Document:

EX-4.5

  
  

Exhibit 4.5 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

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

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
		  	 ARTICLE I

DEFINITIONS
	  			
			
	 Section 1.01.
	  	Definitions	  	 	1	  
	 Section 1.02.
	  	Representations and Warranties of Issuer	  	 	26	  
	 Section 1.03.
	  	Representations and Warranties of Indenture Trustee	  	 	27	  
	 Section 1.04.
	  	Limitations on Liability	  	 	27	  
	 Section 1.05.
	  	Governing Law	  	 	28	  
	 Section 1.06.
	  	Counterparts	  	 	28	  
	 Section 1.07.
	  	Effectiveness	  	 	28	  
	 Section 1.08.
	  	Ratification of Indenture	  	 	28	  
			
		  	 ARTICLE II

THE NOTES
	  			
			
	 Section 2.01.
	  	Creation and Designation	  	 	28	  
	 Section 2.02.
	  	New Issuances of Notes	  	 	29	  
	 Section 2.03.
	  	Cash Deposit in Class C Reserve Account and Class D Reserve Account	  	 	30	  
			
		  	 ARTICLE III

ALLOCATIONS OF COLLECTIONS AND SUBORDINATION
	  			
			
	 Section 3.01.
	  	Allocations of Collections	  	 	30	  
	 Section 3.02.
	  	Available Subordinated Amounts and Usages	  	 	76	  
	 Section 3.03.
	  	Derivative Receipts	  	 	105	  
	 Section 3.04.
	  	Withdrawals from Interest Funding Subaccounts	  	 	106	  
	 Section 3.05.
	  	Withdrawals from Principal Funding Subaccounts	  	 	107	  
	 Section 3.06.
	  	Payments on Foreign Currency Notes	  	 	108	  
			
		  	 ARTICLE IV

EARLY REDEMPTION EVENTS AND OTHER PROVISIONS RELATING TO SPECIAL ALLOCATIONS OF PRINCIPAL
	  			
			
	 Section 4.01.
	  	Early Redemption Events	  	 	108	  
	 Section 4.02.
	  	Variable Accumulation Period	  	 	111	  
	 Section 4.03.
	  	Calculation of Targeted Prefunding Deposit	  	 	111	  
	 Section 4.04.
	  	Calculation of Prefunding Excess Amounts	  	 	113	  
	 Section 4.05.
	  	Receivables Sale	  	 	114	  
			
		  	ARTICLE V
ISSUER ACCOUNTS AND INVESTMENTS	  			
			
	 Section 5.01.
	  	Issuer Accounts	  	 	116	  

  
 -i- 

 Exhibits 
  

			
	 Exhibit A
	  	Form of Class A Terms Document
	 Exhibit B
	  	Form of Class B Terms Document
	 Exhibit C
	  	Form of Class C Terms Document
	 Exhibit D
	  	Form of Class D Terms Document
	 Exhibit E
	  	Form of Noteholders’ Monthly Statement

 THIS SECOND AMENDED AND RESTATED INDENTURE SUPPLEMENT (this “Indenture
Supplement”) for the DiscoverSeries Notes, by and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer” or the “Note Issuance Trust”),
and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of
December 22, 2015. 
 WHEREAS, the Issuer and the Indenture Trustee have entered into that certain Amended and Restated Indenture
Supplement, dated as of June 4, 2010 (the “Original Indenture Supplement”); and 
 WHEREAS, pursuant to Sections
1001(b) and 1001(c) of the Indenture, the Issuer and the Trustee wish to amend and restate the Original Indenture Supplement in its entirety to make certain other clarifying or corrective amendments as permitted by such Sections. 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, each party agrees as follows for the benefit of
the other parties and for the benefit of the Noteholders: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Definitions. For all purposes of this Indenture Supplement, 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, 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 Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture Supplement. The words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Indenture Supplement 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 Indenture Supplement shall be controlling; 

(f) each capitalized term defined herein shall relate only to the DiscoverSeries Notes and no other Series of Notes issued by the Issuer; 

(g) “including” and words of similar import will be deemed to be followed by “without limitation;” 

(h) for purposes of determining any amount or making any calculation hereunder, such amount or calculation, (x) if specified to be as of
the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any payments, deposits or other allocations made on
the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other allocations made on the related Distribution
Date; and 
 (i) a reference to any agreement or other document is to that agreement or other document as may be amended, restated, amended
and restated, supplemented, replaced or otherwise modified from time to time. 
 “Accumulation Amount” means, for any
Tranche of Notes, (x) the Accumulation Amount specified in the applicable Terms Document for such Tranche, or (y) if no such amount is specified, or if the commencement of the Accumulation Period is delayed in accordance with
Section 4.02, an amount equal to the Nominal Liquidation Amount of such Tranche as of the first day of the Accumulation Period divided by the Accumulation Period Length (in each case, as adjusted to give effect to any issuance of additional
Notes in such Tranche and as further adjusted following any Excess Spread Early Redemption Cure in accordance with Section 4.01(c)). 

“Accumulation Commencement Date” means, for each Tranche of Notes, (i) if the commencement of the Accumulation Period is
not delayed in accordance with Section 4.02, (x) the Accumulation Commencement Date specified in the applicable Terms Document for such Tranche or (y) if no such date is specified, the first Business Day of the calendar month
that is twelve (12) whole calendar months prior to the calendar month in which the Expected Maturity Date for such Tranche of Notes occurs and (ii) if the commencement of the Accumulation Period is delayed in accordance with
Section 4.02, the Accumulation Commencement Date as so delayed, as determined by the Calculation Agent on behalf of the Issuer in accordance with Section 4.02. 

“Accumulation Negative Spread” means, for any Tranche of Notes for any Distribution Date, the positive difference, if any,
between 
 (a) the PFA Earnings Target for amounts on deposit in the Principal Funding Subaccount in connection with Targeted
Principal Deposits other than Targeted Prefunding Deposits for such Tranche of Notes and 

  
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 (b) the product of 

 

	 	(x)	the amount of income earned on all funds on deposit in the Principal Funding Subaccount for such Tranche (net of investment expenses and losses) for the period from and including the prior Distribution Date to but
excluding such Distribution Date and 

  

	 	(y)	a fraction, the numerator of which is the amount on deposit in such Principal Funding Subaccount in connection with Targeted Principal Deposits other than Targeted Prefunding Deposits and the denominator of which is the
amount on deposit in such Principal Funding Subaccount in connection with Targeted Principal Deposits. 

“Accumulation Period” means, for each Tranche of Notes, unless an Early Redemption Event or an Event of Default for such
Tranche shall have occurred prior thereto or unless otherwise specified in the Terms Document for such Tranche, the period commencing on the Accumulation Commencement Date and ending on the earlier to occur of (x) the payment in full of the
Outstanding Dollar Principal Amount of such Tranche or (y) the occurrence of an Early Redemption Event or an Event of Default for such Tranche; provided, however, that if an Excess Spread Early Redemption Cure has occurred with
respect to any Excess Spread Early Redemption Event for such Tranche prior to the commencement of the Accumulation Period for such Tranche (and no other Early Redemption Event or Event of Default for such Tranche has occurred), the Accumulation
Period for such Tranche shall be determined as if such Excess Spread Early Redemption Event had not occurred, and if the Accumulation Period has terminated in accordance with clause (y), the Accumulation Period for such Tranche shall resume and
shall continue until the earlier to occur of (x) the payment in full of the Outstanding Dollar Principal Amount of such Tranche or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 

“Accumulation Period Length” means, for any Tranche of Notes, (i) if the commencement of the Accumulation Period is not
delayed in accordance with Section 4.02, either (x) the number of months specified in the applicable Terms Document for such Tranche or (y) if no such number is specified, twelve (12) months and (ii) if the
commencement of the Accumulation Period is delayed in accordance with Section 4.02, the number of whole months from the first day of the Accumulation Period as so delayed to the first day of the calendar month in which the Expected
Maturity Date for such Tranche is scheduled to occur. 
 “Accumulation Reserve Account” means the trust account designated
as such and established pursuant to Section 5.01. 
 “Accumulation Reserve Shortfall Amount” means, for any Tranche
of Notes, an amount determined in accordance with step (50) (Targeted Deposit to Accumulation Reserve Subaccounts from Series Finance Charge Amounts) of Section 3.01. 

“Accumulation Reserve Subaccount” means any subaccount to the Accumulation Reserve Account established for a particular
Tranche of Notes pursuant to Section 5.01. 

  
 3 

 “Adjusted Outstanding Dollar Principal Amount” means at any time with respect to
any Class or Tranche of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such Class or Tranche at such time, minus any funds on deposit in respect of principal in the Principal Funding Account or the related
Principal Funding Subaccount, as applicable, for such Class or Tranche at such time for payment of principal to the Holders of such Class or Tranche of Notes or the applicable Derivative Counterparty pursuant to the related Terms Document. 

“Aggregate Investor Interest” has the meaning set forth in the DCMT Pooling and Servicing Agreement (or other applicable
Pooling and Servicing Agreement). 
 “Amortization Event” has the meaning set forth in the DCMT Pooling and Servicing
Agreement (or other applicable Pooling and Servicing Agreement). 
 “Available Subordinated Amount” means, for any Tranche
of Class A Notes, the Class A Available Subordinated Amount of Class B Notes, the Class A Available Subordinated Amount of Class C Notes or the Class A Available Subordinated Amount of Class D Notes, as applicable, for such
Tranche; for any Tranche of Class B Notes, the Class B Available Subordinated Amount of Class C Notes or the Class B Available Subordinated Amount of Class D Notes, as applicable, for such Tranche; and for any Tranche of Class C Notes, the Class C
Available Subordinated Amount of Class D Notes for such Tranche. 
 “Cash Flows” means the sequential allocation steps set
forth in Section 3.01. 
 “Class A Accreted Discount” means, for any Tranche of Class A Discount Notes for
any Distribution Date, unless otherwise specified in the applicable Terms Document, the amount of principal accreted on that Tranche of Class A Discount Notes in accordance with the Terms Document for such Tranche for the Monthly Principal
Accretion Period ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next Distribution Date). 

“Class A Available Subordinated Amount of Class B Notes” means, for any Tranche of Class A Notes, on any Distribution
Date, an amount equal to the Required Subordinated Amount of Class B Notes minus the Class A Usage of Class B Notes, each for such Tranche of Class A Notes on such Distribution Date, as adjusted in accordance with Section
3.02. 
 “Class A Available Subordinated Amount of Class C Notes” means, for any Tranche of Class A Notes, on any
Distribution Date, an amount equal to the Required Subordinated Amount of Class C Notes minus the Class A Usage of Class C Notes, each for such Tranche of Class A Notes on such Distribution Date, as adjusted in accordance with
Section 3.02. 
 “Class A Available Subordinated Amount of Class D Notes” means, for any Tranche of Class A
Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class D Notes minus the Class A Usage of Class D Notes, each for such Tranche of Class A Notes on such Distribution Date, as adjusted in
accordance with Section 3.02. 
 “Class A Interest” means, for any Tranche of Class A Notes for any
Distribution Date, unless otherwise specified in the applicable Terms Document, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche, calculated at the Note Interest Rate

  
 4 

 
and in accordance with the calculation basis specified in the Terms Document for such Tranche, for the Monthly Interest Accrual Period ending on such Distribution Date (or, if applicable, ending
after such Distribution Date but prior to the next Distribution Date). 
 “Class A Interest Allocation” for any
Distribution Date means the sum of the Class A Tranche Interest Allocations for all Tranches of Class A Notes. 
 “Class A
Interest Allocation Shortfall” has the meaning set forth in step (4) (Class A Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01.

 “Class A Nominal Liquidation Amount Deficit” means on any Distribution Date the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class A Notes. 
 “Class A Note” means a DiscoverSeries Note specified in the applicable
Terms Document as belonging to Class A. 
 “Class A Swap-Adjusted Interest” means, for any Distribution Date, unless
otherwise specified in the applicable Terms Document, (i) in case of a Note that has a Performing Derivative Agreement for interest that provides for monthly payments to the applicable Derivative Counterparty, the amount required to be paid to
the applicable Derivative Counterparty on such Distribution Date (or on the next payment date under that Derivative Agreement that is scheduled to occur prior to the next Distribution Date), and (ii) in case of a Note that has a Performing
Derivative Agreement for interest that provides for payments less frequently than monthly to the applicable Derivative Counterparty, the amount required to be paid to the Derivative Counterparty, and allocable to the Monthly Interest Accrual Period
ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next Distribution Date), taking into account the applicable interest rate and day count convention under that Derivative Agreement, in each
case, prior to netting against payments to be received from such Derivative Counterparty, if applicable. 
 “Class A Tranche
Interest Allocation” for each Tranche of Class A Notes for any Distribution Date means (i) if such Notes are not subject to a Derivative Agreement and are not Discount Notes, the Class A Interest for such Tranche,
(ii) if such Notes are subject to a Performing Derivative Agreement, the Class A Swap-Adjusted Interest for such Tranche, (iii) if such Notes are subject to a Non-Performing Derivative Agreement, the amount specified in the Terms
Document for such Tranche, (iv) if such Notes are Discount Notes, the Class A Accreted Discount for such Tranche, or (v) any other amount specified in the Terms Document for any Tranche of Class A Notes as the “Class A
Tranche Interest Allocation,” plus (a) any Interest Allocation Shortfall from the prior Distribution Date and (b) any additional amounts due under any applicable Derivative Agreement as a result of a payment shortfall under
such Derivative Agreement in any prior month, in each case except to the extent the Terms Document for any Tranche of Class A Notes specifies that any amount described in clauses (i) through (iv) of this definition shall not be
included in the Class A Interest Allocation for the DiscoverSeries. Following a Receivables Sale for any Tranche of Class A Notes, the Class A Tranche Interest Allocation for such Tranche shall be zero. 

  
 5 

 “Class A Tranche Interest Allocation Shortfall” for each Tranche has the meaning
set forth in step (4) (Class A Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class A Tranche Prefunding Shortfall” for each Tranche has the meaning set forth in step (60) (Targeted Principal
Deposits for Class A from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class A Tranche Principal Shortfall” for each Tranche has the meaning set forth in step (60) (Targeted Principal
Deposits for Class A from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class A Usage of Class B Notes” means, with respect to any Tranche of Class A Notes, for any Distribution Date, an
amount, not to exceed the Required Subordinated Amount of Class B Notes for such Tranche of Class A Notes, determined in accordance with Section 3.02. 

“Class A Usage of Class C Notes” means, with respect to any Tranche of Class A Notes for any Distribution Date, an
amount, not to exceed the Required Subordinated Amount of Class C Notes for such Tranche of Class A Notes, determined in accordance with Section 3.02. 

“Class A Usage of Class D Notes” means, with respect to any Tranche of Class A Notes for any Distribution Date, an
amount, not to exceed the Required Subordinated Amount of Class D Notes for such Tranche of Class A Notes, determined in accordance with Section 3.02. 

“Class B Accreted Discount” means, for any Tranche of Class B Discount Notes for any Distribution Date, unless otherwise
specified in the applicable Terms Document, the amount of principal accreted on that Tranche of Class B Discount Notes in accordance with the Terms Document for such Tranche for the Monthly Principal Accretion Period ending on such Distribution Date
(or, if applicable, ending after such Distribution Date but prior to the next Distribution Date). 
 “Class B Available Subordinated
Amount of Class C Notes” means, for any Tranche of Class B Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class C Notes minus the Class B Usage of Class C Notes, each for such Tranche of Class
B Notes on such Distribution Date, as adjusted in accordance with Section 3.02. 
 “Class B Available Subordinated Amount of
Class D Notes” means, for any Tranche of Class B Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class D Notes minus the Class B Usage of Class D Notes, each for such Tranche of Class B Notes
on such Distribution Date, as adjusted in accordance with Section 3.02. 
 “Class B Interest” means, for any Tranche
of Class B Notes for any Distribution Date, unless otherwise specified in the applicable Terms Document, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche, calculated at the Note Interest Rate and in
accordance with the calculation basis specified in the Terms Document for such Tranche, for the Monthly Interest Accrual Period ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next
Distribution Date). 

  
 6 

 “Class B Interest Allocation” for any Distribution Date means the sum of the
Class B Tranche Interest Allocations for all Tranches of Class B Notes. 
 “Class B Interest Allocation Shortfall” has the
meaning set forth in step (5) (Class B Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class B Nominal Liquidation Amount Deficit” means on any Distribution Date the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class B Notes. 
 “Class B Note” means a DiscoverSeries Note specified in the applicable Terms
Document as belonging to Class B. 
 “Class B Principal Allocation” means, for any Due Period (or the related Distribution
Date), an amount equal to the product of 
 (a) the Principal Amounts that are allocated to the DiscoverSeries in accordance
with the Indenture for such Due Period and 
 (b) the percentage equivalent of a fraction, the numerator of which is the sum
of the Principal Allocation Amounts for all Tranches of Class B Notes for such Due Period and the denominator of which is sum of the Principal Allocation Amounts for all Tranches of Notes for such Due Period. 

“Class B Swap-Adjusted Interest” means, for any Distribution Date, unless otherwise specified in the applicable Terms
Document, (i) in case of a Note that has a Performing Derivative Agreement for interest that provides for monthly payments to the applicable Derivative Counterparty, the amount required to be paid to the applicable Derivative Counterparty on
such Distribution Date (or on the next payment date under that Derivative Agreement that is scheduled to occur prior to the next Distribution Date), and (ii) in case of a Note that has a Performing Derivative Agreement for interest that
provides for payments less frequently than monthly to the applicable Derivative Counterparty, the amount required to be paid to the Derivative Counterparty, and allocable to the Monthly Interest Accrual Period ending on such Distribution Date (or,
if applicable, ending after such Distribution Date but prior to the next Distribution Date), taking into account the applicable interest rate and day count convention under that Derivative Agreement, in each case, prior to netting against payments
to be received from such Derivative Counterparty, if applicable. 
 “Class B Tranche Interest Allocation” for each Tranche
of Class B Notes for any Distribution Date means (i) if such Notes are not subject to a Derivative Agreement and are not Discount Notes, the Class B Interest for such Tranche, (ii) if such Notes are subject to a Performing Derivative
Agreement, the Class B Swap-Adjusted Interest for such Tranche, (iii) if such Notes are subject to a Non-Performing Derivative Agreement, the amount specified in the Terms Document for such Tranche, (iv) if such Notes are Discount Notes,
the Class B Accreted Discount for such Tranche, or (v) any other amount specified in the Terms Document for any Tranche of Class B Notes as the “Class B Tranche Interest Allocation,” plus (a) any Interest Allocation
Shortfall from the prior Distribution Date and (b) any additional amounts due under any applicable Derivative Agreement as a result of a payment shortfall under such Derivative 

  
 7 

 
Agreement in any prior month, in each case except to the extent the Terms Document for any Tranche of Class B Notes specifies that any amount described in clauses (i) through (iv) of
this definition shall not be included in the Class B Interest Allocation for the DiscoverSeries. Following a Receivables Sale for any Tranche of Class B Notes, the Class B Tranche Interest Allocation for such Tranche shall be zero. 

“Class B Tranche Interest Allocation Shortfall” for each Tranche has the meaning set forth in step (5) (Class B
Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class B Tranche Prefunding Shortfall” for each Tranche has the meaning set forth in step (61) (Targeted Principal
Deposits for Class B from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class B Tranche Principal Shortfall” for each Tranche has the meaning set forth in step (61) (Targeted Principal
Deposits for Class B from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class B Usage of Class C Notes” means, with respect to any Tranche of Class B Notes for any Distribution Date, an amount,
not to exceed the Required Subordinated Amount of Class C Notes for such Tranche of Class B Notes, determined in accordance with Section 3.02. 

“Class B Usage of Class D Notes” means, with respect to any Tranche of Class B Notes for any Distribution Date, an amount,
not to exceed the Required Subordinated Amount of Class D Notes for such Tranche of Class B Notes, determined in accordance with Section 3.02. 

“Class C Accreted Discount” means, for any Tranche of Class C Discount Notes for any Distribution Date, unless otherwise
specified in the applicable Terms Document, the amount of principal accreted on that Tranche of Class C Discount Notes in accordance with the Terms Document for such Tranche for the Monthly Principal Accretion Period ending on such Distribution Date
(or, if applicable, ending after such Distribution Date but prior to the next Distribution Date). 
 “Class C Available Subordinated
Amount of Class D Notes” means, for any Tranche of Class C Notes, on any Distribution Date, an amount equal to the Required Subordinated Amount of Class D Notes minus the Class C Usage of Class D Notes, each for such Tranche of Class
C Notes on such Distribution Date, as adjusted in accordance with Section 3.02. 
 “Class C Interest” means, for any
Tranche of Class C Notes for any Distribution Date, unless otherwise specified in the applicable Terms Document, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche, calculated at the Note Interest Rate and in
accordance with the calculation basis specified in the Terms Document for such Tranche, for the Monthly Interest Accrual Period ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next
Distribution Date). 
 “Class C Interest Allocation” for any Distribution Date means the sum of the Class C Tranche
Interest Allocations for all Tranches of Class C Notes. 

  
 8 

 “Class C Interest Allocation Shortfall” has the meaning set forth in step
(6) (Class C Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class C Nominal Liquidation Amount Deficit” means on any Distribution Date the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class C Notes. 
 “Class C Note” means a DiscoverSeries Note specified in the applicable Terms
Document as belonging to Class C. 
 “Class C Principal Allocation” means, for any Due Period (or the related Distribution
Date), an amount equal to the product of 
 (a) the Principal Amounts that are allocated to the DiscoverSeries in accordance
with the Indenture for such Due Period and 
 (b) the percentage equivalent of a fraction, the numerator of which is the sum
of the Principal Allocation Amounts for all Tranches of Class C Notes for such Due Period and the denominator of which is sum of the Principal Allocation Amounts for all Tranches of Notes for such Due Period. 

“Class C Reserve Account” means the trust account designated as such and established pursuant to Section 5.01. 

“Class C Reserve Account Percentage” for each Tranche of Class C Notes has the meaning set forth in the Terms Document for
such Tranche. 
 “Class C Reserve Shortfall Amount” means, for each Tranche of Class C Notes, an amount determined in
accordance with step (53) (Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts) of Section 3.01. 

“Class C Reserve Subaccount” means any subaccount to the Class C Reserve Account established for a particular Tranche of
Notes pursuant to Section 5.01. 
 “Class C Swap-Adjusted Interest” means, for any Distribution Date, unless
otherwise specified in the applicable Terms Document, (i) in case of a Note that has a Performing Derivative Agreement for interest that provides for monthly payments to the applicable Derivative Counterparty, the amount required to be paid to
the applicable Derivative Counterparty on such Distribution Date (or on the next payment date under that Derivative Agreement that is scheduled to occur prior to the next Distribution Date), and (ii) in case of a Note that has a Performing
Derivative Agreement for interest that provides for payments less frequently than monthly to the applicable Derivative Counterparty, the amount required to be paid to the Derivative Counterparty, and allocable to the Monthly Interest Accrual Period
ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next Distribution Date), taking into account the applicable interest rate and day count convention under that Derivative Agreement, in each
case, prior to netting against payments to be received from such Derivative Counterparty, if applicable. 

  
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 “Class C Tranche Interest Allocation” for each Tranche of Class C Notes for any
Distribution Date means (i) if such Notes are not subject to a Derivative Agreement and are not Discount Notes, the Class C Interest for such Tranche, (ii) if such Notes are subject to a Performing Derivative Agreement, the Class C
Swap-Adjusted Interest for such Tranche, (iii) if such Notes are subject to a Non-Performing Derivative Agreement, the amount specified in the Terms Document for such Tranche, (iv) if such Notes are Discount Notes, the Class C Accreted
Discount for such Tranche, or (v) any other amount specified in the Terms Document for any Tranche of Class C Notes as the “Class C Tranche Interest Allocation,” plus (a) any Interest Allocation Shortfall from the prior
Distribution Date and (b) any additional amounts due under any applicable Derivative Agreement as a result of a payment shortfall under such Derivative Agreement in any prior month, in each case except to the extent the Terms Document for any
Tranche of Class C Notes specifies that any amount described in clauses (i) through (iv) of this definition shall not be included in the Class C Interest Allocation for the DiscoverSeries. Following a Receivables Sale for any Tranche of
Class C Notes, the Class C Tranche Interest Allocation for such Tranche shall be zero. 
 “Class C Tranche Interest Allocation
Shortfall” for each Tranche has the meaning given to it in step (6) (Class C Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01.

 “Class C Tranche Prefunding Shortfall” for each Tranche has the meaning set forth in step (62) (Targeted
Principal Deposits for Class C from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class C Tranche Principal Shortfall” for each Tranche has the meaning set forth in step (62) (Targeted Principal
Deposits for Class C from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class C Usage of Class D Notes” means, with respect to any Tranche of Class C Notes for any Distribution Date, an amount not
to exceed the Required Subordinated Amount of Class D Notes for such Tranche of Class C Notes, determined in accordance with Section 3.02. 

“Class D Accreted Discount” means, for any Tranche of Class D Discount Notes for any Distribution Date, unless otherwise
specified in the applicable Terms Document, the amount of principal accreted on that Tranche of Class D Discount Notes in accordance with the Terms Document for such Tranche for the Monthly Principal Accretion Period ending on such Distribution Date
(or, if applicable, ending after such Distribution Date but prior to the next Distribution Date). 
 “Class D Interest”
means, for any Tranche of Class D Notes for any Distribution Date, unless otherwise specified in the applicable Terms Document, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche, calculated at the Note
Interest Rate and in accordance with the calculation basis specified in the Terms Document for such Tranche, for the Monthly Interest Accrual Period ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior
to the next Distribution Date). 

  
 10 

 “Class D Interest Allocation” for any Distribution Date means the sum of
the Class D Tranche Interest Allocations for all Tranches of Class D Notes. 
 “Class D Interest Allocation
Shortfall” has the meaning set forth in step (8) (Class D Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Class D Nominal Liquidation Amount Deficit” means on any Distribution Date the sum of the Nominal Liquidation Amount
Deficits for all Tranches of Class D Notes. 
 “Class D Note” means a DiscoverSeries Note specified in the
applicable Terms Document as belonging to Class D. 
 “Class D Principal Allocation” means, for any Due Period (or
the related Distribution Date), an amount equal to the product of 
 (a) the Principal Amounts that are allocated to
the DiscoverSeries in accordance with the Indenture for such Due Period, and 
 (b) the percentage equivalent of a fraction,
the numerator of which is the sum of the Principal Allocation Amounts for all Tranches of Class D Notes for such Due Period and the denominator of which is sum of the Principal Allocation Amounts for all Tranches of Notes for such Due Period. 

“Class D Reserve Account” means the trust account designated as such and established pursuant to Section 5.01. 

“Class D Reserve Account Percentage” for each Tranche of Class D Notes has the meaning set forth in the Terms Document
for such Tranche. 
 “Class D Reserve Subaccount” means any subaccount to the Class D Reserve Account
established for a particular Tranche of Notes pursuant to Section 5.01. 
 “Class D Swap-Adjusted
Interest” means, for any Distribution Date, unless otherwise specified in the applicable Terms Document, (i) in case of a Note that has a Performing Derivative Agreement for interest that provides for monthly payments to the applicable
Derivative Counterparty, the amount required to be paid to the applicable Derivative Counterparty on such Distribution Date (or on the next payment date under that Derivative Agreement that is scheduled to occur prior to the next Distribution Date),
and (ii) in case of a Note that has a Performing Derivative Agreement for interest that provides for payments less frequently than monthly to the applicable Derivative Counterparty, the amount required to be paid to the Derivative Counterparty,
and allocable to the Monthly Interest Accrual Period ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next Distribution Date), taking into account the applicable interest rate and day count
convention under that Derivative Agreement, in each case, prior to netting against payments to be received from such Derivative Counterparty, if applicable. 

  
 11 

 “Class D Tranche Interest Allocation” for each Tranche of Class D Notes
for any Distribution Date means (i) if such Notes are not subject to a Derivative Agreement and are not Discount Notes, the Class D Interest for such Tranche, (ii) if such Notes are subject to a Performing Derivative Agreement, the Class D
Swap-Adjusted Interest for such Tranche, (iii) if such Notes are subject to a Non-Performing Derivative Agreement, the amount specified in the Terms Document for such Tranche, (iv) if such Notes are Discount Notes, the Class D Accreted
Discount for such Tranche, or (v) any other amount specified in the Terms Document for any Tranche of Class D Notes as the “Class D Tranche Interest Allocation,” plus (a) any Interest Allocation Shortfall from the prior
Distribution Date and (b) any additional amounts due under any applicable Derivative Agreement as a result of a payment shortfall under such Derivative Agreement in any prior month, in each case except to the extent the Terms Document for any
Tranche of Class D Notes specifies that any amount described in clauses (i) through (iv) of this definition shall not be included in the Class D Interest Allocation for the DiscoverSeries. Following a Receivables Sale for any Tranche of
Class D Notes, the Class D Tranche Interest Allocation for such Tranche shall be zero. 
 “Class D Tranche Interest
Allocation Shortfall” for each Tranche has the meaning set forth in step (8) (Class D Interest Allocation from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section
3.01. 
 “Class D Tranche Principal Shortfall” for each Tranche has the meaning set forth in step
(63) (Targeted Principal Deposits for Class D from Series Principal Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Collections Account” for any Master Trust has the meaning set forth in the Series 2007-CC Series Supplement or any
other applicable agreement relating to any Additional Collateral Certificate. 
 “Cumulative Class C Reserve
Reimbursement Amount” means, on any Distribution Date, an amount determined in accordance with clause (j) of step (1) (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and Usage) of
Section 3.02, as adjusted in accordance with Sections 3.01 and 3.02. 
 “Cumulative Class D
Reserve Reimbursement Amount” means, on any Distribution Date, an amount determined in accordance with clause (k) of step (1) (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and Usage)
of Section 3.02, as adjusted in accordance with Section 3.01 and 3.02. 
 “DCMT Group
One Finance Charge Collections Reallocation Account” means the Group Finance Charge Collections Reallocation Account as defined in Section 8 of the Series 2007-CC Supplement. 

“DCMT Group One Interchange Reallocation Account” means the Group Interchange Reallocation Account as defined in
Section 8 of the Series 2007-CC Supplement. 
 “DCMT Group One Principal Collections Reallocation
Account” means the Group Principal Collections Reallocation Account as defined in Section 8 of the Series 2007-CC Supplement. 

  
 12 

 “Determinant Class” has the meaning set forth in Section
4.03(b). 
 “De Minimis Threshold” means any condition or set of conditions, including any maximum
Initial Dollar Principal Amount of Notes, or any maximum period of time since the last issuance of Notes in which all of the conditions of Section 310 of the Indenture have been satisfied, for which the applicable Note Rating Agencies agree
that an issuance that does not exceed such maximum does not require compliance with the conditions of Section 310 of the Indenture. 

“Discount Note” means a Note issued with an Initial Dollar Principal Amount that is less than its Stated Principal
Amount, including without limitation a Note that provides for an amount less than the Stated Principal Amount (but not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Redemption Event with
respect to such Note or an Event of Default and the acceleration of such Note, in each case before the Expected Maturity Date of the applicable Note. 

“DiscoverSeries” means the Series of Notes established pursuant to this Indenture Supplement. 

“DiscoverSeries Collections Account” means the trust account designated as such and established pursuant to Section
5.01. 
 “DiscoverSeries Note” means any Note issued pursuant to Section 2.01 of this
Indenture Supplement and a related Terms Document. 
 “Distribution Date” means 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. 

“Early Redemption Event” has the meaning set forth in the Indenture and Section 4.01 of this Indenture
Supplement. 
 “Effective Date” has the meaning set forth in the Indenture. 

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

“Excess Spread Amount” means, for the DiscoverSeries for any Distribution Date, the difference, whether positive or
negative, between 
 (a) the sum of 
  

	 	(i)	the amount of Finance Charge Amounts allocated to the DiscoverSeries pursuant to Section 502(a) of the Indenture for the related Due Period, 

 

	 	(ii)	any amounts to be treated as Series Finance Charge Amounts and designated to be a part of the Excess Spread Amount pursuant to any Terms Document, for such Distribution Date or the related Due Period, as applicable,

  
 13 

	 	(iii)	an amount equal to income earned on all funds on deposit in the Principal Funding Account (including all subaccounts of such account) (net of investment expenses and losses) for the period from and including the prior
Distribution Date to but excluding such Distribution Date and 

  

	 	(iv)	any amounts to be treated as Series Finance Charge Amounts pursuant to step (3) (Withdrawal from Accumulation Reserve Subaccounts to Cover Accumulation Negative Spread on Principal Funding Subaccounts) of
Section 3.01 for such Distribution Date, and 

 (b) the sum of 

 

	 	(i)	the sum of the Class A Tranche Interest Allocations for all Tranches of Class A Notes, the Class B Tranche Interest Allocations for all Tranches of Class B Notes, the Class C Tranche Interest Allocations for
all Tranches of Class C Notes and the Class D Tranche Interest Allocations for all Tranches of Class D Notes, minus, in each case any Interest Allocation Shortfall or additional amounts due under any applicable Derivative Agreement as set
forth in clauses (a) and (b) of each such definition, in each case for such Distribution Date, 

  

	 	(ii)	the Servicing Fee that is allocated to the DiscoverSeries in accordance with Section 504(b) of the Indenture for the related Due Period and 

 

	 	(iii)	the Series Charge-offs for the related Due Period. 

 “Excess Spread Early Redemption
Cure” has the meaning set forth in Section 4.01. 
 “Excess Spread Early Redemption Event” has the meaning
set forth in Section 4.01. 
 “Excess Spread Percentage” for each Tranche of Notes for any Distribution Date means a
fraction, the numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes. 

“Eligible Deposit Account” has the meaning set forth in the Indenture. 

“Group Excess Spread” has the meaning set forth in the Series 2007-CC Supplement. 

“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. 

  
 14 

 “Indenture” means the Amended and Restated Indenture dated as of
December 22, 2015 between the Issuer and Indenture Trustee. 
 “Initial Dollar Principal Amount” means
(a) unless otherwise specified in the applicable Terms Document, with respect to a Class or Tranche of Dollar Notes other than Discount Notes, the aggregate initial principal amount of the Outstanding Notes of such Class or Tranche, and
(b) with respect to a Class or Tranche of Discount Notes or Foreign Currency Notes, the amount specified in the applicable Terms Document as the Initial Dollar Principal Amount thereof. 

“Interchange Series” has the meaning set forth in the Series 2007-CC Supplement. 

“Interchange Subgroup Excess Spread” has the meaning set forth in the Series 2007-CC Supplement. 

“Interest Accrual Period” for any Class or Tranche of Notes has the meaning set forth in the applicable Terms
Document. 
 “Interest Allocation Shortfall” means, with respect to any Tranche of Notes for any Distribution
Date, the amount of any Class A Tranche Interest Allocation Shortfall, any Class B Tranche Interest Allocation Shortfall, any Class C Tranche Interest Allocation Shortfall or any Class D Tranche Interest Allocation Shortfall that remains unpaid
with respect to such Tranche from any prior Distribution Date after all allocations under the Cash Flows in Section 3.01 on such prior Distribution Date, together with interest thereon calculated at the Note Interest Rate and in accordance with
the calculation basis specified in the Terms Document for such Tranche. 
 “Interest Funding Account” means
the trust account designated as such and established pursuant to Section 5.01. 
 “Interest Funding
Subaccount” means any subaccount to the Interest Funding Account established for a particular Tranche of Notes pursuant to Section 5.01. 

“Interest Payment Date” for any Class or Tranche of Notes has the meaning set forth in the applicable Terms
Document. 
 “Issuance Date” for each Tranche of Notes has the meaning set forth in the Terms Document for
such Tranche. 
 “Issuer Accounts” means, collectively, the DiscoverSeries Collections Account, the Interest
Funding Account, the Principal Funding Account, the Accumulation Reserve Account, the Class C Reserve Account, the Class D Reserve Account, any other account established in accordance with any Terms Document and designated as an “Issuer
Account,” and any Subaccounts of such accounts. 
 “Legal Maturity Date” for each Tranche of Notes has
the meaning set forth in the Terms Document for such Tranche. 
 “Master Trust” has the meaning set forth in
the Indenture. 

  
 15 

 “Maximum Delinquency Percentage” means, with respect to any Class or
Tranche of Notes, 8% or such other amount as specified in the applicable Terms Document for any Tranche. 
 “Minimum
Principal Receivables Balance,” with respect to DCMT, has the meaning set forth in the DCMT Pooling and Servicing Agreement. 

“Monthly Interest Accrual Date” means, with respect to any Class or Tranche of Notes: 

(a) each Interest Payment Date for such Class or Tranche, or such other date as specified in the applicable Terms Document for
such Tranche (including, if applicable, any payment date under any Derivative Agreement for such Class or Tranche), and 

(b) for any calendar month in which no Interest Payment Date (or other specified date) for such Class or Tranche occurs, the
date in such calendar month corresponding numerically to the next Interest Payment Date (or other specified date) for such Class or Tranche of Notes; provided, however, that 

(i) for the calendar month in which a Class or Tranche of Notes is issued, the Issuance Date for such Class or Tranche will be
the first Monthly Interest Accrual Date for such Class or Tranche of Notes, 
 (ii) any date on which proceeds from a
Receivables Sale following an Event of Default and acceleration of any Tranche of Notes are deposited into the Interest Funding Subaccount for such Notes will be the last Monthly Interest Accrual Date for such Tranche, 

(iii) if there is no such numerically corresponding date in such calendar month, then the Monthly Interest Accrual Date will be
the last Business Day of such calendar month, and 
 (iv) if such numerically corresponding date in such calendar month is
not a Business Day, then the Monthly Interest Accrual Date will be the following Business Day (unless such Business Day would fall in the following calendar month, in which case the Monthly Interest Accrual Date will be the last Business Day of such
current month). 
 “Monthly Interest Accrual Period” shall mean, with respect to any Class or Tranche of Notes, the
period from and including any Monthly Interest Accrual Date to but excluding the next succeeding Monthly Interest Accrual Date. 

