Document:

Exhibit 10.1

 

Subscription Agreement of American Brivision (Holding) Corp.

Series A Convertible Preferred Stock

 

This Subscription Agreement (this “Subscription
Agreement”) is dated [●], 2019, by and between the investor identified on the signature page hereto (the “Investor”)
and American Brivision (Holding) Corp., a Nevada corporation (the “Company”). The parties agree as follows:

 

		1.	Subscription.

 

Investor agrees to buy and the Company
agrees to sell to Investor such number of shares (the “Shares”) of the Company’s Series A Convertible
Preferred Stock, $0.001 par value per share (the “Preferred Stock”), as set forth on the signature page hereto,
for an aggregate purchase price (the “Purchase Price”) equal to the product of (x) the aggregate number of Shares
the Investor has agreed to purchase and (y) the purchase price per share as set forth on the signature page hereto.

 

The Shares are being registered for sale
pursuant to a Registration Statement on Form S-1, as amended, Registration No. 333-228387 (the “Registration Statement”).
The Registration Statement has been declared effective by the Securities and Exchange Commission (the “Commission”)
prior to issuance of any Shares and acceptance of any Investor’s subscription. The prospectus, however, is subject to change.
A final prospectus and/or prospectus supplement will be delivered to the Investor as required by law.

 

The Shares are being offered by Boustead
Securities, LLC (the “Underwriter”) as Underwriter on a “best efforts” up to $20,000,000. The Underwriter
also has the option for a period of 45 days to increase the maximum offering size up to $[●] solely to cover over-subscription,
if any. The completion of the purchase and sale of the Shares (the “Closing”) shall take place at a place and
time (the “Closing Date”) to be specified by the Company and Underwriter in accordance with Rule 15c6-1 promulgated
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Upon satisfaction or waiver of all
the conditions to closing set forth in the preliminary prospectus contained in the Registration Statement when it is declared effective
by the Commission, at the Closing (i) the Purchase Price deposited by the Investor subsequent to the declaration of effectiveness
of the Registration Statement by wire transfer of immediately available funds to the Company’s escrow account per wire instructions
as provided on the signature line below shall be released to the Company, and (ii) the Company shall cause the Shares to be delivered
to the Investor (A) through the facilities of The Depository Trust Company’s DWAC system in accordance with the instructions
set forth on the signature page attached hereto under the heading “DWAC Delivery Instructions,” or (B) if requested
by the Investor on the signature page hereto or if the Company is unable to make the delivery through the facilities of The Depository
Trust Company’s DWAC system, through the book-entry delivery of Shares on the books and records of the transfer agent in
accordance with the instructions set forth on the signature page attached hereto under the heading “DRS Electronic Book Entry
Delivery Instructions.” If delivery is made by book entry on the books and records of the transfer agent, the Company shall
send written confirmation of such delivery to the Investor at the address indicated on the Signature Page hereof. No fractional
Shares shall be purchased and any excess funds representing fractional Shares shall be returned to the Investor. By payment of
the Shares, the Investor acknowledges receipt of the Registration Statement and any amendment, the terms of which govern the investment
in the Shares.

 

Each of the Underwriter and any participating
broker dealers (the “Members”) shall confirm, via the sales agency agreement, selected dealer agreement or master
selected dealer agreement, as applicable, that it will comply with Rule 15c2-4 of the Exchange Act (“Rule 15c2-4”).
As per Rule 15c2-4 and Notice to Members 84-7 issued by the Financial Industry Regulatory Authority, Inc. (“Notice 84-7”),
all checks that are accompanied by a subscription agreement will be promptly sent along with the subscription agreements to the
Offering Deposit Account by noon the next business day. In regard to monies being wired from an investor’s bank account,
the Members shall request the investors to send their wires by the business day immediately following the receipt of a completed
subscription document, however, the Company cannot insure the investors will forward their respective monies as per Notice 84-7.
In regards to monies being sent from an investors account held at the participating broker, the funds will be “promptly transmitted”
to the escrow agent following the receipt of a completed subscription document and completed wire instructions by the investor
to send funds to the Offering Deposit Account. Absent unusual circumstances, funds in customer accounts will be transmitted by
noon of the next business day. In the event that the offering does not close for any reason prior to the termination date set forth
in the Registration Statement, all funds deposited in the escrow account will be returned to investors promptly in accordance with
the terms of the Offering Deposit Account Agency Agreement and applicable law.

 

     

     

    

 

		2.	Certifications, Representations and Warranties.

 

In order to induce the Company to accept
this Subscription Agreement for the Shares and as further consideration for such acceptance, the Investor hereby makes, adopts,
confirms and agrees to all of the following covenants, acknowledgments, representations and warranties with the full knowledge
that the Company and its affiliates will expressly rely thereon in making a decision to accept or reject this Subscription Agreement:

 

		a.	The Investor understand that the Company reserves the right to, in its sole discretion, accept
or reject this Subscription Agreement, in whole or in part, for any reason whatsoever, and to the extent not accepted, unused funds
transmitted herewith shall be returned to the undersigned in full, with any interest accrued thereon.

 

		b.	The Investor has received the Registration Statement or otherwise had access to the electronic
filing on the SEC website.

 

		c.	The Investor is purchasing the Shares for its own account.

 

		d.	The Investor has reviewed and accurately filled out the information set forth in Exhibit A;

 

		e.	The Investor has reviewed and accurately filled out the information set forth in Exhibit B;

 

		f.	If the Investor is not a “U.S. Person” as defined in Rule 902 under the Securities
Act, such Investor is resident in the jurisdiction set out under on the signature page of this Subscription Agreement and Investor
has reviewed and accurately filled out the information set forth in Exhibit C attached hereto;

 

		g.	If the Investor is an “accredited investor”, as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), the information set forth
on Exhibit D hereto is complete and accurate; and

 

		h.	The Investor hereby represents and warrants that the Investor is not, and is not acting as an agent,
representative, intermediary or nominee for any person identified on the list of blocked persons maintained by the Office of Foreign
Assets Control, U.S. Department of Treasury. In addition, the Investor has complied with all applicable U.S. laws, regulations,
directives, and executive orders relating to anti-money laundering including but not limited to the following laws: (1) the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56;
and (2) Executive Order 13224 (Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support
Terrorism) of September 23, 2001.

 

By making the foregoing representations,
Investor has not waived any right of action Investor may have under federal or state securities laws. Any such waiver would be
unenforceable. The Company will assert Investor’s representations as a defense in any subsequent litigation where such assertion
would be relevant. This Subscription Agreement and all rights hereunder shall be governed by, and interpreted in accordance with,
the laws of the State of California without giving effect to the principles of conflict of laws.

 

		3.	Miscellaneous.

 

This Subscription may be executed in any
number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when
counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties need
not sign the same counterpart. Execution may be made by delivery by facsimile or via electronic format. All communications hereunder,
except as otherwise specifically provided herein, shall be in writing and shall be mailed, hand delivered, sent by a recognized
overnight courier service such as Federal Express, or sent via facsimile or e-mail transmission, to the party to whom it is addressed
at the following addresses or such other address as such party may advise the other in writing (i) to the Company: as set forth
on the signature page hereto and (ii) to the Investor: as set forth on the signature page hereto. All notices hereunder shall be
effective upon receipt by the party to which it is addressed.

 

[SIGNATURE PAGE FOLLOWS]

 

    2

     

    

 

[Signature Page to Subscription Agreement
for American BriVision (Holding) Corporation]

 

If the foregoing correctly sets forth the
agreement of the parties, please confirm this by signing and returning to us the duplicate copy of this Subscription Agreement.

