Document:

Indenture

 Exhibit 4.1 
 EXECUTION VERSION 
  
  
 VERIGY LTD. 
 (Incorporated in the Republic of
Singapore) 
 (Company Registration Number 200601091C) 
 as Issuer 
 AND 
 U.S. Bank National Association 
 as Trustee 
  
  
 Indenture 
 Dated as of July 15, 2009 
  
  
 5.25% Convertible Senior Notes due 2014 
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE 1	  	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION	  	
			
	 Section 1.01.
	 	Definitions	  	1
	 Section 1.02.
	 	Compliance Certificates and Opinions	  	11
	 Section 1.03.
	 	Form of Documents Delivered to Trustee	  	11
	 Section 1.04.
	 	Acts of Holders; Record Dates	  	12
	 Section 1.05.
	 	Notices, Etc., to Trustee and Company	  	13
	 Section 1.06.
	 	Notice to Holders; Waiver	  	13
	 Section 1.07.
	 	Conflict with Trust Indenture Act	  	14
	 Section 1.08.
	 	Effect of Headings and Table of Contents	  	14
	 Section 1.09.
	 	Successors and Assigns	  	14
	 Section 1.10.
	 	Severability Clause	  	14
	 Section 1.11. 
	 	Benefits of Indenture	  	14
	 Section 1.12.
	 	No Recourse Against Others	  	14
		
	ARTICLE 2	  	
	SECURITY FORMS	  	
			
	 Section 2.01.
	 	Forms Generally	  	15
	 Section 2.02. 
	 	Form of Face of Security	  	15
	 Section 2.03. 
	 	Form of Reverse of Security	  	19
	 Section 2.04.
	 	Form of Trustee’s Certificate of Authentication	  	31
	 Section 2.05. 
	 	Legend on Restricted Securities	  	31
		
	ARTICLE 3	  	
	THE SECURITIES	  	
			
	 Section 3.01. 
	 	Title and Terms; Payments	  	31
	 Section 3.02. 
	 	Ranking	  	32
	 Section 3.03.
	 	Denominations	  	32
	 Section 3.04. 
	 	Execution, Authentication, Delivery and Dating	  	32
	 Section 3.05. 
	 	Temporary Securities	  	33
	 Section 3.06. 
	 	Registration; Registration of Transfer and Exchange; Restrictions on Transfer	  	33
	 Section 3.07. 
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	36
	 Section 3.08. 
	 	Persons Deemed Owners	  	37
	 Section 3.09. 
	 	Book-Entry Provisions for Global Securities	  	37
	 Section 3.10. 
	 	Cancellation and Transfer Provisions	  	38
	 Section 3.11. 
	 	CUSIP Numbers	  	40

  

 i 

					
	ARTICLE 4
	PARTICULAR COVENANTS OF THE COMPANY	  	
			
	 Section 4.01. 
	 	Payment of Principal and Interest	  	40
	 Section 4.02. 
	 	Maintenance of Office or Agency	  	40
	 Section 4.03. 
	 	Appointments to Fill Vacancies in Trustee’s Office	  	41
	 Section 4.04. 
	 	Provisions as to Paying Agent	  	41
	 Section 4.05. 
	 	Existence	  	42
	 Section 4.06. 
	 	Maintenance of Properties	  	43
	 Section 4.07. 
	 	Payment of Taxes and Other Claims	  	43
	 Section 4.08. 
	 	Rule 144A Information Requirement	  	43
	 Section 4.09. 
	 	Resale of Certain Securities	  	44
	 Section 4.10. 
	 	Commission Filings and Reports	  	44
	 Section 4.11. 
	 	Book-Entry System	  	44
	 Section 4.12.
	 	Additional Interest	  	44
	 Section 4.13. 
	 	Additional Amounts	  	45
	 Section 4.14. 
	 	Stay; Extension and Usury Laws	  	47
	 Section 4.15. 
	 	Compliance Certificate	  	47
		
	ARTICLE 5	  	
	OPTIONAL REDEMPTION	  	
			
	 Section 5.01. 
	 	Right to Redeem	  	48
	 Section 5.02. 
	 	Selection of Securities to be Redeemed	  	48
	 Section 5.03. 
	 	Notice of Optional Redemption	  	49
	 Section 5.04. 
	 	Effect of Notice of Optional Redemption	  	50
	 Section 5.05. 
	 	Deposit of Redemption Price	  	50
	 Section 5.06. 
	 	Securities Redeemed in Part	  	50
		
	ARTICLE 6	  	
	REDEMPTION FOR TAX REASONS	  	
			
	 Section 6.01. 
	 	Redemption for Tax Reasons	  	51
	 Section 6.02. 
	 	Notice of Tax Redemption	  	52
	 Section 6.03. 
	 	Holder’s Right to Elect	  	53
	 Section 6.04. 
	 	Effect of Notice of Tax Redemption	  	53
	 Section 6.05. 
	 	Deposit of Redemption Price	  	54
	 Section 6.06. 
	 	Securities Redeemed in Part	  	54
		
	ARTICLE 7	  	
	CONVERSION	  	
			
	 Section 7.01. 
	 	Right to Convert	  	55
	 Section 7.02. 
	 	Conversion Procedure	  	55
	 Section 7.03. 
	 	Settlement upon Conversion	  	57

  

 ii 

					
	 Section 7.04.
	 	Adjustment of Conversion Rate	  	58
	 Section 7.05. 
	 	Effect of Reclassification, Consolidation, Merger or Sale	  	66
	 Section 7.06. 
	 	Adjustments of Prices	  	67
	 Section 7.07. 
	 	Adjustment upon Certain Fundamental Changes	  	67
	 Section 7.08. 
	 	Taxes on Shares Issued	  	69
	 Section 7.09. 
	 	Reservation of Shares; Shares to be Fully Paid; Compliance with Governmental Requirements	  	69
	 Section 7.10. 
	 	Responsibility of Trustee	  	70
	 Section 7.11. 
	 	Notice to Holders Prior to Certain Actions	  	71
	 Section 7.12. 
	 	Shareholder Rights Plan	  	72
	 Section 7.13. 
	 	Company Determination Final	  	72
		
	ARTICLE 8	  	
	PURCHASE AT OPTION OF HOLDERS UPON A FUNDAMENTAL
CHANGE	  	
			
	 Section 8.01. 
	 	Purchase at Option of Holders upon a Fundamental Change	  	72
	 Section 8.02. 
	 	Effect of Fundamental Change Purchase Notice	  	75
	 Section 8.03. 
	 	Withdrawal of Fundamental Change Purchase Notice	  	75
	 Section 8.04. 
	 	Deposit of Fundamental Change Purchase Price	  	76
	 Section 8.05. 
	 	Securities Purchased in Whole or in Part	  	76
	 Section 8.06. 
	 	Covenant to Comply With Securities Laws upon Purchase of Securities	  	76
	 Section 8.07. 
	 	Repayment to the Company	  	77
		
	ARTICLE 9	  	
	EVENTS OF DEFAULT; REMEDIES	  	
			
	 Section 9.01. 
	 	Events of Default	  	77
	 Section 9.02. 
	 	Acceleration of Maturity: Waiver of Past Defaults and Rescission	  	79
	 Section 9.03.
	 	Additional Interest	  	80
	 Section 9.04. 
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	81
	 Section 9.05. 
	 	Trustee May File Proofs of Claim	  	82
	 Section 9.06. 
	 	Application of Money Collected	  	82
	 Section 9.07. 
	 	Limitation on Suits	  	83
	 Section 9.08. 
	 	Unconditional Right of Holders to Receive Payment	  	84
	 Section 9.09. 
	 	Restoration of Rights and Remedies	  	84
	 Section 9.10. 
	 	Rights and Remedies Cumulative	  	84
	 Section 9.11. 
	 	Delay or Omission Not Waiver	  	84
	 Section 9.12.
	 	Control by Holders	  	85
	 Section 9.13. 
	 	Undertaking for Costs	  	85
	 Section 9.14. 
	 	Waiver of Stay or Extension Laws	  	85
	 Section 9.15. 
	 	Violations of Certain Covenants	  	85

  

 iii 

					
	ARTICLE 10
	MERGER, CONSOLIDATION OR SALE OF ASSETS	  	
			
	 Section 10.01. 
	 	Company May Consolidate, etc., only on Certain Terms	  	86
	 Section 10.02. 
	 	Successor Substituted	  	86
		
	ARTICLE 11	  	
	THE TRUSTEE	  	
			
	 Section 11.01. 
	 	Duties and Responsibilities of Trustee	  	87
	 Section 11.02. 
	 	Notice of Defaults	  	88
	 Section 11.03. 
	 	Reliance on Documents, Opinions, Etc	  	88
	 Section 11.04. 
	 	No Responsibility for Recitals, Etc	  	90
	 Section 11.05. 
	 	Trustee, Paying Agents, Conversion Agents or Registrar May Own Securities	  	90
	 Section 11.06. 
	 	Monies to be Held in Trust	  	90
	 Section 11.07. 
	 	Compensation and Expenses of Trustee	  	90
	 Section 11.08. 
	 	Officers’ Certificate as Evidence	  	91
	 Section 11.09. 
	 	Conflicting Interests of Trustee	  	91
	 Section 11.10. 
	 	Eligibility of Trustee	  	91
	 Section 11.11. 
	 	Resignation or Removal of Trustee	  	92
	 Section 11.12. 
	 	Acceptance by Successor Trustee	  	93
	 Section 11.13.
	 	Succession by Merger, Etc	  	94
	 Section 11.14. 
	 	Preferential Collection of Claims	  	94
	 Section 11.15. 
	 	Trustee’s Application for Instructions from the Company	  	95
		
	ARTICLE 12	  	
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE	  	
			
	 Section 12.01. 
	 	Company to Furnish Trustee Names and Addresses of Holders	  	95
	 Section 12.02. 
	 	Preservation of Information; Communications to Holders	  	95
	 Section 12.03. 
	 	Reports By Trustee	  	96
	 Section 12.04. 
	 	Reports by Company	  	96
		
	ARTICLE 13	  	
	SATISFACTION AND DISCHARGE	  	
			
	 Section 13.01. 
	 	Discharge of Indenture	  	97
	 Section 13.02. 
	 	Deposited Monies to be Held in Trust by Trustee	  	97
	 Section 13.03.
	 	Paying Agent to Repay Monies Held	  	98
	 Section 13.04.
	 	Return of Unclaimed Monies	  	98
	 Section 13.05.
	 	Reinstatement	  	98

  

 iv 

					
	ARTICLE 14
	SUPPLEMENTAL INDENTURES	  	
			
	 Section 14.01. 
	 	Supplemental Indentures without Consent of Holders	  	98
	 Section 14.02. 
	 	Supplemental Indentures with Consent of Holders	  	99
	 Section 14.03. 
	 	Execution of Supplemental Indentures	  	100
	 Section 14.04. 
	 	Effect of Supplemental Indentures	  	101
	 Section 14.05. 
	 	Conformity with Trust Indenture Act	  	101
	 Section 14.06.
	 	Reference in Securities to Supplemental Indentures	  	101
	 Section 14.07.
	 	Notice to Holders of Supplemental Indentures	  	101
		
	ARTICLE 15	  	
	MISCELLANEOUS	  	
			
	 Section 15.01. 
	 	Trust Indenture Act Controls	  	101
	 Section 15.02. 
	 	Notices	  	101
	 Section 15.03. 
	 	Communication by Holders with other Holders	  	103
	 Section 15.04. 
	 	Certificate and Opinion as to Conditions Precedent	  	103
	 Section 15.05. 
	 	When Securities Are Disregarded	  	103
	 Section 15.06. 
	 	Rules by Trustee, Paying Agent and Registrar	  	103
	 Section 15.07. 
	 	Legal Holidays	  	103
	 Section 15.08. 
	 	Governing Law	  	104
	 Section 15.09. 
	 	No Recourse against Others	  	104
	 Section 15.10.
	 	Successors	  	104
	 Section 15.11. 
	 	Multiple Originals	  	104
	 Section 15.12. 
	 	[Reserved]	  	104
	 Section 15.13. 
	 	Table of Contents; Headings	  	104
	 Section 15.14. 
	 	Severability Clause	  	104
	 Section 15.15.
	 	Calculations	  	104
	 Section 15.16. 
	 	Waiver of Jury Trial	  	105
	 Section 15.17. 
	 	Consent to Jurisdiction; Consent to Service of Process	  	105
	 Section 15.18. 
	 	Force Majeure	  	105

  

 v 

 INDENTURE, dated as of July 15, 2009, between Verigy Ltd., a company duly incorporated and existing
under the laws of the Republic of Singapore, as Issuer (the “Company”), having its principal office at No. 1 Yishun Avenue 7, Singapore 768923 and U.S. Bank National Association, a national banking association, as Trustee (the
“Trustee”). 
 RECITALS OF THE COMPANY 
 WHEREAS, the Company has duly authorized the creation of an issue of 5.25% Convertible Senior Notes due 2014 (each a “Security” and collectively, the “Securities”) of the tenor and
amount hereinafter set forth, and to provide therefor the Company has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to make the Securities, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid and legally binding obligations of the Company, and to make this
Indenture a valid and legally binding agreement of the Company, in accordance with the terms of the Securities and the Indenture, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Securities by the Holders thereof, it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of
all Holders of the Securities, as follows: 
 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise
requires: 
 (i) the terms defined in this Article 1 have the meanings assigned to them in this Article and include the plural
as well as the singular; 
 (ii) all other terms used herein that are defined in the Trust Indenture Act, either directly or
by reference therein, have the meanings assigned to them therein; 
 (iii) all accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with GAAP; and 

 (iv) the words “herein,” “hereof’ and “hereunder” and other
words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Act,” when used with respect to any Holder, has the meaning specified in Section 1.04. 
 “Additional
Amounts” has the meaning specified in Section 4.13(a). 
 “Additional Interest” means all amounts, if any,
payable pursuant to Section 9.03 hereof. 
 “Additional Securities” means any Securities (other than the Initial
Securities) issued under this Indenture in accordance with Section 3.01 hereof, as part of the same series and with the same CUSIP number as the Initial Securities. 
 “Additional Shares” has the meaning specified in Section 7.07(a). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent Members” has
the meaning specified in Section 3.09(a). 
 “Applicable Conversion Price” means the Conversion Price in effect at any
given time. 
 “Applicable Conversion Rate” means the Conversion Rate in effect at any given time. 
 “Board of Directors” means, with respect to any Person, either the board of directors of such Person or any duly authorized committee of
that board. 
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an
Assistant Secretary or the General Counsel of such Person to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or
required by law or executive order to close or be closed. 
  

 2 

 “Capital Stock” means any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock and, with respect to partnerships, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits
and losses of, or distributions of assets of, such partnership. 
 “Clearstream” means Clearstream Banking S.A. 

“Close of Business” means 5:00 p.m. New York City time. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at
any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company (a) by its Chief Executive Officer, its President, or its Chief Financial Officer or any of its
Vice Presidents, and (b) by its Treasurer, any Assistant Treasurer, its Secretary, any Assistant Secretary or any of its Vice Presidents, and delivered to the Trustee. 
 “Conversion Agent” means the Trustee or such other office or agency designated by the Company where Securities may be presented for
conversion. 
 “Conversion Date” has the meaning specified in Section 7.02(b). 
 “Conversion Notice” shall have the meaning specified in Section 7.02(b). 
 “Conversion Price” means, per Ordinary Share, $1,000 divided by the Applicable Conversion Rate, subject to adjustment as set forth
herein. 
 “Conversion Rate” means initially 76.2631 Ordinary Shares per $1,000 Principal Amount of Securities, subject to
adjustment as set forth herein. 
 “Corporate Trust Office” means the office of the Trustee at which the
corporate trust business of the Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at 633 West 5th Street, 24th Floor, Los Angeles, California 90071, Attention: Corporate Trust Services (Verigy Ltd., 5.25% Convertible Senior Notes due 2014).

  

 3 

 “Custodian” means U.S. Bank National Association, as custodian with respect to the
Securities in global form, or any successor entity. 
 “Default” means any event that is or with the passage of time or the
giving of notice or both would become an Event of Default. 
 “Depositary” means DTC until a successor Depositary shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean such successor Depositary. 
 “DTC” means The Depository Trust Company. 
 “Effective Date” has the meaning specified in
Section 7.07(c). 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 
 “Event of Default” has the meaning specified in Section 9.01. 
 “Ex-Dividend Date” means, for the purposes of Section 7.04, the first date on which the Ordinary Shares trade on the applicable
exchange or in the applicable market, regular way, without the right to receive the issuance or distribution in question. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 “Excluded Holder”
has the meaning specified in Section 4.13(a). 
 “Excluded Taxes” has the meaning specified in Section 4.13(a).

 “Final Offering Memorandum” means the final offering memorandum dated July 9, 2009 relating to the Securities.

 “Fundamental Change” means the occurrence of any of the following events at any time after the Securities are originally
issued: 
 (1) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act other than the Company,
the Company’s Subsidiaries or the Company’s or the Company’s Subsidiaries’ employee benefit plans files a Schedule 13D or Schedule TO (or any successor schedule, form or report) pursuant to the Exchange Act disclosing that such
person has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of 

  

 4 

 
the Company’s common equity representing more than 50% of the voting power of all outstanding classes of the Company’s common equity entitled to
vote generally in the election of the Company’s directors; 
 (2) consummation of any share exchange, consolidation or merger involving
the Company pursuant to which the Ordinary Shares will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of
the Company and the Company’s Subsidiaries, taken as a whole, to any person other than one or more of the Company’s Subsidiaries; provided, however, that a share exchange, consolidation or merger transaction in which (i) the
Ordinary Shares are not changed or exchanged except to the extent necessary to reflect a change in the Company’s jurisdiction or (ii) the holders of more than 50% of all Ordinary Shares entitled to vote generally in the election of the
Company’s directors immediately prior to such transaction own, directly or indirectly, more than 50% of all Ordinary Shares entitled to vote generally in the election of the directors of the continuing or surviving entity or transferee or the
parent entity thereof immediately after such transaction shall not, in either case, be a Fundamental Change; 
 (3) the Company’s
shareholders approve any plan or proposal for the liquidation or dissolution of the Company; or 
 (4) the Ordinary Shares (or other Capital
Stock into which the Securities are then convertible pursuant to the terms of this Indenture) cease to be listed on a United States national securities exchange. 
 Notwithstanding the foregoing, a Fundamental Change as a result of clauses (1) or (2) above will not be deemed to have occurred if at least 90% of the consideration received or to be received by holders of
Ordinary Shares (excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights) in connection with the transaction or transactions constituting the Fundamental Change consists of Publicly Traded
Securities and as a result of this transaction or transactions, the Securities become convertible into such Publicly Traded Securities, excluding cash payments for fractional shares. 
 “Fundamental Change Company Notice” has the meaning specified in Section 8.01(b). 
 “Fundamental Change Purchase Date” has the meaning specified in Section 8.01(a). 
 “Fundamental Change Purchase Notice” has the meaning specified in Section 8.01(a). 
  

 5 

 “Fundamental Change Purchase Price” has the meaning specified in Section 8.01(a).

 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, in each case, as in effect in the United States on the date hereof. 
 “Global Security” means
a Security in global form registered in the Security Register in the name of a Depositary or a nominee thereof. 
 “Holder”
means a Person in whose name a Security is registered in the Security Register. 
 “Indenture” means this instrument as
originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. 
 “Initial Purchasers” means J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated. 
 “Initial Securities” means Securities in an aggregate principal amount of $138,000,000, initially issued under this Indenture.

 “Interest Payment Date” means each January 15 and July 15 of each year. 
 “Issue Date” means the date the Securities are originally issued as set forth on the face of the Security under this Indenture.

 “Last Reported Sale Price” means, on any Trading Day date, the closing sale price per Ordinary Share (or if no closing
sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) of the Ordinary Shares on that Trading Day as reported in composite transactions for the
principal United States national or regional securities exchange on which the Ordinary Shares are traded. If the Ordinary Shares are not listed for trading on a United States national or regional securities exchange on the relevant Trading Day, the
“Last Reported Sale Price” will be the last quoted bid price per Ordinary Share in the over-the-counter market 

  

 6 

 
on the relevant Trading Day as reported by Pink Sheets LLC or similar organization selected by the Company. If the Ordinary Shares are not so quoted, the
“Last Reported Sale Price” will be the average of the mid-point of the last bid and ask prices per share for the Ordinary Shares on the relevant date from each of at least three nationally recognized independent investment banking firms
selected by the Company for this purpose. 
 “Legal Holiday” has the meaning specified in Section 15.07. 
 “Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change (determined after giving effect to
any exceptions or exclusions to such definition, but without regard to the proviso in clause (2) of the definition thereof). 
 “Merger Event” has the meaning specified in Section 7.05. 
 “Notice of Default” means
written notice provided to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate Principal Amount of Securities outstanding of a Default by the Company, which notice must specify the Default,
demand that it be remedied and expressly state that such notice is a “Notice of Default.” 
 “Notice of Optional
Redemption” has the meaning specified in Section 5.03. 
 “Notice of Tax Redemption” has the meaning specified
in Section 6.02. 
 “Notice of Election” has the meaning specified in Section 6.03(b). 
 “Officers’ Certificate” means a certificate signed (a) by the Chief Executive Officer, the President, the Chief Financial
Officer or any of the Vice Presidents of the Company, and (b) by the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary or any of the Vice Presidents of the Company, and delivered to the Trustee. 
 “Open of Business” means 9:00 a.m. New York City time. 
 “Opinion of Counsel” means a written opinion of counsel, who may be external or in-house counsel for the Company. 
 “Optional Redemption” has the meaning specified in Section 5.01. 
 “Ordinary Shares” means the ordinary shares, no par value, of the Company as they exist on the date of this Indenture or any other
shares of Capital Stock of the Company into which the Ordinary Shares shall be reclassified or changed or, in the event of a merger, consolidation or other similar transaction 

  

 7 

 
involving the Company that is otherwise permitted hereunder in which the Company is not the surviving corporation, the common stock, common equity interests,
ordinary shares or depositary shares or other certificates representing common equity interests of such surviving corporation or its direct or indirect parent corporation. 
 “Paying Agent” means any Person (including the Company) authorized by the Company to pay the Principal Amount of, interest on, including
Additional Interest and Additional Amounts, the Redemption Price or the Fundamental Change Purchase Price of, any Securities on behalf of the Company. U.S. Bank National Association shall initially be the Paying Agent. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
 “Physical Securities” means permanent certificated Securities
in registered form issued in denominations of $2,000 Principal Amount and multiples of 1,000 in excess thereof. 
 “Principal
Amount” of a Security means the Principal Amount as set forth on the face of the Security. 
 “Publicly Traded
Securities” means shares of Capital Stock or American Depository Shares representing shares of common stock or similar equity securities which are traded on a United States national securities exchange, or, with respect to a transaction
that otherwise would be a Fundamental Change, which will be so traded when issued or exchanged in connection with such transaction. 
 “Purchase Agreement” means the Purchase Agreement, dated July 9, 2009, entered into by the Company and the Initial Purchasers in connection with the sale of the Securities. 
 “Qualified Institutional Buyer” or “QIB” shall have the meaning specified in Rule 144A. 
 “Redemption Date” means, when used with respect to any Security to be redeemed, the date fixed for redemption pursuant to this
Indenture. 
 “Redemption Price” means, when used with respect to any Security to be redeemed, the price at which it is to
be redeemed pursuant to this Indenture. 
 “Reference Property” has the meaning specified in Section 7.05. 

 

 8 

 “Regular Record Date” means, with respect to the payment of interest on the Securities
(including Additional Interest, if any) Close of Business on January 1 or July 1, as the case may be, immediately preceding the relevant Interest Payment Date. 
 “Relevant Jurisdiction” has the meaning specified in Section 4.13(a). 
 “Restricted Global Security” means a Global Security representing Restricted Securities. 
 “Restricted
Security” has the meaning specified in Section 2.05. 
 “Rule 144” means Rule 144 under the Securities Act
(including any successor rule thereto), as the same may be amended from time to time. 
 “Rule 144A” means Rule 144A under
the Securities Act (including any successor rule thereto), as the same may be amended from time to time. 
 “Rule 144A
Information” has the meaning specified in the Securities. 
 “Scheduled Trading Day” means a day that is scheduled
to be a Trading Day on the principal U.S. national or regional securities exchange or market on which the Ordinary Shares is listed or admitted for trading. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Security” has the meaning specified in the first paragraph of the Recitals of the Company, and includes any Security or Securities, as
the case may be, authenticated and delivered under this Indenture, including any Global Security. The Initial Securities and the Additional Securities shall be treated as a single class and have the same CUSIP number for purposes of this Indenture.

 “Security Register” and “Security Registrar” have the respective meanings specified in
Section 3.06. 
 “Share Price” has the meaning specified in Section 7.07(c). 
 “Significant Subsidiary” shall have the meaning given to such term in Rule 1-02(w) of Regulation S-X under the Securities Act as in
effect on the Issue Date of the Securities. 
 “Spin-Off” has the meaning specified in Section 7.04(c). 
 “Stated Maturity” means July 15, 2014. 
  

 9 

 “Surviving Person” has the meaning specified in Section 4.13(a). 
 “Subsidiary” means, with respect to any Person, of which more than 50% of the outstanding voting stock is owned, directly or indirectly,
by the Company or one or more other Subsidiaries, or the Company and one or more Subsidiaries. For the purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by reason of any contingency. 
 “Successor Company”
has the meaning specified in Section 10.01. 
 “Tax Redemption” has the meaning specified in Section 6.01(a).

 “Trading Day” means a day during which (i) trading in securities generally occurs on the principal United States
national or regional securities exchange on which the Ordinary Shares are then listed or admitted for trading or, if the Ordinary Shares are not then listed or admitted for trading on a United States national or regional securities exchange, on the
principal other market on which the Ordinary Shares are then traded, and (ii) a Last Reported Sale Price for the Ordinary Shares is available on such securities exchange or market. If the Ordinary Shares are not so listed or traded,
“Trading Day” means a Business Day. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in effect on
the date as of which this Indenture was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939 as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
 “Trust Officer” means any officer of the Trustee within the Corporate Trust Office of the Trustee with direct responsibility for the
administration of this Indenture and also, with respect to a particular matter, any other officer of the Trustee to whom such matter is referred because of such officer’s knowledge and familiarity with the particular subject. 
 “U.S.” means the United States of America. 
 “Valuation Period” has the meaning set forth in Section 7.04(c). 
 “Vice
President” means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
  

 10 

 Section 1.02. Compliance Certificates and Opinions. Upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be
given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirement set
forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture shall include: 
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and
the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which
the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of each such
individual, such individual has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or certificates of public officials.

 Section 1.03. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.
Any such certificate or Opinion of Counsel may be based, insofar as it 

  

 11 

 
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with
respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.04. Acts of
Holders; Record Dates. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by their agents duly appointed in writing and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as an “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 11.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
the Trustee reasonably deems sufficient. 
 (c) The Company may, in the circumstances permitted by the Trust Indenture Act, fix any day as
the record date for the purpose of determining the Holders entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action, authorized or permitted to be given or taken by
Holders. If not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or, in the case of any such vote, prior to such vote, the record date for any such action 

  

 12 

 
or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 12.01) prior to
such first solicitation or vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly designated proxies) shall be entitled to give or take, or vote on, the relevant action. 
 (d) The ownership of Securities shall be proved by the Security Register. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such
Security. 
 Section 1.05. Notices, Etc., to Trustee and Company. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 
 (i) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its applicable Corporate Trust Office; or

 (ii) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument, with a copy to the address specified in
Section 15.02, or at any other address previously furnished in writing to the Trustee by the Company, Attention: Chief Financial Officer. 
 Section 1.06. Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at such Holder’s address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the
giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

 13 

 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 Whenever under this Indenture the Trustee is required to provide any notice by mail, in all cases the Trustee may alternatively provide notice by
overnight courier or by facsimile, with confirmation of transmission. 
 Section 1.07. Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required hereunder to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 Section 1.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof, and all Article and Section references are to Articles and Sections, respectively, of this Indenture unless otherwise expressly stated. 
 Section 1.09. Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns,
whether so expressed or not. 
 Section 1.10. Severability Clause. In case any provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.11. Benefits of Indenture. Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their respective successors hereunder
and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 1.12. No
Recourse Against Others. No director, officer, employee, shareholder or Affiliate of the Company from time to time shall have any liability for any obligations of the Company under the Securities or this Indenture. Each Holder by accepting a
Security waives and releases such liability. 
  

