Document:

Lockbox Processing Agreement, dated June 30, 2009

 Exhibit 10.10 
 EXECUTION COPY 
 SERIES 2009-1 LOCKBOX PROCESSING AGREEMENT 
 June 30, 2009 
 Regulus Group II LLC
(“Processor”), AmeriCredit Financial Services, Inc. (“AmeriCredit”) and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), agree as follows: 
 1. Servicing Arrangements. AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”),
AmeriCredit Automobile Receivables Trust 2009-1 (the “Trust”) and the Trustee entered into a Sale and Servicing Agreement dated as of June 30, 2009 (as amended, supplemented and otherwise modified from time to time, the
“Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The
Sale and Servicing Agreement contemplates the engagement of a processor for lockbox services, and the Indenture contemplates that the Lockbox Account (as defined herein) will be assigned and pledged to the Trust Collateral Agent. The Sale and
Servicing Agreement does not include specific terms for the provision of data processing services of remittance items. Such terms are set forth in this Lockbox Processing Agreement (the “Agreement”). All capitalized terms used
herein and not otherwise defined herein shall have the meanings specified in the Sale and Servicing Agreement. 
 2. Remittance Processing
Services. In order to provide a means of collection of the Receivables which will allow the Trustee to receive the proceeds of the Receivables and related security without AmeriCredit or its Affiliates having access to the funds, the parties
hereto agree for the benefit of the Trustee that the processing services (the “Service(s)”) of Processor will be used for the collection and the deposit of remittances related to the Receivables and related security. 
 3. Customer Remittances. Obligors of the Receivables will be directed by AmeriCredit to forward their remittances to Processor at a post office
address (the “Lockbox”) assigned by Processor. Processor, acting for the exclusive benefit of the Trustee, shall have unrestricted and exclusive access to the mail directed to this address. AmeriCredit agrees to notify Processor
thirty (30) days in advance of any change in Obligor remittance statements and/or mailing schedule. 
 4. Collection of Mail.
Processor will collect mail from the Lockbox at regular intervals each business day, but not less than two times daily. 
 5. Endorsement
of Items. Processor will process, on behalf of AmeriCredit, checks and other deposited items that appear to be for deposit to the credit of AmeriCredit or its Affiliates in accordance with Processor’ Lockbox Processing Agreement and
Instructions, or other applicable agreement and related service terms (individually and collectively, the “Regulus Documentation”), as appropriate. 

 6. Credit of Funds to Account. 
 (a) Processor will process the checks and other deposited items and credit the total amount to the account described below (the “Lockbox
Account”). The Lockbox Account will be established at JPMorgan Chase Bank, N.A. (ABA No.: 122100024) as account number 662633130. The Lockbox Account will be maintained and all banking functions will be provided by JPMorgan Chase Bank, N.A.

 (b) Unless otherwise directed by the Trustee, AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be
transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Wells Fargo Bank, National Association, Account No. 0001038377 f/b/o 23360601; ABA No. 121000248 (the
“Collection Account”). 
 7. Regulus Documentation. This Agreement supplements, rather than replaces, the Regulus
Documentation, terms and conditions, and other standard documentation in effect from time to time with respect to the Lockbox or the services provided in connection by Regulus in connection therewith. The Regulus Documentation will continue to apply
to the Lockbox and such services, and the respective rights, powers, duties, obligations, liabilities and responsibilities of the parties thereto and hereto, to the extent not expressly conflicting with the provisions of this Agreement (however, in
the event of any such conflict, the provisions of this Agreement shall control). Prior to issuing any instructions, the Trustee shall provide Processor with such documentation as Processor may reasonably request to establish the identity and
authority of the individuals issuing instructions on behalf of the Trustee. The Trustee may request the Processor to provide other services with respect to the Lockbox; however, if such services are not authorized or otherwise covered under the
Regulus Documentation, Processor’s decision to provide any such services shall be made in its sole discretion (including without limitation being subject to AmeriCredit and/or the Trustee executing the Regulus Documentation or other
documentation as Processor may require in connection therewith). 
 8. Processor’s General Duties. Notwithstanding anything to
the contrary in this Agreement: (i) Processor shall have only the duties and responsibilities with respect to the matters set forth herein as is expressly set forth in writing herein and shall not be deemed to be an agent, bailee or fiduciary
for any party hereto; (ii) Processor shall be fully protected in acting or refraining from acting in good faith without investigation on any notice, instruction or request purportedly furnished to it by AmeriCredit or the Trustee in accordance
with the terms hereof, in which case the parties hereto agree that Processor has no duty to make any further inquiry whatsoever; (iii) it is hereby acknowledged and agreed that Processor has no knowledge of (and is not required to know) the
terms and provisions of the Sale and Servicing Agreement referred to in Section 1 above or any other related documentation or whether any actions by the Trustee, AmeriCredit or any other person or entity are permitted or a breach thereunder or
consistent or inconsistent therewith; and (iv) Processor shall not be liable to any party hereto or any other person for any action or failure to act under or in connection with this Agreement except to the extent such conduct constitutes its
own willful misconduct or gross negligence. 
 9. Processing of Items. The provision of services shall be governed by the Regulus
Documentation or other applicable agreements and related service terms, as may be amended from time to time, subject to the prior written consent to any such amendments of a material nature by the Trustee and AmeriCredit, which consents shall not be
unreasonably withheld, conditioned or delayed. 
  

