Document:

Class B(2008-A) Terms Document

 Exhibit 4.2 
 Execution Version 
  
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer

 and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Indenture Trustee 
 CLASS B(2008-A) TERMS DOCUMENT 
 Dated as of January 31, 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	  	7
	 Section 1.06.
	  	Counterparts	  	8
	 Section 1.07.
	  	Ratification of Indenture and Indenture Supplement	  	8
		
	 ARTICLE II The Class B(2008-A) 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.
	  	Variable Liquidation Period.	  	9
	 Section 2.06.
	  	Form of Class B(2008-A) Notes; Legend; Transfer Restriction	  	10
	 Section 2.07.
	  	Delivery and Payment for the Class B(2008-A) Notes	  	11
	 Section 2.08.
	  	Additional Early Redemption Events	  	11

 Exhibit 
  

			
	Exhibit A	  	Form of Class B Note

  

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 Execution Version 
 THIS CLASS B(2008-A) 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 January 31, 2008. 
 Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class B 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 January 31, 2008, by and among Discover Card Execution Note Trust, Discover Bank, Gotham Funding Corporation and BTMU (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 B(2008-A) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class B(2008-A) 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 B(2008-A) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class B(2008-A) Notes or (b) an Event of Default and acceleration of the Class B(2008-A) 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 B(2008-A) Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class B(2008-A) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class B(2008-A) Note and duly executed and authenticated in accordance with the Indenture.

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

 “Class B(2008-A) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the
Outstanding Dollar Principal Amount of the Class B(2008-A) 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 B(2008-A) Tranche Interest Allocation” for the Class B(2008-A) Notes for any Distribution Date means the Note Interest for the
Class B(2008-A) Notes. 
 “Encumbered Amount” means, for the Class B(2008-A) Notes, an amount equal to 
 (a) the Nominal Liquidation Amount of the Class B(2008-A) Notes, divided by 
 (b) the Nominal Liquidation Amount of all Tranches of Class B Notes in the DiscoverSeries, multiplied by 
 (c) the aggregate Required Subordinated Amount of Class B Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated
Amount of Class B Notes greater than zero. 
  

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 “Encumbered Required Subordinated Amount of Class C Notes” means, for the Class
B(2008-A) Notes, an amount equal to the product of 
 (a) the Encumbered Amount for the Class B(2008-A) Notes, and 
 (b) the Required Subordinated Percentage of Class C Notes (Encumbered) for the Class B(2008-A) Notes. 
 “Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for such
Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 
 “Expected Maturity Date” means May 17, 2010. 
 “Expected Principal Payment Date” means each Distribution Date commencing on the Distribution Date in June, 2009; provided, however, if the commencement of the Liquidation Period is
delayed in accordance with Section 2.05, the Expected Principal Payment Date shall mean each Distribution Date specified in the notice of such delay. 
 “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. 
 “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 B(2008-A) 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 February 2008, or if such fifteenth day is not a Business
Day, the next succeeding Business Day. 
 “Issuance Date” means January 31, 2008, with respect to all Class B(2008-A)
Notes issued on the date hereof. 
 “Legal Maturity Date” means November 15, 2012. 
 “Liquidation Amount” means $12,500,000.00; provided, however, if the commencement of the Liquidation Period is delayed in
accordance with Section 2.05 of this Terms Document, the Liquidation Amount shall be an amount equal to the Nominal Liquidation Amount as of the first day of the Liquidation Period as so delayed divided by the Liquidation Period Length (in each
case, as adjusted to give effect to any Excess Spread Early Redemption Cure in accordance with Section 4.01(c) of the Indenture Supplement). 
  

