Document:

EX-4.5

 Exhibit 4.5 

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 As of December 31, 2021, Marblegate Acquisition Corp. (“we,” “our,” “us” or the
“Company”) had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its units, consisting of one share of Class A common
stock (as defined below) and one-half of one redeemable warrant (as defined below), with each whole warrant entitling the holder thereof to purchase one share of Class A common stock (the
“units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”), and (iii) its public warrants, with each whole warrant exercisable for one share of Class A common stock for
$11.50 per share (the “warrants”). 
 Pursuant to our amended and restated certificate of incorporation, our authorized capital
stock consists of 220,000,000 shares of common stock, including 200,000,000 shares of Class A common stock, $0.0001 par value and 20,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred
stock, $0.0001 par value. The following description summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of
incorporation, bylaws, and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”)
of which this Exhibit 4.5 is a part. 
 Defined terms used herein but not otherwise defined shall have the meaning ascribed to such terms in
the Report. 
 Units 
 Each unit
consists of one whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock
at a price of $11.50 per share, subject to adjustment. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be
exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you own at least two units, you will not be able to receive or trade a whole
warrant. 
 Common Stock 
 Common
stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all
matters submitted to a vote of our stockholders, except as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules,
the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. There is no cumulative voting with respect to the election of directors, with the result that the
holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available
therefor. 
 We will provide our stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of
our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our
initial business combination including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private placement shares, and any public shares held by them in
connection with the completion of our initial business combination. The anchor investors will not be entitled to redemption rights with respect to any founder shares held by them in connection with the completion of our business combination. 

If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in
concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common stock sold in our initial public offering,
which we refer to as the Excess Shares. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to
redeem 

 
the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell
such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete the initial business combination. And, as a result, such stockholders will continue to
hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially at a loss. 

In the event of a liquidation, dissolution or winding up of the company after an initial business combination, our stockholders are entitled
to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or
other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate
amount then on deposit in the trust account, upon the completion of our initial business combination, subject to the limitations described in the Report. 

Redeemable Warrants 
 Each whole warrant
entitles the registered holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of October 5, 2022 or 30 days after
the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised
at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you own at least two units, you will not be able to receive or trade a whole warrant.
The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 

We will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our
satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable
upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant.
In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying
such unit. 
 We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial
business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to
maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock
issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrant holders may, until such time as there is an
effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or
another exemption. Notwithstanding the foregoing, if a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of our initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the
exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise
their warrants on a cashless basis. 
 Once the warrants become exercisable, we may call the warrants for redemption: 

 

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption
(the “30-day redemption period”) to each warrant holder; and 

  

	 	•	 	 if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable
and ending three business days before we send the notice of redemption to the warrant holders. 

 If and when the warrants
become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to
effect such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in our initial
public offering. 
 If we call the warrants for redemption as described above, our management will have the option to require any holder
that wishes to exercise its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash
position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of
this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes
advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair market value” in
such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash
from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option, our sponsor, Cantor, and their permitted transferees would still be entitled
to exercise their private placement warrants that are included in the private placement units for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders
been required to exercise their warrants on a cashless basis, as described in more detail below. 
 A holder of a warrant may notify us in
writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to
the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise. 

The warrants have certain anti-dilution and adjustments rights upon certain events. 

The warrants were issued in registered form under a warrant agreement between Continental, as warrant agent, and us. You should review a copy
of the warrant agreement, which was filed as an exhibit to the Report, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the
consent of any holder to cure any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in this Report, or to correct any
defective provision, but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants. 

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common
stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders. 

 In addition, if (x) we issue additional shares of Class A common stock or
equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or effective issue
price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares or private placement units (or underlying securities) held by our
sponsor or its affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial
business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be
equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued Price. No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole
number of shares of Class A common stock to be issued to the warrant holder.EX-4.1

 EXHIBIT 4.1 

OMNIBUS AMENDMENT TO SPECIFIED TERMS DOCUMENTS 

THIS OMNIBUS AMENDMENT TO SPECIFIED TERMS DOCUMENTS, dated as of March 29, 2022 (this “Agreement”), is entered into
between: (i) Discover Card Execution Note Trust, a Delaware statutory trust, as issuer (the “Issuer”), and (ii) U.S. Bank National Association, a national banking association, as indenture trustee under the Indenture
referred to below (in such capacity, the “Indenture Trustee”). 
 WHEREAS, the Indenture Trustee and the Issuer are parties
to (i) the Amended and Restated Indenture, dated as of December 22, 2015, as supplemented by the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015, as amended by Amendment No. 1 to Second Amended and
Restated Indenture Supplement, dated as of the date hereof, each by and between the Issuer and the Indenture Trustee (collectively, the “Indenture”) and (ii) certain Class B Terms Documents and Class C Terms Documents
listed on Exhibit A hereto (collectively, the “Specified Terms Documents”); 
 WHEREAS, the parties hereto intend to
amend each of the Specified Terms Documents as set forth herein; and 
 WHEREAS, this Agreement is being entered into pursuant to Sections
1002 and 1003 of the Indenture, and all conditions precedent to the execution of this Agreement, as set forth in such Sections 1002 and 1003, have been satisfied. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. DEFINITIONS. As used herein, (a) capitalized terms which
are defined in the preamble hereto shall have the meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the Indenture or the applicable Specified Terms Document, as applicable. 

SECTION 2. AMENDMENTS TO SPECIFIED TERMS DOCUMENTS. 

As of March 29, 2022, the (i) Class B(2020-2) Terms Document is hereby amended to
incorporate the changes shown on the marked pages of the Class B(2020-2) Terms Document attached hereto as Annex A; (ii) Class B(2020-3) Terms
Document is hereby amended to incorporate the changes shown on the marked pages of the Class B(2020-3) Terms Document attached hereto as Annex B;
(iii) Class B(2020-4) Terms Document is hereby amended to incorporate the changes shown on the marked pages of the Class B(2020-4) Terms Document attached
hereto as Annex C; (iv) Class C(2020-3) Terms Document is hereby amended to incorporate the changes shown on the marked pages of the
Class C(2020-3) Terms Document attached hereto as Annex D; (v) Class C(2020-4) Terms Document is hereby amended to incorporate the changes shown on
the marked pages of the Class C(2020-4) Terms Document attached hereto as Annex E; and (v) Class C(2020-5) Terms Document is hereby amended to
incorporate the changes shown on the marked pages of the Class C(2020-5) Terms Document attached hereto as Annex F. 

 SECTION 3. EFFECTIVENESS. This Agreement shall become effective as of the date first
set forth above; provided that (i) each of the Indenture Trustee and the Issuer shall have executed and delivered a counterpart of this Agreement, (ii) the Rating Agency Condition shall have been satisfied and (iii) the Issuer
shall have received written consent from the holder of the Class B Notes and Class C Notes issued pursuant to the Specified Terms Documents to enter into this Agreement as evidenced by the execution of the agreement and acknowledgement
hereto. 
 SECTION 4. BINDING EFFECT; RATIFICATION. (a) On and after the execution and delivery hereof, (i) this Agreement
shall be a part of each of the Specified Terms Documents and (ii) each reference in any Specified Terms Document to “this Agreement”, “hereof”, “hereunder” or words of like import, and each reference in any other
Related Document to any Specified Terms Document, shall mean and be a reference to the applicable Specified Terms Document as amended hereby. 

(b) Except as expressly amended hereby, each Specified Terms Document shall remain in full force and effect and is hereby ratified and
confirmed by the parties hereto. 
 SECTION 5. NO RECOURSE. It is expressly understood and agreed by the parties hereto that
(a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the
representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only
the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses
of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

SECTION 6. NO PETITION. The Indenture Trustee covenants that it will not directly or indirectly institute or cause to be instituted
against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law and it will not directly or indirectly institute or cause to be instituted against the
Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any Federal or state bankruptcy law in any instance; provided, that the foregoing shall not in anyway limit the
Noteholders’ rights to pursue any other creditor rights or remedies that the Noteholders may have for claims against the Issuer. 

  
 2 

 SECTION 7. MISCELLANEOUS. (a) THIS AGREEMENT AND THE OBLIGATIONS ARISING
HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

(b) Headings used herein are for convenience of reference only and shall not affect the meaning of this Agreement. 

(c) This Agreement may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall be
an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered electronically. Any signature (including, without limitation, (x) any electronic symbol or process attached to, or
associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record and (y) any facsimile or .pdf signature) hereto or to any other certificate, agreement or document
related to this transaction, and any contract formation or record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping system
to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic
Transactions Act, and the parties hereto hereby waive any objection to the contrary. 
 (d) The Indenture Trustee is not responsible for the
validity or sufficiency of this Agreement or the recitals contained herein. 
 *     *    
*     *     *     * 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
as of the date first above written. 
  

			
	 DISCOVER CARD EXECUTION NOTE TRUST, as Issuer

	
	 By: WILMINGTON TRUST COMPANY, not in its individual capacity, but solely
as Trustee on behalf of the Issuer

		
	 By:
	 	 /s/ Jennifer A. Luce

	 Name:
	 	 Jennifer A. Luce

	 Title:
	 	 Vice President

  
 S-1 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as
the Indenture Trustee

		
	 By:
	 	 /S/ Christopher J. Nuxoll

	 Name:
	 	 Christopher J. Nuxoll

	 Title:
	 	 Vice President

  
 S-2 

 
			
	 AS AGREED AND ACKNOWLEDGED BY:

	
	 DISCOVER PRODUCTS INC., as sole Holder of the
Class B(2020-2) Notes, Class B(2020-3) Notes, Class B(2020-4) Notes,
Class C(2020-3) Notes, Class C(2020-4) Notes and Class C(2020-5) Notes

		
	 By:
	 	 /s/ Patricia S. Hall

	 Name:
	 	 Patricia S. Hall

	 Title:
	 	 Vice President and Assistant Treasurer

  

  
 S-3 

 EXHIBIT A 

 

	1.	 The Class B(2020-2) Terms Document, dated as of December 9,
2020 (the “Class B(2020-2) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	2.	 The Class B(2020-3) Terms Document, dated as of December 9,
2020 (the “Class B(2020-3) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	3.	 The Class B(2020-4) Terms Document, dated as of December 9,
2020 (the “Class B(2020-4) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	4.	 The Class C(2020-3) Terms Document, dated as of December 9,
2020 (the “Class C(2020-3) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	5.	 The Class C(2020-4) Terms Document, dated as of December 9,
2020 (the “Class C(2020-4) Terms Document”), between the Indenture Trustee and the Issuer. 

 

	6.	 The Class C(2020-5) Terms Document, dated as of December 9,
2020 (the “Class C(2020-5) Terms Document”), between the Indenture Trustee and the Issuer. 

 ANNEX A 

Class B(2020-2) Terms Document 

[SEE ATTACHED] 

 Execution Version 

Conformed Through Omnibus Amendment No. 1 Dated, March 29, 2022

  
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS B(2020-2) TERMS DOCUMENT 
 Dated as of December 9, 2020 

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	  	 	8	 
	Section 1.03.	  	Representations and Warranties of Indenture Trustee	  	 	9	 
	Section 1.04.	  	Limitations on Liability	  	 	9	 
	Section 1.05.	  	Governing Law	  	 	10	 
	Section 1.06.	  	Counterparts	  	 	10	 
	Section 1.07.	  	Ratification of Indenture and Indenture Supplement	  	 	10	 
		
	ARTICLE II THE CLASS B(2020-2) NOTES	  	 	11	 
			
	Section 2.01.	  	Creation and Designation	  	 	11	 
	Section 2.02.	  	Adjustments to Required Subordinated Percentages and Amount.	  	 	11	 
	Section 2.03.	  	Interest Payment	  	 	11	 
	Section 2.04.	  	[Reserved].	  	 	12	 
	Section 2.05.	  	Payments of Interest and Principal.	  	 	13	 
	Section 2.06.	  	Form of Delivery of Class B(2020-2) Notes; Denominations.	  	 	13	 
	Section 2.07.	  	Delivery and Payment for the Class B(2020-2) Notes	  	 	14	 
	Section 2.08.	  	[Reserved].	  	 	14	 
	Section 2.09.	  	Additional Issuances of Notes.	  	 	14	 
	Section 2.10.	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	15	 
	Section 2.11.	  	No Payments from Interest Funding Subaccount for Accretion of Principal of the Class B(2020-2) Notes	  	 	15	 
	Section 2.12.	  	Calculation of Class B(2020-2) Accreted Discount	  	 	15	 
	Section 2.13.	  	[Reserved].	  	 	15	 
	Section 2.14.	  	Duties of the Indenture Trustee	  	 	15	 
	Section 2.15.	  	Seller’s Interest to Be Included in the Monthly Statement	  	 	16	 
	Section 2.16.	  	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class B(2020-2) Notes	  	 	16	 

  

							
	Exhibit
				
		  	Exhibit A	  	Form of Class B(2020-2) Note	  	

 THIS CLASS B(2020-2) 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 December 9, 2020. 

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

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01.    Definitions. For all purposes of this Terms Document, except as
otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to
them in this Article, and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Note
Purchase Agreement, dated as of December 9, 2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (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 B(2020-2) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class B(2020-2) 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. 
 “Accumulation Amount” means $350,000,000. 

“Accumulation Commencement Date” means
MarchFebruary 1,
2022.2023.

 “Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class B(2020-2) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class B(2020-2) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such
Distribution Date. 
 “Class B(2020-2) Adverse Event” means the
occurrence of any of the following: (a) an Early Redemption Event with respect to the Class B(2020-2) Notes or (b) an Event of Default and acceleration of the
Class B(2020-2) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has
occurred, a Class B(2020-2) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class B(2020-2) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class B(2020-2) Note and duly executed and authenticated in accordance with the Indenture. 

“Class B(2020-2) Noteholder” means a Person in whose name a Class B(2020-2) Note is registered in the Note Register. 
 “Class B(2020-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class B(2020-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class B Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class B(2020-2) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, for any Distribution Date after the Original Expected Maturity Date, the Class B Tranche Interest Allocation shall be the Class B Interest for the Class B(2020-2) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class B(2020-2) Notes, the
Class B Tranche Interest Allocation shall be zero. 

  
 2 

 “Discount Amount” means initially $3,341,957; provided that following any
issuance of additional Class B(2020-2) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class B(2020-2) Notes, an amount equal to

 (a) the Nominal Liquidation Amount of the Class B(2020-2) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class B Notes in the DiscoverSeries, multiplied by 

(c) the aggregate Required Subordinated Amount of Class B Notes for all Tranches of Class A Notes in the DiscoverSeries with a
Required Subordinated Amount of Class B Notes greater than zero. 
 “Encumbered Required Subordinated Amount of
Class C Notes” means, for the Class B(2020-2) Notes, an amount equal to the product of 

(a) the Encumbered Amount for the Class B(2020-2) Notes, and 

(b) the Required Subordinated Percentage of Class C Notes (Encumbered) for the
Class B(2020-2) Notes. 
 “Encumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2020-2) Notes, an amount equal to the product of 

(a) the Encumbered Amount for the Class B(2020-2) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Encumbered) for the
Class B(2020-2) Notes. 
 “Excess Spread Percentage” for any Distribution Date
means a fraction, the numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the
first day of the related Due Period. 
 “Expected Maturity Date” means AprilMarch 15, 2022.2023. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement 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 amended by Amendment No. 1 to Master Indenture and Amendment
No. 1 to Indenture Supplement, dated as of August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
 3 

 “Initial Dollar Principal Amount” means $346,658,043, or such higher amount
as is specified in any Notice of Additional Issuance under Section 2.09. 
 “Interest Accrual Period” means, with
respect to any Interest Payment Date, the period from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date). 

“Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the fifteenth day of each month commencing on May 16, 2022, or if such fifteenth day is
not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means December 9, 2020 with respect to
all Class B(2020-2) Notes issued on the date hereof and, with respect to any additional Class B(2020-2) Notes issued pursuant to Section 2.09, any
Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means April 15, 2024.March 17, 2025. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which
appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the basis of the rates at which deposits in United States dollars
are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration
comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to provide a quotation of its rate. If at least two such quotations
are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the
Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. In the event the
LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous LIBOR Determination Date or, with respect
to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last
date most recently occurring prior to such LIBOR Determination Date.  

  
 4 

“LIBOR Agent” means U.S. Bank National Association, not in its individual capacity, but solely as LIBOR agent. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not
required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the
commencement of an Interest Accrual Period. 
 “Nominal
Liquidation Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class B(2020-2) Notes: 

(a) on the Issuance Date thereof, $350,000,000; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the Indenture
Supplement and Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess
Amount are withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn;
and 
 (d) on and after the date of a Receivables Sale for the Class B(2020-2)
Notes, zero. 
 “Note Interest Rate” means zero; provided that if the Outstanding Dollar Principal Amount is not paid in
full on or prior to the Original Expected Maturity Date, the Note Interest Rate for each Interest Accrual Period shall
be LIBOR + 0.451.95% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided, further, that if the
sum of LIBOR + 0.45% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual Period will be deemed to be
0.00%twelve 30-day months and a 360-day year. 
 “Notice of Additional Issuance” has the meaning set forth in
Section 2.09 hereof. 
 “Original Expected
Maturity Date” April 15, 2022. 

“Outstanding
 Dollar Principal Amount” means, for the Class B(2020-2) Notes, notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class B(2020-2) Notes, the sum of (i) the Initial Dollar Principal Amount of such Notes and (ii) the Class B(2020-2) Accreted Discount as determined in
accordance with Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class B(2020-2) Notes as of the relevant date of determination and
(ii) any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2020-2) Notes
and (b) following the issuance of additional Class B(2020-2) Notes, the sum of (i) the Outstanding Dollar Principal Amount of the Class B(2020-2)
Notes determined as of the date of such additional issuance and (ii) the Class B(2020-2) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with
Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant date of determination, of 

  
 5 

 
principal paid with respect to the Class B(2020-2) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant
date of determination, of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2020-2) Notes
after the date of such additional issuance. Notwithstanding the foregoing, if a Receivables Sale has occurred with respect to the Class B(2020-2) Notes, the Outstanding Dollar Principal Amount shall be
zero. 
 “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, (i) for any day in a Due Period when
the Servicer Rating Condition is not satisfied, an amount equal to the Class B Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class B Tranche Interest Allocation cannot be determined because the LIBOR
Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the
Class B Tranche Interest Allocation determined
based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25., and
(ii) for any day in a Due Period when the Servicer Rating Condition is satisfied,
zero.  