 

	Number of Shares:	AMERICAN BRIVISION (HOLDING) CORPORATION
	Purchase Price per Share: $	 
	Aggregate Purchase Price: $	 
	 	By:	 
	 	Name: 	         
	 	Title:	 
	 	 
	 	Address Notice:
	 	
         

        American BriVision (Holding) Corporation

        44370 Old Warm Springs Blvd.,

        Fremont, CA 94538

        Attn: Dr. Howard Doong, Chief Executive Officer

 

	INVESTOR	 	 
	 	 	 	 
	By:	 	 	 
	Name: 	            	 	 
	Title:	 	 	 

 

	Address:	 	 	 
	Phone:	 	 	 
	SSN or EIN:	 	 	 

 

		Ø	Check Method of Payment:

 

  ☐ Check enclosed:
$                                        

 

OR

 

  ☐ Please wire
$                                         
from my account held at:
                                         

Account Title:                                            Account Number:
                                                      

 

To the following instructions:

 

ABA Routing No: 122242869

SWIFT Code: PMERUS66

Bank Name: Pacific
Mercantile Bank

Bank Address: 949
South Coast Dr., Costa Mesa, CA 92626

Beneficiary Account
Name: FinTech Clearing as Agent for the Investors in American BriVision (Holding) Corporation

Beneficiary Account
No: 45764168

Beneficiary Address:
6 Venture, Suite 265, Irvine, CA 92618

 

    3

     

    

 

		Ø	Check Method of Delivery of The Shares:

 

☐ DWAC Delivery
Instructions:

 

	
         
	1.	___________________________________________________________
	 	 	Name of DTC Participant (broker dealer at which the account or accounts to be credited with the Shares are maintained)
	 	 	 
	 	2.	___________________________________________________________
	 	 	DTC Participant Number
	 	 	 
	 	3.	_______________________________________________________________
	 	 	Name of Account at DTC Participant being credited with the Shares
	 	 	 
	 	4.	_______________________________________________________________
	 	 	Account Number of DTC Participant being credited with the Shares

 

OR

 

☐ DRS Electronic Book Entry Delivery
Instructions:

 

Name in which Shares should be issued:

 

Name: __________________________

Address: ________________________

Attention: ________________________

Telephone No.: ___________________

 

Please email back the completed Subscription
Agreement to

angela@boustead1828.com or fax to +1(949)
266-5789

 

    4

     

    

 

EXHIBIT A

 

Certificate For The
Purchase of Initial Public Offerings of Equity Securities

 

Pursuant to FINRA Rule 5130 (formerly
NASD Rule 2790) (the “New Issue Rule”), firms may not sell or cause to be sold a new issue (as defined
in the New Issue Rule; generally, initial public offerings of equity securities) to any account in which a restricted person
holds a beneficial interest unless the account qualifies for a general exemption under the New Issue Rule. We
require that you sign and return this Certificate indicating whether or not your account is eligible to purchase Shares in accordance
with the New Issue Rule.

 

In addition, pursuant to FINRA
Rule 5131 (the “IPO Allocation Rule”), firms may not under certain circumstances allocate shares of a
new issue to any account in which an executive officer or director of a public company or a covered non-public company,
or a person materially supported by such executive officer or director (collectively, “Covered Persons”),
has a beneficial interest unless the account qualifies for a general exemption.

 

In addition, in connection
with any new issue, you hereby represent that you will not act as a finder or in a fiduciary capacity to any managing underwriter
of any new issue and that you shall notify us immediately in the event that such representation ceases to be true and correct.

 

All bolded terms
relating to the New Issue Rule or the IPO Allocation Rule are defined in Annex A.

 

SECTION A. NEW ISSUE RULE
(FINRA RULE 5130) (CHECK ONE BOX ONLY)

 

The undersigned hereby certifies,
on behalf of each account for which it purchases new issues on or after the date hereof, that:

 

		☐	The account(s) is eligible to purchase new issues either
because no restricted person (which includes those accounts that satisfy a general exemption listed on Annex A and/or,
are not restricted persons based on the definition set forth in Annex A) holds a beneficial interest in the account(s),
or because the account(s) has implemented procedures to reduce the beneficial interests of all restricted persons with respect
to new issues to below in the aggregate 10%, and the undersigned hereby represents that it will follow such procedures in connection
with the purchase by the account(s) of all new issues;

 

OR

 

		☐	The undersigned is a conduit (such as a bank, foreign bank,
broker/dealer or investment adviser) and all purchases of new issues are, and will be, in compliance with the New Issue Rule.
If the beneficial interests of all restricted persons in any one account(s) exceeds in the aggregate 10% of the account(s) but
the account(s) has implemented procedures to reduce the beneficial interest of all restricted persons with respect to new issues
to below in the aggregate 10%, the Investor hereby represents that it will follow such procedures in connection with the purchase
by the account(s) of all new issues.

 

SECTION B. IPO ALLOCATION
RULE (FINRA RULE 5131)

 

The undersigned hereby certifies,
on behalf of each account for which it purchases new issues on or after the date hereof, that such account is eligible to purchase
new issues either because:

 

(i) No
person that holds a beneficial interest in the account is a Covered Person;

 

OR

 

(ii) The
account is eligible to purchase new issues because the account (A) meets a general exemption (See Annex A), or (B) has implemented
procedures to reduce the beneficial interests of all Covered Persons of a particular company with respect to new issues to in the
aggregate below 25%, and the Investor hereby represents that it will follow such procedures in connection with the purchase by
the account of all new issues.

 

    	5

     

    

 

For purposes of clause (ii) above,
the undersigned is entitled to presume that any beneficial interests in an account held by a Qualifying Private Fund (except for
interests of beneficial owners that are control persons of the investment adviser to that Qualifying Private Fund) are not held
by a Covered Person.

 

The undersigned hereby certifies
that the undersigned is authorized to provide this Certification and that the undersigned, or an authorized representative of the
account, will promptly notify Boustead Securities in the event this Certification ceases to be true and correct. In connection
with the U.S. Securities & Exchange Commission’s electronic delivery of information requirements, the undersigned agrees
to receive electronic mail for the purpose of recertifying this Certification through negative consent and to notify Boustead Securities
in writing if the undersigned does not agree to receive such communications.

 

	Institution Name	Address, City, State, Zip
	 	 
	 	 
	Name of Authorized Signatory	Date (mm/dd/yy)	Tax ID / EIN / Reg No
	 	 	 
	Title of Authorized Signatory	Telephone
	 	 
	Signature of Authorized Signatory	Email Address

 

    	6

     

    

 

Annex A

 

General Exemptions:

 

		1.	An investment company registered under the Investment Company Act of 1940.

 

		2.	A common trust fund or similar fund as described in Section 3(a)(12)(A)(iii) of the Securities
Exchange Act of 1934, provided that: (i) the fund has investments from 1,000 or more accounts, and (ii) the fund does not limit
beneficial interests in the fund principally to trust accounts of restricted persons.

 

		3.	An insurance company general, separate or investment account, provided: (i) the account is funded
by premiums from 1,000 or more policyholders or, if a general account, the insurance company has 1,000 or more policyholders, and
(ii) the insurance company does not limit the policyholders whose premiums are used to fund the account principally to restricted
persons, or if a general account, the insurance company does not limit its policyholders principally to restricted persons.

 

		4.	An account, including a fund, limited partnership, joint back office broker-dealer or other entity,
if the beneficial interests of:

 

		a.	For purposes of Section A, restricted persons, in the aggregate, do not exceed 10% of the account
under the New Issue Rule (FINRA Rule 5130);

 

		b.	For purposes of Section B, covered persons of a particular company, in the aggregate, do not exceed
25% of the account under the IPO Allocation Rule (FINRA Rule 5131).

 

		5.	A publicly traded entity (other than a broker-dealer authorized to engage in the public offering
of new issues either as a selling group member or underwriter, or an affiliate of such a broker-dealer) that is: (i) listed on
a U.S. national securities exchange, (ii) a non-U.S. issuer whose securities meet the quantitative designation criteria for listing
on a national securities exchange.

 

		6.	An investment company organized under the laws of a non-U.S. jurisdiction, provided that: (i) the
investment company is listed on a non-U.S. exchange or authorized for sale to the public by a non-U.S. regulatory authority, and
(ii) no person owning 5% or more of the shares of the investment company is a restricted person.

  

		7.	An ERISA benefit plan that is qualified under Section 401(a) of the Internal Revenue Code; provided
that the plan is not sponsored solely by a broker-dealer.

 

		8.	A state or municipal government benefits plan that is subject to state or municipal regulation.

 

		9.	A tax-exempt charitable organization under Section 501(c)(3) of the Internal Revenue Code.

 

		10.	A church plan under Section 414(e) of the Internal Revenue Code.

 

Restricted Persons/Entities
under the New Issue Rule:

 

		1.	A FINRA member firm or other broker-dealer.

 

		2.	An officer, director, general partner, associated person or employee of a FINRA member firm
or any other broker-dealer (other than a limited business broker-dealer).