“Monthly Principal Accretion Date” means, with respect to any Class or Tranche of Discount Notes, unless otherwise
specified in the applicable Terms Document: 
 (a) for any calendar month in which an Expected Maturity Date for such
Class or Tranche occurs, such Expected Maturity Date, except as otherwise specified in the applicable Terms Document for such Tranche, and 

  
 16 

 (b) for any calendar month in which no Expected Maturity Date for such Class or
Tranche occurs, the date in such calendar month corresponding numerically to the Expected Maturity Date for such Tranche, or as otherwise specified in the applicable Terms Document, for such Tranche; provided, however, that: 

(i) for the calendar month in which a Class or Tranche of Notes is issued, the Issuance Date for such Class or Tranche will be
the first Monthly Principal Accretion Date for such Class or Tranche of Notes, 
 (ii) any date on which proceeds from a
Receivables Sale following an Event of Default and acceleration of any Tranche of Notes are deposited into the Interest Funding Subaccount for such Notes will be the last Monthly Principal Accretion Date for such Tranche, 

(iii) if there is no numerically corresponding date in such calendar month, then the Monthly Principal Accretion Date will be
the last Business Day of such calendar month, and 
 (iv) if such numerically corresponding date in such calendar month is
not a Business Day, the Monthly Principal Accretion Date will be the following Business Day (unless such Business Day would fall in the following month in which case the Monthly Principal Accretion Date will be the last Business Day of such earlier
calendar month). 
 “Monthly Principal Accretion Period” means, with respect to any Class or Tranche of Discount
Notes, the period from and including any Monthly Principal Accretion Date to but excluding the next succeeding Monthly Principal Accretion Date. 

“Nominal Liquidation Amount” means, with respect to any Tranche of Notes: 

(a) on the Issuance Date thereof, the Initial Dollar Principal Amount of such Tranche; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01; 

(c) on any date, other than a Distribution Date, on which Prefunding Excess Amount are withdrawn from the applicable Principal
Funding Subaccount pursuant to Section 4.04, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn; and 

(d) on and after the date of a Receivables Sale for such Tranche, zero. 

“Nominal Liquidation Amount Deficit” means, with respect to any Tranche of Notes, (i) on the Issuance Date
thereof, zero, (ii) on any Distribution Date thereafter (except as set forth in subclause (iii)), the excess of the Adjusted Outstanding Dollar Principal Amount of that Tranche over the Nominal Liquidation Amount of that Tranche, as adjusted
pursuant to Section 3.01, and (iii) on and after the date of a Receivables Sale for such Tranche, zero. 

  
 17 

 “Note Interest Rate” with respect to any Class or Tranche of Notes has
the meaning set forth in the applicable Terms Document. 
 “Outstanding Dollar Principal Amount” means at any
time, either: 
 (a) with respect to any Class or Tranche of Notes (other than Discount Notes), the aggregate Initial
Dollar Principal Amount of the Outstanding Notes of such Class or Tranche at such time, minus 
  

	 	(i)	the amount of any withdrawals from the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for such Class or Tranche of Notes for payment of principal to the Holders of such Class or
Tranche of Notes or the applicable Derivative Counterparty pursuant to this Indenture Supplement or the related Terms Documents and 

  

	 	(ii)	any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for such Class or Tranche of Notes, or

 (b) with respect to any Class or Tranche of Discount Notes, an amount of the Outstanding Notes of
such Class or Tranche calculated by reference to the applicable formula set forth in the applicable Terms Document, taking into account the amount and timing of payments of principal made to the Holders of such Class or Tranche or to the applicable
Derivative Counterparty and accretions of principal, each pursuant to this Indenture Supplement; plus, in either case, without duplication, the amount of any increase in the Outstanding Dollar Principal Amount of such Series, Class or Tranche
of Notes due to the issuance of additional Notes of such Series, Class or Tranche pursuant to this Indenture Supplement and the applicable Terms Document. Notwithstanding the foregoing, with respect to any Class or Tranche of Notes for which a
Receivables Sale has occurred, the Outstanding Dollar Principal Amount shall be zero. 
 “Performing” means,
with respect to any Derivative Agreement, that no payment default or repudiation of performance by a Derivative Counterparty has occurred, and such Derivative Agreement has not been terminated. 

“PFA Earnings Target” means, for any Distribution Date, with respect to any amount on deposit in a Principal Funding
Subaccount (before giving effect to any deposits to be made on such date) for a Tranche of Notes, the Dollar amount of interest that would have accrued on such deposit (or portion thereof) for the period from and including the preceding Distribution
Date to but excluding such Distribution Date if it had borne interest at the following rates: 
 (a) in the case of a
Tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the Note Interest Rate applicable to that Tranche; 

  
 18 

 (b) in the case of a Tranche of Discount Notes, the rate of accretion (converted
to an accrual rate) of that Tranche as specified in or determined in accordance with the applicable Terms Document; 
 (c) in
the case of a Tranche of Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable); 

(d) in the case of a Tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified in the
related Terms Document; or 
 (e) any other applicable rate specified in the related Terms Document for such Tranche. 

“Pooling and Servicing Agreement” has the meaning set forth in the Indenture. 

“Prefunding Class” has the meaning set forth in Section 4.03(a). 

“Prefunding Excess Amount” for any Tranche of Notes shall have the meaning set forth in Section 4.04.

 “Prefunding Negative Spread” means, for any Tranche of Notes for any Distribution Date, the positive
difference, if any, between 
 (a) the PFA Earnings Target for amounts on deposit in the Principal Funding Subaccount
in connection with Targeted Prefunding Deposits for such Tranche of Notes and 
 (b) the product of 

 

	 	(x)	the amount of income earned on all funds on deposit in the Principal Funding Subaccount for such Tranche (net of investment expenses and losses) for the period from and including the prior Distribution Date to but
excluding such Distribution Date and 

  

	 	(y)	a fraction, the numerator of which is the amount on deposit in such Principal Funding Subaccount in connection with Targeted Prefunding Deposits and the denominator of which is the amount on deposit in such Principal
Funding Subaccount in connection with Targeted Principal Deposits. 

 “Prefunding Tranche” has the
meaning set forth in Section 4.03(c). 
 “Principal Funding Account” means the trust account
designated as such and established pursuant to Section 5.01. 
 “Principal Funding Subaccount” means
any subaccount to the Principal Funding Account established for a particular Tranche of Notes pursuant to Section 5.01. 

  
 19 

 “Reallocated Finance Charge Amounts” has the meaning set forth in step
(10) (Allocation from the DCMT Group One Interchange Reallocation Account) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Reallocated Principal Amounts” has 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, as adjusted pursuant to subsequent steps of Section 3.01. 

“Receivables Sale” means, for any Tranche of Notes, each sale of Receivables by each Master Trust with respect to such
Tranche pursuant to Section 4.05 and pursuant to Section 12(b) of the Series 2007-CC Supplement or a comparable provision of any other applicable agreement relating to any Additional Collateral Certificate. 

“Receivables Sale Proceeds” means, for any Tranche of Notes, the net proceeds of a Receivables Sale. Receivables Sale
Proceeds do not constitute Series Principal Amounts. 
 “Required Excess Spread Amount” means with respect to
any Distribution Date for any Tranche of Notes, zero, unless otherwise specified in the applicable Terms Document for such Tranche. 

“Required Subordinated Amount” means, with respect to any Tranche of Class A Notes, the Required Subordinated
Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, as applicable, for such Tranche; with respect to any Tranche of Class B Notes, the Required Subordinated Amount of Class
C Notes or the Required Subordinated Amount of Class D Notes, as applicable, for such Tranche; and with respect to any Tranche of Class C Notes, the Required Subordinated Amount of Class D Notes for such Tranche. 

“Required Subordinated Amount of Class B Notes” means, for any Tranche of Class A Notes, the amount determined in
accordance with the Terms Document for such Tranche. 
 “Required Subordinated Amount of Class C Notes”
means, for any Tranche of Class A Notes or Class B Notes, the amount determined in accordance with the Terms Document for such Tranche. 

“Required Subordinated Amount of Class D Notes” means, for any Tranche of Class A Notes, Class B Notes or Class C
Notes, the amount determined in accordance with the Terms Document for such Tranche. 
 “Required Subordinated Amount
Shortfall” has the meaning set forth in Section 4.03. 
 “Required Subordinated Percentage of Class B
Notes” means, for any Tranche of Class A Notes, the Required Subordinated Percentage of Class B Notes specified in the Terms Document for such Tranche. 

“Required Subordinated Percentage of Class C Notes” means, for any Tranche of Class A Notes, the Required
Subordinated Percentage of Class C Notes set forth in the Terms Document for such Tranche, and for any Tranche of Class B Notes, the Required Subordinated Percentage of Class C Notes (Unencumbered) specified in the Terms Document for such
Tranche. 

  
 20 

 “Required Subordinated Percentage of Class D Notes” means, for any Tranche of
Class A Notes, the Required Subordinated Percentage of Class D Notes set forth in the Terms Document for such Tranche, and for any Tranche of Class B Notes or Class C Notes, the Required Subordinated Percentage of Class D Notes (Unencumbered)
specified in the Terms Document for such Tranche; provided, however, that if the Required Subordinated Percentage of Class D Notes or the Required Subordinated Percentage of Class D Notes (Unencumbered), as applicable, is not set forth
in the Terms Document for any Tranche, such percentage shall be deemed to be zero. 
 “Reserve Account Funding Shortfall”
means, for any Tranche of Notes, an amount determined in accordance with step (53A) (Allocation from the DCMT Group One Finance Charge Collections Reallocation Account) of Section 3.01. 

“Senior Class” means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C
Notes, the Class A Notes or Class B Notes and (c) with respect to the Class D Notes, the Class A Notes, Class B Notes or Class C Notes. 

“Series Charge-offs” means, with respect to any Due Period, the amount of Charge-offs for such Due Period that are allocated
to the DiscoverSeries in accordance with Section 502(b) of the Indenture. 
 “Series Finance Charge Amounts” means,
with respect to any Due Period, the sum of (a) the Finance Charge Amounts that are allocated to the DiscoverSeries in accordance with Section 502(a) of the Indenture, (b) any amounts to be treated as Series Finance Charge Amounts
pursuant to any Terms Document and (c) any amounts to be treated as Series Finance Charge Amounts pursuant to 
  

	 	•	 	step (2) (Withdrawal of Income on Accounts), 

  

	 	•	 	step (3) (Withdrawal from Accumulation Reserve Subaccounts to Cover Accumulation Negative Spread on Principal Funding Subaccounts), 

 

	 	•	 	step (49) (Withdrawal of Excess Deposits from Accumulation Reserve Subaccounts for use as Series Finance Charge Amounts), 

 

	 	•	 	step (51) (Withdrawal of Excess Deposits from Class C Reserve Subaccounts for use as Series Finance Charge Amounts) and 

  

	 	•	 	step (52) (Withdrawal of Excess Deposits from Class D Reserve Subaccounts for use as Series Finance Charge Amounts) of Section 3.01 (but in each case in this clause (c), only with respect to allocations
made after the step in which such funds are designated as Series Finance Charge Amounts). 

  
 21 

 “Series Investor Interest” with respect to any series of Master Trust
certificates issued by DCMT has the meaning set forth in the DCMT Pooling and Servicing Agreement. 
 “Series Principal
Amounts” means, with respect to any Due Period, the sum of (a) the Principal Amounts that are allocated to the DiscoverSeries in accordance with Section 503 of the Indenture, (b) any amounts to be treated as Series Principal
Amounts pursuant to any Terms Document (including, without limitation, any amounts paid with respect to any Note under any Derivative Agreement that are designated as Series Principal Amounts under the applicable Terms Document), and (c) any
amounts to be treated as Series Principal Amounts pursuant to 
  

	 	•	 	step (16) (Current Charge-offs from Series Finance Charge Amounts), 

  

	 	•	 	step (17) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), 

  

	 	•	 	step (18) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), 

  

	 	•	 	step (19) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), 

  

	 	•	 	step (20) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), 

  

	 	•	 	step (23) (Unreimbursed Current Charge-offs from Reallocated Finance Charge Amounts), 

  

	 	•	 	step (24) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts), 

  

	 	•	 	step (25) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts), 

  

	 	•	 	step (26) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts), 

  

	 	•	 	step (27) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts), 

  

	 	•	 	step (59) (Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts), 

  

	 	•	 	step (73) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Class C Reserve Subaccounts) and 

  

	 	•	 	 step (74) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Class D Reserve Subaccounts) of Section 3.01 (but
in 

  
 22 

 
the case of this clause (c), only with respect to allocations made after the step in which such funds are designated as Series Principal Amounts). 

“Series Repurchase Event” has the meaning set forth in the DCMT Pooling and Servicing Agreement (or other applicable Pooling
and Servicing Agreement). 
 “Series Servicing Fees” mean, with respect to any Due Period, the Servicing Fee that is
allocated to the DiscoverSeries in accordance with Section 504 of the Indenture, plus any Series Servicing Fee Shortfall from the prior Distribution Date. 

“Series Servicing Fee Shortfall” has the meaning set forth in step (7) (Series Servicing Fees from Series Finance
Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 
 “Stated
Principal Amount,” with respect to any Note, has the meaning set forth in the related Terms Document. 
 “Subordinated
Class” means (a) with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, (b) with respect to the Class B Notes, the Class C Notes and the Class D Notes, and (c) with respect to the
Class C Notes, the Class D Notes. 
 “Subordination Waterfall” means the sequential adjustment steps relating to Usage and
Available Subordinated Amounts set forth in Section 3.02. 
 “Targeted Accumulation Reserve Subaccount Deposit” for
any Tranche of Notes has the meaning set forth in the applicable Terms Document. 
 “Targeted Cumulative Class C Reserve
Deposit” for each Tranche of Class C Notes means, with respect to any Due Period, unless otherwise specified in the Terms Document for such Tranche, the product of 

(a) the Class C Reserve Account Percentage for such Tranche for such Due Period, 

(b) the sum of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of Outstanding DiscoverSeries Notes (other
than any Tranche of Outstanding Class D Notes), plus the amount of funds on deposit in the Principal Funding Subaccounts for all Tranches of Outstanding DiscoverSeries Notes in connection with Targeted Prefunding Deposits (after giving effect
to any application of such deposits to Targeted Principal Deposits in accordance with Section 4.04(a)), in each case as of the last day of the preceding Due Period, and 

(c) a fraction, the numerator of which is the Nominal Liquidation Amount of such Tranche and the denominator of which is the
Nominal Liquidation Amount of all Tranches of Class C Notes, in each case, as of the close of business on the last day of the preceding Due Period; provided, however, that for any Tranche of Class C Notes for which an Event of Default
or an Early Redemption Event has occurred and is 

  
 23 

 
continuing (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), the Targeted Cumulative Class C Reserve Deposit for such Tranche
shall be, unless otherwise specified in the Terms Document for such Tranche, the product of (a), (b) and (c) above on the date on which such event shall have occurred (after giving effect to any change in the Class C Reserve Account
Percentage due to occurrence of such Event of Default or Early Redemption Event). 
 “Targeted Cumulative Class D Reserve
Deposit” for each Tranche of Class D Notes means, with respect to any Due Period, unless otherwise specified in the Terms Document for such Tranche, the product of 

(a) the Class D Reserve Account Percentage for such Tranche for such Due Period, 

(b) the sum of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of DiscoverSeries Outstanding Notes, plus
the amount of funds on deposit in the Principal Funding Subaccounts for all Tranches of Outstanding DiscoverSeries Notes in connection with Targeted Prefunding Deposits (after giving effect to any application of such deposits to Targeted
Principal Deposits in accordance with Section 4.04(a)), in each case as of the last day of the preceding Due Period and 

(c) a fraction, the numerator of which is the Nominal Liquidation Amount of such Tranche and the denominator of which is the
Nominal Liquidation Amount of all Tranches of Class D Notes, in each case, as of the close of business on the last day of the preceding Due Period. provided, however, that for any Tranche of Class D Notes for which an Event of Default
or an Early Redemption Event has occurred and is continuing (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), the Targeted Cumulative Class D Reserve Deposit for such Tranche shall
be, unless otherwise specified in the Terms Document for such Tranche, the product of (a), (b) and (c) above on the date on which such event shall have occurred (after giving effect to any change in the Class D Reserve Account Percentage
due to occurrence of such Event of Default or Early Redemption Event). 
 “Targeted Prefunding Deposit” has the meaning set
forth in Section 4.03. 
 “Targeted Principal Deposit” means, for any Distribution Date, (i) for any Tranche of
Notes for which a Receivables Sale has occurred, zero, and (ii) for any other Tranche of Notes, the amount determined pursuant to clauses (a), (b), (c) or (d) below with respect to such Tranche for such Distribution Date, as
applicable, or if more than one such clause is applicable, the highest amount determined pursuant to any one of such clauses, plus the Targeted Prefunding Deposit for such Tranche, as determined in accordance with Section 4.03. 

(a) Deposits for Principal Payment Dates. For any Tranche that does not have an Accumulation Period, for any
Distribution Date that is a Principal Payment Date for such Tranche, 

  
 24 

 
			
	(x)	  	 (i)          the amount scheduled to be paid on such Principal Payment Date as
specified in the related Terms Document, plus

		
		  	 (ii)        any Targeted Principal Deposit that was scheduled to be paid or deposited on any
previous Principal Payment Date that was not so paid or deposited, minus

		
	(y)	  	the amount on deposit in the Principal Funding Subaccount for such Tranche that was applied to the amount in clause (x) in accordance with Section 4.04(a),

 (b) Deposits for Accumulation Periods. For any Tranche in its Accumulation Period,
beginning with the Accumulation Commencement Date for such Tranche 
  

			
	(x)	  	 (i)          the Accumulation Amount for such Tranche, plus

		
		  	 (ii)        any Accumulation Amount that was scheduled to be deposited on any previous
Distribution Date in the Accumulation Period that was not so deposited, minus

		
	(y)	  	the amount on deposit in the Principal Funding Subaccount for such Tranche that was applied to the amount in clause (x) in accordance with Section 4.04(a),

 (c) Deposits for Accelerated Tranche. For any Tranche that has been accelerated
after the occurrence of an Event of Default, or if an Early Redemption Event with respect to such Tranche has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect
to each Distribution Date following the Due Period in which such Event of Default or Early Redemption Event has occurred, the Nominal Liquidation Amount of such Tranche as of the first day of the preceding Due Period, or 

(d) Derivative Payments. For any Tranche that has a Performing or non-Performing Derivative Agreement for principal that
provides for a payment to the applicable Derivative Counterparty, 
  

			
	(x)	  	 (i)          the amount specified in the related Terms Document as the amount to be
deposited on the applicable Distribution Date with respect to any payment to the Derivative Counterparty, plus

		
		  	 (ii)        any amount that was scheduled to be deposited on any previous Distribution Date
that was not so deposited, minus

		
	(y)	  	the amount on deposit in the Principal Funding Subaccount for such Tranche that was applied to the amount in clause (x) in accordance with Section 4.04(a), but in no case more than the Nominal Liquidation Amount of
such Tranche; provided, however,

  
 25 

	 	
that (i) the Targeted Principal Deposit for any Tranche of Class B Notes will be zero prior to the Legal Maturity Date of such Tranche unless the Class A Usage of Class B Notes for all
Outstanding Tranches of Class A Notes is zero, (ii) the Targeted Principal Deposit for any Tranche of Class C Notes will be zero prior to the Legal Maturity Date of such Tranche unless the Class A Usage of Class C Notes for all
Outstanding Tranches of Class A Notes is zero and the Class B Usage of Class C Notes for all Outstanding Tranches of Class B Notes is zero, and (iii) the Targeted Principal Deposit for any Tranche of Class D Notes will be zero prior to the
Legal Maturity Date of such Tranche unless the Class A Usage of Class D Notes for all Outstanding Tranches of Class A Notes is zero, the Class B Usage of Class D Notes for all Outstanding Tranches of Class B Notes is zero and the Class C
Usage of Class D Notes for all Outstanding Tranches of Class C Notes is zero. 

 “Terms Document” means, with
respect to any Class or Tranche of Notes, a supplement to this Indenture Supplement that establishes such Class or Tranche, in the case of Class A Notes, Class B Notes, Class C Notes or Class D Notes, in the form attached hereto as Exhibit
A, B, C or D, as applicable, with such additional or different provisions as the Issuer determines are necessary or appropriate in connection with the issuance of any Tranche of Notes. 

“Trust Agreement” has the meaning set forth in the Indenture. 

“Trust Portfolio Repurchase Event” has the meaning set forth in the DCMT Pooling and Servicing Agreement (or other applicable
Pooling and Servicing Agreement). 
 “Unreimbursed Series Charge-offs” has the meaning set forth in step
(16) (Current Charge-offs from Series Finance Charge Amounts) of Section 3.01, as adjusted pursuant to subsequent steps of Section 3.01. 

“Usage” means, with respect to any Tranche of Class A Notes, the Class A Usage of Class B Notes, the Class A
Usage of Class C Notes or the Class A Usage of Class D Notes, as applicable, for such Tranche; with respect to any Tranche of Class B Notes, the Class B Usage of Class C Notes or the Class B Usage of Class D Notes, as applicable, for such
Tranche; and with respect to any Tranche of Class C Notes, the Class C Usage of Class D Notes for such Tranche. 
 Section 1.02.
Representations and Warranties of Issuer. The Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is
validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Indenture Supplement and to perform the terms and provisions hereof; 

(b) the execution, delivery and performance of this Indenture Supplement by the Issuer have been duly authorized by all necessary corporate
and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority, and do not and will not conflict with any material provision of the Certificate of Trust or the
Trust Agreement of the Issuer; 

  
 26 

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

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

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

Section 1.03. Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any
successor trustee shall represent and warrant that: 
 (a) the Indenture Trustee is organized, existing and in good standing under
the laws of the United States of America; 
 (b) the Indenture Trustee has full power, authority and right to execute, deliver and perform
this Indenture, and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture Supplement; and 

(c) this Indenture Supplement has been duly executed and delivered by the Indenture Trustee. 

Section 1.04. Limitations on Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Indenture Supplement is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking 

  
 27 

 
or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner
Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Indenture Supplement and by any Person claiming by, through or
under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Issuer under this Indenture Supplement or any related documents. 
 (b) None of the Indenture Trustee, the Owner
Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Indenture Supplement,
and recourse may be had solely to the Collateral pledged to secure the DiscoverSeries Notes under the Indenture and this Indenture Supplement. 

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

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

Section 1.07. Effectiveness. This Indenture Supplement amends and restates the Original Indenture Supplement as of the
Effective Date. Prior to the Effective Date, the Original Indenture Supplement shall remain in full force and effect and is in all respects ratified and confirmed. Upon the effectiveness of this Indenture Supplement on the Effective Date, the terms
and provisions of the Original Indenture Supplement shall be restated hereby in their entirety and each reference to the Original Indenture Supplement in any other document, instrument or agreement shall mean and be a reference to this Indenture
Supplement. 
 Section 1.08. Ratification of Indenture. As supplemented by this Indenture Supplement, the
Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. 

ARTICLE II 
 THE NOTES

 Section 2.01. Creation and Designation. 

(a) There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known as
“Discover Card Execution Note Trust, DiscoverSeries” or the “DiscoverSeries Notes.” The DiscoverSeries Notes may be issued in four Classes, the first of which shall be known as the “Class A Notes,” the second of
which shall be known as the “Class B Notes,” the third of which shall be known as the “Class C Notes” and the fourth of which shall be known as the “Class D Notes.” 

  
 28 

 (b) The DiscoverSeries Notes shall not be subordinated to any other Series of Notes. 

(c) Notwithstanding the allocation provisions of the Indenture, this Indenture Supplement and the Indenture Supplements for each other Series
of Notes, if any, to the extent that the DiscoverSeries Noteholders are deemed to have any interest in any assets of the Issuer allocated to other Series of Notes secured by the Collateral, the DiscoverSeries Noteholders agree by acceptance of their
DiscoverSeries Notes that their interest in those assets is subordinate to claims or rights of the Noteholders of such other Series of Notes to those other assets. Further, the DiscoverSeries Noteholders shall agree by their acceptance of their
DiscoverSeries Notes that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 

Section 2.02. New Issuances of Notes. The Issuer may issue new Tranches of Notes (including additional Notes of an
Outstanding Tranche) to be included in the DiscoverSeries, so long as the following conditions precedent are satisfied: 
 (i) on or
before the date that the new issuance is to occur, the Issuer shall have delivered to the Indenture Trustee a Terms Document relating to the applicable Tranche of Notes; 

(ii) with respect to an issuance of Class A Notes, immediately after giving effect to such issuance, the Nominal Liquidation Amount of
the Class B Notes must be at least equal to the Class A Available Subordinated Amount of Class B Notes for all Tranches of Class A Notes; 

(iii) with respect to an issuance of Class A Notes or Class B Notes, immediately after giving effect to such issuance, the Nominal
Liquidation Amount of the Class C Notes must be at least equal to the sum of (x) the aggregate Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B
Notes equal to zero and (y) the aggregate Class B Available Subordinated Amount of Class C Notes for all Tranches of Class B Notes; 

(iv) with respect to an issuance of Class A Notes, Class B Notes or Class C Notes, immediately after giving effect to such issuance, the
Nominal Liquidation Amount of the Class D Notes must be at least equal to the aggregate Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes; 

(v) the Issuer shall be entitled to cause an increase in the Series Investor Interest for the Series 2007-CC Collateral Certificate or any
Additional Collateral Certificate by an amount equal to the Nominal Liquidation Amount for such Notes as specified in the related Terms Document and all conditions to such increase, including without limitation any conditions relating to the Minimum
Principal Receivables Balance of DCMT or any comparable provision of any other applicable Master Trust, shall have been satisfied; 
 (vi)
the conditions specified in Section 310 of the Indenture are satisfied (unless such issuance does not exceed the De Minimis Threshold, in which case only such conditions specified in Section 310 of the Indenture as the applicable Note
Rating Agencies shall require shall be satisfied); and 

  
 29 

 (vii) any other conditions specified in the related Terms Document. 

Section 2.03. Cash Deposit in Class C Reserve Account and Class D Reserve Account. If the issuance of Notes pursuant to
Section 2.02 is expected to result in an increase in the Targeted Cumulative Class C Reserve Deposit for any Tranche of Class C Notes or the Targeted Cumulative Class D Reserve Deposit for any Tranche of Class D Notes, immediately after
receipt of the proceeds of the Notes issued pursuant to Section 2.02, the Issuer shall deposit an amount equal to such increase into each applicable Class C Reserve Subaccount or Class D Reserve Subaccount from the proceeds of such
Notes. 
 ARTICLE III 

ALLOCATIONS OF COLLECTIONS AND SUBORDINATION 

Section 3.01. Allocations of Collections. The Indenture Trustee shall, on or before each Distribution Date cause
allocations to be made in the order of priority specified, to the extent funds are available, to the account or Person indicated, in each case as set forth below. For the purpose of this section, unless otherwise provided in each paragraph, each
amount referred in this section shall be computed after giving effect to preceding paragraphs but before giving effect to succeeding paragraphs. 

(1) Series Finance Charge Amounts and Series Principal Amounts. All Series Finance Charge Amounts and Series Principal Amounts allocated
to the DiscoverSeries pursuant to the Indenture or designated in any applicable Terms Document and received by the Note Issuance Trust in accordance with such Terms Document or any related agreement shall be deposited into the DiscoverSeries
Collections Account; provided, however, that the Calculation Agent may direct each Master Trust Trustee to retain any funds in Master Trust accounts that will be allocated to Master Trust accounts or paid to each Master Servicer in
accordance with these Cash Flows, and any such amounts shall not be deposited into the DiscoverSeries Collections Account; and provided, further, that any such amounts shall nonetheless be treated as Series Finance Charge Amounts and
Series Principal Amounts hereunder and allocated as if they had been so deposited. 
 (2) Withdrawal of Income on Accounts. An
amount equal to income earned on all funds on deposit in the Principal Funding Account, the Interest Funding Account and the Accumulation Reserve Account (including all Subaccounts of such accounts) (net of investment expenses and losses) for the
period from and including the prior Distribution Date to but excluding the current Distribution Date shall be withdrawn from each such account, deposited into the DiscoverSeries Collections Account, and treated as Series Finance Charge Amounts.

 (3) Withdrawal from Accumulation Reserve Subaccounts to Cover Accumulation Negative Spread on Principal Funding
Subaccounts. An amount equal to the Accumulation Negative Spread for any Principal Funding Subaccount for any Tranche of Notes in the Accumulation Period for such Tranche shall be withdrawn from the Accumulation Reserve Subaccount for such
Tranche, deposited into the DiscoverSeries Collections Account and treated as Series Finance Charge Amounts. 

  
 30 

 (4) Class A Interest Allocation from Series Finance Charge Amounts. An amount equal
to the lesser of 
  

	 	(x)	the Class A Interest Allocation and 

  

	 	(y)	the Series Finance Charge Amounts 

 shall be deposited into the Interest Funding Account. The amount by which
the Class A Interest Allocation exceeds the amount of such deposit shall be the “Class A Interest Allocation Shortfall.” The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Interest Funding Account pursuant to this step (4) shall be allocated to each Tranche of Class A Notes pro rata based on the ratio of the Class A Tranche Interest Allocation to the Class A Interest Allocation and
deposited into the applicable Interest Funding Subaccount for such Tranche. The amount by which the Class A Tranche Interest Allocation for any Tranche exceeds the amount of such deposit shall be the “Class A Tranche Interest Allocation
Shortfall” for such Tranche. 
 (5) Class B Interest Allocation from Series Finance Charge Amounts. An amount equal to the
lesser of 
  

	 	(x)	the Class B Interest Allocation and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (4) (Class A Interest Allocation from Series Finance Charge Amounts) 

shall be deposited into the Interest Funding Account. The amount by which the Class B Interest Allocation exceeds the amount of such deposit shall be the
“Class B Interest Allocation Shortfall.” The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Interest Funding Account pursuant to this step (5) shall be allocated to
each Tranche of Class B Notes pro rata based on the ratio of the Class B Tranche Interest Allocation to the Class B Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The amount by which the
Class B Tranche Interest Allocation for any Tranche exceeds the amount of such deposit shall be the “Class B Tranche Interest Allocation Shortfall” for such Tranche. 

(6) Class C Interest Allocation from Series Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the Class C Interest Allocation and 

  

	 	(y)	 the Series Finance Charge Amounts remaining after step (5) (Class B Interest Allocation from Series Finance Charge Amounts) shall be
deposited into the Interest Funding Account. The amount by which the Class C Interest Allocation exceeds the amount of such deposit shall be the “Class C Interest Allocation Shortfall.” The

  
 31 

	 	
Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Interest Funding Account pursuant to this step (6) shall be allocated to each
Tranche of Class C Notes pro rata based on the ratio of the Class C Tranche Interest Allocation to the Class C Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The amount by which the Class C
Tranche Interest Allocation for any Tranche exceeds the amount of such deposit shall be the “Class C Tranche Interest Allocation Shortfall” for such Tranche. 

(7) Series Servicing Fees from Series Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the amount of the Series Servicing Fees and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (6) (Class C Interest Allocation from Series Finance Charge Amounts) shall be paid to each applicable Master Servicer in the proportions determined in
accordance with the Indenture. The amount by which the Series Servicing Fee exceeds the amount of such payment shall be the “Series Servicing Fee Shortfall.” The Series Finance Charge Amounts shall be reduced by the amount of such
payments. 

 (8) Class D Interest Allocation from Series Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the Class D Interest Allocation and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (7) (Series Servicing Fees from Series Finance Charge Amounts) 

shall be deposited into the Interest Funding Account. The amount by which the Class D Interest Allocation exceeds the amount of such deposit shall be the
“Class D Interest Allocation Shortfall.” The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Interest Funding Account pursuant to this step (8) shall be allocated to
each Tranche of Class D Notes pro rata based on the ratio of the Class D Tranche Interest Allocation to the Class D Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The amount by which the
Class D Tranche Interest Allocation for any Tranche exceeds the amount of such deposit shall be the “Class D Tranche Interest Allocation Shortfall” for such Tranche. 

(9) Allocation from the DCMT Group One Finance Charge Collections Reallocation Account. The Calculation Agent shall notify the Master
Servicer and the Master Trust Trustee for DCMT of the amount equal to the product of 

  
 32 

	 	(x)	the sum of the Class A Interest Allocation Shortfall, the Class B Interest Allocation Shortfall, the Class C Interest Allocation Shortfall, the Series Servicing Fee Shortfall and the Class D Interest Allocation
Shortfall and 

  

	 	(y)	the Series 2007-CC Collateral Certificate Percentage which amount, together with any comparable amount determined pursuant to a provision comparable to this step (9) in the Indenture Supplement for any other Series
established in relation to the Note Issuance Trust, shall constitute the “Class A Required Amount Shortfall” for purposes of Section 9(b)(6) of the Series 2007-CC Supplement. The Class A Required Amount Shortfall shall be
reduced by the amount of funds on deposit in the DCMT Group One Finance Charge Collections Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(6) of the Series 2007-CC Supplement, and the
portion of such amount that is allocable to the DiscoverSeries pursuant to the Indenture shall be deposited into the DiscoverSeries Collections Account; provided, however, that the Calculation Agent may direct the Master Trust Trustee
for DCMT to retain any funds in DCMT accounts that will be paid to the Master Servicer for DCMT in accordance with these Cash Flows, and any such amounts shall not be deposited into the DiscoverSeries Collections Account; and provided,
further, that any such amounts shall nonetheless be treated as Reallocated Finance Charge Amounts hereunder and allocated as if they had been so deposited. If and when any Additional Collateral Certificates are added to the Note Issuance
Trust, any provisions to allocate the amount set forth in clause (x) of this step (9) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(10) Allocation from the DCMT Group One Interchange Reallocation Account. For so long as any series issued by DCMT is outstanding that
is not designated as an Interchange Series in accordance with the DCMT Pooling and Servicing Agreement and the series supplement for such series, the Class A Required Amount Shortfall shall be reduced by the amount of funds on deposit in the
DCMT Group One Interchange Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(9) of the Series 2007-CC Supplement, and the portion of such amount that is allocable to the DiscoverSeries
pursuant to the Indenture shall be deposited into the DiscoverSeries Collections Account. If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any provisions to allocate the amount set forth in clause (x) of
step (9) (Allocation from the DCMT Group One Finance Charge Collections Reallocation Account) to an interchange reallocation account for such Additional Collateral Certificates shall be specified in the documents relating to such
addition. The amounts deposited into the DiscoverSeries Collections Account under step (9) and this step (10) are collectively the “Reallocated Finance Charge Amounts”; provided, however, that the Calculation
Agent may direct the Master Trust Trustee for DCMT to retain any funds in DCMT accounts that will be paid to the Master Servicer for DCMT 

  
 33 

 
in accordance with these Cash Flows, and any such amounts shall not be deposited into the DiscoverSeries Collections Account; and provided, further, that any such amounts shall
nonetheless be treated as Reallocated Finance Charge Amounts hereunder and allocated as if they had been so deposited. 
 (11)
Class A Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class A Interest Allocation Shortfall after step (4) (Class A Interest Allocation from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts shall be deposited into the Interest Funding Account. The Class A Interest Allocation Shortfall and the Reallocated Finance Charge Amounts shall be reduced by the amount of
such deposit. The amount deposited into the Interest Funding Account pursuant to this step (11) shall be allocated to each Tranche of Class A Notes pro rata based on the ratio of the Class A Tranche Interest Allocation to the
Class A Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The Class A Tranche Interest Allocation Shortfall for each Tranche shall be reduced by such deposit. 

(12) Class B Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the Class B Interest Allocation Shortfall after step (5) (Class B Interest Allocation from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (11) (Class A Interest Allocation Shortfall from Reallocated Finance Charge Amounts) shall be deposited into the Interest Funding Account. The
Class B Interest Allocation Shortfall and the Reallocated Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Interest Funding Account pursuant to this step (12) shall be allocated to each
Tranche of Class B Notes pro rata based on the ratio of the Class B Tranche Interest Allocation to the Class B Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The Class B Tranche Interest
Allocation Shortfall for each Tranche shall be reduced by such deposit. 

 (13) Class C Interest Allocation Shortfall from
Reallocated Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class C Interest Allocation Shortfall after step (6) (Class C Interest Allocation from Series Finance Charge Amounts) and 

  
 34 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (12) (Class B Interest Allocation Shortfall from Reallocated Finance Charge Amounts) shall be deposited into the Interest Funding Account. The
Class C Interest Allocation Shortfall and the Reallocated Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Interest Funding Account pursuant to this step (13) shall be allocated to each
Tranche of Class C Notes pro rata based on the ratio of the Class C Tranche Interest Allocation to the Class C Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The Class C Tranche Interest
Allocation Shortfall for each Tranche shall be reduced by such deposit. 

 (14) Series Servicing Fee Shortfall from
Reallocated Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Series Servicing Fee Shortfall after step (7) (Series Servicing Fees from Series Finance Charge Amounts) and 

  

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (13) (Class C Interest Allocation Shortfall from Reallocated Finance Charge Amounts) shall be paid to each applicable Master Servicer in the
proportions determined in accordance with the Indenture. The Series Servicing Fee Shortfall and the Reallocated Finance Charge Amounts shall be reduced by the amount of such payment. 

(15) Class D Interest Allocation Shortfall from Reallocated Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the Class D Interest Allocation Shortfall after step (8) (Class D Interest Allocation from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (14) (Series Servicing Fee Shortfall from Reallocated Finance Charge Amounts) shall be deposited into the Interest Funding Account. The Class D
Interest Allocation Shortfall and the Reallocated Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Interest Funding Account pursuant to this step (15) shall be allocated to each Tranche of
Class D Notes pro rata based on the ratio of the Class D Tranche Interest Allocation to the Class D Interest Allocation and deposited into the applicable Interest Funding Subaccount for such Tranche. The Class D Tranche Interest Allocation
Shortfall for each Tranche shall be reduced by such deposit. 

