Document:

Form of Debt Securities Guarantee Agreement

 Exhibit 4.30 
 FORM OF 
 DEBT SECURITIES GUARANTEE AGREEMENT 
 BETWEEN 
 PARTNERRE LTD. 
 (AS GUARANTOR) 
 AND 
 THE BANK OF NEW YORK 
 (AS GUARANTEE TRUSTEE) 
 DATED AS OF 
                 , 20     

 TABLE OF CONTENTS 
  

			
	 	  	PAGE
	ARTICLE 1	  	
	DEFINITIONS	  	
		
	 Section 1.01. Definitions
	  	1
		
	ARTICLE 2	  	
	TRUST INDENTURE ACT	  	
		
	 Section 2.01. Trust Indenture Act: Application
	  	3
	 Section 2.02. List of Holders
	  	3
	 Section 2.03. Reports by the Guarantee Trustee
	  	4
	 Section 2.04. Periodic Reports to the Guarantee Trustee
	  	4
	 Section 2.05. Evidence of Compliance with Conditions Precedent
	  	4
	 Section 2.06. Events of Default; Waiver
	  	4
	 Section 2.07. Event of Default; Notice
	  	4
	 Section 2.08. Conflicting Interests
	  	5
		
	ARTICLE 3	  	
	POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE	  	
		
	 Section 3.01. Powers, and Duties of the Guarantee Trustee
	  	5
	 Section 3.02. Certain Rights of the Guarantee Trustee
	  	7
	 Section 3.03. Indemnity
	  	9
		
	ARTICLE 4	  	
	GUARANTEE TRUSTEE	  	
		
	 Section 4.01. Guarantee Trustee; Eligibility
	  	9
	 Section 4.02. Appointment, Removal and Resignation of Guarantee Trustees 
	  	10
		
	ARTICLE 5	  	
	GUARANTEE	  	
		
	 Section 5.01. Guarantee
	  	10
	 Section 5.02. Waiver of Notice and Demand
	  	11
	 Section 5.03. Obligations Not Affected
	  	11
	 Section 5.04. Rights of Holders
	  	12
	 Section 5.05. Guarantee of Payment
	  	12
	 Section 5.06. Subrogation
	  	12

			
	 Section 5.07. Independent Obligations
	  	12
	 Section 5.08. Net Payments
	  	13
		
	ARTICLE 6	  	
	LIMITATION OF TRANSACTIONS; RANKING	  	
		
	 Section 6.01. Limitation of Transactions
	  	14
	 Section 6.02. Ranking
	  	15
	 Section 6.03. Pari Passu Guarantees
	  	15
	ARTICLE 7	  	
	TERMINATION	  	
		
	 Section 7.01. Termination
	  	15
		
	ARTICLE 8	  	
	MISCELLANEOUS	  	
		
	 Section 8.01. Successors and Assigns
	  	16
	 Section 8.02. Amendments
	  	16
	 Section 8.03. Notices
	  	16
	 Section 8.04. Benefit
	  	17
	 Section 8.05. Governing Law
	  	18
	 Section 8.06. Interpretation
	  	18
	 Section 8.07. Submission to Jurisdiction
	  	18
	 Section 8.08. Judgment Currency
	  	19
	 Section 8.09. Waiver of Jury Trial
	  	20
	 Section 8.10. Force Majeure
	  	20

  

 ii 

 GUARANTEE AGREEMENT 
 This GUARANTEE AGREEMENT (this “Guarantee Agreement” or this “Guarantee”), dated as of
                , 20    , is executed and delivered by PartnerRe Ltd., a Bermuda company (“PartnerRe” or the
“Guarantor”), having its principal executive offices at 90 Pitts Bay Road, Pembroke HM 08, Bermuda, and The Bank of New York, a New York banking corporation, having a corporate trust office located at 101 Barclay Street, Floor 8W,
New York, New York 10286, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Notes (as defined herein) issued by PartnerRe Finance A LLC, a Delaware limited liability
company (the “Issuer”). 
 WHEREAS, pursuant to an Indenture, dated as of
                , 20    , as amended by a First Supplemental Indenture, dated as of May
                , 20     (the “Indenture”), between the Issuer, the Guarantor and the Guarantee Trustee, as trustee
thereunder, the Issuer is issuing $                     aggregate principal amount of its unsecured and unsubordinated debt securities (the
“Notes”). 
 WHEREAS, as incentive for the Holders (as defined in the Indenture) to purchase such Notes, the Guarantor
desires irrevocably and unconditionally, to guarantee the obligations of the Issuer under the Indenture. 
 NOW, THEREFORE, in consideration
of the purchase and acceptance of the Notes by the Holders thereof, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders. 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. As used in this Guarantee Agreement, the terms set forth
below shall, unless the context otherwise requires, have the following meanings. Capitalized or otherwise defined terms used, but not otherwise defined herein shall have the meanings assigned to such terms in the Indenture as in effect on the date
hereof. 
 “Additional Amounts” means any additional amounts which are required hereby or by the terms of the Notes, under
circumstances specified herein or therein, to be paid by the Guarantor in respect of certain taxes, assessments or other governmental charges imposed on Holders specified herein and therein and which are owing to such Holders. 

