Document:

EX-4.1

 Exhibit 4.1 

 
 

 
 SEE RESTRICTIONS ON TRANSFER ON THE REVERSE OF THIS CERTICATE State of MarylandRetail
Properties of America, Inc.$0.001 Per ValueCUSIP 76131V202This Certificat that specimen is the registered holder of zero(0) thanks of class a common to retail properties of america, Inc.Transferable only on the books of the corporation by the holder
hereof in person by upon surrender of this certificate properly endorsed.In witness whereof the said corporation has caused this certificate to be signed by its authorized officers and its corporable. Real to be hereundo afficial this day of
president secretary. 

  
 

 
 For Value Received, hereby sell, assign and transfer unto shares represented by the
within certificated, and do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the looks of the within named corporation with full power of substitution in the premises. Dated , 20 . In presence of NOTICE, THE SIGNATURE
OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGERMENT, OR ANY CHANGE WHATEVER.THE CHARTER OF THE CORPORATION CONTAINS CERTAIN RESTRICTIONS ON THE
TRANSFERABILITY OF THE SHARES REPRESENTED BY THIS CERTIFICATE. THE CORPORATION WILL FURNISH TO THE HOLDER OF THIS CERTIFICATE A FULL STATEMENT REGARDING SUCH RESTRICTIONS WITHOUT CHARGE AND UPON REQUEST.THE CORPORATION WILL FURNISH TO ANY
STOCKHOLDER, ON REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF THE INFORMATION REQUIRED BY SECTION 2-211(b) OF THE MARYLAND GENERAL CORPORATION LAW WITH RESPECT TO THE DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND OTHER RIGHTS, VOTING POWERS,
RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS AND OTHER DISTRIBUTIONS, QUALIFICATIONS, AND TERMS AND CONDITIONS OF REDEMPTION OF THE STOCK OF EACH CLASS WHICH THE CORPORATION IS AUTHORIZED TO ISSUE AND, IF THECORPORATION IS AUTHORIZED TO ISSUE ANY
PREFERRED OR SPECIAL CLASS IN SERIES (i) THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH SERIES TO THE EXTENT THEY HAVE BEEN SET, AND (ii) THEAUTHORITY OF THE BOARD OF DIRECTORS TO SET THE RELATIVE RIGHTS AND
PREFERENCES OF SUBSEQUENT SERIES.Amended and Restated Class A(2010-A) Terms Document

 Exhibit 4.1 
 Execution Version 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 
 U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 

AMENDED AND RESTATED 
 CLASS A(2010-A) TERMS DOCUMENT 
 Dated as of March 20, 2012 

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
	  	 	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 A(2010-A) 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.	  	 Payments of Interest and Principal; Payments of Increased Costs Amount
	  	 	10	  
	Section 2.05.	  	 [Reserved]
	  	 	11	  
	Section 2.06.	  	 Form of Class A(2010-A) Notes; Legend; Transfer Restriction
	  	 	11	  
	Section 2.07.	  	 Delivery and Payment for the Class A(2010-A) Notes
	  	 	12	  
	Section 2.08.	  	 Additional Early Redemption Events
	  	 	12	  
	Section 2.09.	  	 Increases in the Outstanding Dollar Principal Amount
	  	 	13	  
	Section 2.10.	  	 Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes
	  	 	14	  
			
		  	Exhibit	  			
			
		  	 ExhibitA                    
Form of Class A Note
	  			

  
 i 

 THIS AMENDED AND RESTATED CLASS A(2010-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 March 20, 2012. 

The Issuer and the Indenture Trustee are parties to that certain Class A(2010-A) Terms Document, dated as of March 25, 2010 (the
“Existing Terms Document”). 
 Pursuant to subsection 1001(b) of the Indenture, the Issuer and the Indenture
Trustee are amending and restating the Existing Terms Document in its entirety in the form of this Terms Document in connection with the amendment and restatement of the Note Purchase Agreement dated as of March 25, 2010, by and among Discover
Card Execution Note Trust, Discover Bank, the Purchaser (as defined therein), the Committed Purchaser (as defined therein) and the Agent (as defined therein). 
 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 Amended and Restated Note Purchase Agreement dated as of
March 20, 2012, by and among Discover Card Execution Note Trust, Discover Bank, the Purchaser (as defined therein), the Committed Purchaser (as defined therein) and the Agent (as defined therein) (as may be amended, supplemented, restated,
amended and restated or otherwise modified from time to time, the “Note Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein;

 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are
generally accepted in the United States of America at the date of such computation; 
 (4) all references in this Terms Document
to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and
other words of similar import refer 

 
to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and
provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2010-A) Notes; 
 (6) each
capitalized term defined herein shall relate only to the Class A(2010-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. 