  
 35 

 (16) Current Charge-offs from Series Finance Charge Amounts. An amount equal to the lesser
of 
  

	 	(x)	the Series Charge-offs and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (8) (Class D Interest Allocation from Series Finance Charge Amounts) shall be treated as Series Principal Amounts (to be added to the Series Principal
Amounts after step (1) (Series Finance Charge Amounts and Series Principal Amounts)) and the Series Charge-offs shall be deemed to be reimbursed by such amount. Any portion of Series Charge-offs that is not reimbursed as set forth above
shall be the “Unreimbursed Series Charge-offs.” The Series Finance Charge Amounts shall be reduced by the amount of Series Charge-offs reimbursed pursuant to this step (16). 

(17) Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge Amounts. An amount equal to the lesser
of 
  

	 	(x)	the Class A Nominal Liquidation Amount Deficit and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (16) (Current Charge-offs from Series Finance Charge Amounts) shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts
after step (16) (Current Charge-offs from Series Finance Charge Amounts)) and the Class A Nominal Liquidation Amount Deficit shall be deemed to be reimbursed by such amount. The Series Finance Charge Amounts shall be reduced by the
amount of the Class A Nominal Liquidation Amount Deficit reimbursed pursuant to this step (17). The Nominal Liquidation Amount of each Tranche of Class A Notes shall be increased by the amount of such allocation pro rata based on
the ratio of the Nominal Liquidation Amount Deficit of such Tranche of Class A Notes to the Class A Nominal Liquidation Amount Deficit, each as of the first day of the related Due Period; provided, however, that the Nominal
Liquidation Amount of a Tranche of Class A Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 

(18) Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts. An amount equal to the lesser of

  

	 	(x)	the Class B Nominal Liquidation Amount Deficit and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (17) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) 

  
 36 

 shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts after step
(17) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge Amounts)) and the Class B Nominal Liquidation Amount Deficit shall be deemed to be reimbursed by such amount. The Series Finance Charge
Amounts shall be reduced by the amount of the Class B Nominal Liquidation Amount Deficit reimbursed pursuant to this step (18). The Nominal Liquidation Amount of each Tranche of Class B Notes shall be increased by the amount of such allocation
pro rata based on the ratio of the Nominal Liquidation Amount Deficit of such Tranche of Class B Notes to the Class B Nominal Liquidation Amount Deficit, each as of the first day of the related Due Period; provided, however,
that the Nominal Liquidation Amount of a Tranche of Class B Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 

The following Usage amount (and any related Available Subordinated Amount) shall be adjusted in accordance with step (2) of the
Subordination Waterfall after giving effect to this step (18): 
  

	 	•	 	Class A Usage of Class B Notes 

 (19) Reimbursement of Class C Nominal Liquidation
Amount Deficit from Series Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class C Nominal Liquidation Amount Deficit and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (18) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) shall be treated as Series Principal Amounts (to
be added to the Series Principal Amounts after step (18) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts)) and the Class C Nominal Liquidation Amount Deficit shall be deemed to be
reimbursed by such amount. The Series Finance Charge Amounts shall be reduced by the amount of the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to this step (19). The Nominal Liquidation Amount of each Tranche of Class C Notes
shall be increased by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit of such Tranche of Class C Notes to the Class C Nominal Liquidation Amount Deficit, each as of the first day of the
related Due Period; provided, however, that the Nominal Liquidation Amount of a Tranche of Class C Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (3) of the
Subordination Waterfall, after giving effect to this step (19): 
  

	 	•	 	Class A Usage of Class C Notes 

  
 37 

	 	•	 	Class B Usage of Class C Notes 

 (20) Reimbursement of Class D Nominal Liquidation Amount
Deficit from Series Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class D Nominal Liquidation Amount Deficit and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (19) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) 

shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts after step (19) (Reimbursement of Class C Nominal
Liquidation Amount Deficit from Series Finance Charge Amounts)) and the Class D Nominal Liquidation Amount Deficit shall be deemed to be reimbursed by such amount. The Series Finance Charge Amounts shall be reduced by the amount of the Class D
Nominal Liquidation Amount Deficit reimbursed pursuant to this step (20). The Nominal Liquidation Amount of each Tranche of Class D Notes shall be increased by the amount of such allocation pro rata based on the ratio of the Nominal
Liquidation Amount Deficit of such Tranche of Class D Notes to the Class D Nominal Liquidation Amount Deficit, each as of the first day of the related Due Period; provided, however, that the Nominal Liquidation Amount of a Tranche of
Class D Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 
 The following Usage amounts
(and any related Available Subordinated Amounts) shall be adjusted in accordance with step (4) of the Subordination Waterfall after giving effect to this step (20): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (21) Allocation from the DCMT Group One Finance Charge
Collections Reallocation Account. The Calculation Agent shall notify the Master Servicer and the Master Trust Trustee for DCMT of an amount equal to the product of 
  

	 	(x)	the sum of: 

  

	 	(i)	the Unreimbursed Series Charge-offs after step (16) (Current Charge-offs from Series Finance Charge Amounts), 

  

	 	(ii)	the Class A Nominal Liquidation Amount Deficit remaining after step (17) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), 

  
 38 

	 	(iii)	the Class B Nominal Liquidation Amount Deficit remaining after step (18) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), 

 

	 	(iv)	the Class C Nominal Liquidation Amount Deficit remaining after step (19) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), and 

 

	 	(v)	the Class D Nominal Liquidation Amount Deficit remaining after step (20) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts), and 

 

	 	(y)	the Series 2007-CC Collateral Certificate Percentage 

 which amount, together with any comparable amount
determined pursuant to a provision comparable to this step (21) in the Indenture Supplement for any other Series established in relation to the Note Issuance Trust, shall constitute the “Class A Cumulative Investor Charged-Off
Amount” for purposes of Section 9(b)(7) of the Series 2007-CC Supplement. The Class A Cumulative Investor Charged-Off Amount shall be reduced by the portion of the amount of funds on deposit in the DCMT Group One Finance Charge
Collections Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(7) of the Series 2007-CC Supplement, and the portion of such amount that is allocable to the DiscoverSeries pursuant to the
Indenture shall be deposited into the DiscoverSeries Collections Account; provided, however, that the Calculation Agent may direct the Master Trust Trustee for DCMT to retain any funds in DCMT accounts that will be allocated to DCMT
accounts or paid to the Master Servicer for DCMT in accordance with these Cash Flows, and any such amounts shall not be deposited into the DiscoverSeries Collections Account; and provided, further, that any such amounts shall
nonetheless be treated as Reallocated Finance Charge Amounts hereunder and allocated as if they had been so deposited. The Reallocated Finance Charge Amounts shall be increased by the amount of such deposit. If and when any Additional Collateral
Certificates are added to the Note Issuance Trust, any provisions to allocate the amount set forth in clause (x) of this step (21) to such Additional Collateral Certificates shall be specified in the documents relating to such addition.

 (22) Allocation from the DCMT Group One Interchange Reallocation Account. For so long as any series issued by DCMT is outstanding
that is not designated as an Interchange Series in accordance with the DCMT Pooling and Servicing Agreement and the series supplement for such series, the Class A Cumulative Investor Charged-Off Amount shall be reduced by the amount of funds on
deposit in the DCMT Group One Interchange Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(10) of the Series 2007-CC Supplement, and the portion of such amount that is allocable to the
DiscoverSeries pursuant to the Indenture shall be deposited into the DiscoverSeries Collections Account; provided, however, that the Calculation Agent may direct the Master Trust Trustee for DCMT to retain any funds in DCMT accounts
that will be allocated to DCMT 

  
 39 

 
accounts or paid to the Master Servicer for DCMT in accordance with these Cash Flows, and any such amounts shall not be deposited into the DiscoverSeries Collections Account; and provided,
further, that any such amounts shall nonetheless be treated as Reallocated Finance Charge Amounts hereunder and allocated as if they had been so deposited. The Reallocated Finance Charge Amounts shall be increased by the amount of such
deposit. If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any provisions to allocate the amount set forth in clause (x) of step (21) (Allocation from the DCMT Group One Finance Charge Collections
Reallocation Account) to an interchange reallocation account for such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(23) Unreimbursed Current Charge-offs from Reallocated Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the Unreimbursed Series Charge-offs after step (16) (Current Charge-offs from Series Finance Charge Amounts) and 

  

	 	(y)	the Reallocated Finance Charge Amounts after step (22) (Allocation from the DCMT Group One Interchange Reallocation Account) 

shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts after step (20) (Reimbursement of Class D Nominal
Liquidation Amount Deficit from Series Finance Charge Amounts)) and Unreimbursed Series Charge-offs shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be reduced by the amount of Unreimbursed Series
Charge-offs reimbursed pursuant to this step (23). 
 (24) Reimbursement of Class A Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class A Nominal Liquidation Amount Deficit remaining after step (17) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (23) (Unreimbursed Current Charge-offs from Reallocated Finance Charge Amounts) 

shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts after step (23) (Unreimbursed Current Charge-offs from
Reallocated Finance Charge Amounts)) and the Class A Nominal Liquidation Amount Deficit shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be reduced by the amount of the Class A Nominal
Liquidation Amount Deficit reimbursed pursuant to this step (24). The Nominal Liquidation Amount of each Tranche of Class A Notes shall be increased by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount
Deficit of such Tranche of Class A Notes to the Class A Nominal Liquidation Amount Deficit, each as of the first day of the related Due Period; provided, however, that the Nominal Liquidation Amount of a Tranche of
Class A Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 

  
 40 

 (25) Reimbursement of Class B Nominal Liquidation Amount Deficit from Reallocated Finance
Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class B Nominal Liquidation Amount Deficit remaining after step (18) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (24) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts) shall be treated as Series
Principal Amounts (to be added to the Series Principal Amounts after step (24) (Reimbursement of Class A Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts)) and the Class B Nominal Liquidation Amount Deficit
shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be reduced by the amount of the Class B Nominal Liquidation Amount Deficit reimbursed pursuant to this step (25). The Nominal Liquidation Amount of each
Tranche of Class B Notes shall be increased by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit of such Tranche of Class B Notes to the Class B Nominal Liquidation Amount Deficit, each as of the
first day of the related Due Period; provided, however, that the Nominal Liquidation Amount of a Tranche of Class B Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 

The following Usage amount (and any related Available Subordinated Amount) shall be adjusted in accordance with step (5) of the
Subordination Waterfall after giving effect to this step (25): 
  

	 	•	 	Class A Usage of Class B Notes 

 (26) Reimbursement of Class C Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class C Nominal Liquidation Amount Deficit remaining after step (19) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (25) (Reimbursement of Class B Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts) 

shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts after step (25) (Reimbursement of Class B Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts)) and the Class C Nominal Liquidation Amount Deficit shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be

  
 41 

 
reduced by the amount of the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to this step (26). The Nominal Liquidation Amount of each Tranche of Class C Notes shall be increased
by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation Amount Deficit of such Tranche of Class C Notes to the Class C Nominal Liquidation Amount Deficit, each as of the first day of the related Due Period;
provided, however, that the Nominal Liquidation Amount of a Tranche of Class C Notes shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (6) of the
Subordination Waterfall after giving effect to this step (26): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (27) Reimbursement of Class D Nominal Liquidation Amount
Deficit from Reallocated Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the Class D Nominal Liquidation Amount Deficit remaining after step (20) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) and 

 

	 	(y)	the Reallocated Finance Charge Amounts remaining after step (26) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts) 

shall be treated as Series Principal Amounts (to be added to the Series Principal Amounts after step (26) (Reimbursement of Class C Nominal Liquidation
Amount Deficit from Reallocated Finance Charge Amounts)) and the Class D Nominal Liquidation Amount Deficit shall be deemed to be reimbursed by such amount. The Reallocated Finance Charge Amounts shall be reduced by the amount of the Class D
Nominal Liquidation Amount Deficit reimbursed pursuant to this step (27). The Nominal Liquidation Amount of each Tranche of Class D Notes shall be increased by the amount of such allocation pro rata based on the ratio of the Nominal Liquidation
Amount Deficit of such Tranche of Class D Notes to the Class D Nominal Liquidation Amount Deficit, each as of the first day of the related Due Period; provided, however, that the Nominal Liquidation Amount of a Tranche of Class D Notes
shall not be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche. 
 The following Usage amounts (and any
related Available Subordinated Amounts) shall be adjusted in accordance with step (7) of the Subordination Waterfall after giving effect to this step (27): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

  
 42 

 (28) Unreimbursed Current Charge-offs; Initial Allocation. An amount of the Unreimbursed
Series Charge-offs shall be allocated to each Tranche of Outstanding Notes in the Series pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche to the Nominal Liquidation Amount of all Tranches of DiscoverSeries Notes,
each as of the first day of the related Due Period. The Nominal Liquidation Amount of each Tranche shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be increased, by the amount of such allocation. Any such allocation
(or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Notes below zero will be reallocated to the remaining Tranches of Outstanding Notes in the Series as set forth in this step (28), but in no event
will the Nominal Liquidation Amount (after giving effect to this step (28)) of any Tranche of Notes be reduced below zero. 
 The
following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (8) of the Subordination Waterfall after giving effect to this step (28): 

 

	 	•	 	Class A Usage of Class B Notes 

  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (29) Unreimbursed Current Charge-offs; Reallocation from
Class A to Class D. For each Tranche of Class A Notes, an amount equal to the lesser of 
  

	 	(x)	the amount of Unreimbursed Series Charge-offs allocated to such Tranche of Class A Notes pursuant to step (28) (Unreimbursed Current Charge-offs; Initial Allocation) and 

 

	 	(y)	the Class A Available Subordinated Amount of Class D Notes for such Tranche of Class A Notes after step (8) of the Subordination Waterfall (Adjustments for Initial Allocation of Unreimbursed Current
Charge-offs) 

 shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class A Notes shall be
increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit
of such Tranche shall be increased, by the aggregate amount of such reallocation for all Tranches of Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount
of all Tranches of Class D Notes, each as of the first day of the related Due Period. Any such reallocation (or portion thereof) that would 

  
 43 

 
otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class D Notes below zero will be reallocated to the remaining Tranches of Class D Notes as set forth in this step (29), but
in no event will the Nominal Liquidation Amount (after giving effect to this step (29)) of any Tranche of Class D Notes be reduced below zero. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (9) of the
Subordination Waterfall after giving effect to this step (29): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (30) Unreimbursed Current Charge-offs; Reallocation from
Class A to Class C. For each Tranche of Class A Notes, an amount equal to the lesser of 
  

			
	(x)	  	 (i)          the amount of Unreimbursed Series Charge-offs allocated to such Tranche
pursuant to step (28) (Unreimbursed Current Charge-offs; Initial Allocation), minus

		
		  	 (ii)        the amount reallocated from such Tranche to the Class D Notes pursuant to step
(29) (Unreimbursed Current Charge-offs; Reallocation from Class A to Class D) and

		
	(y)	  	the Class A Available Subordinated Amount of Class C Notes for such Tranche of Class A Notes after step (8) of the Subordination Waterfall (Adjustments for Initial Allocation of Unreimbursed Current
Charge-offs) 

 shall be reallocated to the Class C Notes. The Nominal Liquidation Amount of each Tranche of Class A Notes shall be
increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit
of such Tranche shall be increased, by the aggregate amount of such reallocation for all Tranches of Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation
Amount of all Tranches of Class C Notes, each as of the first day of the related Due Period. Any such reallocation (or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class C Notes below zero will be
reallocated to the remaining Tranches of Class C Notes as set forth in this step (30), but in no event will the Nominal Liquidation Amount (after giving effect to this step (30)) of any Tranche of Class C Notes be reduced below zero. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (10) of the
Subordination Waterfall after giving effect to this step (30): 

  
 44 

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (31) Unreimbursed Current Charge-offs; Reallocation from
Class A to Class B. For each Tranche of Class A Notes, an amount equal to the lesser of 
  

			
	(x)	  	 (i)          the amount of Unreimbursed Series Charge-offs allocated to such Tranche
pursuant to step (28) (Unreimbursed Current Charge-offs; Initial Allocation), minus

		
		  	 (ii)        the amount reallocated from such Tranche to the Class D Notes pursuant to step (29)
(Unreimbursed Current Charge-offs; Reallocation from Class A to Class D), minus

		
		  	 (iii)       the amount reallocated from such Tranche to the Class C Notes pursuant to step (30)
(Unreimbursed Current Charge-offs; Reallocation from Class A to Class C) and

		
	(y)	  	the Class A Available Subordinated Amount of Class B Notes for such Tranche of Class A Notes after step (8) of the Subordination Waterfall (Adjustments for Initial Allocation of Unreimbursed Current Charge-offs)
shall be reallocated to the Class B Notes. The Nominal Liquidation Amount of each Tranche of Class A Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The
Nominal Liquidation Amount of each Tranche of Class B Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be increased, by the aggregate amount of such reallocation for all Tranches of Class A Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class B Notes to the Nominal Liquidation Amount of all Tranches of Class B Notes, each as of the first day of the related Due Period. Any such reallocation (or portion thereof)
that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class B Notes below zero will be reallocated to the remaining Tranches of Class B Notes as set forth in this step (31), but in no event will the Nominal Liquidation
Amount (after giving effect to this step (31)) of any Tranche of Class B Notes be reduced below zero.

 The following Usage amount (and any related Available Subordinated Amount) shall be adjusted in
accordance with step (11) of the Subordination Waterfall after giving effect to this step (31): 
  

	 	•	 	Class A Usage of Class B Notes 

  
 45 

 (32) Unreimbursed Current Charge-offs; Reallocation from Class B to Class D. For each
Tranche of Class B Notes, an amount equal to the lesser of 
  

	 	(x)	the sum of 

  

	 	(i)	the amount of Unreimbursed Series Charge-offs allocated to such Tranche pursuant to step (28) (Unreimbursed Current Charge-offs; Initial Allocation) and 

 

	 	(ii)	the amount reallocated to such Tranche pursuant to step (31) (Unreimbursed Current Charge-offs; Reallocation from Class A to Class B), and 

 

	 	(y)	the Class B Available Subordinated Amount of Class D Notes for such Tranche of Class B Notes after step (9) of the Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from
Class A to Class D) 

 shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes
shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount
Deficit of such Tranche shall be increased, by the aggregate amount of such reallocation for all Tranches of Class B Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal
Liquidation Amount of all Tranches of Class D Notes, each as of the first day of the related Due Period. Any such reallocation (or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class D Notes below
zero will be reallocated to the remaining Tranches of Class D Notes as set forth in this step (32), but in no event will the Nominal Liquidation Amount (after giving effect to this step (32)) of any Tranche of Class D Notes be reduced below
zero. 
 The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (12) of
the Subordination Waterfall after giving effect to this step (32): 
  

	 	•	 	Class A Usage of Class B Notes 

  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (33) Unreimbursed Current Charge-offs; Reallocation from
Class B to Class C. For each Tranche of Class B Notes, an amount equal to the lesser of 

  
 46 

 
			
	(x)	  	 (i)          the amount of Unreimbursed Series Charge-offs allocated to such Tranche
pursuant to step (28) (Unreimbursed Current Charge-offs; Initial Allocation), plus

		
		  	 (ii)        the amount of Unreimbursed Series Charge-offs reallocated to such Tranche pursuant
to step (31) (Unreimbursed Current Charge-offs; Reallocation from Class A to Class B), minus

		
		  	 (iii)       the amount of Unreimbursed Series Charge-offs reallocated from such Tranche to the Class
D Notes pursuant to step (32) (Unreimbursed Current Charge-offs; Reallocation from Class B to Class D), and

		
	(y)	  	the Class B Available Subordinated Amount of Class C Notes for such Tranche of Class B Notes after step (10) of the Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class A to Class
C)

 shall be reallocated to the Class C Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be
increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit
of such Tranche shall be increased, by the aggregate amount of such reallocation for all Tranches of Class B Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation
Amount of all Tranches of Class C Notes, each as of the first day of the related Due Period. Any such reallocation (or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class C Notes below zero will be
reallocated to the remaining Tranches of Class C Notes as set forth in this step (33), but in no event will the Nominal Liquidation Amount (after giving effect to this step (33)) of any Tranche of Class C Notes be reduced below zero. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (13) of the
Subordination Waterfall after giving effect to this step (33): 
  

	 	•	 	Class A Usage of Class B Notes 

  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (34) Unreimbursed Current Charge-offs; Reallocation from
Class C to Class D. For each Tranche of Class C Notes, an amount equal to the lesser of 
  

	 	(x)	the sum of 

  
 47 

	 	(i)	the amount of Unreimbursed Series Charge-offs allocated to such Tranche of Class C Notes pursuant to step (28) (Unreimbursed Current Charge-offs; Initial Allocation), 

 

	 	(ii)	the amount of Unreimbursed Series Charge-offs reallocated to such Tranche of the Class C Notes pursuant to step (30) (Unreimbursed Current Charge-offs; Reallocation from Class A to Class C) and

  

	 	(iii)	the amount of Unreimbursed Series Charge-offs reallocated to such Tranche of Class C Notes pursuant to step (33) (Unreimbursed Current Charge-offs; Reallocation from Class B to Class C), and

  

	 	(y)	the Class C Available Subordinated Amount of Class D Notes for such Tranche of Class C Notes after step (12) of the Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from
Class B to Class D) shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be increased, and the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such
reallocation. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche shall be increased, by the aggregate amount of such reallocation for all Tranches of Class C
Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all Tranches of Class D Notes, each as of the first day of the related Due Period. Any such reallocation
(or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class D Notes below zero will be reallocated to the remaining Tranches of Class D Notes as set forth in this step (34), but in no event will the
Nominal Liquidation Amount (after giving effect to this step (34)) of any Tranche of Class D Notes be reduced below zero. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (14) of the
Subordination Waterfall after giving effect to this step (34): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  
 48 

	 	•	 	Class C Usage of Class D Notes 

 (35) Class A Interest Allocation Shortfall from Class
D Principal. For each Tranche of Class A Notes, an amount equal to the least of 
  

	 	(x)	the Class A Tranche Interest Allocation Shortfall for such Tranche remaining after step (11) (Class A Interest Allocation Shortfall from Reallocated Finance Charge Amounts), 

 

	 	(y)	a pro rata share of the Class D Principal Allocation, based on the ratio of the Class A Tranche Interest Allocation Shortfall for such Tranche to the Class A Interest Allocation Shortfall, in each case
remaining after step (11) and 

  

	 	(z)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (14) of the Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class C to
Class D) 

 shall be deposited into the Interest Funding Subaccount for such Tranche. The Class A Tranche Interest Allocation
Shortfall shall be reduced by the amount of such deposit. The Class A Interest Allocation Shortfall, the Class D Principal Allocation and the Series Principal Amounts shall be reduced by the aggregate amount of such deposits for all Tranches of
Class A Notes. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit for such Tranche shall be increased, by the aggregate amount of such deposits for all Tranches of
Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all Tranches of Class D Notes, each as of the first day of the related Due Period. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (15) of the
Subordination Waterfall after giving effect to this step (35): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (36) Class A Interest Allocation Shortfall from Class
C Principal. For each Tranche of Class A Notes, an amount equal to the least of 
  

	 	(x)	the Class A Tranche Interest Allocation Shortfall remaining after step (35) (Class A Interest Allocation Shortfall from Class D Principal), 

 

	 	(y)	a pro rata share of the Class C Principal Allocation, based on the ratio of the Class A Tranche Interest Allocation Shortfall for such Tranche to the Class A Interest Allocation Shortfall, in each case
remaining after step (35) and 

  
 49 

	 	(z)	the Class A Available Subordinated Amount of Class C Notes for such Tranche after step (14) of the Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class C to
Class D) 

 shall be deposited into the Interest Funding Subaccount for such Tranche. The Class A Tranche Interest Allocation
Shortfall shall be reduced by the amount of such deposit. The Class A Interest Allocation Shortfall, the Class C Principal Allocation and the Series Principal Amounts shall be reduced by the aggregate amount of such deposits for all Tranches of
Class A Notes. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit for such Tranche shall be increased, by the aggregate amount of such deposits for all Tranches of
Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation Amount of all Tranches of Class C Notes, each after giving effect to step (34) (Unreimbursed
Current Charge-offs; Reallocation from Class C to Class D). 
 The following Usage amounts (and any related Available Subordinated
Amounts) shall be adjusted in accordance with step (16) of the Subordination Waterfall after giving effect to this step (36): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (37) Class A Interest Allocation Shortfall from Class
B Principal. For each Tranche of Class A Notes, an amount equal to the least of 
  

	 	(x)	the Class A Tranche Interest Allocation Shortfall remaining after step (36) (Class A Interest Allocation Shortfall from Class C Principal), 

 

	 	(y)	a pro rata share of the Class B Principal Allocation, based on the ratio of the Class A Tranche Interest Allocation Shortfall for such Tranche to the Class A Interest Allocation Shortfall, in each case
remaining after step (36) and 

  

	 	(z)	 the Class A Available Subordinated Amount of Class B Notes for such Tranche after step (13) of the Subordination Waterfall (Adjustments
for Reallocation of Unreimbursed Current Charge-offs from Class B to Class C) shall be deposited into the Interest Funding Subaccount for such Tranche. The Class A Tranche Interest Allocation Shortfall shall be reduced by the amount of such
deposit. The Class A Interest Allocation Shortfall, the Class B Principal Allocation and the Series Principal Amounts shall be reduced by the aggregate amount of such deposits for all Tranches

  
 50 

	 	
of Class A Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be reduced, and the Nominal Liquidation Amount Deficit for such Tranche shall be increased, by the
aggregate amount of such deposits for all Tranches of Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class B Notes to the Nominal Liquidation Amount of all Tranches of Class B Notes, each
after giving effect to step (33) (Unreimbursed Current Charge-offs; Reallocation from Class B to Class C). 

 The
following Usage amount (and any related Available Subordinated Amount) shall be adjusted in accordance with step (17) of the Subordination Waterfall after giving effect to this step (37): 

 

	 	•	 	Class A Usage of Class B Notes 

 (38) Class B Interest Allocation Shortfall from Class
D Principal. For each Tranche of Class B Notes, an amount equal to the least of 
  

	 	(x)	the Class B Tranche Interest Allocation Shortfall remaining after step (12) (Class B Interest Allocation Shortfall from Reallocated Finance Charge Amounts), 

 

	 	(y)	a pro rata share of the Class D Principal Allocation remaining after step (35) (Class A Interest Allocation Shortfall from Class D Principal) based on the ratio of the Class B Tranche Interest Allocation Shortfall
for such Tranche to the Class B Interest Allocation Shortfall, in each case remaining after step (12) and 

  

	 	(z)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (15) of the Subordination Waterfall (Adjustments for Application of Class D Principal to Class A Interest Allocation
Shortfall) 

 shall be deposited into the Interest Funding Subaccount for such Tranche. The Class B Tranche Interest Allocation Shortfall
shall be reduced by the amount of such deposit. The Class B Interest Allocation Shortfall, the Class D Principal Allocation and the Series Principal Amounts shall be reduced by the aggregate amount of such deposits for all Tranches of Class B Notes.
The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit for such Tranche shall be increased, by the aggregate amount of such deposits for all Tranches of Class B Notes pro
rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all Tranches of Class D Notes, each after giving effect to step (35). 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (18) of the
Subordination Waterfall after giving effect to this step (38): 

  
 51 

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (39) Class B Interest Allocation Shortfall from Class C
Principal. For each Tranche of Class B Notes, an amount equal to the least of 
  

	 	(x)	the Class B Tranche Interest Allocation Shortfall remaining after step (38) (Class B Interest Allocation Shortfall from Class D Principal), 

 

	 	(y)	a pro rata share of the Class C Principal Allocation remaining after step (36) (Class A Interest Allocation Shortfall from Class C Principal) based on the ratio of the Class B Tranche Interest Allocation
Shortfall for such Tranche to the Class B Interest Allocation Shortfall, in each case remaining after step (38) and 

  

	 	(z)	the Class B Available Subordinated Amount of Class C Notes for such Tranche after step (16) of the Subordination Waterfall (Adjustments for Application of Class C Principal to Class A Interest Allocation
Shortfall) 

 shall be deposited into the Interest Funding Subaccount for such Tranche. The Class B Tranche Interest Allocation Shortfall
shall be reduced by the amount of such deposit. The Class B Interest Allocation Shortfall, the Class C Principal Allocation and the Series Principal Amounts shall be reduced by the aggregate amount of such deposits for all Tranches of Class B Notes.
The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit for such Tranche shall be increased, by the aggregate amount of such deposits for all Tranches of Class B Notes pro
rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation Amount of all Tranches of Class C Notes, each after giving effect to step (36). 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (19) of the
Subordination Waterfall after giving effect to this step (39): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (40) Class C Interest Allocation Shortfall from Class D
Principal. For each Tranche of Class C Notes, an amount equal to the least of 
  

	 	(x)	the Class C Tranche Interest Allocation Shortfall remaining after step (13) (Class C Interest Allocation Shortfall from Reallocated Finance Charge Amounts), 

  
 52 

	 	(y)	a pro rata share of the Class D Principal Allocation remaining after step (38) (Class B Interest Allocation Shortfall from Class D Principal) based on the ratio of the Class C Tranche Interest
Allocation Shortfall for such Tranche to the Class C Interest Allocation Shortfall, in each case remaining after step (13) and 

  

	 	(z)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (18) of the Subordination Waterfall (Adjustments for Application of Class D Principal to Class B Interest Allocation
Shortfall) 

 shall be deposited into the Interest Funding Subaccount for such Tranche. The Class C Tranche Interest Allocation Shortfall
shall be reduced by the amount of such deposit. The Class C Interest Allocation Shortfall, the Class D Principal Allocation and the Series Principal Amounts shall be reduced by the aggregate amount of such deposits for all Tranches of Class C Notes.
The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit for such Tranche shall be increased, by the aggregate amount of such deposits for all Tranches of Class C Notes pro rata
based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all Tranches of Class D Notes, each after giving effect to step (38). 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (20) of the
Subordination Waterfall after giving effect to this step (40): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (41) Series Servicing Fee Shortfall from Class D
Principal. An amount equal to the least of 
  

	 	(x)	the Series Servicing Fee Shortfall remaining after step (14) (Series Servicing Fee Shortfall from Reallocated Finance Charge Amounts), 

 

	 	(y)	the Class D Principal Allocation remaining after step (40) (Class C Interest Allocation Shortfall from Class D Principal) and 

  

	 	(z)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (20) of the Subordination Waterfall (Adjustments for Application of Class D
Principal to Class C Interest Allocation Shortfall) 

  
 53 

 shall be paid to each applicable Master Servicer in the proportions determined in accordance with the Indenture.
The Series Servicing Fee Shortfall, the Class D Principal Allocation and the Series Principal Amounts shall be reduced by the amount of such payment. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal
Liquidation Amount Deficit of each Tranche of Class D Notes shall be increased, by the amount of such payment pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all
Tranches of Class D Notes, each after giving effect to step (40). 
 The following Usage amounts (and any related Available Subordinated
Amounts) shall be adjusted in accordance with step (21) of the Subordination Waterfall after giving effect to this step (41): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (42) Series Servicing Fee Shortfall from Class C
Principal. An amount equal to the least of 
  

	 	(x)	the Series Servicing Fee Shortfall remaining after step (41) (Series Servicing Fee Shortfall from Class D Principal), 

  

	 	(y)	the Class C Principal Allocation remaining after step (39) (Class B Interest Allocation Shortfall from Class C Principal) and 

  

	 	(z)	the sum of: 

  

	 	(i)	the aggregate amount of Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes equal to zero and 

 

	 	(ii)	the aggregate amount of the Class B Available Subordinated Amount of Class C Notes for all Tranches of Class B Notes, 

in each case, after step (19) of the Subordination Waterfall (Adjustments for Application of Class C Principal to Class B Interest
Allocation Shortfall), 
 shall be paid to each applicable Master Servicer in the proportions determined in accordance with the Indenture. The Series
Servicing Fee Shortfall, the Class C Principal Allocation and the Series Principal Amounts shall be reduced by the amount of such payment. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation
Amount Deficit of each Tranche of Class C Notes shall be increased, by the amount 

  
 54 

 
of such payment pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation Amount of all Tranches of Class C Notes, each
after giving effect to step (39). 
 The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in
accordance with step (22) of the Subordination Waterfall after giving effect to this step (42): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (43) Series Servicing Fee Shortfall from Class B
Principal. An amount equal to the least of 
  

	 	(x)	the Series Servicing Fee Shortfall remaining after step (42) (Series Servicing Fee Shortfall from Class C Principal), 

  

	 	(y)	the Class B Principal Allocation remaining after step (37) (Class A Interest Allocation Shortfall from Class B Principal) and 

 

	 	(z)	the aggregate amount of Class A Available Subordinated Amount of Class B Notes for all Tranches of Class A Notes after step (17) of the Subordination Waterfall (Adjustments for Application of Class B
Principal to Class A Interest Allocation Shortfall) 

 shall be paid to each applicable Master Servicer in the proportions determined
in accordance with the Indenture. The Series Servicing Fee Shortfall, the Class B Principal Allocation and the Series Principal Amounts shall be reduced by the amount of such payment. The Nominal Liquidation Amount of each Tranche of Class B Notes
shall be reduced, and the Nominal Liquidation Amount Deficit of each Tranche of Class B Notes shall be increased, by the amount of such payment pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class B Notes to
the Nominal Liquidation Amount of all Tranches of Class B Notes, each after giving effect to step (37). 
 The following Usage amount (and
any related Available Subordinated Amount) shall be adjusted in accordance with step (23) of the Subordination Waterfall after giving effect to this step (43): 
  

	 	•	 	Class A Usage of Class B Notes 

 (44) Class C Interest Allocation Shortfall from Class
C Reserve Subaccount. For each Tranche of Class C Notes, an amount equal to the lesser of 
  

	 	(x)	the Class C Tranche Interest Allocation Shortfall for such Tranche remaining after step (40) (Class C Interest Allocation Shortfall from Class D Principal) and 

  
 55 

	 	(y)	the amount on deposit in the Class C Reserve Subaccount for such Tranche shall be withdrawn from the Class C Reserve Subaccount for such Tranche and deposited into the Interest Funding Subaccount for such Tranche. Such
Class C Tranche Interest Allocation Shortfall shall be reduced by the amount of such deposit, and the Class C Interest Allocation Shortfall shall be reduced by the sum of all such deposits. 

(45) Class D Interest Allocation Shortfall from Class D Reserve Subaccount. For each Tranche of Class D Notes, an amount equal to the
lesser of 
  

	 	(x)	the Class D Tranche Interest Allocation Shortfall for such Tranche remaining after step (15) (Class D Interest Allocation Shortfall from Reallocated Finance Charge Amounts) and 

 

	 	(y)	the amount on deposit in the Class D Reserve Subaccount for such Tranche 

 shall be withdrawn from the Class D
Reserve Subaccount for such Tranche and deposited into the Interest Funding Subaccount for such Tranche. Such Class D Tranche Interest Allocation Shortfall shall be reduced by the amount of such deposit, and the Class D Interest Allocation Shortfall
shall be reduced by the sum of all such deposits. 
 (46) Reallocation of Class B Nominal Liquidation Amount Deficit to Class D. For
each Tranche of Class B Notes, an amount equal to the lesser of 
  

	 	(x)	the Nominal Liquidation Amount Deficit for such Tranche after giving effect to step (43) (Series Servicing Fee Shortfall from Class B Principal) and 

 

	 	(y)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (21) of the Subordination Waterfall (Adjustments for Application of Class D Principal to Series Servicing Fee Shortfall)

 shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be increased, and the
Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche
shall be increased, by the aggregate amount of such reallocation for all Tranches of Class B Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all
Tranches of Class D Notes, each after giving effect to step (41) (Series Servicing Fee Shortfall from Class D Principal). Any such reallocation (or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a
Tranche of Class D Notes below zero will be reallocated to the remaining Tranches of Class D Notes as set forth in this step (46), but in no event will the Nominal Liquidation Amount (after giving effect to this step (46)) of any Tranche of
Class D Notes be reduced below zero. 

  
 56 

 The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in
accordance with step (24) of the Subordination Waterfall after giving effect to this step (46): 
  

	 	•	 	Class A Usage of Class B Notes 

  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (47) Reallocation of Class B Nominal Liquidation Amount
Deficit to Class C. For each Tranche of Class B Notes, an amount equal to the lesser of 
  

	 	(x)	the Nominal Liquidation Amount Deficit for such Tranche after giving effect to step (46) (Reallocation of Class B Nominal Liquidation Amount Deficit to Class D) and 

 

	 	(y)	the Class B Available Subordinated Amount of Class C Notes for such Tranche after step (22) of the Subordination Waterfall (Adjustments for Application of Class C Principal to Series Servicing Fee Shortfall)

 shall be reallocated to the Class C Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be increased, and the
Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche
shall be increased, by the aggregate amount of such reallocation for all Tranches of Class B Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class C Notes to the Nominal Liquidation Amount of all Tranches of
Class C Notes, each after giving effect to step (42) (Series Servicing Fee Shortfall from Class C Principal). Any such reallocation (or portion thereof) that would otherwise have reduced the Nominal Liquidation Amount of a Tranche of Class C
Notes below zero will be reallocated to the remaining Tranches of Class C Notes as set forth in this step (47), but in no event will the Nominal Liquidation Amount (after giving effect to this step (47)) of any Tranche of Class C Notes be
reduced below zero. 
 The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with
step (25) of the Subordination Waterfall after giving effect to this step (47): 
  

	 	•	 	Class A Usage of Class B Notes 

  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

  
 57 

 (48) Reallocation of Class C Nominal Liquidation Amount Deficit to Class D. For each
Tranche of Class C Notes, an amount equal to the lesser of 
  

	 	(x)	the Nominal Liquidation Amount Deficit for such Tranche after giving effect to step (47) (Reallocation of Class B Nominal Liquidation Amount Deficit to Class C) and 

 

	 	(y)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (24) of the Subordination Waterfall (Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to Class
D) 

 shall be reallocated to the Class D Notes. The Nominal Liquidation Amount of each Tranche of Class C Notes shall be increased, and
the Nominal Liquidation Amount Deficit of such Tranche shall be reduced, by the amount of such reallocation. The Nominal Liquidation Amount of each Tranche of Class D Notes shall be reduced, and the Nominal Liquidation Amount Deficit of such Tranche
shall be increased, by the aggregate amount of such reallocation for all Tranches of Class C Notes pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes to the Nominal Liquidation Amount of all
Tranches of Class D Notes, each after giving effect to step (46) Reallocation of Class B Nominal Liquidation Amount Deficit to Class D). Any such reallocation (or portion thereof) that would otherwise have reduced the Nominal Liquidation
Amount of a Tranche of Class D Notes below zero will be reallocated to the remaining Tranches of Class D Notes as set forth in this step (48), but in no event will the Nominal Liquidation Amount (after giving effect to this step (48)) of any
Tranche of Class D Notes be reduced below zero. 
 The following Usage amounts (and any related Available Subordinated Amounts) shall be
adjusted in accordance with step (26) of the Subordination Waterfall after giving effect to this step (48): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

 (49) Withdrawal of Excess Deposits from Accumulation
Reserve Subaccounts for use as Series Finance Charge Amounts. For each Tranche of DiscoverSeries Notes, an amount equal to the excess, if any, of 
  

	 	(x)	the amount of deposits in the Accumulation Reserve Subaccount for such Tranche remaining after step (3) (Withdrawal from Accumulation Reserve Subaccounts to Cover Accumulation Negative Spread on Principal
Funding Subaccounts), over 

  
 58 

	 	(y)	the Targeted Accumulation Reserve Subaccount Deposit shall be withdrawn from the Accumulation Reserve Subaccount for such Tranche, deposited into the DiscoverSeries Collections Account, and treated as Series Finance
Charge Amounts (to be added to the Series Finance Charge Amounts remaining after step (20) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts)). 

