Document:

EX-4.2

 Exhibit 4.2 

RISK RETENTION AGREEMENT, dated as of October 31, 2019 (this “Agreement”), by and among DISCOVER BANK, a Delaware
banking corporation (“Discover Bank”), DISCOVER FUNDING LLC, a Delaware limited liability company (“Discover Funding”), and DISCOVER CARD EXECUTION NOTE TRUST, a Delaware statutory trust (the
“Issuer”). 
 W I T N E S S E T H: 

WHEREAS, Discover Bank and Discover Funding have entered into a Receivables Sale and Contribution Agreement, dated as of December 22,
2015 (the “Receivables Sale and Contribution Agreement”), pursuant to which Discover Bank sells to Discover Funding Receivables arising under certain Accounts; 

WHEREAS, Discover Bank, Discover Funding, and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”),
have entered into a Third Amended and Restated Pooling and Servicing Agreement, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the “Pooling and Servicing Agreement”) and an Amended and
Restated Series Supplement, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the “Series Supplement”), pursuant to which Discover Card Master Trust I issued a Series 2007-CC Collateral Certificate (the “Collateral Certificate”); 
 WHEREAS, Discover Bank
and the Issuer have entered into a Collateral Certificate Transfer Agreement, dated as of July 26, 2007 (as amended, restated, supplemented or otherwise modified, the “Collateral Certificate Transfer Agreement”), pursuant to
which Discover Bank conveyed to the Issuer all of its right, title and interest in and to the Collateral Certificate; 
 WHEREAS, the Issuer
and U.S. Bank National Association (the “Indenture Trustee”) have entered into an Amended and Restated Indenture, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the
“Indenture”), and the Second Amended and Restated Indenture Supplement, dated as of December 22, 2015 (as amended, restated, supplemented or otherwise modified, the “Indenture Supplement”), pursuant to the
Issuer has issued and may from time to time issue notes; and 
 WHEREAS, Discover Funding intends to cause the Issuer to issue the Class A(2019-3) Notes pursuant to the Indenture and the Terms Document, dated as of October 31, 2019, between the Issuer and the Indenture Trustee. 

NOW, THEREFORE, it is hereby agreed by and between Discover Bank, Discover Funding and the Issuer as follows: 

1. DEFINITIONS. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Terms Document and,
if not defined therein, in the Indenture and, if not defined therein, in the Pooling and Servicing Agreement. The following capitalized terms shall have the following meanings: 

“Applicable Investor” means each holder of a beneficial interest in any
Class A(2019-3) Note that is an “institutional investor” as defined in the EU Securitization Regulation and to which the EU Securitization Regulation applies. 

 “CRR Delegated Regulation” means Chapters I, II and III and Article 22 of
Commission Delegated Regulation (EU) No. 625/2014, as applicable on the date hereof pursuant to Article 43(7) of the EU Securitization Regulation. 

“EU Due Diligence and Retention Rules” means Articles 5 and 6 of the EU Securitization Regulation, together with any guidance
published in relation thereto by the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority or the European Commission and any regulatory and/or implementing technical
standards adopted by the European Commission in relation thereto or to precedent legislation. 
 “EU Securitization
Regulation” means Regulation (EU) No. 2017/2402 of the European Parliament and of the Council of December 12, 2017. 
 2.
REPRESENTATIONS. Discover Bank represents and warrants to the Issuer and the Indenture Trustee (solely for the benefit of the Applicable Investors) that as of the date hereof: 

(a) Discover Bank has full corporate power and authority to execute and deliver this Agreement and perform the terms and
provisions hereof; 
 (b) The execution, delivery and performance of this Agreement have been duly authorized by all
necessary corporate action, and do not require any approval or consent of any governmental agency or authority; and 
 (c)
This Agreement is the valid, binding and enforceable obligation of Discover Bank, except as the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally
or by general equity principles. 
 3. COVENANTS. Discover Bank hereby confirms, represents and warrants to and agrees with, and
irrevocably and unconditionally undertakes to the Issuer and the Indenture Trustee, solely for the benefit of each Applicable Investor, on an ongoing basis, with reference to the EU Due Diligence and Retention Rules as in effect and applicable on
the date hereof (which is also the date of issuance of the Class A(2019-3) Notes), that: 

