Document:

Exhibit 10.3 Indemnification Agreement

FEDERAL HOME LOAN BANK OF DES MOINES
INDEMNIFICATION AGREEMENT
This Indemnification Agreement (this “Agreement”), dated as of June 1, 2015, is entered into by and between Federal Home Loan Bank of Des Moines, (the “Bank”), a federal home loan bank organized under the Federal Home Loan Bank Act, as amended (the “Act”), and ________________ (“lndemnitee”), a director of the Bank.
RECITALS
A.    The Bank and Indemnitee recognize the litigation risks inherent in service as a director or officer of the Bank, including the substantial costs involved in defending such matters.
B.    The Bank’s bylaws (the “Bylaws”) provide for indemnification of the Bank’s directors and officers as permitted by the Act and the rules and regulations promulgated thereunder (the “Rules”).
C.    The Bylaws specifically provide that they are not exclusive, and contemplate that contracts may be entered into between the Bank and its directors and officers with respect to indemnification.
D.    Indemnitee has indicated a desire to supplement the indemnification provisions in the Bylaws to provide additional protections against the risks associated with Indemnitee’s service to the Bank and further clarify Indemnitee’s rights with respect to indemnification in certain circumstances.  
E.    To induce Indemnitee to continue Indemnitee’s service as a director or officer of the Bank, the Bank and Indemnitee now agree that they should enter into this Indemnification Agreement.
AGREEMENT
		
	1.
	Indemnification of Indemnitee

		
	1.1
	Scope

Subject to Section 4.1 and all other terms and conditions of this Agreement, the Bank agrees to indemnify and hold harmless Indemnitee, to the full extent permitted by law, whether or not specifically authorized by this Agreement, the Organization Certificate of the Bank (the “Organization Certificate”), the Bylaws, the Act, the Rules or otherwise, for any Indemnifiable Losses (as defined below) which Indemnitee is or becomes legally obligated to pay in connection with any Proceeding.  In the event of any change, after the date of this Agreement, in any applicable law, statute or rule regarding the right of a federal home loan bank to indemnify a director or officer, such changes, to the extent that they would expand Indemnitee’s indemnification rights, shall be within the purview of Indemnitee’s rights and the Bank’s obligations under this Agreement, and, to the extent that they would narrow Indemnitee’s indemnification rights, shall not affect or limit the scope of this Agreement; provided, however, that any change that is required by applicable laws, statutes or rules to be applied to this Agreement shall be so applied regardless of whether the effect of such change is to narrow Indemnitee’s rights.
		
	1.2
	Nonexclusivity 

The indemnification provided by this Agreement is not exclusive of any rights to which Indemnitee may be entitled under the Organization Certificate, the Bylaws, any other agreement, any vote of disinterested directors, the Act, or otherwise, whether as to action in Indemnitee’s official capacity or otherwise.
		
	1.3
	Definition of Indemnifiable Losses

For purposes of this Agreement, the term “Indemnifiable Losses” shall include (without limitation) any and all damages (compensatory, exemplary, punitive or otherwise), judgments, fines, penalties, settlements, costs, attorneys’ fees and disbursements, costs of attachment or similar bonds, investigations, expenses of establishing a right to indemnification under this Agreement, and any other losses, claims, liabilities or other expenses incurred in connection with a Proceeding, subject to the limitations set forth in Section 4.1 below.

		
	1.4
	Definition of Proceeding

For purposes of this Agreement, the term “Proceeding” shall include (without limitation) any threatened, pending or completed claim, action, suit, hearing, arbitration, alternative dispute resolution mechanism or proceeding, including any appeal or other proceeding for review, whether brought by or in the right of the Bank or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether formal or informal, in which Indemnitee may be or may have been involved as a party or otherwise (including without limitation as a witness), (a) by reason of the fact that Indemnitee is or was, or has agreed to become a director or officer of the Bank, (b) by reason of any actual or alleged error or misstatement or misleading statement made or suffered by Indemnitee in connection with his or her service as a director or officer of the Bank, (c) by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while acting as such director or officer, or (d) by reason of the fact that Indemnitee was serving at the request of the Bank as a director, trustee, officer, employee, member or agent of the Bank or of the Advisory Council or another corporation, partnership, joint venture, trust, trade association, fiscal agent or other enterprise (including without limitation employee benefit plans and administrative committees thereof) (which request will be conclusively presumed in the case of any of the foregoing that are “affiliates” of the Bank as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended); provided, however, that, except with respect to an action to enforce the provisions of this Agreement, the term “Proceeding” shall not include any action, suit, claim or proceeding instituted by or at the direction of Indemnitee seeking to enforce rights to indemnification, except for an Enforcement Action (as defined in Section 3.1), unless such action, suit, claim or proceeding is or was authorized or ratified by the Bank’s Board of Directors. 
		