(50) Targeted Deposit to Accumulation Reserve Subaccounts from Series Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the sum of the excess, if any, with respect to each Tranche of Notes, of 

  

	 	(i)	the Targeted Accumulation Reserve Subaccount Deposit, over 

  

	 	(ii)	the amount of deposits in the Accumulation Reserve Subaccount for such Tranche remaining after step (49) (Withdrawal of Excess Deposits from Accumulation Reserve Subaccounts for use as Series Finance Charge
Amounts) and 

  

	 	(y)	the Series Finance Charge Amounts after step (49)

 shall be deposited into the Accumulation Reserve Account.
The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited into the Accumulation Reserve Account pursuant to this step (50) shall be allocated to each Tranche of Notes pro rata based on the
ratio of (A) the amount determined pursuant to clause (x) for such Tranche to (B) the sum of the amounts determined pursuant to clause (x) for all Tranches of Notes, and deposited into the applicable Accumulation Reserve
Subaccount for such Tranche. The amount, if any, by which the amount determined in clause (x) above for all Tranches exceeds the amount determined in clause (y) above, shall be the “Accumulation Reserve Shortfall Amount.” 

(51) Withdrawal of Excess Deposits from Class C Reserve Subaccounts for use as Series Finance Charge Amounts. For each Tranche of Class
C Notes, an amount equal to the excess, if any, of 
  

	 	(x)	the amount of deposits (including income earned on funds on deposit) in each Class C Reserve Subaccount for such Tranche remaining after step (44) (Class C Interest Allocation Shortfall from Class C Reserve
Subaccount), over 

  

	 	(y)	the Targeted Cumulative Class C Reserve Deposit for such Tranche 

 shall be withdrawn from the Class C
Reserve Subaccount for such Tranche, deposited into the DiscoverSeries Collections Account, and treated as Series Finance Charge Amounts (to be added 

  
 59 

 
to the Series Finance Charge Amounts remaining after step (50) (Targeted Deposit to Accumulation Reserve Subaccounts from Series Finance Charge Amounts)); provided,
however, that the amount to be withdrawn shall not exceed the difference between the amount in clause (x) and the Nominal Liquidation Amount Deficit for such Tranche after step (48) (Reallocation of Class C Nominal Liquidation
Amount Deficit to Class D). 
 (52) Withdrawal of Excess Deposits from Class D Reserve Subaccounts for use as Series Finance
Charge Amounts. For each Tranche of Class D Notes, an amount equal to the excess, if any, of 
  

	 	(x)	the amount of deposits (including income earned on funds on deposit) in each Class D Reserve Subaccount for such Tranche remaining after step (45) (Class D Interest Allocation Shortfall from Class D Reserve
Subaccount), over 

  

	 	(y)	the Targeted Cumulative Class D Reserve Deposit for such Tranche 

 shall be withdrawn from the Class D
Reserve Subaccount for such Tranche, deposited into the DiscoverSeries Collections Account, and treated as Series Finance Charge Amounts (to be added to the Series Finance Charge Amounts after step (51) (Withdrawal of Excess Deposits from
Class C Reserve Subaccounts for use as Series Finance Charge Amounts)); provided, however, that the amount to be withdrawn shall not exceed the difference between the amount in clause (x) and the Nominal Liquidation Amount
Deficit for such Tranche after step (48) (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D). 
 (53)
Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the sum of the excess, if any, with respect to each Tranche of Class C Notes, of 

  

	 	(i)	the Targeted Cumulative Class C Reserve Deposit for such Tranche, over 

  

	 	(ii)	the amount of deposits (including income earned on funds on deposit) in the Class C Reserve Subaccount for such Tranche remaining after step (51) (Withdrawal of Excess Deposits from Class C Reserve Subaccounts
for use as Series Finance Charge Amounts), and 

  

	 	(y)	the Series Finance Charge Amounts after step (52) (Withdrawal of Excess Deposits from Class D Reserve Subaccounts for use as Series Finance Charge Amounts) 

shall be deposited into the Class C Reserve Account. The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Class C Reserve Account pursuant to this step (53) shall be allocated to each Tranche of Class C Notes pro rata 

  
 60 

 
based on the ratio of (A) the amount determined pursuant to clause (x) for such Tranche of Class C Notes to (B) the sum of the amounts determined pursuant to clause (x) for
all Tranches of Class C Notes, and deposited into the applicable Class C Reserve Subaccount for such Tranche. The amount, if any, by which the amount determined in clause (x) above for all Tranches exceeds the amount determined in clause
(y) above, shall be the “Class C Reserve Shortfall Amount.” 
 The following Usage amounts (and any related Available
Subordinated Amounts) shall be adjusted in accordance with step (27) of the Subordination Waterfall after giving effect to this step (53): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (53A) Allocation from the DCMT Group One Finance Charge
Collections Reallocation Account. The Calculation Agent shall notify the Master Servicer and the Master Trust Trustee for DCMT of an amount equal to the product of 
  

	 	(x)	the sum of: 

  

	 	(i)	the Accumulation Reserve Shortfall Amount after step (50), and 

  

	 	(ii)	the Class C Reserve Shortfall Amount after step (53) and 

  

	 	(y)	the Series 2007-CC Collateral Certificate Percentage 

 which amount, together with any comparable amount
determined pursuant to a provision comparable to this step (53A) in the Indenture Supplement for any other Series established in relation to the Note Issuance Trust, shall constitute the “Reserve Account Funding Shortfall” for
purposes of Section 9(b)(8) of the Series 2007-CC Supplement. The Reserve Account Funding Shortfall shall be reduced by the amount of funds on deposit in the DCMT Group One Finance Charge Collections Reallocation Account allocable to the Series
2007-CC Collateral Certificate in accordance with clause (ii) of Section 9(b)(8) of the Series 2007-CC Supplement, and the portion of such amount that is allocable to the DiscoverSeries pursuant to the Indenture shall be deposited into the
DiscoverSeries Collections Account; provided, however, that the Calculation Agent may direct the Master Trust Trustee for DCMT to retain any funds in DCMT accounts that will be allocated to DCMT accounts or paid to the Master Servicer for
DCMT in accordance with these Cash Flows, and any such amounts shall not be deposited into the DiscoverSeries Collections Account; and provided, further, that any such amounts shall nonetheless be treated as Reallocated Finance Charge Amounts
hereunder and allocated as if they had been so deposited. The Reallocated Finance Charge Amounts shall be increased by the amount of such deposit. If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any
provisions to allocate the amount set forth in clause (x) of this step (53A) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

  
 61 

 (53B) Targeted Deposit to Accumulation Reserve Subaccounts from Reallocated Finance Charge
Amounts. An amount equal to the lesser of 
  

	 	(x)	the sum of the excess, if any, with respect to each Tranche of Notes, of 

  

	 	(i)	the Targeted Accumulation Reserve Subaccount Deposit, over 

  

	 	(ii)	the amount of deposits in the Accumulation Reserve Subaccount for such Tranche remaining after step (50) (Targeted Deposit to Accumulation Reserve Subaccounts from Series Finance Charge
Amounts) and 

  

	 	(y)	the Reallocated Finance Charge Amounts after step (53A) shall be deposited into the Accumulation Reserve Account. The Reallocated Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Accumulation Reserve Account pursuant to this step (53B) shall be allocated to each Tranche of Notes pro rata based on the ratio of (A) the amount determined pursuant to clause (x) for such Tranche to (B) the
sum of the amounts determined pursuant to clause (x) for all Tranches of Notes, and deposited into the applicable Accumulation Reserve Subaccount for such Tranche. 

(53C) Targeted Deposit to Class C Reserve Subaccounts from Reallocated Finance Charge Amounts. An amount equal to the lesser of 

 

	 	(x)	the sum of the excess, if any, with respect to each Tranche of Class C Notes, of 

  

	 	(i)	the Targeted Cumulative Class C Reserve Deposit for such Tranche, over 

  

	 	(ii)	the amount of deposits (including income earned on funds on deposit) in the Class C Reserve Subaccount for such Tranche remaining after step (53) (Targeted Deposit to Class C Reserve Subaccounts from Series
Finance Charge Amounts), and 

  

	 	(y)	the Reallocated Finance Charge Amounts after step (53B) (Targeted Deposit to Accumulation Reserve Subaccounts from Reallocated Finance Charge Amounts) 

shall be deposited into the Class C Reserve Account. The Reallocated Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Class C Reserve Account pursuant to this step (53C) shall be allocated to each Tranche of Class C Notes pro rata based on the ratio of (A) the amount determined pursuant to clause (x) for such Tranche of Class C
Notes to (B) the sum of the amounts determined pursuant to clause (x) for all Tranches of Class C Notes, and deposited into the applicable Class C Reserve Subaccount for such Tranche. 

  
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 The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in
accordance with step (27) of the Subordination Waterfall after giving effect to this step (53C): 
  

	 	•	 	Class A Usage of Class C Notes 

  

	 	•	 	Class B Usage of Class C Notes 

 (54) Targeted Deposit to Class D Reserve Subaccounts from
Series Finance Charge Amounts. An amount equal to the lesser of 
  

	 	(x)	the sum of the excess, if any, with respect to each Tranche of Class D Notes, of 

  

	 	(i)	the Targeted Cumulative Class D Reserve Deposit for such Tranche, over 

  

	 	(ii)	the amount of deposits (including income earned on funds on deposit) in the Class D Reserve Subaccount for such Tranche remaining after step (52) (Withdrawal of Excess Deposits from Class D Reserve Subaccounts
for use as Series Finance Charge Amounts), and 

  

	 	(y)	the Series Finance Charge Amounts remaining after step (53) (Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts) 

shall be deposited into the Class D Reserve Account. The Series Finance Charge Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Class D Reserve Account pursuant to this step (54) shall be allocated to each Tranche of Class D Notes pro rata based on the ratio of (A) the amount determined pursuant to clause (x) for such Tranche of Class
D Notes to (B) the sum of the amounts determined pursuant to clause (x) for all Tranches of Class D Notes, and deposited into the applicable Class D Reserve Subaccount for such Tranche. 

The following Usage amounts (and any related Available Subordinated Amounts) shall be adjusted in accordance with step (28) of the
Subordination Waterfall after giving effect to this step (54): 
  

	 	•	 	Class A Usage of Class D Notes 

  

	 	•	 	Class B Usage of Class D Notes 

  

	 	•	 	Class C Usage of Class D Notes 

  
 63 

 (55) Other Deposits and Payments from Series Finance Charge Amounts. If required by the
Terms Documents for any Class or Tranche of Notes, any other payment or deposit shall be made from Series Finance Charge Amounts remaining after step (54) (Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge
Amounts) as required thereby. Unless otherwise specified in any applicable Terms Document, all allocations under this step (55) shall be made pro rata based on the ratio of the amount of the targeted payment or deposit for each
Tranche of Notes to the aggregate amount of the targeted payments or deposits for all Tranches of Notes. Notwithstanding the foregoing, this step (55) may be subdivided into sequential payment steps to the extent required under any Terms
Document. 
 (56) Reallocation of Series Finance Charge Amounts to the DCMT Group One Finance Charge Collections Reallocation
Account. A positive amount, if any, equal to the product of 
  

	 	(x)	the amount of Series Finance Charge Amounts remaining after step (55) (Other Deposits and Payments from Series Finance Charge Amounts), minus the sum of: 

 

	 	(i)	for so long as any series issued by DCMT is outstanding that is not designated as an “Interchange Series” in accordance with the DCMT Pooling and Servicing Agreement and the series supplement for such series,
the portion of the Series Interchange for the Series 2007-CC Collateral Certificate that is allocated to the DiscoverSeries in accordance with the Indenture, 

  

	 	(ii)	all amounts withdrawn from the Accumulation Reserve Subaccounts and treated as Series Finance Charge Amounts pursuant to step (49) (Withdrawal of Excess Deposits from Accumulation Reserve Subaccounts for use as
Series Finance Charge Amounts), 

  

	 	(iii)	all amounts withdrawn from the Class C Reserve Subaccounts and treated as Series Finance Charge Amounts pursuant to step (51) (Withdrawal of Excess Deposits from Class C Reserve Subaccounts for use as Series
Finance Charge Amounts), and 

  

	 	(iv)	all amounts withdrawn from the Class D Reserve Subaccounts and treated as Series Finance Charge Amounts pursuant to step (52) (Withdrawal of Excess Deposits from Class D Reserve Subaccounts for use as Series
Finance Charge Amounts), and 

  

	 	(y)	 the Series 2007-CC Collateral Certificate Percentage shall be paid to the Master Trust Trustee for DCMT for deposit in the DCMT Group One Finance
Charge Collections Reallocation Account; 

  
 64 

	 	
provided, however, that such amount shall only be so paid to the extent necessary for application to cover shortfalls for other series issued by DCMT in accordance with the series
supplements to the DCMT Pooling and Servicing Agreement for such other series. The Series Finance Charge Amounts shall be reduced by the amount of such payment. If and when any Additional Collateral Certificates are added to the Note Issuance Trust,
any provisions to allocate the amount set forth in clause (x) of this step (56) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(57) Reallocation of Series Finance Charge Amounts to the DCMT Group One Interchange Reallocation Account. A positive amount, if
any, equal to the product of 
  

	 	(x)	the amount of Series Finance Charge Amounts remaining after step (56) (Reallocation of Series Finance Charge Amounts to the DCMT Group One Finance Charge Collections Reallocation Account), minus the sum of:

  

	 	(i)	all amounts withdrawn from the Accumulation Reserve Subaccounts and treated as Series Finance Charge Amounts pursuant to step (49) (Withdrawal of Excess Deposits from Accumulation Reserve Subaccounts for use as
Series Finance Charge Amounts), 

  

	 	(ii)	all amounts withdrawn from the Class C Reserve Subaccounts and treated as Series Finance Charge Amounts pursuant to step (51) (Withdrawal of Excess Deposits from Class C Reserve Subaccounts for use as Series
Finance Charge Amounts), and 

  

	 	(iii)	all amounts withdrawn from the Class D Reserve Subaccounts and treated as Series Finance Charge Amounts pursuant to step (52) (Withdrawal of Excess Deposits from Class D Reserve Subaccounts for use as Series
Finance Charge Amounts), and 

  

	 	(y)	the Series 2007-CC Collateral Certificate Percentage 

 shall be paid to the Master Trust Trustee for DCMT for
deposit in the DCMT Group One Interchange Reallocation Account; provided, however, that such amount shall only be so paid to the extent necessary for application to cover shortfalls for other series issued by DCMT in accordance with
the series supplements to the DCMT Pooling and Servicing Agreement for such other series. The Series Finance Charge Amounts shall be reduced by the amount of such payment. If and when any Additional Collateral Certificates are added to the Note
Issuance Trust, any provisions to allocate the amount set forth in clause (x) of this step (57) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

  
 65 

 (58) Other Deposits and Payments from Series Finance Charge Amounts. If required by the
Terms Documents for any Class or Tranche of Notes, any other payment or deposit shall be made from Series Finance Charge Amounts remaining after step (57) (Reallocation of Series Finance Charge Amounts to the DCMT Group One Interchange
Reallocation Account) as required thereby. Unless otherwise specified in any applicable Terms Document, all allocations under this step (58) shall be made pro rata based on the ratio of the amount of the targeted payment or deposit
for each Tranche of Notes to the aggregate amount of the targeted payments or deposits for all Tranches of Notes. Notwithstanding the foregoing, this step (58) may be subdivided into sequential payment steps to the extent required under any
Terms Document. 
 (59) Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts. The Prefunding Excess Amount for
each Tranche of Notes shall be withdrawn from the Principal Funding Subaccount for such Tranche, deposited into the DiscoverSeries Collections Account and treated as Series Principal Amounts (to be added to the Series Principal Amounts remaining
after step (43) (Series Servicing Fee Shortfall from Class B Principal)). The Nominal Liquidation Amount of such Tranche shall be increased by such amount of withdrawal. 

(60) Targeted Principal Deposits for Class A from Series Principal Amounts. An amount equal to the lesser of 

 

	 	(x)	the sum of the Targeted Principal Deposits for all Tranches of Class A Notes and 

  

	 	(y)	the Series Principal Amounts after step (59) (Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts) 

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be reduced by the amount of such deposit. The amount deposited into
the Principal Funding Account pursuant to this step (60) shall be allocated to each Tranche of Class A Notes, first, pro rata based on the ratio of (A) the Targeted Principal Deposit for such Tranche minus the
Targeted Prefunding Deposit for such Tranche to (B) the sum of the Targeted Principal Deposits minus the sum of the Targeted Prefunding Deposits for all Tranches of Class A Notes, and after the amount set forth in clause
(A) above has been deposited in full for each Tranche of Class A Notes, second, pro rata based on the ratio of (A) the Targeted Prefunding Deposit for such Tranche to (B) the sum of the Targeted Prefunding Deposits
for all Tranches of Class A Notes. The Nominal Liquidation Amount of each Tranche of Class A Notes shall be reduced by the amount of such allocation. The amount by which the Targeted Prefunding Deposit for each Tranche of Class A
Notes exceeds the amount of the second allocation hereunder shall be the “Class A Tranche Prefunding Shortfall” for such Tranche. The amount by which the Targeted Principal Deposit for each Tranche of Class A Notes
exceeds the total amount of such deposits shall be the “Class A Tranche Principal Shortfall” for such Tranche. 
 (61)
Targeted Principal Deposits for Class B from Series Principal Amounts. An amount equal to the least of 

  
 66 

	 	(x)	the sum of the Targeted Principal Deposits for all Tranches of Class B Notes, 

  

	 	(y)	the Nominal Liquidation Amount of all Tranches of Class B Notes after giving effect to step (59) (Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts), minus the Class A
Available Subordinated Amount of Class B Notes for all Tranches of Class A Notes after step (25) of the Subordination Waterfall (Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to Class C) and

  

	 	(z)	the Series Principal Amounts remaining after step (60) (Targeted Principal Deposits for Class A from Series Principal Amounts) 

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be reduced by the amount of such deposit. The amount
deposited into the Principal Funding Account pursuant to this step (61) shall be allocated to each Tranche of Class B Notes, first, pro rata based on the ratio of (A) the Targeted Principal Deposit for such Tranche minus
the Targeted Prefunding Deposit for such Tranche to (B) the sum of the Targeted Principal Deposits minus the sum of the Targeted Prefunding Deposits for all Tranches of Class B Notes, and after the amount set forth in clause
(A) above has been paid in full for each Tranche of Class B Notes, second, pro rata based on the ratio of (A) the Targeted Prefunding Deposit for such Tranche to (B) the sum of the Targeted Prefunding Deposits for all
Tranches of Class B Notes. The Nominal Liquidation Amount of each Tranche of Class B Notes shall be reduced by the amount of such allocation. The amount by which the Targeted Prefunding Deposit for each Tranche of Class B Notes exceeds the amount of
the second allocation hereunder shall be the “Class B Tranche Prefunding Shortfall” for such Tranche. The amount by which the Targeted Principal Deposit for each Tranche of Class B Notes exceeds the total amount of such
deposits shall be the “Class B Tranche Principal Shortfall” for such Tranche. 
 (62) Targeted Principal Deposits
for Class C from Series Principal Amounts. An amount equal to the least of 
  

	 	(x)	the sum of the Targeted Principal Deposits for all Tranches of Class C Notes, 

  

	 	(y)	the Nominal Liquidation Amount of all Tranches of Class C Notes after giving effect to step (59) (Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts), minus the sum of

  

	 	(i)	the aggregate Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes equal to zero after step (27) of the
Subordination Waterfall (Adjustments for Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts) and 

  
 67 

	 	(ii)	the aggregate Class B Available Subordinated Amount of Class C Notes for all Tranches of Class B Notes after step (27) of the Subordination Waterfall, and 

 

	 	(z)	the Series Principal Amounts remaining after step (61) (Targeted Principal Deposits for Class B from Series Principal Amounts) 

shall be deposited into the Principal Funding Account. The Series Principal Amounts shall be reduced by the amount of such deposit. The amount deposited into
the Principal Funding Account pursuant to this step (62) shall be allocated to each Tranche of Class C Notes, first, pro rata based on the ratio of (A) the Targeted Principal Deposit for such Tranche minus the Targeted
Prefunding Deposit for such Tranche to (B) the sum of the Targeted Principal Deposits minus the sum of the Targeted Prefunding Deposits for all Tranches of Class C Notes, and after the amount set forth in clause (A) above has been
paid in full for each Tranche of Class C Notes, second, pro rata based on the ratio of (A) the Targeted Prefunding Deposit for such Tranche to (B) the sum of the Targeted Prefunding Deposits for all Tranches of Class C Notes.
The Nominal Liquidation Amount of each Tranche of Class C Notes shall be reduced by the amount of such allocation. The amount by which the Targeted Prefunding Deposit for each Tranche of Class C Notes exceeds the amount of the second
allocation hereunder shall be the “Class C Tranche Prefunding Shortfall” for such Tranche. The amount by which the Targeted Principal Deposit for each Tranche of Class C Notes exceeds the total amount of such deposits shall be
the “Class C Tranche Principal Shortfall” for such Tranche. 
 (63) Targeted Principal Deposits for Class D from Series
Principal Amounts. An amount equal to the least of 
  

	 	(x)	the sum of the Targeted Principal Deposits for all Tranches of Class D Notes, 

  

	 	(y)	the Nominal Liquidation Amount of all Tranches of Class D Notes after giving effect to step (48) (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D), minus the aggregate Class C Available
Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (28) of the Subordination Waterfall (Adjustments for Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge Amounts) and

  

	 	(z)	 the Series Principal Amounts remaining after step (62) (Targeted Principal Deposits for Class C from Series Principal Amounts) shall be
deposited into the Principal Funding Account. The Series Principal Amounts shall be reduced by the amount of such deposit. The amount deposited into the Principal Funding Account pursuant to this step (63) shall be allocated to each Tranche of
Class D Notes pro rata based on the ratio of (A) the Targeted Principal Deposit for such Tranche to (B) the sum of the Targeted Principal Deposits for all Tranches of Class D Notes. The Nominal Liquidation Amount of each Tranche of
Class D Notes shall be 

  
 68 

	 	
reduced by the amount of such allocation. The amount by which the Targeted Principal Deposit for each Tranche of Class D Notes exceeds the total amount of such deposits shall be the
“Class D Tranche Principal Shortfall” for such Tranche. 

 (64) Allocation from the DCMT Group One
Principal Collections Reallocation Account for Principal Shortfalls other than Prefunding Shortfalls. The Calculation Agent shall notify the Master Servicer and the Master Trust Trustee for DCMT of the amount equal to the product of 

 

	 	(x)	the sum of 

  

	 	(i)	the Class A Tranche Principal Shortfall minus the Class A Tranche Prefunding Shortfall, in each case after step (60) (Targeted Principal Deposits for Class A from Series Principal Amounts),

  

	 	(ii)	the Class B Tranche Principal Shortfall minus the Class B Tranche Prefunding Shortfall, in each case after step (61) (Targeted Principal Deposits for Class B from Series Principal Amounts),

  

	 	(iii)	the Class C Tranche Principal Shortfall minus the Class C Tranche Prefunding Shortfall, in each case after step (62) (Targeted Principal Deposits for Class C from Series Principal Amounts) and

  

	 	(iv)	the Class D Tranche Principal Shortfall after step (63) (Targeted Principal Deposits for Class D from Series Principal Amounts), 

in each case for each Tranche of Notes for which an Early Redemption Event (other than an Excess Spread Early Redemption Event for which an
Excess Spread Early Redemption Cure has occurred) or an Event of Default has not occurred, and 
  

	 	(y)	the Series 2007-CC Collateral Certificate Percentage 

 which amount, together with any comparable amount
determined pursuant to a provision comparable to this step (64) in the Indenture Supplement for any other Series established in relation to the Note Issuance Trust, shall constitute the “Class A Principal Distribution Amount
Shortfall” for purposes of Section 9(b)(15) of the Series 2007-CC Supplement. The Class A Principal Distribution Amount Shortfall shall be reduced by the amount of funds on deposit in the DCMT Group One Principal Collections
Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(15) of the Series 2007-CC Supplement, and the portion of such amount that is allocable to the DiscoverSeries pursuant to the Indenture
shall be deposited into the DiscoverSeries Collections Account. The amounts deposited into the DiscoverSeries Collections Account under this step (64) are the “Reallocated 

  
 69 

 
Principal Amounts.” If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any provisions to allocate the amount set forth in clause (x) of this
step (64) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 
 (65)
Allocation from the DCMT Group One Principal Collections Reallocation Account for Prefunding Shortfalls. The Calculation Agent shall notify the Master Servicer and the Master Trust Trustee for DCMT of the amount equal to the product of 

 

	 	(x)	the sum of 

  

	 	(i)	the Class A Tranche Prefunding Shortfall after step (60) (Targeted Principal Deposits for Class A from Series Principal Amounts), 

 

	 	(ii)	the Class B Tranche Prefunding Shortfall after step (61) (Targeted Principal Deposits for Class B from Series Principal Amounts) and 

 

	 	(iii)	the Class C Tranche Prefunding Shortfall after step (62) (Targeted Principal Deposits for Class C from Series Principal Amounts), and 

 

	 	(y)	the Series 2007-CC Collateral Certificate Percentage 

 which amount, together with any comparable amount
determined pursuant to a provision comparable to this step (65) in the Indenture Supplement for any other Series established in relation to the Note Issuance Trust, shall constitute the “Unscheduled Principal Distribution Amount
Shortfall” for purposes of Section 9(b)(17) of the Series 2007-CC Supplement. The Unscheduled Principal Distribution Amount Shortfall shall be reduced by the amount of funds on deposit in the DCMT Group One Principal Collections
Reallocation Account allocable to the Series 2007-CC Collateral Certificate in accordance with Section 9(b)(17) of the Series 2007-CC Supplement, and the portion of such amount that is allocable to the DiscoverSeries pursuant to the Indenture
shall be deposited into the DiscoverSeries Collections Account. The amounts deposited into the DiscoverSeries Collections Account under this step (65) shall be added to the Reallocated Principal Amounts after step (64) (Allocation from
the DCMT Group One Principal Collections Reallocation Account for Principal Shortfalls other than Prefunding Shortfalls). If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any provisions to allocate the
amount set forth in clause (x) of this step (65) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(66) Class A Tranche Principal Shortfalls from Reallocated Principal Amounts. An amount equal to the lesser of 

 

	 	(x)	the sum of the Class A Tranche Principal Shortfalls minus the Class A Tranche Prefunding Shortfalls for all Tranches of Class A Notes for which an Early Redemption Event or an Event of Default has not
occurred, in each case after step (60) (Targeted Principal Deposits for Class A from Series Principal Amounts) and 

  
 70 

	 	(y)	the Reallocated Principal Amounts after step (65) (Allocation from the DCMT Group One Principal Collections Reallocation Account for Prefunding Shortfalls) 

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Principal Funding Account pursuant to this step (66) shall be allocated to each Tranche of Class A Notes for which an Early Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of
(A) the Class A Tranche Principal Shortfall minus the Class A Tranche Prefunding Shortfalls for such Tranche to (B) the sum of the Class A Tranche Principal Shortfalls minus the Class A Tranche Prefunding Shortfalls for
all Tranches of Class A Notes for which an Early Redemption Event or an Event of Default has not occurred. The Nominal Liquidation Amount and the Class A Tranche Principal Shortfall of each Tranche of Class A Notes shall be reduced by
the amount of such allocation. For purposes of this step (66), if the only Early Redemption Event that has occurred for a Tranche of Class A Notes is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has
occurred, such Tranche shall be treated as if an Early Redemption Event has not occurred. 
 (67) Class A Tranche Prefunding
Shortfalls from Reallocated Principal Amounts. An amount equal to the lesser of 
  

	 	(x)	the sum of the Class A Tranche Prefunding Shortfalls for all Tranches of Class A Notes after step (60) (Targeted Principal Deposits for Class A from Series Principal Amounts) and

  

	 	(y)	the Reallocated Principal Amounts remaining after step (66) (Class A Tranche Principal Shortfalls from Reallocated Principal Amounts) shall be deposited into the Principal Funding Account. The Reallocated
Principal Amounts 

 shall be reduced by the amount of such deposit. The amount deposited into the Principal Funding Account pursuant to this
step (67) shall be allocated to each Tranche of Class A Notes pro rata on the basis of the ratio of (A) the Class A Tranche Prefunding Shortfall for such Tranche to (B) the sum of the Class A Tranche Prefunding
Shortfalls for all Tranches of Class A Notes. The Nominal Liquidation Amount, the Class A Tranche Principal Shortfall and the Class A Tranche Prefunding Shortfall of each Tranche of Class A Notes shall be reduced by the amount of
such allocation. 
 (68) Class B Tranche Principal Shortfalls from Reallocated Principal Amounts. An amount equal to the lesser of

  

	 	(x)	the sum of the Class B Tranche Principal Shortfalls minus the Class B Tranche Prefunding Shortfalls for all Tranches of Class B Notes for which an Early Redemption Event or an Event of Default has not occurred, in each
case after step (61) (Targeted Principal Deposits for Class B from Series Principal Amounts) and 

  
 71 

	 	(y)	the Reallocated Principal Amounts remaining after step (67) (Class A Tranche Prefunding Shortfalls from Reallocated Principal Amounts) 

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Principal Funding Account pursuant to this step (68) shall be allocated to each Tranche of Class B Notes for which an Early Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of (A) the
Class B Tranche Principal Shortfall minus the Class B Tranche Prefunding Shortfall for such Tranche to (B) the sum of the Class B Tranche Principal Shortfalls minus the Class B Tranche Prefunding Shortfalls for all Tranches of Class B Notes for
which an Early Redemption Event or an Event of Default has not occurred. The Nominal Liquidation Amount and the Class B Tranche Principal Shortfall of each Tranche of Class B Notes shall be reduced by the amount of such allocation. For purposes of
this step (68), if the only Early Redemption Event that has occurred for a Tranche of Class B Notes is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, such Tranche shall be treated as if an
Early Redemption Event has not occurred. 
 (69) Class B Tranche Prefunding Shortfalls from Reallocated Principal Amounts. An amount
equal to the lesser of 
  

	 	(x)	the sum of the Class B Tranche Prefunding Shortfalls for all Tranches of Class B Notes after step (61) (Targeted Principal Deposits for Class B from Series Principal Amounts) and 

 

	 	(y)	the Reallocated Principal Amounts remaining after step (68) (Class B Tranche Principal Shortfalls from Reallocated Principal Amounts) 

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Principal Funding Account pursuant to this step (69) shall be allocated to each Tranche of Class B Notes pro rata on the basis of the ratio of (A) the Class B Tranche Prefunding Shortfall for such Tranche to (B) the
sum of Class B Tranche Prefunding Shortfalls for all Tranches of Class B Notes. The Nominal Liquidation Amount, the Class B Tranche Principal Shortfall and the Class B Tranche Prefunding Shortfall of each Tranche of Class B Notes shall be reduced by
the amount of such allocation. 
 (70) Class C Tranche Principal Shortfalls from Reallocated Principal Amounts. An amount equal to
the lesser of 
  

	 	(x)	the sum of the Class C Tranche Principal Shortfalls minus the Class C Tranche Prefunding Shortfalls for all Tranches of Class C Notes for which an Early Redemption Event or an Event of Default has not occurred,
in each case after step (62) (Targeted Principal Deposits for Class C from Series Principal Amounts) and 

  
 72 

	 	(y)	the Reallocated Principal Amounts remaining after step (69) (Class B Tranche Prefunding Shortfalls from Reallocated Principal Amounts) 

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Principal Funding Account pursuant to this step (70) shall be allocated to each Tranche of Class C Notes for which an Early Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of
(A) the Class C Tranche Principal Shortfall minus the Class C Tranche Prefunding Shortfall for such Tranche to (B) the sum of the Class C Tranche Principal Shortfalls minus the Class C Tranche Prefunding Shortfalls for all
Tranches of Class C Notes for which an Early Redemption Event or an Event of Default has not occurred. The Nominal Liquidation Amount and the Class C Tranche Principal Shortfall of each Tranche of Class C Notes shall be reduced by the amount of such
allocation. For purposes of this step (70), if the only Early Redemption Event that has occurred for a Tranche of Class C Notes is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, such Tranche
shall be treated as if an Early Redemption Event has not occurred. 
 (71) Class C Tranche Prefunding Shortfalls from Reallocated
Principal Amounts. An amount equal to the lesser of 
  

	 	(x)	the sum of the Class C Tranche Prefunding Shortfalls for all Tranches of Class C Notes after step (62) (Targeted Principal Deposits for Class C from Series Principal Amounts) and 

 

	 	(y)	the Reallocated Principal Amounts remaining after step (70) (Class C Tranche Principal Shortfalls from Reallocated Principal Amounts) 

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Principal Funding Account pursuant to this step (71) shall be allocated to each Tranche of Class C Notes pro rata on the basis of the ratio of (A) the Class C Tranche Prefunding Shortfall for such Tranche to (B) the
sum of the Class C Tranche Prefunding Shortfalls for all Tranches of Class C Notes. The Nominal Liquidation Amount, the Class C Tranche Principal Shortfall and the Class C Tranche Prefunding Shortfall of each Tranche of Class C Notes shall be
reduced by the amount of such allocation. 
 (72) Class D Tranche Principal Shortfalls from Reallocated Principal Amounts. An amount
equal to the lesser of 
  

	 	(x)	the sum of the Class D Tranche Principal Shortfalls for all Tranches of Class D Notes for which an Early Redemption Event or an Event of Default has not occurred after step (63) (Targeted Principal Deposits for
Class D from Series Principal Amounts), and 

  
 73 

	 	(y)	the Reallocated Principal Amounts remaining after step (71) (Class C Tranche Prefunding Shortfalls from Reallocated Principal Amounts) 

shall be deposited into the Principal Funding Account. The Reallocated Principal Amounts shall be reduced by the amount of such deposit. The amount deposited
into the Principal Funding Account pursuant to this step (72) shall be allocated to each Tranche of Class D Notes for which an Early Redemption Event or an Event of Default has not occurred pro rata on the basis of the ratio of
(A) the Class D Tranche Principal Shortfall for such Tranche to (B) the sum of the Class D Tranche Principal Shortfalls for all Tranches of Class D Notes for which an Early Redemption Event or an Event of Default has not occurred. The
Nominal Liquidation Amount and the Class D Tranche Principal Shortfall of each Tranche of Class D Notes shall be reduced by the amount of such allocation. For purposes of this step (72), if the only Early Redemption Event that has occurred for a
Tranche of Class D Note is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, such Tranche shall be treated as if an Early Redemption Event has not occurred. 

(73) Reimbursement of Class C Nominal Liquidation Amount Deficit from Class C Reserve Subaccounts. For each Tranche of Class C Notes,
an amount equal to the lesser of 
  

	 	(x)	the Nominal Liquidation Amount Deficit for such Tranche after step (48) (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D) and 

 

	 	(y)	the amount on deposit (including income earned on funds on deposit) in the Class C Reserve Subaccount for such Tranche 

shall be withdrawn from the Class C Reserve Subaccount for such Tranche, deposited into the DiscoverSeries Collections Account and treated as Series Principal
Amounts (to be added to the Series Principal Amounts remaining after step (63) (Targeted Principal Deposits for Class D from Series Principal Amounts)). The Nominal Liquidation Amount for such Tranche shall be increased by the amount of
such deposit. The Cumulative Class C Reserve Reimbursement Amount after step (27) of the Subordination Waterfall (Adjustments for Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts) shall be increased by
the aggregate amount of such deposits. 
 (74) Reimbursement of Class D Nominal Liquidation Amount Deficit from Class D Reserve
Subaccounts. For each Tranche of Class D Notes, an amount equal to the lesser of 
  

	 	(x)	the Nominal Liquidation Amount Deficit for such Tranche after step (48) (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D) and 

  
 74 

	 	(y)	the amount on deposit (including income earned on funds on deposit) in the Class D Reserve Subaccount for such Tranche shall be withdrawn from the Class D Reserve Subaccount for such Tranche, deposited into the
DiscoverSeries Collections Account and treated as Series Principal Amounts (to be added to the Series Principal Amounts after step (73) (Reimbursement of Class C Nominal Liquidation Amount Deficit from Class C Reserve Subaccounts)). The
Nominal Liquidation Amount for such Tranche shall be increased by the amount of such deposit. The Cumulative Class D Reserve Reimbursement Amount after step (28) of the Subordination Waterfall (Adjustments for Targeted Deposit to Class D
Reserve Subaccounts from Series Finance Charge Amounts) shall be increased by the aggregate amount of such deposits. 

