Document:

EX-4.3

 Exhibit 4.3 
  

 
 DISCOVER BANK 

as Master Servicer and Servicer, 

DISCOVER FUNDING LLC, 
 as
Transferor, 
 and 
 U.S. BANK
NATIONAL ASSOCIATION 
 as Trustee 

on behalf of the Certificateholders 

[FORM OF] AMENDED AND RESTATED SERIES SUPPLEMENT 

Dated as of [            ], 20[    ] 

to 
 THIRD AMENDED AND RESTATED
POOLING AND SERVICING AGREEMENT 
 Dated as of [            ],
20[    ] 
  
  

DISCOVER CARD MASTER TRUST I 

SERIES 2007-CC 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 Section 1.
	  	 Definitions
	  	 	1	  
			
	 Section 2.
	  	 No Subordination
	  	 	11	  
			
	 Section 3.
	  	 Representations and Warranties of the Transferor
	  	 	11	  
			
	 Section 4.
	  	 Representations, Warranties and Covenants of Discover Bank as Master Servicer and Servicer
	  	 	12	  
			
	 Section 5.
	  	 Representations and Warranties of Other Servicers
	  	 	13	  
			
	 Section 6.
	  	 Representations, Warranties and Covenants of the Trustee
	  	 	13	  
			
	 Section 7.
	  	 Authentication of Certificates
	  	 	14	  
			
	 Section 8.
	  	 Establishment and Administration of Investor Accounts
	  	 	14	  
			
	 Section 9.
	  	 Allocations of Collections
	  	 	15	  
			
	 Section 10.
	  	 Servicing Compensation
	  	 	22	  
			
	 Section 11.
	  	 Investor Certificateholders’ Monthly Statement
	  	 	22	  
			
	 Section 12.
	  	 Purchase of Notes; Sales of Receivables
	  	 	23	  
			
	 Section 13.
	  	 Ratification of Pooling and Servicing Agreement
	  	 	24	  
			
	 Section 14.
	  	 Counterparts
	  	 	24	  
			
	 Section 15.
	  	 Governing Law
	  	 	24	  
			
	 Section 16.
	  	 Intention of Parties
	  	 	24	  
			
	 Section 17.
	  	 Amendment for Sale Accounting Purposes
	  	 	24	  
			
	 Section 18.
	  	 Election Under Delaware Asset-Backed Securities Facilitation Act
	  	 	25	  
			
	 Section 19.
	  	 Increases to Series Investor Interest
	  	 	25	  
			
	 Section 20.
	  	 Amendments for Additional Collateral Certificates
	  	 	26	  
			
	 Section 21.
	  	 Dispute Resolution
	  	 	26	  
			
	 Section 22.
	  	 Asset Representations Review
	  	 	29	  

  
 -i- 

 EXHIBITS 
  

			
	EXHIBIT A:	  	Form of Series 2007-CC Investor Certificate
		
	EXHIBIT B:	  	Form of Certificateholders’ Monthly Statement

  
 ii 

 THIS AMENDED AND RESTATED SERIES SUPPLEMENT, dated as of
[            ], 20[    ] (this “Series Supplement”), by and among DISCOVER BANK, a Delaware banking corporation (“Discover Bank”), as
Master Servicer and Servicer, DISCOVER FUNDING LLC, a Delaware limited liability company (“Discover Funding”), as Transferor, and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”), as Trustee under the Third Amended
and Restated Pooling and Servicing Agreement, dated as of [            ], 20[    ], among Discover Bank, as Servicer, Discover Funding, as Transferor, and the Trustee
(as amended and supplemented from time to time the “Pooling and Servicing Agreement”), relates to the series of Master Trust Certificates to be known as the DISCOVER CARD MASTER TRUST I, SERIES 2007-CC COLLATERAL CERTIFICATE
(“Series 2007-CC”). Series 2007-CC is an Interchange Series that is a member of Group One of the Discover Card Master Trust I and is eligible for reallocations to and from other Series in Group One. (For purposes of any Series
Supplement for any other Series that requires that Interchange Series be so designated in their Series Term Sheet, this introductory paragraph shall constitute the Series Terms Sheet for this Series. For purposes of any Series Supplement for any
other Series that allocates payments sequentially by Class, the entire Series Investor Interest of this Series shall constitute Class A.) 

WHEREAS, the Trustee and Discover Bank have heretofore executed and delivered a Series Supplement, dated as of November 3, 2004 (as
amended, supplemented or otherwise modified prior to the date hereof, the “Original Series 2007-CC Supplement”); 

WHEREAS, Discover Funding, as Transferor, Discover Bank, as Servicer, and the Trustee have executed the Pooling and Servicing Agreement in
order to substitute Discover Funding in the place of Discover Bank as the Seller (now referred to as the Transferor); 
 WHEREAS, the
parties hereto desire to amend and restate in its entirety the Original Series 2007-CC Supplement to, among other things, provide for the substitution of Discover Funding in the place of Discover Bank, in its capacity as Seller (now referred to as
the Transferor). 
 NOW, THEREFORE, in consideration of the promises and the agreements contained herein, the Original Series 2007-CC
Supplement is hereby amended and restated in its entirety as follows: 
 SECTION 1. Definitions. 

(a) Capitalized terms not otherwise defined in this Series Supplement shall have the meanings ascribed to them in the Pooling and Servicing
Agreement. Capitalized terms that refer to a Series refer to Series 2007-CC unless the context otherwise requires. For purposes of determining any amount or making any calculation hereunder, such amount or calculation, (i) if specified to be as
of the first day of any Due Period, shall (a) include any increase in the Series Investor Interest occurring during such Due Period as if such increase had occurred 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 (ii) if specified to be as of the close of business on the last day of any Due Period, shall give effect to any reduction to the Series Investor
Interest as a result of payments, deposits or allocations made on the related Distribution Date. For purposes of this Series Supplement, a reference to any agreement, document, policy, or procedure is to that agreement, document, policy, or
procedure as may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

 (b) The following terms have the definitions set forth below with respect to Series 2007-CC,
unless the context otherwise clearly requires: 
 “60-Day Delinquent Receivables” means, as of any date of determination,
all Receivables, other than Receivables in Charged-Off Accounts, in the Trust that are 60 or more days delinquent as of the last day of the Due Period immediately preceding such date, as determined in accordance with the related Servicer’s
customary servicing practices. 
 “Accumulation Period” with respect to any Note, shall have the meaning set forth in the
applicable Indenture Supplement. 
 “Additional Collateral Certificate” shall have the meaning set forth in the Indenture.
“Calculation Agent” shall have the meaning set forth in the Indenture. 
 “ARD Proceeding” shall mean a
mediation or arbitration instituted pursuant to Section 21 hereof. 
 “Asset Representations Review Agreement” means
that certain Asset Representations Review Agreement among Discover Bank, as Master Servicer and Servicer, the Issuer and the Asset Representations Reviewer, dated as of [            ],
20[    ]. 
 “Asset Representations Reviewer” shall mean the entity appointed to be the “asset
representations reviewer” pursuant to the Asset Representations Review Agreement. 
 “Charge-offs” shall have the
meaning set forth in the Indenture. 
 “Class A Cumulative Investor Charged-Off Amount” on any Distribution Date, shall
have the meaning set forth in step (21) (Allocation from the DCMT Group One Finance Charge Collections Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries, as adjusted pursuant to Sections
9(b)(7) and 9(b)(l0) and, as applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

“Class A Principal Distribution Amount Shortfall” shall have the meaning set forth in step (64) (Allocation from the
DCMT Group One Principal Collections Reallocation Account for Principal Shortfalls other than Prefunding Shortfalls) of Section 3.01 of the Indenture Supplement for the DiscoverSeries, as adjusted pursuant to Section 9(b)(15) and, as
applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

“Class A Required Amount Shortfall” on any Distribution Date, shall have the meaning set forth in step
(9) (Allocation from the DCMT Group One Finance Charge Collections Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries, as adjusted pursuant to Section 9(b)(6) and 9(b )(9) and, as
applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

  
 2 

 “Class Invested Amount” shall mean the Series Invested Amount. 

“Clean-Up Call Amount” shall have the meaning set forth in Section 12(a). 

“Controlled Liquidation Period” shall mean any period in which the Targeted Principal Deposit minus the Targeted
Prefunding Deposit for any series, class or Tranche of Notes is greater than zero. 
 “Delinquency Percentage” means, for
each Distribution Date and the related Due Period, an amount (expressed as a percentage) equal to the ratio of (i) the aggregate balance of all 60-Day Delinquent Receivables as of the last day of the Due Period immediately preceding such
Distribution Date to (ii) the amount of Receivables in the Trust as of the last day of the Due Period immediately preceding such Distribution Date. 

“Discover Bank” shall have the meaning set forth in the recitals hereto. 

“Discount Note” shall have the meaning set forth in the applicable Indenture Supplement. 

“Distribution Date” shall mean the 15th day of each calendar month (or,
if such day is not a Business Day, the next succeeding Business Day) commencing in August 2007. When used with respect to a Due Period, the Distribution Date means the first Distribution Date following the end of such Due Period. 

“Early Redemption Event” shall have the meaning set forth in the Indenture. 

“Event of Default” shall have the meaning set forth in the Indenture. 

“Excess Spread Amount” shall have the meaning set forth in the applicable Indenture Supplement. 

“Finance Charge Allocation Amount” with respect to any series, class or Tranche of Notes, shall have the meaning set forth in
the Indenture. 
 “Finance Charge Amounts” shall have the meaning set forth in the Indenture. 

“Group Excess Spread” shall mean, for any Distribution Date, the sum of the Series Excess Spreads for each Series (including
the Series established hereby) that is a member of the same Group as the Series established hereby, in each case for such Distribution Date. 

“Group Finance Charge Collections Reallocation Account” shall have the meaning specified in Section 8. 

“Group Interchange Reallocation Account” shall have the meaning specified in Section 8. 

“Group Principal Collections Reallocation Account” shall have the meaning specified in Section 8. 

  
 3 

 “Indenture” shall mean that certain Amended and Restated Indenture, dated as of
[            ], 20[    ], by and between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee. 

“Indenture Supplement” shall mean, with respect to the DiscoverSeries Notes, that certain Second Amended and Restated
Indenture Supplement, dated as of [            ], 20[    ], by and between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as
Indenture Trustee, and with respect to any other series of Notes issued by Discover Card Execution Note Trust, the applicable indenture supplement entered into pursuant to the Indenture relating to such series. 

“Indenture Trustee” shall have the meaning set forth in the Indenture. 

“Initial Dollar Principal Amount” with respect to any class or Tranche of Notes, shall have the meaning set forth in the
applicable Indenture Supplement. 
 “Interchange Series” shall mean this Series and each series issued by the Trust that
indicates in its Series Supplement that it is an Interchange Series. 
 “Interchange Subgroup Allocable Group Excess
Spread” shall mean, if the Group Excess Spread is greater than or equal to zero, the product of the Group Excess Spread and the Interchange Subgroup Excess Allocation Percentage; and if the Group Excess Spread is less than zero, the product
of the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage. 
 “Interchange Subgroup Excess Allocation
Percentage” shall mean a ratio, the numerator of which is the sum of the Series Investor Interest for each Interchange Series that is a member of the same Group as the Series established hereby (including the Series established hereby); and
the denominator of which is the sum of the Series Investor Interests for each Series that is a member of the same Group as the Series established hereby (including each Interchange Series and the Series established hereby). 

“Interchange Subgroup Excess Spread” shall mean, for any Distribution Date, the sum of (x) all amounts available to be
deposited into the Group Interchange Reallocation Account for all Interchange Series and (y) the Interchange Subgroup Allocable Group Excess Spread. 

“Interchange Subgroup Shortfall Allocation Percentage” shall mean a ratio, the numerator of which is the sum of the Series
Excess Spread for each Interchange Series that is a member of the same Group as the Series established hereby (including, if applicable, the Series established hereby) for which the Series Excess Spread is less than zero; and the denominator of
which is the sum of the Series Excess Spread for each Series that is a member of the same Group as the Series established hereby (including, if applicable, each Interchange Series and the Series established hereby) for which the Series Excess Spread
is less than zero. 
 “Investor Accounts” shall mean, in addition to Investor Accounts established pursuant to the Pooling
and Servicing Agreement, the Series Collections Account, the Series Distribution Account, the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and the Group Interchange Reallocation Account.

  
 4 

 “Investor Certificateholder” shall mean, at any time, the holder or holders of
the Series 2007-CC Collateral Certificate. 
 “Investor Servicing Fee” shall mean, with respect to any Distribution Date,
an amount equal to the product of the Investor Servicing Fee Percentage and the Series Investor Interest on the first day of the Due Period related to such Distribution Date (or in the case of the first Distribution Date for the Series established
hereby, the Series Investor Interest on the Series Closing Date). 
 “Investor Servicing Fee Percentage” shall mean
2.0% per annum calculated on the basis of a 360-day year of twelve 30-day months. 
 “Investor Servicing Fee
Shortfall” shall have the meaning specified in Section 9(b)(3). 
 “Monthly Interest Accrual Period” shall
have the meaning set forth in the applicable Indenture Supplement. 
 “Nominal Liquidation Amount” with respect to any
series, class or Tranche of Notes, shall have the meaning set forth in the Indenture. 
 “Note Issuance Trust” shall mean
the Discover Card Execution Note Trust, governed by the Amended and Restated Trust Agreement, dated as of [            ], 20[    ], by and between Discover Funding, as
Beneficiary, and Wilmington Trust Company, as Owner Trustee. 
 “Note Issuance Trust’s Annual Report Date” shall have
the meaning specified in Section 4(b). 
 “Note Rating Agency” shall have the meaning set forth in the Indenture. 

“Notes” shall mean any notes issued by the Note Issuance Trust under the Indenture and any applicable Indenture Supplement.

 “Outstanding Dollar Principal Amount” with respect to any series, class or Tranche of Notes, shall have the meaning set
forth in the Indenture. 
 “Paying Agent” shall mean the Corporate Trust Office of the Trustee. 

“Pooling and Servicing Agreement” shall have the meaning set forth in the recitals hereto. 

“Prefunding Negative Spread” shall have the meaning set forth in the applicable Indenture Supplement. 

“Principal Allocation Amount” with respect to any series, class or Tranche of Notes, shall have the meaning set forth in the
Indenture. 

  
 5 

 “Principal Distribution Amount Shortfall” when used for purposes of any Series
Supplement for any other Series in the Group to which the Series established hereby belongs, shall mean the Class A Principal Distribution Amount Shortfall. 

“Public Notes” means any Notes that have been registered under the Securities Act. 

“Rating Agency Condition” shall have the meaning set forth in the Indenture. 

“Required Daily Deposit” shall have the meaning set forth in the Indenture. 

“Revolving Period” shall mean each Due Period, prior to the Series Termination Date, for which the Targeted Principal Deposit
for the related Distribution Date for all series, classes or Tranches of Notes, as applicable, is zero. 
 “Series 2007-CC”
shall have the meaning set forth in the recitals hereto. 
 “Series 2007-CC Collateral Certificate” shall mean the Investor
Certificate created under this Series Supplement and issued to the Investor Certificateholder. 
 “Series 2007-CC Collateral
Certificate Percentage” shall have the meaning set forth in the Indenture. 
 “Series Charge-Off Allocation
Percentage” shall mean, with respect to any Distribution Date or any “trust Distribution Date, as applicable, the percentage equivalent of a fraction the numerator of which shall be
the amount of the Series Investor Interest and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust and (ii) the Aggregate Investor Interest, in each case on the first day of the related Due
Period. 
 “Series Closing Date” shall mean July 26, 2007. 

“Series Collections Account” shall have the meaning specified in Section 8. 

“Series Distribution Account” shall have the meaning specified in Section 8. 

“Series Excess Spread” shall, with respect to the Series established hereby, for any Distribution Date (x) so long as
the only collateral certificate owned by the Note Issuance Trust is the Series 2007-CC Collateral Certificate, mean the sum of the Excess Spread Amounts for the DiscoverSeries and each additional series of Notes issued under the Indenture;
provided, however, that solely for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage for this Series and any other Series in the Group to which this Series belongs, Series Excess
Spread shall be the amount determined as set forth above minus for so long as any Series that is not an Interchange Series is outstanding and the Series Excess Spread is positive, the lesser of Series Interchange or the amount determined as
the Series Excess Spread without giving effect to this proviso; provided, that Series Excess Spread, for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage, shall not be reduced below
zero as a result of this proviso, if any, for such Distribution Date or (y) during any period when Additional Collateral Certificates are owned by the Note Issuance Trust, have the meaning set forth in the documents relating to such addition

  
 6 

 
(provided that such documents are accepted and agreed to by the parties hereto); and with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth
in the applicable Series Supplement. 
 “Series Finance Charge Amounts” shall, with respect to any series of Notes, have
the meaning set forth in the applicable Indenture Supplement. 
 “Series Finance Charge Collections” shall mean with
respect to any day or any Distribution Date or Trust Distribution Date, as applicable, an amount equal to the product of (x) the Series Finance Charge Collections Allocation Percentage for the related Distribution Date and (y) the amount
of Finance Charge Collections for such day or for the related Due Period, as applicable; provided, however, that Series Finance Charge Collections shall be increased by the lesser of (i) the amount of Series Prefunding Negative Spread,
if any, for each series, class or Tranche of Notes, as applicable (without duplication) and (ii) an amount equal to the product of the total amount of Finance Charge Collections otherwise allocable to Discover Funding as Holder of the
Transferor Certificate for the related Due Period and a fraction the numerator of which is the Series Invested Amount and the denominator of which is the Aggregate Invested Amount. 

“Series Finance Charge Collections Allocation Percentage” shall mean, with respect to any Distribution Date or any Trust
Distribution Date, as applicable, 
 (a) so long as an Early Redemption Event or an Event of Default is not then continuing with respect to
any series, class or Tranche of Notes or an Amortization Event is not then continuing with respect to this Series 2007-CC, the percentage equivalent of a fraction the numerator of which shall be the amount of the Series Investor Interest on the
first day of the related Due Period and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating
the components of the Series Percentage with respect to Finance Charge Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 

(b) if an Early Redemption Event or an Event of Default for any series, class or Tranche of Notes issued by the Note Issuance Trust has
occurred and is then continuing, the percentage equivalent of a fraction the numerator of which shall be the sum of the Finance Charge Allocation Amounts for each series, class or Tranche of Notes (without duplication) multiplied by the
Series 2007-CC Collateral Certificate Percentage; and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used
in calculating the components of the Series Percentage with respect to Finance Charge Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; or
 
 (c) if an Amortization Event has occurred and is then continuing with respect to this Series 2007-CC, the percentage equivalent
of a fraction, the numerator of which shall be the amount of the Series Investor Interest on the last day of the Due Period immediately preceding such Amortization Event, and the denominator of which shall be the greater of (i) the amount of

  
 7 

 
Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage with respect to
Finance Charge Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 

provided, however, in the event that clause (b) and clause (c) of this definition are both applicable (i.e., if an Early Redemption Event or
an Event of Default for any series, class or Tranche of Notes issued by the Note Issuance Trust has occurred and is then continuing and an Amortization Event has occurred and is continuing), then the “Series Finance Charge Collections
Allocation Percentage” shall be the higher of the amount determined in accordance with clause (b) and the amount determined in accordance with clause (c). 