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such day is in a Due
Period in the Accumulation Period for the Class B(2020-2) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if such day is in a Due Period in the Accumulation
Period for the Class B(2020-2) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during the continuance of a Class B(2020-2) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class B(2020-2) Notes and (y) the Nominal Liquidation
Amount of the Class B(2020-2) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class C Notes” means, for the
Class B(2020-2) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class C Notes for such
Class B(2020-2) Notes and 
 (b) the Encumbered Required Subordinated Amount of
Class C Notes for such Class B(2020-2) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class B(2020-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the
Class B(2020-2) Notes will be the greater of 
 (x) the amount determined above
for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class B(2020-2) Adverse Event shall have occurred. 

  
 6 

 “Required Subordinated Amount of Class D Notes” means,
for the Class B(2020-2) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class D Notes for such
Class B(2020-2) Notes and 
 (b) the Encumbered Required Subordinated Amount of
Class D Notes for such Class B(2020-2) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class B(2020-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the
Class B(2020-2) Notes will be the greater of 
 (x) the amount determined above
for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class B(2020-2) Adverse Event shall have occurred. 
 “Required Subordinated
Percentage of Class C Notes (Encumbered)” means, for the Class B(2020-2) Notes, 127.27272728%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes (Unencumbered)” means, for the Class B(2020-2) Notes, 8.28402367%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Encumbered)” means, for the Class B(2020-2) Notes, 154.54545455%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Unencumbered)” means, for the Class B(2020-2) Notes, 10.05917160%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen
(or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $350,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 

  
 7 

 “Targeted Principal Deposit” means, for the
Class B(2020-2) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a) During the Accumulation Period, beginning with the Accumulation Commencement Date for the
Class B(2020-2) Notes, (x) (i) the Accumulation Amount for the Class B(2020-2) Notes, plus (ii) any Accumulation Amount that was scheduled to
be deposited on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class B(2020-2)
Notes that was applied to the amount in clause (x) in accordance with Section 4.04(a), 

(b)    If the Class B(2020-2) Notes have been accelerated
after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class B(2020-2) Notes has occurred (other than an Excess Spread Early Redemption Event for which an Excess
Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such
Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c)    If a Receivables Sale has occurred for the
Class B(2020-2) Notes, zero. 
 “Unencumbered Amount” means, for the Class B(2020-2) Notes, an amount equal to the Nominal Liquidation Amount of the Class B(2020-2) Notes minus the Encumbered Amount for the Class B(2020-2) Notes. 
 “Unencumbered Required Subordinated Amount of
Class C Notes” means, for the Class B(2020-2) Notes, an amount equal to the product of 

(a) the Unencumbered Amount for the Class B(2020-2) Notes and 

(b) the Required Subordinated Percentage of Class C Notes (Unencumbered) for the
Class B(2020-2) Notes. 
 “Unencumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2020-2) Notes, an amount equal to the product of 

(a) the Unencumbered Amount for the Class B(2020-2) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Unencumbered) for the
Class B(2020-2) Notes. 

Section 1.02.    Representations and Warranties of Issuer. The Issuer represents
and warrants that: 
 (a)    the Issuer has been duly formed and is validly existing as a statutory trust in good
standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

  
 8 

 (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; 

(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 

  
 9 

 
made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the
Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being
expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b)     None of the Indenture Trustee, the Owner Trustee, the LIBOR Agent, 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 the
Class B(2020-2) 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. The parties agree that this Terms
Document, any addendum or amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Terms Document may be accepted, executed or agreed to through the use of an electronic signature provided by one
or more electronic networks or databases (including one or more distributed electronic networks or databases) provided by any electronic signature provider that creates a record that may be retained, retrieved and reviewed by a recipient thereof and
is in accordance with the Electronic Signatures in Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or
agreed to in conformity with the requirements of this Section 1.06 will be binding on all parties thereto to the same extent as if it were physically executed. 

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. 

  
 10 

 ARTICLE II 

THE CLASS B(2020-2) NOTES 

Section 2.01.    Creation and Designation. There is hereby created a Tranche of
Class B Notes to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class B(2020-2) Notes.” 

Section 2.02.    Adjustments to Required Subordinated Percentages and Amount.

 (a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class C Notes
(Encumbered), the Required Subordinated Percentage of Class C Notes (Unencumbered), the Required Subordinated Percentage of Class D Notes (Encumbered), and the Required Subordinated Percentage of Class D Notes (Unencumbered), in each
case for the Class B(2020-2) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in
such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may,
at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the
Class B(2020-2) 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 without the consent of any Noteholders,
provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries
Notes. 
 Section 2.03.    Interest Payment. For each Interest Payment Date,
the amount of interest due with respect to the Class B(2020-2) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the
related Interest Accrual Period30 and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

 

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class B(2020-2)
Notes determined as of the first date of such related Interest Accrual Period, plus 

 any Class B Tranche Interest Allocation
Shortfall for such Class B(2020-2) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Periodtwelve 30-day months and a 360-day year.

  
 11 

Section 2.04.    Notification of
LIBOR.[Reserved.] On each LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary, each applicable Master
Servicer and any stock exchange on which the Class B(2020-2) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Accrual
Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the amount of interest to be paid with respect to the Notes, including calculating LIBOR, in the manner and at the
times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. The rights, protections and immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent
acting hereunder; provided, however, that at no time shall the LIBOR Agent be liable for any mistake of fact or law, any error of judgement, or any act or omission to act except as a result of its own negligence, willful misconduct or
fraud. 
 The LIBOR Agent shall not have any liability for (i) the selection of London banks or New York banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of
any London banks or New York banks to provide a quotation, or (ii) any quotations received from such London banks or New York banks, as applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is
unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation to take any action other than the LIBOR
Agent’s obligation to take the actions expressly
set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Class B(2020-2) Notes, including but not limited to the Reuters Screen
LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New
York’s Website, or in any of the foregoing cases
for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.  

Other than as expressly set forth in this Agreement, neither
the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or whether or when there has occurred, or to give notice to
any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or any other benchmark replacement, or other successor or replacement benchmark index, or
whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what benchmark replacement conforming changes
are necessary or advisable, if any, in connection with any of the foregoing. 

Neither the Indenture Trustee nor the LIBOR Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including
as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or
contemplated by the terms of this Agreement and reasonably required for the performance of such duties. 

  
 12 

 Section 2.05.    Payments of
Interest and Principal. 
 (a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the
Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01
of the Indenture Supplement; and provided, further, that if a Class B(2020-2) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each
Principal Payment Date for the Class B(2020-2) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the
Class B(2020-2) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b)
The right of the Class B(2020-2) Noteholders to receive payments from the Issuer will terminate on the Class B(2020-2) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class B(2020-2) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class B(2020-2) Notes. 

Section 2.06.    Form of Delivery of Class B(2020-2) Notes; Denominations. 
 (a) The
Class B(2020-2) Notes shall be delivered in the form of a definitive Registered Note as provided in Section 201 of the Indenture. The form of the
Class B(2020-2) Notes is attached hereto as Exhibit A. 
 (b) The Class B(2020-2) Notes 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC DISCOVER BANK OR THEIR AFFILIATES
OR (3) 

  
 13 

 
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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. 

No Class B(2020-2) Notes shall be transferred except in accordance with the transfer restrictions described in
the legend set forth above. 
 (c) The Class B(2020-2) Notes will be issued in minimum
denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 

Section 2.07.    Delivery and Payment for the Class B(2020-2) Notes. The Issuer shall execute and deliver the Class B(2020-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class B(2020-2) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08.    [Reserved]. 

Section 2.09.    Additional Issuances of Notes. Subject to clauses (ii),
(iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class B(2020-2) Notes, so long as the following conditions precedent are
satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class B(2020-2) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class B(2020-2) Notes;

  

	 	(ii)	 the amount of such additional Class B(2020-2) Notes being offered,
the purchase price for such additional Class B(2020-2) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class B(2020-2) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class B(2020-2)
Notes after giving effect to the issuance of the additional Class B(2020-2) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class B(2020-2) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class B(2020-2) Notes to clarify the rights of Holders of such additional Class B(2020-2) Notes or the effect of such issuance of additional Class B(2020-2) Notes on any calculations to be made with respect to the Class B(2020-2) Notes, Class B, or the Issuer. 

  
 14 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective
date of such Class B(2020-2) Notes; and 
 (b) no
Class B(2020-2) Adverse Event has occurred and is continuing. 
 The Issuer shall not have to
satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional Class B(2020-2) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class B(2020-2) Notes. 

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 B(2020-2) Notes) 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.    No Payments from Interest Funding Subaccount for Accretion of
Principal of the Class B(2020-2) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class B(2020-2) Notes.

 Section 2.12.    Calculation of Class B(2020-2) Accreted Discount. The amount of Class B(2020-2) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and
shall be equal to the product of (x) a fraction the numerator of which shall be the number of Due Periods elapsed since the Note Issuance Date (or if additional Class B(2020-2) Notes have been issued
under Section 2.09, since the Issuance Date of such additional Notes) and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period
related to the Original Expected Maturity Date and (y) the Discount Amount. 

Section 2.13.    [Reserved]. 

Section 2.14.    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 2.14 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 B(2020-2) Notes, and has no financial interest in the acquisition of such Class B(2020-2) Notes. 

  
 25 

Section 2.15.    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 2.16.    Additional Requirements for Registration of and Limitations on
Transfer and Exchange of Class B(2020-2) Notes. No Transfer (or purported Transfer) of a Class B(2020-2) Note (or economic interest therein)
shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as Discover Bank for
such purposes) and any such Transfer (or purported Transfer) of such Class B(2020-2) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect
that such Class B(2020-2) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class B(2020-2) Note may be pledged to a
Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Class B(2020-2) Note
shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2020-2) Note will constitute debt for U.S. federal income tax
purposes. If for tax or other reasons it may be necessary to track any such Class B(2020-2) Note (e.g., if a portion of the Class B(2020-2) Notes have original
issue discount and a portion of the Class B(2020-2) Notes do not), tracking conditions such as requiring that such Class B(2020-2) Note be in definitive
registered form may be required by the Transferor as a condition to such transfer. 
 [Remainder of page intentionally blank; signature
page follows] 

  
 26 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST, as Issuer

		
	By:	 	Wilmington Trust Company,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title: Vice President
		
		 	U.S. BANK NATIONAL ASSOCIATION,
		 	as Indenture Trustee
		
	By:	 	 /s/ Christopher J. Nuxoll

		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

 [Signature Page to Class B(2020-2) Terms Document] 

  
 27 

 Exhibit A 

Form of Class B(2020-2) Note 

DISCOVERSERIES CLASS B(2020-2) 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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 AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

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
HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING
INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE
OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THE NOTE AND (3) THE YIELD TO
MATURITY OF THE NOTE. 
 DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE
HOLDER OF THIS CLASS B NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE
AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 
 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS DOCUMENT. NO
TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL income TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED
THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX
PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE
SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

			
	 REGISTERED
	  	$[●]*
	 No. [●]
	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS B(2020-2) 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 $[●] ([●] dollars) payable
on the April 2022March 2023 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the April 2024March 2025 Payment Date (or such other
dates as set forth in the Terms Document (as defined below), the “Legal Maturity Date”).    If the Outstanding Dollar Principal Amount is not paid in full on or prior to
theAfter the Original Expected Maturity Date (as defined below), interest will accrue on this Note at the rate of one-month LIBOR + 0.451.95%
per annum, as more specifically set forth in the Class B(2020-2) Terms Document dated as of December 9, 2020 (as
amended by that certain Omnibus Amendment to Terms Document, dated March [29], 2022 and as further amended from time to time, the “Terms Document”), between the Issuer and U.S.
Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), 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 for the Class B(2020-2) Notes occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date); provided, that if the sum of LIBOR + 0.45% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days elapsedtwelve 30-day months and a 360-day year. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar Principal Amount is not paid in full on or prior to
theoccurring after the Original Expected Maturity Date (as defined in the Terms Document). No principal or interest will be distributed on the Note following the distribution of
proceeds of a Receivables Sale. 
 Series Principal Amounts allocated to the
Class B(2020-2) Notes will be applied first to pay shortfalls in interest on Class A Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make
Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes,
including the Class B(2020-2) Notes. Principal will not be paid on the Class B(2020-2) Notes prior to their Legal Maturity Date unless the Class A Usage
of Class B Notes is zero for each Tranche of Class A Notes of the DiscoverSeries and the required level of subordination for the Class A Notes of the DiscoverSeries is available after giving effect to such payment. 

 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 $346,658,043. 
 The Stated Principal Amount of this Note is $350,000,000. 

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

 
  

	*Denominations	 of $100,000 and in integral multiples of $1,000 in excess thereof. 

 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:             ,
20    

 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:             , 20    

  
 33 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its
Class B(2020-2) DiscoverSeries Notes (herein called the “Class B(2020-2) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further 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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further 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 B(2020-2) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class B(2020-2) 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 A Notes, the Class C Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class B Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class B(2020-2) 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. 
 The
Class B(2020-2) Notes are subordinated in right of payment of principal and interest to the Class A Notes and provide loss protection to the Class A Notes of the DiscoverSeries, to the extent
set forth in the Indenture Supplement. Principal Amounts allocable to the Class B(2020-2) Notes may be applied to pay the Class A Interest Allocation or the Series Servicing Fees of the
DiscoverSeries, to the extent set forth in the Indenture Supplement. 
 The Stated Principal Amount of the
Class B(2020-2) Notes will be payable on the Expected Maturity Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 

As described above, the entire unpaid Stated Principal Amount of this Class B(2020-2) Note shall
be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar Principal Amount of the Class B(2020-2) Notes shall be due and payable on the date on
which an Event of Default relating to the Class B(2020-2) 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 B(2020-2) 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 Outstanding Dollar 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, if any, 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 B(2020-2) Notes
of record on the related Record Date (except for the final distribution with respect to the Class B(2020-2) Notes) the pro rata share for such Holder of
Class B(2020-2) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class B Notes. 
 Payments of interest on this Class B(2020-2) 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 B(2020-2) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class B(2020-2) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class B(2020-2) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. 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 B(2020-2) Note be submitted for notation of payment. Any reduction in the principal amount of this Class B(2020-2) 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 B(2020-2) Note and of any
Class B(2020-2) 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 B(2020-2) Note on a Payment 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 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 B(2020-2) 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. 
 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 B(2020-2) Note may be 

 
registered on the Note Register upon surrender of this Class B(2020-2) 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 B(2020-2) 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 B(2020-2) 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 B(2020-2) Note or, in the case of a Note Owner, a beneficial interest in a
Class B(2020-2) Note, covenants and agrees that by accepting the benefits of the Indenture that it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that
acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any
receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative
Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class B(2020-2) 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 B(2020-2) 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 B(2020-2) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of each adversely affected
Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Class B(2020-2) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class B(2020-2) 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 B(2020-2) 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 B(2020-2) 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 Class B(2020-2) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS B(2020-2) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class B(2020-2) 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 B(2020-2) 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 B(2020-2) 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 B(2020-2) Note. 

 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. 

 ANNEX B 

Class B(2020-3) Terms Document 

[SEE ATTACHED] 

 Execution Version 

Conformed Through Omnibus Amendment No. 1 Dated, March 29,
2022 
  
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS B(2020-3) TERMS DOCUMENT 
 Dated as of December 9, 2020 

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	  	 	9	 
	 Section 1.03.
	 	Representations and Warranties of Indenture Trustee	  	 	9	 
	 Section 1.04.
	 	Limitations on Liability	  	 	10	 
	 Section 1.05.
	 	Governing Law	  	 	10	 
	 Section 1.06.
	 	Counterparts	  	 	10	 
	 Section 1.07.
	 	Ratification of Indenture and Indenture Supplement	  	 	10	 
		
	 ARTICLE II THE CLASS B(2020-3) NOTES
	  	 	11	 
			
	 Section 2.01.
	 	Creation and Designation	  	 	11	 
	 Section 2.02.
	 	Adjustments to Required Subordinated Percentages and Amount.	  	 	11	 
	 Section 2.03.
	 	Interest Payment	  	 	11	 
	 Section 2.04.
	 	[Reserved].	  	 	12	 
	 Section 2.05.
	 	Payments of Interest and Principal.	  	 	13	 
	 Section 2.06.
	 	Form of Delivery of Class B(2020-3) Notes; Denominations.	  	 	13	 
	 Section 2.07.
	 	Delivery and Payment for the Class B(2020-3) Notes	  	 	14	 
	 Section 2.08.
	 	[Reserved].	  	 	14	 
	 Section 2.09.
	 	Additional Issuances of Notes.	  	 	14	 
	 Section 2.10.
	 	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	15	 
	 Section 2.11.
	 	No Payments from Interest Funding Subaccount for Accretion of Principal of the Class B(2020-3) Notes	  	 	15	 
	 Section 2.12.
	 	Calculation of Class B(2020-3) Accreted Discount	  	 	15	 
	 Section 2.13.
	 	[Reserved].	  	 	15	 
	 Section 2.14.
	 	Duties of the Indenture Trustee	  	 	15	 
	 Section 2.15.
	 	Seller’s Interest to Be Included in the Monthly Statement	  	 	16	 
	 Section 2.16.
	 	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class B(2020-3) Notes	  	 	16	 
			
		 	 Exhibit
	  			
			
		 	Exhibit A        Form of Class B(2020-3) Note	  			

 THIS CLASS B(2020-3) 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 December 9, 2020. 

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

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01.    Definitions. For all purposes of this Terms Document, except as otherwise expressly provided
or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Note Purchase Agreement, dated as of
December 9, 2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (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 B(2020-3) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class B(2020-3) 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. 
 “Accumulation Amount” means $350,000,000. 

“Accumulation Commencement Date” means
AprilMarch 1, 2022.2023. 

“Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class B(2020-3) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class B(2020-3) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such
Distribution Date. 
 “Class B(2020-3) Adverse Event” means the
occurrence of any of the following: (a) an Early Redemption Event with respect to the Class B(2020-3) Notes or (b) an Event of Default and acceleration of the
Class B(2020-3) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has
occurred, a Class B(2020-3) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class B(2020-3) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class B(2020-3) Note and duly executed and authenticated in accordance with the Indenture. 