	1.5
	Determination of Entitlement

In the event that a determination of Indemnitee’s entitlement to indemnification is required pursuant to applicable law, such determination shall be made by:  (i) a majority of a quorum of disinterested directors of the Bank acting by resolution duly adopted by such directors, or (ii) if such disinterested directors are unable to adopt such a resolution, by independent legal counsel selected by the disinterested directors of the Bank, or (iii) if neither (i) nor (ii) is permitted by the applicable law requiring the determination, then by the party specified in such applicable law as the determining party.  “Disinterested director” shall mean a Director who does not have a personal interest in the determination of entitlement to indemnification.  “Independent legal counsel” shall mean a law firm or a member of a law firm that is not presently, nor has been in the past three years, retained to represent:  (i) the Bank or Indemnitee in any matter material to either party, or (ii) any other party to the Proceeding giving rise to the claim for indemnification.  In any such determination of Indemnitee’s entitlement to indemnification: (a) Indemnitee shall initially be presumed in all cases to be entitled to indemnification, (b) Indemnitee may establish a conclusive presumption of any fact necessary to such a determination by delivering to the Bank a declaration made under penalty of perjury that such fact is true and (c) unless the Bank shall deliver to Indemnitee written notice of a determination that Indemnitee is not entitled to indemnification within sixty (60) days of the Bank’s receipt of Indemnitee’s initial written request for indemnification, such determination shall conclusively be deemed to have been made in favor of the Bank’s provision of indemnification and the Bank agrees not to assert otherwise.
		
	1.6
	Survival

The indemnification provided under this Agreement shall apply to any and all Proceedings, notwithstanding that Indemnitee has ceased to serve in a capacity referred to in Section 1.4(a)-(d).
		
	1.7
	Witness

Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of the fact that Indemnitee is or was a director or officer of the Bank, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Indemnifiable Losses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
		
	2.
	Expense Advances

		
	2.1
	Generally

The right to indemnification for Indemnifiable Losses conferred by Section 1 shall include the right to have the Bank pay Indemnitee’s expenses in any Proceeding as such expenses are incurred and in advance of such Proceeding’s final disposition (such right is referred to hereinafter as an “Expense Advance”), subject to Sections 2.2, 4 and 5 and all other terms and conditions of this Agreement.  

		
	2.2
	Conditions to Expense Advance

The Bank’s obligation to provide an Expense Advance is subject to Indemnitee or Indemnitee’s representative having first executed and delivered to the Bank an undertaking, which need not be secured and shall be accepted without reference to Indemnitee’s financial ability to make repayment, by or on behalf of Indemnitee to repay all Expense Advances if and to the extent that it shall ultimately be finally adjudged that Indemnitee is not entitled to be indemnified under this Agreement or otherwise. Any matter to be determined under this Agreement will be “finally adjudged” if it has been determined in a final, unappealable decision rendered by a court having jurisdiction over the parties and the subject matter of the dispute.
		
	2.3
	Subrogation

In the event of payment under this Agreement, the Bank shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Bank effectively to bring suit to enforce such rights.
		
	3.
	Procedures for Enforcement

		
	3.1
	Enforcement

In the event that a claim for indemnification hereunder is made and is not paid in full within sixty (60) days after written notice of such claim is delivered to the Bank, except in the case of a claim for Expense Advance, in which case the applicable period shall be thirty (30) days, Indemnitee may, but need not, at any time bring suit against the Bank to recover the unpaid amount of the claim (an “Enforcement Action”), subject to all other terms, conditions and limitations of this Agreement.
		