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 10. Trust Correspondence. Any envelopes collected from the Lockbox which contain correspondence
and other documents (including, but not limited to, certificates of title, tax receipts, insurance policy endorsements and any other documents or communications of or relating to the Receivables) will be sent to the Servicer at its current address.
Any enclosed payment(s), coupon(s) or check(s) will be processed and deposited by Processor in accordance with the provisions of the Agreement. 
 11. Confidentiality. Processor agrees that all information concerning the Obligors of the Receivables which comes into Processor’s possession pursuant to this Agreement, other than that which is already known by Processor or to
the general public, will be treated in a confidential manner. 
 12. Fees. Unless otherwise agreed by Processor, AmeriCredit shall pay
Processor the fees set forth for this Service in Processor’s most current Price List as in effect from time to time, plus additional fees for the performance of services beyond the terms of this Agreement, or resulting from increased expenses
incurred by the failure of AmeriCredit to furnish within a reasonable period of time following a request by Processor, data in a form acceptable to Processor. Processor shall look first to AmeriCredit for payment of such fees. If AmeriCredit fails
to pay Processor within thirty (30) days of receipt of invoice but in any event no later than forty-five (45) days from the date of the invoice, Processor will notify the Trustee in writing as soon as practicable and provide to the Trustee
a copy of such unpaid invoice. Subject to rights to terminate this Agreement pursuant to Section 17, Processor will continue to perform its services under this Agreement and the amount reflected in such invoice will be paid to Processor by the
Trustee out of funds in the Collection Account on the next Distribution Date (as defined below), which follows by at least three Business Days the date of giving such notice to the Trustee. Any fees unpaid after such date will be considered unpaid
fees. “Distribution Date” means the fifteenth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day. 
 13. Processor’s Liability for Nonperformance. In performing the Services, Processor will exercise ordinary care and act in good faith.
Processor shall be deemed to have exercised ordinary care if its action or failure to act is in conformity with general information technology processing standards. Processor’s liability relating to its or its employees’, officers’ or
agents’ performance or failure to perform hereunder, or for any other action or inaction of Processor, or its employees, officers or agents, shall be limited exclusively to the lesser of (i) any direct losses which are caused by the
failure of Processor, its employees, officers or agents to exercise reasonable care and/or act in good faith, and (ii) the face amount of any item, check, payment or other funds lost or mishandled by the action or inaction of Processor. Under
no circumstances will Processor be liable for any general, indirect, special, incidental, punitive or consequential damages or for damages caused, in whole or in part, by the action or inaction of AmeriCredit or the Trustee, whether or not such
action or inaction constitutes negligence. Processor will not be liable for any damage, loss, liability or delay caused by accidents, strikes, fire, flood, war, riot, equipment breakdown, electrical or mechanical failure, acts of God or any cause
which is reasonably unavoidable or beyond its reasonable control. AmeriCredit agrees that the fees charged by Processor for the performance of this Service shall be deemed to have been established in contemplation of these limitations on
Processor’s liability. In addition, AmeriCredit agrees to indemnify and hold Processor harmless from all liability on the part of Processor under this Section 13 except such liability as is attributable to the gross negligence of
Processor. 
  