 

		3.	An agent of a FINRA member firm or any other broker-dealer (other than a limited business broker-dealer)
that is engaged in the investment banking or securities business.

 

		4.	A person who has authority to buy or sell securities for a bank, savings and loan association,
insurance company, investment company, investment adviser (whether or not registered as an investment adviser) or collective
investment account.

 

		5.	A person listed, or required to be listed, on one of the following schedules to Form BD as filed,
or required to be filed, with the SEC by a broker- dealer (other than with respect to a limited broker-dealer): (i) Schedule A,
unless the person is identified by an ownership code of less than 10%; (ii) Schedule B, unless the person’s listing on Schedule
B relates to an ownership interest in a person that is listed on Schedule A and identified by an ownership code of less than 10%;
or (iii) Schedule C, unless the person would be excluded under the percentage ownership criteria for Schedule A or B above.

 

		6.	A person that directly or indirectly owns an interest, in the amounts specified below, of a public
reporting company listed, or required to be listed, on Schedule A or B of Form BD relating to a broker-dealer (other than a limited
business broker-dealer), unless the public reporting company is listed on a national securities exchange: (i) 10% or more of a
public reporting company listed, or required to be listed, on Schedule A; or (ii) 25% or more of a public reporting company listed,
or required to be listed, on Schedule B.

 

    	7

     

    

 

		7.	A person acting: (i) as a finder in connection with any new issue in which the person is
participating or (ii) in a fiduciary capacity to the managing underwriter(s) in connection with any new issue in which the person
is participating.

 

		8.	An immediate family member of: (i) a person specified in items 2-7 that materially supports,
or receives support from, that person; (ii) a person specified in items 2-3 that is employed by or associated with the FINRA member
or its affiliate selling the new issue to the immediate family member, or that has an ability to control the allocation of the
new issue; or (iii) a person specified in items 5-6 that is an owner of the FINRA member or its affiliate selling the new issue
to the immediate family member, or that has an ability to control the allocation of the new issue.

 

Other New Issue Rule and
IPO Allocation Rule Definitions:

 

		1.	Associated person or employee of a FINRA member firm. (1) Any natural person registered
with FINRA and (2) any natural person, whether or not registered or exempt from registration with FINRA, who is a sole proprietor,
partner, officer, director, or branch manager of a FINRA member firm, or any natural person occupying a similar status or performing
similar functions, or any natural person engaged in the investment banking or securities business who is directly or indirectly
controlling or controlled by a FINRA member firm (for example, any employee).

 

		2.	Beneficial interest. Any economic interest, including the right to share in gains
or losses, other than management or performance based fees for operating a collective investment account, or other fees for acting
in a fiduciary capacity.

 

		3.	Collective investment account. Any hedge fund, investment partnership, investment
corporation, or any other collective investment vehicle that is engaged primarily in the purchase and sale of securities, but not
(1) a legal entity that is beneficially owned solely by immediate family members or (2) an investment club comprising a group of
friends, neighbors, business associates or others who pool their money to invest in stock or other securities and are collectively
responsible for making investment decisions.

 

		4.	Covered non-public company. Any non-public company satisfying the following criteria:
(i) income of at least $1 million in the last fiscal year or in two of the last three fiscal years and shareholders' equity of
at least $15 million; (ii) shareholders' equity of at least $30 million and a two-year operating history; or (iii) total assets
and total revenue of at least $75 million in the latest fiscal year or in two of the last three fiscal years.

 

		5.	Covered Person. An executive officer or director of a public company or a covered
non-public company, or a person materially supported by such executive officer or director.

 

		6.	Executive officer or director. Any (i) person named as an executive officer or director
in a U.S. public company’s most recent proxy filed with the SEC or in an annual report filed with the SEC on Form 10-K or
Form 20-F, (ii) executive officer or director of a foreign company that is registered with the SEC under the ’34 Act, as
amended, or (iii) executive officer or director of a covered non-public company.

 

		7.	Finder. A person who receives compensation for identifying potential investors in
an offering.

 

		8.	FINRA Member. A member of the Financial Industry Regulatory Authority or any person
or entity associated with a FINRA member firm.

 

		9.	Immediate family member. A person’s parents, mother-in-law or father-in-law,
spouse, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in-law and children, and any other individual
to whom the person provides material support.

 

		10.	IPO Allocation Rule. FINRA Rule 5131.

 

		11.	Limited business broker-dealer. Any broker-dealer whose authorization to engage in
the securities business is limited solely to the purchase and sale of investment company/variable contracts securities and direct
participation program securities.

 

    	8

     

    

 

		12.	Material support. Directly or indirectly providing more than 25% of a person’s
income in the prior calendar year. Members of the immediate family living in the same household are deemed to be providing each
other with material support.

 

		13.	New Issue Rule. FINRA Rule 5130.

 

		14.	Public Company. Any company that is registered under Section 12 of the Securities
Exchange or files period reports pursuant to Section 15(d) thereof.

 

		15.	Qualifying Private Fund. An unaffiliated private fund invested in an account that:
(i) is managed by an investment adviser; (ii) has assets greater than $50 million; (iii) owns less than 25% of the account and
is not a fund in which a single investor has a beneficial interest of 25% or more; and (iv) was not formed for the specific purpose
of investing in the account.

 

		16.	Unaffiliated Private Fund: A “private fund”, as defined in Section 202(a)(29)
of the Investment Advisers Act, whose investment adviser does not have a control person in common with the investment adviser to
the account. A control person of an investment adviser for these purposes is a person with direct or indirect “control”
over the investment adviser, as that term is defined in Form ADV.

 

    	9

     

    

 

EXHIBIT B

 

Suitability Questionnaire

 

(Each responding individual must complete
his/her own Suitability Questionnaire)

 

Name of Individual Investor OR Name of Person Answering Questions
on behalf of an Entity/Trust/IRA Investor: __________________________________________________

 

		A.	Please list all of the educational institutions you have attended
(including colleges, and specialized training schools) and indicate the dates attended and the degree(s) obtained from each (if
any).

 

	 	
        From
	 	To	 	Institution	 	Degree
	 	 	 	 	 	 	 	 

 

		B.	Please provide the following information concerning your business
experience:

 

B-1. Indicate your
principal business experience or other occupations during the last ten years. (Please list your present, or most recent, position
first and the others in reverse chronological order.)

 

	 	
        From
	 	To	 	Name and Address of Employer	 	Position 
	 	 	 	 	 	 	 	 

 

B-2. Describe, in
greater detail, your present or most recent business or occupation, as listed in your answer to Question B-1. Please indicate
such information as the nature of your employment, the principal business of your employer, the principal activities under
your management or supervision and the scope (e.g., dollar volume, industry rank, etc.) of such activities.

 

B-3. Describe any
significant business you engage in or intend to engage in other than as specified above.

 

    	10

     

    

 

		C.	Please provide the following information concerning your financial
experience:

 

C-1. Indicate by
check mark which of the following categories best describes the extent of your prior experience in the areas of investment
listed below:

 

	 	
        
	Substantial Experience	 	Limited Experience	 	No Experience
	 	Stock & Bonds	☐	 	☐	 	☐
	 	Penny Stocks	☐	 	☐	 	☐
	 	Government Securities	☐	 	☐	 	☐
	 	Municipal (tax-exempt) Securities	☐	 	☐	 	☐
	 	Stock options	☐	 	☐	 	☐
	 	Commodities	☐	 	☐	 	☐
	 	Real estate programs	☐	 	☐	 	☐
	 	Securities for which no market exists	☐	 	☐	 	☐
	 	Limited partnerships (tax deferred)	☐	 	☐	 	☐
	 	Investments generally	☐	 	☐	 	☐
	 	 	 	 	 	 	 

C-2. For those investments
for which you indicated “substantial experience” above, please answer the following additional questions by checking
the appropriate box:

 

		(a)	Do you make your own investment decisions with respect to such investments? (Please check the appropriate
box with respect to your involvement in making investment decisions).

 

		☐	Always

 

		☐	Usually (i.e. most often)

 

		☐	Frequently (i.e. regularly)

 

		☐	Rarely

 

		(b)	What are your principal sources of investment knowledge or advice? (You may check more than one.)