 14 

 ARTICLE 2 
 SECURITY FORMS 
 Section 2.01. Forms Generally. The Securities and
the Trustee’s certificates of authentication shall be in substantially the forms set forth in this Article, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor, the Code and regulations thereunder, or as
may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. 
 The
Securities shall initially be issued in the form of permanent Global Securities in registered form in substantially the form set forth in this Article. The aggregate Principal Amount of the Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as hereinafter provided. 
 Section 2.02. Form of Face of Security. [THIS SECURITY AND THE ORDINARY SHARES ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS
ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND (2) AGREES FOR THE BENEFIT OF THE COMPANY
THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED
BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: (A) TO VERIGY LTD. OR ANY SUBSIDIARY THEREOF, OR (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR (D) PURSUANT TO AN EXEMPTION 

  

 15 

 
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES.

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 [INCLUDE IF SECURITY IS A GLOBAL SECURITY — THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

 16 

 5.25% Convertible Senior Notes due 2014 
  

			
	No. [     ]	  	U.S. $[         ]

 CUSIP NO. [    ] 
 Verigy Ltd., a company duly incorporated and validly existing under the laws of the Republic of Singapore (herein called the
“Company”), which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to
[            ], or registered assigns, the principal sum of [    ] UNITED STATES DOLLARS (U.S. $[        ]) (which amount may
from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, in accordance with the rules and procedures of the Depositary and in accordance with the below referred Indenture) on
July 15, 2014. Payment of the principal of this Security shall be made by check mailed to the address of the Holder of this Security specified in the register of Securities, or, at the option of the Company, by wire transfer in immediately
available funds, in such lawful money of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 
 The issue date of this Security is July 15, 2009. 
 Reference is made to the further provisions of this
Security set forth on the reverse hereof, including, without limitation, provisions giving the Holder the right to convert this Security into Ordinary Shares of the Company and to the ability and obligation of the Company to purchase this Security
upon certain events, in each case, on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set
forth at this place. Capitalized terms used but not defined herein shall have such meanings as are ascribed to such terms in the Indenture. 
 This Security shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State. 
 This Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by
the Trustee or a duly authorized authenticating agent under the Indenture. 
  

 17 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	VERIGY LTD.
		
	By:	 	  

	Name:	 	Robert J. Nikl
	Title:	 	Chief Financial Officer
		
	By:	 	  

	Name:	 	Kenneth M. Siegel
	Title:	 	Vice President and General Counsel

  

 18 

 Section 2.03 . Form of Reverse of Security. 
 VERIGY LTD. 
 5.25% Convertible
Senior Notes due 2014 
 This Security is one of a duly authorized issue of Securities of the Company, designated as its 5.25%
Convertible Senior Notes due 2014 (the “Securities”), initially limited in aggregate principal amount to $138,000,000, (which amount may from time to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary, in accordance with the rules and procedures of the Depositary and in accordance with the below referred Indenture) all issued or to be issued under and pursuant to an Indenture dated as of July 15, 2009
(the “Indenture”), between the Company and U.S. Bank National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities. The Indenture provides that Additional Securities may be issued thereunder, if certain conditions are met.

 Interest. The Securities will bear interest at a rate of 5.25% per year. Interest on the Securities will accrue from and
including July 15, 2009, or from the most recent date to which interest has been paid or duly provided for. Interest will be payable semiannually in arrears on each Interest Payment Date, beginning January 15, 2010. Pursuant to
Section 9.03 of the Indenture, in certain circumstances, the Holders of Securities shall be entitled to receive Additional Interest. 
 Subject to Section 5.01(b) of the Indenture, interest (including Additional Interest, if any) will be paid to the person in whose name a Security is registered at the Close of Business on the January 1 or July 1, as the case
may be, immediately preceding the relevant Interest Payment Date. Interest on the Securities will be computed on the basis of a 360-day year composed of twelve 30-day months. 
 Additional Amounts. The Company shall pay to the Holders such Additional Amounts as may become payable under Section 4.13 of the Indenture.
Whenever in the Indenture or this Security, there is mentioned, in any context, the payment of Principal Amount and interest or any other amount payable under, or with respect to, any Security, such mention shall be deemed to include mention of the
payment of Additional Amounts provided for in Section 4.13 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
  

 19 

 Ranking. The Securities constitute a general unsecured and unsubordinated obligation of the
Company. 
 Redemption at the Option of the Company. No sinking fund is provided for the Securities. The Securities are redeemable as
a whole, or from time to time in part at any time commencing on or after July 20, 2012 at the option of the Company if the Last Reported Sale Price of the Company’s Ordinary Shares has been at least 130% of the Conversion Price then in
effect for at least 20 Trading Days during any 30 consecutive Trading Day period ending within five Trading Days prior to the date on which the Company provides Notice of Optional Redemption. The Redemption Price for any such Optional Redemption is
equal to 100% of the Principal Amount of the Securities to be redeemed, together with accrued and unpaid interest (including Additional Interest, if any) to, but excluding, the Redemption Date. 
 Redemption For Tax Reasons; Notice of Election by Holder. Subject to the terms of the Indenture, the Company may, at its option, redeem the
Securities, in whole but not in part, for an amount equal to 100% of the Principal Amount of the Securities, plus accrued and unpaid interest (including Additional Interest, if any) to, but excluding, the Redemption Date (the “Redemption
Price”), but without reduction for applicable taxes of the Relevant Jurisdiction (except in the case of certain Excluded Holders), if the Company (including any Surviving Person) has, or on the next Interest Payment Date, would become
obligated to pay to the Holders Additional Amounts (that are more than a de minimis amount) as a result of any change occurring on or after July 9, 2009 in the laws or any rules or regulations of the government of any jurisdiction in
which the Company, or any entity that assumes the Company’s rights and obligations under the Securities (a “Surviving Person”), is or is deemed to be organized, resident or doing business for tax purposes (or any political
subdivision or taxing authority thereof or therein) (each, a “Relevant Jurisdiction”) or any amendment or change occurring on or after July 9, 2009 in an interpretation, administration or application of such laws, rules or
regulations by any legislative body, court, governmental agency, taxing authority or regulatory or administrative authority (including the enactment of any legislation and the announcement or publication of any judicial decision or regulatory or
administrative interpretation or determination); provided that the Company cannot avoid these obligations by taking commercially reasonable measures available to it and that the Company delivers to the Trustee an opinion of outside legal
counsel specializing in Relevant Jurisdiction taxation and an Officers’ Certificate attesting to such change and obligation to pay Additional Amounts (such a redemption, referred to herein as a “Tax Redemption”). 
 Upon receiving a Notice of Tax Redemption, each Holder may elect to not have all or any of its Securities redeemed pursuant to the Tax Redemption, in
which case the Company will not be required to pay any Additional Amounts 

  

 20 

 
with respect to such Securities solely as a result of the change or amendment in the tax laws of the Relevant Jurisdiction that caused such Additional
Amounts to be paid (whether upon conversion, repurchase, maturity or otherwise, and whether in cash, Ordinary Shares, Reference Property or otherwise) after such Redemption Date, and all future payments with respect to such Securities will be
subject to the deduction or withholding of such Relevant Jurisdiction Taxes required by law to be deducted or withheld as a result of such change or amendment. A Holder electing to not have its Securities redeemed pursuant to a Tax Redemption must
deliver to the Paying Agent designated by the Company for such purpose in the Notice of Tax Redemption, a written Notice of Election (the “Notice of Election”) in the form provided on the back of this Security (or a facsimile
thereof), or any other form of written notice substantially similar to the Notice of Election, in each case, duly completed and signed, so as to be received by the Paying Agent no later than the Close of Business on the fifth Business Day prior to
the Redemption Date. A Holder may withdraw any Notice of Election by delivering to the Company (if the Company is acting as its own Paying Agent), or to a Paying Agent designated by the Company in the Notice of Tax Redemption, a written notice of
withdrawal prior to the Close of Business on the Business Day prior to the Redemption Date. If no such election is made, the Holder will have its Securities redeemed without any further action. 
 Purchase at the Option of the Holder Upon a Fundamental Change. Subject to the terms and conditions of the Indenture, the Company shall become
obligated, at the option of the Holder, to repurchase the Securities if a Fundamental Change occurs at any time prior to the Stated Maturity at 100% of the Principal Amount plus accrued and unpaid interest (including Additional Interest, if any) to,
but excluding, the Fundamental Change Purchase Date, which amount will be paid in cash. 
 Withdrawal of Fundamental Change Purchase
Notice. Holders have the right to withdraw, in whole or in part, any Fundamental Change Purchase Notice, as the case may be, by delivering to the Paying Agent a written notice of withdrawal in accordance with the provisions of the Indenture.

 Payment of Redemption Price and Fundamental Change Purchase Price. If money sufficient to pay the Redemption Price or Fundamental
Change Purchase Price, as the case may be, of all Securities or portions thereof to be redeemed or purchased on a Redemption Date or on a Fundamental Change Purchase Date, respectively, is deposited with the Paying Agent on the Redemption Date or
the Fundamental Change Purchase Date, respectively, such Securities will cease to be outstanding and interest will cease to accrue on such Securities (or portions thereof) immediately after such Redemption Date or Fundamental Change Purchase Date,
as the case may be, and the Holder thereof shall have no other rights as such (other than the right to receive the Redemption Price or Fundamental Change Purchase Price, as the case may be, upon surrender of such Security). 
  

 21 

 Conversion. Subject to and in compliance with the provisions of the Indenture (including without
limitation the conditions of conversion of this Security set forth in Article 7 thereof), the Holder hereof has the right, at its option, to convert the Principal Amount hereof or any portion of such principal which is $1,000 or a multiple thereof,
into Ordinary Shares at the Applicable Conversion Rate. The initial Conversion Rate is 76.2631 Ordinary Shares per $1,000 Principal Amount of Securities (equivalent to a Conversion Price of approximately $13.11), subject to adjustment in certain
events described in the Indenture. Upon conversion, the Company will pay Ordinary Shares as set forth in the Indenture. No fractional shares will be issued upon any conversion, but an adjustment and payment in cash will be made, as provided in the
Indenture, in respect of any fraction of a share which would otherwise be issuable upon the surrender of any Securities for conversion. Securities in respect of which a Holder is exercising its right to require repurchase on a Fundamental Change
Purchase Date may be converted only if such Holder withdraws its election to exercise such right in accordance with the terms of the Indenture. 
 In the event of a deposit or withdrawal of an interest in this Security, including an exchange, transfer, repurchase or conversion of this Security in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its
records to reflect such deposit or withdrawal in accordance with the rules and procedures of the Depositary. 
 Rule 144A Information.
Subject to certain limitations in the Indenture, at any time when the Company is not subject to Section 13 or 15(d) of the United States Securities Exchange Act of 1934, as amended, upon the request of a Holder of a Restricted Security, the
Company will promptly furnish or cause to be furnished Rule 144A Information (as defined below) to such Holder of Restricted Securities, or to a prospective purchaser of any such security designated by any such Holder, to the extent required to
permit compliance by any such Holder with Rule 144A under the Securities Act. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision
thereto). 
 Acceleration of Maturity. If an Event of Default shall occur and be continuing, the Principal Amount plus interest
(including Additional Interest, if any) through such date on all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Supplement Indentures with Consent of Holders; Waiver of Past Defaults. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the 

  

 22 

 
Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not
less than a majority in aggregate Principal Amount of the outstanding Securities. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate Principal Amount of the outstanding Securities, on behalf of the
Holders of all the Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of any provision of or
applicable to this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 Limitation or Suits. As provided in and subject to the provisions of
the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities, the Holders of not less than 25% in aggregate Principal Amount of the outstanding Securities shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee security and indemnity reasonably satisfactory to it, the Trustee shall not have received from the Holders of a majority in aggregate Principal
Amount of outstanding Securities a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such request and offer of security or indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security in the case of an Event of Default under Section 9.01(a) or Section 9.01(b) of the Indenture. 
 Unconditional Rights of Holders to Receive Payment. No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Principal Amount, Redemption Price or Fundamental Change Purchase Price of, and interest (including Additional Interest, if any) on, this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 Registration of Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in The City of New York, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the 

  

 23 

 
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate
Principal Amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company and the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and the Security Registrar and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Denominations. The Securities are issuable only in registered form in denominations of $2,000 and any multiple of $1,000
in excess thereof, as provided in the Indenture and subject to certain limitations therein set forth. Securities are exchangeable for a like aggregate Principal Amount of Securities of a different authorized denomination, as requested by the Holder
surrendering the same. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York.

 All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

  

 24 

 ASSIGNMENT FORM 
 If you want to assign this Security, fill in the form below and have your signature guaranteed: 
 I or we
assign and transfer this Security to: 
  
  
  
  
  
  
 (Print or type name, address and zip code and social security or
tax ID number of assignee) 
 and irrevocably appoint                                  
                                         
                                         
                                         
                                         
     
 agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	Date:                     	 		  	Signed:	 	  

 (Sign exactly as your name appears on the other side of this Security) 
  

					
	Signature Guarantee:	 	  
	 	

 Note: Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 25 

 In connection with any transfer of this Security occurring prior to the date which is the earlier of
(i) the date of the declaration by the Commission of the effectiveness of a registration statement under the Securities Act, as amended (the “Securities Act”), covering resales of this Security (which effectiveness shall
not have been suspended or terminated at the date of the transfer) and (ii) the first anniversary of the Issue Date set forth on the face of this Security, the undersigned confirms that it has not utilized any general solicitation or general
advertising in connection with the transfer and that this Security is being transferred: 
 [Check One] 
  

					
	(1)	  	 ̈	  	to the Company or a subsidiary thereof; or
			
	(2)	  	 ̈	  	to a “Qualified Institutional Buyer” pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	(3)	  	 ̈	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act.

 Unless one of the above boxes is checked, the Trustee will refuse to register any of the Securities evidenced by
this certificate in the name of any Person other than the registered Holder thereof, provided that if box (3) is checked, the Company may require (and shall deliver to the Trustee and the Security Registrar), prior to registering any
such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act. 
 If none of the foregoing boxes is checked, the Trustee or Security
Registrar shall not be obligated to register this Security in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 3.10 of the Indenture shall
have been satisfied. 
  

							
	Date:	 	                    	  	Signed:	  	  

 (Sign exactly as your name appears 
 on the other side of this Security) 
  

					
	Signature Guarantee:	  	  
	  	

  

 26 

 Note: Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 27 

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED 
 The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Date:	 	                    	  	Signed:	  	  

 NOTICE: To be executed by an executive officer. 
  

 28 

 CONVERSION NOTICE 
 If you want to convert this Security into Ordinary Shares of the Company, check the box:  ̈ 
 To convert only part of this Security, state the Principal Amount to be converted (which must be $1,000 or an integral multiple of $1,000): 
 $         
 If you want the share certificate, if any, made out in another person’s name, fill in the form below: 
  
  
  
 (Insert other person’s social security or tax ID no.) 
  
  
  
  
  
  
 (Print or type other person’s name, address
and zip code) 
  

							
	 Date:
	 	                    	  	Signed:	  	  

 (Sign exactly as your name appears on the other side of this Security) 
 Signature Guarantee:
                                         
                            
 Note: Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act
of 1934, as amended. 
  

 29 

 NOTICE OF ELECTION UPON TAX REDEMPTION 
  

	
	 CUSIP No.

 Principal Amount of this Security: $        

 If you elect not to have this Security redeemed by the Company, check the box:  ̈ 
 If you elect to have only part of this Security redeemed by the Company, state the Principal Amount to be redeemed, which must be $1,000 or a multiple
thereof, and in no event shall a Security of a Principal Amount of $2,000 or less be redeemed in part. 
 $         
  

							
	 Date:
                    
	  	Signed:	  	  

 (Sign exactly as your name appears on the other side of this Security) 
 Signature Guarantee:
                                         
        
 Note: Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 If Physical
Securities have been issued, the certificate numbers shall be stated in this notice. 
  

 30 

 Section 2.04. Form of Trustee’s Certificate of Authentication. This is one of the
Securities referred to in the within-mentioned Indenture. 
  

							
	Dated:                     	 		 	U.S. Bank National Association, as Trustee
				
		 		 	By	 	  

		 		 		 	Authorized Signatory

 Section 2.05. Legend on Restricted Securities. During the period beginning on the
Issue Date and ending on the later of (x) one year after the last original Issue Date or such shorter period of time as permitted by Rule 144 under the Act or any successor provision thereunder and (y) such later date, if any, as may be
required by applicable law, any Security, including any Security issued in exchange therefor or in lieu thereof, shall be deemed a “Restricted Security” and shall be subject to the restrictions on transfer provided in the legends
set forth on the face of the form of Security in Section 2.02; provided, however, that the term “Restricted Security” shall not include any Securities as to which restrictions have been terminated in accordance with
Section 3.06. All Securities shall bear the applicable legends set forth on the face of the form of Security in Section 2.02. Except as provided in Section 3.06 and Section 3.10, the Trustee shall not issue any unlegended
Security until it has received an Officers’ Certificate from the Company directing it to do so. 
 ARTICLE 3 
 THE SECURITIES 
 Section 3.01. Title and Terms; Payments. The aggregate Principal Amount of Securities that may be authenticated and delivered under this Indenture is initially limited $138,000,000, except for Securities authenticated and
delivered upon registration or transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 3.05, 3.06, 3.07, 3.10, 5.06 or 8.05. The Company may, from time to time after the execution of this Indenture, execute and deliver
to the Trustee for authentication Additional Securities of an unlimited aggregate principal amount, and the Trustee shall thereupon authenticate and deliver said Additional Securities to or upon the written order of the Company, without any further
action by the Company hereunder; provided however that the Company may issue Additional Securities only if: (1) such Additional Securities and Initial Securities are treated as part of the same issue of debt instruments for purposes of U.S.
federal income tax laws or pursuant to a “qualified reopening” and are 

  

 31 

 
treated as issued without any original issue discount for U.S. federal income tax purposes; (2) such Additional Securities have the same CUSIP number as
the Initial Securities; and (3) the Trustee receives an Officers’ Certificate to the effect that such issuance of Additional Securities complies with the provisions of this Indenture, including each provision of this paragraph. 

The Securities shall be known and designated as the “5.25% Convertible Senior Notes due 2014” of the Company. The Principal Amount shall be
payable at the Stated Maturity. 
 The Principal Amount of and interest on Global Securities registered in the name of the Depository its
nominee shall be paid by wire transfer in immediately available funds to the Depository or its nominee, as applicable. 
 The Principal
Amount of Physical Securities shall be payable at the Corporate Trust Office and at any other office or agency maintained by the Company for such purpose. Interest on Physical Securities will be payable (i) to Holders having an aggregate
Principal Amount of $5,000,000 or less of Securities, by check mailed to such Holders at the address set forth in the Security Register and (ii) to Holders having an aggregate Principal Amount of more than $5,000,000 of Securities, either by
check mailed to such Holders or, upon application by a Holder to the Security Registrar not later than two days prior to the relevant Regular Record Date for such interest payment, by wire transfer in immediately available funds to such
Holder’s account within the United States, which application shall remain in effect until the Holder notifies the Security Registrar to the contrary in writing. 
 Section 3.02. Ranking. The Securities constitute a general unsecured and unsubordinated obligation of the Company. 
 Section 3.03. Denominations. The Securities shall be issuable only in registered form without coupons and in denominations of $2,000 and any multiple of $1,000 in excess thereof. 
 Section 3.04. Execution, Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Company (a) by its Chief
Executive Officer, its President, its Chief Financial Officer or any of its Vice Presidents and (b) by its Treasurer, any Assistant Treasurer, the Secretary or any of its Vice Presidents. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
  

 32 

 At any time and from time to time after the execution and delivery of this Indenture, the Company may
deliver Securities executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities. The Company Order shall specify the amount of Securities to be authenticated, and
shall further specify the amount of such Securities to be issued as a Global Security or as Physical Securities. The Trustee in accordance with such Company Order shall authenticate and deliver such Securities as in this Indenture provided and not
otherwise. 
 Each Security shall be dated the date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. 
 Section 3.05. Temporary Securities. Pending the preparation of definitive Securities,
the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such
Securities; provided, that any such temporary Securities shall bear legends on the face of such Securities as set forth in Section 2.02. 
 If temporary Securities are issued, the Company will cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities shall be
exchangeable for definitive Securities upon surrender of the temporary Securities at any office or agency of the Company designated pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like Principal Amount of Physical Securities of authorized denominations. Until so exchanged, the temporary Securities shall in all
respects be entitled to the same benefits under this Indenture as Physical Securities. 
 Section 3.06. Registration; Registration of
Transfer and Exchange; Restrictions on Transfer.  
 (a) The Company shall cause to be kept at the applicable Corporate Trust Office of
the Trustee a register (the register maintained in such office and in 

  

 33 

 
any other office or agency designated pursuant to Section 4.02 being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar”
(the “Security Registrar”) for the purpose of registering Securities and transfers of Securities as herein provided. 
 Upon
surrender for registration of transfer of any Security at an office or agency of the Company designated pursuant to Section 4.02 for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of any authorized denominations and of a like aggregate Principal Amount and tenor, each such Security bearing such restrictive legends as may be required by this Indenture (including
Sections 2.02, 2.05 and 3.10). 
 At the option of the Holder and subject to the other provisions of this Section 3.06 and to
Section 3.10, Securities may be exchanged for other Securities of any authorized denominations and of a like aggregate Principal Amount and tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. As a condition to the registration of transfer of any Restricted Securities, the Company or the Trustee may require evidence
satisfactory to them as to the compliance with the restrictions set forth in the legend on such Securities. 
 Except as provided in the
following sentence and in Section 3.10, all Securities originally issued hereunder and all Securities issued upon registration of transfer or exchange or replacement thereof shall be Restricted Securities and shall bear the legends required by
Sections 2.02 and 2.05, unless the Company shall have delivered to the Trustee (and the Security Registrar, if other than the Trustee) a Company Order stating that the Security is not a Restricted Security and may be issued without such legend
thereon. Securities that are issued upon registration of transfer of, or in exchange for, Securities that are not Restricted Securities shall not be Restricted Securities and shall not bear such legend. 
  

 34 

 No service charge shall be made for any registration of transfer or exchange of Securities, but the
Company and the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to
Section 3.05 not involving any transfer. 
 Neither the Company nor the Security Registrar shall be required to exchange or register a
transfer of any Security (i) that has been surrendered for conversion or (ii) as to which a Fundamental Change Purchase Notice has been delivered and not withdrawn, except that where such Fundamental Change Purchase Notice provides that
such Security is to be purchased only in part, the Company and the Security Registrar shall be required to exchange or register a transfer of the portion thereof not to be purchased. 
 (b) Beneficial ownership of every Restricted Security shall be subject to the restrictions on transfer provided in the legends required to be set forth
on the face of each Restricted Security pursuant to Sections 2.02 and 2.05, unless such restrictions on transfer shall be terminated in accordance with this Section 3.06(b) or Section 3.10. The Holder of each Restricted Security, by such
Holder’s acceptance thereof, agrees to be bound by such restrictions on transfer. 
 The restrictions imposed by this Section 3.06
and by Sections 2.02, 2.05 and 3.10 upon the transferability of any particular Restricted Security shall cease and terminate upon delivery by the Company to the Trustee of an Officers’ Certificate stating that such Restricted Security has
been transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto). Any Restricted Security as to which the Company has delivered to the Trustee an Officers’ Certificate stating that such restrictions on
transfer shall have expired in accordance with their terms or shall have terminated may, upon surrender of such Restricted Security for exchange to the Security Registrar in accordance with the provisions of this Section 3.06, be exchanged for
a new Security, of like tenor and aggregate Principal Amount, which shall not bear the restrictive legends required by Sections 2.02 and 2.05. The Company shall inform the Trustee in writing of the effective date of any Resale Registration Statement
registering the Securities under the Securities Act. The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the aforementioned resale registration statement. 
 As used in the preceding two paragraphs of this Section 3.06, the term “transfer” encompasses any sale, pledge, transfer or other
disposition of any Restricted Security. 
  

 35 

 (c) Neither the Trustee, the Security Registrar nor any of their respective agents shall (i) have
any duty to monitor compliance with or with respect to any federal or state or other securities or tax laws or (ii) have any duty to obtain documentation relating to any transfers or exchanges other than as specifically required hereunder.

 (d) To the extent that any Additional Securities issued pursuant to Section 3.01 are not Restricted Securities, the restrictions on
transfer set forth in this Section 3.06 shall not apply to such Additional Securities. 
 Section 3.07. Mutilated, Destroyed,
Lost and Stolen Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of like tenor and Principal Amount and bearing a
number not contemporaneously outstanding. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and Principal
Amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the
issuance of any new Security under this Section 3.07, the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Trustee) connected therewith. 
 Every new Security issued pursuant to this Section 3.07 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

 36 

 Section 3.08. Persons Deemed Owners. Prior to due presentment of a Security for registration
of transfer, the Company, the Trustee, the Security Registrar and any agent of the Company, the Trustee or the Security Registrar may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of
receiving payment of the principal of such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee, the Security Registrar nor any agent of the Company, the Trustee or the
Security Registrar shall be affected by notice to the contrary. 
 Section 3.09. Book-Entry Provisions for Global Securities. 

