Document:

EX-10.2

First Amendment to

Term Loan Agreement

This First Amendment to Term Loan Agreement (this “Amendment”) is dated as of June 18, 2010 by
and among Alliance Data Systems Corporation (the “Borrower”), the Guarantors party hereto, the
Banks party hereto, and Bank of Montreal, as Administrative Agent.

w i t n e s s e t h:

Whereas, the Borrower, the Guarantors, the Banks, and the Administrative Agent have
heretofore executed and delivered a Term Loan Agreement dated as of May 15, 2009 (as amended, the
“Credit Agreement”; terms defined therein being used herein as so defined, unless otherwise defined
herein); and

Whereas, the Borrower, the Guarantors, the Banks and the Administrative Agent desire
to amend certain of the covenants as set forth herein;

Now, Therefore, for good and valuable consideration the receipt of which is hereby
acknowledged, the Borrower, the Guarantor, the Banks and the Administrative Agent hereby agree as
follows:

Article I

Amendments

1.1. Section 1.1 of the Credit Agreement is hereby amended by (a) deleting the defined terms
“Deferred Revenue Account” and “Restricted Cash Account”, (b) amending in their entirety the
defined terms “Consolidated Operating EBITDA” and “Qualifying Deposits” to read as set forth below
and (c) inserting the new defined term “Asset Backed Securities Debt” in proper alphabetical order
as follows:

“Asset Backed Securities Debt” means any bond or note that is based
on one or more pools of credit card receivables, or collateralized
by the cash flows from one or more pools of credit card receivables.

“Consolidated Operating EBITDA” means, for any period, the sum of
Consolidated EBIT for such period, plus, to the extent deducted in
determining Consolidated Net Income, (a) depreciation and
amortization expense, including amortization of goodwill and other
intangible assets and (b) interest expense paid on Qualifying
Deposits and Qualified Securitization Transactions for such period.
If, during the period for which Consolidated Operating EBITDA is
being calculated, the Borrower or any Subsidiary has (i) acquired
sufficient Capital Stock of a Person to cause such Person to become
a Subsidiary; (ii) acquired all or substantially all of the assets
or operations, division or line of business of a Person;
(iii) disposed of sufficient Capital Stock of a Subsidiary to cause
such Subsidiary to cease to be a Subsidiary; or (iv) disposed of all
or substantially all of the assets or operations of a Subsidiary,
Consolidated Operating EBITDA shall be calculated after giving
pro forma effect thereto as if such acquisition or disposition had
occurred on the first day of such period.

“Qualifying Deposits” means deposits that are (i) insured by the
U.S. Federal Deposit Insurance Corporation (or, in the case of an
Insured Subsidiary organized under the laws of Canada or any
political subdivision thereof, the Canada Deposit Insurance
Corporation) or any successor entity and (ii) do not exceed the
difference between (A) the amount of credit card receivables net of
the allowance for doubtful accounts minus (B) the amount of Asset
Backed Securities Debt, in each case as shown on the consolidated
balance sheet of the Borrower and its Subsidiaries.

1.2. Section 2.5 of the Credit Agreement is hereby amended in its entirety and as so amended
shall read as follows:

Section 2.5. Maturity of Loans. The Borrower shall pay all
principal and interest not sooner paid on the Loans in full on the
Maturity Date.

1.3. Section 2.10(a) of the Credit Agreement is hereby amended by deleting the last sentence
thereof and inserting in its place the following: “Each such optional prepayment shall be applied
to prepay ratably the Loans of the several Banks.”

1.4 Section 5.21(a)(ii) and Section 5.21(a)(iii) of the Credit Agreement are each hereby
amended by deleting the words “on the Effective Date”.