	3.2
	Presumptions in Enforcement Action

In any Enforcement Action, the following presumptions (and limitation on presumptions) shall apply:
(a)    The Bank shall conclusively be presumed to have entered into this Agreement and assumed the obligations imposed on it to induce Indemnitee to accept the position of, or to continue as a director or officer of the Bank;
(b)    Indemnitee shall be presumed to be entitled to indemnification upon submission of a written claim (and, in an action brought to enforce a claim for an Expense Advance, where the required undertaking has been tendered to the Bank), and the Bank shall have the burden of proof to overcome the presumption that Indemnitee is so entitled; 
(c)    Neither (i) the failure of the Bank (including its Board of Directors or independent legal counsel) to have made a determination prior to the commencement of the Enforcement Action that indemnification of Indemnitee is proper in the circumstances nor (ii) an actual determination by the Bank, its Board of Directors or independent legal counsel that Indemnitee is not entitled to indemnification shall be a defense to the Enforcement Action or create a presumption that Indemnitee is not entitled to indemnification; and
(d)    Indemnitee shall be presumed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Bank, including financial statements, or on information supplied to an Indemnitee by the officers of the Bank in the course of their duties, or on the advice of legal counsel for the Bank or on information or records given or reports made to the Bank by an independent certified public accountant or by an appraiser, actuary or other expert selected with reasonable care by the Bank.  In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Bank, unless affiliated with Indemnitee, shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 3.2(d) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Bank.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence.
		
	3.3
	Attorneys’ Fees and Expenses for Enforcement Action

The Bank shall indemnify and hold harmless Indemnitee against all of Indemnitee’s reasonable fees and expenses in bringing and pursuing any Enforcement Action (including reasonable attorneys’ fees at any stage, including on appeal); provided, however, that the Bank shall not be required to provide such indemnity (a) if and to the extent that it has been finally adjudged that Indemnitee in such Enforcement Action is not entitled to such indemnity or (b) to the extent limited under Section 4.1 below.  

		
	4.
	Limitations

		
	4.1
	Limitation on Indemnity

Notwithstanding any other provision of this Agreement, the Bank shall not be obligated to provide indemnification pursuant to this Agreement:
 (a)    for Indemnifiable Losses that have been paid directly to Indemnitee by an insurance carrier under a policy of insurance maintained by the Bank;
(b)    on account of Indemnitee’s conduct which is finally adjudged to have been intentional misconduct, a knowing violation of law, or a transaction from which Indemnitee derived personal benefit in money, property or services to which Indemnitee was not legally entitled; 
(c)    to the extent that Indemnitee is indemnified and actually paid otherwise than pursuant to this Agreement;
(d)    if it has been finally adjudged that paying such indemnification is prohibited by applicable law;
(e)    to the extent that attorneys’ fees, costs and disbursements, or similar expenses, that otherwise would constitute Indemnifiable Losses hereunder are finally adjudged to be unreasonable, provided that the burden of proof that any Indemnifiable Losses are unreasonable shall be on the Bank; or 
(f)    to the extent such Indemnifiable Losses have been incurred by Indemnitee in violation of the terms of Section 5 below.
		
	4.2
	Partial Indemnification

If Indemnitee is entitled under any provision of this Agreement to indemnification by the Bank for some or a portion of any Indemnifiable Losses in connection with a Proceeding, but not, however, for the total amount thereof, the Bank shall nevertheless indemnify Indemnitee for the portion of such Indemnifiable Losses to which Indemnitee is entitled.  If Indemnitee is not wholly successful in a Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Bank shall indemnify Indemnitee for all Indemnifiable Losses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.  For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
		
	4.3
	Mutual Acknowledgment

The Bank and Indemnitee acknowledge that, in certain instances applicable law, including federal law or public policy may prohibit the Bank from indemnifying Indemnitee under this Agreement or otherwise.  For example, the Bank and Indemnitee acknowledge that the Securities and Exchange Commission has taken the position that indemnification is not permissible for liabilities arising under certain federal securities laws.  Furthermore, Indemnitee understands and acknowledges that the Bank has undertaken or may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Bank’s right under public policy to indemnify Indemnitee.
4.4    Contribution in the Event of Joint Liability
(a)    Whether or not the indemnification provided in Section 1 hereof is available, in respect of any Proceeding in which the Bank is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Bank shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Bank hereby waives and relinquishes any right of contribution it may have against Indemnitee.  The Bank shall not enter into any settlement of any Proceeding in which the Bank is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
(b)    If, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Bank is jointly liable with Indemnitee and for which the Bank would otherwise be obligated to indemnify Indemnitee under this Agreement, the Bank shall, to the extent permitted by applicable law, contribute to the amount of Indemnifiable Losses, judgments, fines and amounts paid in settlement (if such settlement is approved in advance 