 

		☐	First-hand experience with industry

 

		☐	Financial publication(s)

 

		☐	Trade or industry publication(s)

 

		☐	Banker(s)

 

		☐	Broker(s)

 

		☐	Investment Adviser(s)

 

		☐	Attorney(s)

 

		☐	Accountant(s)

 

    	11

     

    

 

C-3. Indicate by check
mark whether you maintain any of the following types of accounts over which you, rather than a third party, exercise investment
discretion, and the length of time you have maintained each type of account.

 

	 	Securities (cash)	____	____	Number of years	 
	 	 	Yes	No	 	 
	 	 	 	 	 	 
	 	Securities (margin)	____	____	Number of years	 
	 	 	Yes	No	 	 
	 	 	 	 	 	 
	 	Commodities	____	____	Number of years	 
	 	 	Yes	No	 	 

 

C-4. Risk Exposure:

 

		☐	Speculative

 

		☐	Aggressive

 

		☐	Moderate

 

		☐	Low

 

C-5
Please state the approximate number and total dollar amount of your prior investments in restricted securities (e.g., private
placements):

 

Total Number ______________ Total Amount Invested:
$________________

 

C-6
What % of your net worth is invested in restricted securities (e.g., private placements): $____________________

 

C-7 My current net worth,
after making this investment and exclusive of homes, furnishings, and automobiles is: $_________

 

C-8. Please provide
in the space below any additional information which would indicate that you have sufficient knowledge and experience in financial
and business matters so that you are capable of evaluating the merits and risks of investing in restricted securities of private
or thinly traded enterprise.

 

C-9.Are you, your
spouse, or any other immediate family members, including parents, in-laws, and siblings that are dependents, an officer, director
or greater than ten percent (10%) shareholder of the Company?

 

	 	____	____	 
	 	Yes	No	 

 

C-10.Are you, your
spouse, or any other immediate family members, including parents, in-laws, and siblings that are dependents, employed by or associated
with the securities industry (for example, investment advisor, sole proprietor, partner, officer, director, branch manager or broker
at a broker-dealer firm or municipal securities dealer) or a financial regulatory agency, such as FINRA or the New York Stock Exchange?

 

	 	____	____	 
	 	Yes	No	 

 

If Yes, please provide
the name and contact information for such firm.

 

    	12

     

    

 

C-11. Are you a senior military,
governmental or political official in a non-US country?

 

	 	____	____	 
	 	Yes	No	 

 

If Yes, please provide
the name of the country.

 

___________________________________________________.

 

C-12. If you are over 65 years old,
please provide the name and contact phone number of a trusted contact:

 

	 	 	 	 	 
	 	Name	 	Contact Number	 

 

C-13. Time horizon for the investment (#
of Months): __________________

 

C-14. Liquidity Needs (check one): ____ High
____ Medium ____ Low

 

C-15. If you are over 65 years old,
please provide the name and contact phone number of a trusted contact:

  

	 	 	 	 	 
	 	Name	 	Contact Number	 

 

    	13

     

    

 

EXHIBIT C

 

Non-U.S. Person Representations

 

The Investor indicating that it is not a U.S. person, severally
and not jointly, further represents and warrants to the Company as follows:

 

		1.	At the time of (a) the offer by the Company and (b) the acceptance of the offer by such person
or entity, of the Shares, such person or entity was outside the United States.

 

		2.	Such person or entity is acquiring the Shares for such person’s own account, for investment
and not for distribution or resale to others and is not purchasing the Shares for the account or benefit of any U.S. person, or
with a view towards distribution to any U.S. person, in violation of the registration requirements of the Securities Act.

 

		3.	Such person or entity will make all subsequent offers and sales of the Shares either (x) outside
of the United States in compliance with Regulation S; (y) pursuant to a registration under the Securities Act; or (z) pursuant
to an available exemption from registration under the Securities Act. Specifically, such person or entity will not resell the Shares
to any U.S. person or within the United States prior to the expiration of a period commencing on the Closing Date and ending on
the date that is one year thereafter (the “Distribution Compliance Period”), except pursuant to registration
under the Securities Act or an exemption from registration under the Securities Act.

 

		4.	Such person or entity has no present plan or intention to sell the Shares in the United States
or to a U.S. person at any predetermined time, has made no predetermined arrangements to sell the Shares and is not acting as a
Distributor of such securities.

 

		5.	Neither such person or entity, its Affiliates nor any Person acting on behalf of such person or
entity, has entered into, has the intention of entering into, or will enter into any put option, short position or other similar
instrument or position in the U.S. with respect to the Shares at any time after the Closing Date through the Distribution Compliance
Period except in compliance with the Securities Act.

 

		6.	Such person or entity consents to the placement of a restrictive legend pursuant to applicable
laws on any certificate or other document evidencing the Shares.

 

		7.	Such person or entity is not acquiring the Shares in a transaction (or an element of a series of
transactions) that is part of any plan or scheme to evade the registration provisions of the Securities Act.

 

		8.	Such person or entity has sufficient knowledge and experience in finance, securities, investments
and other business matters to be able to protect such person’s or entity’s interests in connection with the investment
in Shares.

 

		9.	Such person or entity has consulted, to the extent that it has deemed necessary, with its tax,
legal, accounting and financial advisors concerning its investment in the Shares.

 

		10.	Such person or entity understands the various risks of an investment in the Shares and can afford
to bear such risks for an indefinite period of time, including, without limitation, the risk of losing its entire investment in
the Shares.

 

		11.	Such person or entity has read the Company’s Registration Statement available online at sec.gov
and acknowledges that such information is sufficient for such person or entity to evaluate the risks of investing in the Shares.

 

		12.	Such person or entity is not relying on any disclosures concerning the Company made by the Company
or any officer, employee or agent of the Company, other than those contained in the public reports filed by the Company with the
SEC.

 

		13.	Such person or entity will not sell or otherwise transfer the Shares unless either (A) the transfer
of such securities is registered under the Securities Act or (B) an exemption from registration of such securities is available.

 

    	14

     

    

 

		14.	Such person or entity represents that the address furnished on its signature page to this Subscription
Agreement is such person’s principal residence if such person is an individual or its principal business address if it is
a corporation or other entity.

 

Dated: _____________, 2019

 

	 	 
	 	Print name of Investor
	 	 
	 	By:	 
	 	 	Signature
	 	 	 
	 	 	Print name of Signatory (if different from Investor)
	 	 	 
	 	 	Title

 

    	15

     

    

 

EXHIBIT D

 

Accredited Investor Certification

 

The term “accredited investor” means:

 

		1.	Any bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association
or other institution as defined in section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;
any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any insurance company as defined
in section 2(a)(13) of the Securities Act; any investment company registered under the Investment Company Act of 1940 (the “Investment
Company Act”) or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment
Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of
1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or
its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee
benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”) if the investment
decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association,
insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or,
if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

 

		2.	Any private business development company as defined in section 202(a)(22) of the Investment Advisers
Act of 1940;

 

		3.	Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts
or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total
assets in excess of $5,000,000;

 

		4.	Any director, executive officer, or general partner of the issuer of the securities being offered
or sold, or any director, executive officer, or general partner of a general partner of that issuer;

 

		5.	Any natural person whose individual net worth, or joint net worth with that person's spouse, at
the time of his purchase exceeds $1,000,000;

 

		6.	Any natural person who had an individual income in excess of $200,000 in each of the two most recent
years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of
reaching the same income level in the current year;

 

		7.	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring
the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii); and

 

		8.	Any entity in which all of the equity owners are accredited investors.

 

***

 

To be an Accredited Investor, you must
meet one of the following tests. Please check the appropriate spaces below.

 

		A.	Individual Accounts

 

The undersigned certifies
that it is an “accredited investor” because:

 

1. _______ I had an individual
income of more than $200,000 in each of the two most recent calendar years, and I reasonably expect to have an individual income
in excess of $200,000 in the current calendar year; or my spouse and I had joint income in excess of $300,000 in each of the two
most recent calendar years, and we reasonably expect to have a joint income in excess of $300,000 in the current calendar year.

