EX-99 4 certserv021610exhibit3.htm 2003-4 SUBSERIES 2 certserv021610exhibit3.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit (c)

MONTHLY CERTIFICATEHOLDERS' STATEMENT
DISCOVER CARD MASTER TRUST I
Series 2003-4, Subseries 2 Monthly Statement

Class A Certificate CUSIP # 25466KEU9
Class B Certificate CUSIP # 25466KEV7

Distribution Date: February 16, 2010

Month Ending: January 31, 2010

Pursuant to the Amended and Restated Series Supplement dated as of July 31, 2009, as amended, (the 'Series Supplement') relating to the Amended and Restated Pooling and Servicing Agreement dated as of November 3, 2004, as amended, by and between Discover Bank and U.S. Bank National Association, as Trustee, (the 'Pooling and Servicing Agreement') the Trustee is required to prepare certain information each month regarding current distributions to investors and the performance of the Trust. We have set forth below this information 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. The Pooling and Servicing Agreement was filed by the Trust as Exhibit 4.2 to the Trust's Current Report on Form 8-K filed on October 29, 2004, and the Series Supplement was filed by the Trust as Exhibit 4.4 to the Trust's Current Report on Form 8-K filed on August 5, 2009 in each case under the file number 000-23108. Capitalized terms used in this report without definition have the meanings given to them in the Pooling and Servicing Agreement and the Series Supplement.

1.    Payments to investors in Series 2003-4, Subseries 2 on this Distribution Date (per $1000 of Class Initial Investor Interest) 
    Series 2003-4, Subseries 2        Total    Interest    Principal 
             Class A    32 days at    0.41313000%    $0.367226667    $0.367226667    $0.000000000 
             Class B    32 days at    0.66313000%    $0.589449004    $0.589449004    $0.000000000 
 
    Interest Accrual Period: from and including January 15, 2010 to but excluding February 16, 2010         
    LIBOR Determination Date: January 13, 2010             
 
2.    Principal Receivables for January, 2010    Beginning Principal Balances    Ending Principal Balances 
    (a)    Aggregate Investor Interest        $26,996,677,769.00        $24,347,906,819.33 
        Seller Interest        $10,539,691,756.55        $11,878,595,697.32 
        Total Master Trust        $37,536,369,525.55        $36,226,502,516.65 
    (b)    Group One Investor Interest        $26,996,677,769.00        $24,347,906,819.33 
    (c)    Group One Investor Interest for Interchange Series    $26,996,677,769.00        $24,347,906,819.33 
    (d)    Series 2003-4, Subseries 2 Investor Interest    $789,474,000.00        $789,474,000.00 
    (e)    Class A Investor Interest        $750,000,000.00        $750,000,000.00 
        Class B Investor Interest        $39,474,000.00        $39,474,000.00 
    (f)    Total Master Trust # of Accounts    24,074,841        23,680,383 
    (g)    Minimum Principal Receivables Balance at the end of the month (1)        $26,180,544,967.02 
    (h)    Amount by which Master Trust Principal Receivables             
        exceed the Minimum Principal Receivables Balance at the end of the month        $10,045,957,549.63 