“Series Interchange” shall mean, with respect to any Distribution Date or Trust Distribution Date, as applicable, an amount
equal to the product of (x) the Series Interchange Allocation Percentage for the related Distribution Date and (y) Interchange for the related Due Period. 

“Series Interchange Allocation Percentage” shall mean, with respect to any Distribution Date or Trust Distribution Date, as
applicable, the percentage equivalent of a fraction the numerator of which shall be the amount of the Series Investor Interest and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust and
(ii) the Aggregate Investor Interest, in each case on the first day of the related Due Period. 
 “Series Invested
Amount” shall mean the product of (x) the sum of the Outstanding Dollar Principal Amounts for all Notes and (y) the Series 2007-CC Collateral Certificate Percentage. 

“Series Investor Charged-Off Amount” shall mean, with respect to this Series for any Distribution Date, an amount equal to
the product of (a) the Charged-Off Amount for such Distribution Date and (b) the Series Charge-Off Allocation Percentage. 

“Series Investor Interest” as of any date of determination shall (i) so long as the only collateral certificate owned by
the Note Issuance Trust is the Series 2007-CC Collateral Certificate, mean an amount equal to the sum, without duplication, of the Nominal Liquidation Amounts for each series, class or Tranche of Notes then outstanding or (ii) during any period
when Additional Collateral Certificates are owned by the Note Issuance Trust, have meaning set forth in the documents relating to such addition (provided that such documents are accepted and agreed to by the parties hereto). 

“Series Minimum Principal Receivables Balance” shall mean, with respect to the Series established hereby, on any date of
determination (a) if no series, class or Tranche of Notes has a Targeted Principal Deposit that is greater than zero or no Amortization Event has occurred and is then continuing with respect to this Series 2007-CC, the Series Investor Interest
on such date of determination, divided by 0.93, and (b)(i) if any series, class or Tranche of Notes has a Targeted Principal Deposit that is greater than zero, the sum of, without duplication, the Principal Allocation Amounts for each such series,
class or Tranche, multiplied by the Series 2007-CC Collateral Certificate Percentage, divided by 0.93 or (ii) if an Amortization Event has occurred 

  
 8 

 
and is continuing with respect to this Series 2007-CC, the Series Investor Interest as of the last day of the calendar month preceding the date of the occurrence of the Amortization Event,
divided by 0.93 (in the event that clause (i) and clause (ii) are both applicable, then the “Series Minimum Principal Receivables Balance” shall be the higher of the amount determined in accordance with clause (i) and the
amount determined in accordance with clause (ii)) divided by 0.93; provided, however, that Discover Funding as Holder of the Transferor Certificate may, upon 30 days’ prior notice to the Trustee and the Rating Agencies, reduce the Series
Minimum Principal Receivables Balance by increasing the divisors set forth above, subject to the condition that Discover Funding as Holder of the Transferor Certificate shall have been notified by the Rating Agencies that such reduction would not
result in the lowering below or withdrawal of the Required Rating of any Class of any Series then outstanding or of any series, class or Tranche of Notes then outstanding, and provided, further, that the divisors set forth above may not be increased
to more than 0.98. 
 “Series Percentage” shall mean, (a) for this Series with respect to Principal Collections, the
“Series Principal Collections Allocation Percentage,” and for each other Series with respect to Principal Collections, shall have the meaning set forth in the applicable Series Supplement, and (b) for this Series with respect to
Finance Charge Collections, the “Series Finance Charge Collections Allocation Percentage,” and for each other Series with respect to Finance Charge Collections, shall have the meaning set forth in the applicable Series Supplement. 

“Series Prefunding Negative Spread” shall mean the sum of the amounts of Prefunding Negative Spread for each Tranche of Notes
multiplied by the Series 2007-CC Collateral Certificate Percentage. 
 “Series Principal Amounts” with respect to
any series of Notes, shall have the meaning set forth in the applicable Indenture Supplement. 
 “Series Principal
Collections” shall mean, with respect to any day or any Distribution Date or Trust Distribution Date, as applicable, an amount equal to the product of (x) the Series Principal Collections Allocation Percentage for the related
Distribution Date and (y) the amount of Principal Collections for such day or for the related Due Period, as applicable. 

“Series Principal Collections Allocation Percentage” shall mean, with respect to any Distribution Date or any Trust
Distribution Date, as applicable, 
 (a) if no series, class or Tranche of Notes has a Targeted Principal Deposit that is greater than zero
or an Amortization Event is not then continuing with respect to this Series 2007-CC, the percentage equivalent of a fraction the numerator of which shall be the amount of the Series Investor Interest on the first day of the related Due Period and
the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage
with respect to Principal Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 

  
 9 

 (b) if any series, class or Tranche of Notes has a Targeted Principal Deposit that is greater
than zero, the percentage equivalent of a fraction, the numerator of which shall be the sum of the Principal Allocation Amounts for each series, class or Tranche of Notes (without duplication) multiplied by the Series 2007-CC Collateral
Certificate Percentage; and the denominator of which shall be the greater of (i) the amount of Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the
components of the Series Percentage with respect to Principal Collections for each Series then outstanding (including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; or 

(c) if an Amortization Event has occurred and is then continuing with respect to this Series 2007 -CC, the percentage equivalent of a
fraction, the numerator of which shall be the amount of the Series Investor Interest on the last day of the Due Period immediately preceding such Amortization Event and the denominator of which shall be the greater of (i) the amount of
Principal Receivables in the Trust on the first day of the related Due Period and (ii) the sum of the numerators used in calculating the components of the Series Percentage with respect to Principal Collections for each Series then outstanding
(including the Series established hereby) as of such Distribution Date or Trust Distribution Date, as applicable; 
 provided, however, in the event
that clause (b) and clause (c) of this definition are both applicable (i.e., if the Targeted Principal Deposit of any series, class or Tranche of Notes issued by the Note Issuance Trust is greater than zero and an Amortization Event has
occurred and is then continuing), then the “Series Principal Collections Allocation Percentage” shall be the higher of the amount determined in accordance with clause (b) and the amount determined in accordance with clause (c).

 “Series Required Principal Amount” shall mean, with respect to each Distribution Date of any Controlled Liquidation
Period, the product of (x) (i) if the related Due Period does not occur in February, 1.15 or (ii) if the related Due Period occurs in February, 1.05, and (y) the product of (A) the sum of the Targeted Principal Deposits
minus Targeted Prefunding Deposits for each Tranche of Notes for such Distribution Date and (B) the Series 2007-CC Collateral Certificate Percentage. 

“Series Servicing Fee” with respect to any series of Notes shall have the meaning set forth in the Indenture Supplement. 

“Series Supplement” shall have the meaning set forth in the recitals hereto or, as applicable, with respect to any other
Series issued by the Trust, the series supplement(s) relating to such Series, as such agreement may be amended, restated or supplemented from time to time. 

“Series Termination Date” shall mean, unless extended by the parties hereto, July 1, 2028 or, if earlier, the date on
which the Nominal Liquidation Amount for all series, classes and Tranches of Notes has been reduced to zero. 
 “Statement
Date” shall mean each Distribution Date, commencing in August 2007. 
 “Targeted Prefunding Deposit” with respect
to any series, class or Tranche of Notes shall have the meaning set forth in the applicable Indenture Supplement. 

  
 10 

 “Targeted Principal Deposit” with respect to any series, class or Tranche of
Notes shall have the meaning set forth in the applicable Indenture Supplement. 
 “Tranche” shall have the meaning set
forth in the Indenture. 
 “Transferred Assets” shall have the meaning set forth in Section 18 hereto. 

“Trustee” shall have the meaning set forth in the recitals hereto. 

“United States” or “U.S.” shall mean the United States of America, its territories and possessions, any
State of the United States and the District of Columbia. 
 “Unscheduled Principal Distribution Amount Shortfall”
shall have the meaning set forth in step (65) (Allocation from the DCMT Group One Principal Collections Reallocation Account for Prefunding Shortfalls) of Section 3.01 of the Indenture Supplement for the DiscoverSeries and, as
applicable, with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement. 

“Verified Note Owner” shall have the meaning set forth in the Indenture. 

(c) Any provision of the Pooling and Servicing Agreement that requires confirmation that any action, amendment, event or other circumstance
will not result in a reduction below or withdrawal of the Required Rating of any Class of any Series then outstanding as confirmed in writing by the Rating Agencies shall require satisfaction of the Rating Agency Condition with respect to any
applicable Note Rating Agency. 
 SECTION 2. No Subordination. Series 2007-CC shall not be subordinated in right of
payment to any other Series, whether currently outstanding or to be issued in the future. No other Series issued by the Trust may be subordinated in right of payment to Series 2007-CC. 

SECTION 3. Representations and Warranties of the Transferor. The representations and warranties of the Transferor contained
in Section 2.04 of the Pooling and Servicing Agreement and the corresponding sections of any Assignment are true on and as of the date hereof and/or the date set forth in the Pooling and Servicing Agreement, as applicable. The Transferor also
represents and warrants to the Trust as of the date hereof that: 
 (a) The execution, delivery and performance of this Series
Supplement by such Transferor have been duly authorized by all necessary limited liability company action, do not require any approval or consent of any governmental agency or authority, do not and will not conflict with any material provision of
the Certificate of Formation or the Limited Liability Company Agreement of the Transferor, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money binding upon or
applicable to it or such of its property which is material to it, or, to the best of the Transferor’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series Supplement is the
valid, binding and enforceable obligation of the Transferor, 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. 

  
 11 

 (b) The Pooling and Servicing Agreement creates a valid and enforceable security interest (as
defined in the applicable UCC) which security interest is prior to all other Liens and is enforceable as such against creditors of and purchasers from the Transferor, 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. 
 (c) The
Receivables constitute “accounts” within the meaning of Article 9 of the applicable UCC. 
 (d) The Transferor has caused or will
have caused, within ten days of the date of this Series Supplement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest (as
defined in the applicable UCC) in the Receivables conveyed to the Trustee under the Pooling and Servicing Agreement. 
 (e) Other than the
sale, transfer, assignment and conveyance of the Receivables to the Trust and the grant of a security interest therein pursuant to the Pooling and Servicing Agreement, the Transferor has not pledged, assigned, sold, granted a security interest in or
otherwise conveyed any of the Receivables. 
 (f) The Transferor has not authorized the filing of and is not aware of any financing
statements against the Transferor that include a description of collateral covering the Receivables, other than any financing statement (i) relating to the interest of the Trust in the Receivables under the Pooling and Servicing Agreement or
(ii) that has been terminated. 
 (g) The Transferor is not aware of any judgment or tax lien filings against it. 

The representations and warranties set forth in this Section 3 shall survive the transfer and assignment to the Trust of the Receivables
transferred to the Trust by the Transferor. 
 SECTION 4. Representations, Warranties and Covenants of Discover Bank as Master
Servicer and Servicer. 
 (a) Representations and Warranties. The representations and warranties of Discover Bank as the Master
Servicer and as a Servicer contained in Section 3.04 of the Pooling and Servicing Agreement are true on and as of the date hereof. Discover Bank as Master Servicer and Servicer also represents and warrants to the Trust as of the date hereof
that the execution, delivery and performance of this Series Supplement by Discover Bank have been duly authorized by all necessary corporate action, do not require any approval or consent of any governmental agency or authority, do not and will not
conflict with any material provision of the Certificate of Incorporation or By-Laws of Discover Bank, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money binding
upon or applicable to it or such of its property which is material to it, or, to the best of Discover Bank’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series Supplement is
the valid, binding and enforceable obligation of Discover Bank, 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. 

  
 12 

 (b) Regulation AB Compliance. The Master Servicer and each Servicer agree that the
provisions of Article XIV of the Pooling and Servicing Agreement shall be for the benefit of the Note Issuance Trust. Without limiting the foregoing, the Master Servicer and each Servicer agree that (i) they will make available to the depositor
for the Note Issuance Trust, on or before the date on which the Note Issuance Trust is required to file its Annual Report pursuant to Section l3 or 15(d) of the Securities Exchange Act of 1934 on Form 10-K with the Commission (the “Note
Issuance Trust’s Annual Report Date”), such assessments, attestations, compliance certificates and other materials consistent in scope with those provided to the Transferor under Article XIV, (ii) they will provide such additional
information and disclosures as shall be necessary for any prospectus or other offering document for the Notes to comply with Regulation AB, consistent with the requirements of Article XIV, and (iii) they shall use their best efforts to cause
any Servicing Participant used by them (directly or indirectly) for the benefit of the Transferor to comply with the provisions of this Section 4(b) to the same extent as if such Servicing Participant were the Master Servicer or the Servicer.
The Master Servicer and each Servicer acknowledge that the depositor for the Note Issuance Trust or any other Person that will be responsible for signing the Sarbanes Certification on behalf of the Note Issuance Trust may rely on the certifications
provided pursuant to this Section 4(b) in signing a Sarbanes Certification and filing such certification with the Commission. 

SECTION 5. Representations and Warranties of Other Servicers. The representations and warranties of each Servicer (other
than Discover Bank), if any, contained in Section 3.05 of the Pooling and Servicing Agreement are true and correct on and as of the date hereof. Each such Servicer also represents and warrants to the Trust as of the date hereof that the
execution, delivery and performance of this Series Supplement by such Servicer have been duly authorized by all necessary corporate action, do not require any approval or consent of any governmental agency or authority, do not and will not conflict
with any material provision of the Certificate of Incorporation or By-Laws of such Servicer, do not and will not conflict with, or result in a breach which would constitute a material default under, any agreement for borrowed money binding upon or
applicable to it or such of its property which is material to it, or, to the best of such Servicer’s knowledge, any law or governmental regulation or court decree applicable to it or such material property, and this Series Supplement is the
valid, binding and enforceable obligation of such Servicer, 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. 
 SECTION 6. Representations, Warranties and Covenants of the Trustee. 

(a) Representations and Warranties. The representations and warranties of the Trustee contained in Section 11.16 of the Pooling
and Servicing Agreement are true on and as of the date hereof. The Trustee also represents and warrants as of the date hereof that the Trustee has full power, authority and right to execute, deliver and perform this Series Supplement, and has taken
all necessary action to authorize the execution, delivery and performance by it of this Series Supplement, and this Series Supplement has been duly executed and delivered by the Trustee. 

(b) Regulation AB Compliance. The Trustee agrees that the provisions of Article XIV of the Pooling and Servicing Agreement shall be for
the benefit of the Note Issuance 

  
 13 

 
Trust. Without limiting the foregoing, the Trustee agrees that (i) it will make available to the depositor for the Note Issuance Trust, on or before the Note Issuance Trust’s Annual
Report Date, such assessments, attestations, compliance certificates and other materials consistent in scope with those provided to the Transferor under Article XIV and (ii) it will provide such additional information and disclosures as shall
be necessary for any prospectus or other offering document for the Notes to comply with Regulation AB, consistent with the requirements of Article XIV. The Trustee acknowledges that the depositor for the Note Issuance Trust or any other Person that
will be responsible for signing the Sarbanes Certification on behalf of the Note Issuance Trust may rely on the certifications provided pursuant to this Section 6(b) in signing a Sarbanes Certification and filing such certification with the
Commission. 
 SECTION 7. Authentication of Certificates. Pursuant to the Original Series 2007-CC Supplement, the Trustee
has duly authenticated and delivered the Series 2007-CC Collateral Certificate in accordance with Section 6.06 of the Pooling and Servicing Agreement. The Series 2007-CC Collateral Certificate has been issued in fully registered form, without
coupons. 
 SECTION 8. Establishment and Administration of Investor Accounts. 

(a) The Series Distribution Account and Series Collections Account. The Trustee, for the benefit of the Certificateholders, shall cause
to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, two non-interest bearing segregated trust accounts (the “Series Distribution
Account”; and, for Collections, the “Series Collections Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trust shall possess all right, title
and interest in all funds on deposit from time to time in the Series Distribution Account and the Series Collections Account and in all proceeds thereof; provided, however, that all interest and earnings (less investment expenses) on
funds on deposit in any such account shall be paid to the Holder of the Transferor Certificate in accordance with Section 4.02(c) of the Pooling and Servicing Agreement. Pursuant to authority granted to it pursuant to Section 3.0l(b) of
the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the Trustee to withdraw funds from the Series Distribution Account and the Series Collections Account for the purpose of carrying out the duties of
the Master Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Series Distribution Account and the Series Collections Account. The Paying Agent also shall have the revocable
authority to make withdrawals from the Series Distribution Account. 
 (b) Reallocation Accounts. The Trustee, for the benefit of the
Certificateholders, shall cause to be established and maintained in the name of the Trust, with the corporate trust department of an office or branch of either the Trustee or a Qualified Institution, three non-interest bearing segregated trust
accounts for the Group of which the Series established hereby is a member (for reallocated Series Finance Charge Collections and similar amounts for other Series in the Group of which this Series is a member, the “Group Finance Charge
Collections Reallocation Account,” for reallocated Series Principal Collections and amounts used to reimburse charge-offs for this Series and other Series in the Group of which this Series is a member, the “Group Principal Collections
Reallocation Account” and for reallocated Series Interchange and similar amounts for other Series in the Group of which this Series is a member, 

  
 14 

 
the “Group Interchange Reallocation Account”) bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders. The Trust
shall possess all right, title and interest in all funds on deposit from time to time in the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and the Group Interchange Reallocation Account
and in all proceeds thereof; provided, however, that all interest and earnings (less investment expenses) on funds on deposit in any such account shall be paid to the Holder of the Transferor Certificate in accordance with
Section 4.02(c) of the Pooling and Servicing Agreement. Pursuant to authority granted to it pursuant to Section 3.0l (b) of the Pooling and Servicing Agreement, the Master Servicer shall have the revocable power to instruct the
Trustee to withdraw funds from the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and the Group Interchange Reallocation Account for the purpose of carrying out the duties of the Master
Servicer hereunder. The Master Servicer at all times shall maintain accurate records reflecting each transaction in the Group Finance Charge Collections Reallocation Account, the Group Principal Collections Reallocation Account and the Group
Interchange Reallocation Account. 
 (c) Transfer of Investor Accounts. If at any time any of the Investor Accounts established in
Sections 8(a) and 8(b) is not being held by the Trustee and the institution holding such Investor Account ceases to be a Qualified Institution, the Master Servicer shall within 10 Business Days establish a new Investor Account (meeting any
conditions specified in this Series Supplement with respect to such Investor Account) with a Qualified Institution and transfer any cash and/or any investments to such new Investor Account. 

SECTION 9. Allocations of Collections. 

(a) Deposits to Series Collections Account. On or before each Distribution Date, the Master Servicer shall direct the Trustee in
writing to withdraw from the Group Collections Account and deposit into the Series Collections Account an amount equal to the sum of the Series Finance Charge Collections, the Series Principal Collections and the Series Interchange for the related
Due Period. 
 (b) Deposits. The Master Servicer shall, on or before each Distribution Date, direct the Trustee in writing that funds
be paid or deposited in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person indicated, in each case as set forth below. 

(1) Series Finance Charge Collections and Series Interchange to Series Distribution Account. An amount equal to the sum of
(x) Series Finance Charge Collections and (y) Series Interchange shall be withdrawn from the Series Collections Account and deposited into the Series Distribution Account. 