in writing by the Bank, which approval shall not be unreasonably withheld) actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Bank and all officers, directors or employees of the Bank other than Indemnitee, on the one hand, and Indemnitee, on the other hand, from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Bank and all officers, directors or employees of the Bank other than other Indemnitees who are jointly liable with Indemnitee, on the one hand, and all Indemnitees, on the other hand, in connection with the events that resulted in such Indemnifiable Losses, judgments, fines or settlement amounts, as well as any other equitable considerations which the law may require to be considered.  The relative fault of the Bank and all officers, directors or employees of the Bank, other than Indemnitee, on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.
(c)    The Bank hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Bank who may be jointly liable with Indemnitee.
		
	5.
	Notification and Defense of Claim

		
	5.1
	Notification

Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee will, if a claim is to be made against the Bank under this Agreement, notify the President of the Bank or if the Indemnitte is the President, the General Counsel of the Bank, in writing of the nature and status of the Proceeding; provided, however, that the omission so to notify such officer of the Bank will not relieve the Bank from any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such omission can be shown to have prejudiced the Bank.  
If, at the time of the receipt of a notice of a claim pursuant to this Section 5.1, the Bank has director and officer liability insurance in effect, the Bank shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies (unless Indemnitee’s involvement in such Proceeding is solely as a witness or there is otherwise no basis for asserting coverage).  The Bank shall take all necessary action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.
		
	5.2
	Defense of Claim

With respect to any such Proceeding as to which Indemnitee notifies the Bank of the commencement thereof or otherwise seeks indemnification hereunder:
(a)    The Bank may participate at its own expense in such Proceeding;
(b)    The Bank, jointly with any other indemnifying party similarly notified, may assume the defense of the Proceeding with counsel reasonably satisfactory to Indemnitee.  After notice from the Bank to Indemnitee of its election to assume the defense, the Bank shall not be liable to Indemnitee under this Agreement or otherwise for any legal or other expenses of counsel (other than reasonable costs of investigation) subsequently incurred by Indemnitee in connection with the defense of such Proceeding, unless (i) the employment of counsel by Indemnitee has been authorized in advance by the Bank in writing, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Bank and Indemnitee in the conduct of the defense of such action and notified the Bank in writing to that effect in advance of the expense, (iii) the Bank shall not in fact have employed counsel to assume the defense of such action, or (iv) the Bank is not financially or legally able to perform its indemnification obligations, in each of which cases the fees and expenses of counsel shall be at the expense of the Bank.  The Bank shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Bank or as to which Indemnitee shall have made the conclusion provided for in (ii) or (iv) above;
(c)    The Bank shall not settle any action or claim in any manner which would impose any penalty or limitation on Indemnitee that would not be an Indemnifiable Loss hereunder for which indemnification would be provided by the Bank without Indemnitee’s written consent.
		
	6.
	Insurance

To the extent that the Bank maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Bank (or related persons thereof) or of any other corporation, partnership, joint venture, trust, employee benefit plan, trade association, fiscal agent or other enterprise which such person serves at the request of the Bank, 

Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent (or related person thereof) under such policy or policies.
		
	7.
	Miscellaneous

		
	7.1
	Entire Agreement; Interpretation of Agreement

This Agreement is the entire agreement of the parties regarding its subject matter and supersedes all prior written or oral communications or agreements.  It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law.
		
	7.2
	Severability

Nothing in this Agreement is intended to require or shall be construed as requiring the Bank to do or fail to do any act in violation of applicable law.  The Bank’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.  The provisions of this Agreement shall be severable.  If this Agreement or any portion shall be invalidated on any ground by any court of competent jurisdiction, then the Bank shall nevertheless indemnify Indemnitee to the full extent permitted by any portion of this Agreement not invalidated, and the balance of this Agreement shall be enforceable in accordance with its terms.
		
	7.3
	Notices

Notices given pursuant to this Agreement shall be deemed duly given on the date of personal delivery, on the date sent by fax or three days after mailing if mailed by certified or registered mail, return receipt requested, postage prepaid, to the party at its address below or such other address of which the addressee may subsequently notify the other parties in writing.
		
