DISCOVER CARD EXECUTION NOTE TRUST DISCOVERSERIES Class A(2021-1) ASSET BACKED NOTES TERMS AGREEMENT Dated: September 20, 2021

Exhibit 1.2

DISCOVER CARD EXECUTION NOTE TRUST

DISCOVERSERIES

Class A(2021-1)

ASSET BACKED NOTES

TERMS AGREEMENT

Dated: September 20, 2021

To:    DISCOVER CARD EXECUTION NOTE TRUST

          DISCOVER BANK

          DISCOVER FUNDING LLC

Re:    Underwriting Agreement dated September 20, 2021 (the “Agreement”) relating to DiscoverSeries Class A(2021-1)

Series Designation:

DiscoverSeries.

Registration Statement:

Nos. 333-228025, 000-000000-00 and 000-000000-00.

Title of Securities:

Discover Card Execution Note Trust, DiscoverSeries Class A(2021-1) Notes (the “Notes”).

Initial Principal Amount of Notes:

$1,150,000,000.

Aggregate outstanding balance of Receivables in the Discover Card Master Trust I as of August 31, 2021:

$24,887,417,625.

Expected Date of Terms Document: September 27, 2021.

Expected Date of Risk Retention Agreement: September 27, 2021.

Interest Rate or Formula: 0.58% per year.

Time of Sale: 4:58 p.m. New York City time on September 20, 2021.

Time of Sale Information:

(1) The Preliminary Prospectus dated September 15, 2021 for the DiscoverSeries Class A(2021-1) Notes (the “Preliminary Prospectus”), attached as Annex 1 hereto, filed pursuant to Rule 424(h) of the Securities Act of 1933, including the reports and documents incorporated by reference into the Preliminary Prospectus and (2) the Ratings Issuer Free Writing Prospectus dated September 15, 2021, attached as Annex 2 hereto, filed in

accordance with Rule 433 of the Securities Act of 1933, which discloses the expected ratings to be assigned to the DiscoverSeries Class A(2021-1) Notes by the nationally recognized statistical rating organizations hired by Discover Bank.

If, subsequent to the Time of Sale, it is determined that such information included an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and the Underwriters have terminated their old purchase contracts and entered into new purchase contracts with purchasers of the Notes, then “Time of Sale Information” will also include any information that corrects such material misstatements or omissions, together with any other information, to the extent it is made available to purchasers at the time of entry into the last such new purchase contract such that “Time of Sale Information” no longer includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (“Corrective Information”).

Underwriter Information:

“Underwriter Information” shall mean the written information furnished to Discover Bank, Discover Funding LLC, and Discover Card Execution Note Trust by the Underwriters for use in the Prospectus and confirmed in the “blood letter” from the Underwriters to Discover Bank, Discover Funding LLC, and Discover Card Execution Note Trust dated the Closing Date.

Terms of Sale:

The purchase price for the Notes to the Underwriters will be

99.72859% of the aggregate principal amount of the Notes.

The Underwriters will offer the Notes to the public at a price equal to

99.97859% of the aggregate principal amount of the Notes.

Closing Date: September 27, 2021, or such other date as may be agreed upon in writing.

Time of Delivery: 9:05 a.m., Chicago, Illinois Time, on the Closing Date, or at such other time as may be agreed upon in writing.

- 2 -

Notwithstanding anything in the Agreement or in this Terms Agreement to the contrary, the Agreement and this Terms Agreement constitute the entire agreement and understanding among the parties hereto with respect to the purchase and sale of the Notes. This Terms Agreement may be amended only by written agreement of the parties hereto.

Very truly yours,

Barclays Capital Inc.
as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto

By: /s/ Xxxxxx Xxxxxx

Name: Title: Xxxxxx Xxxxxx Managing Director

[Signature Page to Class A(2021-1) Terms Agreement]

BofA Securities, Inc.

as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto

By: /s/ Xxxxxx Xxxxx Xxxx

Name: Title: Xxxxxx Xxxxx Xxxx Managing Director

[Signature Page to Class A(2021-1) Terms Agreement]

Citigroup Global Markets Inc.

as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto

By: /s/ Xxxxx Xxxxxxxxx

Name: Title: Xxxxx Xxxxxxxxx Vice President

[Signature Page to Class A(2021-1) Terms Agreement]

RBC Capital Markets, LLC

as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto

By: /s/ Xxxxx Xxxxxx

Name: Title: Xxxxx Xxxxxx Managing Director

[Signature Page to Class A(2021-1) Terms Agreement]

Xxxxx Fargo Securities, LLC

as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto

By: /s/ Xxxxxx Xxxxxxx

Name: Title: Xxxxxx Xxxxxxx Managing Director

[Signature Page to Class A(2021-1) Terms Agreement]

Accepted:

DISCOVER CARD EXECUTION NOTE

TRUST, as Issuer

By: Discover Funding LLC, not in its individual capacity but solely as Depositor on behalf of the Issuer

By: /s/ Xxxxxxxx X. Xxxx

Name: Title: Xxxxxxxx X. Xxxx Vice President, Chief Financial Officer and Treasurer

DISCOVER BANK

By: /s/ Xxxxxxxx X. Xxxx

Name: Title: Xxxxxxxx X. Xxxx Vice President, Chief Financial Officer and Assistant Treasurer

DISCOVER FUNDING LLC

By: /s/ Xxxxxxxx X. Xxxx

Name: Title: Xxxxxxxx X. Xxxx Vice President, Chief Financial Officer and Treasurer

[Signature Page to Class A(2021-1) Terms Agreement]

SCHEDULE I

UNDERWRITERS

$1,150,000,000 Discover Card Execution Note Trust, DiscoverSeries Class A(2021-1) Notes

Name of Underwriter		Principal Amount
Barclays Capital Inc.		$	230,000,000
BofA Securities, Inc.		$	230,000,000
Citigroup Global Markets Inc.		$	230,000,000
RBC Capital Markets, LLC		$	230,000,000
Xxxxx Fargo Securities, LLC		$	230,000,000

[Schedule I]

ANNEX 1

[PRELIMINARY PROSPECTUS]

ANNEX 2

[RATINGS ISSUER FREE WRITING PROSPECTUS]