(2) Series Principal Collections to Series Distribution Account. An amount equal to the Series Principal Collections shall be
withdrawn from the Series Collections Account and deposited into the Series Distribution Account. 
 (3) Investor Servicing Fee from
Series Distribution Account. An amount equal to the lesser of 

  
 15 

	 	(x)	the Investor Servicing Fee and 

  

	 	(y)	the portion of the Series Servicing Fee payable to the Master Servicer under step 7 (Series Servicing Fees from Series Finance Charge Amounts) of Section 3.01 of the Indenture Supplement for the
DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) 

 shall be withdrawn from the Series
Distribution Account and paid to the Master Servicer. The amount by which the Investor Serving Fee exceeds the amount of such payment shall be the “Investor Servicing Fee Shortfall.” 

(4) Reallocation to Group Finance Charge Collections Reallocation Account. An amount, if any, equal to the portion of Series Finance
Charge Amounts for each series of Notes that are to be reallocated to the Group Finance Charge Collections Reallocation Account under step (56) (Reallocation of Series Finance Charge Amounts to the DCMT Group One Finance Charge Collections
Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series Distribution Account and deposited
into the Group Finance Charge Collections Reallocation Account. 
 (5) Reallocation to Group Interchange Reallocation Account. An
amount, if any, equal to the portion of Series Finance Charge Amounts for each series of Notes that are to be reallocated to the Group Interchange Reallocation Account under step (57) (Reallocation of Series Finance Charge Amounts to the
DCMT Group One Interchange Reallocation Account) of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series
Distribution Account and deposited into the Group Interchange Reallocation Account. 
 (6) Reallocation from Group Finance Charge
Collections Reallocation Account for Class A Required Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Class A Required Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Required Amount Shortfall for this Series and the denominator of which is the sum of the Class A Required Amount Shortfalls for this Series and the Class A
Required Amount Shortfalls for all Classes designated as Class A of all other Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements substantially similar to
the clauses preceding this clause (6)) and 

  

	 	(2)	the amount on deposit in the Group Finance Charge Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

  
 16 

 shall be withdrawn from the Group Finance Charge Collections Reallocation Account and deposited into the Series
Distribution Account. The Class A Required Amount Shortfall shall be reduced by the amount of such deposit. 
 (7) Reallocation
from Group Finance Charge Collections Reallocation Account for Class A Cumulative Investor Charged-Off Amount. An amount equal to the lesser of 
  

	 	(x)	the Class A Cumulative Investor Charged-Off Amount and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Cumulative Investor Charged-Off Amount for this Series and the denominator of which is the sum of the Class A Cumulative Investor Charged-Off Amounts for this
Series and the Class A Cumulative Investor Charged-Off Amounts for all Classes designated as Class A of all other Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable
Series Supplements substantially similar to the clauses preceding this clause (7)) and 

  

	 	(2)	the amount on deposit in the Group Finance Charge Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Finance Charge Collections Reallocation Account and deposited into the Series Distribution Account. The
Class A Cumulative Investor Charged-Off Amount shall be reduced by the amount of such deposit. 
 (8) Reallocation from Group
Finance Charge Collections Reallocation Account for other Series. After the allocations set forth in clauses (6) and (7) are made, then (i) if there are one or more Subordinate Classes with respect to any other Series in the Group
to which the Series established hereby belongs, the allocations set forth in other Series Supplements which are substantially similar to clauses (6) and (7) shall be made with respect to each other such Class, in alphabetical order, to the
extent that funds are available pursuant to this clause (8) and (ii) following the allocations set forth in clause (i), any other allocations set forth in other Series Supplements with respect to funds on deposit in the Group Finance
Charge 

  
 17 

 
Collections Reallocation Account shall be made in accordance with such Series Supplements, to the extent that funds are available pursuant to this clause (8). For purposes of calculating the
amount to be withdrawn from the Group Finance Charge Collections Reallocation Account and paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the Credit Enhancement Agreement, the Series Investor
Interest of the Series established hereby shall be treated as zero. 
 (9) Reallocation from Group Interchange Reallocation Account for
Class A Required Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Class A Required Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(l)	a fraction the numerator of which is the Class A Required Amount Shortfall and the denominator of which is the sum of the Class A Required Amount Shortfalls for this Series and the Class A Required Amount
Shortfall for all Classes designated as Class A of all other Interchange Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements substantially similar to the
clauses preceding this clause (9)) and 

  

	 	(3)	the amount on deposit in the Group Interchange Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Interchange Reallocation Account and deposited into the Series Distribution Account. The Class A
Required Amount Shortfall shall be reduced by the amount of such deposit. 
 (10) Reallocation from Group Interchange Reallocation
Account for Class A Cumulative Investor Charged-Off Amount. An amount equal to the lesser of 
  

	 	(x)	the Class A Cumulative Investor Charged-Off Amount and 

  

	 	(y)	the product of 

  

	 	(1)	 a fraction the numerator of which is the Class A Cumulative Investor Charged-Off Amount for this Series and the denominator of which is the sum
of the Class A Cumulative Investor Charged-Off Amounts for this Series and the Class A Cumulative Investor Charged-Off Amount for all Classes 

  
 18 

	 	
designated as Class A of all other Interchange Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements
substantially similar to the clauses preceding this clause (10)) and 

  

	 	(2)	the amount on deposit in the Group Interchange Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Interchange Reallocation Account and deposited into the Series Distribution Account. The Class A
Cumulative Investor Charged-Off Amount shall be reduced by the amount of such deposit. 
 (11) Reallocation from Group Interchange
Reallocation Account for other Series. After the allocations set forth in clauses (9) and (10) are made, then (i) if there are one or more Subordinate Classes with respect to any other Interchange Series in the Group to which the
Series established hereby belongs, the allocations set forth in other Series Supplements which are substantially similar to the allocations set forth in clauses (9) and (10) shall be made with respect to each other such Class, in
alphabetical order, to the extent that funds are available pursuant to this clause (11) and (ii) following the allocations set forth in clause (i), any other allocations set forth in other Series Supplements with respect to funds on
deposit in the Group Interchange Reallocation Account shall be made in accordance with such Series Supplements, to the extent that funds are available pursuant to this clause (11). For purposes of calculating the amount to be withdrawn from the
Group Interchange Reallocation Account and paid to the Trustee as administrator of the Credit Enhancement for application in accordance with the Credit Enhancement Agreement, the Series Investor Interest of the Series established hereby shall be
treated as zero. 
 (12) Investor Servicing Fee from Series Distribution Account after Reallocations. An amount equal to the lesser
of 
  

	 	(x)	the Investor Servicing Fee Shortfall after step (3) and 

  

	 	(y)	the portion of the Series Servicing Fee payable to the Master Servicer under step 14 (Series Servicing Fee Shortfall from Reallocated Finance Charge Amounts) of Section 3.01 of the Indenture Supplement for
the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable), 

 shall be withdrawn from the Series
Distribution Account and paid to the Master Servicer. The Investor Servicing Fee Shortfall shall be reduced by the amount of such payment. 

  
 19 

 (13) Reallocation from Subordinated Notes Principal for Investor Servicing Fee Shortfall.
An amount equal to the lesser of 
  

	 	(x)	the Investor Servicing Fee Shortfall after step (12) and 

  

	 	(y)	the portion of the Series Servicing Fee payable to the Master Servicer under each of steps (41) (Series Servicing Fee Shortfall from Class D Principal), (42) (Series Servicing Fee Shortfall from
Class C Principal) and (43) (Series Servicing Fee Shortfall from Class B Principal), as applicable, of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable steps under any other
Indenture Supplement, as applicable) 

 Shall be withdrawn from the Series Distribution Account and paid to the Master Servicer. 

(14) Reallocation to Group Principal Collections Reallocation Account. An amount, if any, equal to the portion of Series Principal
Amounts for each series of Notes that are to be reallocated to the Group Principal Collections Reallocation Account under step (79) (Reallocation of Series Principal Amounts to the DCMT Group One Principal Collections Reallocation
Account) of Section 3.01of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series Distribution Account and deposited into the Group
Principal Collections Reallocation Account. 
 (15) Reallocation from Group Principal Collections Reallocation Account for Class A
Principal Distribution Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Class A Principal Distribution Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Class A Principal Distribution Amount Shortfall for this Series and the denominator of which is the sum of the Class A Principal Distribution Amount Shortfall for this
Series and the Principal Distribution Amount Shortfalls allocable to all Class A Certificates of all other Series in the Group to which the Series established hereby belongs that are in their Accumulation Periods or Controlled Liquidation
Periods, as applicable (after giving effect to provisions in the applicable Series Supplements substantially similar to the clauses preceding this clause (15)) and 

 

	 	(2)	 the amount on deposit in the Group Principal Collections Reallocation Account before any

  
 20 

	 	
withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements, 

shall be withdrawn from the Group Principal Collections Reallocation Account and deposited into the Series Distribution Account. The Class A Principal
Distribution Amount Shortfall shall be reduced by the amount of such deposit. 
 (16) Reallocation from Group Principal Collections
Reallocation Account for other Series. After the allocations set forth in clause (15) are made, then (i) if there are one or more Subordinate Classes with respect to any other Series in the Group to which the Series established hereby
belongs, the allocations set forth in other Series Supplements which are substantially similar to clause (15) shall be made with respect to each other such Class, in alphabetical order and (ii) following the allocations set forth in clause
(i), any other allocations set forth in other Series Supplements with respect to funds on deposit in the Group Principal Collections Reallocation Account shall be made in accordance with such Series Supplements, to the extent that funds are
available pursuant to this clause (16). 
 (17) Reallocation from Group Principal Collections Reallocation Account for Unscheduled
Principal Distribution Amount Shortfall. An amount equal to the lesser of 
  

	 	(x)	the Unscheduled Principal Distribution Amount Shortfall and 

  

	 	(y)	the product of 

  

	 	(1)	a fraction the numerator of which is the Unscheduled Principal Distribution Amount Shortfall for this Series and the denominator of which is the sum of the Unscheduled Principal Distribution Amount Shortfall for this
Series and the Unscheduled Principal Distribution Amount Shortfall for any other Series in the Group to which the Series established hereby belongs (after giving effect to provisions in the applicable Series Supplements substantially similar to the
clauses preceding this clause (17)), and 

  

	 	(2)	the amount on deposit in the Group Principal Collections Reallocation Account before any withdrawals therefrom with respect to any other Series pursuant to a comparable clause in the applicable Series Supplements,

 shall be withdrawn from the Group Principal Collections Reallocation Account and deposited into the Series Distribution Account. 

  
 21 

 (18) After all allocations from the Group Principal Collections Reallocation Account to be made
pursuant to any other Series Supplement for any Series that is a member of the same Group of which the Series established hereby is a member have been made, the amount remaining on deposit in the Group Principal Collections Reallocation Account
shall be withdrawn from the Group Principal Collections Reallocation Account and deposited into the Collections Account. 
 (19) An amount
equal to the portion of Series Principal Amounts for each series of Notes that are to be deposited into the Collections Account pursuant to step (80) (Remaining Series Principal Amounts to Collections Account for the DCMT for Reinvestment in
New Receivables) of Section 3.01 of the Indenture Supplement for the DiscoverSeries (and any comparable step under any other Indenture Supplement, as applicable) shall be withdrawn from the Series Distribution Account and deposited into the
Collections Account. 
 (20) All remaining amounts in the Series Distribution Account shall be paid to the Indenture Trustee for
application in accordance with the Indenture and each applicable Indenture Supplement. 
 (21) After all other allocations have been
provided for with respect to each Series then outstanding (whether or not such Series is a member of the same Group as the Series established hereby), the lesser of 
  

	 	(x)	the amount of Transferor Interest and 

  

	 	(y)	the amount on deposit in the Collections Account 

 shall be paid to the Holder of the Transferor Certificate.
If, after such payment, any amounts remain on deposit in the Collections Account, such amounts shall remain in the Collections Account for allocation as Principal Collections on the next Trust Distribution Date. 

SECTION 10. Servicing Compensation. As compensation for its servicing activities hereunder and under the Pooling and
Servicing Agreement and reimbursement of its expenses as set forth in Section 3.03 of the Pooling and Servicing Agreement (including, without limitation, its servicing activities as Calculation Agent under the Indenture), the Master Servicer
shall be entitled to receive the Investor Servicing Fees with respect to the Series established hereby in respect of any Due Period (or portion thereof) prior to the earlier of the date on which the Series Investor Interest is reduced to zero and
the Series Termination Date. The Investor Servicing Fees shall be paid to the Master Servicer on each Distribution Date pursuant to the terms hereof and the Indenture and each applicable Indenture Supplement. 

SECTION 11. Investor Certificateholders’ Monthly Statement. On each Statement Date, a statement substantially in the
form of Exhibit B as prepared by the Trustee (based on information provided by the Master Servicer) setting forth the information listed thereon shall be available to the Investor Certificateholder and to any holder of Notes from the Trustee and
each Paying Agent. 

  
 22 

 SECTION 12. Purchase of Notes; Sales of Receivables. 

(a) The Indenture Supplement for the DiscoverSeries and any additional Indenture Supplement issued with respect to any Notes may provide that
if, as of any Distribution Date (after giving effect to any payments calculated pursuant to Section 3.01 or an equivalent section of the applicable Indenture Supplement made on such Distribution Date), the Outstanding Dollar Principal Amount
with respect to any series, class or Tranche of Notes is less than or equal to 5% of the Initial Principal Dollar Amount of each corresponding Tranche or Tranches of Notes, the Transferor, or an Affiliate of the Transferor, may elect to repurchase
such series, class or Tranche of Notes. In the event of such election, the Calculation Agent shall request that Discover Funding, as Holder of the Transferor Certificate, purchase and cancel a portion of the Series Investor Interest equal to the
product of (x) the Nominal Liquidation Amount of such series, class or Tranche of Notes and (y) the Series 2007-CC Collateral Certificate Percentage (such portion, the “Clean-Up Call Amount”) by depositing into the Series
Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Clean-Up Call Amount. If Discover Funding as Holder of the Transferor Certificate deposits the Clean-Up Call Amount into the Series Distribution Account,
the Master Servicer shall direct the Trustee in writing to withdraw the Clean-Up Call Amount from the Series Distribution Account and pay such amount to the Indenture Trustee for distribution in accordance with the applicable Indenture Supplement.

 (b) If there has been an Event of Default and acceleration of any series, class or Tranche of Notes under the Indenture, and the
Indenture Trustee is directed to cause the sale of Receivables in accordance with Section 705 of the Indenture and the provisions of the applicable Indenture Supplement, or if the applicable Indenture Supplement otherwise authorizes the
Indenture Trustee (in its discretion) to cause a sale and any conditions precedent thereto have been satisfied, the Indenture Trustee shall notify the Trustee of the amount of Receivables to be sold, which shall equal the Nominal Liquidation Amount
of each affected series, class or Tranche, as applicable, plus accrued interest thereon multiplied by the Series 2007-CC Collateral Certificate Percentage (the “Receivables Sale Amount”). Receivables (or interests therein) in an
amount equal to the Receivables Sale Amount shall be sold on behalf of the Trust by an institution acceptable to the Trustee, the Indenture Trustee and the Master Servicer that is either (i) a nationally recognized investment bank, (ii) a
nationally recognized commercial bank or (iii) any other institution whose regular business includes the sale of receivables similar to the Receivables in the Trust; provided, however, that in no event shall the amount of Receivables
sold hereunder with respect to any series, class or Tranche, as applicable, exceed the product of (A) the aggregate amount of Receivables in the Trust and (B) a fraction the numerator of which is the product of the Nominal Liquidation
Amount of such series, class or Tranche, as applicable, and the Series 2007-CC Collateral Certificate Percentage, and the denominator of which is the Aggregate Investor Interest, in each case, as of the close of business on the last day of the Due
Period immediately preceding the month in which such Receivables sale occurs; and provided, further, the Receivables selected to be sold hereunder shall not be materially different from the Receivables remaining in the Trust as of such
selection date and shall be selected at random from the Receivables. The proceeds (the “Receivables Sale Proceeds”) therefrom shall be paid to the Trust and immediately deposited into the Series Distribution Account and paid to the
Indenture Trustee immediately following such deposit. Such payment shall be deemed to be the final distribution with respect to the affected Tranche. No Originator and no affiliate or agent of any 

  
 23 

 
Originator shall be permitted to bid for or purchase Receivables pursuant to this Section 12(b); provided, however, that an affiliate or agent of any Originator may act as selling
institution for the sale as specified in the first sentence of this Section 12(b), so long as such affiliate or agent does not act as principal in connection with such sale. 

SECTION 13. Ratification of Pooling and Servicing Agreement. As supplemented and amended by this Series Supplement, the Pooling
and Servicing Agreement is in all respects ratified and confirmed and the Pooling and Servicing Agreement as so supplemented by this Series Supplement shall be read, taken, and construed as one and the same instrument. 