	7.4
	Governing Law

This Agreement and the rights and obligations of the parties shall be governed by, and construed and enforced in accordance with, the laws of the United States of America and, to the extent state law may be applicable, the laws of the State of Iowa.  
		
	7.5
	Counterparts

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.
		
	7.6
	Amendments; Waivers

Neither this Agreement nor any provision may be amended except by written agreement signed by the parties.  No waiver of any breach or default shall be considered valid unless in writing, and no such waiver shall be deemed a waiver of any subsequent breach or default.
		
	7.7
	Duration; Successors and Assigns

This Agreement shall continue so long as Indemnitee shall be subject to any possible Proceeding by reason of the fact that he or she is or was a director or officer of the Bank and shall be applicable to Proceedings commenced or continued after execution of this Agreement.  This Agreement shall be binding upon the Bank and its successors and assigns, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors, administrators and other legal representatives, whether or not Indemnitee has ceased to be a director or officer of the Bank.  The Bank shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the Bank’s business or assets expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform if no such succession had taken place.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the date first above written.

	
			
	 
	 
	Bank:

	 
	 
	 

	 
	 
	FEDERAL HOME LOAN BANK OF DES MOINES

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:  Richard S. Swanson
Title:  Chief Executive Officer

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:  Michael L. Wilson
Title:  President

	 
	 
	 

	 
	 
	Address:  
801 Walnut Street, Suite 200
Des Moines, Iowa  50309

	 
	 
	 

	 
	 
	INDEMNITEE:

	 
	 
	 

	 
	 
	 

	 
	 
	Name:

	 
	 
	 

	 
	 
	Address:EX-4.1

 Exhibit 4.1 
  

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 THIRD
AMENDMENT 
 to 
 CLASS
A(2010-C) TERMS DOCUMENT 
 Dated as of May 29, 2015 
  

 
  

 THIS THIRD AMENDMENT TO CLASS A(2010-C) TERMS DOCUMENT (this
“Amendment”), by and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware, as Issuer (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 29, 2015. Unless otherwise specified, capitalized terms used in
this Amendment shall have the same meanings ascribed to them in the Terms Document (as defined below). 
 WHEREAS, pursuant to
Section 301(g) of the Indenture, the Issuer and the Indenture Trustee have entered into that certain Class A(2010-C) Terms Document, dated as of May 27, 2010, by and between the Indenture Trustee and the Issuer, as amended by that certain
Amendment to Class A(2010-C) Terms Document, dated as of November 15, 2011, and as further amended by that certain Second Amendment to Class A(2010-C) Terms Document, dated as of April 30, 2012 (as so amended, the “Terms
Document”); 
 WHEREAS, pursuant to subsection 1001(b) of the Indenture, the Issuer and the Indenture Trustee desire to
amend the Terms Document to revise the form of Class A(2010-C) Note in a manner that shall not adversely affect in any material respect the interests of the Holders of any Series, Class or Tranche of any Notes outstanding as set forth therein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, each party agrees as follows for the benefit of
the other parties and for the benefit of the Noteholders: 
 ARTICLE I 

AMENDMENTS 

Section 1.1. Amendment to Terms Document. Exhibit A (“Form of Class A Note”) to the Terms Document is hereby
amended by amended and restating Exhibit A to the Terms Document to read as set forth in Exhibit A hereto. 
 ARTICLE II 

MISCELLANEOUS 

Section 2.1. Severability. In case any provision in this Amendment will be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 2.2.
Ratification of Terms Document. Except as specifically amended, modified or supplemented by this Amendment, the Terms Document is hereby confirmed and 

  
 1 

 
ratified in all respects and shall remain in full force and effect. This Amendment shall not constitute a novation of the Terms Document, but shall constitute an amendment thereof. Each of the
parties to the Terms Document agrees to be bound by the terms of the obligations of the Terms Document, as amended by this Amendment, as though the terms and obligations of such agreement were set forth herein. 

Section 2.3. Counterparts. This Amendment 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 2.4. Governing
Law. THIS AMENDMENT SHALL 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 THAT WOULD RESULT IN THE
APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 Section 2.5. Limitation of Liability. It is expressly understood and agreed by
the parties hereto that (a) this Amendment is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is
made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company 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 Amendment or any related documents. 