 

    	16

     

    

 

If you checked “yes”
to paragraph 1, please specify the dollar amount of your income in calendar years 2017 and 2018 and your projected income for 2019:

 

2017       $____________________

 

2018       $____________________

 

2019       $____________________
(projected)

 

Please describe type of income:

 

	Individual	_____
	 	 
	Joint	_____
	 	 
	Trust	_____
	 	 
	Beneficiary	_____
	 	 
	Shareholder	_____
	 	 
	Partner	_____

 

OR

 

2. ___Yes____
I have an individual net worth, or my spouse and I have a joint net worth, in excess of $1,000,000 (excluding home and personal
property).

 

For purposes of this
Certification, “individual income” means “adjusted gross income” as reported for Federal income tax purposes,
exclusive of any income attributable to a spouse or to property owned by a spouse: (i) the amount of any interest income received
which is tax-exempt under Section 103 of the Internal Revenue Code of 1986, as amended, (the “Code”), (ii) the amount
of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of form 1040), (iii) any deduction claimed
for depletion under Section 611 et seq. of the Code and (iv) any amount by which income from long-term capital gains has been reduced
in arriving at adjusted gross income pursuant to the provisions of Sections 1202 of the Internal Revenue Code as it was in effect
prior to enactment of the Tax Reform Act of 1986.

 

For purposes of this
Certification, “joint income” means, “adjusted gross income,” as reported for Federal income tax purposes,
including any income attributable to a spouse or to property owned by a spouse, and increased by the following amounts: (i) the
amount of any interest income received which is tax-exempt under Section 103 of the Internal Revenue Code of 1986, as amended (the
“Code”), (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E
of Form 1040), (iii) any deduction claimed for depletion under Section 611 et seq. of the Code and (iv) any amount by which income
from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of
the Internal Revenue Code as it was in effect prior to enactment of the Tax Reform Act of 1986.

 

For the purposes of
the Certification, “net worth” means (except as otherwise specifically defined) the excess of total assets at fair
market value, over total liabilities, including mortgages exceeding the estimated fair market value of the property and income
taxes on unrealized appreciation of assets.

 

		B.	Corporations, Partnerships, Employee Benefit Plans or IRA

 

		1.	Has the subscribing entity been formed for the specific purpose of investing in the Shares? ____________
(yes/no)

 

If your answer to question 1
is “No,” CHECK whichever of the following statements (a-e)
is applicable to the subscribing entity. If your answer to question 1 is “Yes,” the subscribing entity must be able
to certify to statement (2) below in order to qualify as an “accredited investor.”

 

    	17

     

    

 

The undersigned
entity certifies that it is an “accredited investor” because it is:

 

(a) _______
an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, provided that the
investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, and the plan fiduciary is a bank, savings
and loan association, insurance company or registered investment adviser; or

 

(b) _______
an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 that has total assets
in excess of $5,000,000; or

 

(c) _______
each of its shareholders, partners, or beneficiaries meets at least one of the conditions described above under Individual
Accounts. Please also CHECK the appropriate space in that section; or

 

(d) _______
the plan is a self-directed employee benefit plan and the investment decision is made solely by a person that meets at least one
of the conditions described above under Individual Accounts. Please also CHECK the
appropriate space in that section; or

 

(e) _______
a corporation, a partnership or a Massachusetts or similar business trust with total assets in excess of $5,000,000.

 

		2.	If the answer to Question B.1. above is “Yes,” please certify the statement below is
true and correct:

 

_______ The undersigned entity
certifies that it is an accredited investor because each of its shareholder or beneficiaries meets at least one of the conditions
described above under Individual Accounts. Please also CHECK the appropriate space
in that section.

 

		C.	TRUST ACCOUNT

 

	 	1.	Has the subscribing entity been formed for the specific purpose of investing in the Shares? _______________ (yes/no)

 

If your answer to question 1
is “No,” CHECK whichever of the following statements (a-c)
is applicable to the subscribing entity. If your answer to question 1 is “Yes,” the subscribing entity must be able
to certify to the statement (c) below in order to qualify as an “accredited investor”.

 

The undersigned trustee certifies
that the trust is an “accredited investor” because:

 

(a) _______ the trust has total
assets in excess of $5,000,000 and the investment decision has been made by a “sophisticated person;” (Note: Complete
Section 2 below to show that the investment decision was made by a “sophisticated person”); or

 

(b) _______ the trustee making
the investment decision on its behalf is a bank (as defined in Section 3(a)(2) of the Act), a saving and loan association or other
institution as defined in Section 3(a)(5)(A) of the Securities Act, acting in its fiduciary capacity; or

 

(c) _______ the grantor(s) of
the trust may revoke the trust at any time and regain title to the trust assets and has (have) retained sole investment control
over the assets of the trust and the (each) grantor(s) meets at least one of the conditions described above under Individual
Accounts. Please also CHECK the appropriate space in that section.

 

		D.	Any Entity (but not an individual person)

 

______ All of the equity
owners of this entity are accredited investors. (If you are checking this option EACH owner of the entity must complete
Individual Accounts, by checking option 1 or 2 or both, as applicable. Make copies
to do this and note each owner’s name on each copy.)

 

		E.	Investment Objective: The undersigned hereby certifies that (a) the undersigned’s
objective is to invest in speculative securities in order to achieve maximum returns, and accordingly to speculate in micro-cap
entities such as the Company, and (b) an investment in the Company’s speculative securities is suitable for the undersigned’s
investment profile. (Please initial to acknowledge that you have approved this statement) __________________

 

Dated: _____________, 2019

 

	 	 
	 	Print name of Investor
	 	 	 
	 	By:	 
	 	 	Signature
	 	 	 
	 	 	Print name of Signatory (if different from Investor)
	 	 	 
	 	 	Title

 

 

18EX-4.1

 Exhibit 4.1 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS A(2019-A) TERMS DOCUMENT 
 Dated as of June 25, 2019 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of December 22, 2015 

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 

 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	  	 	7	 
	 Section 1.03.
	  	Representations and Warranties of Indenture Trustee	  	 	8	 
	 Section 1.04.
	  	Limitations on Liability	  	 	8	 
	 Section 1.05.
	  	Governing Law	  	 	9	 
	 Section 1.06.
	  	Counterparts	  	 	9	 
	 Section 1.07.
	  	Ratification of Indenture and Indenture Supplement	  	 	9	 
			
	 ARTICLE II
	  	The Class A(2019-A) Notes	  	 	9	 
			
	 Section 2.01.
	  	Creation and Designation	  	 	9	 
	 Section 2.02.
	  	Adjustments to Required Subordinated Percentages and Amount	  	 	9	 
	 Section 2.03.
	  	Interest Payment	  	 	11	 
	 Section 2.04.
	  	[Reserved]	  	 	11	 
	 Section 2.05.
	  	Payments of Interest and Principal; Payments of Increased Costs Amount	  	 	11	 
	 Section 2.06.
	  	Form of Class A(2019-A) Notes; Legend; Transfer Restriction	  	 	12	 
	 Section 2.07.
	  	Delivery and Payment for the Class A(2019-A) Notes	  	 	13	 
	 Section 2.08.
	  	Additional Early Redemption Events	  	 	13	 
	 Section 2.09.
	  	Increases in the Outstanding Dollar Principal Amount	  	 	13	 
	 Section 2.10.
	  	Designation of Additional Amounts to be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	14	 
	 Section 2.11.
	  	Seller’s Interest to Be Included in the Monthly Statement	  	 	15	 
	 Section 2.12.
	  	Duties of the Indenture Trustee	  	 	15	 
			
		  	Exhibit	  			
			
	 Exhibit A
	  	Form of Class A(2019-A) Note	  			

  
 i 

 THIS CLASS A(2019-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 June 25, 2019. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries and shall specify the
principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or
unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Note Purchase Agreement, dated as of
June 25, 2019, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC, the Purchaser (as defined therein), the Committed Purchaser (as defined therein) and the Agent (as defined therein) (as may be amended,
supplemented, restated, amended and restated or otherwise modified from time to time, the “Note Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to
them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are
generally accepted in the United States of America at the date of such computation; 
 (4) all references in this Terms Document to
designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in
the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but
solely with respect to the Class A(2019-A) Notes; 
 (6) each capitalized term defined herein
shall relate only to the Class A(2019-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 A(2019-A) Adverse Event” means the occurrence of any
of the following: (a) an Early Redemption Event with respect to the Class A(2019-A) Notes or (b) an Event of Default and acceleration of the
Class A(2019-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 A(2019-A) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2019-A) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class A(2019-A) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2019-A) Noteholder” means a Person in whose name a Class A(2019-A) Note is registered in the Note Register. 
 “Class A(2019-A) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class A(2019-A) Notes is paid in full and the Note Purchase Commitment has been permanently reduced to zero, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and
satisfied pursuant to Article VI thereof. 
 “Class A(2019-A) Tranche
Interest Allocation” for the Class A(2019-A) Notes for any Distribution Date means the Note Interest for the Class A(2019-A) Notes. 