 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person; provided, however, that an Affiliate of the Guarantor shall not be deemed to include the Issuer. For the purpose of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and
the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Authorized
Officer” means, when used with respect to any Person, the Chairman of the Board of Directors, a Vice Chairman, the President, a Vice President, the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Chief Investment
Officer, the Chief Accounting Officer, the Chief Legal Counsel, the Secretary or an Assistant Secretary, of such Person. 
 “Event of
Default” means a default by the Guarantor on any of its payment or other obligations under this Guarantee Agreement; provided, however, that, except with respect to a payment default, the Guarantor shall have received notice of
default and shall not have cured such default within 60 days after receipt of such notice. 
 “Guarantee Trustee” means The
Bank of New York, until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement and thereafter means each such Successor Guarantee Trustee. 
 “Indenture” has the meaning set forth in the preamble hereto. 
 “List of Holders” has the meaning specified in Section 2.02(a). 
 “Notes” has the meaning set forth in the preamble hereto. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by two Authorized Officers, at least one of which is a principal executive, principal financial or principal
accounting officer, and is delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto;

 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the
Officers’ Certificate; 
 (c) a statement that such officer has made such examination or investigation as, in such officer’s
opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  

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 (d) a statement as to whether, in the opinion of such officer, such condition or covenant has been
complied with. 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, trust, unincorporated association or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Responsible Officer” means, with respect to the Guarantee Trustee, any officer of the Guarantee Trustee with direct responsibility for
administration of this Guarantee Agreement and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular
subject. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as
Guarantee Trustee under Section 4.01. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

 ARTICLE 2 
 TRUST INDENTURE ACT 
 Section 2.01. Trust Indenture Act: Application. 

 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Guarantee
Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any provision of this
Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 Section 2.02. List of Holders.  
 (a) Within 30 days after the receipt by the Guarantor of a request in writing from the Guarantee Trustee, the Guarantor shall furnish or cause to be furnished to the Guarantee Trustee a list, in such form as the Guarantee Trustee may
reasonably require, of the names and addresses of the Holders (“List of Holders”), such List of Holders to be as of a date not more than 15 days prior to the time such List of Holders is furnished, in each case to the extent such

  

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information is in the possession or control of the Guarantor and is not identical to a previously supplied list of Holders or has not otherwise been received
by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply with its obligations under Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act. 
 Section 2.03. Reports by the Guarantee Trustee. Within 60 days after May 15 of each year commencing with May 15, 20__, the
Guarantee Trustee shall provide to the Holders such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall
also comply with the requirements of Section 313(d) of the Trust Indenture Act. 
 Section 2.04. Periodic Reports to the
Guarantee Trustee. The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and the Holders, such documents, reports and information, if any, as required by Section 314 of the Trust Indenture Act and the
compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture Act. 
 Section 2.05. Evidence of Compliance with Conditions Precedent. The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with such conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer
pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
 Section 2.06. Events of Default;
Waiver. The holders of not less than a majority of the outstanding principal amount of the Notes may, by vote, on behalf of all Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon. 
 Section 2.07. Event of Default; Notice.  
 (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default known to the Guarantee Trustee, transmit by mail, first class
postage prepaid, to the Holders, notices of all such Events of Default, unless such defaults have been cured or waived before the giving of such notice, provided, except in the case of a default in the payment by the Guarantor of any amount due
under this Guarantee Agreement, the Guarantee Trustee shall be protected in 

  