1.5 Schedule 5.21 to the Credit Agreement is hereby amended as set forth in Attachment A to
this Amendment.

Article II

Consent

2.1 The Financial Accounting Standards Board issued guidance codified in Accounting Standards
Codification (“ASC”) 860, “Transfers and Servicing,” related to accounting for transfers of
financial assets and ASC 810, “Consolidation,” related to the consolidation of variable interest
entities, with ASC 860 removing the concept of a qualifying special purpose entity (“QSPE”) and
eliminating the consolidation exception currently available for QSPEs effective January 1, 2010
(the “New Standards”). The assessment of the various securitization trusts utilized by WFNNB and
World Financial Capital Bank (“WFCB”) under ASC 860 and ASC 810 resulted in the consolidation of
those securitization trusts on the balance sheet of WFNNB, WFCB or their affiliates, including the
Borrower, beginning January 1, 2010.  The parties hereto hereby agree that the Borrower shall
calculate compliance with the covenants contained in Article 5 of the Credit Agreement applying
(i) the New Standards only for each fiscal quarter of the Borrower that ends on and after
January 1, 2010 and (ii) the relevant accounting standards in effect immediately prior to the
effectiveness of the New Standards for each fiscal quarter of the Borrower that ends prior to
January 1, 2010.

Article III

Conditions Precedent

3.1 Articles I and II of this Amendment shall become effective as of the opening of business
on June 18, 2010 (the “Effective Time”) subject to the conditions precedent that on or before such
date:

(a) the Administrative Agent shall have received counterparts
hereof executed by the Borrower, the Guarantors and the Banks;

(b) the Administrative Agent shall have received certified
copies of resolutions of the boards of directors of the Borrower and
the Guarantors authorizing the execution and delivery of this
Amendment, indicating the authorized signers of this Amendment and
the specimen signatures of such signers; and

(c) the Borrower shall have paid the fees and expenses of
counsel to the Administrative Agent to the extent previously
invoiced.

Article IV

Miscellaneous

4.1. To induce the Administrative Agent and the Banks to enter into this Amendment, the
Borrower represents and warrants to the Administrative Agent and the Banks that: (a) the
representations and warranties contained in the Credit Agreement are true and correct in all
material respects as of the date hereof with the same effect as though made on the date hereof (it
being understood and agreed that any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct in all material respects only as of such
specified date); (b) no Default or Event of Default exists; (c) this Amendment has been duly
authorized by all necessary corporate proceedings and duly executed and delivered by the Borrower
and each other Credit Party and the Credit Agreement, as amended by this Amendment, is the legal,
valid and binding obligation of the Borrower and each other Credit Party, enforceable against the
Borrower and each other Credit Party in accordance with its terms; and (d) no consent, approval,
authorization, order, registration or qualification with any governmental authority is required
for, and the absence of which would adversely affect, the legal and valid execution and delivery or
performance by the Borrower or any other Credit Party of this Amendment or the performance by the
Borrower or any other Credit Party of the Credit Agreement, as amended by this Amendment.

4.2. This Amendment may be executed in any number of counterparts and by the different parties
on separate counterparts and each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Amendment.

4.3. Except as specifically provided above, the Credit Agreement shall remain in full force
and effect and is hereby ratified and confirmed in all respects. The execution, delivery, and
effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver
of any right, power, or remedy of the Administrative Agent or any Bank under the Credit Agreement
or any Note, nor constitute a waiver or modification of any provision of any of the Credit
Agreement or any Note.

4.4. This Amendment and the rights and obligations of the parties hereunder shall be construed
in accordance with and be governed by the law of the State of New York.

[Signature Pages to follow]

In Witness Whereof, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the day and year first above
written.

Alliance Data Systems Corporation, as Borrower

By /s/ Charles L. Horn

Name Charles L. Horn

Title EVP and Chief Financial Officer

ADS Alliance Data Systems, Inc., as a Guarantor

By /s/ Charles L. Horn

Name Charles L. Horn

Title EVP and Chief Financial Officer

Epsilon Marketing Services, LLC, as a Guarantor

By /s/ Charles L. Horn

Name Charles L. Horn

Title Vice President

Epsilon Data Management, LLC, as a Guarantor

By /s/ Charles L. Horn

Name Charles L. Horn

Title Vice President

Alliance Data Foreign Holdings, Inc., as a Guarantor

By /s/ Charles L. Horn

Name Charles L. Horn

Title Vice President

ADS Foreign Holdings, Inc., as a Guarantor

By /s/ Charles L. Horn

Name Charles L. Horn

Title Vice President

Bank of Montreal, individually and as Administrative Agent

By /s/ Pauline Christopher

Name Pauline Christopher

Title Vice President

SunTrust Bank

By /s/ Timothy M. O’Leary

Name Timothy M. O’Leary

Title Managing Director

Bank of America, N.A.