 (a) The Global Securities initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary,
(ii) be delivered to the Trustee as custodian for the Depositary and (iii) bear legends as set forth on the face of the form of Security in Section 2.02. 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as
its custodian, or under the Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of any Holder. 
 (b) Transfers of
the Global Securities shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Security may be transferred or exchanged, in whole or in part,
for Physical Securities in accordance with the rules and procedures of the Depositary and the provisions of Section 3.10. In addition, Physical Securities shall be transferred to all beneficial owners in exchange for their beneficial interests
in the Global Securities if (i) such Depositary has notified the Company that the Depositary (A) is unwilling or unable to continue as Depositary for such Global Security or (B) has ceased to be a clearing agency registered under the
Exchange Act when the Depositary is required to be so registered to act as such Depositary and, in either such case, no successor Depositary shall have been appointed within 90 days of such notification, (ii) there shall have occurred and be
continuing an Event of Default with respect to such Global Security and the outstanding Securities shall have become due and payable pursuant to Section 9.02 and the Trustee requests that Physical Securities be issued or (iii) the Company,
at its option, notifies the 

  

 37 

 
Trustee that it elects to cause the issuance of Physical Securities, subject to applicable procedures of the Depositary; provided that Holders of
Physical Securities offered and sold in reliance on Rule 144A shall have the right, subject to applicable law, to request that such Securities be exchanged for interests in the applicable Global Security. 
 (c) In connection with any transfer or exchange of a portion of the beneficial interest in the Global Security to beneficial owners pursuant to
paragraph (b) above, the Security Registrar shall (if one or more Physical Securities are to be issued) reflect on its books and records the date and a decrease in the Principal Amount of the Global Security in an amount equal to the Principal
Amount of the beneficial interest in the Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical Securities of like tenor and amount. 
 (d) In connection with the transfer of the entire Global Security to beneficial owners pursuant to paragraph (b) above, the Global Security shall be
deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in the Global
Security, an equal aggregate Principal Amount of Physical Securities of authorized denominations and the same tenor. 
 (e) Any Physical
Security constituting a Restricted Security delivered in exchange for an interest in the Global Security pursuant to paragraph (c) or (d) above shall, except as otherwise provided by paragraph (c) of Section 3.10, bear the legend
regarding transfer restrictions applicable to the Physical Securities set forth on the face of the form of Security in Section 2.02. 
 (f) The Holder of the Global Securities may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this
Indenture or the Securities. 
 Section 3.10. Cancellation and Transfer Provisions. The Company at any time may deliver to the
Trustee for cancellation any Securities previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Securities previously authenticated hereunder
which the Company has not issued and sold. The Trustee shall cancel and dispose of all Securities surrendered for registration of transfer, exchange, payment, purchase, repurchase, conversion (pursuant to Article 7 hereof) or cancellation in
accordance with its customary practices. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are
delivered to the Trustee for 

  

 38 

 
cancellation. The Securities so acquired, while held by or on behalf of the Company or any of its Subsidiaries, shall not entitle the Holder thereof to
convert the Securities. The Company may not issue new Securities to replace Securities it has paid in full or delivered to the Trustee for cancellation. 
 (a) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Security constituting a Restricted Security to a QIB: 
 (i) the Security Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box
provided for on the form of Security stating, or has otherwise advised the Company and the Security Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a transferee who has signed the certification
provided for on the form of Security stating, or has otherwise advised the Company and the Security Registrar in writing, that it is purchasing the Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as it has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; and

 (ii) if the proposed transferee is an Agent Member, and the Securities to be transferred consist of Physical Securities
which after transfer are to be evidenced by an interest in the Global Security, upon receipt by the Security Registrar of instructions given in accordance with the Depositary’s and the Security Registrar’s procedures, the Security
Registrar shall reflect on its books and records the date and an increase in the Principal Amount of the Global Security in an amount equal to the Principal Amount of the Physical Securities to be transferred, and the Trustee shall cancel the
Physical Securities so transferred. 
 (b) Private Placement Legend. Upon the registration of transfer, exchange or replacement of
Securities not bearing the legends required by Sections 2.02 and 2.05, the Security Registrar shall deliver Securities that do not bear such legends. Upon the registration of transfer, exchange or replacement of Securities bearing the legends
required by Sections 2.02 and 2.05, the Security Registrar shall deliver only Securities that bear such legends unless there is delivered to the Security Registrar an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the
effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 
  

 39 

 (c) General. By its acceptance of any Security bearing the legends required by Sections 2.02 and
2.05, each Holder of such a Security acknowledges the restrictions on transfer of such Security set forth in this Indenture and in such legends and agrees that it will transfer such Security only as provided in this Indenture. 
 The Security Registrar shall retain, in accordance with its customary procedures, copies of all letters, notices and other written communications
received pursuant to this Section 3.10. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Security
Registrar. 
 Section 3.11. CUSIP Numbers. In issuing the Securities, the Company may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 
 ARTICLE 4

 PARTICULAR COVENANTS OF THE COMPANY 
 Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it shall duly and punctually pay or cause to be paid
the principal of and interest (including Additional Interest, if any), on each of the Securities at the places, at the respective times and in the manner provided herein and in the Securities. 
 Section 4.02. Maintenance of Office or Agency. The Company shall maintain an office or agency in the Borough of Manhattan, the City of New
York, where the Securities may be surrendered for registration of transfer or exchange or for presentation for payment or for conversion and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address 

  

 40 

 
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate
co-registrars and one or more offices or agencies where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. 
 The Company will give prompt written notice of any such designation or rescission and of any change in the location of any such other office or agency.

 The Company hereby initially designates the Trustee as Paying Agent, Security Registrar, Custodian and Conversion Agent and the Corporate
Trust Office. 
 So long as the Trustee is the Security Registrar, the Trustee agrees to mail, or cause to be mailed, the notices set forth
in Section 11.11(a) and the third paragraph of Section 11.12. If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Company and the Holders of Securities it can identify from
its records. 
 Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 11.12, a Trustee, so that there shall at all times be a Trustee hereunder. 
 Section 4.04. Provisions as to Paying Agent.  
 (a) If the Company shall appoint a Paying Agent other than the Trustee, or if the Trustee shall appoint such a Paying Agent, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument
in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 
 (i) that it will
hold all sums held by it as such agent for the payment of the principal of or interest (including Additional Interest, if any) on the Securities (whether such sums have been paid to it by the Company or by any other obligor on the Securities) in
trust for the benefit of the Holders of the Securities; 
 (ii) that it will give the Trustee notice of any failure by the
Company (or by any other obligor on the Securities) to make any payment of the principal of or interest (including Additional Interest, if any) on the Securities when the same shall be due and payable; and 
  

 41 

 (iii) that at any time during the continuance of an Event of Default, upon request of the
Trustee, it will forthwith pay to the Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal of
or interest (including Additional Interest, if any) on the Securities, deposit with the Paying Agent a sum (in funds which are immediately available on the due date for such payment) sufficient to pay such principal or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided, however, that if such deposit is made on the due date, such deposit shall be received by the Paying Agent by 10:00 a.m.
New York City time, on such date. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the
principal of or interest on the Securities, set aside, segregate and hold in trust for the benefit of the Holders of the Securities a sum sufficient to pay such principal or interest (including Additional Interest, if any) so becoming due and will
promptly notify the Trustee of any failure to take such action and of any failure by the Company (or any other obligor under the Securities) to make any payment of the principal of or interest (including Additional Interest, if any) on the
Securities when the same shall become due and payable. 
 (c) Anything in this Section 4.04 to the contrary notwithstanding, the Company
may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder as required by this
Section 4.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with
respect to such sums. 
 (d) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as
provided in this Section 4.04 is subject to Section 13.03 and Section 13.04. 
 The Trustee shall not be responsible for the
actions of any other Paying Agents (including the Company if acting as its own Paying Agent) and shall have no control of any funds held by such other Paying Agents. 
 Section 4.05. Existence. Subject to Article 10, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and rights (charter and statutory);
provided, however, that the Company shall not be required to preserve any such right if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof
is not disadvantageous in any material respect to the Holders of the Securities. 
  

 42 

 Section 4.06. Maintenance of Properties. The Company will cause all properties used or useful
in the conduct of its business or the business of any Significant Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however,
that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of
any subsidiary. 
 Section 4.07. Payment of Taxes and Other Claims. The Company will pay or discharge, or cause to be paid or
discharged, before the same may become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Company or any Significant Subsidiary or upon the income, profits or property of the Company or any Significant
Subsidiary, (ii) all claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge upon the property of the Company or any Significant Subsidiary and (iii) all stamps and other duties, if any, which may be
imposed by the United States or the Republic of Singapore, or any political subdivision thereof, or therein in connection with the issuance, transfer, exchange or conversion of any Securities or with respect to this Indenture; provided,
however, that, in the case of clauses (i) and (ii), the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim (A) if the failure to do so will not, in the
aggregate, have a material adverse impact on the Company, or (B) if the amount, applicability or validity is being contested in good faith by appropriate proceedings. 
 Section 4.08. Rule 144A Information Requirement. Within the period prior to the expiration of the holding period applicable to sales thereof
under Rule 144(d) under the Securities Act (or any successor provision), the Company covenants and agrees that it shall, during any period in which it is not subject to Section 13 or 15(d) under the Exchange Act, make available to any holder or
beneficial holder of Securities or any Ordinary Shares issued upon conversion thereof which continue to be Restricted Securities in connection with any sale thereof and any prospective purchaser of Securities or such Ordinary Shares designated by
such holder or beneficial holder, the information required pursuant to Rule 144A(d)(4) under the Securities Act upon the request of any holder or beneficial holder of the Securities or such Ordinary Shares and it will take such further action as any
holder or beneficial holder of such Securities or such 

  

 43 

 
Ordinary Shares may reasonably request, all to the extent required from time to time to enable such holder or beneficial holder to sell its Securities or
Ordinary Shares without registration under the Securities Act within the limitation of the exemption provided by Rule 144A, as such rule may be amended from time to time. Upon the request of any holder or any beneficial holder of the Securities or
such Ordinary Shares, the Company will deliver to such holder a written statement as to whether it has complied with such requirements. 
 Section 4.09. Resale of Certain Securities. During the period beginning on the date of issuance of the Securities and ending on the date that is one year thereafter, the Company shall not, and shall not permit any of its
“affiliates” (as defined under Rule 144 under the Securities Act or any successor provision thereto) to, resell any Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any
of them. The Trustee shall have no responsibility in respect of the Company’s performance of its agreement in the preceding sentence. 
 Section 4.10. Commission Filings and Reports. The Company covenants that any documents or reports that the Company may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be
filed by the Company with the Trustee within 15 calendar days after the same is filed with the Commission; provided that in each case the delivery of materials to the Trustee by electronic means or filing of documents pursuant to the
Commission’s “EDGAR” or the “IDEA” system (or any successor electronic filing system) shall be deemed to constitute “filing” with the Trustee for purposes of this Section 4.10. Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.11. Book-Entry System. If the Securities cease to trade in the Depositary’s book-entry settlement system, the Company covenants and agrees that it shall use reasonable efforts to make such
other book entry arrangements that it determines are reasonable for the Securities. 
 Section 4.12. Additional Interest. If at
any time Additional Interest become payable by the Company pursuant to Section 9.03, the Company shall promptly deliver to the Trustee a certificate to that effect and stating (i) the amount of such Additional Interest that is payable and
(ii) the date on which such Additional Interest is payable. Unless and until a Trust Officer of the Trustee receives such a certificate, the Trustee may assume without inquiry that no Additional Interest is payable. If the Company has paid
Additional Interest directly to the Persons entitled to such Additional Interest, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 
  

 44 

 Section 4.13. Additional Amounts. 
 (a) The Company will make all payments or deliveries on account of the Securities (whether upon conversion, repurchase, maturity or otherwise, and whether
in cash, Ordinary Shares, Reference Property or otherwise) without withholding or deducting on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of whatever nature (including, without limitation,
penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the government of any jurisdiction in which the Company, or any entity that assumes the Company’s rights and obligations under the Securities (a
“Surviving Person”) is or is deemed to be organized, resident or doing business for tax purposes (or any political subdivision or taxing authority thereof or therein) (each, a “Relevant Jurisdiction”), unless the
such withholding or deduction is required by law, rule, regulation or governmental policy having the force of law. If the Company is required to withhold or deduct any amount on account of Relevant Jurisdiction taxes, the Company or the Surviving
Person, as the case may be, shall make such withholding or deduction and pay as additional interest the additional amounts (“Additional Amounts”) necessary so that the net amount received by each Holder of Securities after the
withholding or deduction (including with respect to Additional Amounts) will not be less than the amount the Holder would have received if the Relevant Jurisdiction taxes had not been withheld or deducted. Notwithstanding the foregoing, no
additional amounts will be payable with respect to a payment made to a Holder of Securities (an “Excluded Holder”) in respect of the beneficial owner thereof: 
 (i) that is subject to such Relevant Jurisdiction taxes by reason of its failure to comply with any certification, identification,
information, documentation or other reporting requirement if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of,
such Relevant Jurisdiction taxes (provided that in the case of any imposition of or change in any such certification, identification, information, documentation or other reporting requirements which applies generally to Holders or beneficial
owners of Securities who are not residents of the Relevant Jurisdiction, it is possible to comply with such requirements without unreasonable effort and with no more than de minimis expense and the Company gives reasonably timely written notice, in
accordance with Section 15.02, to the Trustee and the Holders of the Securities then outstanding of such imposition or change, as the case may be); 
  

 45 

 (ii) that would not have been subject to such Relevant Jurisdiction taxes but for the
existence of any present or former connection between the relevant Holder (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of power over the relevant Holder, if the relevant Holder is an estate, nominee, trust,
partnership or other pass-through entity, limited liability company or corporation) and the taxing jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being
physically present in, the taxing jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership or holding of such Security or the enforcement of any rights in respect of such Security or the receipt of any
payment in respect thereof; 
 (iii) if the relevant Holder is an estate, nominee, trust, partnership, limited liability
company, corporation or person other than the sole beneficial owner, to the extent that such payment would be required to be included in the income for tax purposes under the laws of the Relevant Jurisdiction of a beneficial owner that would not
have been entitled to such Additional Amounts had that beneficial owner been the Holder thereof; or 
 (iv) any combination of
the clauses (i), (ii) and (iii) above, 
 and no Additional Amounts will be payable with respect to any estate, inheritance, gift, sales, excise,
transfer, personal property or similar tax, assessment or governmental charge or any tax, duty, levy, import, assessment or other governmental charge that is payable otherwise than by withholding from payments under or with respect to the Securities
(the “Excluded Taxes”). 
 (b) The Company will remit the full amount deducted or withheld to the relevant authority in
accordance with applicable law. Additional Amounts will be paid in cash semi-annually on the applicable Interest Payment Date, at the Stated Maturity, on a Conversion Date, on a Redemption Date or on any Fundamental Change Purchase Date. Whenever in
this Indenture there is mentioned, in any context, the payment of Principal Amount and interest or any other amount payable under, or with respect to, any Security, such mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section 4.13 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 (c) The Company will indemnify and hold harmless each Holder of Securities (other than an Excluded Holder) from any Relevant Jurisdiction taxes (other than Excluded Taxes) in respect of which any Additional Amounts are payable by but not
paid by the Company, including any Relevant Jurisdiction taxes (other than Excluded Taxes) levied or imposed on the Holder with respect to any such indemnity payment. 
  

 46 

 (d) Neither the Trustee nor the Paying Agent shall have any duties or obligations with respect to the
determination of Additional Amounts. 
 (e) Anything in this Indenture to the contrary notwithstanding, the covenants and provisions of this
Section 4.13 shall survive any termination or discharge of this Indenture, and the repayment of all or any of the Securities, and shall remain in full force and effect. 
 Section 4.14. Stay; Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of or interest
(including Additional Interest, if any) on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture and the Company (to the extent it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been enacted. 
 Section 4.15. Compliance Certificate. The Company
shall deliver to the Trustee, within one hundred twenty (120) days after the end of each fiscal year of the Company, an Officers’ Certificate, stating whether or not to the knowledge of the signer thereof the Company is in default in the
performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and
the nature and the status thereof of which the signer may have knowledge. 
 The Company shall deliver to the Trustee, within 30 days after
the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default
or Default, its status and the action which the Company proposes to take with respect thereto. 
 Any notice required to be given under this
Section 4.15 shall be delivered to a Trust Officer of the Trustee at its Corporate Trust Office. 
  

 47 

 ARTICLE 5 
 OPTIONAL REDEMPTION 
 Section 5.01. Right to
Redeem.  
 (a) The Securities may be redeemed in whole or in part at the option of the Company on or after July 20, 2012, if the
Last Reported Sale Price of the Company’s Ordinary Shares has been greater than or equal to 130% of Conversion Price then in effect for at least 20 Trading Days during any 30 consecutive Trading Day period ending within five Trading Days prior
to the date on which the Company provides notice of redemption (such redemption, an “Optional Redemption”). 
 (b) If the
Company elects to redeem Securities pursuant to an Optional Redemption, the Redemption Price shall be payable in cash and shall be equal to 100% of the Principal Amount of Securities redeemed, together with accrued and unpaid interest (including
Additional Interest, if any) to, but excluding, the Redemption Date; provided, however, that if Securities are redeemed on a date that is after a Regular Record Date and prior to the corresponding Interest Payment Date, the interest payable
in respect of such Interest Payment Date shall be payable to Holders to whom the Principal Amount of the Securities being redeemed pursuant to the Optional Redemption is paid without regard to the Holders of record on the relevant Regular Record
Date for the corresponding Interest Payment Date. 
 (c) The Company may not redeem any Securities pursuant to an Optional Redemption unless
all accrued and unpaid interest thereon (including Additional Interest, if any) has been or is simultaneously paid for all semi-annual periods or portions thereof terminating prior to the Redemption Date. 
 (d) No Securities may be redeemed by the Company pursuant to an Optional Redemption if the Principal Amount of the Securities has been accelerated, and
such acceleration has not been rescinded, on or prior to the Redemption Date. 
 (e) Except as provided in this Section 5.01 and
Section 6.01, the Securities shall not be redeemable by the Company. 
 Section 5.02. Selection of Securities to be Redeemed.
If less than all the Securities are to be redeemed pursuant to an Optional Redemption, the Trustee shall select the Securities to be redeemed (in Principal Amounts of $1,000 or multiples of $1,000) by lot, or on a pro rata basis or by any other
method the Trustee considers fair and appropriate (so long as such method is not prohibited by the rules of The Nasdaq Global Select Market or any stock exchange on which the Ordinary Shares or other shares of Capital Stock of the Company are then

  

 48 

 
listed, as applicable); provided however that no Security of a Principal Amount of $2,000 or less shall be redeemed in part. The Trustee shall make
the selection within 7 days from its receipt of the Notice of Optional Redemption from the Company delivered pursuant to Section 5.03 from outstanding Securities not previously called for redemption. 
 Section 5.03. Notice of Optional Redemption. At least 20 days but not more than 60 days before a Redemption Date in connection with an
Optional Redemption, the Company shall mail a notice of redemption (a “Notice of Optional Redemption”) by first-class mail, postage prepaid, to the Trustee, the Paying Agent and each Holder of Securities to be redeemed. 

The Notice of Optional Redemption shall specify the Securities to be redeemed and shall state: 
 (a) the Redemption Date; 
 (b) the
Redemption Price 
 (c) the Applicable Conversion Rate and approximate Conversion Price; 
 (d) the name and address of the Paying Agent and Conversion Agent; 
 (e) that Securities called for redemption may be converted at any time before the Close of Business on the second Scheduled Trading Day immediately preceding the Redemption Date unless the Company fails to pay the
Redemption Price; 
 (f) that Holders who want to convert Securities must satisfy the requirements set forth therein and in this Indenture;

 (g) that Securities called for redemption must be surrendered to the Paying Agent for cancellation to collect the Redemption Price;

 (h) if fewer than all the outstanding Securities are to be redeemed, the certificate numbers (if such Securities are held other than in
global form) and Principal Amounts of the particular Securities to be redeemed; 
 (i) that, unless the Company defaults in making payment of
such Redemption Price, interest will cease to accrue on and after the Redemption Date; and 
 (j) the CUSIP number of the Securities.

 At the Company’s written request delivered at least 30 days prior to the date such Notice of Optional Redemption is to be given
(unless a shorter time period shall be acceptable to the Trustee), the Trustee shall give the Notice of Optional Redemption to each Holder of Securities to be redeemed in the Company’s name and at the Company’s expense. 
  

 49 

 Section 5.04. Effect of Notice of Optional Redemption. Once a Notice of Optional Redemption
is given, Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price stated in the Notice of Optional Redemption except for Securities that are converted in accordance with the terms of this Indenture.
Upon surrender to the Paying Agent, such Securities shall be paid at the Redemption Price stated in the Notice of Optional Redemption. 
 Section 5.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time) on a Redemption Date in connection with an Optional Redemption, the Company shall deposit with the Paying Agent (or if the Company or a
Subsidiary or an Affiliate of either of them is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the Redemption Price of all Securities to be redeemed on that date other than Securities or portions of Securities called
for redemption which on or prior thereto have been delivered by the Company to the Trustee for cancellation or have been converted. The Paying Agent shall as promptly as practicable return to the Company any money not required for that purpose
because of conversion of Securities pursuant to Article 7. If such money is then held by the Company in trust and is not required for such purpose it shall be discharged from such trust. 
 If the Paying Agent holds money sufficient to pay the Redemption Price with respect to any Securities for which a Notice of Optional Redemption has been
given, then, immediately on and after the Redemption Date, interest on such Securities shall cease to accrue, whether or not the Securities are delivered to the Paying Agent, and all other rights of the Holders of such Securities shall terminate,
other than the right to receive the Redemption Price of such Security. Nothing herein shall preclude the withholding of any taxes required by law to be withheld or deducted. 
 Section 5.06. Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part pursuant to an Optional Redemption, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Security in an authorized denomination, which shall be $2,000 or a multiple of $1,000 in excess thereof, equal in Principal Amount to the unredeemed portion of
the Security surrendered. The Company shall not be required to (i) issue, register the transfer of or exchange any Securities during a period beginning at the Open of Business 15 days before any selection for redemption of Securities and ending
at the Close of Business on the earliest date on which the relevant Notice of Optional Redemption is deemed to have been given to all Holders of Securities to be redeemed or (ii) register the transfer of or exchange any Securities so selected
for redemption, in whole or in part, except the unredeemed portion of any Securities being redeemed in part. 
  

 50 

 If the Trustee selects a portion of a Holder’s Securities for Optional Redemption and the Holder
converts a portion of such Holder’s Securities, the converted portion of such Holder’s Securities shall be deemed to be from the portion of the Holder’s Securities selected for redemption. 
 ARTICLE 6 
 REDEMPTION
FOR TAX REASONS 
 Section 6.01. Redemption for Tax Reasons. 
 (a) The Company may, at its option, offer to redeem the Securities, in whole but not in part, at a Redemption Price payable in cash and equal to 100% of
the Principal Amount of the Securities, plus accrued and unpaid interest (including Additional Interest, if any), to, but excluding, the Redemption Date, but without reduction for applicable taxes of the Relevant Jurisdiction, except in respect of
certain Excluded Holders, if the Company (including any Surviving Person) has, or on the next Interest Payment Date would, become obligated to pay to the Holders Additional Amounts (that are more than a de minimis amount) as a result of any
change occurring on or after July 9, 2009 in the laws or any rules or regulations of the Relevant Jurisdiction or any amendment or change on or after July 9, 2009 in an interpretation, administration or application of such laws, rules or
regulations by any legislative body, court, governmental agency, taxing authority or regulatory or administrative authority (including the enactment of any legislation and the announcement or publication of any judicial decision or regulatory or
administrative interpretation or determination) (such redemption, a “Tax Redemption”); provided, that the Company cannot avoid these obligations by taking commercially reasonable measures available to it and that the Company
delivers to the Trustee an opinion of outside legal counsel specializing in Relevant Jurisdiction taxation and an Officers’ Certificate attesting to such change and obligation to pay Additional Amounts; provided further, that if the
Redemption Date occurs after a Regular Record Date and on or prior to the corresponding Interest Payment Date, the interest payable in respect of such Interest Payment Date shall be payable to the Holders of record at the Close of Business on the
corresponding Regular Record Date, and the Redemption Price payable to the Holder who presents the security for redemption shall be 100% of the Principal Amount of such Security. 
 (b) Except as set forth in Section 5.01 and this Section 6.01 and , the Securities shall not be redeemable by the Company. 
  

 51 

 Section 6.02. Notice of Tax Redemption. At least 20 days but not more than 60 days before a
Redemption Date in connection with a Tax Redemption, the Company shall provide a notice of redemption to each Holder of Securities to be redeemed at such Holder’s address kept by the Security Registrar (a “Notice of Tax
Redemption”); provided that in no event will the Company be obligated to give any Notice of Tax Redemption earlier than 60 days prior to the earliest date on or from which it would be obligated to pay any such Additional Amounts.

 The Notice of Tax Redemption shall specify the Securities to be redeemed and shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price 
 (iii) the Applicable Conversion Rate and approximate Conversion
Price; 
 (iv) the name and address of the Paying Agent and Conversion Agent; 
 (v) that Securities offered to be redeemed may be converted at any time before the Close of Business on the second Scheduled Trading Day
immediately preceding the Redemption Date unless the Company fails to pay the Redemption Price; 
 (vi) that Holders who want
to convert Securities must satisfy the requirements set forth therein and in this Indenture; 
 (vii) that Holders have the
right to elect not to have their Securities redeemed by delivery to the Paying Agent a Notice of Election; 
 (viii) that
Holders who wish to elect not to have their Securities redeemed or to withdraw such an election must satisfy the requirements set forth herein and in the Indenture; 
 (ix) that, at and after the Redemption Date, Holders who elect not to have their Securities redeemed will not receive any Additional
Amounts on any payments with respect to such Securities solely as a result of the change or amendment in the tax laws of the Relevant Jurisdiction that caused such Additional Amounts to be paid (whether upon conversion, repurchase, maturity or
otherwise, and whether in cash, Ordinary Shares, Reference Property or otherwise), and all future payments with respect to the Securities will be subject to the deduction or withholding of such Relevant Jurisdiction taxes required by law to be
deducted or withheld as a result of such change or amendment; 
  

 52 

 (x) that Securities offered to be redeemed must be surrendered to the Paying Agent for
cancellation to collect the Redemption Price; 
 (xi) that, unless the Company defaults in making payment of such Redemption
Price, interest will cease to accrue with respect to redeemed Securities on and after the Redemption Date; and 
 (xii) the
CUSIP number of the Securities. 
 At the Company’s written request delivered at least 30 days prior to the date such Notice of Tax
Redemption is to be given (unless a shorter period shall be acceptable to the Trustee), the Trustee shall give Notice of Tax Redemption to each Holder of Securities to be redeemed in the Company’s name and at the Company’s expense.

 Section 6.03. Holder’s Right to Elect. 
 (a) Upon receiving a Notice of Tax Redemption, each Holder shall have the right to elect to not have its Securities redeemed, in which case the Company will not be obligated to pay any Additional Amounts on any
payment with respect to such Securities solely as a result of the change or amendment in the tax laws of the Relevant Jurisdiction that caused such Additional Amounts to be paid (whether upon conversion, repurchase, maturity or otherwise, and
whether in cash, Ordinary Shares, Reference Property or otherwise) after the relevant Redemption Date, and all future payments with respect to such Securities will be subject to the deduction or withholding of such Relevant Jurisdiction taxes
required by law to be deducted or withheld as a result of such change or amendment. 
 (b) Upon receiving a Notice of Tax Redemption, each
Holder who does not wish to have the Company redeem its Securities pursuant to Section 6.02 must deliver to the Paying Agent a written notice of election (the “Notice of Election”) on the back of the Securities, or any other
form of written notice substantially similar to the Notice of Election, in each case, duly completed and signed, so as to be received by the Paying Agent no later than the Close of Business on a Business Day at least five Business Days prior to the
Redemption Date. A Holder may withdraw any Notice of Election by delivering to the Paying Agent a written notice of withdrawal prior to the Close of Business on the Business Day prior to the Redemption Date. If no such election is made, the Holder
will have its Securities redeemed without any further action. 
 Section 6.04. Effect of Notice of Tax Redemption. Once a Notice
of Tax Redemption is given, Securities offered to be redeemed become due and payable on the Redemption Date and at the Redemption Price stated in the notice, except for Securities which are converted in accordance with the terms of this Indenture

  

 53 

 
and except for Securities described in Section 6.03. Upon surrender to the Paying Agent, such redeemed Securities shall be paid at the Redemption Price
stated in the notice. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 Section 6.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time) on a Redemption Date in connection with a Tax Redemption, the Company shall deposit with the Paying Agent (or if the
Company or a Subsidiary or an Affiliate of either of them is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the Redemption Price of all Securities to be redeemed on that date other than Securities or portions of
Securities offered to be redeemed which on or prior thereto have been delivered by the Company to the Trustee for cancellation or have been converted. The Paying Agent shall as promptly as practicable return to the Company any money not required for
that purpose because of conversion of Securities pursuant to Article 7. If such money is then held by the Company in trust and is not required for such purpose it shall be discharged from such trust. 
 If the Paying Agent holds money sufficient to pay the Redemption Price with respect to any Securities for which a Notice of Redemption has been given and
with respect to which a Notice of Election has been made, then, immediately on and after the Redemption Date, interest on such Securities shall cease to accrue whether or not the Securities are delivered to the Paying Agent, and all other rights of
the Holders of such Securities shall terminate, other than the right to receive the Redemption Price of such Security. Nothing herein shall preclude the withholding of any taxes required by law to be withheld or deducted. 
 Section 6.06. Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part pursuant to a Tax Redemption, the Company
shall execute and the Trustee shall authenticate and deliver to the Holder a new Security in an authorized denomination, which shall be $2,000 or a multiple of $1,000 in excess thereof, equal in Principal Amount to the unredeemed portion of the
Security surrendered. The Company shall not be required to (i) issue, register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before any selection for redemption of Securities and ending
at the Close of Business on the earliest date on which the relevant Notice of Redemption is deemed to have been given to all Holders of Securities to be redeemed or (ii) register the transfer of or exchange any Securities so selected for
redemption, in whole or in part, except the unredeemed portion of any Securities being redeemed in part. 
  

