increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes shall be used in lieu of the Note Interest Rate. 
 “Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in the Liquidation
Period for the Class A(2008-C) Notes, the Liquidation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2008-C) Adverse Event, the Nominal Liquidation Amount of the Class A(2008-C) Notes, and
(iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the Class
A(2008-C) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class B Notes
for such Class A(2008-C) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2008-C) Notes on such
date of determination; 
 provided however, that for any date of determination on or after the occurrence and during the continuation of a Class
A(2008-C) Adverse Event, the Required Subordinated Amount of Class B Notes for Class A(2008-C) Notes will be the greater of 
 (x) the amount
determined above for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class A(2008-C) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the
Class A(2008-C) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class C
Notes for such Class A(2008-C) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2008-C) Notes on
such date of determination; 
  

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 provided, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2008-C) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2008-C) Notes will be the greater of 
 (x) the amount determined above for such date of determination and 
 (y) the amount determined above for the
date immediately prior to the date on which such Class A(2008-C) Adverse Event shall have occurred. 
 “Required Subordinated Amount
of Class D Notes” means, for the Class A(2008-C) Notes for any date of determination, zero, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2008-C) Notes, 6.285714%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2008-C) Notes, 8.000000%, subject to adjustment in accordance
with Section 2.02. 
 “Stated Principal Amount” means $0, or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.09. 
 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 
  

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 (g) to the best knowledge of the Issuer, there are no proceedings or investigations pending against the
Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its obligations
under this Terms Document or the validity or enforceability of this Terms Document. 
 Section 1.03. Representations and Warranties of Indenture
Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) The Indenture
Trustee is organized, existing and in good standing under the laws of the United States of America; 
 (b) The Indenture Trustee has full
power, authority and right to execute, deliver and perform this Indenture, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c) This Terms Document has been duly executed and delivered by the Indenture Trustee. 
 Section 1.04. Limitations on Liability. 
 (a) It is expressly understood and agreed by the
parties hereto that (i) this Terms Document is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in
it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the
purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such
liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness
or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any
of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2008-C) Notes under the
Indenture, the Indenture Supplement and this Terms Document (except as expressly provided in Sections 9.01 and 9.02 of the Note Purchase Agreement). 
  

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 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(2008-C) Notes 
 Section 2.01. Creation and Designation. There is hereby created
a Tranche of Class A Notes to be issued pursuant to the Indenture, the Indenture Supplement and the Note Purchase Agreement to be known as the “DiscoverSeries Class A(2008-C) Notes.” 
 Section 2.02. Adjustments to Required Subordinated Percentages and Amount. 
 (a) On any date, the Issuer, at the direction of the Beneficiary, may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated Percentage of Class C Notes, in each case for the Class
A(2008-C) Notes, with the written consent of the Agent; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche
of Outstanding DiscoverSeries Notes. On any date, the Issuer may change the Required Subordinated Amount of Class D Notes for the Class A(2008-C) Notes (though not below zero) and may add such definitions and other terms and make such additional
amendments to this Terms Document as shall be necessary to determine such Required Subordinated Amount of Class D Notes, in each case, with the written consent of the Agent; provided that the Issuer has received written confirmation from each
applicable Note Rating Agency that the change in such percentage and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes; provided, however, that at any time the Class D Notes are or
will be held by Discover Bank or any of its affiliates, the Required Subordinated Amount of Class D Notes for these Class A(2008-C) Notes may not be increased above zero. 
 (b) On any date, the Issuer, at the direction of the Beneficiary, may replace all or a portion of the Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required
Subordinated Amount of Class D Notes, in each case for the Class A(2008-C) 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 

  

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definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement, in each case, with the
written consent of the Agent; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for any
Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with
respect to the Class A(2008-C) Notes shall be the Note Interest for the Class A(2008-C) Notes, or such other amount based on any alternative rate then in effect under the Note Purchase Agreement, in each case as determined pursuant to the Note
Purchase Agreement; plus any Class A Tranche Interest Allocation Shortfall for such Class A(2008-C) 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. Payments of Interest and Principal; Payments of Increased Costs Amount. 
 (a) The Issuer will cause
interest to be paid on each Interest Payment Date and principal to be paid on each Principal Payment Date during the Liquidation Period, with the last such principal payment to be made on or prior to the Expected Maturity Date; provided,
however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and
provided, further, that if a Class A(2008-C) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2008-C) Notes in accordance with
Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2008-C) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b) The right of the Class A(2008-C) Noteholders to receive payments from the Issuer will terminate on the Class A(2008-C) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class A(2008-C) Noteholders will be made pro rata based on the Outstanding
Dollar Principal Amount of their Class A(2008-C) Notes. 
 (d) The Increased Costs Amount, if applicable, shall be paid in accordance with
the Note Purchase Agreement from the Series Finance Charge Amounts remaining after step (54) (Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge Amounts) of Section 3.01 of the Indenture Supplement, in accordance
with step (55) (Other Deposits and Payments from Series Finance Charge Amounts) of Section 3.01 of the Indenture Supplement. 
 Section 2.05. [Reserved] 
 Section 2.06. Form of Class A(2008-C) Notes; Legend; Transfer Restriction. 
 (a) The Class A(2008-C) Notes shall be Registered Notes delivered in definitive form and shall be initially registered in the name of Barclays Bank PLC as
Agent on behalf of the Owners. The Class A(2008-C) Notes will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount. 
  