By /s/ Steven A. Mackenzie

Name Steven A. Mackenzie

Title Senior Vice President

Barclays Bank PLC

By /s/ Ritam Bhalla

Name Ritam Bhalla

Title Vice President

JPMorgan Chase Bank, N.A.

By /s/ Brian McDougal

Name Brian McDougal

Title Senior Vice President

The Huntington National Bank

By /s/ Jeff D. Blendick

Name Jeff D. Blendick

Title Vice President

The Royal Bank of Scotland PLC

By: RBS Securities, Inc., as Agent for The Royal Bank of Scotland

By /s/ Diane Ferguson

Name Diane Ferguson

Title Managing Director

Compass Bank

By /s/ Andrew Widmer

Name Andrew Widmer

Title Vice President

Wells Fargo Bank, National Association

By /s/ Reginald M. Goldsmith, III

Name Reginald M. Goldsmith, III

Title Director

The Northern Trust Company

By /s/ Morgan Lyons

Name Morgan Lyons

Title Vice President

Royal Bank of Canada

By /s/ Scott Umbs

Name Scott Umbs

Title Authorized SignatoryEX-4.1

                                 EXHIBIT 4.1

PROMISSORY NOTE

$2,000,000.00 June 21, 2010

FOR VALUE RECEIVED, CASTLE BRANDS INC., a Florida corporation (“Maker”), having an address at
122 East 42nd Street, Suite 4700, New York, New York 10168, hereby promises to pay to
the order of FROST GAMMA INVESTMENTS TRUST, a Florida trust, its successors and/or assigns (any of
which is hereinafter referred to as “Holder”), in lawful money of the United States, the sum of Two
Million Dollars and No Cents ($2,000,000.00), together with interest thereon at the rate of 11% per
annum from the date hereof to the date of payment on June 21, 2012. At the Holder’s request,
payments shall be made by wire transfer to an account designated by the Holder. This Note, however,
may be prepaid in whole or in part at any time without penalty or premium but with payment of
accrued interest to the date of prepayment.

So long as any amount under this Note remains outstanding and unpaid, Maker will not, unless
otherwise consented to in writing by the Holder, create, incur, assume or suffer to exist (other
than indebtedness existing on the date hereof) any indebtedness for borrowed funds (institutional
or otherwise) which is not subordinated in all respects to the indebtedness under this Note.

Holder may, with or without notice to Maker or any guarantor or other party liable herefor,
extend or renew this Note, or extend the time for making payment of any amount provided for herein,
or accept any amount in advance, all without affecting the liability of Maker or any other party or
guarantor liable herefor.

Upon the occurrence of a default, the whole sum of principal shall become due immediately at
the option of Holder. Default shall include, but not be limited to: (i) failure to make any payment
hereunder at the time prescribed for payment; (ii) filing, as to the Maker or any guarantor or
endorser of this Note, of an involuntary petition which is not dismissed within sixty (60) days or
of a voluntary petition under the provisions of the Federal Bankruptcy Code or any state statute
for the relief of debtors; (iii) the granting of any lien or any encumbrance by Maker on the
Refund; (iv) default in the payment of principal or interest on any obligation in excess of $50,000
for borrowed money beyond the period of grace, if any, provided with respect thereto or default in
the performance or observance of any other term, condition or agreement contained in any such
obligation or in any agreement relating thereto, if the effect thereof is to cause, or permit the
holder or holders of such obligation (or a trustee on behalf of such holder or holders) to cause
such obligation to become due prior to its stated maturity and such default remains unremedied for
a period of 10 days; (vi) final judgment for the payment of money in excess of $50,000 shall be
rendered against Maker and the same shall remain undischarged for a period of thirty (30) days
during which execution of such judgment shall not be effectively stayed; (vii) the non-payment, for
any reason, of any check tendered to Holder by Maker; or (viii) any breach or other default by the
Maker under this Note.