“Existing Expected Maturity Date” has the meaning set forth in the Note Purchase Agreement. 

“Existing Legal Maturity Date” has the meaning set forth in the Note Purchase Agreement. 

“Existing Liquidation Commencement Date” has the meaning set forth in the Note Purchase Agreement. 

“Expected Maturity Date” means July 15, 2022 or, if such date is extended pursuant to the Note Purchase Agreement, the
Existing Expected Maturity Date. 

  
 2 

 “Expected Principal Payment Date” means each Distribution Date for which
the Targeted Principal Payment Amount is greater than zero, including (i) the Expected Maturity Date and (ii) any Interim Expected Maturity Date. 

“Increase Amount” means the amount of any increase in the Outstanding Dollar Principal Amount as specified in any
Notice of Increase delivered under Section 2.09. 
 “Increased Costs Amount” has the meaning set forth in the Note
Purchase Agreement. 
 “Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, as
supplemented by the Indenture Supplement, between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Indenture Supplement” means the Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of
December 22, 2015, by and between the Issuer and the Indenture Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means (a) $0 plus (b) the sum of all Increase Amounts in all Notices of Increase
delivered under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the
period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2019-A) Note, from and including the Issuance Date) to but excluding such
Interest Payment Date; provided, that, for purposes of calculating Note Interest with respect to the first Interest Payment Date in the month immediately following the calendar month in which an increase in the Outstanding Dollar Principal Amount
occurs, Interest Accrual Period means, with respect to the related Increase Amount, the period from and including the date of such increase to but excluding such Interest Payment Date. 

“Interest Payment Date” means the fifteenth day of each month commencing in July 2019, or if such fifteenth day is not a
Business Day, the next succeeding Business Day. 
 “Interim Expected Maturity Date” for any Increase Amount has the meaning
specified in the applicable Notice of Increase delivered under Section 2.09; provided, that, in no event shall any Interim Expected Maturity Date be later than the Expected Maturity Date. 

“Interim Liquidation Commencement Date” means for any Increase Amount, the Interim Liquidation Commencement Date specified as
such in the applicable Notice of Increase delivered under Section 2.09. 
 “Interim Liquidation Period” for any
Increase Amount and the related Interim Expected Maturity Date means, unless an Early Redemption Event or an Event of Default for the Class A(2019-A) Notes shall have occurred prior thereto, the period
commencing on the related Interim Liquidation Commencement Date and ending on the earlier to occur of (x) the payment in full of such Increase Amount or (y) the occurrence of an Early Redemption Event or an Event

  
 3 

 
of Default for the Class A(2019-A) Notes; provided, however, that (i) if an Excess Spread Early Redemption Cure has occurred with
respect to any Excess Spread Early Redemption Event for the Class A(2019-A) Notes prior to the commencement of the Interim Liquidation Period for such Increase Amount (and no other Early Redemption Event
or Event of Default for the Class A(2019-A) Notes has occurred), the Interim Liquidation Period for such Increase Amount shall be determined as if such Excess Spread Early Redemption Event had not
occurred, and (ii) if the Interim Liquidation Period has terminated in accordance with clause (y) above, due solely to the occurrence of an Excess Spread Early Redemption Event for which there has been a subsequent Excess Spread Early
Redemption Cure (and no other Early Redemption Event or Event of Default has occurred), the Interim Liquidation Period for such Increase Amount shall resume and shall continue until the earlier to occur of (x) the payment in full of such
Increase Amount or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 
 “Issuance Date”
means June 25, 2019 with respect to all Class A(2019-A) Notes issued on the date hereof and, with respect to any increase in the Outstanding Dollar Principal Amount pursuant to Section 2.09, any
Issuance Date specified in the Notice of Increase delivered thereunder. 
 “Legal Maturity Date” means January 15,
2025 or, if such date is extended pursuant to the Note Purchase Agreement, the Existing Legal Maturity Date. 
 “Liquidation
Commencement Date” means the Existing Liquidation Commencement Date. 
 “Liquidation Period” for the Class A(2019-A) Notes that are scheduled to mature on the Expected Maturity Date means, unless an Early Redemption Event or an Event of Default for the
Class A(2019-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 the Class A(2019-A) Notes or (y) the occurrence of an Early Redemption Event or an Event of Default for the Class A(2019-A)
Notes; provided, however, that (i) if an Excess Spread Early Redemption Cure has occurred with respect to any Excess Spread Early Redemption Event for the Class A(2019-A) Notes prior to
the commencement of the Liquidation Period (and no other Early Redemption Event or Event of Default for the Class A(2019-A) Notes has occurred), the Liquidation Period shall be determined as if such
Excess Spread Early Redemption Event had not occurred, and (ii) if the Liquidation Period has terminated in accordance with clause (y) above, due solely to the occurrence of an Excess Spread Early Redemption Event for which there has been
a subsequent Excess Spread Early Redemption Cure (and no other Early Redemption Event or Event of Default has occurred), the Liquidation Period shall resume and shall continue until the earlier to occur of (x) the payment in full of the
Outstanding Dollar Principal Amount of the Class A(2019-A) Notes or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 

“Note Interest” for these Class A(2019-A) Notes has the meaning set forth in the
Note Purchase Agreement. 

  
 4 

 “Note Interest Rate” for these
Class A(2019-A) Notes has the meaning set forth in the Note Purchase Agreement. 

“Notice of Increase” has the meaning set forth in Section 2.09. 

“Principal Payment Date” means, for the Class A(2019-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. 

“Regulation RR” means Regulation RR (Credit Risk Retention) promulgated by the Securities and Exchange Commission to
implement the credit risk retention requirements of Section 15G of the Securities Exchange Act. 
 “Required Daily Deposit
Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class A(2019-A) Tranche Interest Allocation for the related Distribution Date; provided,
however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A(2019-A) Tranche Interest Allocation cannot be determined
because the Note Interest Rate for the applicable Interest Accrual Period has not yet been notified to the Calculation Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, the Required Daily Deposit Target Finance Charge
Amount shall be the Class A(2019-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 Outstanding Dollar Principal Amount of the Class A(2019-A) Notes is greater than zero, if the Class A(2019-A) Tranche Interest Allocation cannot be determined because the Note Interest Rate for such first
Interest Accrual Period has not yet been notified to the Calculation Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, a rate equal to the rate provided by the Agent, based on the Agent’s good faith estimate of the
anticipated Note Interest Rate for such first Interest Accrual Period, to the Indenture Trustee and Calculation Agent on the date of effectiveness of such first increase in the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes shall be used in lieu of the Note Interest Rate. 
 “Required Daily
Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in the Liquidation Period or any Interim Liquidation Period, the Targeted Principal Payment Amount for the related Distribution Date,
(ii) if such day is on or after the occurrence and during the continuance of a Class A(2019-A) Adverse Event, the Nominal Liquidation Amount of the
Class A(2019-A) Notes, and (iii) in all other circumstances, zero. 

  
 5 

 “Required Subordinated Amount of Class B Notes” means,
for the Class A(2019-A) 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(2019-A) Notes on
such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2019-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 A(2019-A) Adverse Event, the Required Subordinated Amount of Class B Notes for Class A(2019-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 A(2019-A) Adverse Event shall have occurred. 
 “Required Subordinated Amount of
Class C Notes” means, for the Class A(2019-A) 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(2019-A) Notes on
such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2019-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 A(2019-A) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2019-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 A(2019-A) Adverse Event shall have occurred. 
 “Required Subordinated Amount of
Class D Notes” means, for the Class A(2019-A) 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(2019-A) Notes on
such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2019-A)
Notes on such date of determination; 

  
 6 

 provided, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2019-A) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2019-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 the
Class A(2019-A) Adverse Event shall have occurred. 
 “Required Subordinated Percentage
of Class B Notes” means, for the Class A(2019-A) Notes, 6.96202532%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the
Class A(2019-A) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the
Class A(2019-A) Notes, 10.75949368%, subject to adjustment in accordance with Section 2.02. 