“Class B(2020-3) Noteholder” means a Person in whose name a Class B(2020-3) Note is registered in the Note Register. 
 “Class B(2020-3) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class B(2020-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class B Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class B(2020-3) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, for any Distribution Date after the Original Expected Maturity Date, the Class B Tranche Interest Allocation shall be the Class B Interest for the Class B(2020-3) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class B(2020-3) Notes, the
Class B Tranche Interest Allocation shall be zero. 

  
 2 

 “Discount Amount” means initially $3,341,957; provided that following any
issuance of additional Class B(2020-3) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class B(2020-3) Notes, an amount equal to

 (a) the Nominal Liquidation Amount of the Class B(2020-3) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class B Notes in the DiscoverSeries, multiplied by 

(c) the aggregate Required Subordinated Amount of Class B Notes for all Tranches of Class A Notes in the DiscoverSeries with a
Required Subordinated Amount of Class B Notes greater than zero. 
 “Encumbered Required Subordinated Amount of
Class C Notes” means, for the Class B(2020-3) Notes, an amount equal to the product of 

(a) the Encumbered Amount for the Class B(2020-3) Notes, and 

(b) the Required Subordinated Percentage of Class C Notes (Encumbered) for the
Class B(2020-3) Notes. 
 “Encumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2020-3) Notes, an amount equal to the product of 

(a) the Encumbered Amount for the Class B(2020-3) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Encumbered) for the
Class B(2020-3) Notes. 
 “Excess Spread Percentage” for any Distribution Date
means a fraction, the numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the
first day of the related Due Period. 
 “Expected Maturity Date” means May 16, 2022.April 17, 2023. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement 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 amended by Amendment No. 1 to Master Indenture and Amendment
No. 1 to Indenture Supplement, dated as of August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
 3 

 “Initial Dollar Principal Amount” means $346,658,043, or such higher amount
as is specified in any Notice of Additional Issuance under Section 2.09. 
 “Interest Accrual Period” means, with
respect to any Interest Payment Date, the period from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date). 

“Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the fifteenth day of each month commencing on June 15, 2022, or if such fifteenth day
is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means December 9, 2020 with respect
to all Class B(2020-3) Notes issued on the date hereof and, with respect to any additional Class B(2020-3) Notes issued pursuant to Section 2.09, any
Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means MayApril 15, 2024.2025. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which
appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the basis of the rates at which deposits in United States dollars
are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration
comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to provide a quotation of its rate. If at least two such quotations
are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the
Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. In the event the
LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous LIBOR Determination Date or, with respect
to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last
date most recently occurring prior to such LIBOR Determination Date.  

  
 4 

“LIBOR Agent” means U.S. Bank National Association, not in its individual capacity, but solely as LIBOR agent. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not
required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the
commencement of an Interest Accrual Period. 
 “Nominal
Liquidation Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class B(2020-3) Notes: 

(a) on the Issuance Date thereof, $350,000,000; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the Indenture
Supplement and Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess
Amount are withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn;
and 
 (d) on and after the date of a Receivables Sale for the Class B(2020-3)
Notes, zero. 
 “Note Interest Rate” means zero; provided that if the Outstanding Dollar Principal Amount is not paid in
full on or prior to the Original Expected Maturity Date, the Note Interest Rate for each Interest Accrual Period shall
be LIBOR + 0.451.95% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided, further, that if the
sum of LIBOR + 0.45% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual Period will be deemed to be
0.00%twelve 30-day months and a 360-day year. 
 “Notice of Additional Issuance” has the meaning set forth in
Section 2.09 hereof. 
 “Original Expected
Maturity Date” means May 16, 2022. 
 “Outstanding Dollar Principal Amount” means, for the
Class B(2020-3) Notes, notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class B(2020-3) Notes,
the sum of (i) the Initial Dollar Principal Amount of such Notes and (ii) the Class B(2020-3) Accreted Discount as determined in accordance with Section 2.12 hereof,
minus (i) the aggregate amount of principal paid with respect to the Class B(2020-3) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in
respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2020-3) Notes and (b) following the issuance of additional Class B(2020-3) Notes, the sum of (i) the Outstanding Dollar Principal Amount of the Class B(2020-3) Notes determined as of the date of such additional issuance
and (ii) the Class B(2020-3) Accreted 

  
 5 

 
Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant date of
determination, of principal paid with respect to the Class B(2020-3) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination, of principal
of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2020-3) Notes after the date of such additional
issuance. Notwithstanding the foregoing, if a Receivables Sale has occurred with respect to the Class B(2020-3) Notes, the Outstanding Dollar Principal Amount shall be zero. 

“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, (i) for any day in a Due Period when
the Servicer Rating Condition is not satisfied, an amount equal to the Class B Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class B Tranche Interest Allocation cannot be determined because the LIBOR
Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the
Class B Tranche Interest Allocation determined
based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25., and
(ii) for any day in a Due Period when the Servicer Rating Condition is satisfied,
zero.  

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such day is in a Due
Period in the Accumulation Period for the Class B(2020-3) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if such day is in a Due Period in the Accumulation
Period for the Class B(2020-3) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during the continuance of a Class B(2020-3) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class B(2020-3) Notes and (y) the Nominal Liquidation
Amount of the Class B(2020-3) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class C Notes” means, for the
Class B(2020-3) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class C Notes for such
Class B(2020-3) Notes and 
 (b) the Encumbered Required Subordinated Amount of
Class C Notes for such Class B(2020-3) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class B(2020-3) Adverse Event, the Required Subordinated Amount of Class C Notes for the
Class B(2020-3) Notes will be the greater of 
 (x) the amount determined above
for such date of determination and 

  
 6 

 (y) the amount determined above for the date immediately prior to the date
on which such Class B(2020-3) Adverse Event shall have occurred. 
 “Required
Subordinated Amount of Class D Notes” means, for the Class B(2020-3) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class D Notes for such
Class B(2020-3) Notes and 
 (b) the Encumbered Required Subordinated Amount of
Class D Notes for such Class B(2020-3) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class B(2020-3) Adverse Event, the Required Subordinated Amount of Class D Notes for the
Class B(2020-3) Notes will be the greater of 
 (x) the amount determined above
for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class B(2020-3) Adverse Event shall have occurred. 
 “Required Subordinated
Percentage of Class C Notes (Encumbered)” means, for the Class B(2020-3) Notes, 127.27272728%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes (Unencumbered)” means, for the Class B(2020-3) Notes, 8.28402367%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Encumbered)” means, for the Class B(2020-3) Notes, 154.54545455%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Unencumbered)” means, for the Class B(2020-3) Notes, 10.05917160%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen
(or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

  
 7 

 “Stated Principal Amount” means $350,000,000 or such higher amount as is
specified in any Notice of Additional Issuance under Section 2.09. 
 “Targeted Principal Deposit” means, for the Class B(2020-3) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a)     During the Accumulation Period, beginning with the Accumulation Commencement Date for the Class B(2020-3) Notes, (x) (i) the Accumulation Amount for the Class B(2020-3) Notes, plus (ii) any Accumulation Amount that was scheduled to be
deposited on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class B(2020-3)
Notes that was applied to the amount in clause (x) in accordance with Section 4.04(a), 

(b)    If the Class B(2020-3) Notes have been accelerated
after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class B(2020-3) Notes has occurred (other than an Excess Spread Early Redemption Event for which an Excess
Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such
Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c)    If a Receivables Sale has occurred for the
Class B(2020-3) Notes, zero. 
 “Unencumbered Amount” means, for the Class B(2020-3) Notes, an amount equal to the Nominal Liquidation Amount of the Class B(2020-3) Notes minus the Encumbered Amount for the Class B(2020-3) Notes. 
 “Unencumbered Required Subordinated Amount of
Class C Notes” means, for the Class B(2020-3) Notes, an amount equal to the product of 

(a) the Unencumbered Amount for the Class B(2020-3) Notes and 

(b) the Required Subordinated Percentage of Class C Notes (Unencumbered) for the
Class B(2020-3) Notes. 
 “Unencumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2020-3) Notes, an amount equal to the product of 

(a) the Unencumbered Amount for the Class B(2020-3) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Unencumbered) for the
Class B(2020-3) Notes. 

  
 8 

 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; 
 (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. 

  
 9 

 Section 1.04.    Limitations on Liability. 

(a)    It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and
delivered by the Owner Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and
agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein
contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to
this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b)     None of the Indenture Trustee, the Owner Trustee, the LIBOR Agent, 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 the
Class B(2020-3) 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. The parties agree that this Terms Document, any addendum or amendment hereto or any other document necessary
for the consummation of the transaction contemplated by this Terms Document may be accepted, executed or agreed to through the use of an electronic signature provided by one or more electronic networks or databases (including one or more distributed
electronic networks or databases) provided by any electronic signature provider that creates a record that may be retained, retrieved and reviewed by a recipient thereof and is in accordance with the Electronic Signatures in Global and National
Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or agreed to in conformity with the requirements of this Section 1.06
will be binding on all parties thereto to the same extent as if it were physically executed. 

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.

  
 10 

 ARTICLE II 

THE CLASS B(2020-3) NOTES 

Section 2.01.    Creation and Designation. There is hereby created a Tranche of Class B Notes to be
issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class B(2020-3) Notes.” 

Section 2.02.    Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class C Notes
(Encumbered), the Required Subordinated Percentage of Class C Notes (Unencumbered), the Required Subordinated Percentage of Class D Notes (Encumbered), and the Required Subordinated Percentage of Class D Notes (Unencumbered), in each
case for the Class B(2020-3) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in
such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may,
at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the
Class B(2020-3) 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 without the consent of any Noteholders,
provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries
Notes. 
 Section 2.03.    Interest Payment. For each Interest Payment Date, the amount of interest due with
respect to the Class B(2020-3) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the
related Interest Accrual Period30 and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

 

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class B(2020-3)
Notes determined as of the first date of such related Interest Accrual Period, plus 

 any Class B Tranche Interest Allocation
Shortfall for such Class B(2020-3) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Periodtwelve 30-day months and a 360-day year.

  
 11 

 Section 2.04.    Notification of LIBOR.[Reserved.]. On each LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary, each applicable Master
Servicer and any stock exchange on which the Class B(2020-3) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Accrual
Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the amount of interest to be paid with respect to the Notes, including calculating LIBOR, in the manner and at the
times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. The rights, protections and immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent
acting hereunder; provided, however, that at no time shall the LIBOR Agent be liable for any mistake of fact or law, any error of judgement, or any act or omission to act except as a result of its own negligence, willful misconduct or
fraud. 
 The LIBOR Agent shall not have any liability for (i) the selection of London banks or New York banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of
any London banks or New York banks to provide a quotation, or (ii) any quotations received from such London banks or New York banks, as applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is
unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation to take any action other than the LIBOR
Agent’s obligation to take the actions expressly
set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Class B(2020-3) Notes, including but not limited to the Reuters Screen
LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New
York’s Website, or in any of the foregoing cases
for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.  

Other than as expressly set forth in this Agreement, neither
the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or whether or when there has occurred, or to give notice to
any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or any other benchmark replacement, or other successor or replacement benchmark index, or
whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what benchmark replacement conforming changes
are necessary or advisable, if any, in connection with any of the foregoing. 

Neither the Indenture Trustee nor the LIBOR Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including
as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or
contemplated by the terms of this Agreement and reasonably required for the performance of such duties. 

  
 12 

 Section 2.05.    Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class B(2020-3) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment
Date for the Class B(2020-3) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the
Class B(2020-3) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b)
The right of the Class B(2020-3) Noteholders to receive payments from the Issuer will terminate on the Class B(2020-3) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class B(2020-3) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class B(2020-3) Notes. 

Section 2.06.    Form of Delivery of Class B(2020-3)
Notes; Denominations. 
 (a) The Class B(2020-3) Notes shall be delivered in the form of a
definitive Registered Note as provided in Section 201 of the Indenture. The form of the Class B(2020-3) Notes is attached hereto as Exhibit A. 

(b) The Class B(2020-3) Notes 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE
EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC DISCOVER BANK OR THEIR AFFILIATES OR (3) 

  
 13 

 
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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. 

No Class B(2020-3) Notes shall be transferred except in accordance with the transfer restrictions described in
the legend set forth above. 
 (c) The Class B(2020-3) Notes will be issued in minimum
denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 

Section 2.07.    Delivery and Payment for the
Class B(2020-3) Notes. The Issuer shall execute and deliver the Class B(2020-3) Notes to the Indenture Trustee for authentication, and the
Indenture Trustee shall deliver the Class B(2020-3) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08.    [Reserved]. 

Section 2.09.    Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of
Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class B(2020-3) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional
Class B(2020-3) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class B(2020-3) Notes;

  

	 	(ii)	 the amount of such additional Class B(2020-3) Notes being offered,
the purchase price for such additional Class B(2020-3) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class B(2020-3) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class B(2020-3)
Notes after giving effect to the issuance of the additional Class B(2020-3) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class B(2020-3) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class B(2020-3) Notes to clarify the rights of Holders of such additional Class B(2020-3) Notes or the effect of such issuance of additional Class B(2020-3) Notes on any calculations to be made with respect to the Class B(2020-3) Notes, Class B, or the Issuer. 

  
 14 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective
date of such Class B(2020-3) Notes; and 
 (b) no
Class B(2020-3) Adverse Event has occurred and is continuing. 
 The Issuer shall not have to
satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional Class B(2020-3) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class B(2020-3) Notes. 

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 B(2020-3) Notes) 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.    No Payments from Interest Funding Subaccount for Accretion of Principal of the
Class B(2020-3) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class B(2020-3) Notes. 

Section 2.12.    Calculation of Class B(2020-3)
Accreted Discount. The amount of Class B(2020-3) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction
the numerator of which shall be the number of Due Periods elapsed since the Note Issuance Date (or if additional Class B(2020-3) Notes have been issued under Section 2.09, since the Issuance Date of
such additional Notes) and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Original Expected Maturity Date and (y) the Discount Amount. 

Section 2.13.    [Reserved]. 

Section 2.14.    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 2.14 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 B(2020-3) Notes,
and has no financial interest in the acquisition of such Class B(2020-3) Notes. 

  
 15 

 Section 2.15.    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 2.16.    Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Class B(2020-3) Notes. No Transfer (or purported Transfer) of a Class B(2020-3) Note (or economic interest therein) shall be made by Discover
Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as Discover Bank for such purposes) and any such
Transfer (or purported Transfer) of such Class B(2020-3) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2020-3) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class B(2020-3) Note may be pledged to a Federal Reserve Bank
provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Class B(2020-3) Note shall not be further
transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2020-3) Note will constitute debt for U.S. federal income tax purposes. If for tax or
other reasons it may be necessary to track any such Class B(2020-3) Note (e.g., if a portion of the Class B(2020-3) Notes have original issue discount and a
portion of the Class B(2020-3) Notes do not), tracking conditions such as requiring that such Class B(2020-3) Note be in definitive registered form may be
required by the Transferor as a condition to such transfer. 
 [Remainder of page intentionally blank; signature page follows] 

  
 16 

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

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

		 	Name: Jennifer A. Luce
		 	Title: Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	By:	 	 /s/ Christopher J. Nuxoll

		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

 [Signature Page to Class B(2020-3) Terms Document] 

 Exhibit A 

Form of Class B(2020-3) Note 

DISCOVERSERIES CLASS B(2020-3) 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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 AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

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
HAS BEEN ISSUED WITH “ORIGINAL ISSUE
DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING
INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE
OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT ON THE NOTE AND (3) THE YIELD TO
MATURITY OF THE NOTE. 
 DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE
HOLDER OF THIS CLASS B NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE
AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 
 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS DOCUMENT. NO
TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL income TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED
THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX
PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE
SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

			
	REGISTERED	  	$[●]*
	No. [●]	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS B(2020-3) 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 $[●] ([●] dollars) payable
on the May 2022April 2023 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the May 2024April 2025 Payment Date (or such other
dates as set forth in the Terms Document (as defined below), the “Legal Maturity Date”).
If the Outstanding Dollar Principal Amount is not paid in full on or prior to theAfter the Original Expected Maturity
Date, interest (as defined in the Terms Document),
Interest will accrue on this Note at the rate of one-month LIBOR + 0.451.95% per annum, as more specifically set forth in the Class B(2020-3) Terms
Document dated as of December 9, 2020 (as amended by that certain Omnibus Amendment to Terms Document, dated March [29], 2022 and as further amended from time
to time, the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), 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 for the Class B(2020-3) Notes occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity
Date to but excluding such Interest Payment Date); provided, that if the sum of LIBOR + 0.45% is less than 0.00%, then interest on this Note will be deemed to
accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days
elapsedtwelve 30-day months and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar Principal
Amount is not paid in full on or prior to theoccurring after the Original Expected Maturity Date (as defined in the Terms Document). No principal or interest will be distributed on the Note following the distribution of
proceeds of a Receivables Sale. 
 Series Principal Amounts allocated to the
Class B(2020-3) Notes will be applied first to pay shortfalls in interest on Class A Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make
Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes,
including the Class B(2020-3) Notes. Principal will not be paid on the Class B(2020-3) Notes prior to their Legal Maturity Date unless the Class A Usage
of Class B Notes is zero for each Tranche of Class A Notes of the DiscoverSeries and the required level of subordination for the Class A Notes of the DiscoverSeries is available after giving effect to such payment. 

 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 $346,658,043. 
 The Stated Principal Amount of this Note is $350,000,000. 