SECTION 14. Counterparts. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 SECTION 15.
Governing Law. This Series Supplement and all disputes arising out of or relating to it shall be construed in accordance with the internal laws of the State of New York, without reference to its conflict of law provisions that would result in
the application of the law of any state other than New York, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

SECTION 16. Intention of Parties. The parties intend the sale, transfer, assignment or conveyance of Receivables, Interchange and
all proceeds thereof in connection herewith to be a sale of financial assets in connection with a securitization and an absolute transfer for all purposes (unless otherwise required under applicable law). The parties intend the sale, transfer,
assignment or conveyance of Receivables in connection herewith to be treated as a sale for accounting purposes. 
 SECTION 17.
Amendment for Sale Accounting Purposes. If the Transferor determines that (i) an amendment to this Agreement or the Pooling and Servicing Agreement is necessary or desirable for such Transferor to maintain or establish sale accounting
treatment under then-applicable financial accounting standards, and (ii) the Transferor cannot enter into such amendment pursuant to Section 13.01 of the Pooling and Servicing Agreement without obtaining the consent of a specified
percentage of Investor Certificateholders, then the Master Servicer, the Transferor, the Trustee and the Servicers may nonetheless enter into such amendment without obtaining the consent of any Certificateholder of any Investor Certificates of this
Series so long as (x) the Trustee shall have been advised by the Rating Agencies that such amendment will not result in the downgrading below or withdrawal of the Required Rating assigned to any Class of any Series then outstanding and
(y) the Rating Agency Condition shall have been satisfied. 
 Any such amendment may include, without limitation, any changes necessary
to convert the Trust from a “one-tier” securitization structure to a “two-tier” securitization structure. Notwithstanding the foregoing, any Investor Certificateholder that acquires an Investor Certificate of this Series will be
deemed to have consented to any such amendment for all purposes, including for purposes of calculating whether the requisite consent percentage, if any, under Section 13.01 of the Pooling and Servicing Agreement has been received for any
amendment that requires such consent because of the lack of provisions comparable to this 

  
 24 

 
Section 17 in the Series Supplements for other Series then outstanding (except that Investor Certificates beneficially owned by the Transferor or any affiliate or agent of the Transferor
will not be included in any such calculation). 
 SECTION 18. Election Under Delaware Asset-Backed Securities Facilitation
Act. Without limiting any other provisions of the Pooling and Servicing Agreement or this Series Supplement, the parties hereto agree that (a) the transactions contemplated hereby constitute a “securitization transaction” and
(b) to the fullest extent permitted under applicable law, including without limitation, the Asset-Backed Securities Facilitation Act Delaware Code An. tit. 6, § 2701 A et seq: (1) all right, title and interest to the Receivables,
whether now existing or hereafter acquired, all monies due or to become due with respect thereto, all proceeds of such Receivables and all Interchange (the “Transferred Assets”), which have been transferred to the Trust in connection with
the securitization transactions contemplated herein, shall be deemed to no longer be the property, assets or rights of the Transferor; (2) the Transferor, its creditors or, in any insolvency proceeding with respect to the Transferor or the
Transferor’s property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or recharacterize as
property of the Transferor any of the Transferred Assets; and (3) in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the Transferor or the Transferor’s property, such Transferred Assets shall not be
deemed to be part of the Transferor’s property, assets, rights or estate. 
 SECTION 19. Increases to Series Investor
Interest. In connection with any issuance of Notes, Discover Funding shall transfer to the Note Issuance Trust an additional fractional undivided interest in the assets of the Trust as represented by an increase in the Series Investor Interest
for the Series 2007-CC Collateral Certificate from time to time, subject to the satisfaction of the conditions described below: 
 (a) The
Calculation Agent shall have notified Discover Funding, as Holder of the Transferor Certificate, of the issuance of such Notes and Discover Funding shall have notified the Calculation Agent of its intention to transfer to the Note Issuance Trust an
additional fractional undivided interest in the assets of the Trust as represented by an increase in the Series Investor Interest in an amount equal to the product of (i) the Nominal Liquidation Amount of any Notes to be issued by the Note
Issuance Trust and (ii) the percentage of the Nominal Liquidation Amount of such Notes to be allocated to the Series 2007-CC Collateral Certificate, as determined by Discover Funding as beneficiary of the Note Issuance Trust; 

(b) Discover Funding, as Holder of the Transferor Certificate, shall have received an amount equal to (i) the issuance proceeds received
by the Note Issuance Trust in connection with the corresponding issuance of Notes, multiplied by the percentage of the Nominal Liquidation Amount of such Notes to be allocated to the Series 2007-CC Collateral Certificate, minus
(ii) the sum of (x) any issuance expenses relating to such notes multiplied by the percentage of the Nominal Liquidation Amount of such Notes to be allocated to the Series 2007-CC Collateral Certificate and (y) any amounts
required to be retained in any reserve account or subaccount for the Note Issuance Trust in connection with such issuance of Notes, multiplied by the percentage of the Nominal Liquidation Amount of such Notes to be allocated to the Series
2007-CC Collateral Certificate; 

  
 25 

 (c) Discover Funding, as Holder of the Transferor Certificate, shall have notified the Trustee,
in writing, at least one business day in advance of the date upon which the Series Investor Interest is to be increased, which notice shall state the amount of such increase in the Series Investor Interest; 

(d) The Transferor shall have delivered to the Trustee written confirmation from the Rating Agencies that they will not, as a result of the
increase, reduce the rating below the Required Rating of any Class of any Series outstanding at the time of the increase; and 
 (e)
Discover Funding, as Holder of the Transferor Certificate, shall not be required to designate Additional Accounts or convey a Participation interest to the Trust pursuant to Section 2.10(a) of the Pooling and Servicing Agreement as a result of
such increase. 
 Upon any increase in the Series Investor Interest the Trustee shall make appropriate entries in the certificate registrar
for the Series 2007-CC Collateral Certificate in the amount of the increase. 
 SECTION 20. Amendments for Additional
Collateral Certificates. Concurrently with the effectiveness of any documents relating to the assignment of any Additional Collateral Certificates (or, if applicable, direct interests in pools of credit card receivables) to the Note Issuance
Trust, the parties hereto may amend this agreement without notice to or the consent of any Investor Certificateholder (or the holders of any series, class or Tranche of Notes then outstanding) to the extent necessary to reflect any changes in the
definitions of “Series Excess Spread” and “Series Investor Interest” set forth herein, and to otherwise reflect any allocations or other provision with respect to the Notes or such Additional Collateral Certificates (or, if
applicable, direct interests in pools of credit card receivables) subject to the condition that Discover Funding as Holder of the Transferor Certificate shall have been notified by the Rating Agencies that such amendment would not result in the
lowering or withdrawal of the rating below the Required Rating of any Class of any Series then outstanding. 
 SECTION 21.
Dispute Resolution. 
 (a) If Discover Funding fails to repurchase a Receivable pursuant to Section 2.07 of the Pooling and
Servicing Agreement within 180 days of the related Receivable Repurchase Event, the Trustee or the Indenture Trustee, acting on behalf of any Verified Note Owner (in such capacity, the “Requesting Party”) will have the right to
refer the matter, at its discretion, to either mediation or arbitration pursuant to this Section 21; provided, however, that any such referral shall be made (i) within the applicable statute of limitations period and (ii) within [90]
days of the delivery of the monthly statement following the end of such 180 day period. 
 (b) The Requesting Party will provide notice in
accordance with the provisions of Section 13.05 of the Pooling and Servicing Agreement of its intention to refer the matter to mediation or arbitration, as applicable, to Discover Funding, with a copy to the Note Issuance Trust, the Trustee and
the Indenture Trustee. Discover Funding agrees to the resolution method selected by the Requesting Party. Discover Funding shall provide notice to Discover Bank, the Note Issuance Trust, the Trustee and the Indenture Trustee that Discover Funding
has 

  
 26 

 
received a request to mediate or arbitrate a repurchase request. Upon receipt of such notice, the Trustee and the Indenture Trustee, as applicable, shall have [thirty (30)] days to advise the
Requesting Party and Discover Funding of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding. Any settlement reached in a mediation and any decision by an arbitrator
shall be binding upon the Trustee and the Indenture Trustee (regardless of whether any such party has joined the proceeding in accordance with the preceding sentence) with respect to the Receivable that is the subject matter of the repurchase
request. Issues relating to any such Receivable may not be re-litigated by them or the subject of a subsequent repurchase request in mediation, arbitration, court or otherwise. 

(c) If the Requesting Party selects mediation as the resolution method, the following provisions will apply: 

(i) The mediation will be administered by [a nationally recognized arbitration and mediation association] pursuant to such association’s
mediation procedures in effect at such time. 
 (ii) The fees and expenses of the mediation will be allocated as mutually agreed by the
parties as part of the mediation. 
 (iii) The mediator will be impartial, knowledgeable about and experienced with the laws of the State
of New York that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”). 

(d) If the Requesting Party selects arbitration as the resolution method, the following provisions will apply: 

(i) The arbitration will be administered by [a nationally recognized arbitration and mediation association], and conducted pursuant to such
association’s arbitration procedures in effect at such time. 
 (ii) The arbitrator will be impartial, knowledgeable about and
experienced with the laws of the State of New York that are relevant to the dispute hereunder and will be appointed from a list of neutrals maintained by AAA. 

(iii) The arbitrator will make its final determination no later than [90] days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement and the Pooling and Servicing Agreement, and may not modify or change this Agreement or the Pooling and Servicing Agreement in any way. The arbitrator will not have
the power to award punitive damages or consequential damages in any arbitration conducted by it, and Discover Funding shall not be required to pay more than the amount required under Section 2.07 of the Pooling and Servicing Agreement plus any
fees and expenses related to the arbitration with respect to any receivable which such Requested Party is required to repurchase under the terms of the Pooling and Servicing Agreement. In its final determination, the arbitrator will determine and
award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys’ fees to the parties as determined

  
 27 

 
by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be
final and non-appealable absent manifest error and may be enforced in any court of competent jurisdiction. 
 (iv) By selecting
arbitration, the Requesting Party is waiving the right to sue in court, including the right to a trial by jury. 
 (v) No person may bring
a putative or certified class action to arbitration. 
 (e) The following provisions will apply to both mediations and arbitrations: 

(i) Any mediation or arbitration will be held in [New York, New York] or such other location mutually agreed to by the Requesting Party and
Discover Funding; 
 (ii) Notwithstanding this dispute resolution provision, the parties will have the right to seek provisional relief
from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; 

(iii) The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled repurchase
request, mediations or arbitration proceedings conducted under this Section 21, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to resolve an unfulfilled
repurchase request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential and inadmissible
(except as permitted in accordance with applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 21) other than as required to
be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that Discover Funding, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will
not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively “Representatives”), as
reasonably required in connection with any resolution procedure under this Section 21, and the Asset Representations Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to keep
the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If
any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the
opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of
its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such
Confidential Information that is required to be disclosed. 

  
 28 

 SECTION 22. Asset Representations Review. Discover Funding shall
(i) cooperate with procedures for a review of the representations and warranties set forth in Sections 2.04(d) and (e) of the Pooling and Servicing Agreement, and (ii) provide the Asset Representations Reviewer with reasonable access
to Discover Funding’s offices and information databases upon the initiation of an Asset Representations Review as set forth in Section 715 of the Indenture. 

  
 29 

 IN WITNESS WHEREOF, the Transferor, the Master Servicer, the Servicer and the Trustee have caused this Series
Supplement to be duly executed by their respective officers thereunto duly authorized as of the date and year first above written. 
  

	
	DISCOVER BANK,
	as Master Servicer and Servicer
	
	  

	Michael F. Rickert
	Vice President, Chief Financial Officer and Treasurer
	
	 DISCOVER FUNDING LLC,
 as
Transferor

	
	  

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

	
	  

	Edwin Janis
	Vice President

 EXHIBIT A 

Form of Series 2007-CC Investor Certificate 

 EXHIBIT B 

Form of investor Certificateholders’ Monthly Statement 

Discover Card Master Trust I 

Series 2007-CC Monthly Statement 

 Exhibit B 

Form of Investor Certificateholders’ Monthly Statement 

Discover Card Master Trust I 

Series 2007-CC Monthly Statement 
  

					
	Distribution Date:                  ,         	 		  	Month Ending:                  ,         

 Pursuant to the Series Supplement dated as of
[                    ], as amended, (the “Series Supplement”) relating to the Third Amended and Restated Pooling and Servicing Agreement
dated as of [            ], 20[    ], as amended, by and between Discover Bank and U.S. Bank National Association as Trustee (the “Pooling and Servicing
Agreement”), the Trustee is required to prepare certain information each month regarding current distributions to investors and the performance of Discover Card Master Trust I (the “Master Trust”). We have set forth below this
information and certain other information required under the Securities Exchange Act of 1934, as amended, for the Distribution Date listed above, as well as for the calendar month ended on the date listed above. Capitalized terms used in this report
without definition have the meanings given to them in the Pooling and Servicing Agreement and the Series Supplement. The Pooling and Servicing Agreement and the Series Supplement were filed with the Securities and Exchange Commission as follows:

  

			
	Third Amended and Restated Pooling and Servicing Agreement	  	As Exhibit [    ] to the [            ] filed on [            ] under the file number
[            ], as amended.
		
	Series Supplement	  	As Exhibit [    ] to the [            ] filed on [            ] under the file number
[            ], as amended.

  

	1.	Principal Receivables at the end of [Month][Year] 

  

											
	 	 	 	  	Beginning
Principal Balance	 	  	Ending
Principal Balance	 
	(a)	 	 Aggregate Investor Interest (including Series 2007-CC Investor Interest)
	  	$	            	  	  	$	            	  
				
		 	 Seller Interest
	  	$	 	  	  	$	 	  
				
		 	 Total Master Trust
	  	$	 	  	  	$	 	  
				
	(b)	 	 Group One Investor Interest
	  	$	 	  	  	$	 	  
				
	(c)	 	 Series 2007-CC Investor Interest
	  	$	 	  	  	$	 	  
				
	(d)	 	 Total Master Trust # of Accounts
	  				  			
			
	(e)	 	 Minimum Principal Receivables Balance at the End of Month
1
	   
	  	$	 	  
			
	(f)	 	 Amount by which Master Trust Receivables Exceeded the Minimum Principal Receivables Balance at the End of Month
	    
	  	$	 	  
			
	(g)	 	 Percentage of the principal receivables that reflect Seller Interest
	   
	  	 	            	% 

  

	2.	Allocation Percentages at the beginning of [Month][Year] (after giving effect to any increases in the Aggregate Investor Interest or the Series 2007-CC Investor Interest occurring during the month)

							
				
	 (a)
	  	 Series 2007-CC Finance Charge Collections Allocation Percentage
	 		  	            %
				
	 (b)
	  	 Series 2007-CC Principal Collections Allocation Percentage
	 		  	            %
				
	 (c)
	  	 Series 2007-CC Charge-Off Allocation Percentage
	 		  	            %
				
	 (d)
	  	 Series 2007-CC Interchange Allocation Percentage
	 		  	            %

  

	3.	Allocation of Receivables and other amounts collected during [Month][Year] 

  

															
	 	  	 	  	Finance Charge
Collections	 	  	Principal
Collections	 	  	Interchange	 
	 (a)
	  	 Allocation between Investors and Seller:
	  				  				  			
					
		  	 Aggregate Investor Allocation (including Series 2007-CC Allocation)
	  	$	            	  	  	$	            	  	  	$	            	  
					
		  	 Seller Allocation
	  	$	 	  	  	$	 	  	  	$	 	  
					
	 (b)
	  	 Group One Allocation
	  	$	 	  	  	$	 	  	  	$	 	  

															
					
	 (c)
	  	 Series 2007-CC Allocation
	  	$	                	  	 	$	            	  	  	$	 	  
					
	 (d)
	  	 Reallocation to Series 2007-CC from Other Series
	  	$	 	  	 	$	 	  	  	$	 	  
					
	 (e)
	  	 Reallocation from Series 2007-CC to Other Series
	  	$	 	  	 	$	 	  	  	$	 	  
					
	 (f)
	  	 Group One Portfolio Yield, as an annualized percentage of the Aggregate Investor Interest (FCC yield excludes principal
recoveries)
	  	 	            	% 	 	 	N/A	  	  	 	            	% 
					
	 (g)
	  	 Series 2007-CC Portfolio Yield, as an annualized percentage of the Series Investor Interest (FCC yield excludes principal
recoveries)
	  	 	            	% 	 	 	N/A	  	  	 	            	% 
			
	 (h)
	  	 Principal Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	   
	  	 	            	% 
			
	 (i)
	  	 Finance Charge Collections as a monthly percentage of Master Trust Receivables at the beginning of
[Month][Year]
	    
	  	 	            	% 
			
	 (j)
	  	 Total Collections as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	   
	  	 	            	% 
			
	 (k)
	  	 Interchange as a monthly percentage of Master Trust Receivables at the beginning of [Month][Year]
	   
	  	 	            	% 
			
	 (l)
	  	 Total Collections and Interchange as a monthly percentage of Master Trust Receivables at the beginning of
[Month][Year]
	    
	  	 	            	% 
				
	 	  	 	 	 	Prior Month	 	  	[Month][Year]	 
	 (m)
	  	 Trust Collections deposited for the month 2
	   
	 	$	            	  	  	$	            	  

  

	4.	Investor Charged-Off Amount 

  

											
	 	  	 	  	[Month][Year]	 	 	Cumulative
Reductions in
Series Investor
Interests Due to
Unreimbursed
Investor
Charged-off
Amounts	 
	 (a)
	  	 Group One
	  	$	            	  	 	$	            	  
				
	 (b)
	  	 Series 2007-CC
	  	$	 	  	 	$	 	  
				
	 (c)
	  	 As an annualized percentage of Principal Receivables at the Beginning of [Month][Year]
	  	 	        	    % 	 	 	N/A	  

  

	5.	Investor Monthly Servicing Fee payable to Discover Bank on this Distribution Date 

									
				
	 (a)
	 	 Group One
	  		  	$	            	  
				
	 (b)
	 	 Series 2007-CC
	  		  	$	            	  

  

	6.	Delinquency Summary 

									
				
	 (a)
	  	 Master Trust Receivables Outstanding at the end of [Month][Year]
	  		  	$	            	  

  

													
	 	  	Payment Status	  	Number of
Delinquent
Accounts	  	Delinquent
Amount Ending
Balance	 	  	Percentage of
Ending
Receivables
Outstanding	 
		  	 30 – 59 days
	  		  	$	            	  	  	 	            	% 
					
		  	 60 – 89 days
	  		  	$	 	  	  	 	            	% 
					
		  	 90 – 119 days
	  		  	$	 	  	  	 	            	% 
					
		  	 120 – 149 days
	  		  	$	 	  	  	 	            	% 
					
		  	 150 – 179 days
	  		  	$	 	  	  	 	            	% 
					
		  	 180+ days
	  		  	$	 	  	  	 	            	% 
		  		  	  
	  	  
	  
	 	  	  
	  
	 
		  	 Total
	  		  	$	 	  	  	 	            	% 
		  		  	  
	  	  
	  
	 	  	  
	  
	 
					
	(b)	  	Delinquency Percentage: [    ]%	  		  				  			

  
 B-2 

	7.	Investor Principal Charge-Offs on this Distribution Date 3 

 

											
	 	  	 	  	Amount	 	  	Rate	 
	 (a)
	  	 Gross Charge-offs (rate shown as an annualized percentage of Investor Principal Receivables at the Beginning of
[Month][Year])
	  	$	            	  	  	 	            	% 
				
	 (b)
	  	 Recoveries (rate shown as an annualized percentage of Investor Principal Receivables at the Beginning of [Month][Year])
	  	$	 	  	  	 	            	% 
				
	 (c)
	  	 Net Charges-offs (rate shown as an annualized percentage of Investor Principal Receivables at the Beginning of
[Month][Year])
	  	$	 	  	  	 	            	% 

  

	1 	The Discover Card Master Trust I is required to maintain Principal Receivables greater than or equal to the Minimum Principal Receivables Balance. The Minimum Principal Receivables Balance is generally calculated by
dividing the Investor Interest by 93%. If the Principal Receivables in the Master Trust are less than the Minimum Principal Receivables Balance, and Discover Bank fails to assign sufficient Receivables to eliminate the deficiency, then an
amortization event would occur. This would also cause an early redemption event for the notes issued by Discover Card Execution Note Trust. 

	2 	Only the portion of Master Trust Collections required to be deposited under the Master Trust’s Required Daily Deposit provisions will typically be deposited in the Master Trust Collections Account each month, and
these required amounts may vary markedly from month to month depending on whether any - Notes (or Certificates) are maturing on the following distribution date (in which case additional Principal Collections are retained in such account).
Accordingly, the amount deposited in the account is not meaningful as an indicator of Master Trust performance. 

	3 	For purposes of allocations to investors, all recoveries are treated as Finance Charge Collections and are included as such in Item 3 above. 

