DISCOVER CARD EXECUTION NOTE TRUST DISCOVERSERIES Class A(2023-1) ASSET BACKED NOTES TERMS AGREEMENT Dated: April 4, 2023

Exhibit 1.2

DISCOVER CARD EXECUTION NOTE TRUST

DISCOVERSERIES

Class A(2023-1)

ASSET BACKED NOTES

TERMS AGREEMENT

Dated: April 4, 2023

To: DISCOVER CARD EXECUTION NOTE TRUST

DISCOVER BANK

DISCOVER FUNDING LLC

Re: Underwriting Agreement dated April 4, 2023 (the “Agreement”) relating to DiscoverSeries Class A(2023-1)

Series Designation:

DiscoverSeries.

Registration Statement:

Nos. 333-260957, ▇▇▇-▇▇▇▇▇▇-▇▇ and ▇▇▇-▇▇▇▇▇▇-▇▇.

Title of Securities:

Discover Card Execution Note Trust, DiscoverSeries Class A(2023-1) Notes (the “Notes”).

Initial Principal Amount of Notes:

$1,250,000,000.

Aggregate outstanding balance of Receivables in the Discover Card Master Trust I as of February 28, 2023:

$24,579,797,182.30.

Expected Date of Terms Document: April 11, 2023.

Expected Date of Risk Retention Agreement: April 11, 2023.

Interest Rate or Formula: 4.31% per year.

Time of Sale: 11:05 a.m. New York City time on April 4, 2023.

Time of Sale Information:

(1) The Preliminary Prospectus dated March 30, 2023, for the DiscoverSeries Class A(2023-1) 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 March 30, 2023, 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(2023-1) 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

99.74420% of the aggregate principal amount of the Notes.

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

99.99420% of the aggregate principal amount of the Notes.

Closing Date: April 11, 2023, 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,
RBC Capital Markets, LLC as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto
By:		/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory

[Signature Page to Class A(2023-1) Terms Agreement]

Citigroup Global Markets Inc. as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto
By:		/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title: Managing Director

[Signature Page to Class A(2023-1) Terms Agreement]

BofA Securities, Inc. as an Underwriter and as a Representative of the Underwriters named in Schedule I hereto
By:		/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
Name: ▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Managing Director

[Signature Page to Class A(2023-1) 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/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: Vice President, Chief Financial Officer and Treasurer

DISCOVER BANK

By:		/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: Vice President, Chief Financial Officer and Assistant Treasurer

DISCOVER FUNDING LLC

By:		/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: Vice President, Chief Financial Officer and Treasurer

[Signature Page to Class A(2023-1) Terms Agreement]

SCHEDULE I

UNDERWRITERS

$1,250,000,000 Discover Card Execution Note Trust, DiscoverSeries Class A(2023-1) Notes

Name of Underwriter		Principal ▇▇▇▇▇▇
RBC Capital Markets, LLC.		$	378,790,000
Citigroup Global Markets Inc.		$	378,788,000
BofA Securities, Inc.		$	378,788,000
Loop Capital Markets LLC		$	37,878,000
TD Securities (USA) LLC		$	37,878,000
▇▇▇▇▇ Fargo Securities, LLC		$	37,878,000

[Schedule I]

ANNEX 1

[PRELIMINARY PROSPECTUS]

[Delivered or otherwise made available separately.]

ANNEX 2

[RATINGS ISSUER FREE WRITING PROSPECTUS]

[Delivered or otherwise made available separately.]