(75) Principal Payments from Receivables Sale Proceeds. If the Indenture Trustee has commenced a Receivables Sale for any Tranches of
Notes, an amount equal to the lesser of 
  

	 	(x)	the Adjusted Outstanding Dollar Principal Amount of such Tranche and 

  

	 	(y)	the Receivables Sale Proceeds received with respect to such Tranche shall be deposited into the Principal Funding Subaccount for such Tranche. 

(76) Interest Payments from Receivables Sale Proceeds. If the Indenture Trustee has commenced a Receivables Sale for any Tranche of
Notes, an amount equal to the Receivables Sale Proceeds received with respect to such Tranche remaining after step (75) (Principal Payments from Receivables Sale Proceeds), up to the amount of all accrued and unpaid interest on such
Tranche and any other amounts (other than amounts with respect to principal) due with respect to such Tranche as set forth in this Indenture Supplement or the applicable Terms Document, shall be deposited into the Interest Funding Subaccount for
such Tranche. 
 (77) Allocation of Unused Sales Proceeds. If the Indenture Trustee has commenced a Receivables Sale for any Tranche
of Notes, after final payment to such Tranche pursuant to Section 505 of the Indenture, an amount equal to the product of 
  

	 	(x)	the Receivables Sale Proceeds received with respect to such Tranche remaining after step (76) (Interest Payments from Receivables Sale Proceeds) and 

 

	 	(y)	 the Series 2007-CC Collateral Certificate Percentage shall be distributed in accordance with Section 703 of the Indenture. If and when any
Additional Collateral Certificates are added to the Note Issuance Trust, any provisions to allocate the amount set forth in 

  
 75 

	 	
clause (x) of this step (77) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(78) Allocation of Series Finance Charge Amounts. The Series Finance Charge Amounts remaining after step (58) (Other Deposits
and Payments from Series Finance Charge Amounts) shall be distributed to the Beneficiary (as defined in the Trust Agreement) in accordance with Section 4.01 of the Trust Agreement. 

(79) Reallocation of Series Principal Amounts to the DCMT Group One Principal Collections Reallocation Account. An amount equal to the
product of 
  

	 	(x)	the amount of Series Principal Amounts remaining after step (74) (Reimbursement of Class D Nominal Liquidation Amount Deficit from Class D Reserve Subaccounts) and 

 

	 	(y)	the Series 2007-CC Collateral Certificate Percentage 

 shall be paid to the Master Trust Trustee for DCMT for
deposit in the DCMT Group One Principal Collections Reallocation Account; provided, however, that such amount shall only be so paid to the extent necessary for application to cover shortfalls for other series issued by DCMT in
accordance with the series supplements to the DCMT Pooling and Servicing Agreement for such other series. The Series Principal Amounts shall be reduced by the amount of such payment. If and when any Additional Collateral Certificates are added to
the Note Issuance Trust, any provisions to allocate the amount set forth in clause (x) of this step (79) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(80) Remaining Series Principal Amounts to Collections Account for DCMT for Reinvestment in New Receivables. An amount equal to the
amount of Series Principal Amounts remaining after step (79) (Reallocation of Series Principal Amounts to the DCMT Group One Principal Collections Reallocation Account) shall be paid to the Master Trust Trustee for DCMT for deposit in the
Collections Account for DCMT and reinvestment in new receivables (or retention in such Collections Account pending availability of new receivables). If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any
provisions to allocate the amount referred to in this step (80) to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

Section 3.02. Available Subordinated Amounts and Usages. The Calculation Agent shall make the following determinations and
adjustments; provided, however, that (i) no Available Subordinated Amount or Usage of Available Subordinated Amounts for any Tranche of Notes shall be reduced below zero or increased above the applicable Required Subordinated
Amount of a Subordinated Class of Notes for such Tranche. 
 (1) Initial Calculation of Required Subordinated Amounts, Available
Subordinated Amounts and Usage. On or before each Distribution Date, the Calculation Agent shall determine each of the following: 

  
 76 

 (a) for each Tranche of Class A Notes, the Required Subordinated Amount of Class B Notes,
the Required Subordinated Amount of Class C Notes and the Required Subordinated Amount of Class D Notes, in each case after giving effect to all adjustments to the Nominal Liquidation Amount for such Tranche occurring on the prior Distribution Date
and as a result of any release of Prefunding Excess Amounts occurring subsequent to such Distribution Date but prior to the current Distribution Date; 

(b) for each Tranche of Class A Notes, the Class A Usage of Class B Notes, the Class A Usage of Class C Notes and the
Class A Usage of Class D Notes, which in each case shall be the applicable Usage as of the end of the prior Distribution Date; provided that the Class A Usage of Class B Notes, the Class A Usage of Class C Notes and the
Class A Usage of Class D Notes for the first Distribution Date for such Tranche shall be zero; 
 (c) for each Tranche of Class A
Notes, the Class A Available Subordinated Amount of Class B Notes, the Class A Available Subordinated Amount of Class C Notes and the Class A Available Subordinated Amount of Class D Notes, which in each case shall be the applicable
Required Subordinated Amount determined pursuant to clause (a) minus the applicable Usage determined pursuant to clause (b); 

(d) for each Tranche of Class B Notes, the Required Subordinated Amount of Class C Notes and the Required Subordinated Amount of Class D
Notes, in each case after giving effect to all adjustments to the Nominal Liquidation Amount for such Tranche occurring on the prior Distribution Date and as a result of any release of Prefunding Excess Amounts occurring subsequent to such
Distribution Date but prior to the current Distribution Date; 
 (e) for each Tranche of Class B Notes, the Class B Usage of Class C Notes
and the Class B Usage of Class D Notes, which in each case shall be the applicable Usage as of the end of the prior Distribution Date; provided that the Class B Usage of Class C Notes and the Class B Usage of Class D Notes for the first
Distribution Date for such Tranche shall be zero; 
 (f) for each Tranche of Class B Notes, the Class B Available Subordinated Amount of
Class C Notes and the Class B Available Subordinated Amount of Class D Notes, which in each case shall be the applicable Required Subordinated Amount determined pursuant to clause (d) minus the applicable Usage determined pursuant to
clause (e); 
 (g) for each Tranche of Class C Notes, the Required Subordinated Amount of Class D Notes after giving effect to all
adjustments to the Nominal Liquidation Amount for such Tranche occurring on the prior Distribution Date and as a result of any release of Prefunding Excess Amounts occurring subsequent to such Distribution Date but prior to the current Distribution
Date; 
 (h) for each Tranche of Class C Notes, the Class C Usage of Class D Notes, which shall be the applicable Usage as of the end of
the prior Distribution Date; provided that the Class C Usage of Class D Notes for the first Distribution Date for such Tranche shall be zero; 

  
 77 

 (i) for each Tranche of Class C Notes, the Class C Available Subordinated Amount of Class D
Notes, which shall be the applicable Required Subordinated Amount determined pursuant to clause (g) minus the applicable Usage determined pursuant to clause (h); 

(j) the Cumulative Class C Reserve Reimbursement Amount, which shall be the Cumulative Class C Reserve Reimbursement Amount as of the end of
the prior Distribution Date; provided that the Cumulative Class C Reserve Reimbursement Amount for the first Distribution Date shall be zero; and 

(k) the Cumulative Class D Reserve Reimbursement Amount, which shall be the Cumulative Class D Reserve Reimbursement Amount as of the end of
the prior Distribution Date provided that the Cumulative Class D Reserve Reimbursement Amount for the first Distribution Date shall be zero. 

(2) Adjustments for Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts. The Calculation
Agent shall make the following adjustments after giving effect to step (18) of the Cash Flows (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall decrease,
and the Class A Available Subordinated Amount of Class B Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class B Nominal Liquidation Amount Deficit reimbursed pursuant to step (18) of the Cash Flows, multiplied by 

  

	 	(B)	the Class A Usage of Class B Notes for such Tranche determined in step (1) of this Subordination Waterfall (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and
Usage), divided by 

  

	 	(C)	the Class B Nominal Liquidation Amount Deficit (before giving effect to such reimbursement pursuant to step (18) of the Cash Flows). 

(3) Adjustments for Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts. The Calculation
Agent shall make the following adjustments after giving effect to step (19) of the Cash Flows (Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts): 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall decrease,
and the Class A Available Subordinated Amount of Class C Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to step (19) of the Cash Flows, multiplied by 

  
 78 

	 	(B)	the Class A Usage of Class C Notes for such Tranche determined in step (1) of this Subordination Waterfall (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and
Usage), divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit (before giving effect to such reimbursement pursuant to step (19) of the Cash Flows). 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall decrease, and the Class B
Available Subordinated Amount of Class C Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to step (19) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Usage of Class C Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit (before giving effect to such reimbursement pursuant to step (19) of the Cash Flows). 

(4) Adjustments for Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts. The Calculation
Agent shall make the following adjustments after giving effect to step (20) of the Cash Flows (Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts): 

Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall decrease,
and the Class A Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to step (20) of the Cash Flows, multiplied by 

  

	 	(B)	the Class A Usage of Class D Notes for such Tranche determined in step (1) of this Subordination Waterfall (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and
Usage), divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit (before giving effect to such reimbursement pursuant to step (20) of the Cash Flows). 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall decrease, and the Class B
Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 

  
 79 

	 	(A)	the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to step (20) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Usage of Class D Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit (before giving effect to such reimbursement pursuant to step (20) of the Cash Flows). 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall decrease, and the Class C
Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to step (20) of the Cash Flows, multiplied by 

  

	 	(B)	the Class C Usage of Class D Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit (before giving effect to such reimbursement pursuant to step (20) of the Cash Flows). 

(5) Adjustments for Reimbursement of Class B Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts. The
Calculation Agent shall make the following adjustments after giving effect to step (25) of the Cash Flows (Reimbursement of Class B Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall decrease,
and the Class A Available Subordinated Amount of Class B Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class B Nominal Liquidation Amount Deficit reimbursed pursuant to step (25) of the Cash Flows, multiplied by 

  

	 	(B)	the Class A Usage of Class B Notes for such Tranche as adjusted in step (2) of this Subordination Waterfall (Adjustments for Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance
Charge Amounts), divided by 

  

	 	(C)	the Class B Nominal Liquidation Amount Deficit remaining after step (18) of the Cash Flows (Reimbursement of Class B Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) (before giving
effect to such reimbursement pursuant to step (25) of the Cash Flows). 

  
 80 

 (6) Adjustments for Reimbursement of Class C Nominal Liquidation Amount Deficit from
Reallocated Finance Charge Amounts. The Calculation Agent shall make the following adjustments after giving effect to step (26) of the Cash Flows (Reimbursement of Class C Nominal Liquidation Amount Deficit from Reallocated Finance
Charge Amounts): 
 Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class
C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to step (26) of the Cash Flows, multiplied by 

  

	 	(B)	the Class A Usage of Class C Notes for such Tranche after step (3) of this Subordination Waterfall (Adjustments for Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts), divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit remaining after step (19) of the Cash Flows (Reimbursement of Class C Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) (before giving
effect to such reimbursement pursuant to step (26) of the Cash Flows). 

 Class B Usage of Class C Notes. For each
Tranche of Class B Notes, the Class B Usage of Class C Notes shall decrease, and the Class B Available Subordinated Amount of Class C Notes shall increase, by an amount equal to: 

 

	 	(A)	the Class C Nominal Liquidation Amount Deficit reimbursed pursuant to step (26) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Usage of Class C Notes for such Tranche after step (3) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit remaining after step (19) of the Cash Flows (before giving effect to such reimbursement pursuant to step (26) of the Cash Flows). 

(7) Adjustments for Reimbursement of Class D Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts. The
Calculation Agent shall make the following adjustments after giving effect to step (27) of the Cash Flows (Reimbursement of Class D Nominal Liquidation Amount Deficit from Reallocated Finance Charge Amounts): 

Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall decrease,
and the Class A Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to step (27) of the Cash Flows, multiplied by 

  
 81 

	 	(B)	the Class A Usage of Class D Notes for such Tranche after step (4) of this Subordination Waterfall (Adjustments for Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge
Amounts), divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit remaining after step (20) of the Cash Flows (Reimbursement of Class D Nominal Liquidation Amount Deficit from Series Finance Charge Amounts) (before giving
effect to such reimbursement pursuant to step (27) of the Cash Flows). 

 Class B Usage of Class D Notes. For each
Tranche of Class B Notes, the Class B Usage of Class D Notes shall decrease, and the Class B Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 

 

	 	(A)	the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to step (27) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Usage of Class D Notes for such Tranche after step (4) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit remaining after step (20) of the Cash Flows (before giving effect to such reimbursement pursuant to step (27) of the Cash Flows). 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall decrease, and the Class C
Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the Class D Nominal Liquidation Amount Deficit reimbursed pursuant to step (27) of the Cash Flows, multiplied by 

  

	 	(B)	the Class C Usage of Class D Notes for such Tranche after step (4) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit remaining after step (20) of the Cash Flows (before giving effect to such reimbursement pursuant to step (27) of the Cash Flows). 

(8) Adjustments for Initial Allocation of Unreimbursed Current Charge-offs. The Calculation Agent shall make the following adjustments
after giving effect to step (28) of the Cash Flows (Unreimbursed Current Charge-offs; Initial Allocation): 
 Class A Usage of
Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 

  
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	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs allocated to all Tranches of Class D Notes pursuant to step (28) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche determined in step (1) of this Subordination Waterfall (Initial Calculation of Required Subordinated Amounts, Available
Subordinated Amounts and Usage), divided by 

  

	 	(C)	the Nominal Liquidation Amount of all Tranches of Class D Notes (before giving effect to such allocation pursuant to step (28) of the Cash Flows). 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall increase,
and the Class A Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs allocated to all Tranches of Class C Notes pursuant to step (28) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class C Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

 

	 	(C)	the Nominal Liquidation Amount of all Tranches of Class C Notes (before giving effect to such allocation pursuant to step (28) of the Cash Flows). 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall increase,
and the Class A Available Subordinated Amount of Class B Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs allocated to all Tranches of Class B Notes pursuant to step (28) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class B Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

 

	 	(C)	the Nominal Liquidation Amount of all Tranches of Class B Notes (before giving effect to such allocation pursuant to step (28) of the Cash Flows). 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall increase, and the Class B
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 

  
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	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs allocated to all Tranches of Class D Notes pursuant to step (28) of the Cash Flows, multiplied by 

 

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

 

	 	(C)	the Nominal Liquidation Amount of all Tranches of Class D Notes (before giving effect to such allocation pursuant to step (28) of the Cash Flows). 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall increase, and the Class B
Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs allocated to all Tranches of Class C Notes pursuant to step (28) of the Cash Flows, multiplied by 

 

	 	(B)	the Class B Available Subordinated Amount of Class C Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

 

	 	(C)	the Nominal Liquidation Amount of all Tranches of Class C Notes (before giving effect to such allocation pursuant to step (28) of the Cash Flows). 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs allocated to all Tranches of Class D Notes pursuant to step (28) of the Cash Flows, multiplied by 

 

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche determined in step (1) of this Subordination Waterfall, divided by 

 

	 	(C)	the Nominal Liquidation Amount of all Tranches of Class D Notes (before giving effect to such allocation pursuant to step (28) of the Cash Flows). 

(9) Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class A to Class D. The Calculation Agent shall make the
following adjustments after giving effect to step (29) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class D): 

  
 84 

 Class A Usage of Class D Notes. For each Tranche of Class A Notes, the
Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (8) of this Subordination Waterfall (Adjustments for Initial
Allocation of Unreimbursed Current Charge-offs)), by an amount equal to the aggregate amount of Unreimbursed Series Charge-offs reallocated from such Tranche to each Tranche of Class D Notes pursuant to step (29) of the Cash Flows. 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall increase, and the Class B
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero to each Tranche of Class D Notes
pursuant to step (29) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (8) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class D Notes for all Tranches of Class B Notes after step (8) of this Subordination Waterfall. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class A Notes to each Tranche of Class D Notes pursuant to step (29) of the Cash Flows, multiplied by

  

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (8) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (8) of this Subordination Waterfall. 

(10) Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class A to Class C. The Calculation Agent shall make
the following adjustments after giving effect to step (30) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class C): 

  
 85 

 Class A Usage of Class C Notes. For each Tranche of Class A Notes, the
Class A Usage of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease (each determined after giving effect to step (8) of this Subordination Waterfall (Adjustments for Initial
Allocation of Unreimbursed Current Charge-offs)), by an amount equal to the aggregate amount of Unreimbursed Series Charge-offs reallocated from such Tranche to each Tranche of Class C Notes pursuant to step (30) of the Cash Flows. 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall increase, and the Class B
Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero to each Tranche of Class C Notes pursuant to
step (30) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Available Subordinated Amount of Class C Notes for such Tranche after step (8) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class C Notes for all Tranches of Class B Notes after step (8) of this Subordination Waterfall. 

(11) Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class A to Class B. The Calculation Agent shall make
the following adjustments after giving effect to step (31) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class B): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall increase,
and the Class A Available Subordinated Amount of Class B Notes shall decrease (each determined after giving effect to step (8) of this Subordination Waterfall (Adjustments for Initial Allocation of Unreimbursed Current
Charge-offs)), by an amount equal to the aggregate amount of Unreimbursed Series Charge-offs reallocated from such Tranche to each Tranche of Class B Notes pursuant to step (31) of the Cash Flows. 

(12) Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class B to Class D. The Calculation Agent shall make the
following adjustments after giving effect to step (32) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class B to Class D): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall decrease,
and the Class A Available Subordinated Amount of Class B Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class B Notes to each Tranche of Class D Notes pursuant to step (32) of the Cash Flows, multiplied by 

  
 86 

	 	(B)	the Class A Usage of Class B Notes for such Tranche after step (11) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class A to Class B),
divided by 

  

	 	(C)	the Class B Nominal Liquidation Amount Deficit after step (31) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class A to Class B) (before giving effect to such reallocation pursuant to
step (32) of the Cash Flows). 

 Class A Usage of Class D Notes. For each Tranche of Class A Notes with
a Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to 

 

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class B Notes to each Tranche of Class D Notes pursuant to step (32) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (9) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class A
to Class D), divided by 

  

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero after step
(9) of this Subordination Waterfall. 

 Class B Usage of Class D Notes. For each Tranche of Class B Notes, the
Class B Usage of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (9) of this Subordination Waterfall), by an amount equal to the aggregate
amount of Unreimbursed Series Charge-offs reallocated from such Tranche to each Tranche of Class D Notes pursuant to step (32) of the Cash Flows. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class B Notes to each Tranche of Class D Notes pursuant to step (32) of the Cash Flows, multiplied by

  
 87 

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (9) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (9) of this Subordination Waterfall. 

(13) Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class B to Class C. The Calculation Agent shall make the
following adjustments after giving effect to step (33) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class B to Class C): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall decrease,
and the Class A Available Subordinated Amount of Class B Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class B Notes to each Tranche of Class C Notes pursuant to step (33) of the Cash Flows, multiplied by

  

	 	(B)	the Class A Usage of Class B Notes for such Tranche after step (12) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class B to Class D), divided
by 

  

	 	(C)	the Class B Nominal Liquidation Amount Deficit after step (32) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class B to Class D) (before giving effect to such reallocation pursuant
to step (33) of the Cash Flows). 

 Class A Usage of Class C Notes. For each Tranche of Class A Notes
with a Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to 

 

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class B Notes to each Tranche of Class C Notes pursuant to step (33) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class C Notes for such Tranche after step (10) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from
Class A to Class C), divided by 

  
 88 

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero after step
(10) of this Subordination Waterfall. 

 Class B Usage of Class C Notes. For each Tranche of Class B Notes, the
Class B Usage of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes shall decrease (each determined after giving effect to step (10) of this Subordination Waterfall), by an amount equal to the aggregate
amount of Unreimbursed Series Charge-offs reallocated from such Tranche to each Tranche of Class C Notes pursuant to step (33) of the Cash Flows. 

(14) Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class C to Class D. The Calculation Agent shall make the
following adjustments after giving effect to step (34) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class C to Class D): 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall decrease,
and the Class A Available Subordinated Amount of Class C Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class C Notes to each Tranche of Class D Notes pursuant to step (34) of the Cash Flows, multiplied by

  

	 	(B)	the Class A Usage of Class C Notes for such Tranche after step (13) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class B to Class C), divided
by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit after step (33) of the Cash Flows (Unreimbursed Current Charge-offs; Reallocation from Class B to Class C) (before giving effect to such reallocation pursuant
to step (34) of the Cash Flows). 

 Class A Usage of Class D Notes. For each Tranche of Class A Notes,
the Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class C Notes to each Tranche of Class D Notes pursuant to step (34) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (12) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class B to
Class D), divided by 

  
 89 

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes after step (12) of this Subordination Waterfall. 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall decrease, and the Class B
Available Subordinated Amount of Class C Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class C Notes to each Tranche of Class D Notes pursuant to step (34) of the Cash Flows, multiplied by

  

	 	(B)	the Class B Usage of Class C Notes for such Tranche after step (13) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit after step (33) of the Cash Flows (before giving effect to such reallocation pursuant to step (34) of the Cash Flows). 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall increase, and the Class B
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to 
  

	 	(A)	the aggregate amount of Unreimbursed Series Charge-offs reallocated from all Tranches of Class C Notes to each Tranche of Class D Notes pursuant to step (34) of the Cash Flows, multiplied by

  

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (12) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class D Notes for all Tranches of Class B Notes after step (12) of this Subordination Waterfall. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (12) of this Subordination Waterfall), by an amount equal to the aggregate amount of Unreimbursed Series Charge-offs reallocated from
such Tranche to each Tranche of Class D Notes pursuant to step of the Cash Flows. 

  
 90 

 (15) Adjustments for Application of Class D Principal to Class A Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step (35) of the Cash Flows (Class A Interest Allocation Shortfall from Class D Principal): 

Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall increase,
and the Class A Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (14) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class
C to Class D)), by an amount equal to the portion of the Class D Principal Allocation applied to the Class A Tranche Interest Allocation Shortfall for such Tranche pursuant to step of the Cash Flows. 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall increase, and the Class B
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Class D Principal Allocation applied to the Class A Tranche Interest Allocation Shortfall for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes
greater than zero pursuant to step (35) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (14) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class D Notes for all Tranches of Class B Notes after step (14) of this Subordination Waterfall. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Class D Principal Allocation applied to the Class A Tranche Interest Allocation Shortfall for all Tranches of Class A Notes pursuant to step (35) of the Cash Flows,
multiplied by 

  

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (14) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (14) of this Subordination Waterfall. 

  
 91 

 (16) Adjustments for Application of Class C Principal to Class A Interest Allocation
Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step (36) of the Cash Flows (Class A Interest Allocation Shortfall from Class C Principal): 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall increase,
and the Class A Available Subordinated Amount of Class C Notes shall decrease (each determined after giving effect to step (14) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class
C to Class D)), by an amount equal to the portion of the Class C Principal Allocation applied to the Class A Tranche Interest Allocation Shortfall for such Tranche pursuant to step (36) of the Cash Flows. 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall increase, and the Class B
Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Class C Principal Allocation applied to the Class A Tranche Interest Allocation Shortfall for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes
greater than zero pursuant to step (36) of the Cash Flows, multiplied by 

  

	 	(B)	the Class B Available Subordinated Amount of Class C Notes for such Tranche after step (14) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class C Notes for all Tranches of Class B Notes after step (14) of this Subordination Waterfall. 

(17) Adjustments for Application of Class B Principal to Class A Interest Allocation Shortfall. The Calculation Agent shall make
the following adjustments after giving effect to step (37) of the Cash Flows (Class A Interest Allocation Shortfall from Class B Principal): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall increase,
and the Class A Available Subordinated Amount of Class B Notes shall decrease (each determined after giving effect to step (13) of this Subordination Waterfall (Adjustments for Reallocation of Unreimbursed Current Charge-offs from Class
B to Class C)), by an amount equal to the portion of the Class B Principal Allocation applied to the Class A Tranche Interest Allocation Shortfall for such Tranche pursuant to step (37) of the Cash Flows. 

(18) Adjustments for Application of Class D Principal to Class B Interest Allocation Shortfall. The Calculation Agent shall make the
following adjustments after giving effect to step (38) of the Cash Flows (Class B Interest Allocation Shortfall from Class D Principal): 

  
 92 

 Class A Usage of Class D Notes. For each Tranche of Class A Notes with a
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 

 

	 	(A)	the aggregate amount of the Class D Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for all Tranches of Class B Notes pursuant to step (38) of the Cash Flows, multiplied by

  

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (15) of this Subordination Waterfall (Adjustments for Application of Class D Principal to Class A Interest
Allocation Shortfall), divided by 

  

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero after step
(15) of this Subordination Waterfall. 

 Class B Usage of Class D Notes. For each Tranche of Class B Notes, the
Class B Usage of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (15) of this Subordination Waterfall), by an amount equal to the portion
of the Class D Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for such Tranche pursuant to step (38) of the Cash Flows. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Class D Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for all Tranches of Class B Notes pursuant to step (38) of the Cash Flows, multiplied by

  

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (15) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (15) of this Subordination Waterfall. 

(19) Adjustments for Application of Class C Principal to Class B Interest Allocation Shortfall. The Calculation Agent shall make the
following adjustments after giving effect to step (39) of the Cash Flows (Class B Interest Allocation Shortfall from Class C Principal): 

  
 93 

 Class A Usage of Class C Notes. For each Tranche of Class A Notes with a
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 

 

	 	(A)	the aggregate amount of the Class C Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for all Tranches of Class B Notes pursuant to step (39) of the Cash Flows, multiplied by

  

	 	(B)	the Class A Available Subordinated Amount of Class C Notes for such Tranche after step (16) of this Subordination Waterfall (Adjustments for Application of Class C Principal to Class A Interest
Allocation Shortfall), divided by 

  

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero after step
(16) of this Subordination Waterfall. 

 Class B Usage of Class C Notes. For each Tranche of Class B Notes, the
Class B Usage of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes shall decrease (each determined after giving effect to step (16) of this Subordination Waterfall), by an amount equal to the portion
of the Class C Principal Allocation applied to the Class B Tranche Interest Allocation Shortfall for such Tranche pursuant to step (39) of the Cash Flows. 

(20) Adjustments for Application of Class D Principal to Class C Interest Allocation Shortfall. The Calculation Agent shall make the
following adjustments after giving effect to step (40) of the Cash Flows (Class C Interest Allocation Shortfall from Class D Principal): 

Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall increase,
and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Class D Principal Allocation applied to the Class C Tranche Interest Allocation Shortfall for all Tranches of Class C Notes pursuant to step (40) of the Cash Flows, multiplied by

  

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (18) of this Subordination Waterfall (Adjustments for Application of Class D Principal to Class B Interest Allocation
Shortfall), divided by 

  
 94 

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes after step (18) of this Subordination Waterfall. 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall each increase, and the
Class B Available Subordinated Amount of Class D Notes shall each decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Class D Principal Allocation applied to the Class C Tranche Interest Allocation Shortfall for all Tranches of Class C Notes pursuant to step (40) of the Cash Flows, multiplied by

  

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (18) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class D Notes for all Tranches of Class B Notes after step (18) of this Subordination Waterfall. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D shall decrease (each determined after giving effect to step (18) of this Subordination Waterfall), by an amount equal to the portion of the Class D Principal Allocation applied to the Class C Tranche
Interest Allocation Shortfall for such Tranche pursuant to step (40) of the Cash Flows. 
 (21) Adjustments for Application of Class
D Principal to Series Servicing Fee Shortfall. The Calculation Agent shall make the following adjustments after giving effect to step (41) of the Cash Flows (Series Servicing Fee Shortfall from Class D Principal): 

Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall increase,
and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the amount of Class D Principal Allocation applied to the Series Servicing Fee Shortfall pursuant to step (41) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (20) of this Subordination Waterfall (Adjustments for Application of Class D Principal to Class C Interest Allocation
Shortfall), divided by 

  

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes after step (20) of this Subordination Waterfall. 

  
 95 

 Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of
Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the amount of Class D Principal Allocation applied to the Series Servicing Fee Shortfall pursuant to step (41) of the Cash Flows, multiplied by 

 

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (20) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class D Notes for all Tranches of Class B Notes after step (20) of this Subordination Waterfall. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the amount of Class D Principal Allocation applied to the Series Servicing Fee Shortfall pursuant to step (41) of the Cash Flows, multiplied by 

 

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (20) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (20) of this Subordination Waterfall. 

(22) Adjustments for Application of Class C Principal to Series Servicing Fee Shortfall. The Calculation Agent shall make the following
adjustments after giving effect to step (42) of the Cash Flows (Series Servicing Fee Shortfall from Class C Principal): 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall increase,
and the Class A Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 
  

	 	(A)	the amount of Class C Principal Allocation applied to the Series Servicing Fee Shortfall pursuant to step (42) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class C Notes for such Tranche after step (19) of this Subordination Waterfall (Adjustments for Application of Class C Principal to Class B Interest Allocation
Shortfall), divided by 

  
 96 

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes after step (19) of this Subordination Waterfall. 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall increase, and the Class B
Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 
  

	 	(A)	the amount of Class C Principal Allocation applied to the Series Servicing Fee Shortfall pursuant to step (42) of the Cash Flows, multiplied by 

 

	 	(B)	the Class B Available Subordinated Amount of Class C Notes for such Tranche after step (19) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class C Notes for all Tranches of Class B Notes after step (19) of this Subordination Waterfall. 

(23) Adjustments for Application of Class B Principal to Series Servicing Fee Shortfall. The Calculation Agent shall make the following
adjustments after giving effect to step (43) of the Cash Flows (Series Servicing Fee Shortfall from Class B Principal): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall increase,
and the Class A Available Subordinated Amount of Class B Notes shall decrease, by an amount equal to: 
  

	 	(A)	the amount of Class B Principal Allocation applied to the Series Servicing Fee Shortfall pursuant to step (43) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class B Notes for such Tranche after step (17) of this Subordination Waterfall (Adjustments for Application of Class B Principal to Class A Interest
Allocation Shortfall), divided by 

  

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class B Notes for all Tranches of Class A Notes after step (17) of this Subordination Waterfall. 

(24) Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to Class D. The Calculation Agent shall make the
following adjustments after giving effect to step (46) of the Cash Flows (Reallocation of Class B Nominal Liquidation Amount Deficit to Class D): 

  
 97 

 Class A Usage of Class B Notes. For each Tranche of Class A Notes, the
Class A Usage of Class B Notes shall decrease, and the Class A Available Subordinated Amount of Class B Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class B Notes reallocated to the Class D Notes pursuant to step (46) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Usage of Class B Notes for such Tranche after step (23) of this Subordination Waterfall (Adjustments for Application of Class B Principal to Series Servicing Fee Shortfall), divided
by 

  

	 	(C)	the Class B Nominal Liquidation Amount Deficit after step (43) of the Cash Flows (Series Servicing Fee Shortfall from Class B Principal) (before giving effect to such reallocation pursuant to step
(46) of the Cash Flows). 

 Class A Usage of Class D Notes. For each Tranche of Class A Notes with a
Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 

 

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class B Notes reallocated to the Class D Notes pursuant to step (46) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (21) of this Subordination Waterfall (Adjustments for Application of Class D Principal to Series Servicing Fee
Shortfall), divided by 

  

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero after step
(21) of this Subordination Waterfall. 

 Class B Usage of Class D Notes. For each Tranche of Class B Notes, the
Class B Usage of Class D Notes shall increase, and the Class B Available Subordinated Amount of Class D Notes shall decrease (each determined after giving effect to step (21) of this Subordination Waterfall), by an amount equal to the Nominal
Liquidation Amount Deficit for such Tranche reallocated from such Tranche to each Tranche of Class D Notes pursuant to step (46) of the Cash Flows. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 

  
 98 

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class B Notes reallocated to the Class D Notes pursuant to step (46) of the Cash Flows, multiplied by 

 

	 	(B)	the Class C Available Subordinated Amount of Class D Notes for such Tranche after step (21) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class C Available Subordinated Amount of Class D Notes for all Tranches of Class C Notes after step (21) of this Subordination Waterfall. 

(25) Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to Class C. The Calculation Agent shall make the
following adjustments after giving effect to step (47) of the Cash Flows (Reallocation of Class B Nominal Liquidation Amount Deficit to Class C): 

Class A Usage of Class B Notes. For each Tranche of Class A Notes, the Class A Usage of Class B Notes shall decrease,
and the Class A Available Subordinated Amount of Class B Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class B Notes reallocated to the Class C Notes pursuant to step (47) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Usage of Class B Notes for such Tranche after step (24) of this Subordination Waterfall (Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to Class D), divided
by 

  

	 	(C)	the Class B Nominal Liquidation Amount Deficit after step (46) of the Cash Flows (Reallocation of Class B Nominal Liquidation Amount Deficit to Class D) (before giving effect to such reallocation pursuant to
step (47) of the Cash Flows). 

 Class A Usage of Class C Notes. For each Tranche of Class A Notes with
a Required Subordinated Amount of Class B Notes greater than zero, the Class A Usage of Class C Notes shall increase, and the Class A Available Subordinated Amount of Class C Notes shall decrease, by an amount equal to: 

 

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class B Notes reallocated to the Class C Notes pursuant to step (47) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class C Notes for such Tranche after step (22) of this Subordination Waterfall (Adjustments for Application of Class C Principal to Series Servicing Fee
Shortfall), divided by 

  
 99 

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class C Notes for all Tranches of Class A Notes with a Required Subordinated Amount of Class B Notes greater than zero after step
(22) of this Subordination Waterfall. 

 Class B Usage of Class C Notes. For each Tranche of Class B Notes, the
Class B Usage of Class C Notes shall increase, and the Class B Available Subordinated Amount of Class C Notes shall decrease (each determined after giving effect to step (22) of this Subordination Waterfall)), by an amount equal to the Nominal
Liquidation Amount Deficit for such Tranche reallocated from such Tranche to each Tranche of Class C Notes pursuant to step (47) of the Cash Flows. 

(26) Adjustments for Reallocation of Class C Nominal Liquidation Amount Deficit to Class D. The Calculation Agent shall make the
following adjustments after giving effect to step (48) of the Cash Flows (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D): 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall decrease,
and the Class A Available Subordinated Amount of Class C Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class C Notes reallocated to the Class D Notes pursuant to step (48) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Usage of Class C Notes for such Tranche after step (25) of this Subordination Waterfall (Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to Class C), divided
by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit after step (47) of the Cash Flows (Reallocation of Class B Nominal Liquidation Amount Deficit to Class C) (before giving effect to such reallocation pursuant to
step (48) of the Cash Flows). 

 Class A Usage of Class D Notes. For each Tranche of Class A Notes, the
Class A Usage of Class D Notes shall increase, and the Class A Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class C Notes reallocated to the Class D Notes pursuant to step (48) of the Cash Flows, multiplied by 

 

	 	(B)	the Class A Available Subordinated Amount of Class D Notes for such Tranche after step (24) of this Subordination Waterfall (Adjustments for Reallocation of Class B Nominal Liquidation Amount Deficit to
Class D), divided by 

  
 100 

	 	(C)	the aggregate amount of the Class A Available Subordinated Amount of Class D Notes for all Tranches of Class A Notes after step (24) of this Subordination Waterfall. 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall decrease, and the Class B
Available Subordinated Amount of Class C Notes shall increase, by an amount equal to 
  

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class C Notes reallocated to the Class D Notes pursuant to step (48) of the Cash Flows, multiplied by 

 

	 	(B)	the Class B Usage of Class C Notes for such Tranche after step (25) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit after step (47) of the Cash Flows (before giving effect to such reallocation pursuant to step (48) of the Cash Flows). 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall increase, and the Class B
Available Subordinated Amount of Class D Notes shall decrease, by an amount equal to: 
  

	 	(A)	the aggregate amount of the Nominal Liquidation Amount Deficits for all Tranches of Class C Notes reallocated to the Class D Notes pursuant to step (48) of the Cash Flows, multiplied by 

 

	 	(B)	the Class B Available Subordinated Amount of Class D Notes for such Tranche after step (24) of this Subordination Waterfall, divided by 

 

	 	(C)	the aggregate amount of the Class B Available Subordinated Amount of Class D Notes for all Tranches of Class B Notes after step (24) of this Subordination Waterfall. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall increase, and the Class C
Available Subordinated Amount of Class D shall decrease (each determined after giving effect to step (24) of this Subordination Waterfall), by an amount equal to the Nominal Liquidation Amount Deficit for such Tranche reallocated from such
Tranche to each Tranche of Class D Notes pursuant to step (48) of the Cash Flows. 
 (27) Adjustments for Targeted Deposit to Class
C Reserve Subaccounts from Series Finance Charge Amounts and Reallocated Finance Charge Amounts. The Calculation Agent shall make the following adjustments after giving effect to steps (53) and (53C) of the Cash Flows (Targeted Deposit
to Class C Reserve Subaccounts from Series Finance Charge Amounts and Targeted Deposit to Class C Reserve Subaccounts from Reallocated Finance Charge Amounts): 

  
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 Class A Usage of Class C Notes. For each Tranche of Class A Notes, the
Class A Usage of Class C Notes shall decrease, and the Class A Available Subordinated Amount of Class C Notes shall increase, by an amount equal to: 
  

	 	(A)	the lesser of 

  

	 	(i)	the aggregate Series Finance Charge Amounts and Reallocated Finance Charge Amounts deposited into the Class C Reserve Account pursuant to steps (53) and (53C) of the Cash Flows and 

 

	 	(ii)	the Cumulative Class C Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and Usage),

 multiplied by 
  

	 	(B)	the Class A Usage of Class C Notes for such Tranche after step (26) of this Subordination Waterfall (Adjustments for Reallocation of Class C Nominal Liquidation Amount Deficit to Class D), divided
by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit after step (48) of the Cash Flows (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D). 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall decrease, and the Class B
Available Subordinated Amount of Class C Notes shall increase, by an amount equal to: 
  

	 	(A)	the lesser of 

  

	 	(i)	the aggregate Series Finance Charge Amounts and Reallocated Finance Charge Amounts deposited into the Class C Reserve Account pursuant to steps (53) and (53C) of the Cash Flows and 

 

	 	(ii)	the Cumulative Class C Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall, 

multiplied by 
  

	 	(B)	the Class B Usage of Class C Notes for such Tranche after step (26) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class C Nominal Liquidation Amount Deficit after step (48) of the Cash Flows. 