[Signature page follows] 

  
 2 

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

			
	DISCOVER CARD EXECUTION NOTE TRUST,
	as Issuer
		
	By:		Wilmington Trust Company,
			not in its individual capacity but solely
			as Owner Trustee
		
	By:		 /s/ Jennifer A. Luce

			Name: Jennifer A. Luce
			Title:   Vice President

  
 [Signature Page to
Third Amendment to Class A(2010-C) Terms Document] 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee
		
	By:		 /s/ Edwin J. Janis

			Name: Edwin J. Janis
			Title:   Vice President

  
 [Signature Page to
Third Amendment to Class A(2010-C) Terms Document] 

 EXHIBIT A 

DISCOVERSERIES CLASS A(2010-C) NOTE 

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. 

THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE LATER OF
(I) THE TERMINATION OF THE POOLING AND SERVICING AGREEMENT WITH RESPECT TO THE MASTER TRUST, (II) TERMINATION OF THE TRUST AGREEMENT WITH RESPECT TO THE ISSUER OR (III) THE DATE ON WHICH NO NOTES OF ANY TRANCHE, CLASS OR SERIES OF NOTES ISSUED
BY THE ISSUER REMAIN OUTSTANDING, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE MASTER TRUST OR THE ISSUER TO INVOKE THE PROCESS OF ANY GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE MASTER TRUST OR THE
ISSUER UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY OR SIMILAR LAW OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE MASTER TRUST OR THE ISSUER OR ANY SUBSTANTIAL PART OF ITS
PROPERTY OR ORDERING THE WINDING-UP OR LIQUIDATION OF THE AFFAIRS OF THE MASTER TRUST OR THE ISSUER. 
 THE HOLDER OF THIS NOTE, BY
ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND
FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 A-1 

 THIS NOTE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF ANY EMPLOYEE BENEFIT PLAN (AS DESCRIBED
BELOW). 
  

			
	REGISTERED		$[●]*
	No. [●]		(Maximum Outstanding Dollar Principal Amount)

 DISCOVER CARD EXECUTION NOTE TRUST 

Floating Rate 
 DISCOVERSERIES
CLASS A(2010-C) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein
referred to as the “Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to [●], as the Agent, or registered assigns, subject to the following provisions, a principal sum of up to
$[●] ([●] dollars) payable on the June 15, 2018 Payment Date (the “Expected Maturity Date”), or, if such date is extended pursuant to the Note Purchase Agreement dated as of May 27, 2010, as amended by that
certain First Amendment to Note Purchase Agreement, dated as of April 30, 2012, by that certain Second Amendment to Note Purchase Agreement, dated as of May 21, 2014, and by that certain Third Amendment to Note Purchase Agreement, dated as
of May 29, 2015 (such Note Purchase Agreement, as so amended, and as further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Note Purchase Agreement”),
by and among the Note Issuance Trust, as Issuer, Discover Bank, as Depositor, Beneficiary and Calculation Agent for the Issuer, Barton Capital LLC, as the Purchaser and as the Committed Purchaser, and Société Générale, as
the Agent, the Existing Expected Maturity Date (as defined in the Note Purchase Agreement), except as otherwise provided below or in the Indenture, the Indenture Supplement or the Terms Document (as defined on the reverse hereof); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the December 15, 2020 Payment Date (the “Legal Maturity Date”), or if such date is extended pursuant to the Note Purchase
Agreement, the Existing Legal Maturity Date (as defined in the Note Purchase Agreement). Interest will accrue on this Note at the Note Interest Rate, as set forth in the Note Purchase Agreement, and shall be due and payable on each Interest Payment
Date from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date, from and including the Issuance Date to but excluding the first Interest Payment Date);
provided, however, that the first payment of interest for any Increase Amount shall be due and payable on the Interest Payment Date in the calendar month following the Issuance Date for such Increase Amount, for a period from and
including such Issuance Date to but excluding such Interest Payment Date. Interest will be computed on the basis of the actual number of days elapsed and a 360-day year, except as otherwise provided in the Note Purchase Agreement. Such principal of
and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal and interest may be payable monthly,
and may be payable earlier or later than the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. No principal or interest will be distributed on the Note following the distribution
of proceeds of a Receivables Sale. 
  

	*	Denominations of $250,000 and in integral multiples of $1,000 in excess thereof. 