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 14. Indemnification by AmeriCredit. AmeriCredit agrees to indemnify, defend and hold Processor
harmless from and against any and all damage, loss, cost, expense or liability of any kind, including, without limitation, reasonable attorneys’ fees and court costs, which results, directly or indirectly, in whole or in part, from any
negligence and willful misconduct or infidelity of AmeriCredit or any agent or employee of AmeriCredit, incurred in connection with this Agreement or the Lockbox or any interpleader proceeding relating thereto or from Processor acting upon
information furnished by AmeriCredit under this Agreement. AmeriCredit will remain liable for all indemnification under this Section 14 after its removal and/or resignation as Servicer. 
 15. Other Agreements. Processor shall not be bound by any agreement between any of the other parties hereto irrespective of whether Processor has
knowledge of the existence of any such agreement or the terms and provisions thereof. 
 16. Records. This Agreement and the
performance by Processor of the Services hereunder shall not relieve Processor of any obligation imposed by law or contract regarding the maintenance of records. 
 17. Amendment and Termination. This Agreement may only be amended in writing signed by all parties to this Agreement. AmeriCredit or Trustee may immediately terminate this Agreement for cause, provided,
however, that a similar agreement has been executed with a successor processor reasonably acceptable to the Trustee or the Trustee has consented to such termination. The Trustee may immediately terminate this Agreement and shall do so upon written
notice to the other parties hereto. Otherwise, any party may terminate this Agreement on sixty (60) days’ prior written notice to the others; provided, however, that AmeriCredit shall promptly notify the Trustee of receipt of any such
notice and shall arrange for alternative lockbox processing services satisfactory to the Trustee prior to the termination of the Services. 
 18. Successor Servicer. Each of Processor and the Trustee agrees that if the Servicer has been terminated or resigns as Servicer, this Agreement shall not thereupon terminate and the successor servicer appointed pursuant to the Sale
and Servicing Agreement shall succeed, except as otherwise provided herein, to all rights, benefits, duties and obligations of the Servicer hereunder. Prior to the termination or resignation of the Trustee or the Servicer, the Trustee or the
Servicer, respectively, shall provide notice to Processor in accordance with the terms and conditions to which each of the Trustee or the Servicer, respectively, is itself entitled upon termination or resignation. 
 19. Successor Processor. Any company or national banking association into which Processor may be merged or converted or with which it may be
consolidated, or any company or national banking association resulting from any merger, conversion or consolidation to which it shall be a party or any company or national association to which Processor may sell or transfer all or substantially all
of its business (provided any such company or national banking association shall be a company organized under the laws of any state of the United States or a national banking association and shall be eligible to perform all of the duties imposed
upon it by 

  

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this Agreement) shall be the successor to Processor hereunder without the execution or filing of any document or any further act by any of the parties to
this Agreement; provided, however, that Processor notify the Trustee and AmeriCredit of any such merger, conversion or consolidation within 30 days of its occurrence. 
 20. Governing Law. This Agreement shall be governed by the laws of the State of Texas. All parties hereby waive all rights to a trial by jury in any action or proceeding relating to Lockbox or this Agreement.

 21. Notices. All written notices required by this Agreement shall be delivered or mailed to the other parties at the addresses set
forth below or to such other address as a party may specify in writing. 
  

			
	Processor:	  	Regulus Group II LLC
		  	450 Raritan Center Parkway
		  	Edison, New Jersey 08837
		  	Attention: Chief Financial Officer
		
		  	With a copy to:
		
		  	Rosensteel Law
		  	90 Park Avenue, 17th Floor

		  	New York, New York 10016
		  	Attention: Edward M. Rosensteel, Esq.
		
	AmeriCredit:	  	AmeriCredit Financial Services, Inc.
		  	801 Cherry Street, Suite 3500
		  	Fort Worth, Texas 76102
		  	Attention: Chief Financial Officer
		
	Trustee:	  	Wells Fargo Bank, National Association
		  	Sixth Street and Marquette Avenue
		  	MAC N9311-161
		  	Minneapolis, Minnesota 55479
		  	Attention: AmeriCredit Automobile Receivables Trust 2009-1

 22. Bankruptcy. Processor hereby covenants and agrees that, prior to the date which is one
year and one day after the payment in full of the Notes and all amounts owed under the Indenture and the Sale and Servicing Agreement, Processor will not institute against or join with any other person in instituting against the Trust, any
proceeding or file any petition against the Trust under any bankruptcy, insolvency or similar law for the relief or aid of debtors (including, without limitation, Title 11 of the United States Code or any amendment thereto), seeking the dissolution,
liquidation, arrangement, reorganization or similar relief of the Trust or the appointment of a receiver, trustee, custodian or liquidator of the Trust, or issue any writ, order, judgment warrant of attachment, execution or similar process against a
substantial part of the property, assets or business of the Trust. This covenant shall survive the termination of this Agreement. 
  