“Agent” has the meaning set forth in the Note Purchase Agreement. 

“Class A(2010-A) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class A(2010-A) Notes or (b) an Event of Default and acceleration of the Class A(2010-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(2010-A) Adverse Event shall not be treated as continuing from and after the date of such cure. 
 “Class A(2010-A) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2010-A) Note and duly executed and authenticated in accordance with the
Indenture. 
 “Class A(2010-A) Noteholder” means a Person in whose name a Class A(2010-A) Note is registered in
the Note Register. 
 “Class A(2010-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(2010-A) Notes is paid in full and the Note Purchase Commitment has been permanently reduced to zero, (b) the Legal Maturity Date and (c) the date on which the
Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Class A(2010-A) Tranche Interest
Allocation” for the Class A(2010-A) Notes for any Distribution Date means the Note Interest for the Class A(2010-A) Notes. 

  
 2 

 “Current Outstanding Dollar Principal Amount” means the $250,000,000
Outstanding Dollar Principal Amount of the outstanding Class A(2010-A) Notes as of March 20, 2012. 
 “Existing
Expected Maturity Date” has the meaning set forth in the Note Purchase Agreement. 
 “Existing Legal Maturity
Date” has the meaning set forth in the Note Purchase Agreement. 
 “Existing Liquidation Commencement
Date” has the meaning set forth in the Note Purchase Agreement. 
 “Expected Maturity Date” means
April 15, 2014, or, if such date is extended pursuant to the Note Purchase Agreement, the Existing Expected Maturity Date; provided, however, that the Expected Maturity Date with respect to the Current Outstanding Dollar Principal
Amount shall be April 15, 2013. 
 “Expected Principal Payment Date” means each Distribution Date for
which the Targeted Principal Payment Amount is greater than zero, including (i) the Expected Maturity Date and (ii) any Interim Expected Maturity Date. 
 “Increase Amount” means the amount of any increase in the Outstanding Dollar Principal Amount as specified in any Notice of Increase delivered under Section 2.09. 

“Increased Costs Amount” has the meaning set forth in the Note Purchase Agreement. 

“Indenture” means the Indenture dated as of July 26, 2007, as amended by the First Amendment to the Indenture,
dated as of June 4, 2010, 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. 

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

“Initial Dollar Principal Amount” means, (a) $250,000,000 plus (b) the sum of all Increase Amount specified in
all Notices of Increase delivered under Section 2.09. 
 “Interest Accrual Period” means, with respect to
any Interest Payment Date, the period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2010-A) Notes, 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 April
2010, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 

  
 3 

 “Interim Expected Maturity Date” for any Increase Amount has the meaning
specified in the applicable Notice of Increase delivered under Section 2.09; provided, that, in no event shall any Interim Expected Maturity Date be later than the Expected Maturity Date. 