  

  
 A-2 

 The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount
of this Note is $[●] on the date hereof. All increases or decreases in the Initial Dollar Principal Amount and the Outstanding Dollar Principal Amount made pursuant to the Terms Document (as defined on the reverse hereof) shall be maintained
on the records of U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture); provided, however, that the failure of the
Indenture Trustee to make any such recordation, or any error thereon, shall not affect the obligations of the Issuer hereunder or under the Terms Document (as defined on the reverse hereof). 

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

  
 A-3 

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

			
	DISCOVER CARD EXECUTION NOTE TRUST,
	as Issuer
		
	By:		WILMINGTON TRUST COMPANY,
			not in its individual capacity, but solely as Owner Trustee
		
	By:		  

			Name:
			Title:
		
	Date:		                ,             

  
 A-4 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

			Name:
			Title:
		
	Date:		                ,             

  
 A-5 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Class A(2010-C) DiscoverSeries Notes
(herein called the “Class A(2010-C) Notes”), all issued under an Indenture dated as of July 26, 2007, as amended by that certain First Amendment to Indenture, dated as of June 4, 2010 (such Indenture, as so amended, and as
further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by an Indenture Supplement dated as of July 26, 2007 (such
Indenture Supplement, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”),
between the Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Class A(2010-C) Notes are subject to all terms of the Indenture, the Indenture Supplement, the Terms Document for the Class A(2010-C) Notes, dated as of May 27, 2010, as amended by that certain Amendment to Class (2010-C) Terms Document, dated
as of November 15, 2011, by that certain Second Amendment to Class A(2010-C) Terms Document, dated as of April 30, 2015, and by that certain Third Amendment to Class A (2010-C) Terms Document, dated as of May 29, 2015 (such Terms Document, as
so amended, and as further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Terms Document”), between the Issuer and Indenture Trustee, the Note Purchase
Agreement and the Fee Letter, dated as of May 27, 2010 among Société Générale, the Note Issuance Trust and Discover Bank (such Fee Letter, as amended, restated, amended and restated, supplemented, replaced or
otherwise modified from time to time, is herein called the “Fee Letter”). All terms used in this Class A(2010-C) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the meanings
assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class B Notes, the Class C Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class A Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class A(2010-C) Notes are and will be equally and ratably secured by the collateral pledged as security therefore as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2010-C) Notes will be payable on or prior to the Expected Maturity Date,
or, if such date is extended pursuant to the Note Purchase Agreement, the Existing Expected Maturity Date (as defined in the Note Purchase Agreement), in an amount described on the face hereof except as otherwise provided in the Indenture, the
Indenture Supplement or the Terms Document. During the Liquidation Period, if any, principal will be distributed monthly on each Distribution Date, commencing on the month following the commencement of such period. 

Principal of any Increase Amount for which an Interim Expected Maturity Date is designated will be payable on or prior to such Interim
Expected Maturity Date, except as otherwise provided in the Indenture, the Indenture Supplement or the Terms Document. During the Interim Liquidation Period, if any, principal will be distributed monthly on each Distribution Date, commencing on the
month following the commencement of such period. 

  
 A-6 

 As described above, the entire unpaid principal amount of this Class A(2010-C) Note shall be due
and payable on the Legal Maturity Date, or if such date is extended pursuant to the Note Purchase Agreement, the Existing Legal Maturity Date (as defined in the Note Purchase Agreement). Notwithstanding the foregoing, the entire unpaid principal
amount of the Class A(2010-C) Notes shall be due and payable on the date on which an Event of Default relating to the Class A(2010-C) Notes shall have occurred and be continuing and, except in the event of an insolvency-related default, the
Indenture Trustee or the Majority Holders of the applicable Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2010-C) Notes to be immediately due and payable in the manner provided in
Section 702 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

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

Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note Issuance Trust, may from time to time issue, or
direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 
 On each
Payment Date, the Paying Agent shall distribute to each Holder of Class A(2010-C) Notes of record on the related Record Date (except for the final distribution with respect to this Class A(2010-C) Note) such Holder of Class A(2010-C) Notes’ pro
rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A Notes. 