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3.    Allocation of Receivables and other amounts collected during January, 2010         
        Finance Charge Collections    Principal Collections    Interchange 
     (a)    Allocation between Investors and Seller:             
        Aggregate Investor Allocation    $352,048,803.29    $5,192,469,223.35    $69,637,420.16 
        Seller Allocation    $137,442,228.90    $2,027,175,031.84    $27,186,918.86 
     (b)        Group One Allocation    $352,048,803.29    $5,192,469,223.35    $69,637,420.16 
     (c)    Series 2003-4, Subseries 2 Allocation    $10,295,464.88    $151,850,777.62    $2,036,506.32 
     (d)    Class A Allocation    $9,780,520.32    $144,255,711.86    $1,934,647.12 
        Class B Allocation    $514,944.56    $7,595,065.76    $101,859.20 
     (e)        Series 2009-SD Principal Collections available to other             
        series in Group One, including Series 2003-4, Subseries             
        2, through reallocation to cover shortfalls in interest             
        and servicing fees and to reimburse charge-offs    $101,811,423.29    N/A    N/A 
     (f)    Group One Portfolio Yield             
        (FCC yield excludes principal recoveries,             
        see Item 17(b))    14.78%    N/A    3.10% 
     (g)        Group One Portfolio Yield from Series 2009-SD Principal             
        Collections available to other series in Group One,             
        including Series 2003-4, Subseries 2    4.62%    N/A    N/A 
     (h)    Series 2003-4, Subseries 2 Portfolio Yield             
        (FCC yield excludes principal recoveries,             
        see Item 17(b))    14.78%    N/A    3.10% 
                    January, 2010 
     (i)    Principal Collections as a monthly percentage of Master Trust Receivables         
        at the beginning of January, 2010            19.00% 
     (j)    Finance Charge Collections as a monthly percentage of Master Trust Receivables     
        at the beginning of January, 2010            1.29% 
     (k)    Total Collections as a monthly percentage of Master Trust Receivables         
        at the beginning of January, 2010            20.29% 
     (l)    Interchange as a monthly percentage of Master Trust Receivables         
        at the beginning of January, 2010            0.25% 
    (m)    Total Collections and Interchange as a monthly percentage of Master Trust Receivables     
        at the beginning of January, 2010            20.55% 
    (n)    Series 2009-SD Principal Collections, included in item 3(i) above, available to be used as     
        Finance Charge Collections as a monthly percentage of Master Trust Receivables     
        at the beginning of January, 2010            0.27% 
     (o)    Trust Collections deposited for the month (2)        Prior Month    January, 2010 
                $1,187,180,121.77    $2,837,901,944.51 

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4.    Information Concerning the Series Principal Funding Account ("SPFA")                 
            Beginning    Deposits into the SPFA    Deficit Amount on    Ending    Investment 
            SPFA Balance    on this Distribution Date    this Distribution Date    SPFA Balance             Income 
     Series 2003-4, Subseries 2    $0.00    $ 0.00            $ 0.00    $ 0.00    $ 0.00 
5.    Information Concerning Amount of Controlled Liquidation Payments                     
            Amount Paid on this    Deficit Amount on this    Total Payments through 
            Distribution Date    Distribution Date    this Distribution Date 
     Series 2003-4, Subseries 2    $ 0.00        $ 0.00            $0.00 
6.    Information Concerning the Series Interest Funding Account ("SIFA")                 
                 Beginning           Interest    Deposits into the SIFA    Ending 
                SIFA Balance           Shortfall    on this Distribution Date    SIFA Balance 
     Series 2003-4, Subseries 2        $ 0.00        $ 0.00    $ 298,687.91    $ 0.00 
7.    Pool Factors for January, 2010                             
     Class A                            1.00000000 
     Class B                            1.00000000 
8.    Investor Charged-Off Amount                             
                                Cumulative Investor 
                            January, 2010    Charged-Off Amount 
    (a)    Group One                    $212,561,730.13        $0.00 
    (b)    Series 2003-4, Subseries 2                    $6,216,245.61        $0.00 
    (c)    Class A                    $5,905,329.89        $0.00 
        Class B                    $310,915.72        $0.00 
    (d)    As an annualized percentage of                         
        Principal Receivables at the                             
        beginning of January, 2010                    9.45%        N/A 
9.    Investor Losses for January, 2010                        Per $1,000 of Initial 
                            Total    Series Investor Interest 
    (a)    Group One                    $0.00        $0.00 
    (b)    Series 2003-4, Subseries 2                    $0.00        $0.00 
    (c)    Class A                    $0.00        $0.00 
        Class B                    $0.00        $0.00 