 54 

 ARTICLE 7 
 CONVERSION 
 Section 7.01. Right to Convert.  
 (a) Subject to and upon compliance with the provisions of this Indenture, each Holder shall have the right, at such Holder’s option, at any time
prior to the Close of Business on the second Scheduled Trading Day immediately preceding July 15, 2014, to convert the Principal Amount of any such Securities, or any portion of such Principal Amount which is $1,000 or a multiple thereof, into
Ordinary Shares. 
 (b) Notwithstanding the foregoing, if such Security is called for redemption under Section 5.01 or Section 6.01
(except for Securities described in Section 6.03), such conversion right shall terminate at the Close of Business on the second Scheduled Trading Day prior to the Redemption Date for such Security (unless the Company shall default on payment of
the Redemption Price, when due, in which case the conversion right shall terminate at the Close of Business on the date such default is cured and such Security is redeemed). If a Holder of Securities has submitted Securities for purchase under
Section 8.01, the Holder may convert such Securities only if the Holder first withdraws its Fundamental Change Purchase Notice pursuant to Section 8.03 
 (c) Provisions of this Indenture that apply to conversion of all of a Security also apply to conversion of a portion of a Security. 
 (d) A Holder of Securities is not entitled to any rights of a holder of Ordinary Shares until such Holder has converted its Securities, and only to extent such Securities are deemed to have been converted into
Ordinary Shares pursuant to this Article 7. 
 Section 7.02. Conversion Procedure. 
 (a) Each Security shall be convertible at the office of the Conversion Agent. 
 (b) In order to exercise the conversion right with respect to any interest in Global Securities, the Holder must complete the appropriate instruction
form for conversion pursuant to the Depositary’s book-entry conversion program, furnish appropriate endorsements and transfer documents if required by the Company or the Trustee or Conversion Agent, and pay the funds, if any, required by
Section 7.03 and any transfer taxes if required pursuant to Section 7.08. In order to exercise the conversion right with respect to any Physical Securities, the Holder of any such Securities to be converted, in whole or in part, shall:

 (i) complete and manually sign the conversion notice provided on the back of the Security (the “Conversion
Notice”) or facsimile of the conversion notice and deliver such notice to a Conversion Agent; 
  

 55 

 (ii) surrender the Security to a Conversion Agent; 
 (iii) if required, furnish appropriate endorsements and transfer documents, 
 (iv) if required, pay any transfer or similar tax; and 
 (v) if required, pay funds equal to interest payable on the Next Interest Payment Date to which the Holder is not entitled as required by
Section 7.03(c). 
 The date on which the Holder satisfies all of the applicable requirements set forth above is the “Conversion
Date.” 
 (c) On the third Business Day immediately following the Conversion Date, the Company shall issue and shall deliver to
Holder at the office of the Conversion Agent, a certificate or certificates for the number of full Ordinary Shares issuable in respect of such conversion in accordance with the provisions of this Article 7. In case any Securities of a denomination
greater than $2,000 shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of the Securities so surrendered, without charge to him, new Securities in authorized
denominations in an aggregate Principal Amount equal to the unconverted portion of the surrendered Securities. 
 Each conversion shall be
deemed to have been effected as to any such Securities (or portion thereof) on the date on which the requirements set forth above in Section 7.01(b) have been satisfied as to such Securities (or portion thereof); provided, however, that
the person in whose name any certificate or certificates for Ordinary Shares shall be issuable upon such conversion shall be deemed to have become as of the relevant Conversion Date the Holder of record of the Ordinary Shares represented thereby;
provided further, that in case of any such surrender on any date when the share transfer books of the Company shall be closed, the person or persons in whose name the certificate or certificates for such shares are to be issued shall be
deemed to have become the record Holder thereof for all purposes on the next day on which such share transfer books are open, but such conversion shall be at the Conversion Rate in effect on the date upon which such Securities shall be surrendered.

  

 56 

 (d) Upon the conversion of an interest in Global Securities, the Trustee (or other Conversion Agent
appointed by the Company) shall make a notation on such Global Securities as to the reduction in the Principal Amount represented thereby. The Company shall notify the Trustee in writing of any conversions of Securities effected through any
Conversion Agent other than the Trustee. 
 (e) Each share certificate representing Ordinary Shares issued upon conversion of the Securities
that are Restricted Securities shall bear the legend in substantially the form of Exhibit B hereto. 
 Section 7.03.
Settlement upon Conversion. 
 (a) With respect to any conversion of Securities, if any, the Company shall, subject to the provisions
of this Article 7, deliver to converting Holders, in respect of each $1,000 Principal Amount of Securities being converted, a number of Ordinary Shares equal to the Applicable Conversion Rate. 
 (b) Upon conversion, Holders shall not receive any separate cash payment for accrued and unpaid interest (including Additional Interest, if any) unless
such conversion occurs between a Regular Record Date and the Interest Payment Date to which it relates. 
 (c) If Securities are converted
after the Close of Business on a Regular Record Date for the payment of interest, Holders of such Securities at the Close of Business on such Regular Record Date will receive the interest (including Additional Interest, if any) payable on such
Securities on the corresponding Interest Payment Date notwithstanding the conversion. Securities surrendered for conversion during the period from the Close of Business on any Regular Record Date to the Open of Business on the immediately following
Interest Payment Date, must be accompanied by funds equal to the amount of interest (including Additional Interest, if any) payable on the Securities so converted; provided that no such payment need be made (i) for conversions following
the Regular Record Date preceding the Stated Maturity; (ii) if the Company has specified a Redemption Date that is after a Regular Record Date on or prior to the third Scheduled Trading Day after the corresponding Interest Payment Date;
(iii) if the Company has specified a Fundamental Change Purchase Date that is after a Regular Record Date and on or prior to the third Scheduled Trading Day after the corresponding Interest Payment Date; or (iv) to the extent of any
overdue interest, if any overdue interest exists at the time of conversion with respect to such Security. 
 (d) The Company shall not issue
fractional shares upon conversion of Securities. If multiple Securities shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion (and the number of fractional shares, if
any, for which cash shall be delivered) shall be computed on the basis of the aggregate Principal Amount of the Securities (or specified portions thereof to the extent permitted hereby) so 

  

 57 

 
surrendered. If any fractional share would be issuable upon the conversion of any Securities, the Company shall make payment an amount in cash for the
current market value of the fractional shares. The current market value of a fractional share shall be determined (calculated to the nearest 1/1000th of a share) by multiplying the Last Reported Sale Price of the Ordinary Shares on the relevant
Conversion Date by such fractional share and rounding the product to the nearest whole cent. 
 (e) By delivery to the Holder of the full
number of Ordinary Shares, together with any cash payment for fractional shares, issuable upon conversion, the Company will be deemed to satisfy in full its obligation to pay the Principal Amount of the Securities and all accrued and unpaid interest
(and Additional Interest, if any) to, but not including, the Conversion Date. Upon conversion of the Securities, all accrued and unpaid interest (and Additional Interest, if any) to, but not including, the Conversion Date will be deemed to be paid
in full rather than canceled, extinguished or forfeited, unless such conversion occurs between a Regular Record Date and the Interest Payment Date to which it relates, in which case such payment shall be made to the Holder of the converted
Securities as of the Close of Business on the Regular Record Date. 
 Section 7.04. Adjustment of Conversion Rate. The Conversion
Rate shall be adjusted from time to time by the Company if any of the following events occurs as described below, except that the Company will not make any adjustment to the Conversion Rate if Holders of Securities participate, at the same time as
Holders of the Ordinary Shares, as a result of holding the Securities, in any of the transactions described in this Section 7.04 without having to convert their Securities as if such Holders held a number of Ordinary Shares equal to the
Applicable Conversion Rate, multiplied by the Principal Amount of Securities held by such Holders, divided by $1,000. 
 (a) If the Company
issues Ordinary Shares as a dividend or distribution on the Ordinary Shares, or the Company effects a share split or share combination, the Conversion Rate will be adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	 	=	    	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the Open of Business on the effective
date of such share split or combination, as applicable

  

 58 

					
			
	CR1	 	=	    	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or effective date
			
	OS0	 	=	    	the number of Ordinary Shares outstanding immediately prior to such Ex-Dividend Date or effective date; and
			
	OS1	 	=	    	the number of the Ordinary Shares outstanding immediately after the open of business on such Ex-Dividend Date or effective date.

 Such adjustment shall become effective immediately after the opening of business on the Ex-Dividend Date for such
dividend or distribution, or the effective date for such share split or share combination. If any dividend or distribution of the type described in this Section 7.04(a) is declared but not so paid or made, or the outstanding Ordinary Shares are
not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or to effect such split or combination to the
Conversion Rate that would then be in effect if such dividend, distribution or share split or share combination had not been declared or announced. 
 (b) If the Company distributes to all or substantially all Holders of the Ordinary Shares any rights or warrants entitling them for a period of not more than 45 calendar days after the announcement date of such distribution to subscribe for
or purchase Ordinary Shares, at a price per share less than the average of the Last Reported Sale Prices of the Ordinary Shares for the 10 consecutive Trading-Day period ending on the Trading Day immediately preceding the date of announcement of
such distribution, the Conversion Rate will be adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	 	=	    	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	 	=	    	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;

  

 59 

					
	OS0	 	=	    	the number of Ordinary Shares outstanding immediately prior to the Open of Business on such Ex-Dividend Date;
			
	X	 	=	    	the total number of Ordinary Shares issuable pursuant to such rights or warrants; and
			
	Y	 	=	    	the number of Ordinary Shares equal to the aggregate price payable to exercise such rights or warrants divided by the average of the Last Reported Sale Prices of the Ordinary Shares over the 10
consecutive Trading Day period ending on the Trading Day immediately preceding the date of announcement of the issuance of such rights or warrants.

 Such adjustment shall be successively made whenever any such rights or warrants are distributed and shall become
effective immediately after the opening of business on the Ex-Dividend Date for such distribution. If such rights or warrants are not so issued, the Conversion Rate will be adjusted to be the Conversion Rate that would then be in effect if such
Ex-Dividend Date for such distribution had not been fixed. In addition, to the extent that Ordinary Shares are not delivered after the expiration of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would
then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of Ordinary Shares actually delivered. 
 In determining whether any rights or warrants entitle the Holders to subscribe for or purchase Ordinary Shares at less than such average of the Last
Reported Sale Prices, and in determining the aggregate offering price of such Ordinary Shares, there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 
 (c) If the Company distributes
shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights or warrants to acquire Company’s Capital Stock or other securities, to all or substantially all Holders of Ordinary Shares, excluding

 (i) dividends or distributions and rights or warrants described in Section 7.04(a) or Section 7.04(b) above;

 (ii) dividends or distributions paid exclusively in cash; and 
 (iii) Spin-Offs to which the provisions set forth below in this Section 7.04(c) apply; 
  

 60 

 then the Conversion Rate will be adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	 	=	    	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	 	=	    	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP0	 	=	    	the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the Ex-Dividend Date for such
distribution; and
			
	FMV	 	=	    	the Fair Market Value (as determined by the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets, property, rights or warrants distributed with respect to each
outstanding Ordinary Share on the Ex-Dividend Date for such distribution.

 provided that if “FMV” as set forth above is equal to or greater than
“SP0” as set forth above, in lieu of the foregoing adjustment, adequate
provision will be made so that each Holder of Securities shall receive on the date on which the distributed property is distributed to Holders of the Ordinary Shares, for each $1,000 Principal Amount of the Securities, the amount of distributed
property such Holder would have received had such Holder owned a number of Ordinary Shares equal to the Conversion Rate on the record date for such distribution; provided further that if the Board of Directors determines “FMV” for
purposes of the foregoing adjustment by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the average of the Last Reported Sale
Prices of the Ordinary Shares over the ten consecutive Trading-Day period ending on the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 
 Such adjustment shall become effective immediately prior to the opening of business on the Ex-Dividend Date for such distribution. 
  

 61 

 With respect to an adjustment pursuant to this Section 7.04(c) where there has been a payment of a
dividend or other distribution on the Ordinary Shares of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit ( “Spin-Off”), the Conversion Rate will be
increased based on the following formula: 
 

 
 where 
  

					
	CR0	 	=	    	the Conversion Rate in effect immediately prior to the end of the Valuation Period (as defined below);
			
	CR1	 	=	    	the Conversion Rate in effect immediately after the end of the Valuation Period (as defined below);
			
	FMV0	 	=	    	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to Holders of the Ordinary Shares applicable to one Ordinary Share over the first ten
consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
			
	MP0	 	=	    	the average of the Last Reported Sale Prices of Ordinary Shares over the Valuation Period.

 Such adjustment to the Conversion Rate shall become effective on the last day of the Valuation Period;
provided that in respect of any conversion during the Valuation Period, references with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off
and the Conversion Date in determining the Applicable Conversion Rate. 
 (d) If the Company pays cash dividends or other distributions to
all or substantially all holders of Ordinary Shares, the Conversion Rate shall be adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	 	=	    	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend date for such dividend or distribution;

  

 62 

					
	CR1	 	=	    	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	 	=	    	the Last Reported Sale Price of the Ordinary Shares on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	 	=	    	the amount in cash per share the Company distributes to Holders of Ordinary Shares.

 Such adjustment to the Conversion Rate shall become effective immediately after the opening of business on the
Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not
been declared. 
 (e) If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for Ordinary
Shares, to the extent that the cash and value of any other consideration included in the payment per Ordinary Share exceeds the Last Reported Sale Price of the Ordinary Shares on the Trading Day next succeeding the last date on which tenders or
exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate will be increased based on the following formula: 
 

 
 where 
  

					
	CR0	 	=	    	the Conversion Rate in effect immediately prior to the Close of Business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or
exchange offer expires;
			
	CR1	 	=	    	the Conversion Rate in effect immediately after the Close of Business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or
exchange offer expires;
			
	AC	 	=	    	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for Ordinary Shares purchased in such tender or exchange
offer;

  

 63 

					
	OS0	 	=	    	the number of Ordinary Shares outstanding immediately prior to the date such tender or exchange offer expires;
			
	OS1	 	=	    	the number of Ordinary Shares outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all Ordinary Shares accepted for purchase or
exchange in such tender or exchange offer); and
			
	SP1	 	=	    	the average of the last reported sale prices of Ordinary Shares over the 10 consecutive trading-day period commencing on the Trading Day next succeeding the date such tender or exchange offer
expires.

 Such adjustment to the Conversion Rate shall occur at the Close of Business on the 10th Trading Day immediately
following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that in respect of any conversion within 10 Trading Days immediately following, and including, the expiration date of any
tender or exchange offer, references with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the expiration date of such tender or exchange offer and the Conversion Date in determining
the Applicable Conversion Rate. 
 (f) If the application of the formulas provided in Section 7.04(a), 7.04(b), 7.04(c), 7.04(d) or
7.04(e) would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate will be made (other than as a result of a reverse share split or share combination and subject to the Company’s right to readjust the Conversion
Rate pursuant to this Section 7.04). 
 (g) In addition to those Conversion Rate adjustments required by Sections 7.04(a), 7.04(b),
7.04(c), 7.04(d) and 7.04(e), and to the extent permitted by applicable law and subject to the applicable rules of The Nasdaq Global Select Market (including Market Rule 5635) or the applicable rules of any stock exchange on which the Company’s
Ordinary Shares are listed at the relevant time, the Company from time to time (i) may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Company’s Board of Directors determines that such increase
would be in the Company’s best interest and (ii) may also (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to Holders of Ordinary Shares or rights to purchase Ordinary Shares in connection with any
dividend or distribution of Ordinary Shares (or rights to acquire Ordinary Shares) or similar event. Whenever the Conversion Rate is increased pursuant to this Section 7.04(g), the Company shall mail to Holders of record of the Securities a
notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 
  

 64 

 (h) Except as set forth in this Section 7.04 or Section 7.07, no adjustment to the Conversion
Rate will be made. Without limiting the foregoing, the Conversion Rate will not be adjusted: 
 (i) upon the issuance of any
Ordinary Shares pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in Ordinary Shares under any plan; 

(ii) upon the issuance of any Ordinary Shares or options or rights to purchase those shares pursuant to any present or future employee,
director or consultant benefit plan or program of the Company, or assumed by the Company, or any of the Company’s Subsidiaries; 
 (iii) upon the issuance of any Ordinary Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) above and outstanding as of the date the Securities were first
issued; 
 (iv) for a change in the par value of the Ordinary Shares; or 
 (v) for accrued and unpaid interest (including Additional Interest, if any). 
 (i) Adjustments to the Conversion Rate under this Article 7 shall be shall be calculated to the nearest cent or to the nearest one-ten thousandth
(1/10,000th) of a share. No adjustment shall be made to the Conversion Rate unless such adjustment would require a change of at least 1% in the Applicable Conversion Rate. Any adjustment that would otherwise be required to be made shall be
carried forward and taken into account in any future adjustment. Notwithstanding the foregoing, upon any conversion of the Securities (solely with respect to the Securities to be converted), the Company shall give effect to all adjustments that
Company otherwise has deferred pursuant to the immediately preceding sentence, and those adjustments will no longer be carried forward and taken into account in any future adjustment. 
 (j) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee and any Conversion Agent an
Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Trust Officer of the Trustee shall have received such Officers’
Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the 

  

 65 

 
Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment became effective and shall mail such notice of such adjustment of the
Conversion Rate to each Holder at such Holder’s last address appearing on the list of Holders provided for in Section 3.06, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
any such adjustment. 
 (k) In any case in which this Section 7.04 provides that an adjustment shall become effective immediately after
a record date for an event, the Company may defer until the occurrence of such event (i) issuing to the Holder of any Securities converted after such record date and before the occurrence of such event the additional Ordinary Shares issuable
upon such conversion by reason of the adjustment required by such event over and above the Ordinary Shares issuable upon such conversion before giving effect to such adjustment and (ii) paying to such Holder any amount in cash in lieu of any
fraction pursuant to Section 7.03. 
 (l) For purposes of this Section 7.04, the number of Ordinary Shares at any time outstanding
shall not include shares held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Company, but shall include shares issuable in respect of scrip
certificates issued in lieu of fractions of Ordinary Shares. 
 (m) The Company shall not take any voluntary action to increase the
Conversion Rate of the Securities pursuant to this Section 7.04 without complying, if applicable, with the shareholder approval rules of The Nasdaq Global Select Market (including Market Rule 5635) or any stock exchange on which the
Company’s Ordinary Shares are listed at the relevant time. 
 Section 7.05. Effect of Reclassification, Consolidation, Merger or
Sale. In the case of (i) any recapitalization, reclassification or change of the Ordinary Shares (other than changes resulting from a subdivision or combination), (ii) any consolidation, merger or combination involving the Company,
(iii) any sale, lease or other transfer to a third party of the consolidated assets of the Company and its Subsidiaries substantially as an entirety, or (iv) any statutory share exchange, in each case as a result of which the Ordinary
Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a “Merger Event”), then, at the effective time of the Merger Event: the
Company shall execute with the Trustee a supplemental indenture permitted under Section 14.01 providing for the right to convert a Security into a the kind and amount of shares of stock, other securities 

  

 66 

 
or other property or assets (including cash or any combination thereof) that a Holder of a number of Ordinary Shares equal to the Conversion Rate immediately
prior to such Merger Event would have owned or been entitled to receive (the “Reference Property”) upon such Merger Event; provided that any increase in the Conversion Rate pursuant to Section 7.07 shall no longer be in
effect with respect to the event constituting such Fundamental Change after the related Fundamental Change Purchase Date. If such Merger Event causes the Ordinary Shares to be converted into the right to receive more than a single type of
consideration (determined based in part upon any form of shareholder election), the Reference Property into which the Securities will be convertible will be deemed to be the weighted average of the types and amounts of consideration received by the
Holders of the Ordinary Shares that affirmatively make such an election. 
 The Company shall cause notice of the execution of such
supplemental indenture to be mailed to each Holder, at the address of such Holder as it appears on the register of the Securities maintained by the Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not affect
the legality or validity of such supplemental indenture. The above provisions of this Section shall similarly apply to successive reclassifications, changes, consolidations, mergers, combinations, sales and conveyances. If this Section 7.05
applies to any event or occurrence, Section 7.04 shall not apply. 
 Section 7.06. Adjustments of Prices. Whenever any
provision of this Indenture requires a calculation of the Last Reported Sale Prices over a span of multiple days, the Company will make appropriate adjustments determined by the Company or its agents to account for any adjustment to the Conversion
Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, at any time during the period from which such prices are to be calculated. Such adjustments will be effective as
of the effective date of the adjustment to the Conversion Rate. 
 Section 7.07. Adjustment upon Certain Fundamental Changes.

 (a) If a Make-Whole Fundamental Change occurs and a Holder elects to convert its Securities in connection with such Make-Whole Fundamental
Change, the Company shall increase the Conversion Rate for the Securities so surrendered for conversion by a number of additional Ordinary Shares (the “Additional Shares”) as described below. A conversion of Securities shall be
deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the notice of conversion of the Securities is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental
Change up to, and including, the Business Day immediately prior to the related Fundamental Change Purchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (2) of
the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change). 
  

 67 

 (b) Upon surrender of Securities for conversion in connection with a Make-Whole Fundamental Change, the
Company will deliver Ordinary Shares, including the Additional Shares, as provided under Section 7.03; provided, however, that if the consideration for the Ordinary Shares in any Make-Whole Fundamental Change described in clause
(2) of the definition of Fundamental Change is comprised entirely of cash, for any conversion of the Securities following the Effective Date of such Make-Whole Fundamental Change, the conversion obligation will be calculated based solely on the
Share Price for the transaction and will be deemed to be an amount equal to the Applicable Conversion Rate (including any adjustment as described in this Section 7.07) multiplied by such Share Price. In such event, the conversion obligation
will be determined and paid to Holders in cash on the third Business Day following the Conversion Date. 
 (c) The number of Additional
Shares, if any, by which the Conversion Rate will be increased will be determined by reference to the table attached as Schedule A hereto, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the
“Effective Date”) and the price (the “Share Price”) paid (or deemed paid) per Ordinary Share in the Make-Whole Fundamental Change. If the Holders of the Ordinary Shares receive only cash in a Make-Whole Fundamental
Change described in clause (2) of the definition of Fundamental Change, the Share Price shall be the cash amount paid per Ordinary Share. Otherwise, the Share Price shall be the average of the Last Reported Sale Prices of the Ordinary Shares
over the five Trading-Day period ending on, and including, the Trading Day preceding the Effective Date of such Make-Whole Fundamental Change. 
 (d) The Share Prices set forth in the column headings of the table in Schedule A hereto shall be adjusted as of any date on which the Conversion Rate of the Securities is otherwise adjusted. The adjusted Share Prices shall equal the
Share Prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the share price adjustment and the denominator of which is the Conversion
Rate as so adjusted. The number of Additional Shares set forth in such table shall be adjusted in the same manner as the Conversion Rate as set forth in Section 7.04. 
 (e) The exact Share Prices and Effective Dates may not be set forth in the table in Schedule A, in which case: 
 (i) If the Share Price is between two Share Price amounts in the table or the Effective Date is between two Effective Dates in the table,

  

 68 

 
the number of Additional Shares by which the Conversion Rate will be increased will be determined by a straight-line interpolation between the number of
Additional Shares set forth for the higher and lower share price amounts and the two dates, as applicable, based on a 365-day year. 
 (ii) If the Share Price is greater than $100.00 per share (subject to adjustment as set forth in clause (d) of this Section), no Additional Shares will be added to the Conversion Rate. 
 (iii) If the Share Price is less than $10.49 per share (subject to adjustment as set forth in clause (d) of this Section), no
Additional Shares will be added to the Conversion Rate. 
 Notwithstanding the foregoing, in no event shall the Conversion Rate exceed
95.3288 per $1,000 Principal Amount of Securities, subject to adjustments in the same manner as the Conversion Rate as set forth in Section 7.04. 
 (f) If a Holder of Securities elects to convert its Securities prior to the Effective Date of any Fundamental Change, and the Fundamental Change does not occur, such Holder shall not be entitled to an increased
Conversion Rate in connection with such conversion. 
 (g) The Company will notify Holders of the Effective Date of any Make-Whole
Fundamental Change and issue a press release announcing such Effective Date no later than five Business Days after such Effective Date. 
 Section 7.08. Taxes on Shares Issued. Any issue of share certificates on conversions of Securities shall be made without charge to the converting Holder for any documentary, transfer, stamp or any similar tax in respect of the
issue thereof, and the Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in respect of the issue or delivery of Ordinary Shares on conversion of Securities pursuant hereto. The Company shall not,
however, be required to pay any such tax which may be payable in respect of any transfer involved in the issue and delivery of shares in any name other than that of the Holder of any Securities converted, and the Company shall not be required to
issue or deliver any such share certificate unless and until the person or persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been
paid. 
 Section 7.09. Reservation of Shares; Shares to be Fully Paid; Compliance with Governmental Requirements. The Company
shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient Ordinary Shares to provide for the conversion of the Securities from time to time as such Securities are presented for
conversion (assuming that, at the time of the computation of such number of shares or securities, all such Securities would be held by a single Holder). 
  

 69 

 Before taking any action that would cause an adjustment increasing the Conversion Rate to an amount that
would cause the Conversion Price to be reduced below the then par value, if any, of the Ordinary Shares issuable upon conversion of the Securities, the Company will take all corporate action which may, in the opinion of its counsel, be necessary in
order that the Company may validly and legally issue shares of such Ordinary Shares at such adjusted Conversion Price. 
 The Company
covenants that all Ordinary Shares that may be issued upon conversion of Securities shall be newly issued shares or treasury shares, shall be duly authorized, validly issued, fully paid and non-assessable and shall be free from preemptive rights and
free from any lien or adverse claim. 
 The Company shall use its reasonable efforts to list or cause to have quoted any Ordinary Shares to
be issued upon conversion of Securities on each national securities exchange or over-the-counter or other domestic market on which the Ordinary Shares is then listed or quoted. 
 Section 7.10. Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility
to any Holder to determine the Conversion Rate or whether any facts exist which may require any adjustment of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any Ordinary
Shares, or of any securities or property, which may at any time be issued or delivered upon the conversion of any Securities; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any
Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any Ordinary Shares or share certificates or other securities or property or cash upon the surrender of any Securities for the purpose of conversion
or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article 7. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to
determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 7.05 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders
upon the conversion of their Securities after any event referred to in such Section 7.05 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 11.01, may accept as conclusive evidence of the
correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect
thereto. 
  

