Document:

EX-4.1

 EXHIBIT 4.1 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS
A(2015-1) TERMS DOCUMENT 
 Dated as of February 26, 2015 

to 
 AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 

for the DiscoverSeries Notes 
 to

 INDENTURE 
 Dated as of
July 26, 2007 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 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
	  	 	8	  
	
	ARTICLE II	  
	THE CLASS A(2015-1) NOTES	  
			
	 Section 2.01
	  	 Creation and Designation
	  	 	9	  
	 Section 2.02
	  	 Adjustments to Required Subordinated Percentages and Amount
	  	 	9	  
	 Section 2.03
	  	 Interest Payment
	  	 	9	  
	 Section 2.04
	  	 Notification of LIBOR
	  	 	10	  
	 Section 2.05
	  	 Payments of Interest and Principal
	  	 	10	  
	 Section 2.06
	  	 Form of Delivery of Class A(2015-1) Notes; Depository; Denominations
	  	 	10	  
	 Section 2.07
	  	 Delivery and Payment for the Class A(2015-1) Notes
	  	 	10	  
	 Section 2.08
	  	 Targeted Deposits to the Accumulation Reserve Account
	  	 	10	  
	 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
	  	 	11	  
	 Section 2.11
	  	 Variable Accumulation Period
	  	 	12	  
	 Section 2.12
	  	 Permitted Investments
	  	 	13	  

 EXHIBIT A FORM OF CLASS A(2015-1) NOTE 

  
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 THIS CLASS A(2015-1) 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 February 26, 2015. 

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

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the
context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include
the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement or the Indenture,
either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation
required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation; 

(4) all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the
designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any
particular Article, Section or other subdivision; 
 (5) in the event that any term or provision contained herein shall conflict with or be
inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2015-1) Notes; 

(6) each capitalized term defined herein shall relate only to the Class A(2015-1) 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 $79,166,666.67; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture
Supplement. 
 “Accumulation Commencement Date” means February 1, 2017, or such later date as the
Calculation Agent on behalf of the Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation
Period” has the meaning set forth in the Indenture Supplement. 
 “Accumulation Period Length” means
12 months; provided, however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of
“Accumulation Period Length” in the Indenture Supplement. 
 “Accumulation Reserve Funding Period”
shall not apply if the Calculation Agent on behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first
Distribution Date on which a condition in the right column of the following table was in effect on the immediately preceding Distribution Date, if such Distribution Date is a Distribution Date described in the corresponding left column of the
following table, and ending on the Distribution Date immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date
for the Class A(2015-1) Notes and 
 (y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2015-1)
Notes is paid in full. 
  

			
	 Distribution Date:
	  	 Condition:

		
	(a) The Distribution Date occurring three (3) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution
Date	  	No condition.
		
	(b) The Distribution Date occurring four (4) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 4%.

  
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	(c) The Distribution Date occurring six (6) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution Date		The three-month rolling average Excess Spread Percentage is less than 3%.
		
	(d) The Distribution Date occurring twelve (12) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.11 hereof) and any following Distribution
Date		The three-month rolling average Excess Spread Percentage is less than 2%.

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no
condition requiring funding has occurred or the Calculation Agent has determined that the Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines
that the Accumulation Period Length will not be so shortened, the Accumulation Reserve Funding Period shall commence on the following Distribution Date. 

“Class A(2015-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class A(2015-1) Notes or (b) an Event of Default and acceleration of the Class A(2015-1) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an
Excess Spread Early Redemption Cure has occurred, a Class A(2015-1) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2015-1) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class
A(2015-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2015-1)
Noteholder” means a Person in whose name a Class A(2015-1) Note is registered in the Note Register. 
 “Class
A(2015-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2015-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the
date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Excess Spread
Percentage” 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. 

  
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 “Expected Maturity Date” means February 15, 2018. 

“Indenture” means the Indenture, dated as of July 26, 2007, between the Issuer and Indenture Trustee, as amended
by the First Amendment to Indenture, dated as of June 4, 2010, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Indenture Supplement” means the Amended and Restated Indenture Supplement dated as of June 4, 2010, for the
DiscoverSeries Notes, between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $950,000,000, or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.09 hereof. 
 “Interest Accrual Period” means, with respect to any
Interest Payment Date, the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2015-1) Note, from and including the applicable Issuance Date) to but excluding the current
Interest Payment Date. 
 “Interest Payment Date” means the fifteenth day of each month commencing in March
2015, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date”
means February 26, 2015, with respect to all Class A(2015-1) Notes issued on the date hereof and, with respect to any additional Class A(2015-1) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of
Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means August 17, 2020. 

“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 Indenture
Trustee 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 Indenture Trustee, 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 Indenture Trustee will request the principal London office of at least four banks 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 Trustee, 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. If
LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date. 