“Interim Liquidation Commencement Date” means for any Increase Amount, the first day of the Due Period related to the
Interim Expected Maturity Date for such Increase Amount. 
 “Interim Liquidation Period” for any Increase
Amount and the related Interim Expected Maturity Date means, unless an Early Redemption Event or an Event of Default for the Class A(2010-A) Notes shall have occurred prior thereto, the period commencing on the related Interim Liquidation
Commencement Date and ending on the earlier to occur of (x) the payment in full of such Increase Amount or (y) the occurrence of an Early Redemption Event or an Event of Default for the Class A(2010-A) Notes; provided,
however, that if (i) an Excess Spread Early Redemption Cure has occurred with respect to any Excess Spread Early Redemption Event for the Class A(2010-A) Notes prior to the commencement of the Interim Liquidation Period for such Increase
Amount (and no other Early Redemption Event or Event of Default for the Class A(2010-A) Notes has occurred), the Interim Liquidation Period for such Increase Amount shall be determined as if such Excess Spread Early Redemption Event had not
occurred, and (ii) if the Interim Liquidation Period has terminated in accordance with clause (y) above, due solely to the occurrence of an Excess Spread Early Redemption Event for which there has been a subsequent Excess Spread Early
Redemption Cure (and no other Early Redemption Event or Event of Default has occurred), the Interim Liquidation Period for such Increase Amount shall resume and shall continue until the earlier to occur of (x) the payment in full of such
Increase Amount or (y) the occurrence of a subsequent Early Redemption Event or Event of Default. 
 “Issuance
Date” means March 25, 2010, with respect to all Class A(2010-A) Notes issued on the Closing Date and, with respect to any increase in the Outstanding Dollar Principal Amount pursuant to Section 2.09, any Issuance Date specified in
the Notice of Increase delivered thereunder. 
 “Legal Maturity Date” means October 17, 2016, or, if such
date is extended pursuant to the Note Purchase Agreement, the Existing Legal Maturity Date. 
 “Liquidation Commencement
Date” means the Existing Liquidation Commencement Date. 
 “Liquidation Period” for the Class
A(2010-A) Notes that are scheduled to mature on any Expected Maturity Date means, unless an Early Redemption Event or an Event of Default for the Class A(2010-A) Notes shall have occurred prior thereto, the period commencing on the Liquidation
Commencement Date for such Class A(2010-A) Notes and ending on the earlier to occur of (x) the payment in full of the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes that are scheduled to mature on such Expected Maturity Date
or (y) the occurrence of an Early Redemption Event or an Event of Default for the Class A(2010-A) Notes; provided, however, that (i) if an Excess Spread Early Redemption Cure has occurred with respect to any Excess Spread
Early Redemption Event for the Class A(2010-A) Notes prior to the commencement of the Liquidation Period (and no other Early Redemption Event or Event of Default for the Class A(2010-A) Notes has occurred), the Liquidation Period shall be determined

  
 4 

 
as if such Excess Spread Early Redemption Event had not occurred, and (ii) if the Liquidation Period has terminated in accordance with clause (y) above, due solely to the occurrence of
an Excess Spread Early Redemption Event for which there has been a subsequent Excess Spread Early Redemption Cure (and no other Early Redemption Event or Event of Default has occurred), the Liquidation Period shall resume and shall continue until
the earlier to occur of (x) the payment in full of the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes that are scheduled to mature on such Expected Maturity Date or (y) the occurrence of a subsequent Early Redemption
Event or Event of Default. 
 “Note Interest” for these Class A(2010-A) Notes has the meaning set forth in the
Note Purchase Agreement. 
 “Note Interest Rate” for these Class A(2010-A) Notes has the meaning set forth in
the Note Purchase Agreement; for the avoidance of doubt, the Note Interest Rate shall be calculated in accordance with the calculation basis set forth in the Note Purchase Agreement. 

“Notice of Increase” has the meaning set forth in Section 2.09. 

“Principal Payment Date” means, for the Class A(2010-A) Notes, each Expected Principal Payment Date, or upon the
acceleration of such Notes following an Event of Default or upon the occurrence and during the continuance of an Early Redemption Event (unless all such events have been cured), each Distribution Date and the Legal Maturity Date, or in the event of
a cleanup call, the date of redemption in accordance with Section 1202 of the Indenture. 
 “Required Daily Deposit
Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class A(2010-A) Tranche Interest Allocation for the related Distribution Date, plus any Class A Tranche Interest Allocation Shortfall for the
Class A(2010-A) Notes for the immediately preceding 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(2010-A) Tranche Interest
Allocation cannot be determined because the Note Interest Rate for the applicable Interest Accrual Period has not yet been notified to the Calculation Agent and the Indenture Trustee in accordance with the Note Purchase Agreement, the Required Daily
Deposit Target Finance Charge Amount shall be the Class A(2010-A) Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that the Note Interest Rate will be equal to the sum of (i) the Note Interest Rate,
excluding any applicable margin, for the prior Interest Accrual Period and applicable to the Interest Payment Date occurring in such Due Period, multiplied by 1.25 and (ii) any applicable margin; provided, further, that for
purposes of determining the Required Daily Deposit Target Finance Charge Amount for any day in the Due Period preceding the first Interest Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes is greater than
zero, if the Class A(2010-A) Tranche Interest Allocation cannot be determined because the Note Interest Rate for such first Interest Accrual Period has not yet been notified to the Calculation Agent and the Indenture Trustee in accordance with the
Note Purchase Agreement, a rate equal to the rate provided by the Agent, based on the Agent’s good faith estimate of the anticipated Note Interest Rate for such first Interest Accrual Period, to the Indenture Trustee and Calculation Agent on
the date of effectiveness of such first increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes shall be used in lieu of the Note Interest Rate. 