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

 

	*	 Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

 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:                 , 20        

 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:                 , 20        

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its
Class B(2020-3) DiscoverSeries Notes (herein called the “Class B(2020-3) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further 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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further 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 B(2020-3) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class B(2020-3) 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 A Notes, the Class C Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class B Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class B(2020-3) 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. 
 The
Class B(2020-3) Notes are subordinated in right of payment of principal and interest to the Class A Notes and provide loss protection to the Class A Notes of the DiscoverSeries, to the extent
set forth in the Indenture Supplement. Principal Amounts allocable to the Class B(2020-3) Notes may be applied to pay the Class A Interest Allocation or the Series Servicing Fees of the
DiscoverSeries, to the extent set forth in the Indenture Supplement. 
 The Stated Principal Amount of the
Class B(2020-3) Notes will be payable on the Expected Maturity Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 

As described above, the entire unpaid Stated Principal Amount of this Class B(2020-3) Note shall
be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar Principal Amount of the Class B(2020-3) Notes shall be due and payable on the date on
which an Event of Default relating to the Class B(2020-3) 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 B(2020-3) 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 Outstanding Dollar 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, if any, 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 B(2020-3) Notes
of record on the related Record Date (except for the final distribution with respect to the Class B(2020-3) Notes) the pro rata share for such Holder of
Class B(2020-3) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class B Notes. 
 Payments of interest on this Class B(2020-3) 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 B(2020-3) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class B(2020-3) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class B(2020-3) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. 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 B(2020-3) Note be submitted for notation of payment. Any reduction in the principal amount of this Class B(2020-3) 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 B(2020-3) Note and of any
Class B(2020-3) 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 B(2020-3) Note on a Payment 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 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 B(2020-3) 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. 

 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 B(2020-3) Note may be registered on the Note Register upon surrender of this
Class B(2020-3) 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 B(2020-3) 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 B(2020-3) 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 B(2020-3) Note or, in the case of a Note Owner, a beneficial interest in a Class B(2020-3) Note, covenants and agrees that by
accepting the benefits of the Indenture that it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution
against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 

Prior to the due presentment for registration of transfer of this Class B(2020-3) 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 B(2020-3) 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 B(2020-3) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding
Dollar Principal Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B(2020-3) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class B(2020-3) 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 B(2020-3) 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 B(2020-3) 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 Class B(2020-3) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS B(2020-3) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class B(2020-3) 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 B(2020-3) 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 B(2020-3) 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 B(2020-3) Note. 

 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. 

 ANNEX C 

Class B(2020-4) Terms Document 

[SEE ATTACHED] 

 Execution Version 

Conformed Through Omnibus Amendment No. 1 Dated, March 29,
2022 
  
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS B(2020-4) TERMS DOCUMENT 
 Dated as of December 9, 2020 

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
	  	 	8	 
	 Section 1.03
	  	 Representations and Warranties of Indenture Trustee
	  	 	9	 
	 Section 1.04
	  	 Limitations on Liability
	  	 	9	 
	 Section 1.05
	  	 Governing Law
	  	 	10	 
	 Section 1.06
	  	 Counterparts.
	  	 	10	 
	 Section 1.07
	  	 Ratification of Indenture and Indenture Supplement
	  	 	10	 
			
	ARTICLE II	  	 THE CLASS B(2020-4) NOTES
	  	 	11	 
	 Section 2.01
	  	 Creation and Designation
	  	 	11	 
	 Section 2.02
	  	 Adjustments to Required Subordinated Percentages and Amount.
	  	 	11	 
	 Section 2.03
	  	 Interest Payment.
	  	 	11	 
	 Section 2.04
	  	 [Reserved].
	  	 	12	 
	 Section 2.05
	  	 Payments of Interest and Principal.
	  	 	13	 
	 Section 2.06
	  	 Form of Delivery of Class B(2020-4) Notes;
Denominations.
	  	 	13	 
	 Section 2.07
	  	 Delivery and Payment for the Class B(2020-4)
Notes.
	  	 	14	 
	 Section 2.08
	  	 [Reserved].
	  	 	14	 
	 Section 2.09
	  	Additional Issuances of Notes.	  	 	14	 
	 Section 2.10
	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	15	 
	 Section 2.11
	  	No Payments from Interest Funding Subaccount for Accretion of Principal of the Class B(2020-4) Notes	  	 	15	 
	 Section 2.12
	  	Calculation of Class B(2020-4) Accreted Discount.	  	 	15	 
	 Section 2.13
	  	[Reserved].	  	 	15	 
	 Section 2.14
	  	Duties of the Indenture Trustee	  	 	15	 
	 Section 2.15
	  	Seller’s Interest to Be Included in the Monthly Statement	  	 	16	 
	 Section 2.16
	  	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class B(2020-4) Notes	  	 	16	 

 Exhibit 

Exhibit A            Form of
Class B(2020-4) Note 

 THIS CLASS B(2020-4) 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 December 9, 2020. 

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

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01.    Definitions. For all purposes of this Terms Document, except as otherwise expressly provided
or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Note Purchase Agreement, dated as of
December 9, 2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (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 B(2020-4) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class B(2020-4) 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. 
 “Accumulation Amount” means $350,000,000. 

“Accumulation Commencement Date” means
MayApril 1,
2022.2023.

 “Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class B(2020-4) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class B(2020-4) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such
Distribution Date. 
 “Class B(2020-4) Adverse Event” means the
occurrence of any of the following: (a) an Early Redemption Event with respect to the Class B(2020-4) Notes or (b) an Event of Default and acceleration of the
Class B(2020-4) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has
occurred, a Class B(2020-4) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class B(2020-4) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class B(2020-4) Note and duly executed and authenticated in accordance with the Indenture. 

“Class B(2020-4) Noteholder” means a Person in whose name a Class B(2020-4) Note is registered in the Note Register. 
 “Class B(2020-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class B(2020-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class B Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class B(2020-4) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, for any Distribution Date after the Original Expected Maturity Date, the Class B Tranche Interest Allocation shall be the Class B Interest for the Class B(2020-4) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class B(2020-4) Notes, the
Class B Tranche Interest Allocation shall be zero. 

  
 2 

 “Discount Amount” means initially $3,341,957; provided that following any
issuance of additional Class B(2020-4) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class B(2020-4) Notes, an amount equal to

 (a) the Nominal Liquidation Amount of the Class B(2020-4) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class B Notes in the DiscoverSeries, multiplied by 

(c) the aggregate Required Subordinated Amount of Class B Notes for all Tranches of Class A Notes in the DiscoverSeries with a
Required Subordinated Amount of Class B Notes greater than zero. 
 “Encumbered Required Subordinated Amount of
Class C Notes” means, for the Class B(2020-4) Notes, an amount equal to the product of 

(a) the Encumbered Amount for the Class B(2020-4) Notes, and 

(b) the Required Subordinated Percentage of Class C Notes (Encumbered) for the
Class B(2020-4) Notes. 
 “Encumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2020-4) Notes, an amount equal to the product of 

(a) the Encumbered Amount for the Class B(2020-4) Notes and 

(b) the Required Subordinated Percentage of Class D Notes (Encumbered) for the
Class B(2020-4) Notes. 
 “Excess Spread Percentage” for any Distribution Date
means a fraction, the numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the
first day of the related Due Period. 
 “Expected Maturity Date” means JuneMay 15, 2022.2023. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement 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 amended by Amendment No. 1 to Master Indenture and Amendment
No. 1 to Indenture Supplement, dated as of August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
 3 

 “Initial Dollar Principal Amount” means $346,658,043, or such higher amount as is specified
in any Notice of Additional Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any
Interest Payment Date, the period from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date). 

“Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the fifteenth day of each month commencing on July 15, 2022, or if such fifteenth day
is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means December 9, 2020 with respect
to all Class B(2020-4) Notes issued on the date hereof and, with respect to any additional Class B(2020-4) Notes issued pursuant to Section 2.09, any
Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means June 17, 2024.May 15, 2025. 

“LIBOR” means, with respect to any LIBOR
Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on
Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Calculation Agent by written
notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request
the principal London office of four banks selected by the Calculation Agent to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United
States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. In the event the LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in
accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous LIBOR Determination Date or, with respect to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for
deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last date most recently occurring prior to such LIBOR Determination Date. 

  
 4 

“LIBOR Agent” means U.S. Bank National Association,
not in its individual capacity, but solely as LIBOR agent. 
 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in
New York, New York are not required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual Period. 
 “Nominal Liquidation Amount” means, notwithstanding anything to the
contrary in the Indenture Supplement, with respect to the Class B(2020-4) Notes: 

(a) on the Issuance Date thereof, $350,000,000; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the Indenture
Supplement and Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess
Amount are withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn;
and 
 (d) on and after the date of a Receivables Sale for the Class B(2020-4)
Notes, zero. 
 “Note Interest Rate” means zero; provided that if the Outstanding Dollar Principal Amount is not paid in
full on or prior to the Original Expected Maturity Date, the Note Interest Rate for each Interest Accrual Period shall
be LIBOR + 0.451.95% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided, further, that if the
sum of LIBOR + 0.45% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual Period will be deemed to be 0.00%. twelve 30-day months and a 360-day year.

 “Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof. 

“Original Expected Maturity Date” June 15, 2022. 
 “Outstanding Dollar Principal Amount” means, for the
Class B(2020-4) Notes, notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class B(2020-4) Notes,
the sum of (i) the Initial Dollar Principal Amount of such Notes and (ii) the Class B(2020-4) Accreted Discount as determined in accordance with Section 2.12 hereof,
minus (i) the aggregate amount of principal paid with respect to the Class B(2020-4) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in
respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2020-4) Notes and (b) following the issuance of additional Class B(2020-4) Notes, the sum of (i) the Outstanding Dollar Principal Amount of the Class B(2020-4) Notes determined as of the date of such additional issuance
and (ii) the Class B(2020-4) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as
of the relevant date of determination, of 

  
 5 

 
principal paid with respect to the Class B(2020-4) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant
date of determination, of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class B(2020-4) Notes
after the date of such additional issuance. Notwithstanding the foregoing, if a Receivables Sale has occurred with respect to the Class B(2020-4) Notes, the Outstanding Dollar Principal Amount shall be
zero. 
 “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, (i) for any day in a Due
Period when the Servicer Rating Condition is not satisfied, an amount equal to the Class B Tranche Interest
Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any
day on which the Class B Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the
ClassB Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25., and (ii) for any day in a Due Period when the Servicer Rating Condition is satisfied, zero.  
 “Required Daily Deposit Target Principal Amount” means, for any day
in a Due Period, (i) if such day is in a Due Period in the Accumulation Period for the Class B(2020-4) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if
such day is in a Due Period in the Accumulation Period for the Class B(2020-4) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during
the continuance of a Class B(2020-4) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class B(2020-4) Notes and
(y) the Nominal Liquidation Amount of the Class B(2020-4) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class C Notes” means, for the
Class B(2020-4) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class C Notes for such
Class B(2020-4) Notes and 
 (b) the Encumbered Required Subordinated Amount of
Class C Notes for such Class B(2020-4) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class B(2020-4) Adverse Event, the Required Subordinated Amount of Class C Notes for the
Class B(2020-4) Notes will be the greater of 
 (x) the amount determined above
for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class B(2020-4) Adverse Event shall have occurred. 

  
 6 

 “Required Subordinated Amount of Class D Notes” means,
for the Class B(2020-4) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class D Notes for such
Class B(2020-4) Notes and 
 (b) the Encumbered Required Subordinated Amount of
Class D Notes for such Class B(2020-4) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class B(2020-4) Adverse Event, the Required Subordinated Amount of Class D Notes for the
Class B(2020-4) Notes will be the greater of 
 (x) the amount determined above
for such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which
such Class B(2020-4) Adverse Event shall have occurred. 
 “Required Subordinated
Percentage of Class C Notes (Encumbered)” means, for the Class B(2020-4) Notes, 127.27272728%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes (Unencumbered)” means, for the Class B(2020-4) Notes, 8.28402367%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Encumbered)” means, for the Class B(2020-4) Notes, 154.54545455%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes (Unencumbered)” means, for the Class B(2020-4) Notes, 10.05917160%, subject to adjustment in accordance with Section 2.02. 
 “Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as may replace that page on that service for the
purpose of displaying comparable rates or prices). 

“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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $350,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 

  
 7 

 “Targeted Principal Deposit” means, for the
Class B(2020-4) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a) During the Accumulation Period, beginning with the Accumulation Commencement Date for the
Class B(2020-4) Notes, (x) (i) the Accumulation Amount for the Class B(2020-4) Notes, plus (ii) any Accumulation Amount that was scheduled to
be deposited on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class B(2020-4)
Notes that was applied to the amount in clause (x) in accordance with Section 4.04(a), 
 (b) If the Class B(2020-4) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class B(2020-4) Notes
has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event
has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c) If a Receivables Sale has occurred for the Class B(2020-4) Notes, zero. 

“Unencumbered Amount” means, for the Class B(2020-4) Notes, an amount equal to
the Nominal Liquidation Amount of the Class B(2020-4) Notes minus the Encumbered Amount for the Class B(2020-4) Notes. 

“Unencumbered Required Subordinated Amount of Class C Notes” means, for the
Class B(2020-4) Notes, an amount equal to the product of 
 (a) the Unencumbered
Amount for the Class B(2020-4) Notes and 
 (b) the Required Subordinated
Percentage of Class C Notes (Unencumbered) for the Class B(2020-4) Notes. 

“Unencumbered Required Subordinated Amount of Class D Notes” means, for the
Class B(2020-4) Notes, an amount equal to the product of 
 (a) the Unencumbered
Amount for the Class B(2020-4) Notes and 
 (b) the Required Subordinated
Percentage of Class D Notes (Unencumbered) for the Class B(2020-4) Notes. 

Section 1.02.    Representations and Warranties of Issuer. The Issuer represents and warrants that: 

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and
has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

  
 8 

 (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; 
 (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 

  
 9 

 
made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the
Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being
expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b) None of the Indenture Trustee, the Owner Trustee, the
LIBOR Agent, 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 the Class B(2020-4) 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. The parties agree that this Terms Document, any addendum or
amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Terms Document may be accepted, executed or agreed to through the use of an electronic signature provided by one or more electronic
networks or databases (including one or more distributed electronic networks or databases) provided by any electronic signature provider that creates a record that may be retained, retrieved and reviewed by a recipient thereof and is in accordance
with the Electronic Signatures in Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or agreed to in
conformity with the requirements of this Section 1.06 will be binding on all parties thereto to the same extent as if it were physically executed. 

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.

  
 10 

 ARTICLE II 

THE CLASS B(2020-4) NOTES 

Section 2.01.    Creation and Designation. There is hereby created a Tranche of Class B Notes to be
issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class B(2020-4) Notes.” 

Section 2.02.    Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class C Notes
(Encumbered), the Required Subordinated Percentage of Class C Notes (Unencumbered), the Required Subordinated Percentage of Class D Notes (Encumbered), and the Required Subordinated Percentage of Class D Notes (Unencumbered), in each
case for the Class B(2020-4) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in
such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may,
at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the
Class B(2020-4) 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 without the consent of any Noteholders,
provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries
Notes. 
 Section 2.03.    Interest Payment. For each Interest Payment Date, the amount of interest due with
respect to the Class B(2020-4) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the
related Interest Accrual Period30 and the denominator of which is 360, times 

  

	 	(B)	 the Note Interest Rate in effect with respect to such related Interest Accrual Period, times

  

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class B

	 	(2020-4) Notes determined as of the first date of such related Interest Accrual Period, plus 

any Class B Tranche Interest Allocation Shortfall for such Class B(2020-4) Notes for the immediately
preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of
the actual number of days in the related Interest Accrual Periodtwelve 30-day months and a 360-day year. 

  
 11 

 Section 2.04.    Notification of LIBOR[Reserved]. On each LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the
Class B(2020-4) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Accrual Period. U.S. Bank National Association is appointed
hereunder not in its individual capacity, but solely with respect to calculating the amount of interest to be paid with respect to the Notes, including calculating LIBOR, in the manner and at the times provided herein as LIBOR Agent, and U.S. Bank
National Association hereby accepts such appointment. The rights, protections and immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent acting hereunder; provided, however, that at no time
shall the LIBOR Agent be liable for any mistake of fact or law, any error of judgement, or any act or omission to act except as a result of its own negligence, willful misconduct or fraud.

 The LIBOR Agent shall not have any liability for
(i)the selection of London banks or New York banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of any London banks or New York banks to provide a quotation, or (ii)any quotations
received from such London banks or New York banks, as applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation
to take any action other than the LIBOR Agent’s obligation to take the actions expressly set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication
that is the source for determining the interest rates of the ClassB(2020-4) Notes, including but not limited to the Reuters Screen LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor
thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New York’s Website, or in any of the foregoing cases for any delay, error or inaccuracy in the publication of any
such rates, or for any subsequent correction or adjustment thereto. 
 Other than as expressly set forth in this Agreement, neither the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i)to monitor, determine or verify the
unavailability or cessation of LIBOR (or other applicable benchmark), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii)to
select, determine or designate any alternative replacement rate to LIBOR or any other benchmark replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii)to
select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv)to determine whether or what benchmark replacement conforming changes are necessary or advisable, if any, in
connection with any of the foregoing. 
 Neither the Indenture Trustee nor the LIBOR Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as
a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including
without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such
duties. 

  
 12 

 Section 2.05.    Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class B(2020-4) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment
Date for the Class B(2020-4) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the
Class B(2020-4) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b)
The right of the Class B(2020-4) Noteholders to receive payments from the Issuer will terminate on the Class B(2020-4) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class B(2020-4) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class B(2020-4) Notes. 

Section 2.06.    Form of Delivery of Class B(2020-4)
Notes; Denominations. 
 (a) The Class B(2020-4) Notes shall be delivered in the form of a
definitive Registered Note as provided in Section 201 of the Indenture. The form of the Class B(2020-4) Notes is attached hereto as Exhibit A. 

(b) The Class B(2020-4) Notes 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE
EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC DISCOVER BANK OR THEIR AFFILIATES OR (3) 

  
 13 

 
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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. 

No Class B(2020-4) Notes shall be transferred except in accordance with the transfer restrictions described in
the legend set forth above. 
 (c) The Class B(2020-4) Notes will be issued in minimum
denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 

Section 2.07.    Delivery and Payment for the
Class B(2020-4) Notes. The Issuer shall execute and deliver the Class B(2020-4) Notes to the Indenture Trustee for authentication, and the
Indenture Trustee shall deliver the Class B(2020-4) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08.    [Reserved]. 

Section 2.09.    Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of
Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class B(2020-4) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional
Class B(2020-4) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class B(2020-4) Notes;

  

	 	(ii)	 the amount of such additional Class B(2020-4) Notes being offered,
the purchase price for such additional Class B(2020-4) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class B(2020-4) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class B(2020-4)
Notes after giving effect to the issuance of the additional Class B(2020-4) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class B(2020-4) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class B(2020-4) Notes to clarify the rights of Holders of such additional Class B(2020-4) Notes or the effect of such issuance of additional Class B(2020-4) Notes on any calculations to be made with respect to the Class B(2020-4) Notes, Class B, or the Issuer. 