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	PROCESSOR:	 		 	AMERICREDIT:
			
	REGULUS GROUP II LLC	 		 	AMERICREDIT FINANCIAL SERVICES, INC.
					
	By: 	 	/s/ Kathleen Hamburger	 		 	By: 	 	/s/ Susan B. Sheffield
		 	Name: Kathleen Hamburger	 		 		 	Name: Susan B. Sheffield
		 	Title: CEO & President	 		 		 	 Title: Executive Vice President,
 Structured Finance

  

			
	TRUSTEE:
	
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
	as Trustee
		
	By: 	 	/s/ Marianna C. Stershic
		 	Name: Marianna C. Stershic
		 	Title: Vice President

 [Series 2009-1 Lockbox Processing Agreement]Class A(2009-1) Terms Document

 Exhibit 4.1 
 EXECUTION VERSION 
  
  
 DISCOVER CARD EXECUTION NOTE TRUST 
 Issuer

 and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Indenture Trustee 
 CLASS A(2009-1) TERMS DOCUMENT 
 Dated as of July 14, 2009 
 to 
 INDENTURE SUPPLEMENT 
 Dated as of July 26, 2007 
 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	  	7
	 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(2009-1) 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(2009-1) Notes; Depository; Denominations	  	10
	 Section 2.07
	  	Delivery and Payment for the Class A(2009-1) Notes	  	10
	 Section 2.08
	  	Targeted Deposits to the Accumulation Reserve Account	  	10
	 Section 2.09
	  	Additional Issuances of Notes	  	11
	 Section 2.10
	  	Variable Accumulation Period	  	11

  

									
	Exhibit
			
	            Exhibit A                         
   	  	Form of Class A Note                        	  	

  
  

 THIS CLASS A(2009-1) 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 July 14, 2009. 
 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(2009-1) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class A(2009-1) 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 $125,000,000; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.10 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture
Supplement. 
 “Accumulation Commencement Date” means June 1, 2011, or such later date as the Calculation Agent on
behalf of the Issuer determines in accordance with Section 2.10 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 2.10 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 the 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(2009-1) Notes and 
 (y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2009-1) 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 2.10
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 2.10
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 2.10 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 2.10
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 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(2009-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2009-1) Notes or (b) an Event of Default and acceleration of the Class
A(2009-1) 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(2009-1) Adverse Event shall not be
treated as continuing from and after the date of such cure. 
 “Class A(2009-1) Note” means any Note, in the form set forth
in Exhibit A hereto, designated therein as a Class A(2009-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2009-1) Noteholder” means a Person in whose name a Class A(2009-1) Note is registered in the Note Register. 
 “Class A(2009-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2009-1) 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. 
 “Expected Maturity Date” means
June 15, 2012. 
  

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 “Indenture” means the Indenture dated as of July 26, 2007 between the Issuer and
Indenture Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 
 “Indenture Supplement” means the Indenture Supplement dated as of July 26, 2007, as amended by the Omnibus Amendment dated as of July 2, 2009, for the DiscoverSeries Notes, by and between the Issuer and the
Indenture Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 
 “Initial Dollar Principal Amount” means $1,500,000,000, 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 (or, in the case of the first Interest Payment Date for any Class A(2009-1) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment Date. 
 “Interest Payment Date” means the fifteenth day of each month commencing in August 2009, or if such fifteenth day is not a Business Day,
the next succeeding Business Day. 
 “Issuance Date” means July 14, 2009 with respect to all Class A(2009-1) Notes
issued on the date hereof and, with respect to any additional Class A(2009-1) Notes issued pursuant to Section 2.09, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means December 15, 2014. 
 “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. 
 “LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual Period. 
  