  
 B-3EX-4.4

 Exhibit 4.4 
  

 
 DISCOVER CARD EXECUTION NOTE
TRUST 
 AMENDED AND RESTATED TRUST AGREEMENT 

Dated as of [            ], 20[    ] 

between 
 DISCOVER FUNDING
LLC 
 as Beneficiary, and 

WILMINGTON TRUST COMPANY, 

as Owner Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I.          DEFINITIONS
	  	 	1	  
			
	 Section 1.01
	    	 Definitions
	  	 	1	  
		
	 ARTICLE II.        ORGANIZATION; DECLARATION OF TRUST BY THE OWNER
TRUSTEE
	  	 	6	  
			
	 Section 2.01
	    	 Formation of Trust; Name
	  	 	6	  
	 Section 2.02
	    	 Transfer of Property to Trust; Initial Capital Contribution of Trust Estate
	  	 	6	  
	 Section 2.03
	    	 Purposes and Powers; Trust To Operate as a Limited Purpose Entity
	  	 	6	  
	 Section 2.04
	    	 Appointment of Owner Trustee
	  	 	9	  
	 Section 2.05
	    	 Declaration of Trust
	  	 	9	  
	 Section 2.06
	    	 Title to Trust Estate
	  	 	9	  
	 Section 2.07
	    	 Nature of Interest in the Trust Estate
	  	 	9	  
	 Section 2.08
	    	 Continuation of Trust; Principal Office of Owner Trustee
	  	 	10	  
	 Section 2.09
	    	 Tax Matters
	  	 	10	  
	 Section 2.10
	    	 Fiscal Year
	  	 	10	  
	 Section 2.11
	    	 Transfer of Collateral Certificate
	  	 	10	  
	 Section 2.12
	    	 Closing
	  	 	11	  
	 Section 2.13
	    	 Books and Records
	  	 	11	  
	 Section 2.14
	    	 Limitation on Liability of Beneficiaries and Others
	  	 	11	  
		
	 ARTICLE III.      REPRESENTATIONS AND WARRANTIES OF THE BENEFICIARY
	  	 	11	  
			
	 Section 3.01
	    	 Representations and Warranties of the Beneficiary
	  	 	11	  
		
	 ARTICLE IV.      DISTRIBUTIONS OF FUNDS
	  	 	12	  
			
	 Section 4.01
	    	 Distribution of Funds
	  	 	12	  
	 Section 4.02
	    	 Payments from Trust Estate Only
	  	 	12	  
	 Section 4.03
	    	 Method of Payment
	  	 	13	  
	 Section 4.04
	    	 Establishment of Account
	  	 	13	  
		
	 ARTICLE V.        DUTIES OF THE OWNER TRUSTEE
	  	 	13	  
			
	 Section 5.01
	    	 Action Upon Instructions
	  	 	13	  
	 Section 5.02
	    	 No Duty to Act Under Certain Circumstances
	  	 	14	  
	 Section 5.03
	    	 No Duties Except Under Specified Agreements or Instructions
	  	 	14	  
	 Section 5.04
	    	 Trust Operation
	  	 	15	  
	 Section 5.05
	    	 Execution of Documents
	  	 	16	  
		
	 ARTICLE VI.      CONCERNING THE TRUSTEE BANK
	  	 	17	  
			
	 Section 6.01
	    	 Acceptance of Trust and Duties
	  	 	17	  
	 Section 6.02
	    	 Furnishing of Documents
	  	 	18	  
	 Section 6.03
	    	 No Representations and Warranties as to the Trust Estate
	  	 	18	  
	 Section 6.04
	    	 Signature of Periodic Filings
	  	 	18	  
	 Section 6.05
	    	 Reliance; Advice of Counsel
	  	 	18	  
	 Section 6.06
	    	 Not Acting in Individual Capacity
	  	 	19	  
	 Section 6.07
	    	 Representations and Warranties
	  	 	19	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE VII.     TERMINATION OF TRUST AGREEMENT
	  	 	20	  
			
	 Section 7.01
	    	 Termination of Trust Agreement
	  	 	20	  
		
	 ARTICLE VIII.   SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES AND SEPARATE OWNER TRUSTEES
	  	 	20	  
			
	 Section 8.01
	    	 Resignation and Removal of the Owner Trustee; Appointment of Successors
	  	 	20	  
	 Section 8.02
	    	 Transfer Procedures
	  	 	21	  
	 Section 8.03
	    	 Qualification of Owner Trustee
	  	 	21	  
	 Section 8.04
	    	 Co-trustees and Separate Owner Trustees
	  	 	21	  
		
	 ARTICLE IX.      AMENDMENTS
	  	 	22	  
			
	 Section 9.01
	    	 Amendments
	  	 	22	  
		
	 ARTICLE X.        BENEFICIAL INTERESTS AND CERTIFICATES
	  	 	22	  
			
	 Section 10.01
	    	 Issuance of Trust Certificates
	  	 	22	  
	 Section 10.02
	    	 Beneficial Interest; Prohibitions on Transfer
	  	 	23	  
	 Section 10.03
	    	 Lost or Destroyed Trust Certificate
	  	 	24	  
		
	 ARTICLE XI.      COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION
	  	 	24	  
			
	 Section 11.01
	    	 Trustee Bank Fees and Expenses
	  	 	24	  
	 Section 11.02
	    	 Indemnification
	  	 	24	  
		
	 ARTICLE XII.     MISCELLANEOUS
	  	 	25	  
			
	 Section 12.01
	    	 Conveyance by the Owner Trustee is Binding
	  	 	25	  
	 Section 12.02
	    	 Instructions; Notices
	  	 	26	  
	 Section 12.03
	    	 Severability
	  	 	26	  
	 Section 12.04
	    	 Limitation of Liability
	  	 	26	  
	 Section 12.05
	    	 Separate Counterparts
	  	 	27	  
	 Section 12.06
	    	 Successors and Assigns
	  	 	27	  
	 Section 12.07
	    	 Headings
	  	 	27	  
	 Section 12.08
	    	 Governing Law
	  	 	27	  
	 Section 12.09
	    	 Nonpetition Covenants
	  	 	27	  
	 Section 12.10
	    	 No Recourse
	  	 	27	  
	 Section 12.11
	    	 Acceptance of Terms of Agreement
	  	 	28	  
		
	 ARTICLE XIII.   COMPLIANCE WITH REGULATION AB
	  	 	28	  
			
	 Section 13.01
	    	 Intent of the Parties; Reasonableness
	  	 	28	  
	 Section 13.02
	    	 Additional Representations and Warranties of the Trustee Bank
	  	 	28	  
	 Section 13.03
	    	 Information to Be Provided by the Owner Trustee
	  	 	29	  

  
 ii 

 EXHIBITS 
  

			
	EXHIBIT A FORM OF TRUST CERTIFICATE	  	A-1
		
	EXHIBIT B FORM OF TRUSTEE BANK’S LITIGATION CERTIFICATE	  	B-1

  
 iii 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of
[            ], 20[    ], between DISCOVER FUNDING LLC a Delaware limited liability company, as Beneficiary (“Discover Funding”), and WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as owner trustee for DISCOVER CARD EXECUTION NOTE TRUST (the “Note Issuance Trust”). 

WHEREAS, Discover Bank and the Owner Trustee have heretofore created the Note Issuance Trust as a Delaware statutory trust pursuant to the
Delaware Statutory Trust Act (as hereinafter defined) by filing the Certificate of Trust (as hereinafter defined) with the office of the Secretary of State (as hereinafter defined) on July 2, 2007, and entering into a Trust Agreement, dated
July 2, 2007 (as amended prior to the date hereof, the “Original Trust Agreement”); 
 WHEREAS, Discover Bank, as
Beneficiary under the Original Trust Agreement, has determined to substitute, Discover Funding, its wholly owned subsidiary, as Beneficiary under the Original Trust Agreement. 

WHEREAS, Discover Funding and the Owner Trustee desire to continue the Note Issuance Trust (as hereinafter defined) as a statutory trust under
the Delaware Statutory Trust Act and to amend and restate the Original Trust Agreement in its entirety to provide for the substitution of Discover Funding for Discover Bank in its capacity as Beneficiary under the Original Trust Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.01 Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article I, and include the
plural as well as the singular; 
 (b) all other terms used herein which are defined in the Indenture either directly or by reference
therein, have the meanings assigned to them therein; 
 (c) 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; 
 (d) all references
in this Agreement to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Agreement. The words “herein,” “hereof’ and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; 

 (e) 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, the terms and provisions of this Agreement shall control; and 
 (f)
“including” and words of similar import will be deemed to be followed by “without limitation.” 

“Affiliate” is defined in the Indenture. 

“Agreement” means this Amended and Restated Trust Agreement for the Discover Card Execution Note Trust, as the same may be
amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 
 “Annual Report
Date” means the date on which the Note Issuance Trust is required to file its annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, on Form 10-K with the Securities and Exchange Commission.

 “Beneficial Interest” means the undivided beneficial interest of the Beneficiary in the assets of the Note Issuance
Trust. 
 “Beneficiary” means Discover Funding, as beneficial owner of the Note Issuance Trust, and each Permitted
Affiliate Transferee under Section 10.02. 
 “Beneficiary Trust Account” means the account established by the
Owner Trustee in the name and on behalf of the Note Issuance Trust in accordance with Section 4.04. 
 “Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions are required or permitted by law to be closed in the following jurisdictions: (v) New York, New York, (w) the County of New Castle,
Delaware, (x) the city in which the Corporate Trust Office is located, (y) St. Paul, Minnesota or (z) the city in which the principal executive office of any Originator is located. 

“Certificate of Formation” means the Certificate of Formation filed on behalf of Discover Funding with the Secretary of State
on May 18, 2015, and any and all amendments thereto and restatements thereof filed on behalf of Discover Funding with the Secretary of State. 

“Certificate of Trust” means the Certificate of Trust filed on behalf of the Note Issuance Trust with the Secretary of State
on July 2, 2007, and any and all amendments thereto and restatements thereof filed on behalf of the Note Issuance Trust with the Secretary of State. 

“Class” means, with respect to any Note, the Class specified in the applicable Indenture Supplement. 

“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time. 

  
 2 

 “Collateral Account Control Agreement” means the Collateral Account Control
Agreement, dated as of July 26, 2007, by the Note Issuance Trust, between the Note Issuance Trust, the Indenture Trustee and U.S. Bank National Association as securities intermediary, substantially in the form set forth as Exhibit 4.16 to the
Registration Statement, as the same may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“Collateral Certificate” is defined in the Indenture. 

“Collateral Certificate Transfer Agreement” means the Collateral Certificate Transfer Agreement, dated as of July 26,
2007, between Discover Bank and the Note Issuance Trust, as the same may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time. 

“Corporate Trust Office” is defined in the Indenture. 

“Commission” is defined in the Indenture. 

“Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. §§ 3801, et
seq., as amended from time to time, and any successor statute thereto. 
 “Deliveries” is defined in
Section 12.02. 
 “Discover Funding” is defined in the preamble. 

“Disqualification Event,” with respect to the Owner Trustee, means (a) the bankruptcy, insolvency or dissolution of the
Owner Trustee, (b) the occurrence of the date of resignation of the Owner Trustee, as set forth in a notice of resignation given pursuant to Section 8.01, (c) the delivery to the Owner Trustee of the instrument of removal
referred to in Section 8.01 (or, if such instrument specifies a later effective date of removal, the occurrence of such later date), or (d) failure of the Owner Trustee to qualify under the requirements of Section 8.03.

 “Governmental Authority” means any governmental department, commission, board, bureau, agency, court or other
instrumentality of any nation, state, province, territory, commonwealth, municipality or other political subdivision thereof having jurisdiction over the Person in question. 

“Indemnified Person” is defined in Section 11.02. 

“Indenture” means the Amended and Restated Indenture, dated as of
[            ], 20[    ], between the Note Issuance Trust and the Indenture Trustee, as the same may be amended, restated, amended and restated, supplemented, replaced
or otherwise modified from time to time, including by Indenture Supplement for the issuance of Series of Notes. 
 “Indenture
Collateral” is defined in Section 2.11(a). 
 “Indenture Supplement” is defined in the Indenture. 

  
 3 

 “Indenture Trustee” means U.S. Bank National Association, not in its individual
capacity but solely as Indenture Trustee under the Indenture, and each successor Indenture Trustee under such Indenture, or such other party identified as the Indenture Trustee within the Indenture. 

“Issuer Certificate” is defined in the Indenture. 

“Issuer Tax Opinion” is defined in the Indenture. 

“Limited Liability Company Agreement” means the Limited Liability Company Agreement of Discover Funding, dated as of
May 18, 2015, and any and all amendments thereto. 
 “Master Trust” is defined in the Indenture. 

“Master Trust Tax Opinion” is defined in the Indenture. 

“Master Trust Trustee” is defined in the Indenture. 

“Material Adverse Effect” means, whenever used in this Agreement with respect to any Series, Class or Tranche of Notes with
respect to any action, that such action will at the time of its occurrence (a) result in the occurrence of an Early Redemption Event or Event of Default (each as defined in the Indenture) relating to such Series, Class or Tranche of Notes, as
applicable, (b) materially adversely affect the amount of funds available to be distributed to the Noteholders of any such Series, Class or Tranche of Notes pursuant to the Indenture or the timing of such distributions, or (c) materially
adversely affect the security interest of the Indenture Trustee in the collateral securing the Notes, unless otherwise permitted by the Indenture. 

“Moody’s” is defined in the Indenture. 

“Note” is defined in the Indenture. 

“Note Issuance Trust” is defined in the preamble. 

“Note Rating Agency” is defined in the Indenture. 

“Noteholder” is defined in the Indenture. 

“Originator” is defined in the Pooling and Servicing Agreement. 

“Outstanding Dollar Principal Amount” is defined in the Indenture. 

“Owner Trustee” means Wilmington Trust Company, not in its individual capacity but solely as owner trustee under this
Agreement (unless otherwise specified herein), and each successor trustee under Article VIII, in its capacity as owner trustee hereunder, and each co-trustee under and to the extent provided in Section 8.04, in its capacity as
owner trustee hereunder. 
 “Payment Date” is defined in the Indenture. 

  
 4 

 “Person” means any individual, corporation, partnership, limited liability
company, limited liability partnership, joint venture, association, joint-stock company, business trust, statutory trust, unincorporated organization, government or any agency or political subdivision thereof, or other person or entity. 

“Periodic Filing” means any filing or submission that the Note Issuance Trust is required to make with any federal, state or
local authority or regulatory agency. 
 “Permitted Affiliate Transferee” is defined in Section 10.02. 

 “Pooling and Servicing Agreement” is defined in the Indenture. 

“Rating Agency Condition” is defined in the Indenture. 

“Registration Statement” means Amendment No. 1 to the Registration Statement on Form S-3 of Discover Bank as Depositor,
Discover Card Master Trust I as the issuing entity of the collateral certificate and the Note Issuance Trust as the issuing entity of the Notes, Registration Statement Nos. 333-141703 and 333-141703- 01, as filed with the Commission on June 7,
2007. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release
No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Secretary of State” means the Office of the Secretary of State of the State of Delaware. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Securitization Transaction” means any issuance of new Notes of any Series, Class or Tranche pursuant to the Indenture and an
Indenture Supplement, whether publicly offered or privately placed, rated or unrated. 
 “Series” means, with respect to
any Note, the Series specified in the applicable Indenture Supplement. 
 “Standard & Poor’s” is defined in
the Indenture. 
 “Terms Document” is defined in the Indenture. 

“Tranche” means, with respect to any Class of Notes, Notes of such Class which have identical terms, conditions and Tranche
designation. Notes of a single Tranche may be issued on different dates. 
 “Transaction Documents” means the Indenture,
any Indenture Supplement thereto, any Terms Document thereto, the Collateral Certificate Transfer Agreement, the Collateral Account Control Agreement, the Trust Certificate, the Certificate of Trust and other documents delivered in connection
herewith and therewith. 

  
 5 

 “Transferor” means Discover Funding and its successors and assigns. 

“Transition Report Date” means the date on which the Note Issuance Trust is required to file any transition report pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, on Form 10-K with the Securities and Exchange Commission. 

“Trust Certificate” is defined in Section 10.01.  

“Trust Estate” is defined in Section 2.05. 

“Trustee Bank” means Wilmington Trust Company in its individual capacity, each bank appointed as successor Owner Trustee
under Article VIII in its individual capacity and each bank appointed as co-trustee under and to the extent provided in Section 8.04 in its individual capacity. 

“UCC” means the Uniform Commercial Code as in effect in the State of Delaware and any other applicable jurisdiction. 

ARTICLE II. 

ORGANIZATION; 

DECLARATION OF TRUST BY THE OWNER TRUSTEE 

Section 2.01 Formation of Trust; Name. The Note Issuance Trust heretofore formed and continued hereby is named “Discover Card
Execution Note Trust”, under which name the Owner Trustee or the Beneficiary may conduct any activities and business of the Note Issuance Trust contemplated hereby, execute contracts and other instruments on behalf of the Note Issuance Trust
and sue and be sued on behalf of the Note Issuance Trust. 
 Section 2.02 Transfer of Property to Trust; Initial Capital
Contribution of Trust Estate. Discover Bank, as initial beneficiary of the Note Issuance Trust, has sold, assigned, granted and transferred over to the Owner Trustee, as of the date of the Original Trust Agreement, $1.00. The Owner Trustee
hereby acknowledges receipt in trust from the Beneficiary, as of the date of the Original Trust Agreement, of the foregoing contribution, which constitutes the initial Trust Estate. 

Section 2.03 Purposes and Powers; Trust To Operate as a Limited Purpose Entity. 