  
 5 

 “Required Daily Deposit Target Principal Amount” means, for any day in a
Due Period, (i) if such Due Period is in the Liquidation Period or any Interim Liquidation Period, the Targeted Principal Payment Amount for the related Distribution Date, (ii) if such day is on or after the occurrence and during the
continuance of a Class A(2010-A) Adverse Event, the Nominal Liquidation Amount of the Class A(2010-A) Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes” means, for the Class A(2010-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(2010-A) Notes on such date of determination and 

(b) the Nominal Liquidation Amount of such Class A(2010-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(2010-A) Adverse Event,
the Required Subordinated Amount of Class B Notes for Class A(2010-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(2010-A) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes”
means, for the Class A(2010-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(2010-A) Notes on such date of determination and 
 (b) the Nominal
Liquidation Amount of such Class A(2010-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(2010-A) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2010-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(2010-A) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2010-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(2010-A) Notes on such date of determination and 

  
 6 

 (b) the Nominal Liquidation Amount of such Class A(2010-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(2010-A) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2010-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(2010-A) Adverse Event shall have
occurred. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2010-A) Notes,
7.284768%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C
Notes” means, for the Class A(2010-A) Notes, 9.271523%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the Class A(2010-A) Notes, 15.894040%, subject to
adjustment in accordance with Section 2.02. 
 “Stated Principal Amount” means (a) $250,000,000
plus (b) the sum of all Increase Amounts specified in all Notices of Increase delivered under Section 2.09, minus (c) the aggregate amount of principal paid to the Class A(2010-A) Noteholders pursuant to
Section 2.04. 
 “Targeted Principal Payment Amount” means, for any Distribution Date, the sum of:

 (i) if such Distribution Date is in a Liquidation Period, any Outstanding Dollar Principal Amount that is scheduled to mature
on the Expected Maturity Date related to such Liquidation Period; and 
 (ii) if such Distribution Date is in any Interim
Liquidation Period, the applicable Increase Amount maturing on such Distribution Date. 
 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; 

  
 7 

 (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 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 

  
 8 

 
implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances
will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this
Terms Document or any related documents. 
 (b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, any
Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the
Collateral pledged to secure these Class A(2010-A) Notes under the Indenture, the Indenture Supplement and this Terms Document (except as expressly provided in Sections 9.01 and 9.02 of the Note Purchase Agreement). 

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 A(2010-A) Notes 
 Section 2.01. Creation and Designation. There is hereby created a Tranche of Class A Notes to be issued pursuant to the Indenture, the Indenture Supplement, this Terms Document and the
Note Purchase Agreement to be known as the “DiscoverSeries Class A(2010-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; 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; and provided further, that (i) if there is no Tranche of Class A Notes that is
currently rated “AAA” or the equivalent by a Note Rating Agency, then none of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D
Notes, in each case for the Class 