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 “Liquidation Commencement Date” means May 1, 2009, or such later date as the
Calculation Agent on behalf of the Issuer determines in accordance with Section 2.05 of this Terms Document. 
 “Liquidation
Period” for these Class B(2008-A) Notes means, unless an Early Redemption Event or an Event of Default for these Class B(2008-A) 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 B(2008-A) Notes or (y) the occurrence of an Early Redemption Event or an Event of Default for these Class B(2008-A) 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 B(2008-A) Notes prior to the commencement of the Liquidation Period for these Class
B(2008-A) Notes (and no other Early Redemption Event or Event of Default for these Class B(2008-A) Notes has occurred), the Liquidation Period for these Class B(2008-A) 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 B(2008-A) 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 B(2008-A) Notes or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 
 “Liquidation Period Length” for these Class B(2008-A) Notes means 12 months; provided, however, if the commencement of the Liquidation Period is delayed in accordance with
Section 2.05 of this Terms Document, the Liquidation Period Length shall be the number of whole months from the Liquidation Commencement Date as so delayed to the first day of the calendar month in which the Expected Maturity Date for these
Class B(2008-A) Notes is scheduled to occur. 
 “Note Interest” for these Class B(2008-A) Notes has the meaning set forth in
the Note Purchase Agreement. 
 “Note Interest Rate” for these Class B(2008-A) 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. 
 “Principal Payment Date” means, for the Class B(2008-A) 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 B(2008-A) Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target
Finance Charge Amount on any day on which the Class B(2008-A) Tranche 

  

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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 B(2008-A) 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 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 Class B(2008-A) Tranche Interest Allocation cannot be determined because the Note Interest Rate for the 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 the first Interest Accrual Period, to the Indenture Trustee and
Calculation Agent on the Issuance Date 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 B(2008-A) Notes, the Liquidation Amount, (ii) if such day is on or after the occurrence and during the continuance of a
Class B(2008-A) Adverse Event, the Nominal Liquidation Amount of the Class B(2008-A) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class C Notes” means, for the Class B(2008-A) Notes for any date of determination, an amount equal to the sum of 
 (a) the Unencumbered Required Subordinated Amount of Class C Notes for such Class B(2008-A) Notes on such date of determination and 
 (b) the Encumbered Required Subordinated Amount of Class C Notes for such Class B(2008-A) 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 B(2008-A) Adverse Event, the
Required Subordinated Amount of Class C Notes for the Class B(2008-A) 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 B(2008-A)
Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class B(2008-A) Notes
for any date of determination, zero, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage
of Class C Notes (Encumbered)” means, for the Class B(2008-A) Notes, 127.272727%, subject to adjustment in accordance with Section 2.02. 
  

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 “Required Subordinated Percentage of Class C Notes (Unencumbered)” means, for the Class
B(2008-A) Notes, 7.526882%, subject to adjustment in accordance with Section 2.02. 
 “Stated Principal Amount” means
$150,000,000. 
 “Unencumbered Amount” means, for the Class B(2008-A) Notes, an amount equal to the Nominal Liquidation
Amount of the Class B(2008-A) Notes minus the Encumbered Amount for the Class B(2008-A) Notes. 
 “Unencumbered Required
Subordinated Amount of Class C Notes” means, for the Class B(2008-A) Notes, an amount equal to the product of 
 (a) the
Unencumbered Amount for the Class B(2008-A) Notes and 
 (b) the Required Subordinated Percentage of Class C Notes (Unencumbered) for the
Class B(2008-A) Notes. 
 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 obligations of the Issuer, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’
rights generally or by general equity principles; 
 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict
with any law or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under the
Investment Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in
connection with this Terms Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable
estimates on the date as of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no
proceedings or investigations pending against the Issuer before any court, regulatory body, administrative agency, or other 

  

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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 B(2008-A) 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). 
 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. 
  

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 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 B(2008-A) Notes 
 Section 2.01. Creation and Designation. There is hereby created a Tranche of Class B Notes belonging to Class B to be issued pursuant to the Indenture, the Indenture Supplement and the Note Purchase Agreement to be known as the
“DiscoverSeries Class B(2008-A) Notes.” 
 Section 2.02. Adjustments to Required Subordinated Percentages and Amount. 
 (a) On any date, the Issuer, at the direction of the Beneficary, may change the Required Subordinated Percentage of Class C Notes (Unencumbered) or the
Required Subordinated Percentage of Class C Notes (Unencumbered), in each case for the Class B(2008-A) Notes, with the 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 B(2008-A) 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 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 B(2008-A) 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 C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class B(2008-A) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a
reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such
replacement, 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. 
  