  
 14 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective
date of such Class B(2020-4) Notes; and 
 (b) no
Class B(2020-4) Adverse Event has occurred and is continuing. 
 The Issuer shall not have to
satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional Class B(2020-4) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class B(2020-4) Notes. 

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 B(2020-4) Notes) 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.    No Payments from Interest Funding Subaccount for Accretion of Principal of the
Class B(2020-4) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class B(2020-4) Notes. 

Section 2.12.    Calculation of Class B(2020-4)
Accreted Discount. The amount of Class B(2020-4) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction
the numerator of which shall be the number of Due Periods elapsed since the Note Issuance Date (or if additional Class B(2020-4) Notes have been issued under Section 2.09, since the Issuance Date of
such additional Notes) and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the ExpectedOriginal Maturity
Date and (y) the Discount Amount. 
 Section 2.13.    [Reserved]. 

Section 2.14.    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 2.14 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 B(2020-4) Notes,
and has no financial interest in the acquisition of such Class B(2020-4) Notes. 

  
 15 

 Section 2.15.    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 2.16.    Additional
Requirements for Registration of and Limitations on Transfer and Exchange of Class B(2020-4) Notes. No Transfer (or purported Transfer) of a
Class B(2020-4) Note (or economic interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal
income tax purposes (except to a person which is considered the same person as Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class B(2020-4) Note shall be void ab
initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2020-4) Note will constitute debt for U.S. federal income tax purposes; provided that any
such Class B(2020-4) Note may be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the
requirement that such Class B(2020-4) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class B(2020-4) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such Class B(2020-4)
Note (e.g., if a portion of the Class B(2020-4) Notes have original issue discount and a portion of the Class B(2020-4) Notes do not), tracking conditions such
as requiring that such Class B(2020-4) Note be in definitive registered form may be required by the Transferor as a condition to such transfer. 

[Remainder of page intentionally blank; signature page follows] 

  
 16 

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

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

		 	Name: Jennifer A. Luce
		 	Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION,
as Indenture Trustee
		
	 By:
	 	 /s/ Christopher J. Nuxoll

		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

 [Signature Page to Class B(2020-4) Terms Document] 

 Exhibit A 

Form of Class B(2020-4) Note 

DISCOVERSERIES CLASS B(2020-4) 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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 AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

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
HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION:
TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1)THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2)THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3)THE YIELD TO MATURITY OF THE
NOTE. 
 DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS
CLASS B NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE AND INDENTURE
SUPPLEMENT REFERRED TO HEREIN. 
 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS DOCUMENT. NO TRANSFER OF THIS
NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL income TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED THE SAME PERSON
AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES; PROVIDED
THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE SHALL NOT BE FURTHER
TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

			
	REGISTERED	  	$[●]*
	No. [●]	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS B(2020-4) 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 $[●] ([●] dollars) payable
on the June 2022May
2023 Payment Date (or such other dates as set forth in the Terms Document (as defined below) the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the June 2024May 2025 Payment Date (or such other
dates as set forth in the Terms Document (as defined below) the “Legal Maturity Date”). If
the Outstanding Dollar Principal Amount is not paid in full on or prior to theAfter the Original
Expected Maturity Date, interest will accrue on this Note at the rate of one-month LIBOR + 0.451.95% per annum, as more specifically set forth in the Class B(2020-4) Terms
Document dated as of December 9, 2020 (as amended by that certain Omnibus Amendment to Terms Documents, dated March [29], 2022 and as further amended from time
to time, the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), 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 for the Class B(2020-4) Notes occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity
Date to but excluding such Interest Payment Date); provided, that if the sum of LIBOR + 0.45% is less than 0.00%, then interest on this Note will be deemed to
accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days
elapsedtwelve 30-day months and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar Principal
Amount is not paid in full on or prior to theoccurring after the Original Expected Maturity Date (as defined in the Terms Document). No principal or interest will be distributed on the Note following the distribution of
proceeds of a Receivables Sale. 
 Series Principal Amounts allocated to the
Class B(2020-4) Notes will be applied first to pay shortfalls in interest on Class A Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make
Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes,
including the Class B(2020-4) Notes. Principal will not be paid on the Class B(2020-4) Notes prior to their Legal Maturity Date unless the Class A Usage
of Class B Notes is zero for each Tranche of Class A Notes of the DiscoverSeries and the required level of subordination for the Class A Notes of the DiscoverSeries is available after giving effect to such payment. 

 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 $346,658,043. 
 The Stated Principal Amount of this Note is $350,000,000. 

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

 

	*	 Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

 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: ___________, 20__

 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: ___________, 20__

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its
Class B(2020-4) DiscoverSeries Notes (herein called the “Class B(2020-4) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further 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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further 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 B(2020-4) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class B(2020-4) 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 A Notes, the Class C Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class B Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class B(2020-4) 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. 
 The
Class B(2020-4) Notes are subordinated in right of payment of principal and interest to the Class A Notes and provide loss protection to the Class A Notes of the DiscoverSeries, to the extent
set forth in the Indenture Supplement. Principal Amounts allocable to the Class B(2020-4) Notes may be applied to pay the Class A Interest Allocation or the Series Servicing Fees of the
DiscoverSeries, to the extent set forth in the Indenture Supplement. 
 The Stated Principal Amount of the
Class B(2020-4) Notes will be payable on the Expected Maturity Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 

As described above, the entire unpaid Stated Principal Amount of this Class B(2020-4) Note shall
be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar Principal Amount of the Class B(2020-4) Notes shall be due and payable on the date on
which an Event of Default relating to the Class B(2020-4) 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 B(2020-4) 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 Outstanding Dollar 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, if any, 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 B(2020-4) Notes
of record on the related Record Date (except for the final distribution with respect to the Class B(2020-4) Notes) the pro rata share for such Holder of
Class B(2020-4) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class B Notes. 
 Payments of interest on this Class B(2020-4) 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 B(2020-4) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class B(2020-4) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class B(2020-4) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. 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 B(2020-4) Note be submitted for notation of payment. Any reduction in the principal amount of this Class B(2020-4) 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 B(2020-4) Note and of any
Class B(2020-4) 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 B(2020-4) Note on a Payment 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 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 B(2020-4) 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. 

 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 B(2020-4) Note may be registered on the Note Register upon surrender of this
Class B(2020-4) 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 B(2020-4) 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 B(2020-4) 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 B(2020-4) Note or, in the case of a Note Owner, a beneficial interest in a Class B(2020-4) Note, covenants and agrees that by
accepting the benefits of the Indenture that it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution
against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 

Prior to the due presentment for registration of transfer of this Class B(2020-4) 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 B(2020-4) 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 B(2020-4) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding
Dollar Principal Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class B(2020-4) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class B(2020-4) 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 B(2020-4) 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 B(2020-4) 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 Class B(2020-4) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS B(2020-4) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class B(2020-4) 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 B(2020-4) 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 B(2020-4) 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 B(2020-4) Note. 

 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. 

 ANNEX D 

Class C(2020-3) Terms Document 

[SEE ATTACHED] 

 Execution Version 

Conformed Through Omnibus Amendment No. 1 Dated, March 29, 2022

  
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS C(2020-3) TERMS DOCUMENT 
 Dated as of December 9, 2020 

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	  	 	8	 
	 Section 1.06.
	  	Counterparts	  	 	8	 
	 Section 1.07.
	  	Ratification of Indenture and Indenture Supplement	  	 	9	 
		
	 ARTICLE II. THE CLASS C(2020-3) NOTES
	  	 	9	 
			
	 Section 2.01.
	  	Creation and Designation	  	 	9	 
	 Section 2.02.
	  	Adjustments to Required Subordinated Percentage and Amount	  	 	9	 
	 Section 2.03.
	  	Interest Payment	  	 	9	 
	 Section 2.04.
	  	 [Reserved]
	  	 	10	 
	 Section 2.05.
	  	Payments of Interest and Principal	  	 	10	 
	 Section 2.06.
	  	Form of Delivery of Class C(2020-3) Notes; Denominations	  	 	10	 
	 Section 2.07.
	  	Delivery and Payment for the Class C(2020-3) Notes	  	 	11	 
	 Section 2.08.
	  	[Reserved]	  	 	11	 
	 Section 2.09.
	  	Additional Issuances of Notes	  	 	11	 
	 Section 2.10.
	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	12	 
	 Section 2.11.
	  	No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-3) Notes	  	 	12	 
	 Section 2.12.
	  	Calculation of Class C(2020-3) Accreted Discount	  	 	12	 
	 Section 2.13.
	  	[Reserved]	  	 	13	 
	 Section 2.14.
	  	Duties of the Indenture Trustee	  	 	13	 
	 Section 2.15.
	  	Seller’s Interest to Be Included in the Monthly Statement	  	 	13	 
	 Section 2.16.
	  	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-3) Notes	  	 	13	 
			
		  	 Exhibit
	  			
			
		  	Exhibit A        Form of Class C(2020-3) Note	  			

  
 i 

 THIS CLASS C(2020-3) 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 December 9, 2020. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C 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
December 9, 2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (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 C(2020-3) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class C(2020-3) 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. 
 “Accumulation Amount” means $380,000,000. 

“Accumulation Commencement Date” means
MarchFebruary 1,
2022.2023.

 “Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class C(2020-3) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class C(2020-3) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class C(2020-3) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class C(2020-3) Notes or (b) an Event of Default and acceleration of the Class C(2020-3)
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 C(2020-3) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class C(2020-3) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class C(2020-3) Note and duly executed and authenticated in accordance with the Indenture. 

“Class C(2020-3) Noteholder” means a Person in whose name a Class C(2020-3) Note is registered in the Note Register. 
 “Class C(2020-3) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class C(2020-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class C Reserve Account Percentage” means 0.00%. 

“Class C Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class C(2020-3) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, for any Distribution Date after the Original Expected Maturity Date, the Class C Tranche Interest 

  
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Allocation shall be the Class C Interest for the Class C(2020-3) Notes plus any Interest Allocation Shortfall from the prior Distribution Date.
Following a Receivables Sale for the Class C(2020-3) Notes, the Class C Tranche Interest Allocation shall be zero. 

“Discount Amount” means initially $6,549,982; provided that following any issuance of additional Class C(2020-3) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class C(2020-3) Notes, an amount equal to

 (a)    the Nominal Liquidation Amount of the Class C(2020-3) Notes,
divided by 
 (b)    the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries,
multiplied by 
 (c)    the sum of (i) the aggregate Required Subordinated Amount of Class C Notes for
all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class B Notes equal to zero and a Required Subordinated Amount of Class C Notes greater than zero and (ii) the aggregate Required
Subordinated Amount of Class C Notes for all Tranches of Class B Notes in the DiscoverSeries with a Required Subordinated Amount of Class C Notes greater than zero. 

“Encumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-3) Notes, the product of 
 (a)    the sum of (1) the
aggregate Required Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate
Unencumbered Required Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 

(b)    a percentage equivalent to a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2020-3) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for
such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means
AprilMarch 15,
2022.2023.

 “Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the
Issuer and Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement may be further
amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
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 “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 amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of
August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $373,450,018 or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the period
from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the
Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date). 

“Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the fifteenth day of each month commencing on May 16, 2022, or if such fifteenth day is
not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means December 9, 2020 with respect to
all Class C(2020-3) Notes issued on the date hereof and, with respect to any additional Class C(2020-3) Notes issued pursuant to Section 2.09, any
Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means April 15, 2024.March 17, 2025. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which
appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the basis of the rates at which deposits in United States dollars
are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration
comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to provide a quotation of its rate. If at least two such quotations
are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the
Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. In the event the
LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous LIBOR Determination Date or, with respect
to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last
date most recently occurring prior to such LIBOR Determination Date.  

  
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“LIBOR Agent” means U.S. Bank National Association, not in its individual capacity, but solely as LIBOR agent. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not
required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the
commencement of an Interest Accrual Period. 
 “Nominal Liquidation
Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class C(2020-3) Notes: 

(a)    on the Issuance Date thereof, $380,000,000; 

(b)    on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the
Indenture Supplement and Section 2.09 hereof; 
 (c)    on any date, other than a Distribution Date, on which
Prefunding Excess Amount are withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so
withdrawn; and 
 (d)    on and after the date of a Receivables Sale for the
Class C(2020-3) Notes, zero. 
 “Note Interest Rate” means zero; provided that
if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the
Note Interest Rate for each Interest Accrual Period shall be LIBOR +
1.002.25% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided, further, that if the sum of LIBOR + 1.00% for such Interest Accrual Period is less than 0.00%, then the Note
Interest Rate for such Interest Accrual Period will be deemed to be 0.00%twelve 30-day months and a 360-day year. 
 “Notice of Additional
Issuance” has the meaning set forth in Section 2.09 hereof. 
 “Original Expected Maturity Date” April 15, 2022. 

“Outstanding Dollar Principal Amount” means, for the Class C(2020-3) Notes,
notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class C(2020-3) Notes, the sum of (i) the Initial Dollar Principal Amount of such
Notes and (ii) the Class C(2020-3) Accreted Discount as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class C(2020-3) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal
Funding Subaccount, as applicable, for the Class C(2020-3) Notes and (b) following the issuance of additional Class C(2020-3) Notes, the sum of
(i) the Outstanding Dollar Principal Amount of the Class C(2020-3) 

  
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Notes determined as of the date of such additional issuance and (ii) the Class C(2020-3) Accreted Discount accreted after the date of such
additional issuance, as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant date of determination, of principal paid with respect to the
Class C(2020-3) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination, of principal of funds on deposit in respect of principal in the
Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class C(2020-3) Notes after the date of such additional issuance. Notwithstanding the foregoing, if a
Receivables Sale has occurred with respect to the Class C(2020-3) Notes, the Outstanding Dollar Principal Amount shall be zero. 

“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,
(i
) for any day in a Due Period when the Servicer Rating Condition is not satisfied, an amount equal to the Class C Tranche Interest Allocation for the
related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the
Class C Tranche Interest Allocation cannot be
determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class C Tranche Interest Allocation determined based on a pro forma
calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by
1.25., and (ii) for any day in a Due Period when the Servicer Rating Condition is satisfied, zero. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such day is in a Due Period
in the Accumulation Period for the Class C(2020-3) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if such day is in a Due Period in the Accumulation Period
for the Class C(2020-3) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during the continuance of a
Class C(2020-3) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class C(2020-3) Notes and (y) the Nominal Liquidation
Amount of the Class C(2020-3) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-3) Notes for any date of determination, an amount equal to the sum of 

(a)    the Unencumbered Required Subordinated Amount of Class D Notes for such
Class C(2020-3) Notes and 
 (b)    the Encumbered Required Subordinated
Amount of Class D Notes for such Class C(2020-3) Notes; 

  
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 provided, however, that for any date of determination on or after the occurrence and during the
continuation of a Class C(2020-3) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class C(2020-3) 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 C(2020-3) Adverse Event shall have occurred. 
 “Required Subordinated Percentage
of Class D Notes (Unencumbered)” means, for the Class C(2020-3) Notes, 9.28961749%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen
(or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $380,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 
 “Targeted Principal Deposit” means, for the
Class C(2020-3) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a)    During the Accumulation Period, beginning with the Accumulation Commencement Date for the Class C(2020-3) Notes, (x) (i) the Accumulation Amount for the Class C(2020-3) Notes, plus (ii) any Accumulation Amount that was scheduled to be deposited
on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class C(2020-3) Notes that was
applied to the amount in clause (x) in accordance with Section 4.04(a), 
 (b)    If the Class C(2020-3) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class C(2020-3) Notes
has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event
has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

  
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 (c)    If a Receivables Sale has occurred for the Class C(2020-3) Notes, zero. 
 “Unencumbered Amount” means, for the Class C(2020-3) Notes, an amount equal to the Nominal Liquidation Amount of the Class C(2020-3) Notes minus the Encumbered Amount for the Class C(2020-3) Notes. 
 “Unencumbered Required Subordinated Amount of
Class D Notes” means, for the Class C(2020-3) Notes, an amount equal to the product of 

(a)    the Unencumbered Amount for the Class C(2020-3) Notes and 

(b)    the Required Subordinated Percentage of Class D Notes (Unencumbered) for the
Class C(2020-3) Notes. 
 Section 1.02.    Representations and
Warranties of Issuer. The Issuer represents and warrants that: 
 (a)    the Issuer has been duly formed and is
validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b)    the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all
necessary 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; 
 (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 

  
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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 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 LIBOR Agent, 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 the
Class C(2020-3) 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.

  
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 Section 1.06.    Counterparts. This Terms Document may be
executed in any number of counterparts, each of which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. The parties agree that this Terms Document, any addendum or
amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Terms Document may be accepted, executed or agreed to through the use of an electronic signature provided by one or more electronic
networks or databases (including one or more distributed electronic networks or databases) provided by any electronic signature provider that creates a record that may be retained, retrieved and reviewed by a recipient thereof and is in accordance
with the Electronic Signatures in Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or agreed to in
conformity with the requirements of this Section 1.06 will be binding on all parties thereto to the same extent as if it were physically executed. 

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 C(2020-3) NOTES 
 Section 2.01.    Creation and Designation.
There is hereby created a Tranche of Class C Notes to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class C(2020-3)
Notes.” 
 Section 2.02.    Adjustments to Required Subordinated Percentage and Amount. 

(a)    On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of
Class D Notes (Unencumbered) for the Class C(2020-3) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating
Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(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 D Notes for the Class C(2020-3) 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
without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for
any Tranche of Outstanding DiscoverSeries Notes. 

  
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 Section 2.03.    Interest Payment. For each Interest Payment
Date, the amount of interest due with respect to the Class C(2020-3) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the
related Interest Accrual Period30 and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

 

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class C(2020-3)
Notes determined as of the first date of such related Interest Accrual Period, plus 

 any Class C Tranche Interest Allocation
Shortfall for such Class C(2020-3) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Periodtwelve 30-day months and a 360-day year.