 70 

 Section 7.11. Notice to Holders Prior to Certain Actions. In case: 
 (a) the Company shall declare a dividend (or any other distribution) on Ordinary Shares that would require an adjustment in the Conversion Rate pursuant
to Section 7.04; or 
 (b) the Company shall authorize the granting to the holders of all or substantially all of the Ordinary Shares of
rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; or 
 (c) of any reclassification or
reorganization of the Ordinary Shares (other than a subdivision or combination of its outstanding Ordinary Shares, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation or merger to
which the Company is a party and for which approval of any shareholders of the Company is required, or of the sale, lease or transfer of all or substantially all of the assets of the Company or any of its Significant Subsidiaries; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding up of the Company or any of its Significant Subsidiaries; 
 then, in each case, the Company shall cause to be filed with the Trustee and the Conversion Agent and to be mailed to each Holder at such Holder’s address appearing
on the list of Holders provided for in Section 3.06 of this Indenture, as promptly as practicable but in any event at least 15 days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to
be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be taken, the date as of which the holders of Ordinary Shares of record to be entitled to such dividend, distribution or rights are to be
determined, or (y) the date on which such reclassification, consolidation, merger, sale, lease, transfer, dissolution, liquidation or winding up is expected to become effective or occur, and the date as of which it is expected that holders of
Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 
  

 71 

 Section 7.12. Shareholder Rights Plan. Each Ordinary Share issued upon conversion of
Securities pursuant to this Article 7 shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Ordinary Shares issued upon such conversion shall bear such legends, if any, in each case as may be
provided by the terms of any subsequent shareholder rights agreement adopted by the Company, as any such agreement may be amended from time to time. Notwithstanding the foregoing, if prior to any conversion such rights have separated from the
Ordinary Shares in accordance with the provisions of the applicable shareholder rights agreement, the Conversion Rate shall be adjusted at the time of separation as if the Company had distributed to all Holders of the Ordinary Shares, shares of the
Company’s Capital Stock, evidences of indebtedness, assets, property, rights or warrants as described in Section 7.03(c) above, subject to readjustment in the event of the expiration, termination or redemption of such rights. Any
distribution of rights or warrants pursuant to a rights plan that would allow a Holder to receive upon conversion, in addition to Ordinary Shares, the rights described therein with respect to such Ordinary Shares (unless such rights or warrants have
separated from the Ordinary Shares) shall not constitute a distribution of rights or warrants that would entitle the Holder to an adjustment to the Conversion Rate. 
 Section 7.13. Company Determination Final. Any determination that the Company or its Board of Directors must make pursuant to this Article 7 shall be conclusive if made in good faith and in accordance with
the provisions of this Article 7, absent manifest error, and set forth in a Board Resolution. 
 ARTICLE 8 
 PURCHASE AT OPTION OF HOLDERS UPON A FUNDAMENTAL
CHANGE 
 Section 8.01. Purchase at Option of Holders upon a Fundamental Change. 
 (a) Generally. If a Fundamental Change occurs at any time prior to the Stated Maturity of the Securities, then each Holder shall have the right, at
such Holder’s option, to require the Company to purchase any or all of such Holder’s Securities or any portion thereof that is equal to $1,000 or a multiple of $1,000 Principal Amount, on a Business Day specified by the Company that is no
earlier than the 20th and not later than the 35th calendar day following the date of the Fundamental Change Company Notice (as defined below), subject to extension to comply with applicable law (the “Fundamental Change Purchase
Date”), at a purchase price in cash equal to 100% of the Principal Amount thereof, together with accrued and unpaid interest thereon (including Additional Interest, if any) to, but excluding, the Fundamental Change Purchase Date (the
“Fundamental Change Purchase Price”); provided, however, if the Fundamental Change Purchase Date is between a Regular Record Date and the Interest Payment Date to which it relates, the Company will pay accrued and unpaid
interest (including Additional Interest, if any) to the Holder of record as of the corresponding Regular Record Date. 
  

 72 

 Purchases of Securities under this Section 8.01 shall be made, at the option of the Holder thereof
upon: 
 (i) delivery to the Paying Agent a duly completed notice (the “Fundamental Change Purchase Notice”)
in the form set forth on the reverse of the Securities on or prior to the Business Day immediately preceding the Fundamental Change Purchase Date, subject to extension to comply with applicable law, which must specify: 
 (A) if the Securities are Physical Securities, the certificate numbers of the Holder’s Securities to be delivered for purchase or if
such Securities are not Physical Securities, the Holder’s notice must comply with the appropriate procedures of the Depositary and its direct and indirect participants, including Clearstream and/or Euroclear; 
 (B) the portion of the Principal Amount of the Holder’s Securities to be purchased, which must be $1,000 or a multiple thereof; and

 (C) that the Holder’s Securities are to be purchased by the Company pursuant to the applicable provisions of the
Securities and this Indenture. 
 (ii) delivery or book-entry transfer of the Securities to the Trustee (or other Paying Agent
appointed by the Company) at any time after delivery of the Fundamental Change Purchase Notice (together with all necessary endorsements) at the applicable Corporate Trust Office of the Trustee (or other Paying Agent appointed by the Company), such
delivery being a condition to receipt by the Holder of the Fundamental Change Purchase Price therefor; provided that such Fundamental Change Purchase Price shall be so paid pursuant to this Section 8.01 only if the Securities so
delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to the description thereof in the related Fundamental Change Purchase Notice. 
 Any purchase by the Company contemplated pursuant to the provisions of this Section 8.01 shall be consummated by the delivery of the Fundamental
Change Purchase Price to be received by the Holder promptly following the later of the Fundamental Change Purchase Date or the time of the book-entry transfer or delivery of the Securities. 
  

 73 

 Notwithstanding anything herein to the contrary, any Holder delivering to the Trustee (or other Paying
Agent appointed by the Company) the Fundamental Change Purchase Notice contemplated by this Section 8.01 shall have the right to withdraw such Fundamental Change Purchase Notice at any time prior to the Close of Business on the Business Day
prior to the Fundamental Change Purchase Date by delivery of a written notice of withdrawal to the Trustee (or other Paying Agent appointed by the Company) in accordance with Section 8.03 below. 
 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Purchase Notice or written notice of withdrawal
thereof. 
 (b) Fundamental Change Company Notice. On or before the 20th day after the occurrence of a Fundamental Change, the Company
shall provide to all Holders of record of the Securities and the Trustee and Paying Agent a notice (the “Fundamental Change Company Notice”) of the occurrence of such Fundamental Change and of the purchase right at the option of the
Holders arising as a result thereof. Such mailing shall be by first class mail. Simultaneously with providing such Fundamental Change Company Notice, the Company shall publish a notice containing the information included therein once in a newspaper
of general circulation in The City of New York or publish such information on the Company’s website or through such other public medium as the Company may use at such time. 
 Each Fundamental Change Company Notice shall specify: 
 (i) the events causing the Fundamental Change; 
 (ii) the date of the Fundamental Change;

 (iii) the last date on which a Holder may exercise the purchase right; 
 (iv) the Fundamental Change Purchase Price; 
 (v) the Fundamental Change Purchase Date; 
 (vi) the name and address of the Paying Agent and
the Conversion Agent, if applicable; 
 (vii) if applicable, the Applicable Conversion Rate and any adjustments to the
Applicable Conversion Rate; 
 (viii) if applicable, that the Securities with respect to which a Fundamental Change Purchase
Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Purchase Notice in accordance with Section 8.03; and 
  

 74 

 (ix) the procedures that Holders must follow to require the Company to purchase their
Securities. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit any Holder’s purchase rights or
affect the validity of the proceedings for the purchase of the Securities pursuant to this Section 8.01. 
 (c) No Payment During
Events of Default. Notwithstanding the foregoing, no Securities may be purchased by the Company at the option of the Holders pursuant to this Section 8.01 if the Principal Amount of the Securities has been accelerated, and such acceleration
has not been rescinded, on or prior to the Fundamental Change Purchase Date 
 (d) Payment of Fundamental Change Purchase Price. The
Securities to be purchased pursuant to this Section 8.01 shall be paid for in cash. 
 Section 8.02. Effect of Fundamental
Change Purchase Notice. Upon receipt by the Paying Agent of the Fundamental Change Purchase Notice specified in Section 8.01(a), the Holder of the Security in respect of which such Fundamental Change Purchase Notice was given shall (unless
such Fundamental Change Purchase Notice is withdrawn as specified in Section 8.03) thereafter be entitled to receive solely the Fundamental Change Purchase Price with respect to such Security. Such Fundamental Change Purchase Price shall be
paid to such Holder, subject to receipt of funds by the Paying Agent, promptly following the later of (x) the Fundamental Change Purchase Date with respect to such Security (provided the conditions in Section 8.01(a) have been
satisfied) and (y) the time of delivery of such Security to the Paying Agent by the Holder thereof in the manner required by Section 8.01(a). 
 Section 8.03. Withdrawal of Fundamental Change Purchase Notice.  
 (a) A Fundamental Change
Purchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent in accordance with the Fundamental Change Company Notice at any time prior to the Close of Business on the Business Day
immediately preceding the Fundamental Change Purchase Date, specifying: 
 (i) the Principal Amount of the withdrawn
Securities; 
 (ii) if the Securities are Physical Securities, the certificate numbers of the withdrawn Securities, or if such
securities are not Physical Securities, the notice must comply with appropriate procedures of the Depositary and its direct and indirect participants, including Clearstream and/or Euroclear; and 
  

 75 

 (iii) the Principal Amount of such Securities that remains subject to the original
Fundamental Change Purchase Notice. 
 Section 8.04. Deposit of Fundamental Change Purchase Price. Prior to 10:00 a.m. (local
time in The City of New York) on the Fundamental Change Purchase Date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent, shall segregate and hold in
trust as provided herein) an amount of money (in immediately available funds if deposited on such Business Day) sufficient to pay the Fundamental Change Purchase Price, of all the Securities or portions thereof that are to be purchased as of the
Fundamental Change Purchase Date. The Company shall promptly notify the Trustee in writing of the amount of any deposits of cash made pursuant to this Section 8.04. If the Paying Agent holds money sufficient to pay the Fundamental Change
Purchase Price of any Security for which a Fundamental Change Purchase Notice has been tendered and not withdrawn in accordance with this Indenture as of the Close of Business on second Business Day following the Fundamental Change Purchase Date,
then immediately following the Fundamental Change Purchase Date, (a) any such Security will cease to be outstanding and interest, including Additional Interest if any, will cease to accrue thereon on the Fundamental Change Purchase Date
(whether or not book-entry transfer of the Securities is made or whether or not the Securities are delivered to the Paying Agent) and (b) all other rights of the Holder in respect thereof will terminate (other than the right to receive the
Fundamental Change Purchase Price and previously accrued and unpaid interest (including Additional Interest, if any) upon delivery or transfer of such Security). 
 Section 8.05. Securities Purchased in Whole or in Part. Any Security that is to be purchased, whether in whole or in part, shall be surrendered at the office of the Paying Agent (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities, of any authorized denomination as requested by such Holder in aggregate Principal Amount equal to, and
in exchange for, the portion of the Principal Amount of the Security so surrendered which is not purchased; provided that in no event shall a Security of a Principal Amount of $2,000 or less be redeemed in part. 
 Section 8.06. Covenant to Comply With Securities Laws upon Purchase of Securities. In connection with any offer to purchase Securities under
Section 8.01 (provided that such offer or purchase constitutes an “issuer tender offer” for 

  

 76 

 
purposes of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the Exchange Act at the time of such offer or purchase),
the Company shall (i) comply with Rule 13e-4 and Rule 14e-1 under the Exchange Act, (ii) file the related Schedule TO (or any successor schedule, form or report) under the Exchange Act and (iii) otherwise comply with all federal and
state securities laws so as to permit the rights and obligations under Section 8.01 to be exercised in the time and in the manner specified in Section 8.01. 
 Section 8.07. Repayment to the Company. The Paying Agent shall return to the Company any cash that remains unclaimed, together with interest (including Additional Interest, if any) or dividends, if any,
thereon, held by them for the payment of the Fundamental Change Purchase Price; provided that to the extent that the aggregate amount of cash deposited by the Company pursuant to Section 8.04 exceeds the aggregate Fundamental Change
Purchase Price of the Securities or portions thereof which the Company is obligated to purchase as of the Fundamental Change Purchase Date, then as soon as practicable following the Fundamental Change Purchase Date, the Paying Agent shall return any
such excess to the Company. 
 ARTICLE 9 
 EVENTS OF DEFAULT; REMEDIES 
 Section 9.01. Events of Default.
“Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) default by
the Company in any payment of interest (including Additional Interest, if any) on any Securities when due and payable and such default continues for a period of 30 days; 
 (b) default in the payment of the Principal Amount of any Security when due and payable at the Stated Maturity, Redemption Date, Fundamental Change Purchase Date or otherwise; 
 (c) failure by the Company to comply with its obligation to convert the Securities in accordance with this Indenture upon exercise of a Holder’s
conversion right hereof and such default continues for a period of five Business Days; 
 (d) failure by the Company to provide the
Fundamental Change Company Notice to Holders required pursuant to Section 8.01(b) hereof when due; 
  

 77 

 (e) failure by the Company to comply with its obligations under Article 10 hereof; 
 (f) failure by the Company in the performance of any other covenant or agreement of the Company in the Securities or in this Indenture other than those
referred to in other clauses of this Section 9.01, and such default continues for a period of 60 days after receipt by the Company of a Notice of Default; 
 (g) default by the Company or any Significant Subsidiary of the Company with respect to any indebtedness for borrowed money in excess of $25,000,000 in the aggregate of the Company and/or any Significant Subsidiary of
the Company, whether such indebtedness now exists or shall hereafter be created, which default results (i) in such indebtedness in an amount exceeding $25,000,000 being accelerated or (ii) from a failure to pay the principal of any such
debt in an amount exceeding $25,000,000 when due and payable at its stated maturity, upon required repurchase or upon acceleration (beyond any applicable grace period relating to such debt), without such indebtedness having been discharged or such
acceleration having been cured, waived, rescinded or annulled within a period of 30 days after receipt by the Company of a Notice of Default (provided, however, that if any such acceleration or failure referred to in (i) or (ii) of
this Section 9.01(g) shall cease or be cured, waived, rescinded or annulled, then the Event of Default by reason thereof shall be deemed not to have occurred); 
 (h) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law, (ii) a decree or order adjudging the Company or a Significant Subsidiary of the Company as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable federal, state or foreign law or (iii) appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Company or of a Significant Subsidiary of the Company of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of 60 consecutive days; or 
 (i) the commencement by the Company or by a Significant Subsidiary of the
Company of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it
to the entry of a decree or order for relief in respect of the Company or of a Significant Subsidiary of the Company in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or 

  

 78 

 
insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of a
Significant Subsidiary of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or
the taking of corporate action by the Company or by a Significant Subsidiary of the Company in furtherance of any such action. 
 The Trustee
shall not be charged with knowledge of any Event of Default unless written notice thereof shall have be given to a Trust Officer at the Corporate Trust Office of the Trustee by the Company’s Paying Agent or any Holder. 
 Section 9.02. Acceleration of Maturity: Waiver of Past Defaults and Rescission.  
 (a) If an Event of Default (other than those specified in Section 9.01(h) and 9.01(i) involving the Company, and as otherwise provided in
Section 9.03) occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate Principal Amount of the outstanding Securities may declare 100% of the Principal Amount plus accrued and unpaid
interest (including Additional Interest, if any) on all the outstanding Securities to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such Principal Amount
plus accrued and unpaid interest (including Additional Interest, if any) shall become immediately due and payable. 
 Notwithstanding the
foregoing, in the case of an Event of Default specified in Section 9.01(h) or Section 9.01(i) involving the Company, 100% of the Principal Amount plus accrued and unpaid interest (including Additional Interest, if any) on all outstanding
Securities will automatically become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 (b) The Holders of a majority in aggregate Principal Amount of the outstanding Securities, by written notice to the Company and the Trustee, may (x) waive any past Default and its consequences and (y) at any time after a
declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article 9 provided, rescind any such acceleration with respect to the Securities and its
consequences, except, in each case, an uncured Default described in Section 9.01(a) or Section 9.01(b), or in respect of a covenant or provision hereof 

  

 79 

 
which under Article 14 cannot be modified or amended without the consent of the Holder of each outstanding Security affected, if: 
 (i) such rescission will not conflict with any judgment or decree of a court of competent jurisdiction; and 
 (ii) all existing Events of Default, other than the non-payment of the Principal Amount plus accrued and unpaid interest (including
Additional Interest, if any) on Securities that have become due solely by such declaration of acceleration, have been cured or waived. 
 Upon any such waiver, the Default which has been waived shall cease to exist and any Event arising therefrom shall be deemed to have been cured, for every other purpose of the Indenture; but not such waiver shall extend to any subsequent or
other Default or impair any right consequent. 
 No such rescission shall affect any subsequent default or impair any right consequent
thereon. 
 Section 9.03. Additional Interest. 
 (a) If, at any time during the six-month period beginning on, and including, the date which is six months after the last date on which any of the Securities are originally issued, the Company fails to timely file any
document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than current reports on
Form 8-K), and the Company has not cured such failure to timely file within 14 days after such failure, or the Securities are not otherwise freely tradable, including pursuant to Rule 144 of the Exchange Act, by Holders other than the Company’s
Affiliates (as a result of restrictions pursuant to U.S. securities law or the terms of this Indenture or the Securities), the Company shall pay Additional Interest on the Securities which shall accrue on the Securities (i) at the rate of
0.25% per annum of the Principal Amount of Securities outstanding for each day during the first 90 days of such period for which the Company’s failure to file has occurred and is continuing or for which the restrictions on transfer are
applicable (ii) at the rate of 0.50% per annum of the Principal Amount of Securities outstanding for each day after the first 90 days of the period for which the Company’s failure to file has occurred and is continuing or for which
the restrictions on transfer are applicable (in the case of either clause (i) or clause (ii) of this Section 9.03(a), ending on the date that is one year from the last date on which any of the Securities are originally issued). The
Additional Interest payable pursuant to this Section 9.03(a) will be in additional to any Additional Interest that may accrue pursuant to Section 9.03(b). Any Additional Interest payable pursuant to this Section 9.03(a) will be
payable at the same time, in the same manner and to the same persons as ordinary interest is payable pursuant to Section 2.03. 
  

 80 

 (b) Notwithstanding the anything to the contrary in this Indenture, if so elected by the Company, the
sole remedy for an Event of Default relating to the failure to comply with Section 4.10 hereof and for any failure to comply with the requirements of Section 314(a)(1) of the Trust Indenture Act will (i) for the first 90 days after
the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the Securities at an annual rate equal to 0.25% of the Principal Amount of outstanding Securities and (ii) from the 91st day until the
180th day following the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the Securities at an annual rate equal to 0.50% of the Principal Amount of outstanding Securities. The Additional
Interest payable pursuant to this Section 9.03(b) will be in addition to any Additional Interest that may accrue pursuant to Section 9.03(a). If the Company so elects, the Additional Interest payable under this Section 9.03(b) will be
payable on all outstanding Securities from and including the date on which such Event of Default first occurs to, but excluding, the 180th day thereafter, or such earlier date on which such Event of Default has been cured or waived or ceases to
exist. On the 181st day after such Event of Default, if such Event of Default has not been cured or waived prior to such 181st day, Additional Interest payable pursuant to this Section 9.03(b) will cease to accrue and the Securities will be
subject to acceleration as provided in Section 9.02. In the event the Company does not elect to pay the Additional Interest payable pursuant to this Section 9.03(b) upon an Event of Default in accordance with this paragraph, the Securities
will be subject to acceleration as provided in Section 9.02. Any Additional Interest payable pursuant to this Section 9.03(b) will be payable at the same time, in the same manner and to the same persons as ordinary interest is payable
pursuant to Section 2.03. 
 In order to elect to pay the Additional Interest payable pursuant to this Section 9.03(b) as the sole
remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with Section 4.10 in accordance with the immediately preceding paragraph, the Company must (i) notify all Holders, the Trustee
and Paying Agent of such election on or before the Close of Business on the date on which such Event of Default first occurs. Upon the failure to timely give all Holders, the Trustee and Paying Agent such notice, the Securities will be immediately
subject to acceleration as provided in Section 9.02. 
 Section 9.04. Collection of Indebtedness and Suits for Enforcement by
Trustee. The Company covenants that if a Default is made in the payment of the Principal Amount plus accrued and unpaid interest (including Additional Interest, if any) at the Stated Maturity thereof or in the payment of the Fundamental Change
Purchase Price or Redemption Price in respect of any Security, the 

  

 81 

 
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 If an Event of Default occurs and is continuing, the Trustee may, but shall not be obligated to, pursue any available remedy to collect
the payment of the Principal Amount plus accrued but unpaid interest (including Additional Interest, if any) on the Securities or to enforce the performance of any provision of the Securities or this Indenture. The Trustee may maintain a proceeding
even if the Trustee does not possess any of the Securities or does not produce any of the Securities in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of, or acquiescence in, the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 Section 9.05. Trustee May File Proofs of Claim. In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and
the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 11.07.

 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 9.06. Application of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money to 

  

 82 

 
Holders, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 FIRST: To the payment of all amounts due the Trustee under Section 11.07; 
 SECOND: To the payment of the amounts then due and unpaid on the Securities for the Principal Amount, Fundamental Change Purchase Price ,
Redemption Price or interest (including Additional Interest, if any) as the case may be, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such Securities; and 
 THIRD: To the payment of the remainder, if any, to the Company or any other Person
lawfully entitled thereto. 
 Section 9.07. Limitation on Suits. No Holder of any Security shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder (other than in the case of an Event of Default specified in Section 9.01(a) or
Section 9.01(b)), unless: 
 (i) such Holder has previously given written notice to the Trustee of a continuing Event of
Default; 
 (ii) the Holder or Holders of not less than 25% in aggregate Principal Amount of the outstanding Securities shall
have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (iii) such Holder or Holders have offered to the Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense; 
 (iv) the Trustee for 60 days after its receipt of such request and offer of security or indemnity has failed to institute any such
proceeding; and 
 (v) no direction, in the opinion of the Trustee, inconsistent with such written request has been given to
the Trustee during such 60-day period by the Holders of a majority in aggregate Principal Amount of the outstanding Securities; 
 it being understood and
intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this 

  

 83 

 
Indenture to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or
to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders. 
 Section 9.08. Unconditional Right of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of the Principal Amount, Fundamental Change Purchase Price,
Redemption Price or interest in respect of the Securities held by such Holder, on or after the respective due dates expressed in the Securities, any Fundamental Change Purchase Date, any Redemption Date or otherwise, as applicable, and to convert
the Securities in accordance with Article 7, or to bring suit for the enforcement of any such payment on or after such respective dates or the right to convert, shall not be impaired or affected adversely without the consent of such Holder.

 Section 9.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such
proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted. 
 Section 9.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 9.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be. 
  

 84 

 Section 9.12. Control by Holders. The Holders of a majority in aggregate Principal Amount of
the outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, if an event of default has occurred and is
continuing, the Trustee will be required in the exercise of its powers to use the degree of care that a prudent person would use in the conduct of its own affairs. Furthermore, the Trustee may refuse to follow any direction that conflicts with
applicable law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the indenture, the Trustee will be
entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 Section 9.13. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, in either case in respect of
the Securities, a court may require any party litigant in such suit to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in
the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant; but the provisions of this Section 9.13 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in Principal Amount of the outstanding Securities, or to any suit instituted by any Holder for the enforcement of the payment of the Principal Amount
on any Security on or after the Stated Maturity of such Security or the Fundamental Change Purchase Date. 
 Section 9.14. Waiver of
Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, or extension law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 9.15. Violations of Certain Covenants. A violation of Section 4.10 or any other covenant or agreement in this Indenture that
expressly provides that a violation of such covenant or agreement shall not constitute an Event of Default may only be enforced by the Trustee by instituting a legal proceeding against the Company for enforcement of such covenant or agreement.

  

 85 

 ARTICLE 10 
 MERGER, CONSOLIDATION OR SALE OF ASSETS 
 Section 10.01. Company May Consolidate, etc., only on Certain Terms. The Company shall not, in a single transaction or through a series of related transactions, consolidate or merge with or into any other
Person, or, directly or indirectly, sell, convey, transfer or lease all or substantially all of Company’s assets to another Person or group of affiliated persons, except that the Company may consolidate or merge with, or sell, convey, transfer
or lease all or substantially all of its assets to another person if: 
 (i) the Company is the surviving Person or the
resulting, surviving or successor Person (the “Successor Company”) (if other than the Company) is a corporation organized and existing under the laws of the Republic of Singapore, the United States of America, any State of the
United States of America or the District of Columbia or a public company limited by shares organized and existing under the laws of the Republic of Singapore and such Successor Company (if not the Company) expressly assumes by an indenture
supplemental hereto all obligations of the Company under this Indenture, including payment of the Principal Amount and interest (including Additional Interest, if any) on the Securities, and the performance and observance of all of the covenants and
conditions of this Indenture to be performed by the Company; and 
 (ii) immediately after giving effect to such transaction,
no Default under this Indenture has occurred and is continuing. 
 Section 10.02. Successor Substituted. Upon any consolidation
of the Company with, or merger of the Company into, any other Person or any sale, conveyance, transfer or lease of substantially all of the Company’s assets to another Person in accordance with Section 10.01, the Successor Company formed
by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and may exercise every right and power of, the Company under this Indenture with the same effect as if such
Successor Company had been named as the Company herein, and thereafter. If the predecessor is still in existence after such transaction, it will be released from its obligations and covenants under this indenture and the Securities, except in the
case of a lease of all or substantially all of its properties and assets. 
  

 86 

 ARTICLE 11 
 THE TRUSTEE 
 Section 11.01. Duties and Responsibilities of Trustee.
 
 (a) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 
 (b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to
act or its own willful misconduct, except that: 
 (i) prior to the occurrence of an Event of Default and after the curing or
waiving of all Events of Default which may have occurred: 
 (A) the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Indenture and the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture and the Trust Indenture Act against the Trustee; and 
 (B) in the absence of
bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer or Officers of the Trustee, unless
the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with the written direction of the Holders of not less than a majority in Principal Amount of the Securities at the time outstanding determined as provided in Section 1.04
relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 
  

 87 

 (iv) whether or not therein provided, every provision of this Indenture relating to the
conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (v) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained
by any co-registrar with respect to the Securities; and 
 (c) if any party fails to deliver a notice relating to an event the fact of which,
pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 Section 11.02. Notice of Defaults. The Trustee shall give the Holders notice of any Default hereunder within 90
days after the occurrence thereof so long as such Default is continuing; provided, that (except in the case of any Default in the payment of Principal Amount or interest on any of the Securities or Fundamental Change Purchase Price), the Trustee
shall be protected in withholding such notice if and so long as a committee of officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities. 
 Section 11.03. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 11.01: 
 (a) the Trustee may rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless
other 

  

 88 

 
evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy
thereof certified by the Secretary, any Assistant Secretary or the General Counsel of the Company; 
 (c) the Trustee may consult with
counsel of its own selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of
Counsel; 
 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against any loss, expenses and liabilities
which may be incurred therein or thereby; 
 (e) the Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney (at the
reasonable expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation); 
 (f) the Trustee
may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed by it with due care hereunder; 
 (g) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it
in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (h) in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action; 
 (i) the Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references the Securities and the Indenture; and 
  

 89 

 (j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 Section 11.04. No Responsibility for Recitals, Etc. The recitals contained herein and in the Securities (except in the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of
the Securities. The Trustee shall not be accountable for the use or application by the Company of any Securities or the proceeds of any Securities authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 Section 11.05. Trustee, Paying Agents, Conversion Agents or Registrar May Own Securities. The Trustee, any Paying Agent, any
Conversion Agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, Paying Agent, Conversion Agent or Security Registrar.