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withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 
 (b) The Guarantee
Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer of the Guarantee Trustee shall have actual knowledge or shall have obtained written
notice, of such Event of Default. 
 Section 2.08. Conflicting Interests. The Indenture shall be deemed to be specifically
described in this Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 ARTICLE 3 
 POWERS, DUTIES AND
RIGHTS OF GUARANTEE TRUSTEE 
 Section 3.01. Powers, and Duties of the
Guarantee Trustee.  
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the
Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except a Holder exercising his or her rights pursuant to Section 5.04(d) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its
appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder,
and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) If an Event of Default hereunder or under the Indenture has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement
for the benefit of the Holders. 
 (c) The Guarantee Trustee, before the occurrence of any Event of Default hereunder or under the Indenture
and after the curing or waiver of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee
Agreement against the Guarantee Trustee. In case an Event of Default has occurred hereunder or under the Indenture (that has not been cured or waived pursuant to Section 2.06 of this Guarantee Agreement or Section 5.13 of the Indenture), the
Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs. 
  

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 (d) No provision of this Guarantee shall be construed to relieve the Guarantee Trustee from liability for
its own negligent action, its negligent failure to act or its own bad faith or willful misconduct, except that: 
 (i) prior
to the occurrence of any Event of Default hereunder or under the Indenture and after the curing or waiving of any such Events of Default that may have occurred: 
 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement,
and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement, and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such certificates or
opinions that by any provision hereof are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee
Agreement; 
 (ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible
Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; 
 (iii) the Guarantee Trustee shall not be liable (including, without limitation, for consequential damages) with respect to any action
taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority of the outstanding principal amount of the Notes relating to the time, method and place of conducting any proceeding for any
remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 
 (iv) no provision of this Guarantee shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any
of its rights or powers, if the Guarantee Trustee shall have 

  

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reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or
adequate indemnity against such risk or liability is not reasonably assured to it. 
 Section 3.02. Certain Rights of the Guarantee
Trustee.  
 (a) Subject to the provisions of Section 3.01: 
 (i) The Guarantee Trustee may rely upon, and shall be fully protected in acting or refraining from acting upon, any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented
by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall
be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the
administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Guarantee Trustee (unless other evidence is herein
specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such request, shall be promptly delivered by the Guarantor. 
 (iv) The Guarantee Trustee may consult with competent legal counsel, and the written advice or opinion of such counsel with respect to
legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such counsel may be counsel to the
Guarantor or any of its Affiliates and may include any of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction.

 (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity reasonably satisfactory to the Guarantee Trustee, against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or 

  

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direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided that, nothing contained in this
Section 3.02(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default hereunder or under the Indenture, of its obligation to exercise the rights and powers vested in it by this Guarantee Agreement.

 (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit. 
 (vii) The Guarantee Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, custodians or nominees, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent,
attorney, custodian or nominee appointed with due care by it hereunder. 
 (viii) Any action taken by the Guarantee Trustee or
its agents hereunder shall bind the Holders, and the signature of the Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the authority of the
Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Guarantee Agreement, both of which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such action. 

(ix) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions
with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee 
 (A) may request
instructions from the holders of not less than a majority of the outstanding principal amount of the Notes, 
 (B) may refrain
from enforcing such remedy or right or taking such other action until such instructions are received, and 
 (C) shall be
protected in acting in accordance with such instructions. 
  

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 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the
Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with
such power and authority. 
 Section 3.03. Indemnity. The Guarantor agrees to indemnify the Guarantee Trustee and its officers,
directors, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Guarantee Trustee, arising out of or in connection with the
acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder and including the
reasonable fees and expenses of its counsel. The Guarantee Trustee will not claim or exact any lien or charge on any other guarantee that may be granted under this Guarantee Agreement as a result of any amount due to it under this Guarantee
Agreement. 
 The provisions of this Section 3.03 shall survive the termination of this Guarantee Agreement or the resignation or
removal of the Guarantee Trustee. 
 ARTICLE 4 
 GUARANTEE TRUSTEE 
 Section 4.01. Guarantee Trustee; Eligibility. 

 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor or the Issuer; and 
 (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital of at least
50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority, then, for the purposes of this Section 4.01(a)(ii), the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. 
  