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10. Reimbursement of Investor Losses for January, 2010        Per $1,000 of Initial 
        Total    Series Investor Interest 
       (a)     Group One    $0.00    $0.00 
       (b)     Series 2003-4, Subseries 2    $0.00    $0.00 
       (c)     Class A    $0.00    $0.00 
     Class B    $0.00    $0.00 
11. Aggregate Amount of Unreimbursed Investor Losses for January, 2010         
            Per $1,000 of Initial 
        Total    Series Investor Interest 
       (a)    Group One    $0.00    $0.00 
       (b)    Series 2003-4, Subseries 2    $0.00    $0.00 
       (c)    Class A    $0.00    $0.00 
    Class B    $0.00    $0.00 
12. Investor Monthly Servicing Fee payable to Discover Bank on this Distribution Date         
       (a)    Group One        $44,994,462.96 
       (b)    Series 2003-4, Subseries 2        $1,315,790.00 
       (c)    Class A        $1,250,000.00 
    Class B        $65,790.00 
13. Class A Available Subordinated Amount (Note: does not include Subordinate Series)         
    Prior Distribution Date    Current Distribution Date 
       Series 2003-4, Subseries 2, Class B         
       (a) Total    $98,684,250.00    $98,684,250.00 
       (b) As a percentage of Class A Invested Amount    13.1579%    13.1579% 

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14.    Amounts Available from Subordinate Series to this Series on this Distribution Date     
 
                Prior Distribution Date    Current Distribution Date 
     (a)    Available Subordinated Amount             
        of Subordinate Series (after Usage) for Series 2003-4, Subseries 2    $54,883,219.00    $107,553,611.00 
 
     (b)    Usage of Subordinate Series for Series 2003-4,    $0.00    $0.00 
        Subseries 2             
     (c)    Subordinate Series Collections and             
        Interchange available to Series 2003-4,            $22,184,818.30 
        Subseries 2             
     (d)    Subordinate Series Collections             
        and Interchange used by Series 2003-4, Subseries 2         
        to pay interest, Monthly Servicing Fee or         
        reimburse the Investor Charged-off Amount        $0.00 
 
     (e)    Subordinate Series Allocable Principal             
        Collections used by Series 2003-4, Subseries 2 to pay         
        principal            $0.00 
15.    Total Available Credit Enhancement Amounts (Note: does not include Subordinate Series)     
                Class B Balance on    Class B Balance on 
                Prior Distribution Date    Current Distribution Date 
    (a)    Maximum Amount        $59,210,550.00    $59,210,550.00 
 
    (b)    Available Amount        $59,210,550.00    $59,210,550.00 
 
    (c)    Amount of unreimbursed Drawings on Credit         
        Enhancement            $0.00 
    (d)    Credit Enhancement Fee payable to DRFC Funding LLC         
        related to loan provided to fund Credit Enhancement        $57,426.15 
    (e)    Credit Enhancement Fee paid to DRFC Funding LLC         
        related to loan provided to fund Credit Enhancement        $57,426.15 
 
16.    Delinquency Summary             
 
    Master Trust Receivables Outstanding at the end of January, 2010        $36,696,732,173.52 
 
            Number of    Delinquent Amount    Percentage of Ending 
        Payment Status    Delinquent Accounts    Ending Balance    Receivables Outstanding 
        30-59 Days    79,585    $504,261,042.91    1.37% 
        60-89 Days    62,698    $424,748,523.82    1.16% 
        90-119 Days    54,038    $382,775,566.81    1.04% 
        120-149 Days    50,112    $369,778,753.99    1.01% 
        150-179 Days    46,374    $355,834,327.30    0.97% 
        180+ Days    0    $0.00    0.00% 
           
 
 
        Total    292,807    $2,037,398,214.83    5.55% 

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                Annualized 
17.    Excess Spread applicable to this Distribution Date(3)    Amount    Percentage 
    (a)     Group One (4)    $238,710,305.52    10.61 % 
    (b)     Group One three-month rolling average    $254,076,239.98    11.31 % 
    (c)     Interchange Subgroup (5)    $238,710,305.52    10.61 % 
    (d)     Interchange Subgroup three-month rolling average    $254,076,239.98    11.31 % 
    (e)     Series 2003-4, Subseries 2 (6)    $4,443,821.53    6.75 % 
    (f)     Series 2003-4, Subseries 2 three-month rolling average    $5,027,993.66    7.64 % 
18.    Investor Principal Charge-Offs on this Distribution Date(7)    Amount    Rate 
    (a)    Gross Charge-offs (rate shown as an annualized percentage of Investor         
        Principal Receivables at the beginning of January, 2010)    $212,561,730.13    9.45% 
    (b)    Recoveries (rate shown as an annualized percentage of Investor         
        Principal Receivables at the beginning of January, 2010)    $19,566,211.02    0.87% 
    (c)    Net Charge-offs (rate shown as an annualized percentage of Investor         
        Principal Receivables at the beginning of January, 2010)    $192,995,519.11    8.58% 