 Section 11.06. Monies to be Held in Trust. Subject to the provisions of Section 13.04, all monies and properties received
by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by
law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed in writing from time to time by the Company and the Trustee. 
 Section 11.07. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the
Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to
from time to time in writing between the Company and the Trustee, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance
with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from
its negligence, willful misconduct or bad faith. The Company also covenants to indemnify the Trustee (or any officer, director or 

  

 90 

 
employee of the Trustee), in any capacity under this Indenture and its agents and any authenticating agent for, and to hold them harmless against, any and
all loss, liability, claim or expense incurred without negligence, willful misconduct or bad faith on the part of the Trustee or such officers, directors, employees and agent or authenticating agent, as the case may be, and arising out of or in
connection with the acceptance or administration of this trust or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under this
Section 11.07 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities. The obligation of the Company under this Section shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in
Section 9.01(i) with respect to the Company occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 
 Section 11.08. Officers’ Certificate as Evidence. Except as otherwise provided in Section 11.01, whenever in the administration of
the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee. 
 Section 11.09. Conflicting Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 
 Section 11.10. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to
the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000 (or if such Person is a member of a bank holding company system, its bank holding company shall have a combined capital and surplus of at least
$50,000,000). If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its 

  

 91 

 
most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section 11.10, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 11.11. Resignation or Removal of Trustee.  
 (a) The Trustee may at any time resign by giving written notice of
such resignation to the Company and to the Holders of Securities. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one
copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment sixty (60) days after the mailing of such notice of
resignation to the Holders, the resigning Trustee may, upon ten (10) Business Days’ notice to the Company and the Holders, appoint a successor identified in such notice or may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor trustee, or, if any Holder who has been a bona fide Holder of a Security or Securities for at least six (6) months may, subject to the provisions of Section 9.13, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b) In case at any time any of the following shall occur: 
 (i) the Trustee shall fail to comply with Section 11.09 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security or Securities for at least six (6) months;
or 
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 11.10 and shall fail to
resign after written request therefor by the Company or by any such Holder; or 
 (iii) the Trustee shall become incapable of
acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; 
 then, in any such case, the Company may remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 9.13, any Holder
who has been a bona fide Holder of a Security or 

  

 92 

 
Securities for at least six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor trustee; provided, however, that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) days after either the Company or the Holders has
removed the Trustee, the Trustee so removed may petition at its own expense any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee. 
 (c) The Holders of a majority in aggregate Principal Amount of the Securities at the
time outstanding may at any time remove the Trustee and nominate a successor trustee which shall be deemed appointed as successor trustee unless, within ten (10) days after notice to the Company of such nomination, the Company objects thereto,
in which case the Trustee so removed or any Holder, or if such Trustee so removed or any Holder fails to act, the Company, upon the terms and conditions and otherwise as in Section 11.11(a) provided, may petition any court of competent
jurisdiction for an appointment of a successor trustee. 
 (d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section 9.11 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 11.12. 
 Section 11.12. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 11.11 shall execute, acknowledge
and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Company or of
the successor trustee, the trustee ceasing to act shall, upon payment of any amount then due it pursuant to the provisions of Section 11.07, execute and deliver an instrument transferring to such successor trustee all the rights and powers of
the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any
trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Securities, to secure any amounts then due it
pursuant to the provisions of Section 11.07. 
  

 93 

 No successor trustee shall accept appointment as provided in this Section 11.12 unless, at the time
of such acceptance, such successor trustee shall be qualified under the provisions of Section 11.09 and be eligible under the provisions of Section 11.10. 
 Upon acceptance of appointment by a successor trustee as provided in this Section 11.12, the Company (or the former trustee, at the written direction of the Company) shall mail or cause to be mailed notice of the
succession of such trustee hereunder to the Holders of Securities at their addresses as they shall appear on the Security Register. If the Company fails to mail such notice within ten (10) days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 
 Section 11.13. Succession by
Merger, Etc. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including any trust created by this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that in the case of any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, such corporation shall be qualified under the provisions
of Section 11.09 and eligible under the provisions of Section 11.10. 
 In case at the time such successor to the Trustee shall
succeed to the trusts created by this Indenture, any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee or any authenticating agent appointed by such
successor trustee may authenticate such Securities in the name of the successor trustee; and in all such cases such certificates shall have the full force that is provided in the Securities or in this Indenture; provided, however, that the
right to adopt the certificate of authentication of any predecessor Trustee or authenticate Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
 Section 11.14. Preferential Collection of Claims. If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Company (or any such other obligor). 
  

 94 

 Section 11.15. Trustee’s Application for Instructions from the Company. Any application
by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Securities under this Indenture) may, at the
option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be
liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three (3) Business Days after the date
any officer of the Company actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall
have received written instructions in response to such application specifying the action to be taken or omitted. 
 ARTICLE 12 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE 
 Section 12.01. Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee:

 (i) semi-annually, not more than 15 days after each Regular Record Date, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Regular Record Date; and 
 (ii) at such other times as the
Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar; provided, however, that no such list need
be furnished so long as the Trustee is acting as Security Registrar. 
 Section 12.02. Preservation of Information; Communications to
Holders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders
contained in the most recent list furnished to the Trustee as provided in Section 12.01 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 12.01 upon receipt of a new list so furnished. 
  

 95 

 (b) The rights of Holders to communicate with other Holders with respect to their rights under this
Indenture or under the Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 
 (c) Every Holder, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to
names and addresses of Holders made pursuant to the Trust Indenture Act. 
 Section 12.03. Reports By Trustee. The Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 (a) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange, if any, upon which
the Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when the Securities are listed on any stock exchange or of any delisting thereof. 
 Section 12.04. Reports by Company.  
 (a) Upon qualification, the Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports and such summaries thereof, as may be required pursuant to the Trust Indenture Act at
the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15
days after the same is filed with the Commission; provided that the delivery of materials to the Trustee by electronic means or filing of documents pursuant to the Commission’s “EDGAR” or “IDEA” system (or any successor
electronic filing system) shall be deemed to constitute “filing” with the Trustee for purposes of this Section 12.04. 
 (b)
Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officer’s Certificate). 
  

 96 

 ARTICLE 13 
 SATISFACTION AND DISCHARGE 
 Section 13.01. Discharge
of Indenture. When (a) the Company shall deliver to the Trustee for cancellation all Securities theretofore authenticated (other than any Securities that have been destroyed, lost or stolen and in lieu of or in substitution for which other
Securities shall have been authenticated and delivered) and not theretofore canceled, or (b) all the Securities not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to
become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, cash or
Ordinary Shares sufficient to pay at Stated Maturity, upon any Redemption Date or Fundamental Change Date or upon redemption of all of the Securities (other than any Securities that shall have been mutilated, destroyed, lost or stolen and in lieu of
or in substitution for which other Securities shall have been authenticated and delivered) not theretofore canceled or delivered to the Trustee for cancellation, including principal and interest (including Additional Interest, if any) due or to
become due to such Stated Maturity, Redemption Date of Fundamental Change Purchase Date, as the case may be, accompanied by a verification report, as to the sufficiency of the deposited amount, from an independent certified accountant or other
financial professional satisfactory to the Trustee, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect (except as to (i) remaining
rights of registration of transfer, substitution and exchange and conversion of Securities, (ii) rights hereunder of Holders to receive payments of principal of and interest (including Additional Interest, if any) on, the Securities and the
other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (iii) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, on written
demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel as required by Section 1.02 and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture; the Company, however, hereby agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee and to compensate the Trustee for any services thereafter reasonably and properly
rendered by the Trustee in connection with this Indenture or the Securities. 
 Section 13.02. Deposited Monies to be Held in Trust
by Trustee. Subject to Section 13.04, all monies deposited with the Trustee pursuant to Section 13.01 shall be held in trust for the sole benefit of the Holders, and such monies shall be applied by the Trustee to the payment, either
directly or through any Paying Agent (including the Company if acting as its own Paying Agent), to the Holders of the particular Securities for the payment or redemption of which such monies have been deposited with the Trustee, of all sums due and
to become due thereon for principal and interest (including Additional Interest, if any). 
  

 97 

 Section 13.03. Paying Agent to Repay Monies Held. Upon the satisfaction and discharge of this
Indenture, all monies then held by any Paying Agent of the Securities (other than the Trustee) shall, upon written request of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further
liability with respect to such Monies. 
 Section 13.04. Return of Unclaimed Monies. Subject to the requirements of applicable
law, any monies deposited with or paid to the Trustee for payment of the principal of or interest (including Additional Interest, if any) on Securities and not applied but remaining unclaimed by the Holders of Securities for two years after the date
upon which the principal of or interest (including Additional Interest, if any) on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on demand and all liability of the Trustee shall
thereupon cease with respect to such monies; and the Holder of any of the Securities shall thereafter look only to the Company for any payment that such Holder may be entitled to collect unless an applicable abandoned property law designates another
Person. 
 Section 13.05. Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with
Section 13.02 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to Section 13.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 13.02; provided, however, that if the
Company makes any payment of interest on or principal of any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the
Trustee or Paying Agent. 
 ARTICLE 14 
 SUPPLEMENTAL INDENTURES 
 Section 14.01. Supplemental Indentures without Consent of Holders.
Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any
of the following purposes: 
 (i) to cure any ambiguity or correct any inconsistent or otherwise defective provision contained
herein, so long as such action will 

  

 98 

 
not adversely affect the interest of the Holders; provided that any such amendment made solely to conform the provisions of this Indenture to the
description thereof contained in the Final Offering Memorandum, will be deemed not to adversely affect the interests of the Holders; 
 (ii) to provide for the assumption by a successor corporation, partnership, trust or limited liability company of the obligations of the Company contained herein; 
 (iii) to add guarantees with respect to the Securities; 
 (iv) to secure the Securities; 
 (v) to add to the covenants of the Company for the benefit of the Holders, or to surrender any right or power herein conferred upon the Company; 
 (vi) to add or modify any other provision herein with respect to matters or questions arising hereunder which the Company and the Trustee
may deem necessary or desirable and which does not materially and adversely affect the rights of any Holder; 
 (vii) to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualifications of this Indenture under the Trust Indenture Act, or under any similar federal statute hereafter enacted; 
 (viii) to provide for the issuance of Additional Securities in accordance with the provisions of Section 3.01 hereof, to the extent
that the Company deems such amendment or supplement to be necessary or advisable in connection with such issuance; provided that, no such amendment or supplement may impair the rights or interests of any Holder; or 
 (ix) to conform the provisions of this Indenture to the “Description of Notes” section in the Final Offering Memorandum.

 Section 14.02. Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in
Principal Amount of the outstanding Securities, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders under this Indenture; provided, however, that no such
supplemental 

  

 99 

 
indenture shall, without the consent of the Holder of each outstanding Security affected thereby, among other things: 
 (i) reduce the percentage in Principal Amount of Securities whose Holders must consent to an amendment of this Indenture or to waive any
past default; 
 (ii) reduce the rate or extend the time of payment of any interest (including Additional Interest, if any) on
any Security; 
 (iii) reduce the Principal Amount of, or extend the Stated Maturity of, any Security; 
 (iv) make any change that adversely affects the conversion rights of any Security; 
 (v) reduce the Redemption Price or the Fundamental Change Purchase Price of any Security or amend or modify in any manner adverse to the
Holders of Securities the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 
 (vi) make any principal or interest payable in a currency other than that stated in the Securities; 
 (vii) impair the right of any Holder to receive payment of principal of and interest, including Additional Interest, on such Holder’s
Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities; 
 (viii) change the ranking of the Securities; or 
 (ix) modify any of the provisions of this
Section 14.02 or Section 9.02(b). 
 It shall not be necessary for any Act of Holders under this Section 14.02 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Section 14.03. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article 14 or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be provided with, and (subject to Section 11.01) shall be fully protected in relying upon, in addition to the documents required by Section 1.02, an Opinion of Counsel stating that the execution of such 

  

 100 

 
supplemental indenture is authorized or permitted by this Indenture. Subject to the preceding sentence, the Trustee shall sign such supplemental indenture if
the same does not adversely affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that adversely affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 14.04. Effect of Supplemental
Indentures. Upon the execution of any supplemental indenture under this Article 14, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder
theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 Section 14.05. Conformity with Trust
Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the applicable requirements of the Trust Indenture Act. 
 Section 14.06. Reference in Securities to Supplemental Indentures. Securities authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 14 shall bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental
indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for outstanding Securities. 
 Section 14.07. Notice to Holders of Supplemental Indentures. The Company shall cause notice of the execution of any supplemental indenture to be mailed to each Holder, at his address appearing on the Security Register provided
for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice, or any defect in such notice, shall not impair or affect the legality or validity of such supplemental indenture. 
 ARTICLE 15 
 MISCELLANEOUS

 Section 15.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the Trust Indenture Act, the provision required by the Trust Indenture Act shall control. 
 Section 15.02. Notices. Any notice or communication shall be in writing (including telecopy promptly confirmed in writing) and delivered in person or mailed by first-class mail addressed as follows:

 if to the Company: 
 Verigy Ltd. 
 No. 1 Yishun Avenue 7 
 Singapore 768923 
 Attention: Chief Financial Officer 
  

 101 

 with a copy to: 
 Verigy Ltd. 
 c/o Verigy US, Inc. 
 10100 N. Tantau Avenue 
 Cupertino, California 95104 
 Attention: Chief Financial Officer 
 Fax: (408) 864-2900 
 if to the Trustee: 
 U.S. Bank National Association 
 633 West 5th Street, 24th Floor 
 Los Angeles, California 90071 
 Attention: Corporate Trust Services 
 (Verigy 5.25% Convertible Senior Notes due 2014) 
 Fax: (213) 615-6197 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a registered Holder shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so
mailed within the time prescribed. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee shall be effective only upon receipt.

 The Trustee agrees to accept and act upon facsimile transmission of written instructions and/or directions pursuant to this Indenture
given by the Company, provided, however, that (i) the Company, subsequent to such facsimile transmission of written instructions and/or directions, shall provide the originally executed instructions and/or directions to the Trustee in a
timely manner and (ii) such originally executed instructions and/or directions shall be signed by an authorized officer of the Company. 
  

 102 

 Section 15.03. Communication by Holders with other Holders. Holders may communicate pursuant
to § 312(b) of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of § 312(c) of the Trust
Indenture Act. 
 Section 15.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and 
 (b) if requested by the Trustee, an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 15.05. When Securities Are
Disregarded. In determining whether the Holders of the required Principal Amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Securities which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 
 Section 15.06. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders.
The Registrar and the Paying Agent may make reasonable rules for their functions. 
 Section 15.07. Legal Holidays. A
“Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required to be closed in New York, New York. If an Interest Payment Date is a Legal Holiday, payment shall be made on
the next succeeding day that is not a Legal Holiday, and no interest (including Additional Interest, if any) shall accrue for the intervening period. If a Regular Record Date is a Legal Holiday, the Regular Record Date shall not be affected. In any
case where the Stated Maturity of any Security is a Legal Holiday, then (notwithstanding any other provision of 

  

 103 

 
this Indenture or of the Securities) payment of principal need not be made on such date, but may be made on the next succeeding day that is not a Legal
Holiday, with the same force and effect as if made on at the Stated Maturity. 
 Section 15.08. Governing Law. THIS INDENTURE AND
THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 15.09. No
Recourse against Others. An incorporator, director, officer, employee, Affiliate or shareholder of the Company, solely by reason of this status, shall not have any liability for any obligations of the Company under the Securities, this Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of
the Securities. 
 Section 15.10. Successors. All agreements of the Company in this Indenture and the Securities shall bind their
respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 Section 15.11. Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 Section 15.12. [Reserved].  
 Section 15.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be
considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 15.14. Severability
Clause. In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability. 
 Section 15.15. Calculations. Except as
otherwise provided herein, the Company (or its agents) will be responsible for making all calculations called for under this Indenture or the Securities. The Company (or its agents) will make all such calculations in good faith and, absent manifest
error, its calculations will be final and binding on Holders. The Company (or its agents) upon request will provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is
entitled to rely 

  

 104 

 
conclusively upon the accuracy of such calculations without independent verification. The Trustee will deliver a copy of such schedule to any Holder upon the
written request of such Holder. 
 Section 15.16. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SECURITIES OR THE TRANSACTION CONTEMPLATED THEREBY. 
 Section 15.17. Consent to Jurisdiction; Consent to Service of Process. 
 (a) The Company hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court
or federal court of the United States sitting in the State and City of New York, County and Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Indenture or the Securities,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such state court sitting in
the State and City of New York, County and Borough of Manhattan or, to the extent permitted by law, in such federal court sitting in the State and City of New York, County and Borough of Manhattan. The Company further irrevocably consents to the
service of process in any action or proceeding in such courts by the mailing thereof by any parties thereto by registered or certified mail, postage prepaid, to the Company at CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, NY
10011. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) The Company hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now
or hereafter have to the laying of venue of any suit, action proceeding arising out of or relating to this Indenture or the Securities in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Section 15.18. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its
control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or 

  

 105 

 
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services; it being understood that the
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 [Remainder of the page intentionally left blank] 
  

 106 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and
year first above written. 
  

			
	VERIGY LTD.
		
	By:	 	 /s/    Robert J. Nikl

	Name:	 	Robert J. Nikl
	Title:	 	Chief Financial Officer
		
	By:	 	 /s/    Kenneth M. Siegel

	Name:	 	Kenneth M. Siegel
	Title:	 	Vice President and General Counsel

 [Trustee Signature Follows] 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/    Paula Oswald

	Name:	 	Paula Oswald
	Title:	 	Vice President

 SCHEDULE A 
 The following table sets forth the number of Additional Shares to be received per $1,000 Principal Amount of Securities for each Share Price and Effective Date set forth below: 
  

																															
	Share Price
	 Effective
Date
	 	$10.49	 	$12.00	 	$13.00	 	$14.00	 	$15.00	 	$16.00	 	$17.00	 	$17.05	 	$18.00	 	$20.00	 	$30.00	 	$40.00	 	$50.00	 	$75.00	 	$100.00
	7/15/2009	 	19.0657	 	18.9156	 	16.3235	 	14.2238	 	12.5021	 	11.0749	 	9.8801	 	9.8296	 	8.8710	 	7.2744	 	3.4311	 	2.0346	 	1.3421	 	0.5579	 	0.2300
	7/15/2010	 	19.0657	 	17.4674	 	14.7147	 	12.5144	 	10.7371	 	9.2880	 	8.0964	 	8.0470	 	7.1087	 	5.5910	 	2.2985	 	1.3030	 	0.8542	 	0.3565	 	0.1402
	7/15/2011	 	19.0657	 	15.9602	 	12.8388	 	10.3787	 	8.4304	 	6.8813	 	5.6460	 	5.5966	 	4.6582	 	3.2305	 	0.8352	 	0.4321	 	0.2906	 	0.1273	 	0.0469
	7/15/2012	 	19.0657	 	14.4878	 	10.6722	 	7.5510	 	4.9971	 	2.9326	 	1.3420	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000
	7/15/2013	 	19.0657	 	13.4124	 	9.7071	 	6.8240	 	4.5576	 	2.7808	 	0.8052	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000
	7/15/2014	 	19.0657	 	7.0702	 	0.6600	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000	 	0.0000

 EXHIBIT A 
 Form of Fundamental Change Purchase Notice 
                     ,          
 U.S. Bank National Association 
 633 West 5th Street, 24th Floor 
 Los Angeles, California 90071

 Attention: Corporate Trust Services 
 (Verigy 5.25% Convertible
Senior Notes due 2014) 
 Fax: (213) 615-6197 
  

	 	Re:	  Verigy Ltd. (the “Company”)  

   5.25% Convertible Senior Notes due 2014 
 This is a Fundamental Change Purchase Notice as defined in
Section 8.01(a) of the Indenture dated as of July 14, 2009 (the “Indenture”) between the Company and U.S. Bank National Association, as Trustee. Terms used but not defined herein shall have the meanings ascribed to them in
the Indenture. 
  

					
	Certificate No(s). of Securities:	 	  
	 	
	(if certificated)	 		 	

 I intend to deliver the following aggregate 
 Principal Amount of Securities for purchase by the 
 Company pursuant to
Section 8.01 of the Indenture 
 (in multiples of $1,000): 
  

	
	 $        

 I hereby agree that the Securities will be purchased as of the Fundamental Change Purchase Date
pursuant to the terms and conditions thereof and of the Indenture. 
  

			
	 Signed:
	 	  

 EXHIBIT B 
 [THIS SECURITY AND THE ORDINARY SHARES ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A
“QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL
NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144
UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: (A) TO VERIGY LTD. OR ANY SUBSIDIARY THEREOF, OR (B) PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES. 
 PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]Indenture

  
  
 AFFINION GROUP, INC. 
 as Issuer 
 the GUARANTORS named herein

 $150,000,000 10 1/8% SENIOR NOTES DUE 2013 
  
  
 INDENTURE 
 Dated as of June 5, 2009 
  
  
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Trustee 
  
  
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	ARTICLE 1	  	
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	
		
	 SECTION 1.01. Definitions
	  	1
	 SECTION 1.02. Other Definitions
	  	30
	 SECTION 1.03. Incorporation by Reference of Trust Indenture Act
	  	31
	 SECTION 1.04. Rules of Construction
	  	31
		
	ARTICLE 2	  	
		
	THE NOTES	  	
		
	 SECTION 2.01. Amount of Notes; Issuable in Series
	  	32
	 SECTION 2.02. Form and Dating
	  	32
	 SECTION 2.03. Execution and Authentication
	  	32
	 SECTION 2.04. Registrar and Paying Agent
	  	33
	 SECTION 2.05. Paying Agent to Hold Money in Trust
	  	34
	 SECTION 2.06. Holder Lists
	  	34
	 SECTION 2.07. Transfer and Exchange
	  	34
	 SECTION 2.08. Replacement Notes
	  	35
	 SECTION 2.09. Outstanding Notes
	  	35
	 SECTION 2.10. Temporary Notes
	  	36
	 SECTION 2.11. Cancellation
	  	36
	 SECTION 2.12. Defaulted Interest
	  	36
	 SECTION 2.13. CUSIP Numbers, ISINs, etc.
	  	36
	 SECTION 2.14. Calculation of Principal Amount of Notes
	  	36
		
	ARTICLE 3	  	
		
	REDEMPTION	  	
		
	 SECTION 3.01. Redemption
	  	37
	 SECTION 3.02. Applicability of Article
	  	37
	 SECTION 3.03. Notices to Trustee
	  	37
	 SECTION 3.04. Selection of Notes to Be Redeemed
	  	37
	 SECTION 3.05. Notice of Optional Redemption
	  	38
	 SECTION 3.06. Effect of Notice of Redemption
	  	38
	 SECTION 3.07. Deposit of Redemption Price
	  	39
	 SECTION 3.08. Notes Redeemed in Part
	  	39

  

 i 

			
	ARTICLE 4	  	
		
	COVENANTS	  	
		
	 SECTION 4.01. Payment of Notes
	  	39
	 SECTION 4.02. Reports and Other Information
	  	39
	 SECTION 4.03. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	41
	 SECTION 4.04. Limitation on Restricted Payments
	  	46
	 SECTION 4.05. Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	54
	 SECTION 4.06. Asset Sales
	  	56
	 SECTION 4.07. Transactions with Affiliates
	  	59
	 SECTION 4.08. Change of Control
	  	61
	 SECTION 4.09. Compliance Certificate
	  	63
	 SECTION 4.10. Further Instruments and Acts
	  	64
	 SECTION 4.11. Future Guarantors
	  	64
	 SECTION 4.12. Liens
	  	64
	 SECTION 4.13. Maintenance of Office or Agency
	  	65
		
	ARTICLE 5	  	
		
	MERGER, CONSOLIDATION OR SALE OF ALL	  	
	OR SUBSTANTIALLY ALL ASSETS	  	
		
	 SECTION 5.01. Merger, Consolidation or Sale of All or Substantially All Assets
	  	65
		
	ARTICLE 6	  	
		
	DEFAULTS AND REMEDIES	  	
		
	 SECTION 6.01. Events of Default
	  	68
	 SECTION 6.02. Acceleration
	  	69
	 SECTION 6.03. Other Remedies
	  	70
	 SECTION 6.04. Waiver of Past Defaults
	  	70
	 SECTION 6.05. Control by Majority
	  	70
	 SECTION 6.06. Limitation on Suits
	  	71
	 SECTION 6.07. Rights of the Holders to Receive Payment
	  	71
	 SECTION 6.08. Collection Suit by Trustee
	  	71
	 SECTION 6.09. Trustee May File Proofs of Claim
	  	71
	 SECTION 6.10. Priorities
	  	72
	 SECTION 6.11. Undertaking for Costs
	  	72
	 SECTION 6.12. Waiver of Stay or Extension Laws
	  	72
		
	ARTICLE 7	  	
		
	TRUSTEE	  	
		
	 SECTION 7.01. Duties of Trustee
	  	73
	 SECTION 7.02. Rights of Trustee
	  	74
	 SECTION 7.03. Individual Rights of Trustee
	  	75
	 SECTION 7.04. Trustee’s Disclaimer
	  	75

  

 ii 

			
	 SECTION 7.05. Notice of Defaults
	  	75
	 SECTION 7.06. Reports by Trustee to the Holders
	  	75
	 SECTION 7.07. Compensation and Indemnity
	  	75
	 SECTION 7.08. Replacement of Trustee
	  	76
	 SECTION 7.09. Successor Trustee by Merger
	  	77
	 SECTION 7.10. Eligibility; Disqualification
	  	77
	 SECTION 7.11. Preferential Collection of Claims Against Issuer
	  	78
		
	ARTICLE 8	  	
		
	DISCHARGE OF INDENTURE; DEFEASANCE	  	
		
	 SECTION 8.01. Discharge of Liability on Notes; Defeasance
	  	78
	 SECTION 8.02. Conditions to Defeasance
	  	79
	 SECTION 8.03. Application of Trust Money
	  	80
	 SECTION 8.04. Repayment to the Issuer
	  	80
	 SECTION 8.05. Indemnity for Government Obligations
	  	81
	 SECTION 8.06. Reinstatement
	  	81
		
	ARTICLE 9	  	
		
	AMENDMENTS AND WAIVERS	  	
		
	 SECTION 9.01. Without Consent of the Holders
	  	81
	 SECTION 9.02. With Consent of the Holders
	  	82
	 SECTION 9.03. Compliance with Trust Indenture Act
	  	83
	 SECTION 9.04. Revocation and Effect of Consents and Waivers
	  	83
	 SECTION 9.05. Notation on or Exchange of Notes
	  	83
	 SECTION 9.06. Trustee to Sign Amendments
	  	84
	 SECTION 9.07. Payment for Consent
	  	84
	 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount
	  	84
		
	ARTICLE 10	  	
		
	GUARANTEES	  	
		
	 SECTION 10.01. Guarantees
	  	84
	 SECTION 10.02. Limitation on Liability; Release
	  	86
	 SECTION 10.03. Successors and Assigns
	  	87
	 SECTION 10.04. No Waiver
	  	87
	 SECTION 10.05. Modification
	  	88
	 SECTION 10.06. Execution of Supplemental Indenture for Future Guarantors
	  	88
		
	ARTICLE 11	  	
		
	[INTENTIONALLY OMITTED]	  	

  

 iii 

			
	ARTICLE 12	  	
		
	[INTENTIONALLY OMITTED]	  	
		
	ARTICLE 13	  	
		
	MISCELLANEOUS	  	
		
	 SECTION 13.01. Trust Indenture Act Controls
	  	88
	 SECTION 13.02. Notices
	  	88
	 SECTION 13.03. Communication by the Holders with Other Holders
	  	89
	 SECTION 13.04. Certificate and Opinion as to Conditions Precedent
	  	89
	 SECTION 13.05. Statements Required in Certificate or Opinion
	  	89
	 SECTION 13.06. When Notes Disregarded
	  	90
	 SECTION 13.07. Rules by Trustee, Paying Agent and Registrar
	  	90
	 SECTION 13.08. Legal Holidays
	  	90
	 SECTION 13.09. Governing Law
	  	90
	 SECTION 13.10. No Recourse Against Others
	  	90
	 SECTION 13.11. Successors
	  	91
	 SECTION 13.12. Multiple Originals
	  	91
	 SECTION 13.13. Table of Contents; Headings
	  	91
	 SECTION 13.14. Indenture Controls
	  	91
	 SECTION 13.15. Severability
	  	91
	 SECTION 13.16. Currency of Account; Conversion of Currency; Foreign Exchange Restrictions
	  	91