 Section 2.04. Notification of LIBOR. On each
LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class C(2020-3) Notes are then listed (if the rules of such exchange so require), by
facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Accrual Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the
amount of interest to be paid with respect to the Notes, including calculating LIBOR, in the manner and at the times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. The rights, protections and
immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent acting hereunder; provided, however, that at no time shall the LIBOR Agent be liable for any mistake of fact or law, any error of
judgement, or any act or omission to act except as a result of its own negligence, willful misconduct or fraud.
[Reserved] 

The LIBOR Agent shall not have any liability for
(i) the selection of London banks or New York
banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of any London banks or New York banks to provide a quotation, or (ii) any quotations received from such London banks or New York banks, as
applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation to take any action other than the LIBOR
Agent’s obligation to take the actions expressly
set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Class C(2020-3) Notes, including but not limited to the Reuters Screen
LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New
York’s Website, or in any of the foregoing cases
for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.  

  
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 Other than
as expressly set forth in this Agreement, neither the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or whether
or when there has occurred, or to give notice to any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or
any other benchmark replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment,
or other modifier to any replacement or successor index, or (iv) to determine whether or what benchmark replacement conforming changes are necessary or advisable, if any, in connection with any of the foregoing. 

Neither the Indenture Trustee nor the LIBOR Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including
as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or
contemplated by the terms of this Agreement and reasonably required for the performance of such duties.  

Section 2.05.Section 2.05.    Payments of Interest and Principal. (a) The Issuer will cause interest
to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such
payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided, further, that if a Class C(2020-3) Adverse Event has occurred and is continuing, principal will
instead be payable in monthly installments on each Principal Payment Date for the Class C(2020-3) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and
principal on the Class C(2020-3) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b)    The right of the Class C(2020-3) Noteholders to receive payments from
the Issuer will terminate on the Class C(2020-3) Termination Date. 

(c)    All payments of principal, interest or other amounts to the
Class C(2020-3) Noteholders will be made pro rata based on the Stated Principal Amount of their Class C(2020-3) Notes. 

Section 2.06.Section 2.06.    Form of Delivery of Class C(2020-3) Notes; Denominations. (a) The Class C(2020-3) Notes shall be delivered in the form of a definitive Registered Note as provided in Section 201 of the
Indenture. The form of the Class C(2020-3) Notes is attached hereto as Exhibit A. (b)    The Class C(2020-3) Notes 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 

  
 11 

 
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, DISCOVER FUNDING LLC 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, IN THE
CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT, IF APPLICABLE, 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. 
 No Class C(2020-3)
Notes shall be transferred except in accordance with the transfer restrictions described in the legend set forth above. 

(c)    The Class C(2020-3) Notes will be issued in minimum denominations of
$100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07.Section 2.07.    Delivery and Payment for the Class C(2020-3) Notes. The Issuer shall execute and deliver the
Class C(2020-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2020-3) Notes when authenticated, each
in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08.Section 2.08.    [Reserved] 

Section 2.09.Section 2.09.    Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and
(v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class C(2020-3) Notes, so long as the following conditions precedent are satisfied: 

(a)    the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class C(2020-3) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class C(2020-3) Notes;

  
 12 

	 	(ii)	 the amount of such additional Class C(2020-3) Notes being offered,
the purchase price for such additional Class C(2020-3) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class C(2020-3) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class C(2020-3)
Notes after giving effect to the issuance of the additional Class C(2020-3) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class C(2020-3) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class C(2020-3) Notes to clarify the rights of Holders of such additional Class C(2020-3) Notes or the effect of such issuance of additional Class C(2020-3) Notes on any calculations to be made with respect to the Class C(2020-3) Notes, Class C, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such
Class C(2020-3) Notes; and 
 (b)    no
Class C(2020-3) Adverse Event has occurred and is continuing. 
 The Issuer shall not have to
satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional Class C(2020-3) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class C(2020-3) Notes. 
 Section 2.10.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 C(2020-3) Notes) 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.Section 2.11.    No Payments from Interest Funding Subaccount for Accretion of Principal of the
Class C(2020-3) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class C(2020-3) Notes. 

  
 13 

Section 2.12.Section 2.12.    
Calculation of Class C(2020-3) Accreted Discount. The amount of Class C(2020-3)
Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction the numerator of which shall be the number of Due Periods elapsed since the Note Issuance Date
(or if additional Class C(2020-3) Notes have been issued under Section 2.09, since the Issuance Date of such additional Notes) and the denominator of which shall be the number of Due Periods from the
Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Original Expected Maturity Date and (y) the Discount Amount. 
 Section 2.13.Section 2.13.    [Reserved] 

Section 2.14.Section 2.14.    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 2.14 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 C(2020-3) Notes, and has no financial interest in the acquisition of such Class C(2020-3) Notes. 

Section 2.15.Section 2.15.    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 2.16.Section 2.16.    Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-3) Notes. No Transfer (or purported
Transfer) of a Class C(2020-3) Note (or economic interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except
to a person which is considered the same person as Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class C(2020-3) Note shall be void ab initio unless an Opinion of
Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2020-3) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2020-3) Note may be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the
requirement that such Class C(2020-3) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2020-3) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such Class C(2020-3)
Note (e.g., if a portion of the Class C(2020-3) Notes have original issue discount and a portion of the Class C(2020-3) Notes do not), tracking conditions such
as requiring that such Class C(2020-3) Note be in definitive registered form may be required by the Transferor as a condition to such transfer. 

[Remainder of page intentionally blank; signature page follows] 

  
 14 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,

as Issuer

		
	By:	 	 Wilmington Trust Company,
 not in its
individual capacity but solely as Owner Trustee

		
	By:	 	 /s/ Jennifer A. Luce

	Name:	 	Jennifer A. Luce
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Indenture Trustee

		
	 By:
	 	 /s/ Christopher J. Nuxoll

	Name:	 	Christopher J. Nuxoll
	Title:	 	Vice President

 Exhibit A 

Form of Class C(2020-3) Note 

DISCOVERSERIES CLASS C(2020-3) 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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 AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

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. 

  
 Ex. A-1 

 THIS NOTE HAS BEEN ISSUED
WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND
(3) THE YIELD TO MATURITY OF THE
NOTE. 
 DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS
CLASS C NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES AND THE CLASS B NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE
INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 
 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS
DOCUMENT. NO TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH
IS CONSIDERED THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL
INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT
THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

  
 Ex. A-2 

			
	REGISTERED	  	$[●]*
	No. [●]	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS C(2020-3) 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 $[•] ([•] dollars) payable on
the April 2022March
2023 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the April
2024March 2025 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Legal Maturity Date”).
If the Outstanding Dollar Principal Amount is not paid in full on or prior to theAfter the Original Expected Maturity Date
(as defined in the Terms Document), interest will accrue on this Note at the rate of one-month LIBOR +
1.002.25% per annum, as more specifically set forth in the
Class C(2020-3) Terms Document dated as of December 9, 2020 (as amended by that certain Omnibus Amendment to Terms
Documents, dated March [29], 2022 and as further amended from time to time, the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), 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 for the Class C(2020-3) Notes occurring after
the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date) ); provided, that if the sum of LIBOR + 1.00% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days elapsedtwelve 30-day months and a 360-day year. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar Principal Amount is not paid in full on or prior to
theoccurring after the Original Expected Maturity Date (as defined in the Terms Document). No principal or interest will be distributed on the Note following the distribution of
proceeds of a Receivables Sale. 
 Series Principal Amounts allocated to the
Class C(2020-3) Notes will be applied first to pay shortfalls in interest on Class A Notes and Class B Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries,
and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes and Class B Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal
Funding Subaccounts of Subordinate Notes, including the Class C(2020-3) Notes. Principal will not be paid on the Class C(2020-3) Notes prior to their Legal
Maturity Date unless each of the Class A Usage of Class C Notes and the Class B Usage of Class C Notes is zero for each Tranche of Class A Notes and Class B Notes of the DiscoverSeries and the required level of
subordination for the Class A Notes and Class B Notes of the DiscoverSeries is available after giving effect to such payment. 

  
 Ex. A-3 

 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 $373,450,018. 
 The Stated Principal Amount of this Note is $380,000,000. 

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

 
  

* Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  
 Ex. 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:

  
 Ex. 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:

  
 Ex. 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 C(2020-3) DiscoverSeries Notes (herein called the “Class C(2020-3) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further 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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further 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 C(2020-3) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class C(2020-3) 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 A Notes, the Class B Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class C Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class C(2020-3) 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. 
 The
Class C(2020-3) Notes are subordinated in right of payment of principal and interest to the Class A Notes and the Class B Notes and provide loss protection to the Class A Notes and the
Class B Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class C(2020-3) Notes may be applied to pay the Class A Interest
Allocation and the Class B Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 

The Stated Principal Amount of the Class C(2020-3) Notes will be payable on the Expected Maturity
Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described
above, the entire unpaid Stated Principal Amount of this Class C(2020-3) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar
Principal Amount of the Class C(2020-3) Notes shall be due and payable on the date on which an Event of Default relating to the Class C(2020-3) 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 C(2020-3) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,

  
 Ex. A-7 

 
however, that such acceleration of the entire unpaid Outstanding Dollar 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, if any, 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 C(2020-3) Notes
of record on the related Record Date (except for the final distribution with respect to the Class C(2020-3) Notes) the pro rata share for such Holder of
Class C(2020-3) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class C Notes. 
 Payments of interest on this Class C(2020-3) 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 C(2020-3) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class C(2020-3) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class C(2020-3) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. 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 C(2020-3) Note be submitted for notation of payment. Any reduction in the principal amount of this Class C(2020-3) 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 C(2020-3) Note and of any
Class C(2020-3) 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 C(2020-3) Note on a Payment 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 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 C(2020-3) 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. 
 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 C(2020-3) Note may be 

  
 Ex. A-8 

 
registered on the Note Register upon surrender of this Class C(2020-3) 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 C(2020-3) 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 C(2020-3) 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 C(2020-3) Note or, in the case of a Note Owner, a beneficial interest in a
Class C(2020-3) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for registration of
transfer of this Class C(2020-3) 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 C(2020-3) 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 C(2020-3) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of each adversely affected
Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Class C(2020-3) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class C(2020-3) 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 C(2020-3) Note.

  
 Ex. A-9 

 
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 C(2020-3) 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
Class C(2020-3) Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

THIS CLASS C(2020-3) NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

 No reference herein to the Indenture and no provision of this Class C(2020-3) 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 C(2020-3) 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 C(2020-3) 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 C(2020-3) Note. 

  
 Ex. A-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

                
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

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

 

							
	Dated:	 		 		 	
             

		 		 		 	Signature Guaranteed:

  
  

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

  
 Ex. A-11 

 ANNEX E 

Class C(2020-4) Terms Document 

[SEE ATTACHED] 

 Execution Version 

Conformed Through Omnibus Amendment No. 1 Dated, March 29, 2022 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS C(2020-4) TERMS DOCUMENT 
 Dated as of December 9, 2020 

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
	  	 	8	 
			
	 Section 1.03.
	 	 Representations and Warranties of Indenture Trustee
	  	 	9	 
			
	 Section 1.04.
	 	 Limitations on Liability
	  	 	9	 
			
	 Section 1.05.
	 	 Governing Law
	  	 	9	 
			
	 Section 1.06.
	 	 Counterparts
	  	 	9	 
			
	 Section 1.07.
	 	 Ratification of Indenture and Indenture Supplement
	  	 	10	 
			
	 ARTICLE II.
	 	THE CLASS C(2020-4) NOTES	  	 	10	 
			
	 Section 2.01.
	 	 Creation and Designation
	  	 	10	 
			
	 Section 2.02.
	 	 Adjustments to Required Subordinated Percentage and Amount
	  	 	10	 
			
	 Section 2.03.
	 	 Interest Payment
	  	 	10	 
			
	 Section 2.04.
	 	 [Reserved] 
	  	 	11	 
			
	 Section 2.05.
	 	 Payments of Interest and Principal
	  	 	12	 
			
	 Section 2.06.
	 	 Form of Delivery of Class C(2020-4) Notes;
Denominations
	  	 	12	 
			
	 Section 2.07.
	 	 Delivery and Payment for the
Class C(2020-4) Notes
	  	 	13	 
			
	 Section 2.08.
	 	 [Reserved]
	  	 	13	 
			
	 Section 2.09.
	 	 Additional Issuances of Notes
	  	 	13	 
			
	 Section 2.10.
	 	 Designation of Additional Amounts to Be Included in the Excess Spread Amount for the
DiscoverSeries Notes
	  	 	14	 
			
	 Section 2.11.
	 	 No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-4) Notes
	  	 	14	 
			
	 Section 2.12.
	 	 Calculation of Class C(2020-4) Accreted
Discount
	  	 	14	 
			
	 Section 2.13.
	 	 [Reserved]
	  	 	14	 
			
	 Section 2.14.
	 	 Duties of the Indenture Trustee
	  	 	14	 
			
	 Section 2.15.
	 	 Seller’s Interest to Be Included in the Monthly Statement
	  	 	15	 
			
	 Section 2.16.
	 	 Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-4) Notes
	  	 	15	 

 Exhibit 
  

			
	Exhibit A	  	Form of Class C(2020-4) Note

  
 i 

 THIS CLASS C(2020-4) 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 December 9, 2020. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C 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
December 9, 2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (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 C(2020-4) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class C(2020-4) 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. 
 “Accumulation Amount” means $380,000,000. 

“Accumulation Commencement Date” means
AprilMarch 1, 2022.2023. 

“Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class C(2020-4) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class C(2020-4) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class C(2020-4) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class C(2020-4) Notes or (b) an Event of Default and acceleration of the Class C(2020-4)
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 C(2020-4) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class C(2020-4) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class C(2020-4) Note and duly executed and authenticated in accordance with the Indenture. 

“Class C(2020-4) Noteholder” means a Person in whose name a Class C(2020-4) Note is registered in the Note Register. 
 “Class C(2020-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class C(2020-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class C Reserve Account Percentage” means 0.00%. 

“Class C Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class C(2020-4) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, for any Distribution Date after the Original Expected Maturity Date, the Class C Tranche Interest Allocation shall be the Class C Interest for the Class C(2020-4) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class C(2020-4) Notes, the
Class C Tranche Interest Allocation shall be zero. 

  
 2 

 “Discount Amount” means initially $6,549,982; provided that following any
issuance of additional Class C(2020-4) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class C(2020-4) Notes, an amount equal to

 (a)    the Nominal Liquidation Amount of the Class C(2020-4) Notes,
divided by 
 (b)    the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries,
multiplied by 
 (c)    the sum of (i) the aggregate Required Subordinated Amount of Class C Notes for
all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class B Notes equal to zero and a Required Subordinated Amount of Class C Notes greater than zero and (ii) the aggregate Required
Subordinated Amount of Class C Notes for all Tranches of Class B Notes in the DiscoverSeries with a Required Subordinated Amount of Class C Notes greater than zero. 

“Encumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-4) Notes, the product of 
 (a)    the sum of (1) the
aggregate Required Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate
Unencumbered Required Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 

(b)    a percentage equivalent to a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2020-4) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for
such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means May 16,
2022.April 17, 2023. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement 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 amended by Amendment No. 1 to Master Indenture and Amendment
No. 1 

  
 3 

 
to Indenture Supplement, dated as of August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $373,450,018 or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the period
from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the
Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date). 

“Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the fifteenth day of each month commencing on June 15, 2022, or if such fifteenth day
is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means December 9, 2020 with respect
to all Class C(2020-4) Notes issued on the date hereof and, with respect to any additional Class C(2020-4) Notes issued pursuant to Section 2.09, any
Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means MayApril 15, 2024.2025. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which
appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the basis of the rates at which deposits in United States dollars
are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration
comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to provide a quotation of its rate. If at least two such quotations
are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the
Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. In the event the
LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous LIBOR Determination Date or, with respect
to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last
date most recently occurring prior to such LIBOR Determination Date.  

  
 4 

“LIBOR Agent” means U.S. Bank National Association, not in its individual capacity, but solely as LIBOR agent. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not
required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the
commencement of an Interest Accrual Period. 
 “Nominal Liquidation
Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class C(2020-4) Notes: 

(a)    on the Issuance Date thereof, $380,000,000; 

(b)    on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the
Indenture Supplement and Section 2.09 hereof; 
 (c)    on any date, other than a Distribution Date, on which
Prefunding Excess Amount are withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so
withdrawn; and 
 (d)    on and after the date of a Receivables Sale for the
Class C(2020-4) Notes, zero. 
 “Note Interest Rate” means zero; provided that
if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the
Note Interest Rate for each Interest Accrual Period shall be LIBOR +
1.002.25% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided, further, that if the sum of LIBOR + 1.00% for such Interest Accrual Period is less than 0.00%, then the Note
Interest Rate for such Interest Accrual Period will be deemed to be 0.00%twelve 30-day months and a 360-day year. 
 “Notice of Additional
Issuance” has the meaning set forth in Section 2.09 hereof. 
 “Original Expected Maturity Date” May 16, 2022. 