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 Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with respect to
the Class B(2008-A) Notes shall be the Note Interest for the Class B(2008-A) 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 B Tranche Interest Allocation Shortfall for such Class B(2008-A) 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 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 B(2008-A) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class B(2008-A) Notes in accordance with Sections 3.01 and 3.05
of the Indenture Supplement. All payments of interest and principal on the Class B(2008-A) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b) The right of the Class B(2008-A) Noteholders to receive payments from the Issuer will terminate on the Class B(2008-A) Termination Date. 
 (c) All payments of principal, interest or other amounts to the Class B(2008-A) Noteholders will be made pro rata based on the Outstanding Dollar
Principal Amount of their Class B(2008-A) 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.
Variable Liquidation Period. 
 (a) The Calculation Agent shall, at the direction of the Agent, by written notice to the Indenture Trustee
and the Issuer, delay the commencement of the Liquidation Period for the Class B(2008-A) Notes and determine a new Liquidation Commencement Date, subject to the conditions set forth in this Section 2.05; provided, however, that
the Liquidation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class B(2008-A) Notes. Any such delay by the Calculation Agent shall be made no later than the first day of the
scheduled Due Period immediately preceding the first Due Period in the Liquidation Period (after giving effect to any prior delay in the commencement of the Liquidation Period pursuant to this Section 2.05). 
  

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 (b) The Calculation Agent shall cause such delay only if the following conditions will be satisfied:
(i) the Calculation Agent is able to deliver to the Indenture Trustee and the Agent a certificate to the effect that the Calculation Agent reasonably believes that, based on the payment rate and the anticipated availability of Series Principal
Amounts and Reallocated Principal Amounts, the delay in the commencement of the Liquidation Period for the Class B(2008-A) Notes will not result in any Tranche of Outstanding DiscoverSeries Notes not being paid in full on the relevant Expected
Maturity Date (and the Calculation Agent shall deliver such certificate); (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate;
(iii) the applicable Note Rating Agencies shall have advised the Calculation Agent and the Issuer that such delay in the commencement of the Liquidation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries
Notes; and (iv) the Liquidation Amount, the Liquidation Commencement Date and the Liquidation Period Length shall have been adjusted. 
 Section 2.06. Form of Class B(2008-A) Notes; Legend; Transfer Restriction. 
 (a) The Class B(2008-A) Notes shall be
Registered Notes delivered in definitive form and shall be initially registered in the name of The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch as Agent on behalf of the Owners. The Class B(2008-A) Notes will be issued in minimum
denominations of $250,000 and integral multiples of $1,000 in excess of that amount. 
 (b) Each Class B(2008-A) 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 

  

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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 B(2008-A) Notes. The Issuer shall execute and deliver the Class B(2008-A) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2008-A) 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, there shall be an additional Early Redemption Event relating to the Class B(2008-A) Notes upon 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 Class
B(2008-A) Noteholders evidencing at least 25% of the Outstanding Dollar Principal Amount of the Class B(2008-A) Notes, 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 B(2008-A) Noteholders are materially and adversely affected and continue to be materially and adversely affected during the sixty (60) day period. 
 [Remainder of page intentionally blank; signature page follows] 
  

 11 

 Execution Version 
 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 B(2008-A)]EXHIBIT 4.1

 Exhibit 4.1 
  
  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 

 as Issuer 
 and 
 THE BANK OF NEW YORK 
 as Indenture
Trustee 
 CLASS A(2008-1) TERMS DOCUMENT 
 dated as of January 31, 2008 
 to 
 CARD SERIES INDENTURE SUPPLEMENT 
 dated as of October 9, 2002 

to 
 ASSET POOL 1 SUPPLEMENT

 dated as of October 9, 2002 
 to 
 INDENTURE 
 dated as of October 9, 2002, as amended and restated as of January 13, 2006 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I
	Definitions and Other Provisions of General Application
			
	Section 1.01.	  	Definitions	  	1
			
	Section 1.02.	  	Governing Law	  	7
			
	Section 1.03.	  	Counterparts	  	7
			
	Section 1.04.	  	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	7
	
	ARTICLE II
	The Class A(2008-1) Notes
			
	Section 2.01.	  	Creation and Designation	  	8
			
	Section 2.02.	  	Adjustments to Required Subordinated Percentages	  	8
			
	Section 2.03.	  	Interest Payment	  	8
			
	Section 2.04.	  	Calculation Agent; Determination of LIBOR	  	9
			
	Section 2.05.	  	Payments of Interest and Principal	  	9
			
	Section 2.06.	  	Form of Delivery of Class A(2008-1) Notes; Depository; Denominations	  	10
			
	Section 2.07.	  	Delivery and Payment for the Class A(2008-1) Notes	  	10
			
	Section 2.08.	  	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	Section 2.09.	  	[Reserved]	  	10

  

 -i- 

 THIS CLASS A(2008-1) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, DE 19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of January 31, 2008. 
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and shall specify the principal terms thereof. 