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 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a),
the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c). 
 (c) If the Guarantee
Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act. 
 Section 4.02. Appointment, Removal and Resignation of Guarantee Trustees .  
 (a) Subject to Section 4.02(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor. 
 (b) The Guarantee Trustee shall not be removed in accordance with Section 4.02(a) until a Successor Guarantee Trustee has been appointed and has
accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The
Guarantee Trustee appointed to office shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting)
by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing
executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor
Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.02 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 ARTICLE 5 
 GUARANTEE

 Section 5.01. Guarantee. The Guarantor hereby irrevocably and unconditionally guarantees to each Holder the due and punctual
payment of the principal of, any premium and interest on, and any Additional Amounts, if applicable, with respect to any Note held by such Holder, when and as the same shall become due and payable, whether at maturity, by acceleration, redemption,

  

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repayment or otherwise, in accordance with the terms of such Note and of the Indenture, and to the Trustee payment of all amounts due to the Trustee relating
to the performance of its duties under the Indenture. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Guarantee Trustee, on the other hand, the maturity of the Notes guaranteed hereby may be
accelerated as provided in Article 5 of the Indenture for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Notes guaranteed hereby. 
 Section 5.02. Waiver of Notice and Demand. The Guarantor hereby waives notice of acceptance of this Guarantee Agreement and of any liability
to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice
of dishonor, notice of redemption and all other notices and demands. 
 Section 5.03. Obligations Not Affected. The obligations,
covenants, agreements and duties of the Guarantor under this Guarantee shall be as if it were a principal debtor, and not merely a surety, and shall in no way be affected or impaired by reason of the happening from time to time of any of the
following: 
 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or
implied agreement, covenant, term or condition relating to the Notes to be performed or observed by the Issuer; 
 (b) any failure, omission,
delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Notes, or any action on the part of the Issuer granting indulgence or
extension of any kind; 
 (c) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
 (d) any invalidity or unenforceability of, or defect or deficiency in, the Notes; or 
 (e) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.03 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 
  

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 Section 5.04. Rights of Holders. The Guarantor expressly acknowledges that: (a) this
Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (b) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (c) the holders of not less
than a majority of the principal amount of the outstanding Notes have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or to direct
the exercise of any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (d) any Holder may, to the extent permitted by law, institute a legal proceeding directly against the Guarantor to enforce its rights
under this Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer or any other Person. The Guarantor waives any right or remedy to require that any action on this Guarantee Agreement be brought
first against the Issuer or any other Person or entity before proceeding directly against the Guarantor. 
 Section 5.05. Guarantee
of Payment. This Guarantee creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment in full of all amounts (without duplication of amounts theretofore paid by the Issuer) owed under
the Notes. 
 Section 5.06. Subrogation. The Guarantor shall be subrogated to all rights, if any, of the Holders against the
Issuer in respect of any amounts paid to such Holders by the Guarantor under this Guarantee Agreement; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of applicable law) be entitled to
enforce or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of any such payment, any amounts are due
and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. 

Section 5.07. Independent Obligations. The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the
Issuer with respect to the Notes, and that the Guarantor shall be liable as principal and as debtor hereunder to make all payments with respect to the Notes pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any
event referred to in subsections (a) through (e), inclusive, of Section 5.03 hereof. 
 Section 5.08. Net Payments. All
payments required to be made hereunder shall be made by the Guarantor without withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or
levied by or on behalf of the Islands of Bermuda or such other jurisdiction in which the Guarantor (or any of its 

  

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successors under this Guarantee Agreement) may be organized (each, a “taxing jurisdiction”) or any political subdivision or taxing authority
thereof or therein, unless such taxes, fees, duties, assessments or governmental charges are required to be withheld or deducted by (i) the laws (or any regulations or ruling promulgated thereunder) of a taxing jurisdiction or any political
subdivision or taxing authority thereof or therein or (ii) an official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a
court of competent jurisdiction or by a taxing authority in a taxing jurisdiction or any political subdivision thereof). If a withholding or deduction at source is required, the Guarantor shall, subject to certain limitations and exceptions set
forth below, pay to the Holder of any Note such Additional Amounts as may be necessary so that every guarantee payment made to such Holder, after such withholding or deduction, shall not be less than the amount provided for in the Indenture and this
Guarantee Agreement to be then due and payable; provided, however, that the Guarantor shall not be required to make payment of such Additional Amounts for or on account of: 
 (1) any tax, fee, duty, assessment or governmental charge of whatever nature which would not have been imposed but for the fact that such
Holder: (A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise had some
connection with the relevant taxing jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Note; (B) presented such Note for payment in the relevant taxing jurisdiction or any political subdivision
thereof, unless such Note could not have been presented for payment elsewhere; or (C) presented such Note more than thirty (30) days after the date on which the payment in respect of such Note first became due and payable or provided for,
whichever is later, except to the extent that the Holder would have been entitled to such Additional Amounts if it had presented such Note for payment on any day within such period of thirty (30) days; 
 (2) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