Payments of interest on this Class A(2010-C) Note due and payable on each Payment Date, together with any installment of principal, if any, to
the extent not in full payment of this Class A(2010-C) Note, shall be made by check mailed to or by wire transfer to the Person whose name appears as the Registered Holder of this Class A(2010-C) Note on the Note Register as of the close of business
on each Record Date. Any such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class A(2010-C) Note be submitted for
notation of payment. Any reduction in the principal amount of this Class A(2010-C) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class A(2010-C) Note
and of any Class A(2010-C) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the
then remaining unpaid principal amount of this Class A(2010-C) Note 

  
 A-7 

 
on a Payment Date occurring after the Purchase Commitment Termination Date (as defined in the Note Purchase Agreement), then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Class A(2010-C) Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or
principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto. 
 As
provided in the Indenture and subject to certain limitations set forth therein and as set forth in the first legend on the face hereof, the transfer of this Class A(2010-C) Note may be registered on the Note Register upon surrender of this Class
A(2010-C) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed
by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust
Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class A(2010-C) Notes of authorized denominations and in the same aggregate principal
amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2010-C) Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 To the fullest
extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2010-C) Note or, in the case of a Note Owner, a beneficial interest in a Class A(2010-C) Note, covenants and agrees that by accepting the benefits of the
Indenture that it will not, prior to the date that is one year and one day after the later of (i) the termination of the Amended and Restated Pooling and Servicing Agreement dated as of November 3, 2004, by and between Discover Bank, as
Master Servicer, Servicer and Seller, and U.S. Bank National Association, as Trustee, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time (the “Pooling and Servicing
Agreement”), with respect to Discover Card Master Trust I (the “Master Trust”), (ii) termination of the Trust Agreement dated as of July 2, 2007 between Discover Bank, as Beneficiary, and Wilmington Trust Company,
as Owner Trustee, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time (the “Trust Agreement”), with respect to the Issuer or (iii) the date on which no notes of any
tranche, class or series of notes issued by the Issuer remain outstanding, acquiesce, petition or otherwise invoke or cause the Master Trust or the Issuer to invoke the process of any Governmental Authority for the purpose of commencing or
sustaining a case against the Master Trust or the Issuer under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Master Trust
or the Issuer or any substantial part of its property or ordering the winding-up or liquidation of the affairs of the Master Trust or the Issuer. 

  
 A-8 

 Prior to the due presentment for registration of transfer of this Class A(2010-C) Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2010-C) Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Class A(2010-C) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of each adversely affected
Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2010-C) Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Class A(2010-C) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class
A(2010-C) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2010-C) Note includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture. 
 The transfer of this Note is subject to certain restrictions set forth in the Note Purchase
Agreement. In no event shall this Note, or any interest therein, be transferred to an employee benefit plan, trust or account subject to the Employee Retirement Income Security Act of 1974, as amended
(-“ERISA”), or described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), and not excepted under Section 4975(g).
Any Holder of this Note or, in the case of a Note Owner, a beneficial interest in a Class A(2010-C) Note, by its acceptance hereof, shall be deemed to represent and warrant that it is not (i) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, or a plan described in Section 4975(e)(1) of the Code, (ii) purchasing any Note or any interest therein on behalf of any such plan as investment manager,
named fiduciary or trustee of any such plan, or (iii) purchasing any Note or interest therein with any assets of any plan within the meaning of 29 CFR Section 2510.3-101. 

The Class A(2010-C) Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 

  
 A-9 

 THIS CLASS A(2010-C) NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2010-C) Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2010-C) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2010-C) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2010-C) Note. 

  
 A-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee
                     
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
  

									
	Dated:		  
				  
		*
							Signature Guaranteed:		

  

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

  
 A-11 

 SCHEDULE A 

PART I 
 INTEREST
PAYMENTS 
  

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

	 Second
								
		  	  
	  	  
	  	  
	  	  

 [continue numbering until the appropriate number of interest payment dates for the Notes is reached] 

  
 A-12 

 PART II 

PRINCIPAL PAYMENTS 
  

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

	 Second
								
		  	  
	  	  
	  	  
	  	  

 [continue numbering until the appropriate number of installment dates for the Notes is reached] 

  
 A-13 

 PART III 

INCREASES IN OUTSTANDING DOLLAR PRINCIPAL AMOUNT 
  

									
	 Issuance Date

of Increase
	 	Amount of
Increase in
Outstanding
Dollar Principal
Amount	 	Resulting Initial
Dollar Principal
Amount	 	Stated Principal
Amount	 	Confirmation of
increase by or
on behalf of the
Note Issuance
Trust
					
		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

	     								
	  
	 	  
	 	  
	 	  
	 	  

  
 A-14

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