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

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

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 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; 

  

	 	(5)	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; 

  

	 	(6)	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, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2008-1) Notes and no other Tranche of Notes issued by the Issuer; and 

  

 1 

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

 “Accumulation Period Amount” means $154,166,666.67; provided, however, if the Accumulation Period Length is determined to
be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of “Accumulation Period Amount” in the Indenture
Supplement. 
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to
be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first
Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2008-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the
first Distribution Date following and including the June 2008 Distribution Date for which the Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier
than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2008-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and
(iii) the Monthly Period following the first Distribution Date following and including the August 2008 Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period
shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2008-1) Notes pursuant to
Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2008-1) Notes
and (ii) the date on which the Class A(2008-1) Notes are paid in full. 
 “Asset Pool 1 Supplement” means the Asset
Pool 1 Supplement dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount
of the related Card Series Notes) of the following: 
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing
Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly Period
to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion (converted to an accrual rate) of such Tranche for the period from and 

  

 2 

 
including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest
Accrual Date for such Tranche of Card Series Discount Notes in the following Monthly Period; 
 (iii) in the case of a Tranche
of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the period from and
including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; provided, however,
that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the rating of the applicable Derivative Counterparty, the amount
determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the period from and including the Monthly
Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and 
 (iv) in the case of a tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that
date in the related Terms Document. 
 “Calculation Agent” is defined in Section 2.04(a). 
 “Class A(2008-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the
Class A(2008-1) Notes or (b) an Event of Default and acceleration of the Class A(2008-1) Notes. 
 “Class A(2008-1)
Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2008-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2008-1) Noteholder” means a Person in whose name a Class A(2008-1) Note is registered in the Note Register. 
 “Class A(2008-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2008-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the
preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

 3 

 “Expected Principal Payment Date” means January 15, 2010. 
 “Initial Dollar Principal Amount” means $1,850,000,000. 
 “Indenture” means the Indenture dated as of October 9, 2002, as amended and restated as of January 13, 2006 by and between the Issuer and the Indenture Trustee, as amended and supplemented
from time to time. 
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, by
and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
 “Interest Payment Date”
means the fifteenth day of each month commencing in February 2008, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Interest 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 initial Interest Payment Date, from and
including the Issuance Date) through the day preceding such Interest Payment Date. 
 “Issuance Date” means January 31,
2008. 
 “Legal Maturity Date” means November 15, 2012. 
 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the
Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 
 “LIBOR Determination Date” means January 29, 2008 for the period from and including the Issuance Date to but excluding February 15, 2008 and the second London Business Day prior to the commencement of the second
and each subsequent Interest Period. 
 “London Business Day” means any Business Day on which dealings in deposits in United
States Dollars are transacted in the London interbank market. 
 “Maximum Subordination Amount of Class B Notes” means, for
the Class A(2008-1) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2008-1) Notes on such date of determination and (b) the percentage equivalent
of a fraction, the numerator of which is 10 and the denominator of which is 83.00. 
 “Note Interest Rate” means a rate per
annum equal to 0.75% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means The Bank of New York. 
  

 4 

 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage
equivalent of a fraction: 
 (a) the numerator of which is equal to the sum of: 
 (i) the aggregate amount of Finance Charge Amounts allocated to the Card Series with respect to such Monthly Period; plus

 (ii) the aggregate amount of Interest Funding sub-Account Earnings on all Tranches of Card Series Notes for such Monthly
Period; plus 
 (iii) any amounts to be treated as Card Series Finance Charge Amounts pursuant to Sections
3.20(d) and 3.27(a) of the Indenture Supplement; minus 
 (iv) the excess, if any, of (1) the sum of
the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant to Sections
3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly Period;
minus 
 (v) the Card Series Default Amount for such Monthly Period; and 
 (b) the denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for such Monthly Period.