“Seller’s Interest” means, at any time, a “seller’s interest” as defined in, and calculated in accordance
with, Regulation RR. 
 “Seller’s Interest Measurement Date” means the last day of each calendar month. 

“Stated Principal Amount” means (a) $0 plus (b) the sum of all Increase Amounts specified in all Notices of
Increase delivered under Section 2.09, minus (c) the aggregate amount of principal paid to the Class A(2019-A) Noteholders pursuant to Section 2.04. 

“Targeted Principal Payment Amount” means, for any Distribution Date, the sum of: 

(i) if such Distribution Date is in the Liquidation Period, any Increase Amount that is scheduled to mature on the Expected Maturity Date; and

 (ii) if such Distribution Date is in any Interim Liquidation Period, the applicable Increase Amount maturing on such Distribution Date.

 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 limited liability company and statutory trust proceedings of the 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; 

  
 7 

 (c) this Terms Document is the valid, binding and enforceable obligation of the Issuer,
except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

(d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree
applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 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 the Indenture and this Terms Document, and has
taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c) This Terms Document
has been duly executed and delivered by the Indenture Trustee. 
 Section 1.04. Limitations on Liability.

 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as
creating any liability on the Owner 

  
 8 

 
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, the Beneficiary, the Depositor, any Master Servicer or any
Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2019-A) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

Section 1.05. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

 Section 1.06. Counterparts. This Terms Document may be executed in any number of counterparts, each of
which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 1.07. Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document,
each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the same instrument.

 ARTICLE II 
 The Class A(2019-A) Notes 
 Section 2.01. Creation and Designation.
There is hereby created a Tranche of Class A Notes to be issued pursuant to the Indenture, the Indenture Supplement, this Terms Document and the Note Purchase Agreement to be known as the “DiscoverSeries
Class A(2019-A) Notes.” 
 Section 2.02. Adjustments to
Required Subordinated Percentages and Amount. 
 (a) On any date, the Issuer may, at the direction of the Beneficiary, reduce 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(2019-A) Notes; provided, that the Issuer (i) may only make the reduction in such percentage if, after giving effect to the reduction (and any contemporaneous reductions to the
percentage(s) for each Tranche of Class A Notes that are then rated “AAA” or the equivalent by a Note Rating Agency), the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C
Notes or the Required Subordinated Percentage of Class D 

  
 9 

 
Notes, in each case for the Class A(2019-A) Notes is not lower than the corresponding percentage for a Tranche of Class A Notes that are then
rated “AAA” or the equivalent by a Note Rating Agency and (ii) has received written confirmation from each applicable Note Rating Agency that the reduction in such percentage will not result in a Ratings Effect for any Tranche of
Outstanding DiscoverSeries Notes; and provided, further, that (i) if there is no Tranche of Class A Notes that is then rated “AAA” or the equivalent by a Note Rating Agency, then none of the Required Subordinated Percentage of
Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2019-A) Notes, shall be reduced
without the written consent of the Agent and (ii) if there is an increase in 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 any Tranche of Class A Notes that is rated “AAA” or the equivalent by a Note Rating Agency, then there shall be a commensurate increase in the Required Subordinated Percentage of Class B
Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, as applicable, in each case for the Class A(2019-A) Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of
Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2019-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; provided, that the Issuer (i) may only replace all or a portion of the Required Subordinated Amount of Class B
Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2019-A) Notes with a different form of credit
enhancement if, after giving effect to the replacement (and any contemporaneous corresponding replacements for each Tranche of Class A Notes that are then rated “AAA” or the equivalent by a Note Rating Agency), the form of the credit
enhancement for the Class A(2019-A) Notes is the same as the form of credit enhancement for a Tranche of Class A Notes that are then rated “AAA” or the equivalent by a Note Rating Agency
and (ii) has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes; and
provided, further, that (i) if there is no Tranche of Class A Notes that is currently rated “AAA” or the equivalent by a Note Rating Agency, then none of the Required Subordinated Amount of Class B Notes, the
Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2019-A) Notes, shall be replaced with a different form of credit
enhancement without the written consent of the Agent and (ii) if any Tranche of Class A Notes that is rated “AAA” or the equivalent by a Note Rating Agency is outstanding and there is a replacement of all or a portion of the
Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes with a different form of credit enhancement, in each case for any such Tranche of
Class A Notes, then there shall be a commensurate replacement of all or a portion of the Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of
Class D Notes, in each case for the Class A(2019-A) Notes. 

  
 10 

 Section 2.03. Interest Payment. For each Interest Payment
Date, the amount of interest due with respect to the Class A(2019-A) Notes shall be the Note Interest for the Class A(2019-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, without duplication, any Class A Tranche Interest Allocation Shortfall for such Class A(2019-A) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to the Interest Accrual Period related to the current
Interest Payment Date, calculated on the basis of the actual number of days in the Interest Accrual Period related to the current Interest Payment Date and a 360-day year. 

Section 2.04. [Reserved]. 

Section 2.05. 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 on which
the Targeted Principal Payment Amount is greater than zero, with the last such principal payment to be made on or prior to the Expected Maturity Date; provided, however, that it shall not be an Event of Default if scheduled principal
is not paid in full on or prior to any Interim Expected Maturity Date or the Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided,
further, that if a Class A(2019-A) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2019-A) Notes in an amount equal to the lesser of the Nominal Liquidation Amount of the Class A(2019-A) Notes and the amount allocated for such payment in
accordance with Section 3.01 of the Indenture Supplement, with such payment to be made in accordance with Section 3.05 of the Indenture Supplement. All payments of interest and principal on the
Class A(2019-A) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b)
The right of the Class A(2019-A) Noteholders to receive payments from the Issuer will terminate on the Class A(2019-A) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class A(2019-A) Noteholders will
be made pro rata based on the Outstanding Dollar Principal Amount of their Class A(2019-A) Notes. 

(d) For the avoidance of doubt, the “Targeted Principal Payment Amount” shall be the amount scheduled to be paid on each Principal
Payment Date as specified in this Terms Document for the Class A(2019-A) Notes for purposes of clause (a)(x)(i) of the definition of “Targeted Principal Deposit” in the Indenture Supplement.

 (e) 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. 

  
 11 

 (f) The date referenced in clause (iv) of the definition of “Principal Allocation
Amount” in the Indenture shall be the Liquidation Commencement Date. 
 Section 2.06. Form of
Class A(2019-A) Notes; Legend; Transfer Restriction. 
 (a) The Class A(2019-A) Notes shall be Registered Notes delivered in definitive form and shall be initially registered in the name of the Agent on behalf of the Owners. The
Class A(2019-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 A(2019-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 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. 

  
 12 

 Section 2.07. Delivery and Payment for the Class A(2019-A) Notes. The Issuer shall execute and deliver the Class A(2019-A) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class A(2019-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. To the extent set forth in Section 4.01(b) of the
Indenture Supplement and pursuant thereto, the following shall be additional Early Redemption Events relating to the Class A(2019-A) Notes: (a) failure on the part of the Issuer to make any interest
payment with respect to the Class A(2019-A) Notes required by the terms of the Note Purchase Agreement, the Indenture, the Indenture Supplement or this Terms Document on or before the date occurring
thirty-five (35) days after the date such payment is required to be made herein or therein; and (b) a default in the performance, or breach, of any covenant or warranty of the 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 written notice, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Agent, a written notice specifying such default or breach
and requesting it to be remedied, and if as a result of such default or breach, the interests of the Class A(2019-A) Noteholders are materially and adversely affected and continue to be materially and
adversely affected during the sixty (60) day period. 
 Section 2.09. Increases in the Outstanding Dollar
Principal Amount. Subject to clauses (ii), (iii), (iv) and (v) of Section 2.02 and Section 2.03 of the Indenture Supplement (which, for the avoidance of doubt, apply to any increase pursuant to this
Section 2.09), and subject to Section 4.02 of the Note Purchase Agreement, the Issuer may increase the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes, so
long as the following conditions precedent are satisfied: 
 (a) the Issuer shall have given the Agent and the Indenture Trustee written
notice of such increase in the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes (the “Notice of Increase”) at least two (2) Business Days in advance of the Issuance
Date thereof, which notice shall include: 
  