(3) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the
beneficial owner 

  

 13 

 
of such Note to comply with any reasonable request by the Issuer addressed to the Holder within 90 days of such request (A) to provide information
concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (A) or (B), is
required or imposed by statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such tax, assessment or other governmental
charge; or 
 (4) any combination of items (1), (2) and (3); nor shall Additional Amounts be paid with respect to any
Guarantee Payment to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of the related Note, but only to the extent such payment would be required by the laws of the relevant taxing jurisdiction (or any political
subdivision or relevant taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have
been entitled to such Additional Amounts had it been the Holder of such Note. 
 ARTICLE 6 
 LIMITATION OF TRANSACTIONS; RANKING 
 Section 6.01. Limitation of Transactions. The Guarantor hereby covenants and agrees that, so long as any Notes remain outstanding, it will
not, and will not permit any of its Subsidiaries to, (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the outstanding capital shares of the Guarantor or
(b) make any payment of principal of, interest or premium, if any, on or repay, repurchase or redeem any debt security of the Guarantor that ranks equal to or junior in interest to the Notes or the guarantee in respect thereof, as the case may
be, or make any guarantee payments with respect to any guarantee by the Guarantor of the debt securities of any Subsidiary of the Guarantor if such guarantee ranks equal to or junior in interest to the Notes or the guarantee in respect thereof, as
the case may be (other than (i) dividends or distributions in shares of, or options, warrants, rights to subscribe for or purchase shares of, common shares of the Guarantor, (ii)

  

 14 

 
any declaration of a dividend in connection with the implementation of a stockholder’s rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto, (iii) the purchase of fractional shares resulting from a reclassification of the Guarantor’s capital stock, (iv) the exchange or conversion of any class or
series of the Guarantor’s (or any Subsidiary’s) capital stock for another class or series of the Guarantor’s (or any Subsidiary’s) capital stock or of any class or series of the Guarantor’s (or any Subsidiary’s)
indebtedness, (v) the purchase of fractional interests in shares of the Guarantor’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; and
(vi) repurchases, redemptions or other acquisitions of shares of capital stock of the Guarantor or any subsidiary under any employment agreement or benefit plan for the benefit of the Guarantor’s directors, officers, or employees, or any
dividend reinvestment or director, officer or employee stock purchase plan of the Guarantor) if at such time (1) there shall have occurred any event of which the Guarantor has actual knowledge that (A) with the giving of notice or the
lapse of time or both, would constitute an Event of Default under the Indenture and (B) in respect of which the Guarantor shall not have taken reasonable steps to cure, or (2) the Guarantor shall be in default with respect to its payment
of any obligations under this Guarantee Agreement. 
 Section 6.02. Ranking. This Guarantee Agreement shall constitute a senior
unsecured obligation of the Guarantor and shall rank equally with all senior unsecured indebtedness of the Guarantor from time to time outstanding. 
 Section 6.03. Pari Passu Guarantees. This Guarantee Agreement shall rank pari passu with any similar guarantee agreements issued by the Guarantor on behalf of holders of senior unsecured notes issued by any entity
affiliated with the Guarantor which is a financing vehicle of the Guarantor. 
 ARTICLE 7 
 TERMINATION 
 Section 7.01. Termination. This Guarantee shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all Notes and all other amounts then due and payable under the Indenture, or
(ii) the full payment of the amounts payable in accordance with the Indenture. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must
restore payment of any sums paid with respect to the Notes or under this Guarantee Agreement. 
  