 Appendix A – Rule 144A/Regulation S/IAI Appendix 
 Exhibit 1 – Form of Rule 144A Initial Notes 
 Exhibit A – Form of Exchange Note or Private Exchange Note 
 Exhibit 2 – Form of Letter of Representation 
 Appendix B – Form of Supplemental Indenture for Future Guarantors 
  

 iv 

 CROSS-REFERENCE TABLE 
  

					
	 TIA
 Section
	  	 	  	Indenture
Section
	 310
	  	(a)(1)	  	7.10
		  	(a)(2)	  	7.10
		  	(a)(3)	  	N.A.
		  	(a)(4)	  	N.A.
		  	(b)	  	7.08; 7.10
		  	(c)	  	N.A.
	 311
	  	(a)	  	7.11
		  	(b)	  	7.11
		  	(c)	  	N.A.
	 312
	  	(a)	  	2.06
		  	(b)	  	13.03
		  	(c)	  	13.03
	 313
	  	(a)	  	7.06
		  	(b)(1)	  	N.A.
		  	(b)(2)	  	7.06
		  	(c)	  	7.06
		  	(d)	  	7.06
	 314
	  	(a)	  	4.02; 4.09
		  	(b)	  	N.A.
		  	(c)(1)	  	13.04
		  	(c)(2)	  	13.04
		  	(c)(3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	N.A.
		  	(f)	  	4.10
	 315
	  	(a)	  	7.01
		  	(b)	  	7.05
		  	(c)	  	7.01
		  	(d)	  	7.01
		  	(e)	  	6.11
	 316
	  	(a) (last sentence)	  	13.06
		  	(a)(1)(A)	  	6.05
		  	(a)(1)(B)	  	6.04
		  	(a)(2)	  	N.A.
		  	(b)	  	6.07
	 317
	  	(a)(1)	  	6.08
		  	(a)(2)	  	6.09
		  	(b)	  	2.05
	 318
	  	(a)	  	13.01

 N.A. means Not Applicable. 
 Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 
  

 v 

 INDENTURE dated as of June 5, 2009 among Affinion Group, Inc., a Delaware corporation (the
“Issuer”), the Subsidiary Guarantors (as defined herein) and Wells Fargo Bank, National Association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of Notes issued under this Indenture. 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 
 “11 1/2% Senior Subordinated Notes”
means the $355.5 million principal amount of 11 1/2% Senior Subordinated Notes due 2015 that were issued by the Issuer on
April 26, 2006. 
 “Acquired Indebtedness” means, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged or consolidated with or into or becomes a Restricted
Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such
specified Person, 
 in each case, other than Indebtedness Incurred as consideration in, in contemplation of, or to provide all or any portion of the funds
or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by such Person, or such asset was acquired by such
Person, as applicable. 
 “Acquisition” means the purchase by the Issuer on October 17, 2005 pursuant to the Stock
Purchase Agreement of all the equity interests of Affinion Group, LLC and all of the share capital of Affinion International Holdings Limited. 
 “Additional Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement. 
 “Additional Notes” means the 10 1/8% Senior Notes due 2013 issued by the Issuer
from time to time after the Issue Date. 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this Indenture, Cendant Corporation and 

 
its Affiliates shall not be deemed Affiliates of the Issuer so long as (1) such entities would be Affiliates of the Issuer only by virtue of their
beneficial ownership of Capital Stock of the Issuer and (2) such entities beneficially own, as a group, less of the voting power of the Issuer than is beneficially owned by the Sponsor. 
 “Asset Sale” means: 
 (1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Issuer or any Restricted
Subsidiary of the Issuer (each referred to in this definition as a “disposition”) or 
 (2) the issuance or
sale of Equity Interests (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals) of any Restricted Subsidiary (other than to the Issuer or another Restricted Subsidiary of the Issuer) (whether
in a single transaction or a series of related transactions), 
 in each case other than: 
 (a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in the
ordinary course of business; 
 (b) the disposition of all or substantially all of the assets of the Issuer in a manner
permitted pursuant to the provisions described above under Section 5.01 herein or any disposition that constitutes a Change of Control; 
 (c) for purposes of Section 4.06 only, any Restricted Payment or Permitted Investment (other than a Permitted Investment to the extent such transaction results in the receipt of Cash Equivalents or Investment
Grade Securities by the Issuer or its Restricted Subsidiaries) that is permitted to be made, and is made, under Section 4.04 herein. 
 (d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of less than $7.5 million;

 (e) any disposition of property or assets or the issuance of securities by a Restricted Subsidiary of the Issuer to the
Issuer or by the Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer; 
 (f) any
foreclosures on assets or property of the Issuer or its Subsidiaries; 
 (g) any sale of Equity Interests in, or Indebtedness
or other securities of, an Unrestricted Subsidiary; 
 (h) any sale of inventory, equipment or other assets in the ordinary
course of business; 
  

 -2- 

 (i) any grant in the ordinary course of business of any license of patents, trademarks,
know-how and any other intellectual property; 
 (j) any exchange of assets for assets (including a combination of assets and
Cash Equivalents) related to a Similar Business of comparable or greater market value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the Board of Directors of the Issuer, which
in the event of an exchange of assets with a Fair Market Value in excess of (1) $10.0 million shall be evidenced by an Officers’ Certificate, and (2) $25.0 million shall be set forth in a resolution approved in good faith by at least
a majority of the Board of Directors of the Issuer; and 
 (k) in the ordinary course of business, any swap of assets, or
lease, assignment or sublease of any real or personal property, in exchange for services (including in connection with any outsourcing arrangements in which the Issuer enters into a multi-year services arrangement with the transfer of such assets)
of comparable or greater value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by senior management or the Board of Directors of the Issuer, which in the event of a swap with a Fair
Market Value in excess of (1) $10.0 million shall be evidenced by an Officers’ Certificate and (2) $25.0 million shall be set forth in a resolution approved in good faith by at least a majority of the Board of Directors of the Issuer.

 “Bank Indebtedness” means any and all amounts payable under or in respect of the Credit Agreement or the other Senior
Credit Documents as amended, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time (including after termination of the Credit Agreement), including principal, premium (if any),
interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses,
reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof. 
 “Board of
Directors” means as to any Person, the board of directors or managers, as applicable, of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly
authorized committee thereof. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking
institutions are authorized or required by law to close in New York City. 
 “Capital Stock” means: 
 (1) in the case of a corporation or a company, corporate stock or shares; 
 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
  

 -3- 

 (3) in the case of a partnership or limited liability company, partnership or membership
interests (whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease
Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet
(excluding the footnotes thereto) in accordance with GAAP. 
 “Cash Contribution Amount” means the aggregate amount of cash
contributions made to the capital of the Issuer or any Guarantor described in the definition of “Contribution Indebtedness.” 
 “Cash Equivalents” means: 
 (1) U.S. dollars, pounds sterling, euros, national currency of any
participating member state in the European Union or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
 (2) securities issued or directly and fully guaranteed or insured by the government of the United States or any country that is a member
of the European Union or any agency or instrumentality thereof, in each case with maturities not exceeding two years from the date of acquisition; 
 (3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year
and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250 million, or the foreign currency equivalent thereof, and whose long-term debt is rated “A” or the equivalent thereof by
Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 
 (4)
repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A-1” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition; 
 (6) readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having
one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of
acquisition; 
  

 -4- 

 (7) Indebtedness issued by Persons (other than Permitted Holders or any of their
Affiliates) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two
years from the date of acquisition; and 
 (8) investment funds investing at least 95% of their assets in securities of the
types described in clauses (1) through (7) above. 
 “Cendant” means the Cendant Corporation. 
 “Change of Control” means any of the following events: 
 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the Issuer and its
Subsidiaries, taken as a whole, to any Person, other than any Permitted Holder; 
 (2) the Issuer becomes aware (by way of a
report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange
Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders in a single
transaction or in a related series of transactions, by way of merger, amalgamation, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision), of more than 50% of the total voting power of the Voting Stock of the Issuer or any Parent of the Issuer (for purposes of calculating the total voting power of the Voting Stock held by a group, the voting power beneficially owned by a
Permitted Holder shall be excluded to the extent such Permitted Holder retains the sole economic rights with respect to the subject Voting Stock); or 
 (3) (A) prior to the first public offering of common Capital Stock of the Parent or the Issuer, the first day on which the Board of Directors of the Parent or the Issuer shall cease to consist of a majority of
directors who (i) were members of the Board of Directors of the Issuer on October 17, 2005 or (ii) were either (x) nominated for election by the Board of Directors of the Parent or the Issuer, a majority of whom were directors on
October 17, 2005 or whose election or nomination for election was previously approved by a majority of directors nominated for election pursuant to this clause (x) or who were designated or appointed pursuant to clause (y) below, or
(y) designated or appointed by a Permitted Holder (each of the directors selected pursuant to clauses (A)(i) and (A)(ii), a “Continuing Director”) and (B) after the first public offering of common Capital Stock of either
Parent or the Issuer, (i) if such public offering is of common Capital Stock of the Parent , the first day on which a majority of the members of 

  

 -5- 

 
the Board of Directors of the Parent are not Continuing Directors or (ii) if such public offering is of common Capital Stock of the Issuer, the first
day on which a majority of the members of the Board of Directors of the Issuer are not Continuing Directors. 
 Notwithstanding the
foregoing, a Specified Merger/Transfer Transaction shall not constitute a Change of Control. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Consolidated Cash Flow” means, with respect to any specified Person for any period,
the Consolidated Net Income of such Person for such period (without giving effect to the amount added to Net Income in calculating Consolidated Net Income for the excess of the provision for taxes over cash taxes) plus: 
 (1) provision for taxes based on income, profits or capital of such Person and its Restricted Subsidiaries for such period, including,
without limitation, state franchise and similar taxes, and including an amount equal to the amount of tax distributions actually made to the holders of Capital Stock of such Person or any Parent of such Person in respect of such period in accordance
with Section 4.04(b)(xii), which shall be included as though such amounts had been paid as income taxes directly by such Person, in each case, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income;
plus  
 (2) Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such
Fixed Charges were deducted in computing such Consolidated Net Income; plus  
 (3) depreciation, amortization
(including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve
for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash
expenses were deducted in computing such Consolidated Net Income; plus  
 (4) the amount of any restructuring charges
or expenses (which, for the avoidance of doubt, shall include retention and supplemental bonus payments payable in connection with the Acquisition or otherwise, exit costs, severance payments, systems establishment costs or excess pension charges),
to the extent that any such charges or expenses were deducted in computing such Consolidated Net Income; plus  
 (5)
the amount of management, monitoring, consulting and advisory fees and related expenses paid to the Permitted Holders (or any accruals relating to such fees and related expenses) during such period; provided that such amount shall not exceed
in any four quarter period the greater of (x) $2.5 million or (y) 1.0% of Consolidated Cash Flow (calculated without giving effect to this clause (5)); minus  
  

 -6- 

 (6) non-cash items increasing such Consolidated Net Income for such period (excluding the
recognition of deferred revenue or any non-cash items which represent the reversal of any accrual of, or reserve for, anticipated cash charges in any prior period and any items for which cash was received in any prior period and excluding amounts
increasing Consolidated Net Income pursuant to clause (15) of the definition of Consolidated Net Income); 
 in each case, on a consolidated basis and
determined in accordance with GAAP. For purposes of calculating Consolidated Cash Flow, the calculation shall exclude the effects of purchase accounting as a result of the Transactions. 
 Notwithstanding the preceding, the provision for taxes based on the income or profits of, the Fixed Charges of, the depreciation and amortization and
other non-cash expenses or non-cash items of and the restructuring charges or expenses of, a Restricted Subsidiary of the Issuer shall be added to (or subtracted from, in the case of non-cash items described in clause (6) above) Consolidated
Net Income to compute Consolidated Cash Flow of the Issuer (A) in the same proportion that the Net Income of such Restricted Subsidiary was added to compute such Consolidated Net Income of the Issuer and (B) only to the extent that a
corresponding amount would be permitted at the date of determination to be dividended or distributed to the Issuer by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect
restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders. 
 “Consolidated Leverage Ratio” means, with respect to any Person at any date, the ratio of (a) the aggregate amount of all
Indebtedness of such Person and its Restricted Subsidiaries less cash and cash equivalents (excluding restricted cash), in each case, determined on a consolidated basis in accordance with GAAP as of such date to (b) the Consolidated Cash Flow
of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date. In the event that the Issuer or any of its Restricted Subsidiaries Incurs or redeems any Indebtedness subsequent
to the commencement of the period for which the Consolidated Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Consolidated Leverage Ratio is made, then the Consolidated Leverage Ratio
shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period. The provisions applicable to pro forma transactions and Indebtedness set
forth in the second paragraph of the definition of “Fixed Charge Coverage Ratio” shall apply for purposes of making the computation referred to in this paragraph. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, plus the amount that the provision for taxes exceeds cash taxes paid by such Person and its Restricted Subsidiaries in such period; provided that: 
 (1) any net after-tax extraordinary or nonrecurring or unusual gains, losses, income, expense or charges (less all fees and expenses
relating thereto), including, without limitation, any severance, relocation or other restructuring costs and transition 

  

 -7- 

 
expenses Incurred as a direct result of the transition of the Issuer to an independent operating company in connection with the Transactions and fees,
expenses or charges related to any offering of Equity Interests of such Person, any Investment, any acquisition or any offering of Indebtedness permitted to be Incurred by this Indenture (in each case, whether or not successful), including any such
fees, expenses or charges related to the Transactions, in each case, shall be excluded; 
 (2) any increase in amortization or
depreciation or any one-time non-cash charges resulting from purchase accounting in connection with any acquisition that is consummated on or after October 17, 2005 shall be excluded; 
 (3) the cumulative effect of a change in accounting principles during such period shall be excluded; 
 (4) any net after-tax gains or losses on disposal of discontinued operations shall be excluded; 
 (5) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or
asset dispositions other than in the ordinary course of business (as determined in good faith by senior management or the Board of Directors of the Issuer) shall be excluded; 
 (6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of
indebtedness shall be excluded; 
 (7) the Net Income for such period of any Person that is not a Subsidiary of such Person,
or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments actually paid in cash (or to the extent converted into
cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period; 
 (8) solely for the purpose of
covenant described in Section 4.04 herein the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by
such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Restricted Subsidiary or its equity holders, unless such restrictions with respect to the payment of dividends or similar distributions have
been legally waived; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted
Subsidiary to such Person or a Restricted Subsidiary of such Person (subject to the provisions of this clause (8)), to the extent not already included therein; 
  

 -8- 

 (9) any non-cash impairment charge or asset write-off resulting from the application of
Statement of Financial Accounting Standards No. 142 and 144, and the amortization of intangibles arising pursuant to No. 141, shall be excluded; 
 (10) any non-cash expenses realized or resulting from employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options or other rights to officers, directors and
employees of such Person or any of its Restricted Subsidiaries shall be excluded; 
 (11) any one-time non-cash compensation
charges shall be excluded; 
 (12) non-cash gains, losses, income and expenses resulting from fair value accounting required
by Statement of Financial Accounting Standards No. 133 and related interpretations shall be excluded; 
 (13) the effects
of purchase accounting as a result of the Transactions shall be excluded; 
 (14) accruals and reserves that are established
within twelve months after October 17, 2005 that are so required to be established in accordance with GAAP shall be excluded; and 
 (15) to the extent not already reflected in Consolidated Net Income, the amount of any accrual, reserve or other charge that reduces Net Income of such Person that was taken in respect of expected or actual Losses by
reason of (x) any legal proceedings existing on October 17, 2005, or relating to the same facts and circumstances of such proceedings, or (y) a breach or violation of law, in each case, shall be excluded; provided that (as
certified in an Officers’ Certificate delivered to the Trustee) the Issuer has (i) a reasonable good faith belief that it is entitled to be indemnified by Cendant pursuant to the Stock Purchase Agreement in respect of such Losses in an
amount greater than or equal to the amount to be excluded from the calculation of Consolidated Net Income pursuant to this clause (15) and (ii) has provided Cendant a notice in respect of the Issuer’s intent to seek indemnity;
provided further that (x) if Net Income is increased as a result of any amounts received from Cendant in respect of such an indemnity and the right to be so indemnified was used in a prior period to increase Consolidated Net
Income pursuant to this clause (15), such amounts received shall be excluded from Consolidated Net Income and (y) to the extent the actual indemnity received is less than the expected indemnity amount excluded in a prior period pursuant to this
clause (15), Consolidated Net Income shall be reduced by the difference in the period in which such lower actual indemnity amounts are received or in which a final judgment of a court of competent jurisdiction is made that the Issuer is entitled to
no indemnity. 
 Notwithstanding the foregoing, for the purpose of the covenant described in Section 4.04 herein, there shall be excluded from the
calculation of Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries to the Issuer or a Restricted Subsidiary of the Issuer in respect of or that originally constituted
Restricted Investments. 
  

 -9- 

 “Contingent Obligations” means, with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary
obligation or any property constituting direct or indirect security therefor; 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 
 (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Contribution Indebtedness” means Indebtedness of the Issuer or any Guarantor in an aggregate principal amount not greater than twice the aggregate amount of cash contributions (other than Excluded Contributions and amounts
applied to make a Restricted Payment in accordance Section 4.04(b)(ii) made to the capital of the Issuer or such Guarantor after October 17, 2005 (other than any cash contributions in connection with the Transactions); provided,
however that: (1) if the aggregate principal amount of such Contribution Indebtedness is greater than the aggregate amount of such cash contributions to the capital of the Issuer or such Guarantor, as applicable, the amount in excess
shall be Indebtedness (other than Secured Indebtedness) with a Stated Maturity later than the Stated Maturity of the Notes; (2) such Contribution Indebtedness (a) is Incurred within 180 days after the making of such cash contributions and
(b) is so designated as Contribution Indebtedness pursuant to an Officers’ Certificate on the date of Incurrence thereof; and (3) such cash contribution is not and has not been included in the calculation of permitted Restricted
Payments under the covenant described in Section 4.04 herein. 
 “Credit Agreement” means (i) the Credit Agreement
dated October 17, 2005, among the Issuer, the financial institutions named therein and Credit Suisse, Cayman Islands Branch (or an affiliate thereof), as administrative agent, Deutsche Bank Securities Inc., as syndication agent, Bank of
America, N.A. and BNP Paribas Securities Corp., as documentation agents, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded,
refinanced or otherwise modified from time to time, including any one or more agreements or indentures extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or
agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof and (ii) whether or not the credit
agreement referred to in clause (i) remains outstanding, if designated by the Issuer to 

  

 -10- 

 
be included in the definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving
credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures
or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or
different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 
 “Default” means any event that is, or after notice or passage of time or both would be, an Event of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or one of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate setting forth the basis of such valuation, less the amount of Cash Equivalents received in
connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means Preferred
Stock of the Issuer or any parent of the Issuer (other than Disqualified Stock), that is issued for cash (other than to the Issuer or any of its Subsidiaries or an employee stock ownership plan or trust established by the Issuer or any of its
Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the issuance date thereof 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable, putable or
exchangeable), or upon the happening of any event: 
 (1) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person, or

 (3) is redeemable at the option of the holder thereof, in whole or in part, 
 in each case prior to 91 days after the maturity date of the Notes; 
 provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be
deemed to be Disqualified Stock; provided further, however, that (x) if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability and (y) such Capital Stock shall not constitute Disqualified Stock if such Capital Stock matures or is mandatorily redeemable or is redeemable 

  

 -11- 

 
at the option of the holders thereof as a result of a change of control or asset sale so long as the relevant asset sale or change of control provisions,
taken as a whole, are no more favorable in any material respect to holders of such Capital Stock than the asset sale and change of control provisions applicable to the Notes and any purchase requirement triggered thereby may not become operative
until compliance with the asset sale and change of control provisions applicable to the Notes (including the purchase of any Notes tendered pursuant thereto); provided further that any class of Capital Stock of such Person that by its
terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the Securities Exchange Act
of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Exchange Notes” means the debt
securities of the Issuer issued pursuant to this Indenture in exchange for, and in an aggregate principal amount equal to, the Initial Notes and the Additional Notes, if applicable, in compliance with the terms of the Registration Rights Agreement,
and includes any Private Exchange Notes. 
 “Excluded Contributions” means the Cash Equivalents or other assets (valued at
their Fair Market Value as determined in good faith by senior management or the Board of Directors of the Issuer) received by the Issuer from: 
 (1) contributions to its common Capital Stock, and 
 (2) the sale (other than to a Subsidiary
of the Issuer or pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Issuer or any of its Subsidiaries) of Capital Stock (other than Disqualified Stock and Designated
Preferred Stock) of the Issuer, 
 in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed by an Officer of the
Issuer). 
 “Existing 10 1/8% Senior Notes” means the $270.0 million principal amount of 10 1/8% Senior Notes due 2013 that were issued by the Issuer on October 17, 2005 and the $34.0 million principal amount of 10 1/8% Senior Notes due 2013 that were issued by the Issuer on May 3, 2006. 
 “Fair Market Value” means, with respect to any asset or property, the price that could be negotiated in an arm’s-length transaction between a willing seller and a willing and able buyer, neither
of whom is under undue pressure or compulsion to complete the transaction. 
  

 -12- 

 “Fixed Charges” means, with respect to any specified Person for any period, the sum,
without duplication, of: 
 (1) the consolidated interest expense (net of interest income) to the extent it relates to
Indebtedness of such Person and its Restricted Subsidiaries for such period and to the extent such expense was deducted in computing Consolidated Net Income, whether paid or accrued, including, without limitation, amortization of debt issuance costs
and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations (but excluding the amortization or write-off of deferred financing fees or
expenses of any bridge or other financing fee in connection with the Transactions); plus  
 (2) the consolidated
interest of such Person and its Restricted Subsidiaries that was capitalized during such period; plus  
 (3) any
interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is
called upon; plus  
 (4) to the extent not included in clause (1) above, the product of (a) all dividends,
whether paid or accrued and whether or not in cash, on any series of Disqualified Stock or Preferred Stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests (other than
Disqualified Stock) of the Issuer or to the Issuer or a Restricted Subsidiary of the Issuer, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local
statutory tax rate of such Person, expressed as a decimal, 
 in each case, on a consolidated basis and in accordance with GAAP. 
 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness or issues, repurchases or redeems
Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage
Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or
redemption of Disqualified Stock or Preferred Stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of such period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio, Investments, acquisitions, dispositions, mergers, consolidations or discontinued operations (as determined in accordance with GAAP) that have
been made by the Issuer or any Restricted Subsidiary during the four-quarter reference period or subsequent to such reference period and 

  

 -13- 

 
on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions,
dispositions, mergers, consolidations or discontinued operations (including the Transactions) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person (that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Investment, acquisition, disposition, merger or consolidation or discontinued any operation that would have
required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or discontinued
operation had occurred at the beginning of the applicable four-quarter period. For purposes of this definition, whenever pro forma effect is to be given to an Investment, acquisition, disposition, merger, consolidation or discontinued operation
(including the Transactions) and the amount of income or earnings relating thereto, the pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of the Issuer and shall comply with the requirements of
Rule 11-02 of Regulation S-X promulgated by the Commission, except that such pro forma calculations may include operating expense reductions for such period resulting from the transaction which is being given pro forma effect that have been realized
or for which substantially all the steps necessary for realization have been taken or are reasonably expected to be taken within twelve months following any such transaction, including, but not limited to, the execution or termination of any
contracts, the reduction of costs related to administrative functions or the termination of any personnel, as applicable; provided that, in either case, such adjustments are set forth in an Officers’ Certificate signed by the
Issuer’s chief financial officer and another Officer which states (i) the amount of such adjustment or adjustments, (ii) that such adjustment or adjustments are based on the reasonable good faith beliefs of the Officers executing such
Officers’ Certificate at the time of such execution and (iii) that any related incurrence of Indebtedness is permitted pursuant to this Indenture. If any Indebtedness bears a floating rate of interest and is being given pro forma effect,
the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if the related
hedge has a remaining term in excess of twelve months). 
 Interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to
above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may
optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such
optional rate chosen as the Issuer may designate. 
 “Flow Through Entity” means an entity that is treated as a partnership
not taxable as a corporation, a grantor trust or a disregarded entity for U.S. federal income tax purposes or subject to treatment on a comparable basis for purposes of state, local or foreign tax law. 
  

 -14- 

 “Foreign Subsidiary” means a Restricted Subsidiary not organized or existing under the
laws of the United States of America or any state or territory thereof or the District of Columbia and any direct or indirect subsidiary of such Restricted Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, in each case which are in effect
on October 17, 2005. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted
Subsidiary, but the interest of such Person in an Unrestricted Subsidiary shall be accounted for as an Investment. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and
reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 
 “Guarantee”
means any guarantee of the obligations of the Issuer under this Indenture and the Notes by any Person in accordance with the provisions of this Indenture. 
 “Guarantor” means any Person that Incurs a Guarantee provided, that upon the release or discharge of such Person from its Guarantee in accordance with this Indenture, such Person ceases to be a
Guarantor. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 
 (1) currency exchange or interest rate swap agreements, cap agreements and collar agreements; and 
 (2) other agreements or arrangements designed to manage exposure or protect such Person against fluctuations in currency exchange or
interest rates. 
 “holder” or “noteholder” means the Person in whose name a Note is registered on the
registrar’s books. 
 “Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the
time it becomes a Subsidiary. 
  

 -15- 

 “Indebtedness” means, with respect to any Person: 
 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed
money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid
purchase price of any property, except any such balance that constitutes a current account payable, trade payable or similar obligation Incurred, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations,
if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

 (2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor
or otherwise, the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 
 (3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or
not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value of such asset at such date of determination and (b) the amount of such
Indebtedness of such other Person; 
 provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include
(1) Contingent Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to
satisfy warranty or other unperformed obligations of the respective seller; (4) the Seller Preferred Stock whether or not reflected as a liability of the Issuer; (5) obligations to make payments in respect of money back guarantees offered
to customers in the ordinary course of business; (6) obligations to make payments to one or more insurers in respect of premiums collected by the Issuer on behalf of such insurers or in respect profit-sharing arrangements entered into with such
insurers, in each case in the ordinary course of business, or (7) the financing of insurance premiums with the carrier of such insurance or take or pay obligations contained in supply agreements, in each case entered into in the ordinary course
of business. 
 Notwithstanding anything in this Indenture, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of
accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of
Indebtedness under this Indenture. 
 “Indenture” means this Indenture as amended or supplemented from time to time.

 “Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant to Persons
engaged in a Similar Business, in each case of nationally recognized standing that is, in the good faith determination of the Board of Directors of the Issuer, qualified to perform the task for which it has been engaged. 
  