“Outstanding Dollar Principal Amount” means, for the Class C(2020-4) Notes,
notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class C(2020-4) Notes, the sum of (i) the Initial Dollar Principal Amount of such
Notes and (ii) the Class C(2020-4) Accreted Discount as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class C(2020-4) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal
Funding Subaccount, as applicable, for the Class C(2020-4) Notes and (b) following the issuance of additional Class C(2020-4) Notes, the sum of
(i) the Outstanding Dollar Principal Amount of the Class C(2020-4) Notes determined as of the date of such additional issuance and (ii) the
Class C(2020-4) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant
date of determination, of 

  
 5 

 
principal paid with respect to the Class C(2020-4) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant
date of determination, of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class C(2020-4) Notes
after the date of such additional issuance. Notwithstanding the foregoing, if a Receivables Sale has occurred with respect to the Class C(2020-4) Notes, the Outstanding Dollar Principal Amount shall be
zero. 
 “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,
(i) for any day in a Due
Period when the Servicer Rating Condition is not satisfied, an amount equal to the Class C Tranche Interest
Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any
day on which the Class C Tranche Interest
Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class C Tranche Interest Allocation determined based on a pro forma
calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by
1.25., and (ii) for any day in a Due Period when the Servicer Rating Condition is satisfied, zero. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such day is in a Due Period
in the Accumulation Period for the Class C(2020-4) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if such day is in a Due Period in the Accumulation Period
for the Class C(2020-4) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during the continuance of a
Class C(2020-4) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class C(2020-4) Notes and (y) the Nominal Liquidation
Amount of the Class C(2020-4) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-4) Notes for any date of determination, an amount equal to the sum of 

(a)    the Unencumbered Required Subordinated Amount of Class D Notes for such
Class C(2020-4) Notes and 
 (b)    the Encumbered Required Subordinated
Amount of Class D Notes for such Class C(2020-4) Notes; 
 provided, however, that for any date of
determination on or after the occurrence and during the continuation of a Class C(2020-4) Adverse Event, the Required Subordinated Amount of Class D Notes for the
Class C(2020-4) Notes will be the greater of 
 (x)    the amount
determined above for such date of determination and 

  
 6 

 (y)    the amount determined above for the date immediately prior to the
date on which such Class C(2020-4) Adverse Event shall have occurred. 
 “Required
Subordinated Percentage of Class D Notes (Unencumbered)” means, for the Class C(2020-4) Notes, 9.28961749%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen
(or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $380,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 
 “Targeted Principal Deposit” means, for the
Class C(2020-4) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a)    During the Accumulation Period, beginning with the Accumulation Commencement Date for the Class C(2020-4) Notes, (x) (i) the Accumulation Amount for the Class C(2020-4) Notes, plus (ii) any Accumulation Amount that was scheduled to be deposited
on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class C(2020-4) Notes that was
applied to the amount in clause (x) in accordance with Section 4.04(a), 
 (b)    If the Class C(2020-4) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class C(2020-4) Notes
has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event
has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c)    If a Receivables Sale has occurred for the Class C(2020-4) Notes,
zero. 
 “Unencumbered Amount” means, for the Class C(2020-4) Notes, an amount
equal to the Nominal Liquidation Amount of the Class C(2020-4) Notes minus the Encumbered Amount for the Class C(2020-4) Notes. 

  
 7 

 “Unencumbered Required Subordinated Amount of Class D
Notes” means, for the Class C(2020-4) Notes, an amount equal to the product of 

(a)    the Unencumbered Amount for the Class C(2020-4) Notes and 

(b)    the Required Subordinated Percentage of Class D Notes (Unencumbered) for the
Class C(2020-4) Notes. 
 Section 1.02.    Representations and
Warranties of Issuer. The Issuer represents and warrants that: 
 (a)    the Issuer has been duly formed and is
validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b)    the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all
necessary 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; 
 (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. 

  
 8 

 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 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 LIBOR Agent, 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 the
Class C(2020-4) 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. The parties agree that this Terms Document, any addendum or amendment hereto or any other document necessary
for the consummation of the transaction contemplated by this Terms Document may be accepted, executed or agreed to through the use of an electronic signature provided by one or more electronic networks or databases (including one or more distributed
electronic networks or databases) provided by any electronic signature provider that creates a record that may be retained, retrieved and reviewed by a recipient thereof and is in accordance with the Electronic Signatures in Global

  
 9 

 
and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or agreed
to in conformity with the requirements of this Section 1.06 will be binding on all parties thereto to the same extent as if it were physically executed. 

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 C(2020-4) NOTES 
 Section 2.01.    Creation and Designation.
There is hereby created a Tranche of Class C Notes to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class C(2020-4)
Notes.” 
 Section 2.02.    Adjustments to Required Subordinated Percentage and Amount. 

(a)    On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of
Class D Notes (Unencumbered) for the Class C(2020-4) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating
Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(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 D Notes for the Class C(2020-4) 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
without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for
any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03.    Interest Payment. For each Interest
Payment Date, the amount of interest due with respect to the Class C(2020-4) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the
related Interest Accrual Period30 and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

  
 10 

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class C(2020-4)
Notes determined as of the first date of such related Interest Accrual Period, plus 

 any Class C Tranche Interest Allocation
Shortfall for such Class C(2020-4) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Periodtwelve 30-day months and a 360-day year.

 Section 2.04. Notification of LIBOR. On each
LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class C(2020-4) Notes are then listed (if the rules of such exchange so require), by
facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Accrual Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the
amount of interest to be paid with respect to the Notes, including calculating LIBOR, in the manner and at the times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. The rights, protections and
immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent acting hereunder; provided, however, that at no time shall the LIBOR Agent be liable for any mistake of fact or law, any error of
judgement, or any act or omission to act except as a result of its own negligence, willful misconduct or fraud.
[Reserved] 

The LIBOR Agent shall not have any liability for
(i) the selection of London banks or New York
banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of any London banks or New York banks to provide a quotation, or (ii) any quotations received from such London banks or New York banks, as
applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation to take any action other than the LIBOR
Agent’s obligation to take the actions expressly
set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Class C(2020-4) Notes, including but not limited to the Reuters Screen
LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New
York’s Website, or in any of the foregoing cases
for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.  

Other than as expressly set forth in this Agreement, neither
the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or whether or when there has occurred, or to give notice to
any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or any other benchmark replacement, or other successor or replacement benchmark index, or
whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what benchmark replacement conforming changes
are necessary or advisable, if any, in connection with any of the foregoing. 

  
 11 

 Neither
the Indenture Trustee nor the LIBOR Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence
of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction,
instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties.  

Section 2.05.Section 2.05.    Payments of Interest and Principal. (a) The Issuer will cause interest
to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such
payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided, further, that if a Class C(2020-4) Adverse Event has occurred and is continuing, principal will
instead be payable in monthly installments on each Principal Payment Date for the Class C(2020-4) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and
principal on the Class C(2020-4) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b)    The right of the Class C(2020-4) Noteholders to receive payments from
the Issuer will terminate on the Class C(2020-4) Termination Date. 

(c)    All payments of principal, interest or other amounts to the
Class C(2020-4) Noteholders will be made pro rata based on the Stated Principal Amount of their Class C(2020-4) Notes. 

Section 2.06.Section 2.06.    Form of Delivery of
Class C(2020-4) Notes; Denominations. (a) The Class C(2020-4) Notes shall be delivered in the form of a definitive Registered Note as
provided in Section 201 of the Indenture. The form of the Class C(2020-4) Notes is attached hereto as Exhibit A. The Class C(2020-4) Notes 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, DISCOVER FUNDING LLC 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

  
 12 

 
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION
NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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. 

No Class C(2020-4) Notes shall be transferred except in accordance with the transfer restrictions described in
the legend set forth above. 
 (c)    The Class C(2020-4) Notes will be
issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07.Section 2.07.    Delivery and Payment for the Class C(2020-4) Notes. The Issuer shall execute and deliver the
Class C(2020-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2020-4) Notes when authenticated, each
in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08.Section 2.08.    [Reserved] 

Section 2.09.Section 2.09.    Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and
(v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class C(2020-4) Notes, so long as the following conditions precedent are satisfied: 

(a)    the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class C(2020-4) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class C(2020-4) Notes;

  

	 	(ii)	 the amount of such additional Class C(2020-4) Notes being offered,
the purchase price for such additional Class C(2020-4) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class C(2020-4) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class C(2020-4)
Notes after giving effect to the issuance of the additional Class C(2020-4) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class C(2020-4) Notes; and 

  
 13 

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class C(2020-4) Notes to clarify the rights of Holders of such additional Class C(2020-4) Notes or the effect of such issuance of additional Class C(2020-4) Notes on any calculations to be made with respect to the Class C(2020-4) Notes, Class C, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such
Class C(2020-4) Notes; and 
 (b)    no
Class C(2020-4) Adverse Event has occurred and is continuing. 
 The Issuer shall not have to
satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional Class C(2020-4) Notes so long as such conditions were satisfied or waived in connection
with the initial issuance of Class C(2020-4) Notes. 
 Section 2.10.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 C(2020-4) Notes) 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.Section 2.11.    No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-4) Notes. Section 3.04(4)
of the Indenture Supplement shall not apply to the Class C(2020-4) Notes. 
 Section 2.12.Section 2.12.    Calculation of Class C(2020-4) Accreted Discount. The amount of
Class C(2020-4) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction the numerator of which shall be the
number of Due Periods elapsed since the Note Issuance Date (or if additional Class C(2020-4) Notes have been issued under Section 2.09, since the Issuance Date of such additional Notes) and the
denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Original Expected Maturity Date and (y) the Discount Amount. 

Section 2.13.Section 2.13.    [Reserved] 

Section 2.14.Section 2.14.    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 

  
 14 

 
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 2.14 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 C(2020-4) Notes, and has no financial interest in the acquisition of such Class C(2020-4) Notes. 

Section 2.15.Section 2.15.    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 2.16.Section 2.16.    Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-4) Notes. No Transfer
(or purported Transfer) of a Class C(2020-4) Note (or economic interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the
Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such
Class C(2020-4) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2020-4)
Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2020-4) Note may be pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of
remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Class C(2020-4) Note shall not be further transferrable unless an Opinion of Counsel is first
delivered to the Indenture Trustee to the effect that such Class C(2020-4) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such
Class C(2020-4) Note (e.g., if a portion of the Class C(2020-4) Notes have original issue discount and a portion of the
Class C(2020-4) Notes do not), tracking conditions such as requiring that such Class C(2020-4) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer. 
 [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/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee
		
	By:	 	 /s/ Christopher J. Nuxoll

		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

 Exhibit A 

Form of Class C(2020-4) Note 

DISCOVERSERIES CLASS C(2020-4) 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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 AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

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. 

  
 Ex. A-1 

 THIS NOTE HAS BEEN ISSUED
WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND
(3) THE YIELD TO MATURITY OF THE
NOTE. 
 DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS
CLASS C NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES AND THE CLASS B NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE
INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 
 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS
DOCUMENT. NO TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH
IS CONSIDERED THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL
INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT
THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

  
 Ex. A-2 

			
	 REGISTERED
	  	$[●]*
	 No. [●]
	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS C(2020-4) 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 $[●] ([●] dollars) payable
on the May 2022April 2023 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the May
2024April 2025 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Legal Maturity Date”).
If the Outstanding Dollar Principal Amount is not paid in full on or prior to theAfter the Original Expected Maturity Date
(as defined in the Terms Documents), interest will accrue on this Note at the rate of one-month LIBOR +
1.002.25% per annum, as more specifically set forth in the
Class C(2020-4) Terms Document dated as of December 9, 2020 (as amended by that certain Omnibus Amendment, dated
March [29], 2022 and as further amended from time to time, the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the
“Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), 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 for the Class C(2020-4) Notes occurring after
the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date) ); provided, that if the sum of LIBOR + 1.00% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days elapsedtwelve 30-day months and a 360-day year. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar Principal Amount is not paid in full on or prior to
theoccurring after the Original Expected Maturity Date (as defined in the Terms Document). No principal or interest will be distributed on the Note following the distribution of
proceeds of a Receivables Sale. 
 Series Principal Amounts allocated to the
Class C(2020-4) Notes will be applied first to pay shortfalls in interest on Class A Notes and Class B Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries,
and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes and Class B Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal
Funding Subaccounts of Subordinate Notes, including the Class C(2020-4) Notes. Principal will not be paid on the Class C(2020-4) Notes prior to their Legal
Maturity Date unless each of the Class A Usage of Class C Notes and the Class B Usage of Class C Notes is zero for each Tranche of Class A Notes and Class B Notes of the DiscoverSeries and the required level of
subordination for the Class A Notes and Class B Notes of the DiscoverSeries is available after giving effect to such payment. 

  
 Ex. A-3 

 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 $373,450,018. 
 The Stated Principal Amount of this Note is $380,000,000. 

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

 
  

	*	 Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  
 Ex. 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:

  
 Ex. 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:

  
 Ex. 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 C(2020-4) DiscoverSeries Notes (herein called the “Class C(2020-4) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further 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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further 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 C(2020-4) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class C(2020-4) 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 A Notes, the Class B Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class C Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class C(2020-4) 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. 
 The
Class C(2020-4) Notes are subordinated in right of payment of principal and interest to the Class A Notes and the Class B Notes and provide loss protection to the Class A Notes and the
Class B Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class C(2020-4) Notes may be applied to pay the Class A Interest
Allocation and the Class B Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 

The Stated Principal Amount of the Class C(2020-4) Notes will be payable on the Expected Maturity
Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described
above, the entire unpaid Stated Principal Amount of this Class C(2020-4) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar
Principal Amount of the Class C(2020-4) Notes shall be due and payable on the date on which an Event of Default relating to the Class C(2020-4) 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 C(2020-4) 

  
 Ex. A-7 

 
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 Outstanding Dollar 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, if any, 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 C(2020-4) Notes
of record on the related Record Date (except for the final distribution with respect to the Class C(2020-4) Notes) the pro rata share for such Holder of
Class C(2020-4) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class C Notes. 
 Payments of interest on this Class C(2020-4) 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 C(2020-4) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class C(2020-4) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class C(2020-4) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. 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 C(2020-4) Note be submitted for notation of payment. Any reduction in the principal amount of this Class C(2020-4) 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 C(2020-4) Note and of any
Class C(2020-4) 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 C(2020-4) Note on a Payment 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 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 C(2020-4) 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. 

  
 Ex. A-8 

 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 C(2020-4) Note may be registered on the Note Register upon surrender of this
Class C(2020-4) 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 C(2020-4) 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 C(2020-4) 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 C(2020-4) Note or, in the case of a Note Owner, a beneficial interest in a Class C(2020-4) Note, covenants and agrees that by
accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against
the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 

Prior to the due presentment for registration of transfer of this Class C(2020-4) 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 C(2020-4) 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 C(2020-4) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding
Dollar Principal Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C(2020-4) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class C(2020-4) 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 

  
 Ex. A-9 

 
this Class C(2020-4) 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 C(2020-4) 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 Class C(2020-4) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS C(2020-4) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class C(2020-4) 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 C(2020-4) 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 C(2020-4) 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 C(2020-4) Note. 

  
 Ex. A-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

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

			
	 Dated:
	  	                                    
                                         
                               
		  	 Signature Guaranteed:

  
  

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

  
 Ex. A-11 

 ANNEX F 

Class C(2020-5) Terms Document 

[SEE ATTACHED] 

 Execution Version 

Conformed Through Omnibus Amendment No. 1 Dated, March 29, 2022 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS C(2020-5) TERMS DOCUMENT 
 Dated as of December 9, 2020 

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	  	 	8	 
	Section 1.06.	  	Counterparts	  	 	8	 
	Section 1.07.	  	Ratification of Indenture and Indenture Supplement	  	 	9	 
		
	ARTICLE II. THE CLASS C(2020-5) NOTES	  	 	9	 
			
	Section 2.01.	  	Creation and Designation	  	 	9	 
	Section 2.02.	  	Adjustments to Required Subordinated Percentage and Amount.	  	 	9	 
	Section 2.03.	  	Interest Payment	  	 	9	 
	Section 2.04.	  	[Reserved]	  	 	10	 
	Section 2.05.	  	Payments of Interest and Principal.	  	 	10	 
	Section 2.06.	  	Form of Delivery of Class C(2020-5) Notes; Denominations	  	 	10	 
	Section 2.07.	  	Delivery and Payment for the Class C(2020-5) Notes	  	 	11	 
	Section 2.08.	  	[Reserved].	  	 	11	 
	Section 2.09.	  	Additional Issuances of Notes.	  	 	11	 
	Section 2.10.	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	12	 
	Section 2.11.	  	No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-5) Notes	  	 	12	 
	Section 2.12.	  	Calculation of Class C(2020-5) Accreted Discount	  	 	12	 
	Section 2.13.	  	[Reserved].	  	 	12	 
	Section 2.14.	  	Duties of the Indenture Trustee	  	 	13	 
	Section 2.15.	  	Seller’s Interest to Be Included in the Monthly Statement	  	 	13	 
	Section 2.16.	  	Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-5) Notes	  	 	13	 

  

							
	Exhibit
				
		  	Exhibit A	  	Form of Class C(2020-5) Note	  	

  
 i 

 THIS CLASS C(2020-5) 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 December 9, 2020. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C 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
December 9, 2020, by and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (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 C(2020-5) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class C(2020-5) 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. 
 “Accumulation Amount” means $380,000,000. 

“Accumulation Commencement Date” means
MayApril 1, 2022.2023. 

“Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class C(2020-5) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class C(2020-5) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class C(2020-5) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class C(2020-5) Notes or (b) an Event of Default and acceleration of the Class C(2020-5)
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 C(2020-5) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class C(2020-5) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class C(2020-5) Note and duly executed and authenticated in accordance with the Indenture. 

“Class C(2020-5) Noteholder” means a Person in whose name a Class C(2020-5) Note is registered in the Note Register. 
 “Class C(2020-5) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class C(2020-5) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class C Reserve Account Percentage” means 0.00%. 

“Class C Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class C(2020-5) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, for any Distribution Date after the Original Expected Maturity Date, the Class C Tranche Interest Allocation shall be the Class C Interest for the Class C(2020-5) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class C(2020-5) Notes, the
Class C Tranche Interest Allocation shall be zero. 

  
 2 

 “Discount Amount” means initially $6,549,982; provided that following any
issuance of additional Class C(2020-5) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class C(2020-5) Notes, an amount equal to

 (a)    the Nominal Liquidation Amount of the Class C(2020-5) Notes,
divided by 
 (b)    the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries,
multiplied by 
 (c)    the sum of (i) the aggregate Required Subordinated Amount of Class C Notes for
all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class B Notes equal to zero and a Required Subordinated Amount of Class C Notes greater than zero and (ii) the aggregate Required
Subordinated Amount of Class C Notes for all Tranches of Class B Notes in the DiscoverSeries with a Required Subordinated Amount of Class C Notes greater than zero. 

“Encumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-5) Notes, the product of 
 (a)    the sum of (1) the
aggregate Required Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate
Unencumbered Required Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 

(b)    a percentage equivalent to a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2020-5) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for
such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means
JuneMay 15, 2022.2023. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement 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 amended by Amendment No. 1 to Master Indenture and Amendment
No. 1 

  
 3 

 
to Indenture Supplement, dated as of August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $373,450,018 or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the period
from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the
Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date). 

“Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected Maturity Date, the fifteenth day of each month commencing on July 15, 2022, or if such fifteenth day
is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means December 9, 2020 with respect
to all Class C(2020-5) Notes issued on the date hereof and, with respect to any additional Class C(2020-5) Notes issued pursuant to Section 2.09, any
Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means June 17, 2024.May 15, 2025. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which
appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the basis of the rates at which deposits in United States dollars
are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration
comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to provide a quotation of its rate. If at least two such quotations
are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the
Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. In the event the
LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous LIBOR Determination Date or, with respect
to the LIBOR Determination Date for the initial Interest Period, LIBOR will be the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appeared on Reuters Screen LIBOR01 as of the last
date most recently occurring prior to such LIBOR Determination Date.  

  
 4 

“LIBOR Agent” means U.S. Bank National Association, not in its individual capacity, but solely as LIBOR agent. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not
required or authorized by law to be closed. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the
commencement of an Interest Accrual Period. 
 “Nominal Liquidation
Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class C(2020-5) Notes: 

(a)    on the Issuance Date thereof, $380,000,000; 

(b)    on any Distribution Date thereafter such amount as increased or decreased pursuant to
Section 3.01 of the Indenture Supplement and Section 2.09 hereof; 
 (c)    on any date, other
than a Distribution Date, on which Prefunding Excess Amount are withdrawn from the applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date
plus the Prefunding Excess Amount so withdrawn; and 
 (d)    on and after the date of a Receivables Sale
for the Class C(2020-5) Notes, zero. 
 “Note Interest Rate” means zero;
provided that if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Original Expected
Maturity Date, the Note Interest Rate for each Interest Accrual Period shall be LIBOR + 1.002.25% per annum, calculated on the basis of
the actual number of days elapsed and a 360-day year; provided, further, that if the sum of LIBOR + 1.00% for such Interest Accrual Period is less than 0.00%,
then the Note Interest Rate for such Interest Accrual Period will be deemed to be 0.00%twelve 30-day months and a 360-day year. 
 “Notice of Additional
Issuance” has the meaning set forth in Section 2.09 hereof. 
 “Original Expected Maturity Date”
June 15, 2022.

 “Outstanding Dollar Principal Amount” means, for the Class C(2020-5) Notes, notwithstanding anything to the contrary in the Indenture Supplement,
(a) prior to an issuance of additional Class C(2020-5) Notes, the sum of (i) the Initial Dollar Principal Amount of such Notes and (ii) the
Class C(2020-5) Accreted Discount as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the
Class C(2020-5) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related
Principal Funding Subaccount, as applicable, for the Class C(2020-5) Notes and (b) following the issuance of additional Class C(2020-5) Notes, the sum of
(i) the Outstanding Dollar Principal Amount of the Class C(2020-5) Notes determined as of the date of such additional issuance and (ii) the
Class C(2020-5) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant
date of determination, of principal paid with respect to the Class C(2020-5) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination, of

  
 5 

 
principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the
Class C(2020-5) Notes after the date of such additional issuance. Notwithstanding the foregoing, if a Receivables Sale has occurred with respect to the
Class C(2020-5) Notes, the Outstanding Dollar Principal Amount shall be zero. 

“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,
(i) for any day in a Due
Period when the Servicer Rating Condition is not satisfied, an amount equal to the Class C Tranche Interest
Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any
day on which the Class C Tranche Interest
Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class C Tranche Interest Allocation determined based on a pro forma
calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by
1.25., and (ii) for any day in a Due Period when the Servicer Rating Condition is satisfied,
zero. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such day is in a Due Period
in the Accumulation Period for the Class C(2020-5) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if such day is in a Due Period in the Accumulation Period
for the Class C(2020-5) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during the continuance of a
Class C(2020-5) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class C(2020-5) Notes and (y) the Nominal Liquidation
Amount of the Class C(2020-5) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-5) Notes for any date of determination, an amount equal to the sum of 

(a)    the Unencumbered Required Subordinated Amount of Class D Notes for such Class C(2020-5) Notes and 
 (b)    the Encumbered Required
Subordinated Amount of Class D Notes for such Class C(2020-5) Notes; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class C(2020-5) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class C(2020-5) 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 C(2020-5) Adverse Event shall have occurred. 

  
 6 

 “Required Subordinated Percentage of Class D Notes
(Unencumbered)” means, for the Class C(2020-5) Notes, 9.28961749%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen
(or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“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. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $380,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 
 “Targeted Principal Deposit” means, for the
Class C(2020-5) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a)    During the Accumulation Period, beginning with the Accumulation Commencement Date for the Class C(2020-5) Notes, (x) (i) the Accumulation Amount for the Class C(2020-5) Notes, plus (ii) any Accumulation Amount that was scheduled to be deposited
on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class C(2020-5) Notes that was
applied to the amount in clause (x) in accordance with Section 4.04(a), 
 (b)    If the Class C(2020-5) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class C(2020-5) Notes
has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event
has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c)    If a Receivables Sale has occurred for the
Class C(2020-5) Notes, zero. 
 “Unencumbered Amount” means, for the Class C(2020-5) Notes, an amount equal to the Nominal Liquidation Amount of the Class C(2020-5) Notes minus the Encumbered Amount for the Class C(2020-5) Notes. 

  
 7 

 “Unencumbered Required Subordinated Amount of Class D
Notes” means, for the Class C(2020-5) Notes, an amount equal to the product of 

(a)    the Unencumbered Amount for the Class C(2020-5) Notes
and 
 (b)    the Required Subordinated Percentage of Class D Notes (Unencumbered) for the Class C(2020-5) Notes. 
 Section 1.02.    Representations and Warranties
of Issuer. The Issuer represents and warrants that: 
 (a)    the Issuer has been duly formed and is
validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b)    the execution, delivery and performance of this Terms Document by the Issuer have been duly
authorized by all necessary 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; 
 (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; 

  
 8 

 (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 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 LIBOR Agent, 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 the
Class C(2020-5) 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. The parties agree that this Terms Document, any addendum or amendment hereto or any other document necessary
for the consummation of the transaction contemplated by this Terms Document may be accepted, executed or agreed to through the use of an electronic signature provided by one or more electronic networks or databases (including one or more distributed
electronic networks or databases) 

  
 9 

 
provided by any electronic signature provider that creates a record that may be retained, retrieved and reviewed by a recipient thereof and is in accordance with the Electronic Signatures in
Global and National Commerce Act, Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed or agreed to in conformity with the requirements of this
Section 1.06 will be binding on all parties thereto to the same extent as if it were physically executed. 

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 C(2020-5) NOTES 
 Section 2.01.    Creation and Designation.
There is hereby created a Tranche of Class C Notes to be issued pursuant to this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class C(2020-5)
Notes.” 
 Section 2.02.    Adjustments to Required Subordinated Percentage and Amount. 

(a)    On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of
Class D Notes (Unencumbered) for the Class C(2020-5) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating
Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(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 D Notes for the Class C(2020-5) 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
without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not result in a Ratings Effect for
any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03.    Interest Payment. For each Interest
Payment Date, the amount of interest due with respect to the Class C(2020-5) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the
related Interest Accrual Period30 and the denominator of which is 360, times 

(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

 

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class C(2020-5)
Notes determined as of the first date of such related Interest Accrual Period, plus 

  
 10 

 any Class C Tranche Interest Allocation Shortfall for such
Class C(2020-5) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated
on the basis of the actual number of days in the related Interest Accrual
Periodtwelve 30-day months and a
360-day year. 

Notification of LIBOR. On each LIBOR Determination Date, the LIBOR Agent
shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class C(2020-5) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the
following Interest Accrual Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the amount of interest to be paid with respect to the Notes, including calculating LIBOR,
in the manner and at the times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. The rights, protections and immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit
of the LIBOR Agent acting hereunder; provided, however, that at no time shall the LIBOR Agent be liable for any mistake of fact or law, any error of judgement, or any act or omission to act except as a result of its own negligence, willful
misconduct or fraud.
Section 2.04    
[Reserved].  

The LIBOR Agent shall not have any liability for
(i) the selection of London banks or New York
banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of any London banks or New York banks to provide a quotation, or (ii) any quotations received from such London banks or New York banks, as
applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or obligation to take any action other than the LIBOR
Agent’s obligation to take the actions expressly
set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Class C(2020-5) Notes, including but not limited to the Reuters Screen
LIBOR01 (or any successor source), or for any rates compiled by the ICE Benchmark Administration or any successor thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New
York’s Website, or in any of the foregoing cases
for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.  

Other than as expressly set forth in this Agreement, neither
the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), or whether or when there has occurred, or to give notice to
any other transaction party of the occurrence of, any benchmark transition event or benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or any other benchmark replacement, or other successor or replacement benchmark index, or
whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what benchmark replacement conforming changes
are necessary or advisable, if any, in connection with any of the foregoing. 

Neither the Indenture Trustee nor the LIBOR Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including
as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or
contemplated by the terms of this Agreement and reasonably required for the performance of such duties.  

  
 11 

 Section 2.05.    Payments of Interest and Principal.
(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected
Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture Supplement; and provided, further, that if a Class C(2020-5) Adverse Event has
occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class C(2020-5) Notes in accordance with Sections 3.01 and 3.05 of the
Indenture Supplement. All payments of interest and principal on the Class C(2020-5) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b)    The right of the Class C(2020-5) Noteholders to receive payments from
the Issuer will terminate on the Class C(2020-5) Termination Date. 

(c)    All payments of principal, interest or other amounts to the
Class C(2020-5) Noteholders will be made pro rata based on the Stated Principal Amount of their Class C(2020-5) Notes. 

Section 2.06.    Form of Delivery of
Class C(2020-5) Notes; Denominations. (a) The Class C(2020-5) Notes shall be delivered in the form of a definitive Registered
Note as provided in Section 201 of the Indenture. The form of the Class C(2020-5) Notes is attached hereto as Exhibit A. 

(b)    The Class C(2020-5) Notes 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER 

  
 12 

 
APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT, IF APPLICABLE, 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. 
 No
Class C(2020-5) Notes shall be transferred except in accordance with the transfer restrictions described in the legend set forth above. 

(c)    The Class C(2020-5) Notes will be issued in minimum denominations of
$100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07.    Delivery and Payment for
the Class C(2020-5) Notes. The Issuer shall execute and deliver the Class C(2020-5) Notes to the Indenture Trustee for authentication,
and the Indenture Trustee shall deliver the Class C(2020-5) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08.    [Reserved] 

Section 2.09.    Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Sections
2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class C(2020-5) Notes, so long as the following conditions precedent are satisfied: 

(a)    the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class C(2020-5) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class C(2020-5) Notes;

  

	 	(ii)	 the amount of such additional Class C(2020-5) Notes being offered,
the purchase price for such additional Class C(2020-5) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class C(2020-5) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class C(2020-5)
Notes after giving effect to the issuance of the additional Class C(2020-5) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class C(2020-5) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class C(2020-5) Notes to clarify the rights of Holders of such additional Class C(2020-5) Notes or the effect of such issuance of additional Class C(2020-5) Notes on any calculations to be made with respect to the Class C(2020-5) Notes, Class C, or the Issuer. 

  
 13 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective
date of such Class C(2020-5) Notes; and 
 (b)    no Class C(2020-5) Adverse Event has occurred and is continuing. 
 The Issuer shall not have to satisfy
the conditions set forth in Section 310 of the Indenture in connection with an issuance of additional Class C(2020-5) Notes so long as such conditions were satisfied or waived in connection with the
initial issuance of Class C(2020-5) Notes. 

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 C(2020-5) Notes) 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.    No Payments from Interest Funding Subaccount for Accretion of Principal of the
Class C(2020-5) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class C(2020-5) Notes. 

Section 2.12.    Calculation of Class C(2020-5)
Accreted Discount. The amount of Class C(2020-5) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction
the numerator of which shall be the number of Due Periods elapsed since the Note Issuance Date (or if additional Class C(2020-5) Notes have been issued under Section 2.09, since the Issuance Date of
such additional Notes) and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Original Expected Maturity Date and (y) the Discount Amount. 

Section 2.13.    [Reserved] 

Section 2.14.    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 2.14 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 C(2020-5) Notes,
and has no financial interest in the acquisition of such Class C(2020-5) Notes. 

  
 14 

 Section 2.15.    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 2.16.    Additional Requirements for Registration of and Limitations on Transfer and Exchange of
Class C(2020-5) Notes. No Transfer (or purported Transfer) of a Class C(2020-5) Note (or economic interest therein) shall be made by
Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as Discover Bank for such purposes) and
any such Transfer (or purported Transfer) of such Class C(2020-5) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2020-5) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2020-5) Note may be pledged to a Federal Reserve Bank
provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such Class C(2020-5) Note shall not be further
transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such Class C(2020-5) Note will constitute debt for U.S. federal income tax purposes. If for tax or
other reasons it may be necessary to track any such Class C(2020-5) Note (e.g., if a portion of the Class C(2020-5) Notes have original issue discount and a
portion of the Class C(2020-5) Notes do not), tracking conditions such as requiring that such Class C(2020-5) Note be in definitive registered form may be
required by the Transferor as a condition to such transfer. 
 [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/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title: Vice President
		
		 	U.S. BANK NATIONAL ASSOCIATION,
		 	as Indenture Trustee
		
	By:	 	 /s/ Christopher J. Nuxoll

		 	Name: Christopher J. Nuxoll
		 	Title: Vice President

 Exhibit A 

Form of Class C(2020-5) Note 

DISCOVERSERIES CLASS C(2020-5) 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, DISCOVER FUNDING LLC 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, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, 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 AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF ABENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE AND LOCAL INCOME AND FRANCHISE TAX 

  
 Ex.A-1 

 
LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER
BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND
(3) THE YIELD TO MATURITY OF THE
NOTE. 
 DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS
CLASS C NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES AND THE CLASS B NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE
INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 
 TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS
DOCUMENT. NO TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK (“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH
IS CONSIDERED THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL
INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT
THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

  
 Ex.A-2 

			
	 REGISTERED
	  	$[•]*
	 No. [●]
	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS C(2020-5) 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 $[•] ([•] dollars) payable on
the June 2022May 2023
Payment Date (or such other dates as set forth in the Terms Document (as defined below) the “Expected
Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
June 2024May
2025 Payment Date (or such other dates as set forth in the Terms Document (as defined below), the “Legal Maturity Date”). If the Outstanding Dollar Principal Amount is not paid in full on or prior to
theAfter the Original Expected Maturity Date (as defined in the Terms Document), interest will accrue on this Note at the rate of one-month LIBOR + 1.002.25%
per annum, as more specifically set forth in the Class C(2020-5) Terms Document dated as of December 9, 2020 (as
amended by that certain Omnibus Amendment to Terms Document, dated March [29], 2022 and as further amended from time to time, (the “Terms Document”), between the Issuer and U.S.
Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), 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 for the Class C(2020-5) Notes occurring after the Original Expected Maturity Date, from and including the Original Expected Maturity Date to but excluding such Interest Payment Date) ); provided, that if the sum of LIBOR + 1.00% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days elapsedtwelve 30-day months and a 360-day year. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal 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. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar Principal Amount is not paid in full on or prior to
theoccurring after the Original Expected Maturity Date (as defined in the Terms Document). No principal or interest will be distributed on the Note following the distribution of
proceeds of a Receivables Sale. 
 Series Principal Amounts allocated to the
Class C(2020-5) Notes will be applied first to pay shortfalls in interest on Class A Notes and Class B Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries,
and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes and Class B Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal
Funding Subaccounts of Subordinate Notes, including the Class C(2020-5) Notes. Principal will not be paid on the Class C(2020-5) Notes prior to their Legal
Maturity Date unless each of the Class A Usage of Class C Notes and the Class B Usage of Class C Notes is zero for each Tranche of Class A Notes and Class B Notes of the DiscoverSeries and the required level of
subordination for the Class A Notes and Class B Notes of the DiscoverSeries is available after giving effect to such payment. 

  
 Ex.A-3 

 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 $373,450,018. 
 The Stated Principal Amount of this Note is $380,000,000. 

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

 
  

*Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  
 Ex.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: 

  
 Ex.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: 

  
 Ex.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 C(2020-5) DiscoverSeries Notes (herein called the “Class C(2020-5) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further 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, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further 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 C(2020-5) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class C(2020-5) 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 A Notes, the Class B Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class C Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class C(2020-5) 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. 
 The
Class C(2020-5) Notes are subordinated in right of payment of principal and interest to the Class A Notes and the Class B Notes and provide loss protection to the Class A Notes and the
Class B Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class C(2020-5) Notes may be applied to pay the Class A Interest
Allocation and the Class B Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 

The Stated Principal Amount of the Class C(2020-5) Notes will be payable on the Expected Maturity
Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described
above, the entire unpaid Stated Principal Amount of this Class C(2020-5) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar
Principal Amount of the Class C(2020-5) Notes shall be due and payable on the date on which an Event of Default relating to the Class C(2020-5) 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 C(2020-5) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,

  
 Ex.A-7 

 
however, that such acceleration of the entire unpaid Outstanding Dollar 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, if any, 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 C(2020-5) Notes
of record on the related Record Date (except for the final distribution with respect to the Class C(2020-5) Notes) the pro rata share for such Holder of
Class C(2020-5) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class C Notes. 
 Payments of interest on this Class C(2020-5) 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 C(2020-5) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class C(2020-5) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class C(2020-5) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. 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 C(2020-5) Note be submitted for notation of payment. Any reduction in the principal amount of this Class C(2020-5) 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 C(2020-5) Note and of any
Class C(2020-5) 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 C(2020-5) Note on a Payment 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 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 C(2020-5) 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. 
 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 C(2020-5) Note may be 

  
 Ex.A-8 

 
registered on the Note Register upon surrender of this Class C(2020-5) 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 C(2020-5) 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 C(2020-5) 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 C(2020-5) Note or, in the case of a Note Owner, a beneficial interest in a
Class C(2020-5) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for registration of
transfer of this Class C(2020-5) 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 C(2020-5) 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 C(2020-5) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of each adversely affected
Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Class C(2020-5) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class C(2020-5) 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 C(2020-5) 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. 

  
 Ex.A-9 

 The term “Issuer” as used in this
Class C(2020-5) 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 Class C(2020-5) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS C(2020-5) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class C(2020-5) 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 C(2020-5) 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 C(2020-5) 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 C(2020-5) Note. 

  
 Ex.A-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

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

			
	
Dated:                  
                                         
     
	 	
                   
                                         
                                       
     

		 	Signature Guaranteed:

  

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

  
 Ex.A-11

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