 15 

 ARTICLE 8 
 MISCELLANEOUS 
 Section 8.01. Successors and Assigns. All guarantees and
agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Notes then outstanding. Except in connection with a
consolidation, merger, or sale involving the Guarantor that is permitted under Article 8 of the Indenture and pursuant to which the assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its
obligations hereunder. 
 Section 8.02. Amendments. Except with respect to any changes that do not adversely affect the rights of
Holders in any material respect (in which case no consent of Holders will be required) and any changes to Sections 5.01 and Section 6.01 hereof, which may only be amended in writing with the prior approval of each Holder, this Guarantee
Agreement may only be amended in writing by the parties hereto with the prior approval of the holders of not less than a majority of the outstanding principal amount of the Notes. The provisions of Article 15 of the Indenture concerning meetings of
Holders apply to the giving of such approval. 
 Section 8.03. Notices. Any notice, request or other communication required or
permitted to be given hereunder shall be in writing, duly signed by the party giving such notice, and shall be delivered, telecopied or mailed by first class mail, as follows: 
 (a) If given to the Guarantee Trustee, at the Guarantee Trustee’s mailing address set forth below (or such other address as the Guarantee Trustee
may give notice of to the Guarantor and the Holders): 
  

	
	The Bank of New York
	101 Barclay Street
	Floor 8W
	New York, New York 10286
	Attention: Corporate Trust Administration

 (b) If given to the Guarantor, at the Guarantor’s mailing address set forth below (or such
other address as the Guarantor may give notice of to the Holders): 
  

	
	PartnerRe Ltd.
	90 Pitts Bay Road
	Pembroke HM 08
	Bermuda
	Attention: Chief Legal Counsel

  

 16 

	
	 with a copy to:

	
	 Davis Polk & Wardwell

	 450 Lexington Avenue

	 New York, New York 10017

	 Attention: Ethan T. James, Esq.

 (c) If given to the Issuer, in care of the Guarantee Trustee, at the Issuer’s (and the
Guarantee Trustee’s) address set forth below or such other address as the Guarantee Trustee on behalf of the Issuer may give notice to the Holders: 
  

	
	PartnerRe Finance A LLC
	c/o PartnerRe Ltd.
	90 Pitts Bay Road
	Pembroke HM 08
	Bermuda
	Attention: Chief Legal Counsel

  

	
	with a copy to:
	
	The Bank of New York
	101 Barclay Street
	Floor 8W
	New York, New York 10286
	Attention: Corporate Trust Administration

 (d) If given to any Holder, at the address set forth on the books and records of the Issuer.

 All such notices shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver. 
 Section 8.04. Benefit. This Guarantee is solely for the benefit of the Holders and is
not separately transferable from the Notes. 
 Section 8.05. Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND PERFORMED IN THAT STATE. 
  

 17 

 Section 8.06. Interpretation. In this Guarantee, unless the context otherwise requires:

 (a) capitalized terms used in this Guarantee Agreement, but not defined in the preamble hereto have the respective meanings assigned to
them in Section 1.01 or in the Indenture, as the case may be; 
 (b) a term defined anywhere in this Guarantee Agreement has the same
meaning throughout; 
 (c) all references to “the Agreement” or “this Guarantee Agreement” are to this
Guarantee Agreement as modified, supplemented or amended from time to time; 
 (d) all references in this Guarantee Agreement to Articles and
Sections are to Articles and Sections of this Guarantee Agreement, unless otherwise specified; 
 (e) a term defined in the Trust Indenture
Act has the same meaning when used in this Guarantee Agreement, unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
 (f) a reference to the singular includes the plural and vice versa; and 
 (g) the masculine, feminine, or
neuter genders used herein shall include the masculine, feminine and neuter genders. 
 Section 8.07. Submission to Jurisdiction.
The Guarantor agrees that any judicial proceedings instituted in relation to any matter arising under this Guarantee Agreement may be brought in any United States Federal or New York State court sitting in the Borough of Manhattan, The City of
New York, New York to the extent that such court has subject matter jurisdiction over the controversy, and, by execution and delivery of this Guarantee Agreement, the Guarantor hereby irrevocably accepts, generally and unconditionally, the
jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to be bound by any judgment rendered in such proceeding. The Guarantor also irrevocably and unconditionally waives for the benefit of the Guarantee Trustee
and the Holders any immunity from jurisdiction and any immunity from legal process (whether through service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this Guarantee Agreement.
The Guarantor hereby irrevocably designates and appoints, for the benefit of the Guarantee Trustee and the Holders for the term of this Guarantee Agreement, PartnerRe U.S. Corporation, One Greenwich Plaza, Greenwich, CT 06830-6352, as its agent to
receive on its behalf service of all process (with a copy of all such service of process to be delivered to Davis Polk & 

  