 “Quarterly Excess Spread Percentage” means, with respect to the June 2008 Distribution Date and each Distribution Date
thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding
Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2008-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer;
provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  

 5 

 “Required Subordinated Amount of Class B Notes” means, for the Class A(2008-1) Notes for
any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2008-1) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of
such Class A(2008-1) Notes on such date of determination; provided, however, that such an amount shall not exceed the Maximum Subordination Amount of Class B Notes for the Class A(2008-1) Notes; provided further, however,
that for any date of determination on or after the occurrence and during the continuation of a Class A(2008-1) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2008-1) Notes will be the greater of (x) the amount
determined above for such date of determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2008-1) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2008-1) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class C Notes for such Class A(2008-1) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2008-1) Notes on such date of
determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class A(2008-1) Notes will not be less than an amount equal to
(i) 3.0% of the Initial Dollar Principal Amount of the Class A(2008-1) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2008-1) Notes; provided further, however, that for any date of
determination on or after the occurrence and during the continuation of a Class A(2008-1) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2008-1) Notes will be the greater of (x) the amount determined above for
such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2008-1) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of
Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined
pursuant to the preceding proviso. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2008-1) Notes
for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2008-1) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal
Amount of such Class A(2008-1) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination
is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2008-1)
Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2008-1) Notes, provided further, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2008-1) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2008-1) Notes will be the greatest of (x) the amount 
  

 6 

 
determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class
A(2008-1) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a
Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2008-1) Notes, 10.8434%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2008-1) Notes, 8.4338%, subject to adjustment in
accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means, for the
Class A(2008-1) Notes, 1.2049%, subject to adjustment in accordance with Section 2.02. 
 “Reuters Screen LIBOR01
Page” means the display page currently so designated on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of
displaying comparable rates or prices). 
 “Stated Principal Amount” means $1,850,000,000. 
 Section 1.02. 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 ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be
an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04. Ratification of
Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as
so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
 The Class A(2008-1) Notes 
 Section 2.01. Creation and Designation. There is hereby created a
tranche of Card Series Class A Notes to be issued pursuant to the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2008-1) Notes.” 
 Section 2.02. Adjustments to Required Subordinated Percentages. 
 (a) On any date, the Issuer 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(2008-1) Notes, without the consent of
any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case,
for the Class A(2008-1) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class
A(2008-1) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2008-1) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 
 (b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or
the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2008-1) Notes, such that after giving effect to all changes to such percentages on such date the sum of the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D Notes, in each case, for the Class A(2008-1) Notes after giving effect to such change is less than the sum of the Required Subordinated Percentage of
Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D Notes, in each case, for the Class A(2008-1) Notes immediately prior to giving effect to such change, without the consent of any
Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect
to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
 Section 2.03. Interest Payment. 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2008-1) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to such related Interest Period times (ii) the Outstanding Dollar Principal Amount of the Class A(2008-1) Notes
determined as of the Record Date preceding the related Distribution Date. Any interest on 

  

 8 

 
the Class A(2008-1) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture Trustee shall deposit into the Class
A(2008-1) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2008-1) Notes. 
 Section 2.04. Calculation Agent; Determination of LIBOR. 
 (a) The Issuer hereby agrees that for so long as any Class
A(2008-1) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation
Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent
fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not
resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR
Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such
rate does not appear on Reuters Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m.,
London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such
quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of such quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of
the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.

 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Issuer, the Beneficiary and the
Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05. Payments of Interest and Principal. 
  

 9 

 (a) Any installment of interest or principal, if any, payable on any Class A(2008-1) Note which is
punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2008-1) Note (or one or more
Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close
of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date,
except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class A(2008-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class
A(2008-1) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2008-1) Notes; Depository; Denominations. 
 (a) The Class A(2008-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the
Indenture, respectively. 
 (b) The Depository for the Class A(2008-1) Notes shall be The Depository Trust Company, and the Class A(2008-1)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2008-1) Notes will be issued in
minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment
for the Class A(2008-1) Notes. The Issuer shall execute and deliver the Class A(2008-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2008-1) Notes when authenticated, each in accordance
with Section 303 of the Indenture. 
 Section 2.08. Targeted Deposits to the Accumulation Reserve Account.

 The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period
will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
 Section 2.09. [Reserved]. 
 [END OF ARTICLE II] 
  

 10 

 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. 
  

			
	
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust
		
	By:	 	 /s/ Michele HY Voon

	Name:	 	Michele HY Voon
	Title:	 	Attorney-in-fact
		
	By:	 	 /s/ Susan Barstock

	Name:	 	Susan Barstock
	Title:	 	Attorney-in-fact
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	By:	 	 /s/ Catherine M. Hughes

	Name:	 	Catherine M. Hughes
	Title:	 	Assistant Vice President

 [Terms Document]

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