(a) Discover Bank, as “originator” for the purposes of those EU Due Diligence and Retention Rules, currently retains,
and on an ongoing basis will retain, a material net economic interest that is not less than 5% of the nominal value of the securitized exposures (measured at origination), in a form that is intended to qualify as an originator’s interest as
provided in option (b) of Article 6(3) of the EU Securitization Regulation, by holding all the membership interest in Discover Funding, which in turn holds all or part of the Transferor Interest (the “Retained Interest”); 

(b) Discover Bank will not (and will not permit Discover Funding or any of its other affiliates to) allow the retained interest
to be subject to any credit risk mitigation or other hedge or to be sold if, as a result, Discover Bank would not retain a material net economic interest in an amount that is not less than 5% of the nominal value of the securitized exposures, except
to the extent permitted in accordance with Article 6(1) of the EU Securitization Regulation (as supplemented by Article 12 of the CRR Delegated Regulation); 

  
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 (c) Discover Bank will not change the retention option or the method of
calculating its net economic interest in the securitized exposures while the Class A(2019-3) Notes are outstanding, except under exceptional circumstances in accordance with the EU Securitization
Regulation (as supplemented by Article 10 of the CRR Delegated Regulation); and 
 (d) Discover Bank will provide ongoing
confirmation of Discover Bank’s continued compliance with its obligations described in (a) and (b) above in or concurrently with the delivery of each Certificateholders’ Monthly Statement. 

4. AGREEMENTS OF DISCOVER FUNDING. Discover Funding hereby acknowledges the terms and conditions of this Agreement and, further,
covenants that it will not sell, hedge or otherwise mitigate its credit risk under or associated with the Retained Interest other than as directed by Discover Bank and as permitted in accordance with the terms of this Agreement. 

5. LIMITATION OF LIABILITY. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by
Wilmington Trust Company not individually or personally but solely as Owner Trustee under the Amended and Restated Trust Agreement, dated as of December 22, 2015 (the “Trust Agreement”), between Discover Funding LLC and
Wilmington Trust Company, and 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 Wilmington Trust Company 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 Wilmington Trust Company
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 Agreement and by any person claiming by, through or under them and
(iv) under no circumstances will Wilmington Trust Company 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 Agreement or any related documents. 
 (b) Notwithstanding anything to the contrary
contained herein or in any other document or agreement relating to the Class A(2019-3) Notes, in no event shall Discover Bank or Discover Funding be liable to the Indenture Trustee, the
Issuer, the Owner Trustee, any Applicable Investor or any other Noteholder, or responsible for, losses in respect of the Class A(2019-3) Notes or any interest therein, including, without
limitation any loss of value of any Class A(2019-3) Note or any interest therein, due to the failure of the Retained Interest and compliance by 

  
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Discover Bank and Discover Funding with the terms of this Agreement to satisfy the EU Due Diligence and Retention Rules or other similar or equivalent provisions now or hereafter in
effect. 
 6. MISCELLANEOUS. 

(a) THIS AGREEMENT 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. 

(b) EACH OF THE PARTIES HERETO (AND EACH APPLICABLE INVESTOR BY ACCEPTING THE BENEFITS HEREOF) HEREBY AGREES TO THE EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 

(c) All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
telecopies, email, telegraphic, telex or cable communication) and mailed, emailed (with “PDF” attachment in the case of any signed notice or communication), telecopied with receipt confirmed by telephone, telegraphed, telexed, cabled or
delivered, as to each party hereto, at its address set forth below or at such other address as shall be designated by such party in a written notice to the other party hereto. All such notices and communications shall, when mailed, emailed,
telecopied, telegraphed, telexed or cabled, be effective when deposited in the mail, emailed, telecopied, delivered to the telegraph company, confirmed by telex answer back or delivered to the cable company, respectively. 

If to Discover Bank: 
 12
Read’s Way 
 New Castle, Delaware 19720 

Attention: Secretary 
 If to
Discover Funding: 
 12 Read’s Way 

New Castle, Delaware 19720 

Attention: Secretary 

  
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 If to the Issuer: 

c/o Wilmington Trust Company 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890 

Attention: Corporate Trust Administration 

(d) Neither this Agreement nor any term or provision hereof may be changed, waived, discharged or terminated except by a
writing signed by a duly authorized officer of the party against whom enforcement of such change, waiver, discharge or termination is sought to be enforced. 

(e) Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or
unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. 

Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or
unenforceable in any particular jurisdiction shall, 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 particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 To the
extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof. 