  
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 “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 
 “Note Interest Rate” means LIBOR + 0.35% per annum, calculated on the basis of the
actual number of days elapsed and a 360-day year. 
 “Notice of Additional
Issuance” has the meaning set forth in Section 2.09 hereof. 
 “Required Daily Deposit Target Finance
Charge Amount” means, for any day in a Due Period, an amount equal to the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit
Target Finance Charge Amount on any day on which the Class A 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 A 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. 
 “Required Daily Deposit Target Principal Amount” means, for any day
in a Due Period, (i) if such Due Period is in the Accumulation Period for the Class A(2015-1) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2015-1) Adverse Event, the
Nominal Liquidation Amount of the Class A(2015-1) Notes and (iii) in all other circumstances, zero. 
 “Required
Subordinated Amount of Class B Notes” means, for the Class A(2015-1) Notes for any date of determination, an amount equal to the product of 

(a) the Required Subordinated Percentage of Class B Notes for such Class A(2015-1) Notes on such date of determination; and 

(b) the Nominal Liquidation Amount of such Class A(2015-1) Notes on such date of determination; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2015-1) Adverse Event,
the Required Subordinated Amount of Class B Notes for the Class A(2015-1) Notes will be the greater of 
 (x) the amount determined
above for such date of determination; and 
 (y) the amount determined above for the date immediately prior to the date on which such Class
A(2015-1) Adverse Event shall have occurred. 

  
 5 

 “Required Subordinated Amount of Class C Notes” means, for the Class
A(2015-1) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class
C Notes for such Class A(2015-1) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2015-1)
Notes on such date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2015-1) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2015-1) Notes will be the greater of 

(x) the amount determined above for such date of determination; and 

(y) the amount determined above for the date immediately prior to the date on which such Class A(2015-1) Adverse Event shall have occurred.

 “Required Subordinated Amount of Class D Notes” means, for the Class A(2015-1) Notes for any date of
determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class D Notes for such Class
A(2015-1) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2015-1) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class
A(2015-1) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2015-1) Notes will be the greater of 

(x) the amount determined above for such date of determination; and 

(y) the amount determined above for the date immediately prior to the date on which the Class A(2015-1) Adverse Event shall have occurred.

 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2015-1) Notes, 7.284768%, subject to
adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for
the Class A(2015-1) Notes, 9.271523%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated
Percentage of Class D Notes” means, for the Class A(2015-1) Notes, 15.894040%, 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). 
 “Specified
Rating” means, for the Class A(2015-1) Notes, Aaa(sf) with respect to Moody’s, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch. 

  
 6 

 “Stated Principal Amount” means $950,000,000 or such higher amount as is
specified in any Notice of Additional Issuance under Section 2.09. 
 “Targeted Accumulation Reserve Subaccount
Deposit” means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2015-1) Notes as of the close of business on
the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer. 

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

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and
has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the
execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any
governmental agency or authority and do not and will not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 

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

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

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (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 (i) asserting the invalidity of this Terms Document, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (iii) 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. 

  
 7 

 Section 1.03 Representations and Warranties of Indenture Trustee. The
Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 
 (a) the Indenture Trustee is
organized, existing and in good standing under the laws of the United States of America; 
 (b) the Indenture Trustee has full power,
authority and right to execute, deliver and perform this 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 Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect
to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2015-1) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

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

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

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

  
 8 

 ARTICLE II 

The Class A(2015-1) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes to be issued pursuant to
this Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2015-1) 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 B Notes, the
Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2015-1) 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 B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2015-1) 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 and such other amendments
will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03 Interest
Payment. For each Interest Payment Date, the amount of interest due with respect to the Class A(2015-1) 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 Period 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 A(2015-1) Notes determined as of the first date of such related Interest Accrual Period, 

plus any Class A Tranche Interest Allocation Shortfall for such Class A(2015-1) Notes for the immediately preceding Distribution Date, together
with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. 

  
 9 

 Section 2.04 Notification of LIBOR. On each LIBOR Determination Date, the Indenture
Trustee shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A(2015-1) 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. 
 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 A(2015-1) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class
A(2015-1) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2015-1) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class A(2015-1) Noteholders to receive payments from the Issuer will terminate on the Class A(2015-1) Termination Date.

 (c) All payments of principal, interest or other amounts to the Class A(2015-1) Noteholders will be made pro rata based on
the Stated Principal Amount of their Class A(2015-1) Notes. 
 Section 2.06 Form of Delivery of Class A(2015-1) Notes;
Depository; Denominations. 
 (a) The Class A(2015-1) Notes shall be delivered in the form of a Global Note which shall be a
Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2015-1) Notes is attached hereto as Exhibit A. 