 18 

 
Wardwell, 450 Lexington Avenue, New York, New York 10017, Attention: Ethan T. James, Esq.) brought against it with respect to any such proceeding in any such
court in The City of New York, such service being hereby acknowledged by the Guarantor to be effective and binding service on it in every respect whether or not the Guarantor shall then be doing or shall have at any time done business in New York.
Such appointment shall be irrevocable so long as any of the Securities or the obligations of the Guarantor hereunder remain outstanding, or until the appointment of a successor located in New York or Connecticut by the Guarantor and such
successor’s acceptance of such appointment. Upon such acceptance, the Guarantor shall notify the Guarantee Trustee in writing of the name and address of such successor. The Guarantor further agrees for the benefit of the Guarantee Trustee and
the Holders to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of said PartnerRe U.S. Corporation in full force and effect so
long as any of the Notes or the obligations of the Guarantor hereunder shall be outstanding. The Guarantee Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Guarantor to take any such action. Nothing
herein shall affect the right to serve process in any other manner permitted by any law or limit the right of the Guarantee Trustee or any Holder to institute proceedings against the Guarantor in the courts of any other jurisdiction or
jurisdictions. 
 Section 8.08. Judgment Currency. The Guarantor agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of any guarantee payment (the “Required Currency”) into a currency in which a judgment will
be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Guarantee Trustee could purchase in The City of New York the requisite amount of the
Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Guarantee Agreement to make payments in the Required Currency
(i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained
for any other sum due under this Guarantee Agreement. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or obligated by law, regulation or executive order to be closed. 
  

 19 

 Section 8.09. Waiver Of Jury Trial. EACH OF THE GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE. 
 Section 8.10. Force Majeure. In no event shall the Guarantee Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Guarantee Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 [THE REST OF THIS PAGE
LEFT INTENTIONALLY BLANK] 
  

 20 

 THIS GUARANTEE AGREEMENT is executed as of the day and year first above written. 
  

			
	 PARTNERRE LTD.,
     as
Guarantor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK,
     as Guarantee Trustee

		
	By:	 	  

	Name:	 	
	Title:Class A(2008-B) Terms Document

 Exhibit 4.1 
 Execution Version 
  
  
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer 
 and 
 U.S. BANK NATIONAL ASSOCIATION 
 Indenture
Trustee 
 CLASS A(2008-B) TERMS DOCUMENT 
 Dated as of May 16, 2008 
 to 
 INDENTURE SUPPLEMENT 
 Dated as of July 26, 2007 
 for the DiscoverSeries Notes 
 to 

INDENTURE 
 Dated as of July 26, 2007

  
  
  

 Execution Version 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I    Definitions and Other Provisions of General Application	  	1
			
	Section 1.01.	  	Definitions	  	1
	Section 1.02.	  	Representations and Warranties of Issuer	  	6
	Section 1.03.	  	Representations and Warranties of Indenture Trustee	  	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-B) 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-B) Notes; Legend; Transfer Restriction	  	9
	Section 2.07.	  	Delivery and Payment for the Class A(2008-B) Notes	  	10
	Section 2.08.	  	Additional Early Redemption Events.	  	10
	Section 2.09.	  	Increases in the Outstanding Dollar Principal Amount	  	11
	Section 2.10.	  	Excess Spread Early Redemption Event Cure.	  	12

 Exhibit 
  

			
	Exhibit A	  	Form of Class A Note

  

 i 

 Execution Version 
 THIS CLASS A(2008-B) 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 May 16, 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 May 16, 2008, by and among Discover Card Execution Note Trust, Discover Bank, Falcon Asset Securitization Company LLC and Park Avenue Receivables Company, LLC, as
purchasers, JPMorgan Chase Bank, National Association, 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-B) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class A(2008-B) 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-B) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class A(2008-B) Notes or (b) an Event of Default and acceleration of the Class A(2008-B) 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-B) Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class A(2008-B) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2008-B) Note and duly executed and authenticated in accordance with the Indenture.

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

 “Class A(2008-B) 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-B) 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-B) Tranche Interest Allocation” for the Class A(2008-B) Notes for any Distribution Date means the Note Interest for the
Class A(2008-B) 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. 
  

 2 

 “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 May 15, 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-B) 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 June 2008, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance
Date” means May 16, 2008, with respect to all Class A(2008-B) 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 November 15, 2011 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-B) Notes. 
  