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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. 
 “Note Interest Rate” means LIBOR + 1.30% 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. 
 “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(2009-1) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of
a Class A(2009-1) Adverse Event, the Nominal Liquidation Amount of the Class A(2009-1) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the Class A(2009-1) 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(2009-1) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2009-1) 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(2009-1) Adverse Event, the Required
Subordinated Amount of Class B Notes for the Class A(2009-1) 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(2009-1) Adverse Event
shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2009-1) 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(2009-1) Notes
on such date of determination and 
  

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 (b) the Nominal Liquidation Amount of such Class A(2009-1) 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(2009-1) Adverse
Event, the Required Subordinated Amount of Class C Notes for the Class A(2009-1) 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(2009-1) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class
A(2009-1) 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(2009-1) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2009-1) 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(2009-1) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2009-1) 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(2009-1) Adverse Event shall have occurred. 
 “Required Subordinated Percentage of Class B Notes” means,
for the Class A(2009-1) Notes, 6.790123%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated
Percentage of Class C Notes” means, for the Class A(2009-1) Notes, 8.641975%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2009-1) Notes, 8.024691%, 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(2009-1) Notes, AAA with respect to Standard & Poors, Aaa with respect to Moody’s and AAA with respect to Fitch. 
 “Stated Principal Amount” means $1,500,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 
  

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 “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(2009-1) 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; provided, however, that if such designation is of a lesser amount, the applicable Note Rating Agencies shall have provided prior written
confirmation that a Ratings Effect will not occur with respect to such change. 
 Section 1.02 Representations and Warranties of
Issuer. The Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in
good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and statutory trust
proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority, and do not and will not conflict with any material provision of the Certificate of Trust or the Trust Agreement of
the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligations of the Issuer, except as the same may be limited by
receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 
 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms Document or
any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as of which such
information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations pending
against the Issuer before any court, regulatory body, administrative agency, or other 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: 
  

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 (a) The Indenture Trustee is organized, existing and in good standing under the laws of the United States
of America; 
 (b) The Indenture Trustee has full power, authority and right to execute, deliver and perform this Indenture, and has taken
all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c) This Terms Document has
been duly executed and delivered by the Indenture Trustee. 
 Section 1.04 Limitations on Liability. 
 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner Trustee not
individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of
the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating
any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person
claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the
Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect
to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2009-1) 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. 
  

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 ARTICLE II 
 The Class A(2009-1) Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche
of Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2009-1) 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(2009-1) 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(2009-1) 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(2009-1) 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(2009-1) 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(2009-1) Notes for the immediately preceding Distribution Date, together with interest thereon
at the Note Interest Rate 

  

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in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period
and a 360-day year. 
 Section 2.04 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(2009-1) 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(2009-1) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2009-1) Notes in accordance with
Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2009-1) Notes shall be made as set forth in Section 1101 of the Indenture. 
 (b) The right of the Class A(2009-1) Noteholders to receive payments from the Issuer will terminate on the Class A(2009-1) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class A(2009-1) Noteholders will be made pro rata based on the Stated Principal
Amount of their Class A(2009-1) Notes. 
 Section 2.06 Form of Delivery of Class A(2009-1) Notes; Depository; Denominations.

 (a) The Class A(2009-1) 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(2009-1) Notes is attached hereto as Exhibit A. 
 (b) The Depository for the Class
A(2009-1) Notes shall be The Depository Trust Company, and the Class A(2009-1) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2009-1) 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(2009-1) Notes. The Issuer shall execute and deliver the Class A(2009-1) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2009-1) 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(2009-1) Notes for 

  

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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(2009-1) Notes. 
 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 A(2009-1) 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(2009-1) 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(2009-1) Notes; 

  

	 	(ii)	the amount of such additional Class A(2009-1) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2009-1) Notes;

  

	 	(iii)	the date from which interest on such additional Class A(2009-1) 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(2009-1) Notes; and 

  

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2009-1) Notes to clarify the rights of Holders of such additional Class A(2009-1) Notes or
the effect of such issuance of additional Class A(2009-1) Notes on any calculations to be made with respect to the Class A(2009-1) Notes, Class A, 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(2009-1) Notes; and 
 (b) no Class A(2009-1) 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 A(2009-1) Notes so long as such conditions were satisfied or waived
in connection with the initial issuance of Class A(2009-1) Notes. 
 Section 2.10 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(2009-1)
Notes and determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.10; 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(2009-1) Notes. Any such delay by the Calculation Agent on behalf of the 

  

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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 2.10). 
 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(2009-1) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date; (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(2009-1) Notes is delayed pursuant to this Section 2.10 
 [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:	 	 /s/ Dorri Costello

	Name:	 	Dorri Costello
	Title:	 	Financial Services Officer
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Indenture
Trustee

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

 [Signature Page to Class A(2009-1) Terms Document]

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