(b) The Depository for the Class A(2015-1) Notes shall be The Depository Trust Company, and the Class A(2015-1) Notes shall initially be
registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2015-1) Notes will be issued in minimum denominations of
$100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07 Delivery and Payment for the Class
A(2015-1) Notes. The Issuer shall execute and deliver the Class A(2015-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2015-1) Notes when authenticated, each in accordance with Sections
203 and 303 of the Indenture. 
 Section 2.08 Targeted Deposits to the Accumulation Reserve Account. The deposit
targeted to be made to the Accumulation Reserve Subaccount for the Class A(2015-1) Notes for  

  
 10 

 
any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the
Accumulation Reserve Subaccount for the Class A(2015-1) Notes. 
 Section 2.09 Additional Issuances of Notes.
Subject to clauses (ii), (iii), (iv) and (v) of Section 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2015-1) 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 A(2015-1) 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 A(2015-1) Notes; 

  

	 	(ii)	the amount of such additional Class A(2015-1) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2015-1) Notes; 

 

	 	(iii)	the date from which interest on such additional Class A(2015-1) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2015-1) Notes; and 

  

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2015-1) Notes to clarify the rights of Holders of such additional Class A(2015-1) Notes or the effect of such issuance of
additional Class A(2015-1) Notes on any calculations to be made with respect to the Class A(2015-1) Notes, the Class A Notes 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 A(2015-1) Notes; 

(b) no Class A(2015-1) Adverse Event has occurred and is continuing; and 

(c) either (i) the issuance of such additional Class A(2015-1) Notes would be treated as part of the same issue as the outstanding Class
A(2015-1) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k) or (ii) such additional Class A(2015-1) Notes are not issued with “original issue discount” for purposes of Section 1273 of the Code. 

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 A(2015-1) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2015-1) Notes; provided, however, that the Issuer shall have to deliver to the Indenture Trustee a
Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 
 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  

  
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issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the DCMT Group One Finance Charge Collections Reallocation Account
for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a
fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A(2015-1) 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 Variable
Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the
Accumulation Period for the Class A(2015-1) Notes and determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no
later than the first day of the Due Period related to the Expected Maturity Date for the Class A(2015-1) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period
immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 

The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the
following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the
payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period for the Class A(2015-1) Notes will not result in any Tranche of Notes not being
paid in full on the relevant Expected Maturity Date (as defined in the Indenture); (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and
(iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable Note
Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries
Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from
the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period for the Class A(2015-1)
Notes is delayed pursuant to this Section 2.11. 

  
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 Section 2.12 Permitted Investments. Notwithstanding anything to the contrary
in the Indenture or the Pooling and Servicing Agreement, with respect to the Class A(2015-1) Notes, for purposes of the definition of Permitted Investment, “Highest Rating” shall mean, with respect to Standard & Poor’s:

 (a) A-1 or AAA for funds on deposit in all Issuer Accounts other than Principal Funding Accounts; 

(b) A-1+ or AAA for funds on deposit in Principal Funding Accounts; or 

(c) any rating category which will not cause a reduction in or withdrawal of the rating of the Class A(2015-1) Notes, as confirmed in writing
by Standard & Poor’s. 
 [Remainder of page intentionally blank; signature page follows] 

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

			
	DISCOVER CARD EXECUTION NOTE TRUST,
as Issuer
		
	By:		Wilmington Trust Company,
			not in its individual capacity but solely as Owner Trustee
		
	By:		  

			Name:
			Title.

  

			
	U.S. BANK NATIONAL ASSOCIATION,
as Indenture Trustee
		
	By:		  

			Name:
			Title:

 [Signature Page to Class A(2015-1) Terms Document 

 EXHIBIT A 

FORM OF CLASS A(2015-1) NOTEEx. 4.6 Second Supplemental Indenture

Exhibit 4.6

SECOND SUPPLEMENTAL INDENTURE
Second Supplemental Indenture (this “Supplemental Indenture”), dated as of October 8, 2014, among White Fang Energy LLC, a Delaware limited liability company (the “Guaranteeing Subsidiary”), a subsidiary of Diamondback Energy, Inc., a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).
W I T N E S S E T H
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as amended and supplemented to the date hereof, the “Indenture”), dated as of September 18, 2013 providing for the issuance of 7.625% Senior Notes due 2021 (the “Notes”);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Trustee and the other parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.    Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2.    Agreement to Guarantee.  Subject to Article 10 of the Indenture, the Guaranteeing Subsidiary, jointly and severally with the other Guarantors, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: (1) the principal of, premium on, if any, and interest and Special Interest, if any, on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest and Special Interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes will be promptly paid in full or performed, all in accordance with the terms of the Indenture and the Notes; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
3.    No Recourse Against Others.  No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  
4.    NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT 

GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
5.    Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
6.    Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.
7.    The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

WHITE FANG ENERGY LLC
By:        /s/ Randall J. Holder            
Name:    Randall J. Holder
Title:    Vice President
DIAMONDBACK ENERGY, INC.
By:      /s/ Randall J. Holder            
Name:    Randall J. Holder
Title:    Vice President
DIAMONDBACK O&G LLC
By:      /s/ Randall J. Holder            
Name:    Randall J. Holder
Title:    Vice President
DIAMONDBACK E&P LLC
By:      /s/ Randall J. Holder            
Name:    Randall J. Holder
Title:    Vice President
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:  
	/s/ John Stohlmann            

Authorized Signatory

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