  
 9 

 
A(2010-A) Notes, shall be reduced without the written consent of the Agent and (ii) if there is an increase in 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 any Tranche of Class A Notes that is rated “AAA” or the equivalent by a Note Rating Agency, then there shall be a
commensurate increase in the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, as applicable, in each case for the Class A(2010-A)
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(2010-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; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement, such addition and such other amendments will not
result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes; and provided further, that (i) if there is no Tranche of Class A Notes that is currently rated “AAA” or the equivalent by a Note Rating
Agency, then none 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(2010-A) Notes, shall be replaced with a
different form of credit enhancement without the written consent of the Agent and (ii) if any Tranche of Class A Notes that is rated “AAA” or the equivalent by a Note Rating Agency is outstanding and there is a replacement of 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 with a different form of credit enhancement, in each case for any such Tranche
of Class A Notes, then there shall be a commensurate replacement of 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(2010-A) Notes. 
 Section 2.03. Interest Payment. For each Interest Payment Date, the amount of
interest due with respect to the Class A(2010-A) Notes shall be the Note Interest for the Class A(2010-A) Notes, or such other amount based on any alternative rate then in effect under the Note Purchase Agreement, in each case as determined pursuant
to the Note Purchase Agreement; plus, without duplication, any Class A Tranche Interest Allocation Shortfall for such Class A(2010-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 and a 360-day year. 

Section 2.04. Payments of Interest and Principal; Payments of Increased Costs Amount. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on each Principal Payment Date on
which the Targeted Principal Payment Amount is greater than zero, with the last such principal payment to be made on or prior to the 

  
 10 

 
Expected Maturity Date; provided, however, that it shall not be an Event of Default if scheduled principal is not paid in full on or prior to any Interim Expected Maturity Date or
the 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(2010-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(2010-A) Notes in an amount equal to the lesser of the Nominal Liquidation Amount of the Class A(2010-A) Notes and the amount
allocated for such payment in accordance with Section 3.01 of the Indenture Supplement, with such payment to be made in accordance with Section 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2010-A)
Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b) The right of the Class A(2010-A) Noteholders to
receive payments from the Issuer will terminate on the Class A(2010-A) Termination Date. 
 (c) All payments of principal,
interest or other amounts to the Class A(2010-A) Noteholders will be made pro rata based on the Outstanding Dollar Principal Amount of their Class A(2010-A) Notes. 
 (d) For the avoidance of doubt, the “Targeted Principal Payment Amount” shall be the amount scheduled to be paid on each Principal Payment Date as specified in this Terms Document for the Class
A(2010-A) Notes for purposes of clause (a)(x)(i) of the definition of “Targeted Principal Deposit” in the Indenture Supplement. 
 (e) The Increased Costs Amount, if applicable, shall be paid in accordance with the Note Purchase Agreement from the Series Finance Charge Amounts remaining after step (54) (Targeted Deposit to Class
D Reserve Subaccounts from Series Finance Charge Amounts) of Section 3.01 of the Indenture Supplement, in accordance with step (55) (Other Deposits and Payments from Series Finance Charge Amounts) of Section 3.01 of the Indenture
Supplement. 
 (f) The date referenced in clause (iv) of the definition of “Principal Allocation Amount” in the
Indenture shall be the Liquidation Commencement Date. 
 Section 2.05. [Reserved] 

Section 2.06. Form of Class A(2010-A) Notes; Legend; Transfer Restriction. 

(a) The Class A(2010-A) Notes shall be Registered Notes delivered in definitive form and shall be initially registered in the name of the
Agent on behalf of the Owners. The Class A(2010-A) Notes will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount. 
 (b) Each Class A(2010-A) Note issued pursuant to this Terms Document and the Note Purchase Agreement 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: 

  
 11 

 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD
EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR (2) TO DISCOVER BANK OR ITS AFFILIATES, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 

(c) No Note issued under this Terms Document or beneficial interest therein shall be transferred except in accordance with the transfer
restrictions described in the legend set forth in clause (b) above. 
 Section 2.07. Delivery and Payment for the Class A(2010-A)
Notes. The Issuer shall execute and deliver the Class A(2010-A) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2010-A) Notes when authenticated, each in accordance with Sections 203 and 303
of the Indenture and the Note Purchase Agreement. 
 Section 2.08. Additional Early Redemption Events. To the extent set
forth in Section 4.01(b) of the Indenture Supplement and pursuant thereto, the following shall be additional Early Redemption Events relating to the Class A(2010-A) Notes: (a) failure on the part of the Issuer to make any interest payment
with respect to the Class A(2010-A) Notes required by the terms of the Note Purchase Agreement, the Indenture, the Indenture Supplement or this Terms Document on or before the date occurring thirty five (35) days after the date such payment is
required to be made herein or therein; and (b) a default in the performance, or breach, of any covenant or warranty of the Issuer in the Note Purchase Agreement, and continuance of such default or breach for a period of sixty (60) days
after there has been given, by written notice, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Agent, a written notice specifying such default or breach and requesting it to be remedied, and if as a result of
such default, the interests of the Class A(2010-A) Noteholders are materially and adversely affected and continue to be materially and adversely affected during the sixty (60) day period. 