 3 

 “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-B) Notes means, unless an Early Redemption Event or an Event of Default for these Class A(2008-B) 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-B) Notes or (y) the occurrence of an Early Redemption Event or an Event of Default for these
Class A(2008-B) 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-B) Notes prior to the commencement of the Liquidation
Period for these Class A(2008-B) Notes (and no other Early Redemption Event or Event of Default for these Class A(2008-B) Notes has occurred), the Liquidation Period for these Class A(2008-B) 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-B) 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-B) Notes or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 
 “Note Interest” for these Class A(2008-B) Notes has the meaning set forth in the Note Purchase Agreement. 
 “Note Interest Rate” for these Class A(2008-B) 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-B) 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-B) 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-B) 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-B) 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 

  

 4 

 
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-B) Notes is greater than zero, if the Class A(2008-B) 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-B) 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-B) Notes, the Liquidation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2008-B) Adverse Event, the Nominal Liquidation Amount of the Class A(2008-B) Notes, and
(iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the Class
A(2008-B) 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-B) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2008-B) 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-B) Adverse Event, the Required Subordinated Amount of Class B Notes for Class A(2008-B) 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-B) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the
Class A(2008-B) 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-B) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2008-B) Notes on
such date of determination; 
  

 5 

 provided, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2008-B) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2008-B) 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-B) Adverse Event shall have occurred. 
 “Required Subordinated Amount
of Class D Notes” means, for the Class A(2008-B) 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-B) 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-B) 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-B) 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-B) Notes 
 Section 2.01. Creation and Designation. There is hereby created
a Tranche of Class A Notes belonging to Class A to be issued pursuant to the Indenture, the Indenture Supplement and the Note Purchase Agreement to be known as the “DiscoverSeries Class A(2008-B) 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-B) 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-B) 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-B) Notes may not be increased above zero. 
 (b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required
Subordinated Amount of Class D Notes, in each case for the Class A(2008-B) 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 

  

 8 

 
definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement, in each case, with the
consent of the Agent; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding
DiscoverSeries Notes. 
 Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with respect to the Class
A(2008-B) Notes shall be the Note Interest for the Class A(2008-B) 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-B) 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-B) 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-B) 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-B) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b) The right of the Class A(2008-B) Noteholders to receive payments from the Issuer will terminate on the Class A(2008-B) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class A(2008-B) Noteholders will be made pro rata based on the Outstanding
Dollar Principal Amount of their Class A(2008-B) 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-B) Notes; Legend; Transfer Restriction. 
 (a) The Class A(2008-B) Notes shall be Registered Notes delivered in definitive form and shall be initially registered in the name of JPMorgan Chase Bank,
National Association as Agent on behalf of the Owners. The Class A(2008-B) 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-B) 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-B) Notes. The Issuer shall execute and deliver the Class A(2008-B) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class A(2008-B) 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. Pursuant to Section 4.01(b) of the Indenture Supplement, the following shall be additional Early Redemption Events relating to the Class A(2008-B) Notes: 
 (a) failure on the part of the Issuer to make any interest payment with respect to the Class A(2008-B) 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 
  

 10 

 (b) a default in the performance, or breach, of any covenant or warranty of the Issuer in the Note
Purchase Agreement, and continuance of such default or breach for a period of sixty (60) days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the
Agent, a written notice specifying such default or breach and requesting it to be remedied, if as a result of such default, the interests of the Class A(2008-B) 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 Class A(2008-B) Notes by issuing additional Class A(2008-B) 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-B) 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-B) Notes; 

  

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

  

	 	(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-B) Notes; and

  

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

 (b) no Class A(2008-B) Adverse Event has occurred and is continuing; 
 (c) such increase will not cause the Outstanding Dollar Principal Amount of the Class A(2008-B) Notes to exceed the Note Purchase Commitment; 
 (d) (i) no Monthly Interest or other amount due and payable to any Class A(2008-B) 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-B) Notes; 
  

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 (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 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-B) 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-B) 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-B) 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-B) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class
A(2008-B) 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. 
 Section 2.10. Excess Spread Early Redemption Event Cure. Notwithstanding any provision of Section 4.01(c) of the Indenture Supplement to the contrary,
no Excess Spread Early Redemption Event Cure with respect to Class A(2008-B) will be deemed to have occurred without the written consent of the Agent. 
 [Remainder of page intentionally blank; signature page follows] 
  

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 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-B)]

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