(a) The purpose of the Note Issuance Trust is to engage solely in a program of receiving transfers of assets comprising the Trust Estate,
owning the Trust Estate, issuing Notes under the Indenture and related activities. Without limiting the generality of the foregoing, the Note Issuance Trust may and shall have the power and authority to: 

(i) accept transfers of any assets comprising all or a portion of the Trust Estate and hold the Trust Estate; 

  
 6 

 (ii) from time to time, in connection with its issuance of Notes, to enter into the Indenture,
any Indenture Supplement thereto, and any Terms Document thereto, and to grant a security interest in the Trust Estate and grant a security interest in collateral accounts, collections accounts, funding accounts, reserve accounts, payment accounts
and other trust accounts established under the Indenture, in each case consistent with the direction of the Beneficiary; 
 (iii) from time
to time authorize and approve the issuance of, and issue, Series, Classes or Tranches of Notes pursuant to the Indenture without limitation to aggregate amounts, the terms of which shall be determined by the Beneficiary, together with any
registration statements, underwriting or similar agreements, prospectuses, offering memoranda or other documents necessary to permit the offering and sale of such notes on terms and conditions approved by the Beneficiary or the qualification of the
Indenture under applicable law; 
 (iv) from time to time receive payments and proceeds with respect to the Trust Estate and the Indenture
and either invest or distribute those payments and proceeds, in each case as required by the terms of this Agreement and the Indenture; 

(v) from time to time make deposits to and withdrawals from collateral accounts, collections accounts, funding accounts, reserve accounts,
payment accounts and other trust accounts established under the Indenture; 
 (vi) from time to time make and receive payments pursuant to
derivative agreements, supplemental credit enhancement agreements and supplemental liquidity agreements; 
 (vii) from time to time make
payments on the Notes; 
 (viii) from time to time accept transfers of additional collateral to be included in the Trust Estate; 

(ix) from time to time perform such obligations and exercise and enforce such rights and pursue such remedies as may be appropriate by virtue
of the Note Issuance Trust being party to any of the agreements contemplated in clauses (i) through (viii) above; 
 (x) execute,
deliver and perform the Transaction Documents and all other documents, certificates and agreements necessary or incidental in connection therewith (including, without limitation, the documents listed in Section 2.03(b)); 

(xi) issue the Trust Certificate to the Beneficiary in accordance with Section 10.01; and 

(xii) subject to compliance with the Transaction Documents, engage in such other related activities as may be required or convenient in
connection with conservation of the Trust Estate and the making of payments to the Noteholders and distributions to the Beneficiary. 
 In connection with
any of the foregoing, the Note Issuance Trust may (x) execute and deliver, and/or accept, such instruments, agreements, certificates, UCC financing statements and other 

  
 7 

 
documents, and create such security interests, as may be necessary or desirable in connection therewith, and (y) subject to the terms of this Agreement, take such other action as may be
necessary or incidental to the foregoing. 
 (b) The Note Issuance Trust, and each of the Beneficiary, on behalf of the Note Issuance Trust,
and the Owner Trustee, on behalf of the Note Issuance Trust, are hereby authorized and shall have the power to execute and deliver from time to time loan agreements, underwriting agreements, terms agreements, selling agent agreements, purchase
agreements, private placement agreements, dealer agreements, issuing and paying agency agreements, swap and other derivative agreements, including performance agreements, indentures, indenture supplements, liquidity facilities, terms documents,
notes, security agreements, and other agreements and instruments as are consistent with the purposes of the Note Issuance Trust. Without limiting the generality of the foregoing, the Note Issuance Trust, and each of the Beneficiary, on behalf of the
Note Issuance Trust, and the Owner Trustee, on behalf of the Note Issuance Trust, are specifically authorized to execute and deliver without any further act, vote or approval, and notwithstanding any other provision of this Agreement, the Delaware
Statutory Trust Act or other applicable law, rule or regulation, agreements, documents or securities relating to the purposes of the Note Issuance Trust including: 

(i) the Transaction Documents and each Issuer Certificate; 

(ii) the Notes; 
 (iii) each
interest rate, basis or currency swap, cap, collar, guaranteed investment contract or other derivative agreement, including agreements related thereto, between the Note Issuance Trust and a counterparty to manage interest rate or currency risk
relating to the Notes; 
 (iv) the Trust Certificate; 

(v) any documents relating to listing securities on the Luxembourg Stock Exchange, the Irish Stock Exchange or another applicable exchange;
and 
 (vi) any other document necessary or desirable in connection with the fulfillment of the purposes of the Note Issuance Trust
described in, and pursuant to, Section 2.03(a). 
 The authorization set forth in the preceding sentence will not be deemed a
restriction on the power and authority of the Beneficiary, on behalf of the Note Issuance Trust, and the Owner Trustee, on behalf of the Note Issuance Trust, to execute and deliver other agreements, documents, instruments and securities or to take
other actions on behalf of the Note Issuance Trust in connection with the fulfillment of the purposes of the Note Issuance Trust described in, and pursuant to, Section 2.03(a). 

(c) Each of the Beneficiary, on behalf of the Note Issuance Trust, and the Owner Trustee, at the written direction of the Beneficiary and on
behalf of the Note Issuance Trust, is hereby authorized and shall have the power to execute and file any Periodic Filings on behalf of the Note Issuance Trust. 

  
 8 

 (d) Each of the Owner Trustee and the Beneficiary, on behalf of the Note Issuance Trust, is
authorized to appoint calculation agents, notification agents and other agents (which may be the Beneficiary, the Owner Trustee, the Indenture Trustee or any affiliate thereof) to notify any Master Trust servicer or trustee of issuances of Notes,
increases in any collateral certificate, and amounts due under or to be reallocated from or to the Notes, and to make any other determinations with respect to the application of funds under any indenture. 

(e) Each of the Owner Trustee and the Beneficiary will at all times maintain any books, records and accounts of the Note Issuance Trust
separate and apart from those of any other Person, and each of the Beneficiary and the Owner Trustee will cause the Note Issuance Trust to hold itself out as being a Person separate and apart from any other Person. 

(f) The Note Issuance Trust will not engage in any business or own any assets unrelated to the purposes of the Note Issuance Trust. 

Section 2.04 Appointment of Owner Trustee. The Beneficiary hereby confirms and ratifies the appointment of Wilmington Trust
Company as Owner Trustee of the Note Issuance Trust effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth herein and, to the extent not inconsistent with this Agreement, in the Delaware
Statutory Trust Act. 
 Section 2.05 Declaration of Trust. The Owner Trustee hereby declares that it will hold the contribution
described in Section 2.02, and the other documents and assets described in Section 2.03, together with any payments, proceeds or income of any kind from such documents or assets or any other source and any other property
transferred, assigned, set over, pledged or otherwise conveyed to, and held by, the Note Issuance Trust pursuant to this Agreement, the Indenture or any Assignment of Additional Assets thereunder (collectively, the “Trust Estate”),
upon the trust set forth herein and for the sole use and benefit of the Beneficiary. It is the intention of the parties hereto that the Note Issuance Trust constitute a statutory trust under the Delaware Statutory Trust Act and that this Agreement
constitute the governing instrument of such statutory trust. The parties hereto agree that they will take no action contrary to the foregoing intention. Effective as of the date of the Original Trust Agreement, the Owner Trustee shall have all
rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Note Issuance Trust. 

Section 2.06 Title to Trust Estate. Title to all of the Trust Estate will be vested in the Note Issuance Trust as a separate legal
entity until this Agreement terminates pursuant to Article VII; provided, however, that if the laws of any jurisdiction require that title to any part of the Trust Estate be vested in the trustees of a trust, then title to
that part of the Trust Estate will be deemed to be vested in the Owner Trustee or any co-trustee or separate trustee, as the case may be, appointed pursuant to Article VIII. 

Section 2.07 Nature of Interest in the Trust Estate. The Beneficiary will not have any legal title to or right to possession of
any part of the Trust Estate. 

  
 9 

 Section 2.08 Continuation of Trust; Principal Office of Owner Trustee. The Owner
Trustee will file the Certificate of Trust with the Secretary of State and will maintain the Owner Trustee’s principal office in the State of Delaware. Nothing herein, however, shall restrict or prohibit the Owner Trustee from having employees
within or without the State of Delaware. Payments will be received by the Note Issuance Trust only in Delaware or New York and payments will be made by the Note Issuance Trust only from Delaware or New York, unless otherwise specified with respect
to any Collateral Certificates or Notes in the related Indenture Supplement or Terms Document. The Note Issuance Trust will be located in Delaware and administered in Delaware and New York. 

Section 2.09 Tax Matters. The parties hereto intend that, for income and franchise tax purposes, the Note Issuance Trust will be
treated as a security device and disregarded as an entity and its assets shall be treated as owned in whole by the Note Issuance Trust’s first direct or indirect parent entity that is not disregarded as a separate entity for federal income tax
purposes, and the parties hereto will file all their tax returns in a manner consistent with that intent unless otherwise required by a taxing authority. Except as otherwise expressly provided herein, any tax elections required or permitted to be
made by the Note Issuance Trust under the Code or otherwise will be made by the Note Issuance Trust’s first direct or indirect parent entity that is not disregarded as a separate entity for federal income tax purposes. The Note Issuance Trust
will not elect to be treated as a corporation for any tax purpose. 
 Section 2.10 Fiscal Year. The Beneficiary shall have the
authority to determine or change the Note Issuance Trust’s fiscal year from time to time, including designating any necessary transition period. The Beneficiary shall notify the Owner Trustee of any change in fiscal year (and any resulting
change in the Note Issuance Trust’s Annual Report Date or Transition Report Date) as promptly as practicable after such change. 

Section 2.11 Transfer of Collateral Certificate.  

(a) Discover Bank, as the initial transferor, transferred, assigned, set over, pledged and otherwise conveyed to the Note Issuance Trust,
without recourse (subject to the obligations in the Collateral Certificate Transfer Agreement), all right, title and interest of Discover Bank in and to the Collateral Certificate and the proceeds thereof. Such conveyance of the Collateral
Certificate and the proceeds thereof was and still is intended to constitute a sale, and not a secured borrowing, for accounting purposes. Nevertheless, Discover Bank, as the initial transferor, also granted to the Note Issuance Trust a security
interest in and to all of Discover Bank’s right, title and interest, whether then owned or thereafter acquired, in, to and under the Collateral Certificate, all accounts, general intangibles, chattel paper, instruments, documents, money,
deposit accounts, certificates of deposit, goods, letters of credit, letter of credit rights, advices of credit and investment property consisting of; arising from, or relating to the Collateral Certificate, and the proceeds thereof (collectively,
the “Indenture Collateral”), to secure the obligations of Discover Bank as the initial transferor. 
 (b) The parties
intend and agree that, since the transfers by Discover Bank, all right, title, and interest in, to, and under the Collateral Certificate, all other items of the Trust Estate, and all proceeds thereof have been owned solely by the Note Issuance
Trust, subject only to the security interest of the Indenture Trustee under the Indenture, if the Transferor were determined 

  
 10 

 
to have any right, title, or interest in, to, or under the Collateral Certificate, any other item of the Trust Estate, or any proceeds thereof despite this intent of the parties, the Transferor
hereby transfers and assigns to the Note Issuance Trust, without recourse, all of the Transferor’s right, title, and interest in, to, and under the Collateral Certificate, all other items of the Trust Estate, and all proceeds thereof and
further grants to the Note Issuance Trust a security interest in all of the Transferor’s right, title, and interest, whether now owned or hereafter acquired, in, to, and under the Collateral Certificate, all other items of the Trust Estate, and
all proceeds thereof to secure the obligations of the Transferor under this Agreement. The parties intend that these transfers by the Transferor constitute a sale, and not a secured borrowing, for accounting purposes. These transfers by the
Transferor are a protective measure and must not be construed as evidence of any intent contrary to the one expressed in the first sentence of this paragraph. Discover Bank hereby transfers and assigns all of its rights and obligations under the
Collateral Certificate Transfer Agreement to the Transferor. 
 Section 2.12 Closing. The transfer, assignment, set-over, pledge
and conveyance of the Trust Estate took place at the offices of Latham & Watkins LLP, Sears Tower Suite 5800, 233 S. Wacker, Chicago, IL 60606 on July 2, 2007. 

Section 2.13 Books and Records. The Beneficiary agrees to record and file, at its own expense, any financing statements (and
amendments with respect to such financing statements when applicable) required to be filed with respect to the Trust Estate assigned by the Beneficiary pursuant to this Agreement, meeting the requirements of applicable law in such manner and in such
jurisdictions as are necessary under the applicable UCC to perfect the transfer, assignment, set-over, pledge and conveyance of the Trust Estate to the Note Issuance Trust, and to deliver a file-stamped copy of such financing statements or
amendments or other evidence of such filings to the Note Issuance Trust (excluding such amendments, which shall be delivered promptly after filing). 

Section 2.14 Limitation on Liability of Beneficiaries and Others. Any Beneficiary and any director or officer or employee or agent
of such Beneficiary may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. To the extent permitted by applicable law, any
Beneficiary, in its capacity as such, shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or
liability. The Beneficiary shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 

ARTICLE III. 

REPRESENTATIONS AND 

WARRANTIES OF THE BENEFICIARY 

Section 3.01 Representations and Warranties of the Beneficiary. The Beneficiary hereby represents and warrants to the Owner
Trustee as of the date of this Agreement that: 
 (a) The Beneficiary has been duly formed and is validly existing as a Delaware limited
liability company, and has full limited liability company power and authority to execute and deliver this Agreement and any other documents related hereto to which it is a party and to perform the terms and provisions hereof and thereof. 

  
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 (b) The execution, delivery and performance of this Agreement by the Beneficiary and the
consummation by the Beneficiary of the transactions provided for in this Agreement and in the other Transaction Documents to which the Beneficiary is a party have been duly authorized by all necessary limited liability company action, do not require
any approval or consent of any governmental agency or authority, do not and will not conflict with any material provision of the Certificate of Formation or Limited Liability Company Agreement of the Beneficiary, and do not and will not conflict
with or result in a breach which would constitute a material default under, any agreement for borrowed money binding upon or applicable to it or such of its property that is material to it, or to the best of the Beneficiary’s knowledge, any law
or governmental regulation or court decree applicable to it or such material property, and this Agreement and the other Transaction Documents to which the Beneficiary is a party are the valid, binding and enforceable obligations of the Beneficiary,
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. 

(c) To the best of the knowledge of the Beneficiary, there are no proceedings or investigations pending against the Beneficiary before any
court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Beneficiary (i) asserting the invalidity of this Agreement or any of the Transaction Documents, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Agreement or any of the Transaction Documents, (iii) seeking any determination or ruling which in the Beneficiary’s judgment would materially and adversely affect the
performance by the Beneficiary of its obligations under this Agreement or the Transaction Documents, or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement or the
Transaction Documents. 
 ARTICLE IV. 

DISTRIBUTIONS OF FUNDS 

Section 4.01 Distribution of Funds. All funds received by the Note Issuance Trust to the extent not encumbered by the Indenture
and otherwise available for distribution (or if encumbered by the Indenture, which have been released by the relevant parties benefiting from such encumbrance) will be distributed to the Beneficiary, including without limitation interest and
earnings (net of losses and investment expenses) on funds on deposit in the Collections Account in accordance with Section 403(e) of the Indenture and funds specified to be payable to the Beneficiary under step (78) (Allocation
of Series Finance Charge Amounts) of Section 3.01, Section 3.04(5) and Section 3.05(5) of the Indenture Supplement for the DiscoverSeries Notes. 

Section 4.02 Payments from Trust Estate Only. All payments to be made by the Note Issuance Trust under this Agreement will be made
only from the income and the capital proceeds derived from the Trust Estate and only to the extent that the Note Issuance Trust will have 

  
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received income or capital proceeds from the Trust Estate. The Beneficiary agrees that it will look solely to the income and capital proceeds derived from the Trust Estate (to the extent
available for payment as herein provided) and that, except as specifically provided herein, the Owner Trustee will not be subject to any liability in its individual capacity under this Agreement to the Beneficiary or to any other Person. 

Section 4.03 Method of Payment. All amounts payable to the Beneficiary pursuant to this Agreement will be paid by the Owner
Trustee on behalf of the Note Issuance Trust to the Beneficiary or a nominee therefor in such manner as the Beneficiary may from time to time designate in written instructions to the Owner Trustee. All funds received by the Owner Trustee on behalf
of the Note Issuance Trust not later than 2:00 p.m. (New York City time) on a Business Day will be applied by the Owner Trustee on that Business Day. Funds received after that time will be applied on the next following Business Day. 

Section 4.04 Establishment of Account. The Beneficiary hereby authorizes the Owner Trustee to establish and maintain an account in
the name and on behalf of the Note Issuance Trust, into which all funds received by the Owner Trustee on behalf of the Note Issuance Trust shall be deposited. Such account shall be designated the Beneficiary Trust Account. 

ARTICLE V. 
 DUTIES OF
THE OWNER TRUSTEE 
 Section 5.01 Action Upon Instructions. 

(a) It is the intention of the Beneficiary that the powers and duties of the Owner Trustee are to be purely ministerial only. Accordingly,
subject to Section 5.01(b) and 5.01(c) the Beneficiary will direct the Owner Trustee in the management of the Note Issuance Trust and the Trust Estate. Such direction shall be exercised at any time only by written instruction of
the Beneficiary delivered to the Owner Trustee pursuant to this Article V. Notwithstanding any other provision of this Agreement, the Owner Trustee shall not take any action including but not limited to the execution of any documents,
certificates or other instruments (other than the Transaction Documents and any documents, certificates or other instruments attached thereto or contemplated thereby), unless it receives written instructions from the Beneficiary. 

(b) The Owner Trustee will take such action or actions as may be specified in any instructions delivered in accordance with
Section 5.01(a); provided, however, that the Owner Trustee will not be required to take any such action if the Trustee Bank will have been advised by counsel that such action (i) is contrary to the terms hereof or of
any document contemplated hereby to which the Note Issuance Trust or the Owner Trustee is a party or is otherwise contrary to law, or (ii) is reasonably likely to result in liability on the part of the Trustee Bank, unless the Trustee Bank will
have received additional indemnification or security satisfactory to the Trustee Bank from the Beneficiary against all costs, expenses and liabilities arising from the Owner Trustee’s taking such action. 

  
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 (c) The Beneficiary will not direct the Owner Trustee to take or refrain from taking any action
contrary to this Agreement, nor will the Owner Trustee be obligated to follow any such direction. 
 (d) In the event that the Owner Trustee
is unsure as to the application of any provision of this Agreement or any Transaction Document, or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete as to the course of action to be adopted, the Owner Trustee will promptly give notice to the Beneficiary requesting written instructions as to the course of action to be adopted
and, to the extent the Owner Trustee acts in good faith in accordance with such written instructions received from the Beneficiary, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee will not have
received appropriate written instructions within 30 days of such notice (or within such shorter period of time as reasonably may be specified in such notice) it may, but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement, as it deems to be in the best interests of the Beneficiary, and will have no liability to any Person for such action or inaction. 

(e) The Owner Trustee will, subject to this Section 5.01, act in accordance with the instructions given to it by the Beneficiary
pursuant to Section 5.01(a), and to the extent the Owner Trustee acts in good faith in accordance with such instructions, the Owner Trustee will not be liable on account of such action to any Person. 

Section 5.02 No Duty to Act Under Certain Circumstances. Notwithstanding anything contained herein to the contrary, neither the
Trustee Bank nor the Owner Trustee, except a Trustee Bank authorized as co-trustee, will be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action would (i) require the consent,
approval, authorization or order of, the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result
in any fee, tax or governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Trustee Bank; or (iii) subject the Trustee
Bank to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Trustee Bank or the Owner Trustee, as the case may be, contemplated
hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be at the reasonable expense of the Beneficiary) to determine whether any action required to be taken pursuant to this Agreement results in the consequences
described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee may, or if instructed to do so by the
Beneficiary, shall, appoint an additional trustee pursuant to Section 8.04 hereof to proceed with such action. 

Section 5.03 No Duties Except Under Specified Agreements or Instructions. 

(a) The Owner Trustee will not have any duty or obligation to manage, control, use, make any payment in respect of, register, record, insure,
inspect, sell, dispose of, create, maintain or perfect any security interest or title in or otherwise deal with any part of the Trust Estate, 

  
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prepare, file or record any document or report (including any tax related filing for any holder of Notes), or to otherwise take or refrain from taking any action under, or in connection with,
this Agreement, the Note Issuance Trust or any document contemplated hereby to which the Note Issuance Trust or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in written instructions from the Beneficiary
received pursuant to Section 5.01; and no implied duties or obligations will be read into this Agreement against the Owner Trustee. Unless otherwise directed by the Beneficiary in accordance with Section 5.01(a), the Owner
Trustee shall have no obligation or duty to take any action the Note Issuance Trust is authorized and empowered to take pursuant to Section 2.03(a). The Trustee Bank nevertheless agrees that it will, in its individual capacity and at its
own cost and expense, promptly take all action as may be necessary to discharge any lien, pledge, security interest or other encumbrance on any part of the Trust Estate which results from actions by or claims against the Trustee Bank not related to
the Note Issuance Trust or the Owner Trustee’s ownership of any part of the Trust Estate. 
 (b) The Owner Trustee agrees that it will
not manage, control, use, lease, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to, or the authority conferred upon, the Owner Trustee pursuant to this Agreement, or
(ii) in accordance with the express terms hereof or with written instructions from the Beneficiary pursuant to Section 5.01. Unless otherwise directed by the Beneficiary in accordance with Section 5.01(a), the Owner
Trustee shall not be required to perform any obligations or duties of the Note Issuance Trust under the Indenture, which duties and obligations shall be the sole responsibility of the Beneficiary. 