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 (b) Each Class A(2008-C) Note issued pursuant to this Terms Document and the Note Purchase Agreement
shall, until such time as the laws of any jurisdiction in which they are offered or sold no longer restrict the transfer or sale thereof, bear a legend in substantially the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE MAY BE
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES
ACT, OR (2) TO DISCOVER BANK OR ITS AFFILIATES, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 (c) No Note issued under this
Terms Document or beneficial interest therein shall be transferred except in accordance with the transfer restrictions described in the legend set forth in clause (b) above. 
 Section 2.07. Delivery and Payment for the Class A(2008-C) Notes. The Issuer shall execute and deliver the Class A(2008-C) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class A(2008-C) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture and the Note Purchase Agreement. 
 Section 2.08. Additional Early Redemption Events. To the extent set forth in Section 4.01(b) of the Indenture Supplement and pursuant thereto, the following shall be additional Early Redemption Events relating to the Class
A(2008-C) Notes: (a) failure on the part of the Issuer to make any interest payment with respect to the Class A(2008-C) Notes required by the terms of the Note Purchase Agreement, the Indenture Supplement or this Terms Document on or before the
date occurring thirty five (35) days after the date such payment is required to be made herein or therein; and (b) a default in the performance, or breach, of any covenant or warranty of the 

  

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Issuer in the Note Purchase Agreement, and continuance of such default or breach for a period of sixty (60) days after there has been given, by
registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Agent, a written notice specifying such default or breach and requesting it to be remedied, and if as a result of such default,
the interests of the Class A(2008-C) Noteholders are materially and adversely affected and continue to be materially and adversely affected during the sixty (60) day period. 
 Section 2.09. Increases in the Outstanding Dollar Principal Amount. Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may
increase the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes by issuing additional Class A(2008-C) Notes, so long as the following conditions precedent are satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such increase in the Outstanding Dollar Principal Amount of the Class A(2008-C)
Notes (the “Notice of Additional Issuance”) at least two (2) Business Days in advance of the Issuance Date thereof, which notice shall include: 
  

	 	(i)	the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes; 

  

	 	(ii)	the amount of such increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes and the resulting Initial Dollar Principal Amount and Stated Principal Amount of
the Class A(2008-C) Notes; 

  

	 	(iii)	the first Interest Payment Date on which interest will be paid on such increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes; and

  

	 	(iv)	any other terms that the Issuer may set forth in such notice of issuance of additional Class A(2008-C) Notes to clarify the rights of Holders of such additional Class A(2008-C)
Notes or the effect of such issuance of additional Class A(2008-C) Notes on any calculations to be made with respect to the Class A(2008-C) Notes, Class A, or the Issuer; and 

 (b) no Class A(2008-C) Adverse Event has occurred and is continuing; 
 (c) such increase will not cause the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes to exceed the Note Purchase Commitment; 
 (d) (i) no Monthly Interest or other amount due and payable to any Class A(2008-C) Noteholder prior to the Issuance Date remained outstanding and
(ii) as of the most recent Distribution Date preceding such Issuance Date, there are no un-reimbursed Nominal Liquidation Amount Deficits with respect to the Class A(2008-C) Notes; 
 (e) all of the representations and warranties of the Issuer, the Seller, the Master Servicer and the Servicer, as applicable, set forth in the Indenture,
Indenture Supplement, the 

  

 11 

 
Pooling and Servicing Agreement, the Series 2007-CC Supplement and the Note Purchase Agreement that do not expressly speak to an earlier date shall be true
and correct in all material respects as though made on and as of such Issuance Date after giving effect thereto; and 
 (f) the Issuer shall
have given the Agent written notice of such increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes at least two (2) Business Days in advance of the Issuance Date thereof. 
 All such terms set forth in the Notice of Additional Issuance shall be incorporated into and form a part of this Terms Document on and after the effective date of such
increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes. The Expected Maturity Date, Expected Principal Payment Date, Liquidation Commencement Date, Liquidation Period and Legal Maturity Date, in each case as in effect as of
the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes, shall be applicable to such increased amounts unless otherwise provided in the applicable Notice of Additional Issuance. The Issuer shall not
have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an increase in the Outstanding Dollar Principal Amount of the Class A(2008-C) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class A(2008-C) Notes. Any such increase shall be deemed to have occurred under Section 310 of the Indenture and this Section 2.09 for purposes of the Indenture, the Indenture Supplement and this Terms
Document. 
 [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:	 	 /s/ Jennifer A. Luce

	Name:	 	Jennifer A. Luce
	Title:	 	Sr. Financial Services Officer
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Indenture
Trustee

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

 [Signature page to the Terms Document Class A(2008-C)]Summary of Compensatory Arrangements with Executive Officers

 Exhibit 10.27 
 Summary of Compensatory Arrangements with Executive Officers 
  

					
	 Officer
	 	 Annual Base Salary
	 	 Maximum Potential Bonus
 (annual)

	Robert S. Keane	 	$415,000	 	$1,037,500
	Wendy Cebula	 	$375,000	 	$562,500
	Anne S. Drapeau	 	$250,000	 	$375,000
	Harpreet Grewal	 	$280,000	 	$425,000
	Janet Holian	 	$375,000	 	$562,500

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