  
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 Cumulative Class C Reserve Reimbursement Amount. The Cumulative Class C Reserve
Reimbursement Amount shall decrease by an amount equal to the lesser of: 
  

	 	(A)	the aggregate Series Finance Charge Amounts and Reallocated Finance Charge Amounts deposited into the Class C Reserve Account pursuant to steps (53) and (53C) of the Cash Flows and 

 

	 	(B)	the Cumulative Class C Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall. 

(28) Adjustments for Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge Amounts. The Calculation Agent shall
make the following adjustments after giving effect to step (54) of the Cash Flows (Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge Amounts): 

Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D Notes shall decrease,
and the Class A Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the lesser of 

  

	 	(i)	the aggregate Series Finance Charge Amounts deposited into the Class D Reserve Account pursuant to step (54) of the Cash Flows and 

 

	 	(ii)	the Cumulative Class D Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall (Initial Calculation of Required Subordinated Amounts, Available Subordinated Amounts and Usage),
multiplied by 

  

	 	(B)	the Class A Usage of Class D Notes for such Tranche after step (26) of this Subordination Waterfall (Adjustments for Reallocation of Class C Nominal Liquidation Amount Deficit to Class D), divided
by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit after step (48) of the Cash Flows (Reallocation of Class C Nominal Liquidation Amount Deficit to Class D). 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall decrease, and the Class B
Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the lesser of 

  
 103 

	 	(i)	the aggregate Series Finance Charge Amounts deposited into the Class D Reserve Account pursuant to step (54) of the Cash Flows and 

 

	 	(ii)	the Cumulative Class D Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall, 

multiplied by 
  

	 	(B)	the Class B Usage of Class D Notes for such Tranche after step (26) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit after step (48) of the Cash Flows. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall decrease, and the Class C
Available Subordinated Amount of Class D Notes shall increase, by an amount equal to: 
  

	 	(A)	the lesser of 

  

	 	(i)	the aggregate Series Finance Charge Amounts deposited into the Class D Reserve Account pursuant to step (54) of the Cash Flows and 

 

	 	(ii)	the Cumulative Class D Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall, 

multiplied by 
  

	 	(B)	the Class C Usage of Class D Notes for such Tranche after step (26) of this Subordination Waterfall, divided by 

  

	 	(C)	the Class D Nominal Liquidation Amount Deficit after step (48) of the Cash Flows. 

Cumulative Class D Reserve Reimbursement Amount. The Cumulative Class D Reserve Reimbursement Amount shall decrease by an amount equal
to the lesser of: 
  

	 	(A)	the aggregate Series Finance Charge Amounts deposited into the Class D Reserve Account pursuant to step (54) of the Cash Flows and 

 

	 	(B)	the Cumulative Class D Reserve Reimbursement Amount determined in step (1) of this Subordination Waterfall. 

  
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 (29) Adjustments of Usage of Class C Notes. Notwithstanding any provision of this
Section 3.02 to the contrary, the Calculation Agent shall make the following adjustments if (A) the Class C Nominal Liquidation Amount Deficit is zero and (B) either (i) the Cumulative Class C Reserve Reimbursement Amount is zero
after giving effect to step (27) of this Subordination Waterfall (Adjustments for Targeted Deposit to Class C Reserve Subaccounts from Series Finance Charge Amounts) or (ii) for all Tranches of Class C Notes, the amount on deposit
(including income earned on funds on deposit) in the Class C Reserve Subaccount for such Tranche is at least equal to the Targeted Cumulative Class C Reserve Deposit for such Tranche: 

Class A Usage of Class C Notes. For each Tranche of Class A Notes, the Class A Usage of Class C Notes shall be zero and
the Class A Available Subordinated Amount of Class C Notes shall be equal to the Required Subordinated Amount of Class C Notes for such Tranche. 

Class B Usage of Class C Notes. For each Tranche of Class B Notes, the Class B Usage of Class C Notes shall be zero and the Class B
Available Subordinated Amount of Class C Notes shall be equal to the Required Subordinated Amount of Class C Notes for such Tranche. 
 (30)
Adjustments of Usage of Class D Notes. Notwithstanding any provision of this Section 3.02 to the contrary, the Calculation Agent shall make the following adjustments if (A) the Class D Nominal Liquidation Amount Deficit is zero and
(B) either (i) the Cumulative Class D Reserve Reimbursement Amount is zero after giving effect to step (28) of this Subordination Waterfall (Adjustments for Targeted Deposit to Class D Reserve Subaccounts from Series Finance Charge
Amounts) or (ii) for all Tranches of Class D Notes, the amount on deposit (including income earned on funds on deposit) in the Class D Reserve Subaccount for such Tranche is at least equal to the Targeted Cumulative Class D Reserve Deposit
for such Tranche: 
 Class A Usage of Class D Notes. For each Tranche of Class A Notes, the Class A Usage of Class D
Notes shall be zero and the Class A Available Subordinated Amount of Class D Notes shall be equal to the Required Subordinated Amount of Class D Notes for such Tranche. 

Class B Usage of Class D Notes. For each Tranche of Class B Notes, the Class B Usage of Class D Notes shall be zero and the Class B
Available Subordinated Amount of Class D Notes shall be equal to the Required Subordinated Amount of Class D Notes for such Tranche. 

Class C Usage of Class D Notes. For each Tranche of Class C Notes, the Class C Usage of Class D Notes shall be zero and the Class C
Available Subordinated Amount of Class D Notes shall be equal to the Required Subordinated Amount of Class D Notes for such Tranche. 

Section 3.03. Derivative Receipts. 

(a) Unless otherwise provided in the applicable Terms Document, any amounts that are received from the Derivative Counterparty with respect to
any interest rate swap or interest rate cap, or that otherwise relate to interest on a Tranche of Notes under any Derivative Agreement shall be deposited into the Interest Funding Subaccount for such Tranche. 

(b) Unless otherwise provided in the applicable Terms Document, any amounts that are received from the Derivative Counterparty with respect to
principal of a Tranche of Notes under any Derivative Agreement shall be deposited into the Principal Funding Subaccount for such Tranche. 

  
 105 

 (c) Amounts received under any Derivative Agreement with respect to any Tranche in a currency
other than U.S. Dollars, and any other amounts that are excluded from clauses (a) and (b) under the applicable Terms Document for such Tranche, shall be paid or deposited as specified in such Terms Document. 

Section 3.04. Withdrawals from Interest Funding Subaccounts. The Indenture Trustee shall, after all allocations pursuant to
Section 3.01, withdraw funds from the Interest Funding Subaccount for each Tranche of Notes, and convert and remit such funds, as applicable, as set forth below. In no event will the aggregate amount of the withdrawals from an Interest
Funding Subaccount for any month be more than the amount on deposit in the applicable Interest Funding Subaccount. A single Tranche of Notes may be entitled to more than one of the following withdrawals in any month. 

(1) Withdrawals for Dollar Notes. On each Interest Payment Date (or as otherwise specified in the applicable Terms Document) with
respect to each Tranche of Dollar Notes, an amount equal to the interest due on the applicable Tranche of Notes on such Interest Payment Date (including any amount due with respect to an Interest Allocation Shortfall) will be withdrawn from the
Interest Funding Subaccount for such Tranche and remitted to the applicable Paying Agent(s) or as otherwise provided in the applicable Terms Document. 

(2) Withdrawals for Payments to Derivative Counterparties. On each date on which a payment is required to be made to the Derivative
Counterparty under the applicable Derivative Agreement (or as otherwise specified in the applicable Terms Document) with respect to any Tranche of Notes that has a Performing Derivative Agreement for interest (or any other Tranche of Notes specified
in the applicable Terms Document), an amount equal to the amount of the payment to be made to the Derivative Counterparty under the applicable Derivative Agreement (including any overdue payment and any additional interest on overdue payments) will
be withdrawn from the Interest Funding Subaccount for such Tranche and paid to the applicable Derivative Counterparty or as otherwise provided in the applicable Terms Document. 

(3) Withdrawals for Foreign Currency Notes with a non-Performing Derivative Agreement for Interest. On each Interest Payment Date (or
as otherwise specified in the applicable Terms Document) with respect to each Tranche of Foreign Currency Notes that has a non-Performing Derivative Agreement for interest, the amount specified in the applicable Terms Document will be withdrawn from
the Interest Funding Subaccount for such Tranche and, if so specified in the applicable Terms Document, converted to the applicable foreign currency at the spot exchange rate determined in accordance with the applicable Terms Document and remitted
to the applicable Paying Agent(s) or as otherwise provided in the applicable Terms Document. 
 (4) Withdrawals for Discount Notes.
Unless otherwise specified in the applicable Terms Document, on each applicable Monthly Principal Accretion Date, with respect to each Tranche of Discount Notes, an amount equal to the amount of the accretion of principal of that Tranche of Notes
from and including the prior Monthly Principal Accretion Date to but 

  
 106 

 
excluding the applicable Monthly Principal Accretion Date will be withdrawn from the Interest Funding Subaccount for such Tranche. Such amount shall be paid to the Master Trust Trustee for DCMT
for deposit in the Collections Account for DCMT for reinvestment in new receivables (or retention in such Collections Account pending availability of new receivables) or, on the Expected Maturity Date for such Tranche, paid to the Noteholders of
such Tranche in respect of the Stated Principal Amount. If and when any Additional Collateral Certificates are added to the Note Issuance Trust, any provisions to allocate such amount to such Additional Collateral Certificates shall be specified in
the documents relating to such addition. 
 (5) Excess Amounts. After payment in full of any Tranche of Notes, including payment of
all amounts payable pursuant to clauses (1) through (4) of this Section 3.04, as applicable, any amounts remaining on deposit in the applicable Interest Funding Subaccount will be withdrawn from such Interest Funding Subaccount
and the aggregate amount of such withdrawals shall be distributed to the Beneficiary (as defined in the Trust Agreement) in accordance with Section 4.01 of the Trust Agreement. 

Section 3.05. Withdrawals from Principal Funding Subaccounts. The Indenture Trustee shall, after all allocations pursuant to
Section 3.01, withdraw funds from the Principal Funding Subaccount of each Tranche of Notes, and convert and remit such funds, as applicable, as set forth below. In no event will the aggregate amount of the withdrawals from a Principal
Funding Subaccount for any month be more than the amount on deposit in the applicable Principal Funding Subaccount. A single Tranche may be entitled to more than one of the following withdrawals in any month. 

(1) Withdrawals for Dollar Notes for Principal. On each applicable Principal Payment Date (or as otherwise specified in the applicable
Terms Document) with respect to each Tranche of Dollar Notes for principal, an amount equal to the principal due on such Tranche of Notes on such Principal Payment Date will be withdrawn from the Principal Funding Subaccount for such Tranche and
remitted to the applicable Paying Agent(s) or as otherwise provided by the applicable Terms Document. 
 (2) Withdrawals for Payments to
Derivative Counterparties. On each date on which a payment is required to be made to the applicable Derivative Counterparty under the applicable Derivative Agreement (or as otherwise specified in the applicable Terms Document) with respect to
any Tranche of Notes that has a Performing Derivative Agreement for principal (or any other Tranche of Notes specified in the applicable Terms Document), an amount equal to the amount of the payment to be made under the applicable Derivative
Agreement will be withdrawn from the Principal Funding Subaccount for such Tranche and paid to the applicable Derivative Counterparty or as otherwise provided by the applicable Terms Document. 

(3) Withdrawals for Foreign Currency Notes with non-Performing Derivative Agreements for Principal. On each applicable Principal
Payment Date (or as otherwise specified in the applicable Terms Document) with respect to a Tranche of Foreign Currency Notes that has a non-Performing Derivative Agreement for principal, the amount specified in the applicable Terms Document will be
withdrawn from the Principal Funding Subaccount for such Tranche and, if so specified in the applicable Terms Document, converted to the applicable foreign currency at the spot exchange rate determined in accordance with the applicable Terms
Document and remitted to the applicable Paying Agent(s) or as otherwise provided by the applicable Terms Document. 

  
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 (4) Withdrawal of Prefunding Excess Amount. The Prefunding Excess Amount for each Tranche
of Notes shall be withdrawn from the Principal Funding Subaccount for such Tranche and deposited into the DiscoverSeries Collections Account as set forth in step (59) of the Cash Flows (Withdrawal of Prefunding Excess Amounts for use as
Series Principal Amounts); provided, however, that any such withdrawal made on the date of issuance of any Tranche of Class B, Class C or Class D Notes, if such date is not a Distribution Date, shall be paid to the Master Trust
Trustee for DCMT for deposit in the Collections Account for DCMT for reinvestment in new receivables (or retention in such Collections Account pending availability of new receivables). If and when any Additional Collateral Certificates are added to
the Note Issuance Trust, any provisions to allocate such amount to such Additional Collateral Certificates shall be specified in the documents relating to such addition. 

(5) Excess Amounts. After payment in full of any Tranche of Notes pursuant to clauses (1) through (4) of this
Section 3.05, as applicable, any amounts remaining on deposit in the applicable Principal Funding Subaccount will be withdrawn from such Principal Funding Subaccount and the aggregate amount of such withdrawals shall be distributed to
the Beneficiary (as defined in the Trust Agreement) in accordance with Section 4.01 of the Trust Agreement. 
 Section 3.06.
Payments on Foreign Currency Notes. Except as set forth in Sections 3.04 and 3.05 above, (i) any funds received under any Derivative Agreement for any Foreign Currency Notes shall be deposited into the account specified in
the applicable Terms Document and (ii) any payments of interest, principal or other amounts due on Foreign Currency Notes shall be made in the manner and from the accounts specified in the applicable Terms Document. 

ARTICLE IV 
 EARLY
REDEMPTION EVENTS AND OTHER PROVISIONS RELATING TO SPECIAL ALLOCATIONS OF PRINCIPAL 
 Section 4.01. Early Redemption
Events. 
 (a) In addition to the events identified as Early Redemption Events in Section 1201 of the Indenture, each of the
following events will be an “Early Redemption Event” with respect to the DiscoverSeries Notes: 
 (i) if for any Distribution
Date, (x) the average of the Excess Spread Amounts for the three consecutive Distribution Dates ending on and including such Distribution Date is less than the Required Excess Spread Amount for such Distribution Dates, (y) for so long as
the Series 2007-CC Collateral Certificate is the only Collateral Certificate owned by the Issuer, the three month rolling average Group Excess Spread is less than zero and (z) for so long as the Series 2007-CC Collateral Certificate is the only
Collateral Certificate owned by the Issuer and any series issued by DCMT is outstanding that is not designated as an Interchange Series in accordance with the DCMT Pooling and Servicing Agreement and the series supplement for such series, the three
month rolling average Interchange Subgroup Excess Spread is less than zero (as each such term is defined in the Series 2007-CC Supplement) (such event, an “Excess Spread Early Redemption Event”); 

  
 108 

 (ii) if any Amortization Event with respect to the Series 2007-CC Collateral Certificate has
occurred; 
 (iii) if any Trust Portfolio Repurchase Event has occurred with respect to DCMT and Discover Funding LLC is required to
repurchase Principal Receivables (as defined in the DCMT Pooling and Servicing Agreement) as a result thereof; 
 (iv) if any Series
Repurchase Event has occurred with respect to the Series 2007-CC Collateral Certificate and Discover Funding LLC is required to repurchase the Series 2007-CC Collateral Certificate as a result thereof; or 

(v) if the applicable Note Rating Agencies so require upon the addition of any Collateral Certificate (other than the Series 2007-CC
Collateral Certificate) to the Note Issuance Trust, the occurrence of an Amortization Event, Trust Portfolio Repurchase Event, Series Repurchase Event or any comparable event, however designated, with respect to any Additional Collateral
Certificate. 
 Notwithstanding the foregoing, no event set forth in subclause (ii), (iii), (iv) or (v) shall be an Early Redemption Event if at
the time of such event, the Note Issuance Trust owns one or more Additional Collateral Certificates and is able to reinvest all amounts received as a result of such event in such Additional Collateral Certificates (or, if such event occurs with
respect to such Additional Collateral Certificates, the Note Issuance Trust is able to reinvest all such amounts in the Series 2007-CC Collateral Certificate or other Additional Collateral Certificates). 

(b) In addition, the Terms Document for any Tranche of Notes may list additional events which are “Early Redemption Events”
with respect to such Tranche. 
 (c) If, for any Distribution Date within three months following an Excess Spread Early Redemption Event,
(x) the Excess Spread Amount multiplied by 12 as a percentage of the Nominal Liquidation Amount for all DiscoverSeries Notes is not less than 4.50%, (y) for so long as the Series 2007-CC Collateral Certificate is the only Collateral
Certificate owned by the Issuer, the Group Excess Spread multiplied by 12 as a percentage of the Aggregate Investor Interest is not less than 4.50%, or (z) for so long as the Series 2007-CC Collateral Certificate is the only Collateral
Certificate owned by the Issuer and any DCMT series that is not an Interchange Series is outstanding, the Interchange Subgroup Excess Spread multiplied by 12 as a percentage of the Series Investor Interests for all Interchange Series is not
less than 4.50% (any event described in clause (x), (y) or (z), an “Excess Spread Early Redemption Cure”), then unless another Early Redemption Event or Event of Default has occurred (other than an Excess Spread Early
Redemption Event), the early redemption of the Notes shall cease (provided that any amounts allocated to any principal funding subaccount on such Distribution Date in connection with any Excess Spread Early Redemption Event occurring or in
effect on the prior Distribution Date shall be paid to Noteholders notwithstanding such Excess Spread Early Redemption Cure), any amounts held with respect to the Required Daily Deposit as a result of such Excess Spread Early Redemption Event may be
immediately released to the extent contemplated in the final 

  
 109 

 
paragraph of the definition thereof, the Targeted Principal Deposit for each Tranche shall no longer be determined pursuant to clause (c) of the definition thereof, and principal shall not
be paid on any Distribution Date that was not a scheduled Principal Payment Date for such Tranche as set forth in the applicable Terms Document; provided, however, that if, 

(i) for any Distribution Date within the three months immediately after such Excess Spread Early Redemption Cure has occurred, the conditions
establishing the original Excess Spread Early Redemption Event continue to exist (i.e., the Excess Spread Amount, Group Excess Spread and Interchange Subgroup Excess Spread on a three-month rolling average basis each continue to be less than zero),
then unless any condition set forth in any of clauses (x), (y) or (z) above is satisfied for such Distribution Date (i.e., any of the Excess Spread Amount, Group Excess Spread or Interchange Subgroup Excess Spread on a one-month basis, as
applicable, multiplied by 12 and as a percentage of the Nominal Liquidation Amount for all DiscoverSeries Notes or the Aggregate Investor Interest, as applicable, is not less than 4.50%), or 

(ii) for any Distribution Date within the three months immediately after such Excess Spread Early Redemption Cure has occurred, each of the
Excess Spread Amount, the Group Excess Spread and the Interchange Subgroup Excess Spread, as applicable, is less than zero the early redemption of the Notes shall resume and all allocations or calculations that are required to be based on the
Nominal Liquidation Amount of any Tranche immediately prior to the occurrence of an Early Redemption Event will be made as though the original Excess Spread Early Redemption Event had occurred and such Excess Spread Early Redemption Cure had not
occurred. An Excess Spread Early Redemption Cure shall not be permitted within twelve months of a prior Excess Spread Early Redemption Cure. 

Following an Excess Spread Early Redemption Cure, the Accumulation Amount for each Tranche of Notes shall be adjusted by the Calculation Agent
to give effect to any payments made in connection with the early redemption of the Notes prior to such Excess Spread Early Redemption Cure. 

Notwithstanding the foregoing, an Excess Spread Early Redemption Cure shall only occur if the Calculation Agent certifies in good faith that
the Excess Spread Early Redemption Event for a Tranche of Notes has occurred as a result of the introduction of or any change in or in the interpretation or application of any law or regulation, or the imposition of any guideline or request from any
central bank or other Governmental Authority (including, without limitation, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government), accounting standards board or any comparable
entity. The Issuer may change any of the percentages set forth in clauses (x), (y) or (z) (or the proviso in the first paragraph) of this clause (c) without the consent of any Noteholders at any time that any of the Excess Spread
Amount, Group Excess Spread or Interchange Subgroup Excess Spread on a three-month rolling average basis, multiplied by 12 and as a percentage of the Nominal Liquidation Amount for all DiscoverSeries Notes or the Aggregate Investor Interest,
as applicable, has been not less than the percentage set forth in clause (x), (y) or (z) (as adjusted in accordance with this Section 4.01(c)), as applicable, for six consecutive months, if the Issuer has satisfied the Rating Agency
Condition with respect to any applicable Note Rating Agency for all Tranches of Outstanding Discover Series Notes; provided, however, that, unless otherwise provided in the Terms Document for such Tranche, no such percentage may be
reduced below 0.50%. 

  
 110 

 For the purposes of this Section 4.01(c), the Excess Spread Amount, the Group Excess
Spread and the Interchange Subgroup Excess Spread will be determined on a pro forma basis, for which Finance Charge Amounts will be determined as though the Finance Charge Allocation Amount for each Tranche of Notes is the Nominal Liquidation
Amount for such Tranche as of the first day of the related Due Period. 
 Section 4.02. Variable Accumulation Period.
Unless otherwise provided in the Terms Document for any Tranche of Notes, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for any Tranche of Notes and
determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 4.02; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related
to the Expected Maturity Date for such Tranche. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation
Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 4.02). 

The Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the
following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer is able to deliver to the Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based
on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period for any Tranche of Notes of the DiscoverSeries will not result in any
Tranche of Notes not being paid in full on the relevant Expected Maturity Date (and the Calculation Agent shall deliver such certificate); (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement
relating to any Additional Collateral Certificate; (iii) the Rating Agency Condition shall be satisfied for all Tranches of Outstanding DiscoverSeries Notes; and (iv) the Accumulation Amount, the Accumulation Commencement Date and the
Accumulation Period Length shall have been adjusted. 
 Section 4.03. Calculation of Targeted Prefunding Deposit. On any
Distribution Date on which the Targeted Principal Deposit for any Tranche of Class B Notes, Class C Notes or Class D Notes is greater than zero, if any Required Subordinated Amount Shortfall is greater than zero (determined after giving effect to
Section 4.04(a),) the Calculation Agent shall determine each Tranche for which the Indenture Trustee, subject to the Cash Flows set forth in Section 3.01, shall make a Targeted Prefunding Deposit for such Distribution Date
and the amount of such Targeted Prefunding Deposit in the following manner. For the purpose of this Section 4.03, the “Required Subordinated Amount Shortfall” of a Subordinated Class of Notes for a Senior Class of Notes
means the aggregate Required Subordinated Amount of the Subordinated Class of Notes for all Tranches of the Senior Class of Notes minus the aggregate Nominal Liquidation Amount of all Tranches of the Subordinated Class of Notes, in each case
after giving effect to all Targeted Principal Deposits for all Tranches of Notes for such Distribution Date (whether or not such Targeted Principal Deposits are paid on such Distribution Date in accordance with the Cash 

  
 111 

 
Flows set forth in Section 3.01). Following each determination of a Targeted Prefunding Deposit for any Tranche of Notes, the Calculation Agent shall redetermine each Required
Subordinated Amount Shortfall after giving effect to such deposit, and shall continue to determine Tranches for which the Indenture Trustee, subject to the Cash Flows set forth in Section 3.01, shall make a Targeted Prefunding Deposit
until all Required Subordinated Amount Shortfalls have been reduced to zero. 
  

	 	(a)	Determination of Prefunding Class. 

  

	 	(i)	If any of 

  

	 	•	 	the Required Subordinated Amount Shortfall of Class B Notes for Class A Notes, the Required Subordinated Amount Shortfall of Class C Notes for Class A Notes or 

 

	 	•	 	the Required Subordinated Amount Shortfall of Class D Notes for Class A Notes is greater than zero, the “Prefunding Class” will be Class A. 

 

	 	(ii)	If clause (a) (i) is not applicable, and either 

  

	 	•	 	the Required Subordinated Amount Shortfall of Class C Notes for Class B Notes or 

  

	 	•	 	the Required Subordinated Amount Shortfall of Class D Notes for Class B Notes 

 is greater than
zero, the “Prefunding Class” will be Class B. 
  

	 	(iii)	If neither clause (a)(i) nor clause (a)(ii) is applicable, and the Required Subordinated Amount Shortfall of Class D Notes for Class C Notes is greater than zero, the “Prefunding Class” will be Class C.

  

	 	(b)	Determination of Determinant Class. 

  

	 	(i)	If the Prefunding Class is Class A and among the Required Subordinated Amount Shortfall of Class B Notes for Class A Notes, the Required Subordinated Amount Shortfall of Class C Notes for Class A Notes or
the Required Subordinated Amount Shortfall of Class D Notes for Class A Notes, the largest is: 

 (x) the Required
Subordinated Amount Shortfall of Class B Notes for Class A Notes, the “Determinant Class” is Class B; 
 (y) the Required
Subordinated Amount Shortfall of Class C Notes for Class A Notes, the “Determinant Class” is Class C; and 

  
 112 

 (z) the Required Subordinated Amount Shortfall of Class D Notes for Class A Notes, the
“Determinant Class” is Class D. 
  

	 	(ii)	If the Prefunding Class is Class B and the Required Subordinated Amount Shortfall of Class C Notes for Class B Notes is greater than the Required Subordinated Amount Shortfall of Class D Notes for Class B Notes, the
“Determinant Class” is Class C, and otherwise it is Class D. 

  

	 	(iii)	If the Prefunding Class is Class C, the “Determinant Class” is Class D. 

  

	 	(c)	Determination of Prefunding Tranche. 

 Among all Tranches of the Prefunding Class, the
“Prefunding Tranche” is, if only one Tranche has the largest Required Subordinated Percentage of the Determinant Class of Notes, such Tranche, and if more than one Tranche shares the largest Required Subordinated Percentage of the
Determinant Class of Notes, each such Tranche. 
  

	 	(d)	Determination of Targeted Prefunding Deposit. 

 The Calculation Agent will determine the
following amounts: 
  

	 	(i)	the sum of the Nominal Liquidation Amount for each Prefunding Tranche, 

 and 

 

	 	(ii)	(x) the Required Subordinated Amount Shortfall of the Determinant Class for the Prefunding Class, divided by 

  

	 	(y)	the Required Subordinated Percentage of the Determinant Class for each Prefunding Tranche. 

The “Targeted Prefunding Deposit” for each Prefunding Tranche of the Prefunding Class will be the lesser of the amount
determined in clause (d)(i) and the amount determined in clause (d)(ii) above multiplied by a fraction, the numerator of which is the Nominal Liquidation Amount of such Prefunding Tranche and the denominator of which is the Nominal
Liquidation Amount of all Prefunding Tranches, in each case remaining after step (59) of the Cash Flows (Withdrawal of Prefunding Excess Amounts for use as Series Principal Amounts). 

Section 4.04. Calculation of Prefunding Excess Amounts. 

(a) On each Distribution Date, amounts on deposit in the applicable Principal Funding Subaccount that had been previously deposited as part of
any Targeted Prefunding Deposit for such Tranche, up to, (a) for any Tranche that does not have an Accumulation Period, for any Distribution Date that is a Principal Payment Date for such Tranche, the amount

  
 113 

 
scheduled to be paid on such Principal Payment Date as specified in the related Terms Document, plus any Targeted Principal Deposit that was scheduled to be paid on any previous Principal
Payment Date that was not so paid, (b) for any Tranche in its Accumulation Period, the Accumulation Amount for such Tranche, plus any Accumulation Amount that was scheduled to be deposited on any previous Distribution Date in the
Accumulation Period that was not so deposited, and (c) for any Tranche that has a Performing or non-Performing Derivative Agreement for principal that provides for a payment to the applicable Derivative Counterparty, the amount specified in the
related Terms Document as the amount to be deposited on the applicable Distribution Date with respect to any payment to the Derivative Counterparty, plus any amount that was scheduled to be deposited on any previous Distribution Date that was
not so deposited, shall be treated as having been applied in satisfaction of such deposit or payment and shall no longer be considered Targeted Prefunding Deposits for purposes of this Section 4.04 or any other provision of this Indenture
Supplement. 
 (b) On each Distribution Date, if any amounts deposited with respect to any Targeted Prefunding Deposit remain on deposit
with respect to any Tranche of Notes after giving effect to clause (a) above, the Calculation Agent shall make a pro forma determination of the Adjusted Outstanding Dollar Principal Amount of each such Tranche after adding thereto such
amounts on deposit, and shall determine the Targeted Prefunding Deposit for each Tranche of Notes in accordance with the methodology set forth in Section 4.03 above after giving effect to such pro forma determination. The
“Prefunding Excess Amount” for each Tranche of Notes is the positive difference, if any, between the amount of funds on deposit in the Principal Funding Subaccount for such Tranche that the Indenture Trustee has previously deposited
in connection with a Targeted Prefunding Deposit (less any amounts recharacterized under clause (a)) and the amount determined for each such Tranche as the Targeted Prefunding Deposit in accordance with such pro forma calculation. For the avoidance
of doubt, if the Required Subordinated Amount Shortfall of any Subordinated Class of Notes for any Senior Class of Notes is zero after giving effect to such pro forma determination of the Adjusted Outstanding Dollar Principal Amounts of each such
Tranche, all funds on deposit in the Principal Funding Subaccount for each Tranche belonging to such Senior Class that the Indenture Trustee has previously deposited in connection with a Targeted Prefunding Deposit (less any amounts recharacterized
under clause (a)) shall be considered Prefunding Excess Amounts and shall be withdrawn from each applicable Principal Funding Subaccount in accordance with Section 3.05(4). 

Section 4.05. Receivables Sale. 

(a) (i) If a Tranche of Notes has been accelerated pursuant to Section 702 of the Indenture following an Event of Default, the Indenture
Trustee may, and at the direction of the Majority Holders of that Tranche of Notes will, notify each Master Trust Trustee to sell an amount of Receivables (as defined in the applicable Pooling and Servicing Agreement or as comparably defined in any
other applicable agreement relating to any Additional Collateral Certificate) equal to 
  

	 	(x)	the sum of 

  

	 	(1)	the Nominal Liquidation Amount of the affected Tranche and 

  
 114 

	 	(2)	any accrued, past due or additional interest on the affected Tranche, multiplied by 

  

	 	(y)	Series 2007-CC Collateral Certificate Percentage or Additional Collateral Certificate Percentage, as applicable pursuant to Section 12(b) of the Series 2007-CC Supplement or any comparable provision in any such
other agreement, in each case to the extent provided in the Indenture. 

 (ii) The Indenture Trustee will cause each Master
Trust Trustee to sell Receivables pursuant to clause (a)(i) above only if at least one of the following conditions is met: 
  

	 	(A)	the Holders of 90% of the aggregate Outstanding Dollar Principal Amount of the accelerated Tranche of Notes consent; 

  

	 	(B)	the aggregate Receivables Sale Proceeds of such sale (plus amounts on deposit in the applicable Subaccounts and payments to be received from any applicable Derivative Agreement, any Supplemental Credit
Enhancement Provider or any Supplemental Liquidity Provider) would be sufficient to pay all amounts due on the accelerated Tranche of Notes; or 

  

	 	(C)	the Indenture Trustee determines that the funds to be allocated to the accelerated Tranche of Notes, including (1) Series Finance Charge Amounts and Series Principal Amounts allocable to the accelerated Tranche of
Notes, (2) payments to be received under any applicable Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement and (3) amounts on deposit in the applicable Subaccounts, may not be sufficient on
an ongoing basis to make payments on the accelerated Tranche of Notes as such payments would have become due if such obligations had not been declared due and payable, and the Holders of 66-2/3 % of the Outstanding Dollar Principal Amount of
the accelerated Tranche of Notes consent to the sale. 

 (iii) In the case of an acceleration of a Tranche of a Subordinated
Class, unless the Targeted Prefunding Deposits for all Tranches of Senior Class on the following Distribution Date are zero, such sale will be delayed until a level of prefunding of the Principal Funding Subaccounts for the Senior Classes of Notes
of that Series has been reached such that the amount of such accelerated Tranche is no longer required to provide subordination for the Senior Classes of Notes. 

(iv) Notwithstanding any other provision herein or in the Series 2007-CC Supplement, the Indenture Trustee shall not cause any Master Trust
Trustee to sell Receivables to Discover Bank and any of its Affiliates. 

  
 115 

 (b) If the Nominal Liquidation Amount with respect to any Tranche of Notes is greater than zero
on its Legal Maturity Date (after giving effect to any adjustments, deposits and distributions otherwise to be made on that Legal Maturity Date), the Indenture Trustee shall notify each Master Trust Trustee to sell an amount of Receivables equal to
the amount of clause (a)(x) multiplied by the percentage of clause (a)(y) pursuant to Section 12(b) of the Series 2007-CC Supplement or any comparable provision in any such other agreement, in each case to the extent provided in the
Indenture. 
 ARTICLE V 

ISSUER ACCOUNTS AND INVESTMENTS 

Section 5.01. Issuer Accounts. 

(a) On or before the Effective Date, the Indenture Trustee will cause to be established and maintained six Eligible Deposit Accounts
denominated as follows: the “DiscoverSeries Collections Account,” the “Interest Funding Account,” the “Principal Funding Account,” the “Accumulation Reserve Account,” the “Class C Reserve Account”
and the “Class D Reserve Account” in the name of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series Noteholders (or, in the case of the Class C Reserve
Account, for the benefit of the Class C Noteholders or, in the case of the Class D Reserve Account, for the benefit of the Class D Noteholders). The DiscoverSeries Collections Account, the Interest Funding Account, the Principal Funding Account, the
Accumulation Reserve Account, the Class C Reserve Account and the Class D Reserve Account constitute Issuer Accounts, shall be maintained in accordance with Article IV of the Indenture, and shall be under the sole dominion and control of the
Indenture Trustee for the benefit of the Series Noteholders (or, in the case of the Class C Reserve Account, for the benefit of the Class C Noteholders or, in the case of the Class D Reserve Account, for the benefit of the Class D Noteholders). If,
at any time, the institution holding any of the DiscoverSeries Collections Account, the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve Account, the Class C Reserve Account or the Class D Reserve Account ceases to
be an Eligible Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which the applicable Note Rating Agencies may consent) establish a new DiscoverSeries
Collections Account, Interest Funding Account, Principal Funding Account, Accumulation Reserve Account, Class C Reserve Account or Class D Reserve Account, as the case may be, that is an Eligible Deposit Account and shall transfer any cash and other
property to such new DiscoverSeries Collections Account, Interest Funding Account, Principal Funding Account, Accumulation Reserve Account, Class C Reserve Account or Class D Reserve Account, as the case may be. From the date such new DiscoverSeries
Collections Account, Interest Funding Account, Principal Funding Account, Accumulation Reserve Account, Class C Reserve Account or Class D Reserve Account is established, it will be the “DiscoverSeries Collections Account,” the
“Interest Funding Account,” the “Principal Funding Account,” the “Accumulation Reserve Account,” the “Class C Reserve Account” or the “Class D Reserve Account,” as the case may be. Each Tranche of
Notes will have its own Subaccount within the Interest Funding Account, the Principal Funding Account and the Accumulation Reserve Account; each Tranche of Class C Notes will have its own Subaccount within the Class C Reserve Account, if applicable;
and each Tranche of Class D Notes will have its own 

  
 116 

 
Subaccount within the Class D Reserve Account, if applicable. The DiscoverSeries Collections Account, the Interest Funding Account, the Principal Funding Account, the Accumulation Reserve
Account, the Class C Reserve Account and the Class D Reserve Account will receive deposits pursuant to Article III. 
 (b)
Notwithstanding any provision of Section 403(a) of the Indenture to the contrary, any prefunded amounts on deposit in the Principal Funding Account will be invested in Permitted Investments that will mature no later than the following
Distribution Date. 
 (c) All payments to be made from time to time by the Indenture Trustee to Noteholders out of funds in the Interest
Funding Account or the Principal Funding Account pursuant to this Indenture Supplement will be made by the Indenture Trustee to the Paying Agent not later than the time required by the applicable Depository on the applicable Interest Payment Date or
Principal Payment Date but only to the extent of funds on deposit in the applicable Subaccount or as otherwise provided in Article III. 

(d) On each Distribution Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Distribution Date
on funds on deposit in the Class C Reserve Account will be retained in the Class C Reserve Account (to the extent that the sum of the amount on deposit in the Class C Reserve Account with respect to the related Due Period is less than the required
balance for the Class C Reserve Account for that Due Period) and the excess, if any, will be paid to the Issuer pursuant to step (51) (Withdrawal of Excess Deposits from Class C Reserve Subaccounts for use as Series Finance Charge
Amounts) of Section 3.01. 
 (e) On each Distribution Date, all interest and earnings (net of losses and investment expenses)
accrued since the preceding Distribution Date on funds on deposit in the Class D Reserve Account will be retained in the Class D Reserve Account (to the extent that the sum of the amount on deposit in the Class D Reserve Account with respect to the
related Due Period is less than the required balance for the Class D Reserve Account for that Due Period) and the excess, if any, will be paid to the Issuer pursuant to step (52) (Withdrawal of Excess Deposits from Class D Reserve
Subaccounts for use as Series Finance Charge Amounts) of Section 3.01. 
 [Remainder of page intentionally blank; signature
page follows] 

  
 117 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture Supplement for the DiscoverSeries Notes to be
duly executed, all as of the day and year first above written. 
  