Section 5.04 Trust Operation. The operations of the Note Issuance Trust will be conducted in accordance with the following
standards: 
 (a) the Note Issuance Trust will conduct its own affairs in its own name through the Owner Trustee or the Beneficiary, or any
agent appointed by either of them in accordance with this Agreement; 
 (b) the Note Issuance Trust will not commingle its assets with those
of the Beneficiary or any Affiliate of the Beneficiary; 
 (c) the Note Issuance Trust will not own any asset or property other than the
Trust Estate; 
 (d) the Note Issuance Trust will have its own principal executive and administrative office or space through which its
business is conducted (which, however, may be within the premises of and leased from the Beneficiary or an Affiliate) separate from that of the Beneficiary; 

(e) the Note Issuance Trust will maintain books and records and bank accounts separate from those of any other person, except as contemplated
by the Transaction Documents; 
 (f) the Note Issuance Trust will pay its own liabilities out of its own funds; 

  
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 (g) the Note Issuance Trust will endeavor to maintain adequate capital for the normal obligations
reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; 
 (h) the Note
Issuance Trust will not incur debt except in connection with the purposes set forth in Section 2.03 of this Agreement; 
 (i)
the Note Issuance Trust will maintain an “arms-length relationship” with the Beneficiary; 
 (j) the Note Issuance Trust will use
telephone numbers separate from those of the Beneficiary; 
 (k) the Note Issuance Trust will not pledge its assets for the benefit of any
other Person, except as contemplated under the Indenture; 
 (l) the Note Issuance Trust will hold itself out as a separate legal entity and
correct any known misunderstanding regarding its separate identity; 
 (m) the Note Issuance Trust will not engage, directly or indirectly,
in any business or purposes other than those set forth in Section 2.03 of this Agreement; 
 (n) the Note Issuance Trust will
not enter into any transactions with any other Person other than authorized under or incidental to the Transaction Documents (which authorized transactions include without limitation any transactions or agreements contemplated by
Section 2.03(b) of this Agreement); 
 (o) the Note Issuance Trust will not guarantee or become obligated for the debts of any other
Person or hold out its credit as being available to satisfy the obligations of others; and 
 (p) the Note Issuance Trust will use
stationery through which all business correspondence and communication are conducted separate from those of the Beneficiary, and any forms of checks used by the Note Issuance Trust or that will be used by the Note Issuance Trust shall identify the
Note Issuance Trust as the payor thereunder. 
 Section 5.05 Execution of Documents. The Owner Trustee will, at the written
direction of the Beneficiary, execute and deliver on behalf of the Note Issuance Trust such instruments, agreements and certificates contemplated hereby to which the Note Issuance Trust is a party (such direction to be conclusively evidenced by the
Owner Trustee’s execution and delivery of such documents to, and acceptance by, the Beneficiary). The Beneficiary hereby instructs the Owner Trustee to execute, on behalf of the Note Issuance Trust, the Transaction Documents to which the Note
Issuance Trust is a party and any documents, certificates or other instruments attached thereto or contemplated thereby. 

  
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 ARTICLE VI. 

CONCERNING THE TRUSTEE BANK 

Section 6.01 Acceptance of Trust and Duties. The Trustee Bank accepts the trust hereby created and agrees to perform the same but
only upon the terms of this Agreement. The Trustee Bank also agrees to disburse all moneys actually received by it constituting part of the Trust Estate in accordance with the terms of this Agreement. The Trustee Bank will not be answerable or
accountable under any circumstances in its individual capacity, except (i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 6.07, (iii) for the failure by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 5.03(a), or (iv) for taxes, fees or other charges on, based on or measured
by, any fees, commissions or other compensation earned by the Trustee Bank for acting as trustee hereunder. In particular, but not by way of limitation: 

(a) The Trustee Bank will not be personally liable for any error of judgment made in good faith by an authorized officer of the Owner Trustee
so long as the same will not constitute gross negligence, bad faith or willful misconduct; 
 (b) The Trustee Bank will not be personally
liable with respect to any action taken or omitted to be taken by the Owner Trustee in good faith in accordance with the instructions of the Beneficiary; 

(c) No provision of this Agreement or any Transaction Document will require the Trustee Bank to expend or risk its personal funds or otherwise
incur any financial liability in the performance of any of its rights or powers hereunder, if the Trustee Bank will have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it, including such advances as the Trustee Bank may reasonably request; 
 (d) Under no circumstance will
the Trustee Bank be personally liable for the accuracy or performance of any representation, warranty, covenant, agreement or other obligation, including any indebtedness, of the Note Issuance Trust; 

(e) The Trustee Bank will not be personally responsible or liable for or in respect of the validity or sufficiency of this Agreement or for
the due execution hereof by the Beneficiary or with respect to any agreement entered into by the Note Issuance Trust; 
 (f) Under no
circumstances will the Trustee Bank be personally responsible or liable for the action or inaction of the Beneficiary, nor will the Trustee Bank be responsible for monitoring the performance of the Beneficiary’s duties hereunder or of any other
Person acting for or on behalf of the Note Issuance Trust; 
 (g) In no event shall the Trustee Bank be personally liable for special,
consequential or punitive damages unless such damages result from its willful misconduct, bad faith or gross negligence, for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories, for the acts or
omissions of brokers or dealers, and for any losses due to forces beyond the control of the Trustee Bank, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and
interruptions, loss or malfunctions of utilities, communications or computer (software and 

  
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hardware) services. The Trustee Bank shall have no responsibility for the accuracy of any information provided to the Beneficiary or any other Person that has been obtained from, or provided to
the Trustee Bank by, any other Person unless the Trustee Bank has actual knowledge that such information is incorrect; 
 (h) The Trustee
Bank shall not be personally liable for the default or misconduct of the Indenture Trustee under any of the Transaction Documents or otherwise, and the Trustee Bank shall have no obligation or liability to perform the obligations of the Note
Issuance Trust under this Agreement or the Transaction Documents, in each case that are required to be performed by the Indenture Trustee under the Indenture; and 

(i) The Trustee Bank shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or direction of the Beneficiary, unless the Beneficiary has offered to the Trustee Bank security
or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Trustee Bank therein or thereby. The right of the Trustee Bank to perform any discretionary act enumerated in this Agreement or in any
Transaction Document shall not be construed as a duty, and the Trustee Bank shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act. 

Section 6.02 Furnishing of Documents. The Owner Trustee will furnish to the Beneficiary, within a reasonable time under the
circumstances after receipt thereof, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee with respect to the Note Issuance Trust or the Trust
Estate. 
 Section 6.03 No Representations and Warranties as to the Trust Estate. The Owner Trustee makes no representation or
warranty as to, and shall not be liable for, the title, value, condition, design, operation, merchantability or fitness for use of the Trust Estate (or any part thereof) or any other representation or warranty, express or implied, whatsoever with
respect to the Trust Estate (or any part thereof) except that the Owner Trustee, in its individual capacity, hereby represents and warrants to the Beneficiary that it will comply with the last sentence of Section 5.03(a). 

Section 6.04 Signature of Periodic Filings. The Beneficiary will sign on behalf of the Note Issuance Trust any Periodic Filings of
the Note Issuance Trust. 
 Section 6.05 Reliance; Advice of Counsel. The Owner Trustee will incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner
Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any entity as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to
any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Owner Trustee may for all purposes rely on an officer’s certificate of the relevant party as to such fact or matter, and such officer’s
certificate will: 

  
 18 

 
constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. In the administration of the Note Issuance Trust, the Owner
Trustee may, at the expense of the Note Issuance Trust (i) execute the trust or any of the powers hereof and perform its powers and duties hereunder directly or through agents or attorneys, and the Owner Trustee will not be liable for the
default or misconduct of any agent or attorney selected by the Owner Trustee with reasonable care; and (ii) consult with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it, and the Owner
Trustee will not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons. 

Section 6.06 Not Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trust hereunder the
Trustee Bank acts solely as Owner Trustee hereunder and not in its individual capacity; and all Persons having any claim against the Note Issuance Trust or the Owner Trustee, whether by reason of the transactions contemplated by this Agreement or
otherwise, will look only to the Trust Estate (or a part thereof, as the case may be) for payment or satisfaction thereof, except as specifically provided in this Article VI. 

Section 6.07 Representations and Warranties. The Trustee Bank, other than a Trustee Bank appointed as a co-trustee, hereby
represents and warrants to the Beneficiary that: 
 (a) The Trustee Bank is a Delaware banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware. The Trustee Bank has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) The Trustee Bank has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) Neither the execution nor the delivery by it of this Agreement, the performance by it of its obligations under this Agreement, nor the
consummation by it of the transactions contemplated hereby nor compliance by the Trustee Bank with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust
powers of the Owner Trustee or any judgment or order binding on the Trustee Bank, or constitute any default under its charter documents or by-laws or any indenture, mortgage, lease, license, contract, agreement or instrument to which the Trustee
Bank is a party or by which the Trustee Bank or any of the Trustee Bank’s properties may be bound. 
 (d) The Trustee Bank complies
with all of the requirements of Chapter 38, Title 12 of the Delaware Code relating to the qualification of a trustee of a Delaware statutory trust. 

  
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 ARTICLE VII. 

TERMINATION OF TRUST AGREEMENT 

Section 7.01 Termination of Trust Agreement. 

(a) The Note Issuance Trust shall dissolve upon the final distribution by the Owner Trustee of all moneys or other property or proceeds of the
Trust Estate in accordance with the Delaware Statutory Trust Act. Any money or other property held as part of the Trust Estate following such distribution shall be distributed to the Beneficiary. The bankruptcy, insolvency, receivership,
conservatorship, dissolution, termination or incapacity of the Beneficiary shall not (x) operate to terminate this Agreement or the Note Issuance Trust, or (y) entitle the Beneficiary’s legal representatives to claim an accounting or
to take any action or proceeding in any court for a partition or winding up of all or any part of the Note Issuance Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) The Beneficiary shall not be entitled to revoke or terminate the Note Issuance Trust. 

(c) Upon completion of the winding up of the Note Issuance Trust in accordance with the Delaware Statutory Trust Act, the Owner Trustee shall
cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Delaware Statutory Trust Act and thereupon the Note Issuance Trust and
this Agreement (other than Article XI) shall terminate; provided, however, that any terms of this Agreement that by their terms purport to survive such termination (including, without limitation, Sections 11.02,
12.04, 12.09 and 12.10), shall continue in full force and effect. 
 ARTICLE VIII. 

SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES 

AND SEPARATE OWNER TRUSTEES 

Section 8.01 Resignation and Removal of the Owner Trustee; Appointment of Successors. The Owner Trustee may resign at any time
without cause by giving at least thirty (30) days prior written notice to the Beneficiary. The Beneficiary may remove the Owner Trustee at any time without cause upon the delivery to the Owner Trustee of a written instrument of removal. No such
removal or resignation shall become effective until a successor Owner Trustee, however appointed, becomes vested as Owner Trustee hereunder pursuant to Section 8.02. Upon the occurrence of a Disqualification Event with respect to the
Owner Trustee, the Beneficiary shall remove the Owner Trustee and appoint a successor Owner Trustee by an instrument signed by the Beneficiary. If a successor Owner Trustee has not been appointed within 30 days after the giving of written notice of
such resignation or the delivery of the written instrument with respect to such removal, the Owner Trustee or the Beneficiary may apply to any court of competent jurisdiction to appoint a successor Owner Trustee to act until such time, if any, as a
successor Owner Trustee has been appointed as above provided. Any successor Owner Trustee so appointed by such court will immediately and, except as provided in Section 8.02 below, without further act be superseded by any successor Owner
Trustee appointed as above provided within one year from the date of the appointment by such court. The Beneficiary will notify the Note Rating Agencies promptly after the resignation or removal of the Owner Trustee and promptly after the
appointment of a successor Owner Trustee. 

  
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 Section 8.02 Transfer Procedures. Any successor Owner Trustee, however appointed,
will execute and deliver to the predecessor Owner Trustee an instrument accepting such appointment, and such other documents of transfer as may be necessary, and thereupon such successor Owner Trustee, without further act, will become vested with
all the estates, properties, rights, powers, duties and trust of the predecessor Owner Trustee in the trust hereunder with like effect as if originally named an Owner Trustee herein and the predecessor Owner Trustee will be fully discharged of its
duties and obligations to serve as Owner Trustee hereunder. The predecessor Owner Trustee shall promptly deliver to the successor Owner Trustee all documents, statements and monies held by it under this Agreement. The successor Owner Trustee shall
promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware. 

Section 8.03 Qualification of Owner Trustee. Any Owner Trustee will at all times (i) be a trust company or a banking
corporation under the laws of its state of incorporation or a national banking association, having all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on a trust business in the State
of Delaware, (ii) comply with Section 3807 (and any other applicable Section) of the Delaware Statutory Trust Act, (iii) have a combined capital and surplus of not less than $50,000,000 (or have its obligations and liabilities
irrevocably and unconditionally guaranteed by an affiliated Person having a combined capital and surplus of at least $50,000,000) and (iv) have (or have a parent which has) a rating of at least Baa3 by Moody’s, at least BBB- by
Standard & Poor’s or, if not rated, otherwise satisfactory to each Note Rating Agency. 
 Section 8.04 Co-trustees and
Separate Owner Trustees. Whenever the Owner Trustee or the Beneficiary shall deem it necessary or prudent in order either to conform to any law of any jurisdiction in which all or any part of the Trust Estate shall be situated or to make any
claim or bring any suit with respect to the Trust Estate, or whenever the Owner Trustee or the Beneficiary shall be advised by counsel satisfactory to them that such action is necessary or prudent, the Owner Trustee and the Beneficiary shall execute
and deliver an agreement supplemental hereto and all other instruments and agreements, and shall take all other actions, necessary or proper to appoint one or more Persons either as co-trustee or co-trustees jointly with the Owner Trustee of all or
any part of the Trust Estate, or as a separate trustee or separate trustees of all or any part of the Trust Estate, and to vest in such Persons, in such capacity, such title to the Trust Estate or any part thereof, and such rights or duties, as may
be necessary or desirable, all for such period and under such terms and conditions as are satisfactory to the Owner Trustee and the Beneficiary. In case a Disqualification Event shall occur with respect to any such co-trustee or separate trustee,
the title to the Trust Estate and all rights and duties of such co-trustee or separate trustee shall, so far as permitted by law, vest in and be exercised by the Owner Trustee, without the appointment of a successor to such co-trustee or separate
trustee. 

  
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 ARTICLE IX. 

AMENDMENTS 

Section 9.01 Amendments. 

(a) This Agreement may be amended from time to time, by a written instrument executed by the Owner Trustee, at the written direction of the
Beneficiary, and the Beneficiary, without the consent or the entitlement to vote of the Indenture Trustee or any Noteholders, so long as the Beneficiary has satisfied the Rating Agency Condition; provided, however, that such amendment
will not significantly change the permitted activities of the Note Issuance Trust as set forth in Section 2.03. The Owner Trustee shall not be responsible for determining whether any such amendment to this Agreement will significantly
change the permitted activities of the Note Issuance Trust as set forth in Section 2.03. 
 (b) This Agreement may also be
amended from time to time, by a written instrument executed by the Owner Trustee, at the written direction of the Beneficiary, and the Beneficiary, so long as the Beneficiary has satisfied the Rating Agency Condition, in the case of a significant
change to the permitted activities of the Note Issuance Trust as set forth in Section 2.03(a), with the consent of holders of a majority of the Outstanding Dollar Principal Amount of each Series, Class or Tranche of Notes affected by
such change, voting as a single class (such majority to be calculated without taking into account the Outstanding Dollar Principal Amount represented by any Note beneficially owned by any Beneficiary or any Affiliate or agent of any Beneficiary);
provided, however, that, without the consent of the holders of all of the Notes then outstanding, no such amendment shall reduce the aforesaid percentage of the Outstanding Dollar Principal Amount of the Notes, the holders of which are
required to consent to any such amendment. 
 (c) Promptly after the execution of any such amendment or consent, the Beneficiary, on behalf
of the Note Issuance Trust, shall furnish written notification of the substance of such amendment or consent to the Indenture Trustee and each Note Rating Agency. 

(d) It shall not be necessary for the consent of the Noteholders pursuant to this Section 9.01 to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 
 (e) Promptly after the
execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 

(f) The Owner Trustee shall be entitled to receive, and shall be fully protected in relying upon, an officer’s certificate of the
Beneficiary to the effect that the conditions to such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under
this Agreement or otherwise. 
 ARTICLE X. 

BENEFICIAL INTERESTS AND CERTIFICATES 

Section 10.01 Issuance of Trust Certificates. 

(a) The parties confirm and acknowledge that, in connection with the execution and delivery of this Agreement, the trust certificate owned by
Discover Bank under the Original Trust Agreement has been presented by Discover Bank to the Note Issuance Trust with a request to register transfer to the Beneficiary. Upon execution and delivery of this Agreement, the

  
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Owner Trustee on behalf of the Note Issuance Trust will issue and deliver to the Beneficiary a certificate of beneficial ownership of the Trust Estate substantially in the form of Exhibit
A hereto (the “Trust Certificate”) evidencing the Beneficiary’s Beneficial Interest in the Note Issuance Trust. The Beneficiary, in its capacity as the holder of the Trust Certificate, (i) shall be the sole beneficial
owner of the Note Issuance Trust and (ii) shall be bound by the provisions of this Agreement. 
 (b) The Beneficiary will be entitled
to all rights provided to it under this Agreement and in the Trust Certificate and will be subject to the terms and conditions contained in this Agreement and in the Trust Certificate. 

(c) The Owner Trustee will maintain at its office referred to in Section 2.08, or at the office of any agent appointed by it and
approved in writing by the Beneficiary, a register for the registration of the Trust Certificate. Such register will show the name and address of the holder of the Trust Certificate, and the Owner Trustee will treat such register as definitive and
binding for all purposes hereunder. 
 (d) When the Trust Certificate is duly executed and issued by the Note Issuance Trust and duly
authenticated by the Owner Trustee in accordance with this Agreement, the Trust Certificate will be fully paid, validly issued, non-assessable and entitled to the benefits of this Agreement. 

Section 10.02 Beneficial Interest; Prohibitions on Transfer. 

(a) As of the date of this Agreement, the Beneficial Interest will be beneficially owned by Discover Funding. Transfers of all or a portion of
the Beneficial Interest and the Trust Certificate may be made between Discover Funding and any other Person who is an Affiliate of Discover Bank (a “Permitted Affiliate Transferee”) upon delivery to the Master Trust Trustee and the
Owner Trustee of a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such transfer. The Beneficiary may not sell, participate, transfer, assign, exchange or otherwise pledge or convey all or any part of its right, title and interest
in and to the Trust Certificate or its Beneficial Interest to any other Person, except to any Permitted Affiliate Transferee. Any purported transfer by the Beneficiary of all or any part of its right, title and interest in and to the Trust
Certificate to any Person will be effective only upon the issuance of a Master Trust Tax Opinion and an Issuer Tax Opinion to the Master Trust Trustee and the Owner Trustee, which will not be an expense of the Owner Trustee or the Trustee Bank. Any
purported transfer by the Beneficiary of all or any part of its right, title and interest in and to the Trust Certificate which is not in compliance with the terms of this Section 10.02 will be null and void. 