(f) This Agreement constitutes the entire agreement and understanding of the parties with respect to the matters addressed
herein, and this Agreement supersedes any prior agreements and/or understandings, written or oral, with respect to such matters. 

(g) The Issuer is a party to this Agreement solely for the purposes of obtaining the benefit of the representations, warranties
and covenants contained therein and under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of its entry into this Agreement. 

(h) The Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the
representations, warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder. For the avoidance of doubt, in no event shall the Indenture Trustee have any responsibility to
monitor compliance with or be charged with knowledge of the EU Due Diligence and Retention Rules, nor shall it be liable to any Applicable Investor, Noteholder or any party whatsoever for any violation of such EU Due Diligence and Retention Rules or
such similar provisions now or hereafter in effect or for any breach of any term of this Agreement. 

  
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 Discover Bank, Discover Funding and the Issuer have caused this Agreement to be duly
executed by their respective officers as of the date first above written. 
  

			
	DISCOVER BANK

 
			
		
	By:	 	  

 
			
	Name:	 	Patricia S. Hall
	Title:	 	Vice President, Chief Financial Officer and Assistant Treasurer

  

			
	DISCOVER FUNDING LLC

 
			
		
	By:	 	  

 
			
	Name:	 	Patricia S. Hall
	Title:	 	Vice President, Chief Financial Officer and Treasurer

  

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

		 	Name:
		 	Title:Exhibit 4.1

 

	NUMBER	UNITS
	U-	 

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP 318085 206

 

FINSERV ACQUISITION CORP.

 

UNITS CONSISTING OF ONE SHARE OF CLASS A
COMMON STOCK AND ONE HALF OF ONE WARRANT,

EACH WHOLE WARRANT ENTITLING THE HOLDER
TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS CERTIFIES THAT                     
is the owner of          Units.

 

Each Unit (“Unit”)
consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”),
of FinServ Acquisition Corp., a Delaware corporation (the “Company”), and one half of one redeemable
warrant (the “Warrant”). Each whole Warrant entitles the holder to purchase one (1) share (subject
to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later
of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering,
and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on
which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration
Date”). The Common Stock and Warrants comprising the Units represented by this certificate are not transferable
separately prior to            , 2019, unless Barclays Capital Inc. or Cantor
Fitzgerald & Co. elect to allow separate trading earlier, subject to the Company’s filing of a Current Report on Form 8-K
with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s receipt of the gross
proceeds of the Company’s initial public offering and issuing a press release announcing when separate trading will begin. The
terms of the Warrants are governed by a Warrant Agreement, dated as of             
, 2019, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms
and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies
of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York,
New York 10004, and are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

This certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile signature of a duly
authorized signatory of the Company.

 

	 	 	 
	Authorized Signatory	 	Transfer Agent

  

FinServ Acquisition Corp.

 

The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

     

     

    

 

The following abbreviations, when used
in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations: 

 

	TEN COM     —    as tenants in common	 	UNIF GIFT MIN ACT	 	—	 	 	 	Custodian	 	 
	TEN ENT       —    as tenants by the entireties	 	 	 	 	 	    (Cust)    	 	 	 	      (Minor)      
	 	 	 	 
	JT TEN          —     as joint tenants with right of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 	 	 
	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received, _____________ hereby sell, assign and
transfer unto __________________________________

  

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

 

(PLEASE PRINT
OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

____________________Units represented
by the within Certificate, and do hereby irrevocably constitute and 

  

appoint ________________________Attorney
to transfer the said Units on the books of the within named

  

Company with full power of substitution
in the premises.

  

Dated__________

 

	 	 
	 	 
	 	 
	 	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 
	 	 
	 	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE).	 

 

In each case, as more fully described
in the Company’s final prospectus dated                   ,
2019, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust
account established in connection with its initial public offering only in the event that (i) the Company redeems the shares
of Class A common stock sold in the Company’s initial public offering and liquidates because it does not consummate
an initial business combination within the time period set forth in the Company’s amended and restated certificate of incorporation,
as the same may be amended from time to time (such date being referred to herein as the “Last Date”), (ii) the
Company redeems the shares of Class A common stock sold in its initial public offering in connection with a stockholder vote
to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s
obligation to redeem 100% of the Class A common stock if it does not consummate an initial business combination by the Last
Date, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Class A common
stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the
proposed initial business combination) setting forth the details of a proposed initial business combination. In no other circumstances
shall the holder(s) have any right or interest of any kind in or to the trust account.

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