			
	DISCOVER CARD EXECUTION NOTE
	TRUST, as Issuer
		
	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trust
		
	 By:
	 	 /s/ Erwin M. Soriano

	 Name:
	 	Erwin M. Soriano
	 Title:
	 	Vice President
	
	 U.S. BANK. NATIONAL ASSOCIATION, as

Indenture Trustee

		
	 By:
	 	 /s/ Edwin J. Janis

	 Name:
	 	Edwin J. Janis
	 Title:
	 	Vice President

 EXHIBIT A 

 [FORM OF] 
  

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS
A( - ) TERMS DOCUMENT 
 Dated as of
[                ] 
 to 

SECOND AMENDED AND RESTATED INDENTURE SUPPLEMENT 

Dated as of [                ], 20[    ]

 for the DiscoverSeries Notes 

to 
 AMENDED AND RESTATED
INDENTURE 
 Dated as of [                ],
20[        ] 
  
  

 

 TABLE OF CONTENTS 

Page 
  

							
	ARTICLE I	  			
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  			
	Section 1.01	 	Definitions	  	 	1	  
	Section 1.02	 	Representations and Warranties of Issuer	  	 	7	  
	Section 1.03	 	Representations and Warranties of Indenture Trustee	  	 	7	  
	Section 1.04	 	Limitations on Liability	  	 	8	  
	Section 1.05	 	Governing Law	  	 	8	  
	Section 1.06	 	Counterparts	  	 	8	  
	Section 1.07	 	Ratification of Indenture and Indenture Supplement	  	 	8	  
		
	ARTICLE II	  			
	THE CLASS A( - ) NOTES	  			
			
	Section 2.01	 	Creation and Designation	  	 	9	  
	Section 2.02	 	Adjustments to Required Subordinated Percentages and Amount	  	 	9	  
	Section 2.03	 	[Interest Payment]	  	 	9	  
	Section 2.04	 	[Notification of LIBOR]	  	 	10	  
	Section 2.05	 	Payments of Interest and Principal	  	 	10	  
	Section 2.06	 	Form of Delivery of Class A( - ) Notes; Depository; Denominations	  	 	10	  
	Section 2.07	 	Delivery and Payment for the Class A( - ) Notes	  	 	10	  
	Section 2.08	 	[Targeted Deposits to the Accumulation Reserve Account	  	 	10	  
	Section 2.09	 	Additional Issuances of Notes	  	 	11	  
	Section 2.10	 	[Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes]	  	 	11	  
	Section 2.11	 	[Variable Accumulation Period]	  	 	12	  
	Exhibit	  			
	Exhibit A	 	Form of Class A Note	  

  
 i 

 THIS CLASS A( - ) TERMS DOCUMENT (this “Terms Document”), by
and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the
laws of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of [            ]. 

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

Definitions and Other Provisions of General Application 

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

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

(6) each capitalized term defined herein shall relate only to the Class A( - ) Notes and no other Tranche of Notes issued by the
Issuer; 
 (7) “including” and words of similar import will be deemed to be followed by “without limitation”; and 

(8) for purposes of determining any amount or making any calculation hereunder, such amount or calculation, (x) if specified to be as of
the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the 

 
first day of such Due Period and (b) give effect to any payments, deposits or other allocations made on the Distribution Date related to the prior Due Period and (y) if specified to be
as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other allocations made on the related Distribution Date. 

[“Accumulation Amount” means $[            ];
provided, however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount”
in the Indenture Supplement.] 
 [“Accumulation Commencement Date” means
[            ], [            ], or such later date as the Calculation Agent on behalf of the Issuer determines in accordance with
Section 2.11 hereof.] 
 [“Accumulation Period” has the meaning set forth in the Indenture
Supplement.] 
 [“Accumulation Period Length” means
[            ] months; provided, however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length
shall be determined in accordance with the definition of “Accumulation Period Length” in the Indenture Supplement.] 

[“Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on behalf of the Issuer notifies the
Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following table was in
effect on the immediately preceding Distribution Date, if such Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the earlier to occur
of: 
 (x) the Expected Maturity Date for the Class A( - ) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A( - ) Notes is paid in full. 

 

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

  
 2 

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

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

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

“Class A( - ) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class
A( - ) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A( - )
Noteholder” means a Person in whose name a Class A( - ) Note is registered in the Note Register. 

“Class A( - ) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which
the Outstanding Dollar Principal Amount of the Class A( - ) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

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

“Expected Maturity Date” means [    ]. 

  
 3 

 “Indenture” means the Amended and Restated Indenture dated as of
[            ], 20[    ] between the Issuer and Indenture Trustee, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or
otherwise modified from time to time. 
 “Indenture Supplement” means the Second Amended and Restated
Indenture Supplement dated as of [            ], 20[__], for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented,
restated, amended and restated, replaced or otherwise modified from time to time. 
 “Initial Dollar Principal
Amount” means $[            ], or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09 hereof. 

[“Interest Accrual Period” means, with respect to any Interest Payment Date, the period from and including the
previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A( - ) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment Date.] 

[“Interest Payment Date” means the fifteenth day of each [month] commencing in
[            ], or if such fifteenth day is not a Business Day, the next succeeding Business Day.] 

“Issuance Date” means [            ] with respect to all
Class A( - ) Notes issued on the date hereof and, with respect to any additional Class A( - ) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered
thereunder. 
 “Legal Maturity Date” means
[            ]. 
 [“LIBOR” means, with respect to
any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not
appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture Trustee on the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Indenture Trustee,
at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London
office of at least four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day
will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration
comparable to the relevant Interest Accrual Period commencing on that day. If LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with
respect to the immediately prior LIBOR Determination Date.] 
 [“LIBOR Business Day,” if applicable, shall
mean a day other than a Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed.] 

  
 4 

 [“LIBOR Determination Date” means the second LIBOR Business Day
immediately preceding the commencement of an Interest Accrual Period.] 
 [“Note Interest Rate” means [LIBOR]
[+/-] [            ]% per annum, calculated on the basis of [the actual number of days elapsed] [twelve 30-day months] and a 360-day year.] 

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

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the
Class A Tranche Interest Allocation for the related Distribution Date[; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest
Allocation cannot be determined because [the LIBOR Determination Date] for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation
determined based on a pro forma calculation made on the assumption that [LIBOR] will be [LIBOR] for the applicable period determined on the first day of such calendar month, multiplied by 1.25]. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in
[the Accumulation Period for the Class A( - ) Notes, the Accumulation Amount], (ii) if such day is on or after the occurrence and during the continuance of a Class A( - ) Adverse Event, the Nominal Liquidation Amount of the
Class A( - ) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of
Class B Notes” means, for the Class A( - ) Notes for any date of determination, an amount equal to the product of 

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

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

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

  
 5 

 (b) the Nominal Liquidation Amount of such Class A( - ) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class
A( - ) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A( - ) Notes will be the greater of 

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

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

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

(y) the amount determined above for the date immediately prior to the date on which the Class A( - ) Adverse Event shall have
occurred. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class A( - ) Notes,
[        ]%, subject to adjustment in accordance with Section 2.02. 

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

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

[“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as
may replace that page on that service for the purpose of displaying comparable rates or prices).] 
 “Specified
Rating” means, for the Class A( - ) Notes, [ ] with respect to [Moody’s], [        ] with respect to [Standard & Poor’s] and
[        ] with respect to [Fitch]. 
 “Stated Principal Amount”
means $[        ] or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 

  
 6 

 [“Targeted Accumulation Reserve Subaccount Deposit” means, with respect
to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class A( - ) Notes as of the close of business on the last day of the related Due
Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.] 
 Section 1.02
Representations and Warranties of Issuer. The Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is
validly existing as a statutory trust in good standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary limited liability
company and statutory trust proceedings of the Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority and do not and will not conflict with any material provision of the Certificate of Trust
or the Trust Agreement of the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as
the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

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

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (i) asserting the invalidity of this Terms Document, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (iii) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 Section 1.03
Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 

  
 7 

 (a) the Indenture Trustee is organized, existing and in good standing under the laws of the
United States of America; 
 (b) the Indenture Trustee has full power, authority and right to execute, deliver and perform this Terms
Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c)
this Terms Document has been duly executed and delivered by the Indenture Trustee. 
 Section 1.04 Limitations on
Liability. 
 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and
delivered by the Owner Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and
agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein
contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to
this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, the Beneficiary, the Depositor, any Master Servicer or any
Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A( - )
Notes under the Indenture, the Indenture Supplement and this Terms Document. 
 Section 1.05 Governing Law. THIS TERMS
DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE
LAWS OF ANY OTHER STATE. 
 Section 1.06 Counterparts. This Terms Document may be executed in any number of
counterparts, each of which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

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

  
 8 

 ARTICLE II 

The Class A( - ) Notes 

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

Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

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

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of
Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A( - ) Notes with a different form of credit enhancement (including, without limitation, a
cash collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms
Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments
will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 Section 2.03 [Interest
Payment]. For each Interest Payment Date, the amount of interest due with respect to the Class A( - ) Notes shall be an amount equal to 
  

	 	(i)	(A) a fraction, the numerator of which is [the actual number of days in the related Interest Accrual Period] [30] and the denominator of which is 360, times 

 

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

  

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

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

  
 9 

 Section 2.04 [Notification of LIBOR]. On each LIBOR Determination Date, the
Indenture Trustee shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A( - ) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or
electronic transmission, notification of LIBOR for the following Interest Accrual Period.] 
 Section 2.05 Payments of
Interest and Principal. 
 (a) [The Issuer will cause interest to be paid on each Interest Payment Date and principal to be
paid on the Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with
Section 3.01 of the Indenture Supplement; and provided, further, that if a Class A( - ) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment
Date for the Class A( - ) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A( - ) Notes shall be made as set forth in Section 1102 of the
Indenture.] 
 (b) The right of the Class A( - ) Noteholders to receive payments from the Issuer will terminate on the Class
A( - ) Termination Date. 
 (c) All payments of principal, interest or other amounts to the Class A( - )
Noteholders will be made pro rata based on the Stated Principal Amount of their Class A( - ) Notes. 

Section 2.06 Form of Delivery of Class A( - ) Notes; Depository; Denominations. 

(a) The Class A( - ) Notes shall be delivered in the form of a Global Note which shall be a Registered Note as provided in
Section 204 of the Indenture. The form of the Class A( - ) Notes is attached hereto as Exhibit A. 
 (b) The Depository for
the Class A( - ) Notes shall be The Depository Trust Company, and the Class A( - ) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c) The Class A( - ) Notes will be issued in minimum denominations of $[200,000] and integral multiples of $[1,000] in excess of that
amount. 
 Section 2.07 Delivery and Payment for the Class A( - ) Notes. The Issuer shall execute and deliver
the Class A( - ) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A( - ) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08 [Targeted Deposits to the Accumulation Reserve Account. The deposit targeted to be made to the Accumulation
Reserve Subaccount for the Class A( - ) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation
Reserve Subaccount for the Class A( - ) Notes.] 

  
 10 

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

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

	 	(i)	the Issuance Date of such additional Class A( - ) Notes; 

  

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

 

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

 

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

  

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

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A( - ) Notes; 

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

(c) either (i) the issuance of such additional Class A( - ) Notes would be treated as part of the same issue as the outstanding
Class A( - ) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k) or (ii) such additional Class A( - ) Notes are not issued with “original issue discount” for purposes of Section 1273 of the
Code. 
 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance
of additional Class A( - ) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A( - ) Notes; 

provided, however, that the Issuer shall have to deliver to the Indenture Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to
such issuance. 
 Section 2.10 [Designation of Additional Amounts to be included in the Excess Spread Amount for the
DiscoverSeries Notes]. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections
Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by  

  
 11 

 
the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal
Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class A( - ) Notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the
Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance
Charge Amounts for the DiscoverSeries.] 
 Section 2.11 [Variable Accumulation Period]. Notwithstanding anything to the
contrary in Section 4.02 of the Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class A( - ) Notes and
determine a new Accumulation Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected
Maturity Date for the Class A( - ) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation
Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 
 The
Calculation Agent on behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the
Indenture Trustee a certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the
delay in the commencement of the Accumulation Period for the Class A( - ) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date (as defined in the applicable Terms Document);
(ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the
Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period
will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the
commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent
on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period for the Class A( - ) Notes is delayed pursuant to this Section 2.11.] 

[Remainder of page intentionally blank; signature page follows] 

  
 12 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,

        as Issuer

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

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,as

        Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

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

  

 EXHIBIT B 

 [FORM OF] 
  

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS B ( - )
TERMS DOCUMENT 
 Dated as of [                 ] 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of [                ],
20[    ] 
 for the DiscoverSeries Notes 

to 
 AMENDED AND RESTATED
INDENTURE 
 Dated as of [                ],
20[    ] 
  
  

 

 TABLE OF CONTENTS 

Page 
  

							
	ARTICLE I	 	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	1	  
			
	 Section 1.01
	 	 Definitions
	  	 	1	  
			
	 Section 1.02
	 	 Representations and Warranties of Issuer
	  	 	7	  
			
	 Section 1.03
	 	 Representations and Warranties of Indenture Trustee
	  	 	8	  
			
	 Section 1.04
	 	 Limitations on Liability
	  	 	8	  
			
	 Section 1.05
	 	 Governing Law
	  	 	9	  
			
	 Section 1.06
	 	 Counterparts
	  	 	9	  
			
	 Section 1.07
	 	 Ratification of Indenture and Indenture Supplement
	  	 	9	  
			
	ARTICLE II	 	THE CLASS B (   -   ) NOTES	  	 	9	  
			
	 Section 2.01
	 	 Creation and Designation
	  	 	9	  
			
	 Section 2.02
	 	 Adjustments to Required Subordinated Percentages and Amount
	  	 	9	  
			
	 Section 2.03
	 	 [Interest Payment]
	  	 	10	  
			
	 Section 2.04
	 	 [Notification of LIBOR]
	  	 	10	  
			
	 Section 2.05
	 	 Payments of Interest and Principal
	  	 	10	  
			
	 Section 2.06
	 	 Form of Delivery of Class B (   -   ) Notes; Depository; Denominations
	  	 	11	  
			
	 Section 2.07
	 	 Delivery and Payment for the Class B (   -   ) Notes
	  	 	11	  
			
	 Section 2.08
	 	 [Targeted Deposits to the Accumulation Reserve Account]
	  	 	11	  
			
	 Section 2.09
	 	 Additional Issuances of Notes
	  	 	11	  
			
	 Section 2.10
	 	 [Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes]
	  	 	12	  
			
	 Section 2.11
	 	 [Variable Accumulation Period]
	  	 	12	  

  
 i 

 THIS CLASS B( - ) TERMS DOCUMENT (this “Terms Document”), by and between
DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of [        ]. 

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

Definitions and Other Provisions of General Application 

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

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

(6) each capitalized term defined herein shall relate only to the Class B ( - ) Notes and no other Tranche of Notes issued by the Issuer; 

(7) “including” and words of similar import will be deemed to be followed by “without limitation”; and 

(8) for purposes of determining any amount or making any calculation hereunder, such amount or calculation, (x) if specified to be as of
the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the 

 
first day of such Due Period and (b) give effect to any payments, deposits or other allocations made on the Distribution Date related to the prior Due Period and (y) if specified to be
as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other allocations made on the related Distribution Date. 

[“Accumulation Amount” means $[     ]; provided, however, if the commencement of the Accumulation
Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture Supplement.] 

[“Accumulation Commencement Date” means [         ],
[         ], or such later date as the Calculation Agent on behalf of the Issuer determines in accordance with Section 2.11 hereof.] 

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

[“Accumulation Period Length” means [         ] months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement.] 
 [“Accumulation Reserve Funding Period” shall not apply if the Calculation Agent
on behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if such Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class B ( - ) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B ( - ) Notes is paid in full.

  

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

  
 2 

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

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

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

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

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

  
 3 

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

(b) the Required Subordinated Percentage of Class D Notes (Encumbered) for the Class B ( - ) Notes. 

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

“Expected Maturity Date” means [     ]. 

“Indenture” means the Amended and Restated Indenture dated as of
[            ], 20[    ] between the Issuer and Indenture Trustee, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or
otherwise modified from time to time. 
 “Indenture Supplement” means the Second Amended and Restated
Indenture Supplement dated as of [            ], 20[    ], for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the same may be further
amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 
 “Initial
Dollar Principal Amount” means $[ ], or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09 hereof. 

[“Interest Accrual Period” means, with respect to any Interest Payment Date, the period from and including the
previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class B ( - ) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment Date.] 

[“Interest Payment Date” means the fifteenth day of each [month] commencing in
[            ], or if such fifteenth day is not a Business Day, the next succeeding Business Day.] 

  
 4 

 “Issuance Date” means [         ]
with respect to all Class B ( - ) Notes issued on the date hereof and, with respect to any additional Class B( - ) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered
thereunder. 
 “Legal Maturity Date” means [         ]. 

[“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a
duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture
Trustee on the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Indenture Trustee, at approximately 11:00 a.m., London time, on such day to prime banks in the
London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London office of at least four banks to provide a quotation of its rate. If at least
two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York
City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. If
LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date.] 

[“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions
in both the City of London, England and in New York, New York are not required or authorized by law to be closed.] 

[“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest
Accrual Period.] 
 [“Note Interest Rate” means [LIBOR] [+/-] [ ]% per annum, calculated on the basis of [the
actual number of days elapsed] [twelve 30-day months] and a 360-day year.] 
 “Notice of Additional Issuance”
has the meaning set forth in Section 2.09 hereof. 
 “Required Daily Deposit Target Finance Charge
Amount” means, for any day in a Due Period, an amount equal to the Class B Tranche Interest Allocation for the related Distribution Date[; provided, however, that for purposes of determining the Required Daily Deposit Target Finance
Charge Amount on any day on which the Class B Tranche Interest Allocation cannot be determined because [the LIBOR Determination Date] for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge
Amount shall be the Class B Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that [LIBOR] will be [LIBOR] for the applicable period determined on the first day of such calendar month, multiplied by
1.25]. 

  
 5 

 “Required Daily Deposit Target Principal Amount” means, for any day in a Due
Period, (i) if such Due Period is in [the Accumulation Period for the Class B ( - ) Notes, the Accumulation Amount], (ii) if such day is on or after the occurrence and during the continuance of a Class B ( - ) Adverse Event, the Nominal
Liquidation Amount of the Class B ( - ) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated
Amount of Class C Notes” means, for the Class B ( - ) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class C Notes for such Class B ( - ) Notes and 

(b) the Encumbered Required Subordinated Amount of Class C Notes for such Class B ( - ) Notes; 

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

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

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

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

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

  
 6 

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

“Specified Rating” means, for the Class B( - ) Notes, [         ] with respect
to [Moody’s], [         ] with respect to [Standard & Poor’s] and [ ] with respect to [Fitch]. 

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

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

(b) the Required Subordinated Percentage of Class C Notes (Unencumbered) for the Class B ( - ) Notes. 

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

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

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

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and
has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the execution,
delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary limited liability company and statutory trust 

  
 7 

 
proceedings of the Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority and do not and will not conflict with any material provision
of the Certificate of Trust or the Trust Agreement of the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligation
of the Issuer, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

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

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (i) asserting the invalidity of this Terms Document, (ii) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (iii) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 Section 1.03
Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 

(a) the Indenture Trustee is organized, existing and in good standing under the laws of the United States of America; 

(b) the Indenture Trustee has full power, authority and right to execute, deliver and perform this Terms Document, and has taken all necessary
action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c) this Terms Document has been duly
executed and delivered by the Indenture Trustee. 
 Section 1.04 Limitations on Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein

  
 8 

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

(b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, the Beneficiary, the Depositor, any Master Servicer or any
Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class B ( - ) Notes
under the Indenture, the Indenture Supplement and this Terms Document. 
 Section 1.05 Governing Law. THIS TERMS DOCUMENT
WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF
ANY OTHER STATE. 
 Section 1.06 Counterparts. This Terms Document may be executed in any number of counterparts,
each of which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

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

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

Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class C Notes
(Encumbered), the Required Subordinated Percentage of Class C Notes (Unencumbered), the Required Subordinated Percentage of Class D Notes (Encumbered), and the Required Subordinated Percentage of Class D Notes (Unencumbered), in each case for the
Class B ( - ) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable 

  
 9 

 
Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of
Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class B ( - ) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve
account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement
without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of
Outstanding DiscoverSeries Notes. 
 Section 2.03 [Interest Payment]. For each Interest Payment Date, the amount
of interest due with respect to the Class B ( - ) Notes shall be an amount equal to 
 (i) (A) a fraction, the
numerator of which is [the actual number of days in the related Interest Accrual Period] [30] and the denominator of which is 360, times 

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

(ii) the Outstanding Dollar Principal Amount of the Class B ( - ) Notes determined as of the first date of such related
Interest Accrual Period, plus 
 any Class B Tranche Interest Allocation Shortfall for such Class B ( - ) Notes for the immediately preceding
Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of [the actual number of days in the related Interest Accrual Period] [twelve 30-day
months] and a 360-day year.] 
 Section 2.04 [Notification of LIBOR]. On each LIBOR Determination Date, the Indenture
Trustee shall send to the Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class B ( - ) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic
transmission, notification of LIBOR for the following Interest Accrual Period.] 
 Section 2.05 Payments of Interest
and Principal. 
 (a) [The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the
Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01
of the Indenture Supplement; and provided, further, that if a Class B ( - ) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class B ( - )
Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class B ( - ) Notes shall be made as set forth in Section 1102 of the Indenture.] 

  
 10 

 (b) The right of the Class B ( - ) Noteholders to receive payments from the Issuer will terminate
on the Class B ( - ) Termination Date. 
 (c) All payments of principal, interest or other amounts to the Class B ( - ) Noteholders
will be made pro rata based on the Stated Principal Amount of their Class B ( - ) Notes. 
 Section 2.06 Form
of Delivery of Class B ( - ) Notes; Depository; Denominations. 
 (a) The Class B ( - ) Notes shall be delivered in the
form of a [Global Note which shall be a Registered Note as provided in Section 204 of the Indenture] [definitive Registered Note as provided in Section 201 of the Indenture]. The form of the Class B ( - ) Notes is attached hereto as
Exhibit A. 
 (b) [The Depository for the Class B ( - ) Notes shall be The Depository Trust Company, and the Class B ( - ) Notes shall
initially be registered in the name of Cede & Co., its nominee.] 
 (c) The Class B ( - ) Notes will be issued in minimum
denominations of $[200,000] and integral multiples of $[1,000] in excess of that amount. 
 Section 2.07 Delivery and Payment
for the Class B ( - ) Notes. The Issuer shall execute and deliver the Class B ( - ) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B ( - ) Notes when authenticated, each in accordance
with Sections 203 and 303 of the Indenture. 
 Section 2.08 [Targeted Deposits to the Accumulation Reserve
Account]. The deposit targeted to be made to the Accumulation Reserve Subaccount for the Class B ( - ) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve
Subaccount Deposit minus any amount on deposit in the Accumulation Reserve Subaccount for the Class B ( - ) Notes.] 

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

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

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

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

  
 11 

 (iii) the date from which interest on such additional Class B ( - ) Notes will
accrue (which may be a date prior to the date of issuance thereof); 
 (iv) the first Interest Payment Date on which interest
will be paid on such additional Class B ( - ) Notes; and 
 (v) any other terms that the Issuer set forth in such notice of
issuance of additional Class B ( - ) Notes to clarify the rights of Holders of such additional Class B( - ) Notes or the effect of such issuance of additional Class B ( - ) Notes on any calculations to be made with respect to the Class B ( - )
Notes, Class B, or the Issuer. 
 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such
Class B ( - ) Notes; 
 (b) no Class B ( - ) Adverse Event has occurred and is continuing; and 

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

The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of
additional Class B ( - ) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class B ( - ) Notes; provided, however, that the Issuer shall have to deliver to the Indenture Trustee a Master
Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 
 Section 2.10 [Designation of Additional
Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes]. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be
deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal
Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class B ( - ) Notes and the
denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series
will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.] 

Section 2.11 [Variable Accumulation Period]. Notwithstanding anything to the contrary in Section 4.02 of the Indenture
Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class B ( - ) Notes and determine a new Accumulation Commencement Date, subject to
the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the first day of the Due  

  
 12 

 
Period related to the Expected Maturity Date for the Class B ( - ) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the
scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 

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

  
 13 

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

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

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

	Name:	 	
	Title:	 	

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

 EXHIBIT C 

 [FORM OF] 

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS
C( - ) TERMS DOCUMENT 
 Dated as of [            ] 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of [            ], 20[    ]

 for the DiscoverSeries Notes 

to 
 AMENDED AND RESTATED
INDENTURE 
 Dated as of [            [, 20[    ] 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	  
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
	 Section 1.01
	 	Definitions	  	 	1	  
	 Section 1.02
	 	Representations and Warranties of Issuer	  	 	7	  
	 Section 1.03
	 	Representations and Warranties of Indenture Trustee	  	 	8	  
	 Section 1.04
	 	Limitations on Liability	  	 	8	  
	 Section 1.05
	 	Governing Law	  	 	9	  
	 Section 1.06
	 	Counterparts	  	 	9	  
	 Section 1.07
	 	Ratification of Indenture and Indenture Supplement	  	 	9	  
	
	ARTICLE 2	  
	THE CLASS C( - ) NOTES	  
	 Section 2.01
	 	Creation and Designation	  	 	9	  
	 Section 2.02
	 	Adjustments to Required Subordinated Percentages and Amount	  	 	9	  
	 Section 2.03
	 	[Interest Payment]	  	 	10	  
	 Section 2.04
	 	[Notification of LIBOR]	  	 	10	  
	 Section 2.05
	 	Payments of Interest and Principal	  	 	10	  
	 Section 2.06
	 	Form of Delivery of Class C( - ) Notes; Depository; Denominations	  	 	10	  
	 Section 2.07
	 	Delivery and Payment for the Class C( - ) Notes	  	 	11	  
	 Section 2.08
	 	[Targeted Deposits to the Accumulation Reserve Account]	  	 	11	  
	 Section 2.09
	 	Additional Issuances of Notes	  	 	11	  
	 Section 2.10
	 	[Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes]	  	 	12	  
	 Section 2.11
	 	[Variable Accumulation Period]	  	 	12	  

  
 -i- 

 THIS CLASS C( - ) TERMS DOCUMENT (this “Terms Document”), by
and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the
laws of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of [            ]. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C Notes of the DiscoverSeries and shall specify the principal
terms thereof. 
 ARTICLE 1 

Definitions and Other Provisions of General Application 

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

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

(6) each capitalized term defined herein shall relate only to the Class C( - ) Notes and no other Tranche of Notes issued by the
Issuer; 
 (7) “including” and words of similar import will be deemed to be followed by “without limitation”; and 

(8) for purposes of determining any amount or making any calculation hereunder, such amount or calculation, (x) if specified to be as of
the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the 

 
first day of such Due Period and (b) give effect to any payments, deposits or other allocations made on the Distribution Date related to the prior Due Period and (y) if specified to be
as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other allocations made on the related Distribution Date. 

[“Accumulation Amount” means $[            ];
provided, however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount”
in the Indenture Supplement.] 
 [“Accumulation Commencement Date” means
[            ], [            ], or such later date as the Calculation Agent on behalf of the Issuer determines in accordance with
Section 2.11 hereof.] 
 [“Accumulation Period” has the meaning set forth in the Indenture
Supplement.] 
 [“Accumulation Period Length” means
[            ] months; provided, however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length
shall be determined in accordance with the definition of “Accumulation Period Length” in the Indenture Supplement.] 

[“Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on behalf of the Issuer notifies the
Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following table was in
effect on the immediately preceding Distribution Date, if such Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the earlier to occur
of: 
 (x) the Expected Maturity Date for the Class C( - ) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C( - ) Notes is paid in full. 

 

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

  
 2 

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

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

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

“Class C( - ) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class
C( - ) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class C( - )
Noteholder” means a Person in whose name a Class C( - ) Note is registered in the Note Register. 

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

[“Class C Reserve Account Percentage” means, for any Distribution Date on which a condition in the left column of the
following table was in effect on the immediately preceding Distribution Date, the percentage in the corresponding right column of the following table (or if more than one conditions were in effect on the immediately preceding Distribution Date, the
largest percentage). 

  
 3 

			
	Condition:	  	Class C Reserve Account Percentage:
		
	The three-month rolling average Excess Spread Percentage is:	  	
		
	(a) 4.50% or greater	  	0%
		
	(b) 4.00% to 4.49%	  	[ ]%
		
	(c) 3.50% to 3.99%	  	[ ]%
		
	(d) 3.00% to 3.49%	  	[ ]%
		
	(e) 2.50% to 2.99%	  	[ ]%
		
	(f) 2.00% to 2.49%	  	[ ]%
		
	(g) less than 2.00%, or	  	[ ]%
		
	 an Early Redemption Event or Event of Default for the

Class C( - ) Notes has occurred and is continuing.]
	  	

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

 (a) the Nominal Liquidation Amount of the Class C( - ) Notes, divided by 

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

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

(a) the sum of (1) the aggregate Required Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the
DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate Unencumbered Required Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an
Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 
 (b) a percentage equivalent to a fraction, the
numerator of which is the Nominal Liquidation Amount of the Class C( - ) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

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

  
 4 

 “Expected Maturity Date” means
[            ]. 
 “Indenture” means the
Indenture dated as of [            ], 20[    ] between the Issuer and Indenture Trustee, as such agreement may be further amended, supplemented, restated, amended and
restated, replaced or otherwise modified from time to time. 
 “Indenture Supplement” means the Second
Amended and Restated Indenture Supplement dated as of [            ], 20[    ], for the DiscoverSeries Notes, by and between the Issuer and the Indenture Trustee, as the
same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $[            ],
or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09 hereof. 

[“Interest Accrual Period” means, with respect to any Interest Payment Date, the period from and including the
previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class C( - ) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment Date.] 

[“Interest Payment Date” means the fifteenth day of each [month] commencing in
[            ], or if such fifteenth day is not a Business Day, the next succeeding Business Day.] 

“Issuance Date” means [            ] with respect to all
Class C( - ) Notes issued on the date hereof and, with respect to any additional Class C( - ) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered
thereunder. 
 “Legal Maturity Date” means
[            ]. 
 [“LIBOR” means, with respect
to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such
rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture Trustee on the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the
Indenture Trustee, at approximately 11:00 a.m., London time, on such day to prime banks in the London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will
request the principal London office of at least four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States
dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. If LIBOR with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect
to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date.] 

  
 5 

 [“LIBOR Business Day,” if applicable, shall mean a day other than a
Saturday or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed.] 

[“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest
Accrual Period.] 
 [“Note Interest Rate” means [LIBOR] [+/-]
[            ]% per annum, calculated on the basis of [the actual number of days elapsed] [twelve 30-day months] and a 360-day year.] 

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

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

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in
[the Accumulation Period for the Class C( - ) Notes, the Accumulation Amount], (ii) if such day is on or after the occurrence and during the continuance of a Class C( - ) Adverse Event, the Nominal Liquidation Amount of the
Class C( - ) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of
Class D Notes” means, for the Class C( - ) Notes for any date of determination, an amount equal to the sum of 

(a) the Unencumbered Required Subordinated Amount of Class D Notes for such Class C( - ) Notes and 

(b) the Encumbered Required Subordinated Amount of Class D Notes for such Class C( - ) Notes; 

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

  
 6 

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

[“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as
may replace that page on that service for the purpose of displaying comparable rates or prices).] 
 “Specified
Rating” means, for the Class C( - ) Notes, [            ] with respect to [Moody’s], [            ] with
respect to [Standard & Poor’s] and [            ] with respect to [Fitch]. 

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

“Unencumbered Amount” means, for the Class C( - ) Notes, an amount equal to the Nominal Liquidation Amount
of the Class C( - ) Notes minus the Encumbered Amount for the Class C( - ) Notes. 
 “Unencumbered
Required Subordinated Amount of Class D Notes” means, for the Class C( - ) Notes, an amount equal to the product of 

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

(b) the Required Subordinated Percentage of Class D Notes (Unencumbered) for the Class C( - ) Notes. 

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

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

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

  
 7 

 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any
law or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under the Investment
Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection
with this Terms Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates
on the date as of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or
investigations pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (i) asserting the invalidity of this Terms Document,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Terms Document or (iii) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance
by the Issuer of its obligations under this Terms Document or the validity or enforceability of this Terms Document. 

Section 1.03 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any
successor trustee shall represent and warrant that: 
 (a) the Indenture Trustee is organized, existing and in good standing under the
laws of the United States of America; 
 (b) the Indenture Trustee has full power, authority and right to execute, deliver and perform this
Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) this Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04 Limitations on Liability. 

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

  
 8 

 (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, the Beneficiary, the
Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged
to secure these Class C( - ) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

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

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

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

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

Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class D Notes
(Unencumbered) for the Class C( - ) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a
Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may, at the direction of the
Beneficiary, replace all or a portion of the Required Subordinated Amount of Class D Notes for the Class C( - ) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of
credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for
such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings
Effect for any Tranche of Outstanding DiscoverSeries Notes. 

  
 9 

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

	 	(i)	(A) a fraction, the numerator of which is [the actual number of days in the related Interest Accrual Period] [30] and the denominator of which is 360, times 

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

 

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

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

Section 2.04 [Notification of LIBOR]. On each LIBOR Determination Date, the Indenture Trustee shall send to the
Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class C( - ) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification
of LIBOR for the following Interest Accrual Period.] 
 Section 2.05 Payments of Interest and Principal.

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

(b) The right of the Class C( - ) Noteholders to receive payments from the Issuer will terminate on the Class C( - )
Termination Date. 
 (c) All payments of principal, interest or other amounts to the Class C( - ) Noteholders will be made
pro rata based on the Stated Principal Amount of their Class C( - ) Notes. 
 Section 2.06 Form of
Delivery of Class C( - ) Notes; Depository; Denominations. 

  
 10 

 (a) The Class C( - ) Notes shall be delivered in the form of a [Global Note
which shall be a Registered Note as provided in Section 204 of the Indenture] [definitive Registered Note as provided in Section 201 of the Indenture]. The form of the Class C( - ) Notes is attached hereto as Exhibit A.

 (b) [The Depository for the Class C( - ) Notes shall be The Depository Trust Company, and the Class C( - ) Notes
shall initially be registered in the name of Cede & Co., its nominee.] 
 (c) The Class C( - ) Notes will be issued in
minimum denominations of $[200,000] and integral multiples of $[1,000] in excess of that amount. 
 Section 2.07 Delivery and
Payment for the Class C( - ) Notes. The Issuer shall execute and deliver the Class C( - ) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C( - ) Notes when
authenticated, each in accordance with Sections 203 and 303 of the Indenture. 
 Section 2.08 [Targeted Deposits to
the Accumulation Reserve Account]. The deposit targeted to be made to the Accumulation Reserve Subaccount for the Class C( - ) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to
the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation Reserve Subaccount for the Class C( - ) Notes.] 

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

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

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

  

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

 

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

 

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

  

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

  
 11 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date
of such Class C( - ) Notes; 
 (b) no Class C( - ) Adverse Event has occurred and is continuing; and 

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

The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of
additional Class C( - ) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class C( - ) Notes; provided, however, that the Issuer shall have to deliver to the Indenture
Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 
 Section 2.10
[Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes]. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal
Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an
amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries
Notes (including the Class C( - ) Notes and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the
Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries.] 

Section 2.11 [Variable Accumulation Period]. Notwithstanding anything to the contrary in Section 4.02 of the
Indenture Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class C( - ) Notes and determine a new Accumulation
Commencement Date, subject to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class
C( - ) Notes. Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving
effect to any prior delay in the commencement of the Accumulation Period pursuant to this Section 2.11). 
 The Calculation Agent on
behalf of the Issuer shall cause such delay if the Calculation Agent determines in good faith that each of the following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a
certificate to the effect that the Calculation Agent on behalf of the Issuer reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated

  
 12 

 
Principal Amounts, the delay in the commencement of the Accumulation Period for the Class C( - ) Notes will not result in any Tranche of Notes not being paid in full on the relevant
Expected Maturity Date (as defined in the applicable Terms Document); (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and
(iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable
Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding
DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If
such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period
for the Class C( - ) Notes is delayed pursuant to this Section 2.11.] 
 [Remainder of page intentionally blank;
signature page follows] 

  
 13 

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

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

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION, as

Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Class C( - ) Terms Document] 

 EXHIBIT D 

 EXECUTION VERSION 
  

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 And 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 

CLASS D(2009-1) TERMS DOCUMENT 

Dated as of July 2, 2009 

to 
 INDENTURE
SUPPLEMENT 
 Dated as of July 26, 2007 

for the DiscoverSeries Notes 

to 
 INDENTURE 

Dated as of July 26, 2007 
  

 
  

 TABLE OF CONTENTS 

Page 
  

							
	ARTICLE I	 	Definitions and Other Provisions of General Application	  	 	1	  
			
	 Section 1.01
	 	 Definitions
	  	 	1	  
			
	 Section 1.02
	 	 Representations and Warranties of Issuer
	  	 	3	  
			
	 Section 1.03
	 	 Representations and Warranties of Indenture Trustee
	  	 	4	  
			
	 Section 1.04
	 	 Limitations on Liability
	  	 	4	  
			
	 Section 1.05
	 	 Governing Law
	  	 	5	  
			
	 Section 1.06
	 	 Counterparts
	  	 	5	  
			
	 Section 1.07
	 	 Ratification of Indenture and Indenture Supplement
	  	 	5	  
			
	ARTICLE II	 	The Class D(2009-1) Notes	  	 	5	  
			
	 Section 2.01
	 	 Creation and Designation
	  	 	5	  
			
	 Section 2.02
	 	 Principal Payments
	  	 	5	  
			
	 Section 2.03
	 	 Payments of Principal
	  	 	6	  
			
	 Section 2.04
	 	 Form of Delivery of Class D(2009-1) Notes; Denominations
	  	 	6	  
			
	 Section 2.05
	 	 Delivery and Payment for the Class D(2009-1) Notes
	  	 	7	  
			
	 Section 2.06
	 	 Increases in the Outstanding Dollar Principal Amount
	  	 	7	  
			
	 Section 2.07
	 	 Acceleration of Principal Payment Dates and Maturity
	  	 	8	  
			
	 Section 2.08
	 	 Extension of the Expected Maturity Date and Legal Maturity Date
	  	 	8	  
			
	 Section 2.09
	 	 Tax Opinions
	  	 	8	  

  
 i 

 THIS CLASS D(2009-1) TERMS DOCUMENT (this “Terms Document”), by and
between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws
of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of July 2, 2009. 

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

Definitions and Other Provisions of General Application 

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

(4) all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article,
Section or other subdivision; 
 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any
term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class D(2009-1) Notes; 

(6) each capitalized term defined herein shall relate only to the Class D(2009-1) Notes and no other Tranche of Notes issued by the Issuer;

 (7) “including” and words of similar import will be deemed to be followed by “without limitation”; and 

  
 1 

 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” shall not apply with respect to the
Class D(2009-1) Note. “Accumulation Period” shall not apply with respect to the Class D(2009-1) Note. 