(b) The Trust Certificate will bear a legend setting forth the restriction on the transferability of the Beneficial Interest substantially as
follows: 
 “THIS CERTIFICATE MAY NOT BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE
TERMS OF THE TRUST AGREEMENT REFERRED TO BELOW. IN ADDITION, THE BENEFICIAL INTEREST IN THE NOTE ISSUANCE TRUST REPRESENTED BY THIS CERTIFICATE 

  
 23 

 
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE DIRECTLY OR INDIRECTLY
OFFERED OR SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER HEREOF UNLESS SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS.” 

(c) The Owner Trustee shall not be required to ascertain whether any purported transfer of the Beneficial Interest and the Trust Certificate
complies with the Securities Act. 
 Section 10.03 Lost or Destroyed Trust Certificate. If the Trust Certificate shall become
mutilated, destroyed, lost or stolen, the Owner Trustee on behalf of the Note Issuance Trust will, upon the written request of the Beneficiary, and compliance with all applicable terms of this paragraph, execute and deliver to the registered holder
of such Trust Certificate in replacement thereof a new Trust Certificate dated the same date as on the Trust Certificate so mutilated, destroyed, lost or stolen. If the Trust Certificate being replaced has been mutilated, destroyed, lost or stolen,
the Beneficiary will furnish to the Owner Trustee such security or indemnity as may be reasonably required by the Owner Trustee to save the Owner Trustee harmless from any damage, loss or liability in connection with such Trust Certificate, and the
Owner Trustee may require from the Beneficiary payment of a sum to reimburse the Owner Trustee for, or to provide funds for, the payment of any costs, fees and expenses and any tax or other governmental charge in connection therewith and any charges
paid or payable by the Owner Trustee. 
 ARTICLE XI. 

COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION 

Section 11.01 Trustee Bank Fees and Expenses. The Beneficiary will pay to the Trustee Bank all fees and other charges described in
a separate fee agreement promptly when invoiced and reimburse the Trustee Bank for all other reasonable out-of-pocket costs and expenses (including reasonable fees and expenses of counsel) incurred by it in connection with its acting as Owner
Trustee of the Note Issuance Trust. Except to the extent specifically provided in Section 703 of the Indenture, payment of such fees and expenses will not be a recourse obligation of the Note Issuance Trust and will not be payable out of
the Trust Estate. 
 Section 11.02 Indemnification. To the fullest extent permitted by law, the Beneficiary hereby agrees,
whether or not any of the transactions contemplated by this Agreement will be consummated, to assume liability for, and hereby indemnifies, protects, saves and keeps harmless the Trustee Bank and its officers, directors, successors, assigns, legal
representatives, agents and servants (each an “Indemnified Person”), from and against any and all liabilities, obligations, losses, damages, penalties, claims, actions, investigations, proceedings, costs, expenses or disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed on, incurred by or asserted at any time against an Indemnified Person (whether or not also indemnified against by any other Person) in any way
relating to or arising out of this Agreement or any other related documents or the enforcement of 

  
 24 

 
any of the terms of any thereof, the administration of the Trust Estate or the action or inaction of the Owner Trustee, or the Trustee Bank under this Agreement, except, in any such case, to the
extent that any such liabilities, obligations, losses, damages, penalties, claims, actions, investigations, proceedings, costs, expenses and disbursements are the result of any of the matters described in the third sentence of
Section 6.01; provided, however, that the Beneficiary shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or resulting from (i) the Indemnified Person’s own
willful misconduct, bad faith or gross negligence, or (ii) the inaccuracy of any representation or warranty contained in Section 6.07 made by the Indemnified Person. 

In case any such action, investigation or proceeding will be brought involving an Indemnified Person, the Beneficiary will assume the defense
thereof, including the employment of counsel and the payment of all expenses. The Trustee Bank will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the
reasonable counsel fees and expenses of such counsel will be paid by the Beneficiary. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 11.02, the Trustee Bank’s choice of
legal counsel shall be subject to the approval of the Beneficiary, which approval shall not be unreasonably withheld. 
 Except to the
extent specifically provided in Section 703 of the Indenture, the payment of such indemnified amounts will not be a recourse obligation of the Note Issuance Trust and will not be payable out of the Trust Estate. 

The indemnification set forth herein will survive the termination of this Agreement and the resignation or removal of the Trustee Bank. 

ARTICLE XII. 

MISCELLANEOUS 

Section 12.01 Conveyance by the Owner Trustee is Binding. Any sale or other conveyance of any part of the Trust Estate by the
Owner Trustee on behalf of the Note Issuance Trust made pursuant to the terms of this Agreement will bind the Beneficiary and will be effective to transfer or convey all beneficial interest of the Owner Trustee and the Beneficiary in and to such
part of the Trust Estate, as the case may be. No purchaser or other grantee will be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or as to the application of any sale or other proceeds
with respect thereto by the Owner Trustee or the officers. 

  
 25 

 Section 12.02 Instructions; Notices. All instructions, notices, requests or other
communications (“Deliveries”) desired or required to be given under this Agreement will be in writing and will be sent by (i) electronic mail as separately provided by each party to the other parties to this Agreement or
(ii) (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission or (d) personal delivery, with receipt
acknowledged in writing, to the following addresses: 
  

	 	(i)	if to Discover Funding: 

 Discover Funding LLC 

12 Read’s Way 
 New Castle,
Delaware 19720 

Attention:  [                    
] 

Facsimile:  [                    
] 
  

	 	(ii)	if to the Owner Trustee: 

 Wilmington Trust Company 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 

Fax: (302) 636-4140 
 All
Deliveries will be deemed given when actually received or refused by the party to whom the same is directed (except to the extent sent by certified or registered mail, return receipt requested, postage prepaid, in which event such Deliveries will be
deemed given three days after the date of mailing and except to the extent sent by telecopy or other facsimile transmission, in which event such Deliveries will be deemed given when answer back is received). Either party may designate a change of
address, email address or supplemental address by notice to the other party, given at least fifteen (15) days (or such shorter period of time as such other party shall agree to) before such change of address is to become effective. 

Section 12.03 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render
unenforceable any provision hereof in any other jurisdiction. 
 Section 12.04 Limitation of Liability. 

(a) To the fullest extent permitted by applicable law, neither the Beneficiary nor any officer, director, employee, agent, partner,
shareholder, trustee or principal of the Beneficiary, the Note Issuance Trust or any Person owning, directly or indirectly, any legal or beneficial interest in the Beneficiary, will have any liability or obligation with respect to the Note Issuance
Trust or the performance of this Agreement or any other agreement, document or instrument executed by the Note Issuance Trust, and the creditors of the Note Issuance Trust and all other Persons will look solely to the Trust Estate for the
satisfaction of any claims with respect thereto. The foregoing limitation of liability is subject to Section 12.06 and is in addition to, and not exclusive of, any limitation of liability applicable to the Persons referred to above by
operation of law. The provisions of this Section 12.04 shall survive the termination of this Agreement and the resignation or removal of the Trustee Bank. 

  
 26 

 (b) All agreements entered into by the Note Issuance Trust under which the Note Issuance Trust
would have any material liability will contain an exculpatory provision substantially to the following effect (provided, however, that the failure of any agreement to contain such an exculpatory provision shall not be deemed nor
construed as evidence that a contrary result is intended): 
 Neither any trustee nor any beneficiary of Discover Card Execution Note Trust
nor any of their respective officers, directors, employees or agents will have any liability with respect to this agreement, and recourse may be had solely to the assets of Discover Card Execution Note Trust with respect thereto. 

Section 12.05 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered will be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 12.06 Successors and Assigns. All covenants and agreements contained herein will be binding upon, and inure to the benefit
of, the Owner Trustee and its successors and assigns and the Beneficiary and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Beneficiary will bind the
successors and assigns of the Beneficiary. 
 Section 12.07 Headings. The headings of the various Sections herein are for
convenience of reference only and will not limit any of the terms or provisions herein. 
 Section 12.08 Governing Law. THIS
AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. 

Section 12.09 Nonpetition Covenants. To the fullest extent permitted by applicable law, notwithstanding any prior termination of
the Note Issuance Trust or this Agreement, the Owner Trustee and the Beneficiary, by its acceptance of the Beneficial Interest, shall not at any time with respect to the Note Issuance Trust or any applicable Master Trust acquiesce, petition or
otherwise invoke or cause the Note Issuance Trust or any applicable Master Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Note Issuance Trust or any applicable Master
Trust under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Note Issuance Trust or any applicable Master Trust
or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Note Issuance Trust or any applicable Master Trust; provided, that this Section 12.09 shall not operate to preclude any
remedy described in Article VII of the Indenture. The provisions of this Section 12.09 shall survive the termination of this Agreement and the resignation or removal of the Trustee Bank. 

Section 12.10 No Recourse. The holder of the Trust Certificate by accepting the Trust Certificate acknowledges that the Trust
Certificate does not represent an interest in or obligation 

  
 27 

 
of the Beneficiary, the Owner Trustee (in its individual capacity), the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or their assets, or against the
assets pledged under the Indenture. The provisions of this Section 12.10 shall survive the termination of this Agreement and the resignation or removal of the Trustee Bank. 

Section 12.11 Acceptance of Terms of Agreement. THE RECEIPT AND ACCEPTANCE OF THE TRUST CERTIFICATE BY THE BENEFICIARY, WITHOUT
ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE BENEFICIARY OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND SHALL CONSTITUTE THE AGREEMENT OF THE NOTE ISSUANCE TRUST THAT THE TERMS AND
PROVISIONS OF THIS AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE NOTE ISSUANCE TRUST AND THE BENEFICIARY. 
 ARTICLE
XIII. 
 COMPLIANCE WITH REGULATION AB 

Section 13.01 Intent of the Parties; Reasonableness. Discover Funding LLC as the Beneficiary and the Trustee Bank acknowledge and
agree that the purpose of this Article XIII is to facilitate compliance by Discover Bank with the provisions of Regulation AB and related rules and regulations of the Commission. Discover Funding LLC shall not exercise its right to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than Discover Funding LLC’s compliance with the Securities Act, the Securities Exchange Act and the rules and regulations of the
Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Trustee Bank agrees to cooperate in good faith with any reasonable request by Discover Funding LLC for information
regarding the Trustee Bank which is required in order to enable Discover Funding LLC to comply with the provisions of Regulation AB as it relates to the Trustee Bank or to the Trustee Bank’s obligations under this Agreement. Terms used in this
Article XIII that are defined in Regulation AB but are not defined in Section 1.01 of this Agreement shall have the meanings ascribed to them in Regulation AB. 

Section 13.02 Additional Representations and Warranties of the Trustee Bank. The Trustee Bank shall be deemed to represent to
Discover Funding LLC, as of the date on which information is provided under Section 1503 of the Indenture that, except as disclosed in writing to Discover Funding LLC prior to such date to the best of its knowledge: (i) neither the
execution, delivery and performance by the Trustee Bank of this Agreement or any of the Transaction Documents, the performance by the Trustee Bank of its obligations under this Agreement or any of the Transaction Documents nor the consummation of
any of the transactions by the Trustee Bank contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to which the Trustee Bank
is a party or by which it is bound, which violation would have a material adverse effect on the Trustee Bank’s ability to perform its obligations under this Agreement or any of the Transaction Documents, or of any judgment or order applicable
to the Trustee Bank; and (ii) there are no proceedings pending or threatened against the Trustee Bank in any court or before any governmental authority, agency or arbitration 

  
 28 

 
board or tribunal which, individually or in the aggregate, would have a material adverse effect on the right, power and authority of the Trustee Bank to enter into this Agreement or any of the
Transaction Documents or to perform its obligations under this Agreement or any of the Transaction Documents. 
 Section 13.03
Information to Be Provided by the Owner Trustee. 
 (a) The Trustee Bank shall (i) on or before the fifth Business Day of each
month, provide to Discover Funding LLC, in writing, such information regarding the Trustee Bank as is requested for the purpose of compliance with Item 1117 of Regulation AB, including but not limited to a letter addressed to Discover Funding
LLC in substantially the form (with appropriate insertions) of Exhibit B hereto, and (ii) as promptly as practicable following notice to or discovery by the Trustee Bank of any changes to such information, provide to Discover Funding LLC,
in writing, such updated information. 
 (b) The Trustee Bank shall (i) in connection with any Securitization Transaction which
requires a prospectus, prospectus supplement, offering memorandum or related documents, provide to Discover Funding LLC such information regarding the Trustee Bank as is requested and within the timeframe as is reasonably requested for purposes of
compliance with Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Trustee Bank of any material changes to such previously provided information or to the business
operations of the Trustee Bank, provide to Discover Funding LLC, in writing (with a copy to Moody’s in the case of clause (C) below), such updated information, and such other information as may be reasonably requested for purposes of
satisfying Exchange Act reporting obligations of the Note Issuance Trust. Such information shall include, at a minimum: 
 (A) the Trustee
Bank’s name and form of organization; 
 (B) a description of the extent to which the Trustee Bank has had prior experience serving as
a trustee for asset-backed securities transactions involving credit card receivables; 
 (C) a description of any affiliation between the
Trustee Bank and any of the following parties to a Securitization Transaction, as such parties are identified by name to the Trustee Bank by Discover Funding LLC in writing at least three Business Days in advance of such Securitization Transaction:

  

	 	(1)	the sponsor; 

  

	 	(2)	any depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  
 29 

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

 In connection with the above-listed parties, a description of whether
there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding between the Trustee Bank and any of the above specified parties that is entered into outside the ordinary course of
business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from such Securitization Transaction, the Agreement and any of the Transaction Documents that currently exists or that
existed during the past two years, and that is material to an investor’s understanding of the asset-backed securities. 
 With respect
to the information required to be provided under this Section 13.03, the Trustee Bank shall not be required to provide such information in the event that there has been no change to the information previously provided by the Trustee Bank
to Discover Funding LLC but shall at Discover Funding LLC’s request confirm that there has been no change. In connection with each Report on Form 10-K with respect to the Notes and each Report on Form 10-D with respect to the Notes filed by or
on behalf of Discover Funding LLC, the Trustee Bank shall be deemed to represent and warrant, as of the date that is fifteen (15) days prior to the Note Issuance Trust’s Annual Report Date of each calendar year or Transition Report Date,
as applicable, for the Report on Form 10-K and as of the related Payment Date for each Report on Form 10-D, that any information previously provided by the Trustee Bank under this Article XIII is
materially correct and does not have any material omissions unless the Trustee Bank has provided an update to such information. 
 [Signature
Page to Follow] 

  
 30 

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

			
	DISCOVER FUNDING LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	WILMINGTON TRUST COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to the
Trust Agreement for Discover 
 Card Execution Note Trust] 

			
	Acknowledged and Accepted:
	
	DISCOVER CARD EXECUTION NOTE TRUST
		
	By:	 	Discover Funding LLC,
		 	as Beneficiary on behalf of the Note Issuance Trust
		
	By:	 	  

		 	Name:
		 	Title:
	
	 DISCOVER BANK,
 as the predecessor
Beneficiary under the Original Trust Agreement

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to the
Trust Agreement for Discover 
 Card Execution Note Trust] 

 EXHIBIT A 

[FORM OF] TRUST CERTIFICATE 
 THIS
CERTIFICATE MAY NOT BE TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE TRUST AGREEMENT REFERRED TO BELOW. IN ADDITION, THE BENEFICIAL INTEREST IN THE NOTE ISSUANCE TRUST REPRESENTED BY
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF
BY THE HOLDER HEREOF UNLESS SUCH TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED AND APPLICABLE STATE SECURITIES LAWS. 

DISCOVER CARD EXECUTION NOTE TRUST 

TRUST CERTIFICATE 
 (This Certificate does not
represent an interest in or obligation of Discover Bank, Discover Funding LLC or any of its affiliates, except to the extent described below.) 

THIS CERTIFIES THAT Discover Funding LLC is the registered beneficial owner of one hundred percent (100%) of the beneficial interest in
Discover Card Execution Note Trust (the “Note Issuance Trust”), a Delaware statutory trust. 
 The Note Issuance Trust was
created and exists pursuant to (i) the filing of the Certificate of Trust with the Secretary of State of the State of Delaware and (ii) the Trust Agreement for the Discover Card Execution Note Trust, dated as of July 2, 2007, between
Discover Bank, as Beneficiary, and Wilmington Trust Company, as owner trustee (the “Owner Trustee”) as amended and restated as of [            ],
20[    ], between Discover Funding LLC and the Owner Trustee (as amended and restated the “Trust Agreement”). To the extent not otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them in the Trust Agreement as specified in Section 1.01. 
 This Certificate is the duly authorized Certificate
evidencing a beneficial interest in the Note Issuance Trust (herein called the “Certificate”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement
the Beneficiary by virtue of the acceptance hereof assents and by which the Beneficiary is bound. 
 Notwithstanding any prior termination
of the Trust Agreement, the Beneficiary, by its acceptance of this Certificate, covenants and agrees that, to the fullest extent permitted by applicable law, it shall not at any time with respect to the Note Issuance Trust or any applicable Master
Trust, acquiesce, petition or otherwise invoke or cause the Note Issuance Trust or any applicable Master Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Note Issuance
Trust or any applicable 

  
 Exhibit A-1 

 
Master Trust under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Note Issuance Trust or any applicable Master Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Note Issuance Trust or any applicable Master Trust. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature,
this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or any Transaction Document or be valid for any purpose. 

THIS CERTIFICATE AND THE TRUST AGREEMENT WILL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REGARD TO ANY CONFLICT-OF-LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE BENEFICIARY SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 Exhibit A-2 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Note Issuance Trust and not in its
individual capacity pursuant to the Trust Agreement, has caused this Certificate to be issued by the Note Issuance Trust as of the date hereof. 
  

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

		 	Name:
		 	Title:

 Date:                  ,
         

  
 Exhibit A-3 

 CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

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

		 		 		 		 	Authenticating Agent
					
	By:	 	  
	 		 	By:	 	  

		 	Authorized Signatory	 		 		 	Authorized Signatory

  
 Exhibit A-4 

 ANNEX I to EXHIBIT A 

Registered Owner and address: 
 Discover Funding
LLC 
 12 Read’s Way 
 New
Castle, Delaware 19720 
 Tax Identification Number: 47-4047337 

  
 Exhibit A-I-1 

 EXHIBIT B 

FORM OF TRUSTEE BANK’S LITIGATION CERTIFICATE 

DISCOVER CARD EXECUTION NOTE TRUST 

The undersigned, a [                    ]
of Wilmington Trust Company (the “Trustee Bank”), a banking corporation organized under the laws of the Delaware, DOES HEREBY CERTIFY as follows: 

To my knowledge, during the calendar month preceding the calendar month of the date hereof, except as set forth on Exhibit A
hereto,] no legal proceeding (including proceedings of governmental authorities) against the Trustee Bank or against the property of the Trustee Bank that is material to security holders of any series of Notes issued by Discover Card Execution Note
Trust, was initiated, terminated or experienced any developments that are material to such security holders. 
 IN WITNESS WHEREOF, the
undersigned has caused this Certificate to be duly executed this [    ] day of [            ], [    ]. 

 

			
	By:	 	  

		 	Name:
		 	Title:

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