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U.S. Bank National Association as Trustee

By:________________________________

Vice President

(1) The Discover Card Master Trust I is required to maintain Principal Receivables greater than or equal to the Minimum Principal Receivables Balance. The Minimum Principal Receivables Balance is generally calculated by dividing the Investor Interest by 93%. If the Principal Receivables in the Trust are less than the Minimum Principal Receivables Balance, and Discover Bank fails to assign sufficient Receivables to eliminate the deficiency, then an amortization event would occur.

(2) Only the portion of Trust Collections required to be deposited under the Trust's Required Daily Deposit provisions will typically be deposited in the Trust Collections Account each month, and these required amounts may vary markedly from month to month depending on whether any Investor Certificates are maturing on the following distribution date (in which case additional Principal Collections are retained in such account). Accordingly, the amount deposited in the account is not meaningful as an indicator of Trust performance.

(3) Investors should refer only to the highest of the Group Excess Spread Percentage (Item 17(a)), the Interchange Subgroup Excess Spread Percentage (Item 17(c)) and the Series Excess Spread Percentage (Item 17(e)) in assessing the current performance of the Trust and the Receivables. An amortization event occurs if the 3-month rolling average Group, Interchange Subgroup, and Series Excess Spreads are all less than zero. If necessary, the Trust will use funds available from series or subseries with positive Series Excess Spreads to cover expenses for series or subseries, if any, with negative Series Excess Spreads.

Funds remaining after reallocation are distributed to Discover Bank for its general use in its regular course of business.

(4) Group Excess Spread is the sum of the Series Excess Spreads for each series, including each subseries, in the Group. The Group Excess Spread Percentage is equal to the Group Excess Spread, multiplied by twelve and divided by the Series Investor Interests at the beginning of the period for each series, including each subseries, in the Group. For purposes of calculating the Group Excess Spread, Series Excess Spread for Series 2009-SD includes the Principal Collections available to other series in Group One through reallocation, except for those Principal Collections included by Series 2007-CC in the calculation of Series Excess Spread for the DiscoverSeries.

(5) Beginning with the month ending July 31, 2009 and the related Distribution Date on August 17, 2009, all outstanding series are Interchange Series or include provisions for an Interchange Series Trigger Date, and as a result, interchange is not deducted from series excess spread for purpose of calculating Group Excess Spread. The 3-month rolling average Group Excess Spread Percentage and the Interchange Subgroup Excess Spread Percentage are the same beginning with the Distribution Date in October 2009.

(6) Series Excess Spread for this Subseries is the difference between (a) the sum of Finance Charge Collections, Investment Income, and Series Interchange for any Class of this Subseries (see Item 3(c)), and (b) the sum of (i) the monthly interest for this Subseries (see"Deposits into the SIFA on this Distribution Date" in Item 6), (ii) the monthly servicing fee for this Subseries (see Item12(b)), (iii) the Investor Charged-Off Amount (see Item 8(b)), and (iv) the Credit Enhancement Fee (see Item 15(d)), in each case for this Distribution Date. Series Excess Spread for this Subseries does not reflect Series 2009-SD principal collections (see Item 3(g)), but such principal collections are available to this Subseries through reallocation provisions to cover shortfalls in interest and servicing fees and to reimburse charge-offs. Beginning with the month ending July 31, 2009 and related Distribution Date on August 17, 2009, all outstanding series are Interchange Series or include provisions for an Interchange Series Trigger Date, and as a result, interchange is not deducted from series excess spread for purposes of calculating Group Excess Spread. The 3-month rolling average Group Excess Spread Percentage and the Interchange Subgroup Excess Spread Percentage are the same beginning with the Distribution Date in October 2009. The Series Excess Spread Percentage is equal to the Series Excess Spread, multiplied by twelve and divided by the Series Investor Interest for this Subseries as of the beginning of the related due period.