“Class D(2009-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class D(2009-1) Notes or (b) an Event of Default and acceleration of the Class D(2009-1) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess
Spread Early Redemption Cure has occurred, a Class D(2009-1) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class D Interest” means, with respect to the Class D(2009-1) Notes, 0%. 

“Class D(2009-1) Note” means any Note issued pursuant to this Terms Document, in the form set forth in Exhibit A
hereto, designated therein as a Class D(2009-1) Note and duly executed and authenticated in accordance with the Indenture. 

“Class D(2009-1) Noteholder” means a Person in whose name a Class D(2009-1) Note is registered in the Note
Register. 
 “Class D Reserve Account Percentage” means, for any Distribution Date, 0%. 

“Class D(2009-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the
Outstanding Dollar Principal Amount of the Class D(2009-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Expected Maturity Date” means (i) with respect to the Class D(2009-1) Notes, September 15, 2017 or, if such
date is extended pursuant to Section 2.08, the Expected Maturity Date as so extended and (ii) with respect to any Tranche of any Senior Class of DiscoverSeries Notes, the date identified in the applicable Terms Document as the
“Expected Maturity Date” for such Notes. 
 “Expected Principal Payment Date” means any
Distribution Date which is an Expected Maturity Date for any Tranche of any Senior Class of DiscoverSeries Notes. 

“Indenture” means the Indenture dated as of July 26, 2007 between the Issuer and Indenture Trustee, as the same
may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
 2 

 “Indenture Supplement” means the Indenture Supplement for the
DiscoverSeries Notes, dated as of July 26, 2007, as amended by the Omnibus Amendment to Indenture Supplement and 
 Terms
Documents, dated as of July 2, 2009, by and between the Issuer and the Indenture Trustee, as the same may be amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $598,903,743, or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.06. 
 “Initial Issuance” means the initial issuance of the Class
D(2009-1) Notes on July 2, 2009.  
 “Interest Accrual Period” shall not apply with respect to the Class
D(2009-1) Notes.  
 “Interest Payment Date” shall not apply with respect to the Class D(2009-1) Notes.

 “Issuance Date” means July 2, 2009 with respect to all Class D(2009-1) Notes issued on the date hereof and,
with respect to any increase in the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes pursuant to Section 2.06, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means (i) with respect to the Class D(2009-1) Notes, March 16, 2020 or, if such date
is extended pursuant to Section 2.08, the Legal Maturity Date as so extended and (ii) with respect to any Tranche of any Senior Class of DiscoverSeries Notes, the date identified in the applicable Terms Document as the “Legal
Maturity Date” for such Notes. 
 “Note Interest Rate” shall not apply with respect to the Class
D(2009-1) Notes.  
 “Notice of Additional Issuance” has the meaning set forth in Section 2.06.

 “Stated Principal Amount” means $598,903,743 or such higher amount as is specified in any Notice of
Additional Issuance under Section 2.06. 
 “Targeted Accumulation Reserve Subaccount Deposit” shall
not apply with respect to the Class D(2009-1) Notes.  
 Section 1.02 Representations and Warranties of Issuer.
The Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good
standing under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and
statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority, and do not and will not conflict with any material provision of the Certificate of Trust or the
Trust Agreement of the Issuer; 

  
 3 

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

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

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 Section 1.03
Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 

(a) The Indenture Trustee is organized, existing and in good standing under the laws of the United States of America; 

(b) The Indenture Trustee has full power, authority and right to execute, deliver and perform this Indenture, and has taken all necessary
action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c) This Terms Document has been duly
executed and delivered by the Indenture Trustee. 
 Section 1.04 Limitations on Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking 

  
 4 

 
or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner
Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under
them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the
Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may
be had solely to the Collateral pledged to secure these Class D(2009-1) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

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

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

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

ARTICLE II 
 The Class D(2009-1)
Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche of Class D Notes to be issued pursuant
to the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class D(2009-1) Notes.” 

Section 2.02 Principal Payments. For each Principal Payment Date, the amount of principal due with respect to the Class D(2009-1)
Notes shall be an amount, if positive, equal to: 
 (a) the Nominal Liquidation Amount of the Class D(2009-1) Notes after giving effect to
any reductions in the Nominal Liquidation Amount of the Class D(2009-1) Notes in accordance with Section 3.01 of the Indenture Supplement on such date (other than reductions pursuant to clauses 63 and 72 thereof), minus 

  
 5 

 (b) the aggregate Class C Available Subordinated Amount of Class D Notes for each Outstanding
Tranche of Class C Notes, after giving effect to any reductions in the Nominal Liquidation Amount of any Outstanding Tranche of Class C Notes in accordance with Section 3.01 of the Indenture Supplement on such date; provided,
however, that if at any time one or more additional Tranches of Class D Notes has been issued and is Outstanding, the amount determined in clause (b) shall be reduced by an amount equal to the lesser of (i) the Nominal Liquidation
Amount of such additional Class D Notes, and (ii) the portion of such Class C Available Subordinated Amount of Class D Notes attributable to any Tranche of any Senior Class of DiscoverSeries Notes issued after the date of issuance of such
additional Class D Notes or the date of issuance of any predecessor additional Class D Notes. For the avoidance of doubt, no principal payment will be made with respect to these Class D(2009-1) Notes if such payment would cause the total Nominal
Liquidation Amount of all Class D Notes to be less than the aggregate Class C Available Subordinated Amount of Class D Notes, determined without giving effect to the foregoing proviso. 

Section 2.03 Payments of Principal. 

(a) The Issuer will cause principal to be paid on each Principal Payment Date, with the last such principal payment to be made on the
Expected Maturity Date; provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 2.04 of the
Indenture Supplement. All payments of principal on the Class D(2009-1) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class D(2009-1) Noteholders to receive payments from the Issuer will terminate on the Class D (2009-1) Termination Date.

 (c) All payments of principal or other amounts to the Class D(2009-1) Noteholders will be made pro rata based on the
Outstanding Dollar Principal Amount of their Class D(2009-1) Notes. 
 Section 2.04 Form of Delivery of Class
D(2009-1) Notes; Denominations. 
 (a) The Class D(2009-1) Notes shall be delivered in the form of a definitive Registered Note as
provided in Section 201 of the Indenture. The form of the Class D(2009-1) Notes is attached hereto as Exhibit A. 
 (b) The Class
D(2009-1) Notes shall, until such time as the laws of any jurisdiction in which they are offered or sold no longer restrict the transfer or sale thereof, bear a legend in substantially the following form: 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF
THIS NOTE MAY BE 

  
 6 

 
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST AND
DISCOVER BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER BANK OR THEIR AFFILIATES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION, PROVIDED, THAT IMMEDIATELY AFTER SUCH RESALE, PLEDGE OR TRANSFER, THE NOTE WILL NOT BE CONSIDERED ISSUED AND OUTSTANDING FOR UNITED STATES FEDERAL AND STATE INCOME TAX PURPOSES, AND (B) THE HOLDER WILL, AND
EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 (c)
No Class D(2009-1) Notes shall be transferred except in accordance with the transfer restrictions described in the legend set forth in clause (b) above. 

(d) The Class D(2009-1) Notes will be issued in minimum denominations of $250,000. 

Section 2.05 Delivery and Payment for the Class D(2009-1) Notes. The Issuer shall execute and deliver the Class D (2009-1)
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class D(2009-1) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.06 Increases in the Outstanding Dollar Principal Amount. Subject to clauses (ii), (iii), (iv) and
(v) of Section 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may increase the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes by issuing additional Class D(2009-1) Notes, so long as the
following conditions precedent are satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such
increase in the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include:

 (i) the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes; 

(ii) the amount of such increase in the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes and the resulting
Initial Dollar Principal Amount and Stated Principal Amount of the Class D(2009-1) Notes; and 
 (iii) any other terms that
the Issuer may set forth in such Notice of Additional Issuance to clarify the effect of such increase in the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes on any calculations to be made with respect to the Class D(2009-1) Notes,
Class D, or the Issuer. 

  
 7 

 All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date
of such Class D(2009-1) Notes; and 
 (b) no Class D(2009-1) Adverse Event has occurred and is continuing. 

The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an increase in
the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes so long as such conditions were satisfied or waived in connection with the Initial Issuance of Class D(2009-1) Notes. Any such increase shall be deemed to have occurred under
Section 310 of the Indenture and this Section 2.06 for purposes of the Indenture, the Indenture Supplement and this Terms Document. 

Section 2.07 Acceleration of Principal Payment Dates and Maturity. 

(a) If at any time the Issuer has received written confirmation from each applicable Note Rating Agency that reducing the Required Subordinated
Percentage of Class D Notes for any Tranche of DiscoverSeries Notes will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, and the Issuer reduces the Required Subordinated Percentage of Class D Notes for any such
Tranche, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, declare that an Expected Principal Payment Date occur immediately. It shall not be an Event of Default if the amount of principal due on such
Expected Principal Payment Date with respect to the Class D(2009-1) Notes is not paid in full on such Expected Principal Payment Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement. 
 (b) If at any time no Outstanding Tranche of DiscoverSeries Notes has a Required Subordinated Percentage of Class D Notes
greater than zero, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, declare the entire Outstanding Dollar Principal Amount of the Class D(2009-1) Notes due and payable immediately. It shall not be an
Event of Default if such amount is not paid in full on such date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture Supplement. 

Section 2.08 Extension of the Expected Maturity Date and Legal Maturity Date. If at any time a new Tranche of a Senior
Class of DiscoverSeries Notes is issued, and the Expected Maturity Date and Legal Maturity Date for such Tranche of Notes is a later date than the Expected Maturity Date and Legal Maturity Date for the Class D(2009-1) Notes, unless otherwise
provided in the Terms Document for such Tranche, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, extend the Expected Maturity Date and Legal Maturity Date for the Class D (2009-1) Notes to the
Expected Maturity Date and Legal Maturity Date for such Tranche of Notes. Any such extension by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the Due Period immediately preceding the Expected Maturity
Date for the Class D(2009-1) Notes then in effect (without giving effect to any extension pursuant to this Section 2.08). 

Section 2.09 Tax Opinions. Section 310(a)(iv) of the Indenture shall not apply to the Class D(2009-1) Notes.

 [Remainder of page intentionally blank; signature page follows] 

  
 8 

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

			
	 DISCOVER CARD EXECUTION NOTE TRUST,

as Issuer

		
	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
	
	By:
                                    
	Name: Jennifer A. Luce
	Title: Assistant Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee
	
	By:
                                    
	Name: Patricia M. Child
	Title: Vice President

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

  
 9 

 Exhibit A 

Form of Class D Note 

See attached. 

  
 Exhibit A 

 Exhibit E 

Form of Noteholders’ Monthly Statement 

Discover Card Execution Note Trust 

DiscoverSeries Monthly Statement 
  

			
	 Distribution Date:
                         ,         
	  	Month Ending:                          ,    
     

 Pursuant to the Amended and Restated Indenture dated as of December 22, 2015, as amended, (the “Indenture”) by
and between Discover Card Execution Note Trust (the “Note Issuance Trust”) and U.S. Bank National Association as Indenture Trustee (the “Indenture Trustee”) and the Second Amended and Restated Indenture Supplement dated as of
December 22, 2015, as amended, for the DiscoverSeries Notes, by and between the Note Issuance Trust and the Indenture Trustee (the “Indenture Supplement”), the Note Issuance Trust is required to prepare certain information each month
regarding current distributions to noteholders. We have set forth below this information regarding the DiscoverSeries Notes 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 Indenture or the Indenture Supplement. The Indenture and the Indenture
Supplement were filed with the Securities and Exchange Commission under the file number [            ] as follows: 
  

			
	 Indenture
	  	As Exhibit [    ] to the Note Issuance Trust’s current report on From 8-K filed on [            ].
		
	 Amended and Restated Indenture Supplement
	  	As Exhibit [    ] to the Note Issuance Trust’s current report on From 8-K filed on [            ].

  

	1.	Interest to be paid on this Distribution Date: 

  

															
	Tranche	 	CUSIP Number	 	LIBOR
Determination
Date	 	Interest
Payment Date	 	Interest Rate	 	Number of Days
in the Interest
Accrual Period	 	Amount of
interest paid on
this Distribution
Date	 	Amount of
interest paid on
this Distribution
Date per $1000
of Outstanding
Dollar Principal
Amount
	 Class A(    -  )
	 		 		 		 		 		 		 	
	 Class A(    -  )
	 		 		 		 		 		 		 	
	 Class A(    -  )
	 		 		 		 		 		 		 	
		 		 		 		 		 		 	  
	 	
	 Total Class A
	 		 		 		 		 		 		 	
		 		 		 		 		 		 	  
	 	
	 Class B(    -  )
	 		 		 		 		 		 		 	
	 Class B(    -  )
	 		 		 		 		 		 		 	
	 Class B(    -  )
	 		 		 		 		 		 		 	
		 		 		 		 		 		 	  
	 	
	 Total Class B
	 		 		 		 		 		 		 	
		 		 		 		 		 		 	  
	 	

															
	 Class C(    -  )
	 		 		 		 		 		 		 	
	 Class C(    -  )
	 		 		 		 		 		 		 	
	 Class C(    -  )
	 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	  

	 Total Class C
	 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	  

	 [Class D(    -  )]
	 		 		 		 		 		 		 	
	 [Class D(    -  )]
	 		 		 		 		 		 		 	
	 [Class D(    -  )]
	 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	  

	 [Total Class D]
	 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	  

	 Total
	 		 		 		 		 		 		 	
		 		 		 		 		 		 		 	  

  

	2.	Principal to be paid on this Distribution Date: 

  

													
	Tranche	  	CUSIP Number	  	Scheduled
principal
payments	  	Shortfall in
scheduled
principal
payments	  	Amount of
principal paid
on this
Distribution
Date	  	Amount of
principal paid
per $1000 of
Stated Principal
Amount	  	Total amount of
principal paid
through this
Distribution
Date
	 Class A(    -  )
	  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 Total Class A
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 Total Class B
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 Class C(    -  )
	  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 Total Class C
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 [Class D(    -  )]1
	  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 [Total Class D]
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

	 Total
	  		  		  		  		  		  	
		  		  	  
	  	  
	  	  
	  		  	  

  
 E-2 

	3.	Principal Amounts and Nominal Liquidation Amount: 

 (as of end of [Month][Year])
(reflects issuances during [Month][Year] and principal payments and Nominal Liquidation Amount Deficits after giving effect to all allocations on this Distribution Date) 
  

									
	Tranche	  	Stated Principal
Amount	  	Outstanding
Dollar Principal
Amount	  	Adjusted
Outstanding
Dollar Principal
Amount	  	Nominal
Liquidation
Amount
	 Class A(    -  )
	  		  		  		  	
	 Class A(    -  )
	  		  		  		  	
	 Class A(    -  )
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Total Class A
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Class B(    -  )
	  		  		  		  	
	 Class B(    -  )
	  		  		  		  	
	 Class B(    -  )
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Class C(    -  )
	  		  		  		  	
	 Class C(    -  )
	  		  		  		  	
	 Class C(    -  )
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Total Class C
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 [Class D(    -  )]
	  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 [Total Class D]
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

  
 E-3 

	4.	Nominal Liquidation Amount for Tranches of Notes Outstanding: 

	    	(including all tranches issued as of the end of [Month][Year], after taking into account all allocations expected to occur on the Distribution Date) 

 

																			
	Tranche	 	Nominal
Liquidation
Amount as of
the beginning of
Due Period	 	Increase due to
Accretion of
Principal for
Discount Notes	 	Increase due to
withdrawals of
Prefunding
Excess Amounts
from Principal
Funding
Subaccount	 	Increase due to
reimbursement of
Nominal
Liquidation
Amount
Deficits	 	Reductions due to
allocation of
charged-off
receivables	 	Increases and
reductions due to
reallocation of
charged-off
receivables	 	Reductions due to
reallocation of
Series Principal
Amounts	 	Reductions due to
deposits into
Principal
Funding
Subaccount	 	Nominal
Liquidation
Amount as
of the end of
Due Period
	 Class A(    -  )
	 		 		 		 		 		 		 	N/A	 		 	
	 Class A(    -  )
	 		 		 		 		 		 		 	N/A	 		 	
	 Class A(    -  )
	 		 		 		 		 		 		 	N/A	 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 		 	  
	 	  

	 Total Class A
	 		 		 		 		 		 		 	N/A	 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 		 	  
	 	  

	 Class B(    -  )
	 		 		 		 		 		 		 		 		 	
	 Class B(    -  )
	 		 		 		 		 		 		 		 		 	
	 Class B(    -  )
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

	 Total Class B
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

	 Class C(    -  )
	 		 		 		 		 		 		 		 		 	
	 Class C(    -  )
	 		 		 		 		 		 		 		 		 	
	 Class C(    -  )
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

	 Total Class C
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

	 [Class D(    -  )]
	 		 		 		 		 		 		 		 		 	
	 [Class D(    -  )]
	 		 		 		 		 		 		 		 		 	
	 [Class D(    -  )]
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

	 [Total Class D]
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

	 Total
	 		 		 		 		 		 		 		 		 	
		 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  
	 	  

										
	Tranche	 	Cumulative
unreimbursed
Nominal
Liquidation
Amount Deficit	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Class A(    -  )
	 		 		 		 		 		 		 		 		 	
	 Class A(    -  )
	 		 		 		 		 		 		 		 		 	
	 Class A(    -  )
	 		 		 		 		 		 		 		 		 	
		 	  
	 		 		 		 		 		 		 		 	
	 Total Class A
	 		 		 		 		 		 		 		 		 	
		 	  
	 		 		 		 		 		 		 		 	

  
 E-4 

			
	 Class B(    -  )
	  	
	 Class B(    -  )
	  	
	 Class B(    -  )
	  	
		  	  

	 Total Class B
	  	
		  	  

	 Class C(    -  )
	  	
	 Class C(    -  )
	  	
	 Class C(    -  )
	  	
		  	  

	 Total Class C
	  	
		  	  

	 [Class D(    -  )]
	  	
	 [Class D(    -  )]
	  	
	 [Class D(    -  )]
	  	
		  	  

	 [Total Class D]
	  	
		  	  

	 Total
	  	
		  	  

  

	5.	Targeted Deposits to Principal Funding Subaccounts with respect to this Distribution Date: 

  

																			
	Tranche	  	Beginning
Principal
Funding
Subaccount
balance	  	Targeted deposit to Principal Funding
Subaccount	  	Shortfalls in
targeted deposit
to Principal
Funding
Subaccount with
respect to this
Distribution
Date	  	Actual deposit
to Principal
Funding
Subaccount	  	Amounts
withdrawn from
Principal
Funding
Subaccount for
payment to
Noteholders	  	Prefunding
Excess
Amounts
withdrawn from
Principal
Funding
Subaccount	  	Ending Principal
Funding
Subaccount
balance	  	Income earned
on funds on
deposit in
Principal
Funding
Subaccount
	  	  	Amount
scheduled to be
deposited on
this Distribution
Date	  	Previous
shortfalls	  	  	  	  	  	  
	 Class A(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class A
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Class B(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Class C(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class C
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 E-5 

																			
	 [Class D(    -  )]
	  		  		  		  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Total Class D]
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  

	6.	Prefunding with respect to this Distribution Date: 

  

													
	Tranche	  	Beginning
balance of
prefunded
deposits	  	Prefunded
amount applied
to scheduled
principal
deposits	  	Targeted
Prefunding
Deposits	  	Prefunding
Excess Amounts
withdrawn from
Principal
Funding
Subaccount	  	Actual deposit
to Principal
Funding
Subaccount for
prefunding	  	Ending balance
of prefunded
deposits
	 Class A(    -  )
	  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class A
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Class C(    -  )]
	  		  		  		  		  		  	
	 [Class C(    -  )]
	  		  		  		  		  		  	
	 [Class C(    -  )]
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Total Class C]
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 E-6 

	7.	Targeted Deposits to Interest Funding Subaccounts with respect to this Distribution Date: 

  

																			
	Tranche	  	Beginning
Interest Funding
Subaccount
balance	  	Targeted deposit to Interest Funding
Subaccount with respect to this Distribution
Date	  	Shortfalls in
targeted deposit
to Interest
Funding
Subaccount
with respect to
this Distribution
Date	  	Actual deposit
to Interest
Funding
Subaccount	  	Amounts
withdrawn from
Interest Funding
Subaccount for
payment to
Noteholders	  	Ending Interest
Funding
Subaccount
balance	  	Income earned
on funds on
deposit in
Interest Funding
Subaccount
	  	  	Interest accrued
during monthly
interest accrual
period	  	Previous
shortfalls	  	Total targeted
deposit to
Interest
Funding
Subaccount	  	  	  	  	  
	 Class A(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class A
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Class B(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Class C(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class C
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Class D(    -  )]
	  		  		  		  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Total Class D]
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 E-7 

	[8.	Deposits to and Withdrawals from Class C Reserve Subaccounts:] 

  

																	
	Tranche	  	Beginning
Class C Reserve
Subaccount
balance	  	Income earned
on funds on
deposit in Class
C Reserve
Subaccount	  	Targeted deposit
to Class C
Reserve
Subaccount	  	Actual deposit
to Class C
Reserve
Subaccount	  	Amounts
withdrawn from
Class C Reserve
Subaccount for
application to
Class C Notes	  	Excess amounts
withdrawn from
Class C Reserve
Subaccount	  	Ending Class C
Reserve
Subaccount
balance	  	Cumulative
Shortfall in
Class C Reserve
Subaccount
									
	 Class C(    -  )
	  		  		  		  		  		  		  		  	
									
	 Class C(    -  )
	  		  		  		  		  		  		  		  	
									
	 Class C(    -  )
	  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

									
	 Total Class C
	  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  

[9.    To be included only following issuance of Class D notes with a reserve account:
Deposits to and Withdrawals from Class D Reserve Subaccounts:
  

	Tranche	  	Beginning
Class D Reserve
Subaccount
balance	  	Income earned
on funds on
deposit in Class
D Reserve
Subaccount	  	Targeted deposit
to Class D
Reserve
Subaccount	  	Actual deposit
to Class D
Reserve
Subaccount	  	Amounts
withdrawn from
Class D Reserve
Subaccount for
application to
Class D Notes	  	Excess amounts
withdrawn from
Class D
Reserve
Subaccount	  	Ending Class D
Reserve
Subaccount
balance	  	Cumulative
Shortfall in
Class D Reserve
Subaccount
									
	 Class D(    -  )
	  		  		  		  		  		  		  		  	
									
	 Class D(    -  )
	  		  		  		  		  		  		  		  	
									
	 Class D(    -  )
	  		  		  		  		  		  		  		  	
		  	  
	  		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

									
	 Total Class D
	  		  		  		  		  		  		  		  	
		  	  
	  		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	  
 ]

 
 10.    Deposits to and
Withdrawals from Accumulation Reserve Subaccounts:
  

	Tranche	  	Beginning
Accumulation
Reserve
Subaccount
balance	  	Targeted deposit
to Accumulation
Reserve
Subaccount	  	Actual deposit
to Accumulation
Reserve
Subaccount	  	Amounts
withdrawn from
Accumulation
Reserve
Subaccount for
use as Series
Finance Charge
Amounts	  	Excess amounts
withdrawn from
Accumulation
Reserve
Subaccount	  	Ending
Accumulation
Reserve
Subaccount
balance	  	Income earned
on funds on
deposit in
Accumulation
Reserve
Subaccount	  	 
									
	 Class A(    -  )
	  		  		  		  		  		  		  		  	
									
	 Class A(    -  )
	  		  		  		  		  		  		  		  	
									
	 Class A(    -  )
	  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	
									
	 Total Class A
	  		  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	

  
 E-8 

															
	 Class B(    -  )
	  		  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Class C(    -  )
	  		  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class C
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Class D(    -  )]
	  		  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  		  	
	 [Class D(    -  )]
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 [Total Class D]
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  		  		  		  	

  

	11.	Class A: Required Subordinated Amount; Available Subordinated Amount; Usage: 

  

															
	 	  	Required Subordinated Amount
of Class B Notes	  	Available Subordinated
Amount of Class B Notes	  	Usage of Class B	  	 
	Tranche	  	As of last
Distribution
Date	  	As of current
Distribution
Date	  	As of last
Distribution
Date	  	As of current
Distribution
Date	  	As of last
Distribution
Date	  	As of current
Distribution
Date	  	 
								
	 Class A(    -  )
	  		  		  		  		  		  		  	
								
	 Class A(    -  )
	  		  		  		  		  		  		  	
								
	 Class A(    -  )
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	
								
	 Total Class A
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	
					
	 	  	Required Subordinated Amount
of Class C Notes	  	Available Subordinated
Amount of Class C Notes	  	Usage of Class C	  	 
	Tranche	  	As of last
Distribution
Date	  	As of current
Distribution
Date	  	As of last
Distribution
Date	  	As of current
Distribution
Date	  	As of last
Distribution
Date	  	As of current
Distribution
Date	  	 
								
	 Class A(    -  )
	  		  		  		  		  		  		  	
								
	 Class A(    -  )
	  		  		  		  		  		  		  	
								
	 Class A(    -  )
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	
								
	 Total Class A
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	

  
 E-9 

 [To be included only following issuance of Class D notes: 

 

													
	 	  	Required Subordinated Amount of
Class D Notes	  	Available Subordinated Amount of
Class D Notes	  	Usage of Class D
	Tranche	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date
	 Class A(    -  )
	  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  	
	 Class A(    -  )
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class A
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 ] 
  

	12.	Class B: Required Subordinated Amount; Available Subordinated Amount; Usage: 

  

													
	 	  	Required Subordinated Amount of
Class C Notes	  	Available Subordinated Amount of
Class C Notes	  	Usage of Class C
	Tranche	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date
	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 [To be included
only following issuance of Class D notes: 
  

													
	 	  	Required Subordinated Amount of
Class D Notes	  	Available Subordinated Amount of
Class D Notes	  	Usage of Class D
	Tranche	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date
	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
	 Class B(    -  )
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class B
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 ] 

  
 E-10 

	[13.	To be included only following issuance of Class D notes: Class C: Required Subordinated Amount; Available Subordinated Amount; Usage: 

 

													
	 	  	Required Subordinated Amount of
Class D Notes	  	Available Subordinated Amount of
Class D Notes	  	Usage of Class D
	Tranche	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date	  	As of last
Distribution Date	  	As of current
Distribution Date
	 Class C(    -  )
	  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  	
	 Class C(    -  )
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total Class C
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 ] 
  

	14.	Excess Spread Triggers: 

  

									
	 	 	For this Distribution Date	 	For the preceding
Distribution Date	 	For the second preceding
Distribution Date	 	Three-month average
for this Distribution
Date
	 Excess Spread Amount 3
	 		 		 		 	
	 Excess Spread Percentage 4
	 		 		 		 	
	 Group Excess Spread 5
	 		 		 		 	
	 Group Excess Spread Percentage 6
	 		 		 		 	

  

			
	14.   Weighted Average Coupon Interest Rate: (7)	  	For this Distribution Date
	 Coupon interest rate (shown as an annualized percentage of total Nominal Liquidation Amount at the beginning of [Month][Year]
	  	[    % ]
		
	 Adjusted coupon interest rate (shown as an annualized percentage of total Nominal Liquidation Amount, excluding interest held by
wholly-owned subsidiaries of Discover Bank, at the beginning of [Month][Year]
	  	[    % ]
		
	 Group coupon interest rate (shown as an annualized percentage of Group Investor Interest at the beginning of [Month][Year]
	  	[    % ]

  
 E-11 

					
	 Adjusted group coupon interest rate (shown as an annualized percentage of Group Investor Interest, excluding interest held by
wholly-owned subsidiaries of Discover Bank, at the beginning of [Month][Year]
	  	 	[    	% ] 

  

	15.	Excess Spread Early Redemption Event: [Yes/No] 

  

	16.	Delinquency Trigger: [Yes/No] 

 [insert other notifications regarding Asset
Representations Review (if any)] 
  

	17.	Credit Risk Retention: 

 [Seller’s interest] 

[insert other risk retention or changes] 
  

	18.	Investor Communication Requests: 

  
 E-12 

	1.	Total amount of principal paid through this distribution date with respect to Class D(2009-1) is not shown. 

 

	2.	The targeted deposit to or withdrawal from the Class C Reserve Account on the current distribution date is based on the three-month average Excess Spread Percentage on the
previous distribution date. 

  

	3.	The Excess Spread Amount means, generally, with respect to the DiscoverSeries notes for any distribution date: the difference, whether positive or negative, between 

 

	 	(x)	the sum of 

  

	 	(a)	the amount of Finance Charge Amounts allocated to the DiscoverSeries pursuant to the Indenture; 

  

	 	(b)	any amounts to be treated as Series Finance Charge Amounts and designated to be a part of the Excess Spread Amount pursuant to any Terms Document, including certain Series 2009-SD
Principal Collections so designated through the distribution date in January 2012; 

  

	 	(c)	an amount equal to income earned on all funds on deposit in the Principal Funding Account (including all subaccounts of such account) (net of investment expenses and losses); and 

 

	 	(d)	the amount withdrawn from the Accumulation Reserve Subaccount to cover the Accumulation Negative Spread on the Principal Funding Subaccounts, and 

 

	 	(y)	the sum of all interest, swap payments or accreted discount and servicing fees for the DiscoverSeries notes and reimbursement of all charged-off receivables allocated to the
DiscoverSeries, in each case for the applicable period only. 

  

	4	The Excess Spread Percentage means, generally, with respect to the DiscoverSeries notes for any distribution date, the Excess Spread Amount, multiplied by twelve and divided by the sum of the Nominal Liquidation Amount
of all outstanding DiscoverSeries notes as of the beginning of the related Due Period. 

  

	5.	The Group Excess Spread is the sum of the series excess spreads for each series in the group to which the Series 2007-CC Collateral Certificate belongs. All series other than the
Series 2007-CC Collateral Certificate have been paid in full. Accordingly, the Group Excess Spread equals the Excess Spread Amount for the DiscoverSeries notes beginning with the distribution date in May 2014.
If certain issuances are made after the date of this report, they could cause these amounts to diverge again in future months. With respect to series other than Series 2007-CC, if any, the “series excess
spread” will generally mean (unless otherwise specified in the series supplement for a series) 

  

	 	(w)	the sum of the Class A and Class B finance charge collections, interchange and investment income, minus 

  

	 	(x)	the sum of 

  

	 	(a)	Class A and Class B monthly interest; 

  

	 	(b)	Class A and Class B monthly servicing fees; 

  

	 	(c)	Class A and Class B monthly charge-offs; and 

  

	 	(d)	the credit enhancement fee; 

 in each case for the distribution date; minus 

  
 E-13 

	 	(y)	for any series of certificates that has a subordinated interest rate swap, any payment made by the master trust pursuant to that interest rate swap 

With respect to Series 2007-CC, the “series excess spread” generally means the Excess Spread Amount for the DiscoverSeries notes. See
item 13 and footnote 3. 
 The Group Excess Spread will be reported for so long as the Series 2007-CC collateral certificate is the only
collateral certificate owned by the note issuance trust. 
  

	6.	The Group Excess Spread Percentage will generally mean the Group Excess Spread, multiplied by twelve and divided by the sum of the aggregate investor interest in receivables for all series in the group as of the
beginning of the related Due Period. There are currently no series in the group other than the Series 2007-CC Collateral Certificate; therefore, the Group Excess Spread Percentage equals the DiscoverSeries
Excess Spread Percentage. 

  

	7.	Coupon interest is the sum of the monthly interest deposited into the DiscoverSeries interest funding subaccounts and relating to the current interest accrual period. The Group coupon interest is the sum of such monthly
interest deposited into the series interest funding accounts for all series in the group to which the Series 2007-CC Collateral Certificate belongs. There are currently no series in the group other than the
Series 2007-CC Collateral Certificate; therefore, the group rates are the same as the DiscoverSeries rates. 

  
 E-14EX-4.6

 Exhibit 4.6 
  

 
 DISCOVER CARD EXECUTION NOTE
TRUST 
 AMENDED AND RESTATED TRUST AGREEMENT 

Dated as of December 22, 2015 

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
	 	Closing and Effectiveness	  	 	10	  
	 Section 2.12
	 	Books and Records	  	 	11	  
	 Section 2.13
	 	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	  	 	12	  
	 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	  	 	16	  
			
	 Section 6.01
	 	Acceptance of Trust and Duties	  	 	16	  
	 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	  	 	18	  
	 Section 6.07
	 	Representations and Warranties	  	 	19	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE VII.
	 	TERMINATION OF TRUST AGREEMENT	  	 	19	  
			
	 Section 7.01
	 	Termination of Trust Agreement	  	 	19	  
			
	 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	  	 	20	  
	 Section 8.03
	 	Qualification of Owner Trustee	  	 	20	  
	 Section 8.04
	 	Co-trustees and Separate Owner Trustees	  	 	21	  
			
	 ARTICLE IX.
	 	AMENDMENTS	  	 	21	  
			
	 Section 9.01
	 	Amendments	  	 	21	  
			
	 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	  	 	23	  
			
	 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	  	 	25	  
	 Section 12.03
	 	Severability	  	 	26	  
	 Section 12.04
	 	Limitation of Liability	  	 	26	  
	 Section 12.05
	 	Separate Counterparts	  	 	26	  
	 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	  	 	27	  
			
	 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	  	 	28	  

  
 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 December 22, 2015, 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 Effective Date, 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; and 
 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, 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.

 “Effective Date” means the opening of business on the earlier of (i) January 1, 2016 or (ii) the date
specified by Discover Bank, as the predecessor Beneficiary under the Original Trust Agreement, in a written notice sent to each of the Issuer and the Indenture Trustee, which written notice shall be (x) sent at least two (2) Business Days
prior to such date specified, (y) sent via email to the Issuer at JLuce@WilmingtonTrust.com and to the Indenture Trustee at Edwin.janis@usbank.com, and (z) effective when sent, notwithstanding any provision or requirement of the Original
Trust Agreement to the contrary. 
 “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 December 22, 2015, 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. 

  
 3 

 “Indenture Supplement” is defined in the Indenture. 

“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. 

  
 4 

 “Payment Date” is defined in the Indenture. 

“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. 

“Regulation AB” means Subpart 229.1100 — Asset Backed Securities (Regulation AB), 17 C.F.R. §229.1100-229.1125, as
such may be amended from time to time, and subject to such clarifications and interpretations as have been provided by the Commission in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506,
1,531 (Jan. 7, 2005)) and (Asset-Backed Securities Disclosure and Registration, Securities Act Release Nos 33-9638; 34-72982, 79 Fed. Reg. 57184 (September 24, 2014)), 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; 

  
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 (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 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. 

  
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 (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. 

  
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 (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. 

  
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 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. If the Note Issuance Trust is required to be treated as a partnership and to the extent that subchapter C of chapter 63 of subtitle F of the Code would otherwise apply to the Note
Issuance Trust after 2017, the partnership representative (described below) shall, on behalf of the Note Issuance Trust, shall timely elect any available election under Sections 6221 through 6241 of the Code that results in any imputed underpayment
to be paid by the “partners” (as described in Section 6226 of the Code). In the event that a “tax matters partner” (within the meaning of Section 6231(a)(7) of the Code as in effect prior to the enactment of the
Bipartisan Budget Act of 2015) or a “partnership representative” as such term is defined in Section 6223(a) of the Code is required to be appointed with respect to the Note Issuance Trust, the Beneficiary (or a U.S. Affiliate of the
Beneficiary if the Beneficiary is ineligible) is hereby designated as tax matters partner or partnership representative, as applicable. Each registered owner of and, if different, each owner of a beneficial interest in, an interest in the Note
Issuance Trust that did not receive an Opinion of Counsel to the effect that such interest was properly characterized as debt at the time of its issuance shall promptly provide the Note Issuance Trust and partnership representative with any
requested information, documentation or material to enable the Note Issuance Trust to make any of the elections described in this section and otherwise comply with Sections 6221 through 6241 of the Code. 

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 Closing and Effectiveness. (a) 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. 

  
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 (b) This Agreement amends and restates the Original Trust Agreement as of the Effective Date.
Prior to the Effective Date, the Original Trust Agreement shall remain in full force and effect and is in all respects ratified and confirmed. Upon the effectiveness of this Agreement on the Effective Date, the terms and provisions of the Original
Trust Agreement shall be restated in their entirety and each reference to the Original Trust Agreement in any other document, instrument or agreement shall mean and be a reference to this Agreement. 

Section 2.12 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 2.13 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 Effective Date 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. 

(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

  
 11 

 
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 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. 

  
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 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. 

(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 

  
 13 

 
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 Effective Date 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, 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. 

  
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 (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; 

(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; 

  
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 (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. 
 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; 

  
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 (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 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

  
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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: 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. 

  
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 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. 

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

  
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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. 
 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

  
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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. 

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. 

  
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 (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 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. 

  
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 (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 Effective Date, 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 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, 

  
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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 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. 

  
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 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. 
 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: Secretary 

Facsimile: (302) 323-7393 
  

	 	(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 

  
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 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. 

(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. 

  
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 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 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. 

  
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 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 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.

  
 28 

 (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)(1), 1109(a)(2), 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; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; 

  

	 	(9)	the asset representations reviewer; and 

  

	 	(10)	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. 

  
 29 

 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:	 	/s/ Michael F. Rickert
	Name:	 	Michael F. Rickert
	Title:	 	Vice President, Chief Financial Officer and Treasurer

  

			
	WILMINGTON TRUST COMPANY
		
	By:	 	/s/ Erwin M. Soriano
		 	Name: Erwin M. Soriano
		 	Title: Vice President

  
 [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:	 	/s/ Michael F. Rickert
	Name:	 	Michael F. Rickert
	Title:	 	Vice President, Chief Financial Officer
		 	and Treasurer

 DISCOVER BANK, 
 as the
predecessor Beneficiary 
 under the Original Trust Agreement 
  

			
	
		
	By:	 	/s/ Michael F. Rickert
	Name:	 	Michael F. Rickert
	Title:	 	Vice President, Chief Financial Officer
		 	and Assistant Treasurer

  
 [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 December 22, 2015, 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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