                 

The times for the payment of the principal sum as herein stated are of the essence of this
Note. Upon the occurrence of a default, the amount of the principal sum hereunder, plus reasonable
attorneys fees and expenses, shall bear interest from the date thereof to the actual date of
payment (whether such payment is made voluntarily or as a result of legal process) at the maximum
rate of interest permitted by law or 18% per annum, whichever is lower, from the date of the
default to the date of actual payment.

The Maker shall not consolidate or merge into, or transfer or lease all or substantially all
of its assets to, any person unless (i) the person is a corporation, (ii) the person assumes in a
writing reasonably acceptable to the Holder all the obligations of the Maker under this Note and

(iii) immediately after the transaction, no default exists. The surviving transferee or lessee
corporation shall be the successor Maker, but the predecessor Maker in the case of a transfer or
lease shall not be released from the obligation to pay the principal of and interest of this Note.

Maker and each other party liable herefor, whether principal, endorser, guarantor or
otherwise, jointly and severally hereby (i) waive presentment, demand, protest, notice of dishonor
and/or protest, notice of non-payment and all other notices or demands in connection with the
delivery, acceptance, performance, default, enforcement or guaranty of this Note, (ii) waive
recourse to suretyship defenses generally, including extensions of time, releases of security and
other indulgences which may be granted from time to time by Holder to Maker or any party liable
herefor, and (iii) agree to pay all costs and expenses, including reasonable attorneys fees, in
connection with the enforcement or collection of this Note.

Nothing contained in this Note or in any other agreement between Maker and Holder shall
require Maker to pay, or Holder to accept, interest in an amount which would subject Holder to any
penalty or forfeiture under applicable law. In no event shall the total of all charges payable
hereunder, whether of interest or of such other charges which may or might be characterized as
interest, exceed the maximum rate permitted to be charged under applicable law. Should Holder
receive any payment which is or would be in excess of that permitted to be charged under such
applicable law, such payment shall have been and shall be deemed to have been made in error and
shall automatically be applied to reduce the principal balance outstanding on this Note.

Holder shall not, by any act, delay, omission or otherwise, be deemed to have waived any of
its rights and/or remedies hereunder, and no waiver whatsoever shall be valid unless in writing,
signed by Holder, and then only to the extent therein set forth. The making of any demands or the
giving of any notices by Holder or a waiver by Holder of any right and/or remedy hereunder on any
one occasion shall not be construed as a bar to or waiver of any right and/or remedy which Holder
would otherwise have on any future occasion. All rights and remedies of Holder shall be cumulative
and may be exercised singly or concurrently.

This Note may be assigned at any time by Holder to any person controlling, controlled by or
under common control with the Holder or to any affiliate of the Holder on notice to Maker.

The terms and provisions hereof shall survive the payment, cancellation or surrender of this
Note. Any instrument taken by Holder in

payment of, or for application against, any obligation of Maker or any other party liable herefor
shall not operate as a discharge of such obligation until the instrument is finally paid,
notwithstanding the fact that a bank may be the maker, drawer or acceptor of such instrument.

This Note shall be governed and construed in accordance with the law of the State of Florida
without giving effect to choice of law principles. MAKER AND EACH OTHER PARTY LIABLE HEREFOR, IN
ANY LITIGATION IN WHICH HOLDER SHALL BE AN ADVERSE PARTY, WAIVES TRIAL BY JURY AND WAIVES THE RIGHT
TO INTERPOSE ANY DEFENSE, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. ANY SUCH LITIGATION
SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE STATE OR FEDERAL COURTS LOCATED IN MIAMI-DADE
COUNTY, FLORIDA.

 CASTLE BRANDS INC.

 By:/s/ Alfred J. Small

 Name: Alfred J. Small

 Title: Senior Vice President, Chief Financial Officer, Treasurer and

Secretary

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