  
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 Section 2.09. 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 (which, for the avoidance of doubt, apply to any increase pursuant to this Section 2.09), and subject to Section 4.02 of the Note Purchase
Agreement, the Issuer may increase the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes, so long as the following conditions precedent are satisfied: 
 (a) the Issuer shall have given the Agent and the Indenture Trustee written notice of such increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes (the “Notice of
Increase”) in accordance with Section 2.03(d) of the Note Purchase Agreement, which notice shall include: 
  

	 	(i)	the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes; 

 

	 	(ii)	the amount of such increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes and the resulting Stated Principal Amount of the Class A(2010-A)
Notes; 

  

	 	(iii)	the first Interest Payment Date on which interest will be paid on such increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes;

  

	 	(iv)	the Interim Expected Maturity Date (which date shall be a Distribution Date) and the Interim Liquidation Commencement Date (or otherwise confirm that such Increase
Amount is scheduled to mature on the Expected Maturity Date) with respect to the Increase Amount of the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes; and 

 

	 	(v)	any other terms that the Issuer may set forth in such notice of increase to clarify the rights of Holders of the Class A(2010-A) Notes or the effect of such increase on
any calculations to be made with respect to the Class A(2010-A) Notes, Class A, or the Issuer; 

 (b) no
Class A(2010-A) Adverse Event has occurred and is continuing; 
 (c) such increase will not cause the Outstanding Dollar
Principal Amount of the Class A(2010-A) Notes to exceed the Note Purchase Commitment; 
 (d) (i) no Note Interest or other
amount due and payable to any Class A(2010-A) Noteholder prior to the Issuance Date for such increase remains outstanding and (ii) as of the most recent Distribution Date preceding such Issuance Date, there is no un-reimbursed Nominal
Liquidation Amount Deficit with respect to the Class A(2010-A) Notes; and 
 (e) all of the representations and warranties of
the Issuer, the Seller, the Master Servicer and the Servicer, as applicable, set forth in the Indenture, Indenture Supplement, the Pooling and Servicing Agreement, the Series 2007-CC Supplement and the Note Purchase

  
 13 

 
Agreement that do not expressly speak to an earlier date shall be true and correct in all material respects as though made on and as of such Issuance Date after giving effect thereto. 

All such terms set forth in the Notice of Increase shall be incorporated into and form a part of this Terms Document on and after the effective date of
such increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes. The Expected Maturity Date, Expected Principal Payment Date, Liquidation Commencement Date, Liquidation Period and Legal Maturity Date, in each case as in effect
as of the Issuance Date of such increase in the Outstanding Dollar Principal Amount of the Class A(2010-A) Notes, shall be applicable to such increased amounts unless otherwise provided in the applicable Notice of Increase. 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 A(2010-A) Notes so long as such conditions were satisfied or waived in connection with
the initial issuance of Class A(2010-A) Notes. Any such increase shall be deemed to have occurred under Section 310 of the Indenture and this Section 2.09 for purposes of the Indenture, the Indenture Supplement and this Terms Document.

 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 A(2010-A) Notes) and the denominator of which is the Aggregate Investor Interest for the
Master Trust minus 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. 
 [Remainder of page intentionally blank;
signature page follows] 

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

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

  

			
	By:	 	/s/ Jennifer A. Luce
		 	Name: Jennifer A. Luce
		 	Title: Assistant Vice President

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	    as Indenture Trustee
		
	By:	 	/s/ Patricia M. Child
		 	Name: Patricia M. Child
		 	Title: Vice President

 [Signature page to the Terms Document Class A(2010-A)]

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