(7) For purposes of allocations to investors, all recoveries are treated as Finance Charge Collections and are included as such in Item 3 above.

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MASTER SERVICER'S CERTIFICATE STATEMENT

DISCOVER CARD MASTER TRUST I

Series 2003-4, Subseries 2 Monthly Statement

CREDIT CARD
PASS-THROUGH CERTIFICATES

     The undersigned, a duly authorized representative of Discover Bank, as Master Servicer pursuant to the Amended and Restated Pooling & Servicing Agreement dated as of November 3, 2004, as amended (the 'Pooling & Servicing Agreement') and the Amended and Restated Series Supplement dated as of July 31, 2009, as amended (the 'Series Supplement') by and between Discover Bank and U.S. Bank National Association, as Trustee, does hereby certify as follows with respect to the Series Supplement for the Discover Card Master Trust I, Series 2003-4, Subseries 2 Master Trust Certificates for the Distribution Date occurring on February 16, 2010:

1.    Discover Bank is Master Servicer under the Pooling and Servicing Agreement.     
2.    The undersigned is a Servicing Officer of Discover Bank as Master Servicer.     
3.    The aggregate amount of Collections processed during January, 2010     
    is equal to    $7,709,135,287.38 
4.    The aggregate amount of Class A Principal Collections processed during January, 2010     
    is equal to    $144,255,711.86 
5.    The aggregate amount of Class A Finance Charge Collections processed during January, 2010     
    is equal to    $9,780,520.32 
6.    The aggregate amount of Class A Interchange processed during January, 2010     
    is equal to    $1,934,647.12 
7.    The amount of Subordinate Series Collections drawn pursuant to the Series Supplement:     
    (a)    with respect to the Class A Required Amount Shortfall is equal to    $0.00 
    (b)    with respect to the Class A Cumulative Investor Charged-Off Amount is equal to    $0.00 
8.    The sum of all amounts payable to the Class A Certificateholders on the current Distribution Date is     
    equal to    $275,420.00 

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9.    The aggregate amount of Class B Principal Collections processed during January, 2010     
    is equal to    $7,595,065.76 
10.    The aggregate amount of Class B Finance Charge Collections processed during January, 2010     
    is equal to    $514,944.56 
11.    The aggregate amount of Class B Interchange processed during January, 2010     
    is equal to    $101,859.20 
12.    The amount of Subordinate Series Collections drawn pursuant to the Series Supplement:     
    (a)    with respect to the Class B Required Amount Shortfall is equal to    $0.00 
    (b)    with respect to the Class B Cumulative Investor Charged-Off Amount is equal to    $0.00 
13.    The sum of all amounts payable to the Class B Certificateholders on the current Distribution Date is     
    equal to    $23,267.91 
 
14.    The amount of drawings under the Credit Enhancement required to be made and not immediately     
    reimbursed on the related Drawing Date pursuant to the Series Supplement:     
    (a)    with respect to the Class B Required Amount Shortfall is equal to    $0.00 
    (b)    with respect to the Class B Cumulative Investor Charged-off Amount is equal to    $0.00 
    (c)    with respect to the Class B Investor Interest is equal to    $0.00 
15.    The amount of Subordinate Series Collections drawn pursuant to the Series Supplement with respect to the     
    Principal Distribution Amount Shortfall is equal to    $0.00 

16.      Attached hereto is a true copy of the statement required to be delivered by the Master Servicer on the date of this Certificate to the Trustee pursuant to the section entitled Master Servicer's Monthly Certificate of the Series Supplement.
 
  IN WITNESS WHEREOF, the undersigned has duly executed and delivered certificate this 16th day of February, 2010.
 

Series 2003-4, Subseries 2

DISCOVER BANK
as Master Servicer

By:________________________________

Vice President, Chief Financial Officer and
Treasurer

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