	 	(i)	 the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes; 

  

	 	(ii)	 the amount of such increase in the Outstanding Dollar Principal Amount of the
Class A(2019-A) Notes and the resulting Stated Principal Amount of the Class A(2019-A) Notes; 

 

	 	(iii)	 the first Interest Payment Date on which interest will be paid on such increase in the Outstanding Dollar
Principal Amount of the Class A(2019-A) Notes; 

  

	 	(iv)	 the Interim Expected Maturity Date (which date shall be a Distribution Date) and the Interim Liquidation
Commencement Date (or otherwise confirm that such Increase Amount is scheduled to mature on the Expected Maturity Date) with respect to the Increase Amount of the Outstanding Dollar Principal Amount of the
Class A(2019-A) Notes; and 

  

	 	(v)	 any other terms that the Issuer may set forth in such notice of increase to clarify the rights of Holders of
the Class A(2019-A) Notes or the effect of such increase on any calculations to be made with respect to the Class A(2019-A) Notes, Class A, or the Issuer;

  
 13 

 (b) no Class A(2019-A) Adverse Event has
occurred and is continuing; 
 (c) such increase will not cause the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes to exceed the Note Purchase Commitment; 
 (d) (i) no Note Interest or other
amount due and payable to any Class A(2019-A) Noteholder prior to the Issuance Date for such increase remains outstanding and (ii) as of the most recent Distribution Date preceding such Issuance
Date, there is no un-reimbursed Nominal Liquidation Amount Deficit with respect to the Class A(2019-A) Notes; and 

(e) all of the representations and warranties of the Issuer, the Seller, the Master Servicer and the Servicer, as applicable, set forth in the
Indenture, Indenture Supplement, the Pooling and Servicing Agreement, the Series 2007-CC Supplement and the Note Purchase Agreement that do not expressly speak to an earlier date shall be true and correct in
all material respects as though made on and as of such Issuance Date after giving effect thereto. 
 All such terms set forth in the Notice of Increase
shall be incorporated into and form a part of this Terms Document on and after the effective date of such increase in the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes. The Expected
Maturity Date, Expected Principal Payment Date, Liquidation Commencement Date, Liquidation Period and Legal Maturity Date, in each case as in effect as of the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes, shall be applicable to such increased amounts unless otherwise provided in the applicable Notice of Increase. The Issuer shall not have to satisfy the conditions set forth in
Section 310 of the Indenture in connection with an increase in the Outstanding Dollar Principal Amount of the Class A(2019-A) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class A(2019-A) Notes. Any such increase shall be deemed to have occurred under Section 310 of the Indenture and this Section 2.09 for purposes of the Indenture, the
Indenture Supplement and this Terms Document. 
 Section 2.10. Designation of Additional Amounts to be Included
in the Excess Spread Amount for the DiscoverSeries Notes. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group
Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to
such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A(2019- A) Notes)

  
 14 

 
and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that
the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11. Seller’s Interest to Be Included in the Monthly Statement. The Issuer shall
cause the Master Servicer to include the amount of the Seller’s Interest as of the Seller’s Interest Measurement Date on each investor certificateholder’s monthly statement delivered pursuant to the Series 2007-CC Supplement. 
 Section 2.12. Duties of the Indenture Trustee. For
the avoidance of doubt, the Indenture Trustee undertakes to perform only such duties as are specifically set forth in the Indenture, the Indenture Supplement, the Pooling and Servicing Agreement, any Series Supplement and this Agreement
and as such shall have no obligation or responsibility to monitor or enforce compliance with Regulation RR, nor shall be liable to any Person for any violation of Regulation RR; provided that nothing in this Section 2.12 shall alter the
Indenture Trustee’s duties, obligations or standard of care as set forth in the Indenture or any Indenture Supplement. It is understood and acknowledged that the Indenture Trustee has not provided any advice with respect to the acquisition of
the Class A(2019-A) Notes, and has no financial interest in the acquisition of such Class A(2019-A) Notes. 

[Remainder of page intentionally blank; signature page follows] 

  
 15 

 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/ Erwin M. Soriano
		 	Name: Erwin M. Soriano
		 	Title: Vice President

  
 S-1 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Indenture Trustee

		
	By:	 	/s/ Christopher J. Nuxoll
		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

  
 S-2 

 EXHIBIT A 

FORM OF CLASS A(2019-A) NOTE 

  
 A-1 

 DISCOVERSERIES CLASS A(2019-A) 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. 

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

  
 A-2 

			
	 REGISTERED
 No. [•]
	  	 $[•]*

(Maximum Outstanding Dollar Principal Amount)

 DISCOVER CARD EXECUTION NOTE TRUST 

Floating Rate 

DISCOVERSERIES CLASS A(2019-A) 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 [●], or registered assigns, subject to the following provisions, a principal sum of up to $[●] ([●]
dollars) payable on the July 2022 Payment Date (the “Expected Maturity Date”), 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 January 2025 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. Interest will accrue on this Note at the Note Interest Rate, as set forth in the Terms Document (as defined on the
reverse hereof) and the Note Purchase Agreement, dated as of June 25, 2019 (such Note Purchase Agreement, as 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 Master Servicer and Calculation Agent for the Issuer, Discover Funding LLC, as Transferor, Wells Fargo Bank, N.A., as the Purchaser, the
Committed Purchaser and the Agent, and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date, from and including the 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. 
  

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

  
 A-3 

 The principal and interest may be payable monthly, and may be payable earlier or later than
the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount of 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 U.S. Bank National Association, as
Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), or a successor 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-4 

 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: _________, 2019

  
 A-5 

 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: _________, 2019

  
 A-6 

 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(2019-A) DiscoverSeries Notes (herein called the “Class A(2019-A) Notes”), all issued under an Amended and Restated
Indenture dated as of December 22, 2015 (such Amended and Restated Indenture, as amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as
supplemented by a Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of December 22, 2015 (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(2019-A) Notes are subject to all terms of the Indenture, the Indenture Supplement, the Terms Document for the Class A(2019-A) Notes, dated as of June 25, 2019 (such Terms Document, as 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, and the Note Purchase Agreement and the Fee Letter, dated as of June 25, 2019, among Wells Fargo Bank, N.A., 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(2019-A) 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(2019-A) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and the Indenture Supplement. 

Principal of the Class A(2019-A) 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-7 

 As described above, the entire unpaid principal amount of this Class A(2019-A) 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(2019-A) Notes shall be due and payable on the date on which an Event of Default relating to the Class A(2019-A) 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(2019-A) 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(2019-A) Notes
of record on the related Record Date (except for the final distribution with respect to this Class A(2019-A) Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are
allocated and available on such Payment Date to pay interest and principal on the Class A Notes. 
 Payments of interest on this Class A(2019-A) 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(2019-A) 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(2019-A)
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(2019-A) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2019-A) 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(2019-A) Note and of any
Class A(2019-A) 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(2019-A) Note on a Payment Date occurring after the Purchase Commitment Termination Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed 

  
 A-8 

 
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(2019-A) 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(2019-A) Note may be registered on the Note Register upon surrender of this Class A(2019-A) 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(2019-A) 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(2019-A) 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(2019-A) Note or, in the case of a Note Owner, a beneficial interest in a Class A(2019-A) 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 Third Amended and Restated Pooling and Servicing Agreement, dated as of December 22, 2015, among Discover Bank, as
Master Servicer and Servicer, Discover Funding LLC, as Transferor, 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 Amended and Restated Trust Agreement. dated as of December 22, 2015, between Discover Funding LLC, 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. 

Prior to the due presentment for registration of transfer of this Class A(2019-A) 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(2019-A) 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(2019-A) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 

  
 A-9 

 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(2019-A) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class A(2019-A) 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(2019-A) 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(2019-A) 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(2019-A) 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(2019-A) Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS A(2019-A) 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. 

  
 A-10 

 No reference herein to the Indenture and no provision of this
Class A(2019-A) 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(2019-A) 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(2019-A) 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(2019-A) Note. 

  
 A-11 

 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-12 

 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-13 

 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-14 

 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-15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]