 -16- 

 “Initial Notes” means the 10 1/8% Senior Notes due 2013 issued by the Issuer on the Issue Date. 
 “Initial Purchasers” means Banc of America Securities LLC, Deutsche Bank Securities Inc. and such other initial purchasers party to the
purchase agreement entered into in connection with the offer and sale of the Notes. 
 “Investment Grade Securities” means:

 (1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent) by
Moody’s or BBB- (or equivalent) by S&P, or an equivalent rating by any other Rating Agency, but excluding any debt securities or loans or advances between and among the Issuer and its Subsidiaries, 
 (3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may
also hold immaterial amounts of cash pending investment and/or distribution, and 
 (4) corresponding instruments in countries
other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions
(excluding accounts receivable, trade credit and advances to customers and marketing partners and commission, travel and similar advances to officers, employees and consultants, in each case made in the ordinary course of business), purchases or
other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of the Issuer in the same manner as the other
investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04 herein: 
 (1) “Investments” shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair
Market Value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer
shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to: 
 (a) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation less  
  

 -17- 

 (b) the portion (proportionate to the Issuer’s equity interest in such Subsidiary)
of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by senior management or the Board of Directors of the Issuer. 
 “Issue Date” means June 5, 2009, the date on which the Notes are issued. 
 “Joint Venture” means any Person, other than an individual or a Subsidiary of the Issuer, (i) in which the Issuer or a Restricted
Subsidiary of the Issuer holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) and (ii) which is engaged in a Similar Business. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any other agreement to give a security interest and, any filing of or agreement to give any financing statement under
the Uniform Commercial Code or equivalent statutes of any jurisdiction (other than a filing for informational purposes)); provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “Management Group” means all of the individuals consisting of the directors, executive officers and other management personnel of the
Issuer or any direct or indirect parent company of the Issuer, as the case may be, on October 17, 2005 together with (1) any new directors whose election by such boards of directors or whose nomination for election by the shareholders of
the Issuer or any direct or indirect parent company of the Issuer, as the case may be, as applicable, was approved by (x) a vote of a majority of the directors of the Issuer or any direct or indirect parent of the Issuer as applicable, then
still in office who were either directors on October 17, 2005 or whose election or nomination was previously so approved or (y) the Permitted Holders and (2) executive officers and other management personnel of the Issuer or any
direct or indirect parent company of the Issuer, as the case may be, as applicable, hired at a time when the directors on October 17, 2005 together with the directors so approved constituted a majority of the directors of the Issuer or any
direct or indirect parent company of the Issuer, as the case may be, as applicable. 
 “Moody’s” means Moody’s
Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Income” means, with respect to any
Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends, less an amount equal to the amount of tax distributions actually made to the holders of Capital Stock
of such Person or any Parent of such Person in respect of a period in accordance with Section 4.04(b)(xii) herein as if such amounts had been paid as income taxes directly by such Person but only to the extent such amounts have not already been
accounted for as taxes reducing the net income (loss) of such Person. 
  

 -18- 

 “Net Proceeds” means the aggregate cash proceeds received by the Issuer or any of its
Restricted Subsidiaries in respect of any Asset Sale, including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs
relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses
Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of
principal, premium (if any) and interest on Indebtedness required other than pursuant to Section 4.06(b) or (c) to be paid as a result of such transaction (including to obtain any consent therefor), any deduction of appropriate amounts to
be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer after such sale or other disposition thereof, including, without limitation,
pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction and any distributions and the payments required to be made to minority
interest holders in Subsidiaries or Joint Ventures as a result of such Asset Sale. 
 “Non-Guarantor Restricted Subsidiary”
means any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor. 
 “Notes” means the Initial Notes and any
Additional Notes and Exchange Notes issued pursuant to this Indenture, in each case, in the forms set forth in Appendix A. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances),
damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of the Trustee and other third parties other
than the holders of the Notes. 
 “Offering Memorandum” means the confidential offering memorandum dated June 2, 2009
relating to the offer and sale by Affinion Group, Inc. of $150,000,000 principal amount of the Initial Notes. 
 “Officer”
means the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer or any of the Issuer’s Restricted
Subsidiaries. 
 “Officers’ Certificate” means a certificate signed on behalf of the Issuer by two Officers of the
Issuer or any of the Issuer’s Restricted Subsidiaries, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer or any of the Issuer’s Restricted
Subsidiaries, that meets the requirements set forth in this Indenture. 
  

 -19- 

 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee. 
 “Parent” means, with respect to any
Person, any direct or indirect parent company of such Person whose only material assets consist of the common Capital Stock of such Person. 
 “Pari Passu Indebtedness” means: 
 (1) with respect to the Issuer, the Notes and any Indebtedness
which ranks pari passu in right of payment with the Notes; and 
 (2) with respect to any Guarantor, its applicable
Guarantee and any Indebtedness which ranks pari passu in right of payment with such Guarantor’s Guarantee. 
 “Permitted
Holders” means, at any time, (1) the Sponsor and (2) the Management Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in
accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 
 “Permitted Investment” means: 
 (1) any Investment in the Issuer or any Restricted Subsidiary;

 (2) any Investment in Cash Equivalents or Investment Grade Securities; 
 (3) any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person if as a result of such Investment (a) such
Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its
assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 
 (4) any Investment in securities or
other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to the provisions of Section 4.06 herein or any other disposition of assets not constituting an Asset Sale; 
 (5) any Investment existing on October 17, 2005 and any Investments made pursuant to binding commitments in effect on
October 17, 2005; 
 (6) advances to employees not in excess of $15 million outstanding at any one time in the aggregate;
provided that advances that are forgiven shall continue to be deemed outstanding; 
  

 -20- 

 (7) any Investment acquired by the Issuer or any of its Restricted Subsidiaries
(a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other
Investment or accounts receivable or (b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

 (8) Hedging Obligations permitted under Section 4.03(b)(x) hereof; 
 (9) any Investment by the Issuer or any of its Restricted Subsidiaries in a Similar Business having an aggregate Fair Market Value, taken
together with all other Investments made pursuant to this clause (9) since October 17, 2005 that are at that time outstanding (without giving effect to the sale of Investments made pursuant to this clause (9) to the extent the
proceeds of such sale received by the Issuer and its Restricted Subsidiaries do not consist of Cash Equivalents), not to exceed the greater of (x) $95 million and (y) 4.0% of Total Assets of the Issuer at the time of such Investment (with
the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (9) is made in any Person that
is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause
(1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 
 (10) additional Investments by the Issuer or any of its Restricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (10) since
October 17, 2005 that are at that time outstanding (without giving effect to the sale of Investments made pursuant to this clause (10) to the extent the proceeds of such sale received by the Issuer and its Restricted Subsidiaries do not
consist of Cash Equivalents), not to exceed the greater of (x) $110 million and (y) 7.5% of Total Assets of the Issuer at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and
without giving effect to subsequent changes in value); 
 (11) loans and advances to officers, directors and employees for
business-related travel expenses, moving and relocation expenses and other similar expenses, in each case Incurred in the ordinary course of business; 
 (12) Investments the payment for which consists of Equity Interests of the Issuer or any Parent of the Issuer (other than Disqualified Stock); provided, however, that such Equity Interests shall not
increase the amount available for Restricted Payments under the calculation set forth in Section 4.04 (a)(3) hereof until such time as the Investment in such Equity Interests is no longer outstanding; 
 (13) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other
Persons; 
  

 -21- 

 (14) Investments consisting of purchases and acquisitions of inventory, supplies,
materials and equipment or purchases of contract rights or licenses or leases of intellectual property in each case in the ordinary course of business; 
 (15) Investments of a Restricted Subsidiary of the Issuer acquired after October 17, 2005 or of an entity merged into, amalgamated with, or consolidated with a Restricted Subsidiary of the Issuer in a transaction
that is not prohibited by the covenant described under Article 5 hereof after October 17, 2005 to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence
on the date of such acquisition, merger, amalgamation or consolidation; 
 (16) any Investment in the Notes; 
 (17) guarantees not prohibited by or required pursuant to, as the case may be, the covenants described in Sections 4.03 and 4.11 hereof;
and 
 (18) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the
provisions of the second paragraph of the covenant described under Section 4.07(b)(ii), (vi), (vii), (viii), (ix), (xi) and (xvi) hereof. 
 “Permitted Liens” means, with respect to any Person: 
 (1) pledges or
deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
such Person is a party, or deposits to secure public or statutory obligations, including those to secure health, safety, insurance and environmental obligations, of such Person or deposits of cash or U.S. government bonds to secure surety or appeal
bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not yet due or
being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 
 (3) Liens for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for nonpayment or which are
being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of issuers of performance and surety bonds or
bid bonds or with respect to other regulatory requirements or letters of credit issued at the request of and for the account of such Person in the ordinary course of its business; 
 (5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of 

  

 -22- 

 
real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection
with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (6) (A) Liens securing an aggregate principal amount of Pari Passu Indebtedness not to exceed the greater of (x) the aggregate
principal amount of Pari Passu Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(i) herein, and (y) the maximum principal amount of Indebtedness that, as of such date, and after giving effect to the Incurrence of
such Indebtedness and the application of the proceeds therefrom on such date, would not cause the Secured Indebtedness Leverage Ratio of the Issuer to exceed 3.00 to 1.00 and (B) Liens securing Indebtedness permitted to be Incurred pursuant to
clauses (ii), (iv) (provided, that, such Liens do not extend to any property or assets that are not property being purchased, leased, constructed or improved with the proceeds of such Indebtedness being Incurred pursuant to clause
(iv)), (xii) or (xix) (provided, that, in the case of clause (xix), such Liens do not extend to any property or assets of the Issuer or any Guarantor) of Section 4.03(b) herein; 
 (7) Liens existing on October 17, 2005 (other than with respect to Obligations in respect of the Credit Agreement); 
 (8) Liens on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens may not extend to any other
property owned by the Issuer or any Restricted Subsidiary of the Issuer; 
 (9) Liens on assets or property at the time the
Issuer or a Restricted Subsidiary of the Issuer acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the Issuer; provided,
however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other assets or property owned by the
Issuer or any Restricted Subsidiary of the Issuer; 
 (10) Liens securing Indebtedness or other obligations of a Restricted
Subsidiary owing to the Issuer or another Restricted Subsidiary of the Issuer permitted to be Incurred in accordance with Section 4.03 herein; 
 (11) Liens securing Hedging Obligations permitted to be Incurred Section 4.03(b)(x) herein; 
 (12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods; 
  

 -23- 

 (13) leases and subleases of real property granted to others in the ordinary course of
business that do not (i) materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries or (ii) secure any Indebtedness; 
 (14) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Issuer and its
Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in favor of the Issuer or any Guarantor; 

(16) Liens on equipment of the Issuer or any Restricted Subsidiary granted in the ordinary course of business to the Issuer’s
customer at the site at which such equipment is located; 
 (17) Liens securing insurance premiums financing arrangements,
provided that such Liens are limited to the applicable unearned insurance premiums; 
 (18) Liens on the Equity
Interests of Unrestricted Subsidiaries; 
 (19) grants of software and other licenses in the ordinary course of business;

 (20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (7), (8) and (9); provided, however, that (x) such new Lien shall be limited to all or
part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal
amount or, if greater, committed amount of the Indebtedness described under clauses (7), (8) and (9) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding, extension, renewal or replacement; 
 (21) judgment and attachment
Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 
 (22) Liens securing obligations Incurred in the ordinary course of business that do not exceed $15 million at any one time outstanding;

 (23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into in the ordinary course of business; 
 (24) Liens incurred to secure cash management services in the ordinary
course of business; 
 (25) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with importation of goods; and 
  

 -24- 

 (26) deposits made in the ordinary course of business to secure liability to insurance
carriers. 
 “Person” means any individual, corporation, partnership, limited liability company, Joint Venture, association,
joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution or winding up. 
 “Presumed Tax Rate” means the highest effective marginal statutory combined U.S. federal, state and local income tax rate prescribed for an individual residing in New York City (taking into account
(i) the deductibility of state and local income taxes for U.S. federal income tax purposes, assuming the limitation of Section 68(a)(2) of the Code applies and taking into account any impact of Section 68(f) of the Code, and
(ii) the character (long-term or short-term capital gain, dividend income or other ordinary income) of the applicable income). 
 “Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s control, a “nationally recognized statistical
rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Issuer or any Parent of the Issuer as a replacement agency for Moody’s or S&P, as the case may be. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such
Person. Unless otherwise indicated this Indenture all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 
 “S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to a
Person and the Issuer or such Restricted Subsidiary leases it from such Person, other than leases between the Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries of the Issuer. 
 “SEC” means the Securities and Exchange Commission. 
 “Secured Indebtedness” means any Indebtedness secured by a Lien. 
 “Secured
Indebtedness Leverage Ratio” means, with respect to any Person, at any date the ratio of (i) Secured Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in
accordance with GAAP) to (ii) Consolidated Cash Flow of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional 

  

 -25- 

 
Indebtedness is Incurred. In the event that the Issuer or any of its Restricted Subsidiaries Incurs or redeems any Indebtedness subsequent to the
commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Leverage Calculation
Date”), then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period. The
provisions applicable to pro forma transactions and Indebtedness set forth in the second paragraph of the definition of “Fixed Charge Coverage Ratio” shall apply for purposes of making the computation referred to in this paragraph.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Seller Preferred Stock” means the shares of the preferred stock to be issued by Holdings in the
Transactions, or subsequently issued shares issued in respect of payable-in-kind dividend payments therein or issued upon stock splits or redemptions or otherwise in respect thereof 
 “Senior Credit Documents” means the collective reference to any Credit Agreement, any notes issued pursuant thereto and the guarantees
thereof, and the collateral documents relating thereto, as amended, supplemented or otherwise modified from time to time. 
 “Senior
Subordinated Bridge Loan Facility” means the senior subordinated bridge loan facility among the Issuer, the financial institutions named therein and Credit Suisse, Cayman Islands Branch (or an affiliate thereof), as administrative agent,
entered into on October 17, 2005 in connection with the consummation of the Transactions. 
 “Significant Subsidiary”
means any Restricted Subsidiary that would be a “significant subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC or any successor provision. 
 “Similar Business” means any business or activity of the Issuer or any of its Subsidiaries currently conducted or proposed as of the
Issue Date, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof, or is complementary, incidental, ancillary or related thereto. 
 “Sponsor” means Apollo Management L.P., one or more investment funds controlled by Apollo Management, L.P. and any of their respective
Affiliates. 
 “Sponsor Consulting Agreement” means the Consulting Agreement between the Sponsor and the Issuer dated as of
October 17, 2005. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the
fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder
thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 
  

 -26- 

 “Stock Purchase Agreement” means the Purchase Agreement dated as of July 26, 2005,
as amended and supplemented on October 17, 2005, by and among Cendant, the Issuer and Affinion Group Holdings, Inc. (formerly Affinity Acquisition, Inc.), pursuant to which Cendant agreed to sell to the Issuer all of the equity interests of
Affinion Group, LLC (formerly Cendant Marketing Group, LLC) and Affinion International Holdings Limited (formerly Cendant International Holdings Limited). 
 “Subordinated Indebtedness” means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes and (b) with respect to
any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to its Guarantee. 
 “Subsidiary” means, with respect to any Person (1) any corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person or a combination thereof, (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form
of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Wholly Owned Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity and (3) any
Person that is consolidated in the consolidated financial statements of the specified Person in accordance with GAAP. 
 “Subsidiary
Guarantor” means each Subsidiary of the Issuer that is a Guarantor. 
 “TIA” means the Trust Indenture Act of 1939
(15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture. 
 “Total Assets” means, with respect to any
Person, the total consolidated assets of such Person and its Restricted Subsidiaries, as shown on the most recent balance sheet. 
 “Transaction Documents” means the Stock Purchase Agreement, the Credit Agreement and, in each case, any other document entered into in connection therewith, in each case as amended, supplemented or modified from time to
time 
 “Transactions” means, collectively, the Acquisition and the entering into of the Credit
Agreement, the Senior Subordinated Bridge Loan Facility and the indenture governing the Existing 10 1/8% Senior Notes. 

  

 -27- 

 “Trust Officer” means any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject, and who shall have direct responsibility for the administration of this Indenture.

 “Trustee” means the respective party named as such in this Indenture until a successor replaces it and, thereafter, means
the successor. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

 “Unrestricted Subsidiary” means: 
 (1) initially Affinion Loyalty, LLC; 
 (2) any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of such Person in the manner provided below; and 
 (3) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary of the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary or any of
its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Issuer or any other Subsidiary of the Issuer (other than any Subsidiary of the Subsidiary to be so designated); provided,
however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any of
its Restricted Subsidiaries (other than Equity Interests of Unrestricted Subsidiaries); provided further, however, that either: 
 (a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 
 (b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04. 
 The Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation: 
 (x) (1) the Issuer could Incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test under Section 4.03(a) herein
or (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be greater than such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis
taking into account such designation, and 
  

 -28- 

 (y) no Event of Default shall have occurred and be continuing. 
 Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means securities that are: 
 (1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged or 

(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the
timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by
such custodian for the account of the holder of such depository receipt; provided, that, (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness,
Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled principal
payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 
 “Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person and one or more
Wholly Owned Subsidiaries of such Person. 
  

 -29- 

 SECTION 1.02. Other Definitions. 
  

			
	 Term
	 	 Defined in
   Section

		
	 “Affiliate Transaction”
	 	4.07
		
	 “Asset Sale Offer”
	 	4.06(c)
		
	 “Bankruptcy Law”
	 	6.01
		
	 “Base Currency”
	 	12.16
		
	 “Change of Control Offer”
	 	4.08(b)
		
	 “covenant defeasance option”
	 	8.01(b)
		
	 “Custodian”
	 	6.01
		
	 “Definitive Note”
	 	Appendix A
		
	 “Depository”
	 	Appendix A
		
	 “Event of Default”
	 	6.01
		
	 “Excess Proceeds”
	 	4.06(c)
		
	 “Exchange Offer Registration Statement”
	 	Appendix A
		
	 “Global Notes”
	 	Appendix A
		
	 “Guaranteed Obligations”
	 	10.01(a)
		
	 “IAI”
	 	Appendix A
		
	 “incorporated provision”
	 	12.01
		
	 “Judgment Currency”
	 	12.16(b)
		
	 “legal defeasance option”
	 	8.01(b)
		
	 “Losses”
	 	4.03(b)
		
	 “Notes Custodian”
	 	Appendix A
		
	 “Offer Period”
	 	4.06(e)
		
	 “Paying Agent”
	 	2.04
		
	 “protected purchaser”
	 	2.08
		
	 “Purchase Agreement”
	 	Appendix A
		
	 “Private Exchange”
	 	Appendix A
		
	 “Private Exchange Note”
	 	Appendix A
		
	 “QIB”
	 	Appendix A
		
	 “Rates of Exchange”
	 	12.16(b)
		
	 “Refinancing Indebtedness”
	 	4.03(b)
		
	 “Refunding Capital Stock”
	 	4.04(b)
		
	 “Registered Exchange Offer”
	 	Appendix A
		
	 “Registrar”
	 	2.04
		
	 “Registration Rights Agreement”
	 	Appendix A
		
	 “Regulation S”
	 	Appendix A
		
	 “Regulation S Global Note”
	 	Appendix A
		
	 “Restricted Payments”
	 	4.04(a)
		
	 “Retired Capital Stock”
	 	4.04(b)
		
	 “Rule 144A”
	 	Appendix A
		
	 “Rule 144A Global Note”
	 	Appendix A
		
	 “Shelf Registration Statement”
	 	Appendix A
		
	 “Specified Merger/Transfer Transaction”
	 	5.01(a)
		
	 “Successor Issuer”
	 	5.01(a)
		
	 “Successor Guarantor”
	 	5.01(b)
		
	 “Transfer Restricted Notes”
	 	Appendix A

  

 -30- 

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture incorporates by
reference certain provisions of the TIA. The following TIA terms have the following meanings: 
 “Commission” means the SEC.

 “indenture securities” means the Notes and the Guarantees. 
 “indenture security holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or
“institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Issuer, the
Guarantors and any other obligor on the Notes. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of
Construction. Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) “including” means including without limitation; 
 (e) words in the
singular include the plural and words in the plural include the singular; 
 (f) unsecured Indebtedness shall not be deemed to
be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (g) the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 
 (h) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder
shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; and 
 (i) whenever in this Indenture there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention shall be deemed to include mention of the payment of additional interest and
Additional Amounts, to the extent that, in such context, additional interest or Additional Amounts are, were, or would be payable in respect thereof. 
  

 -31- 

 ARTICLE 2 
 THE NOTES 
 SECTION 2.01. Amount of Notes; Issuable in Series. The aggregate principal amount
of Notes which may be authenticated and delivered under this Indenture on the Issue Date is $150,000,000. Subject to Section 4.03, the Issuer may issue Additional Notes from time to time after the Issue Date without notice or the consent of
Holders. The Initial Notes, any Exchange Notes and any Additional Notes subsequently issued under this Indenture will be treated as a single class for all purposes hereunder, including, without limitation, waivers, amendments, redemptions and offers
to purchase. 
 SECTION 2.02. Form and Dating. Provisions relating to the Notes are set forth in Appendix A, which is hereby
incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes (if issued as Transfer Restricted Notes) and the Trustee’s
certificate of authentication shall each be substantially in the form set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Exchange Notes and the Trustee’s certificate of
authentication and (ii) any Additional Notes issued other than as Transfer Restricted Notes and the Trustee’s certificate of authentication shall each be substantially in the form set forth in Appendix A, which is hereby incorporated in
and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuer or any Guarantor is subject, if any, or usage (provided that any such
notation, legend or endorsement is in a form acceptable to the Issuer). Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and only in denominations of $1,000 and any
integral multiples thereof. 
 SECTION 2.03. Execution and Authentication. (a) The Trustee shall authenticate and make available
for delivery upon a written order of the Issuer signed by one Officer (i) Notes for original issue on the date hereof in an aggregate principal amount of $150,000,000, (ii) subject to the terms of this Indenture, Additional Notes in an
aggregate principal amount to be determined at the time of issuance and specified therein and (iii) the Exchange Notes for issue in a Registered Exchange Offer or Private Exchange pursuant to the Registration Rights Agreement for a like
principal amount of Initial Notes and, if applicable, any Additional Notes. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes are to be
Initial Notes, Additional Notes or Exchange Notes. Notwithstanding anything to the contrary in this Indenture or Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $1,000. 
 (b) One duly authorized Officer shall sign the Notes for the Issuer by manual signature. 
  

 -32- 

 (c) If an Officer whose signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless. 
 (d) A Note shall not be valid until an authorized signatory of the Trustee
manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (e) The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy
of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 (f) The Trustee is hereby authorized to enter into a letter of representations with the Depository in the form provided by the Issuer and to act in accordance with such letter. 
 SECTION 2.04. Registrar and Paying Agent. (a) The Issuer shall maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (the “Registrar”), and where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may have
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The Issuer initially appoints the Trustee as (i) Registrar, and Paying Agent in connection with the Notes and
(ii) the Custodian with respect to the Global Notes. 
 (b) The Issuer shall enter into an appropriate agency agreement with any
Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and
address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of the Issuer’s
domestically organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
 (c) The Issuer may remove any Registrar or Paying
Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an
appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until
the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying
Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08. 
  

 -33- 

 SECTION 2.05. Paying Agent to Hold Money in Trust. Prior to each due date of the principal of and
interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary of the Issuer is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum
sufficient to pay such principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money
held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly Owned Subsidiary of the Issuer acts as Paying Agent, it
shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.06. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the
Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 SECTION 2.07. Transfer and Exchange.
(a) The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a
transfer, the Registrar shall register the transfer as requested if its requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of the same series of other
denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request.
The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Issuer shall not be required to make, and the
Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to
be redeemed. 
 (b) Prior to the due presentation for registration of transfer of any Note, the Issuer, the Guarantors, the Trustee, each
Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note and for all other purposes
whatsoever, whether or not such Note is overdue, and none of the Issuer, any Guarantor, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary. 
 (c) Any Holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests
in such Global Note may be effected only through a book-entry system maintained by (a) the Holder of such Global Note (or its agent) or (b) any Holder of a beneficial interest in such Global Note, and that ownership of a beneficial
interest in such Global Note shall be required to be reflected in a book entry. 
  

 -34- 

 (d) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence
the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 SECTION 2.08. Replacement Notes. (a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall
authenticate a replacement Note of the same series if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Issuer or the Trustee within a reasonable time after such Holder has
notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to the Note being acquired by a protected
purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Issuer, such Holder shall
furnish an indemnity bond sufficient in the judgment of the Trustee to protect the Issuer, the Trustee, a Paying Agent and the Registrar from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the
Holder for their expenses in replacing a Note (including attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the
Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 
 (b) Every replacement Note is an
additional obligation of the Issuer and the Guarantors. 
 (c) The provisions of this Section 2.08 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.09. Outstanding Notes. (a) Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those redeemed
pursuant to Article 3 and those described in this Section 2.09 as not outstanding. Subject to Section 13.06, a Note does not cease to be outstanding because the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor holds the
Note. 
 (b) If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be
outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to
Section 2.08. 
 (c) If a Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or
maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Notes (or portions thereof) cease
to be outstanding and interest on them ceases to accrue. 
  

 -35- 

 SECTION 2.10. Temporary Notes. In the event that Definitive Notes are to be issued under the terms
of this Indenture, until such Definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the
Issuer consider appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive Notes and make them available for delivery in exchange for temporary Notes upon surrender of such
temporary Notes at the office or agency of the Issuer, without charge to the Holder. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as Definitive Notes. 
 SECTION 2.11. Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and each Paying Agent shall
forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose
of canceled Notes in accordance with its customary procedures or deliver canceled Notes to the Issuer pursuant to written direction by an Officer. The Issuer may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee
for cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 
 SECTION 2.12. Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest then borne by the Notes, as the case may be (plus interest on such defaulted interest to the
extent lawful), in any lawful manner. The Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date to the
reasonable satisfaction of the Trustee and shall promptly mail or electronically transmit or cause to be mailed or electronically transmitted to each affected Holder, with a copy to the Trustee, a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid. 
 SECTION 2.13. CUSIP Numbers, ISINs, etc. The Issuer in issuing the
Notes may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption, that reliance may be placed only on
the other identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common
Code” numbers. 
 SECTION 2.14. Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at any
date of determination, shall be the principal amount of the Notes outstanding at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal
amount of all the Notes then outstanding, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the Holders of which have so consented by
(b) the aggregate principal amount, as of such date of 

  

 -36- 

 
determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06
of this Indenture. Any such calculation made pursuant to this Section 2.14 shall be made by the Issuer and delivered to the Trustee pursuant to an Officers’ Certificate. 
 ARTICLE 3 
 REDEMPTION 
 SECTION 3.01. Redemption. The Notes may be redeemed, in whole, or from time to time in part, subject to the conditions and at the redemption
prices set forth in Paragraph 5 of the form of Notes set forth in Appendix A, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest and additional interest, if any, to the redemption
date. 
 SECTION 3.02. Applicability of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or
required by the Notes or any provision of this Indenture, shall be made in accordance with the Notes, such provision and this Article. 
 SECTION 3.03. Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of the applicable Note, they shall notify the Trustee in writing of (i) the Section of this
Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. The Issuer shall give notice to the Trustee provided for in this
paragraph at least 40 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the applicable Note, unless a shorter period is acceptable to the Trustee. Such notice shall be accompanied by an
Officers’ Certificate and Opinion of Counsel from the Issuer to the effect that such redemption shall comply with the conditions herein. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be
selected by the Issuer and given to the Trustee, which record date shall be not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed or electronically
transmitted to any Holder and shall thereby be void and of no effect. 
 SECTION 3.04. Selection of Notes to Be Redeemed. In the case
of any partial redemption, selection of the Notes for redemption shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or if the Notes are not so
listed, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that no Notes of $1,000 or less shall be redeemed
in part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof shall
be issued in the name of the holder thereof upon cancellation of the original Note. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the
paying agent funds sufficient to pay the principal of, plus accrued and unpaid interest and Additional Interest (if any) on, the Notes to be redeemed. 
  

 -37- 

 SECTION 3.05. Notice of Optional Redemption. (a) At least 30 days but not more than 60 days
before a redemption date (or such shorter period as is provided for in a redemption pursuant to Section 3.10), the Issuer shall mail or electronically transmit or cause to be mailed by first-class mail or electronically transmitted a notice of
redemption to each Holder whose Notes are to be redeemed. 
 Any such notice shall identify the Notes to be redeemed and shall state:

 (i) the redemption date; 
 (ii) the redemption price and the amount of accrued interest to the redemption date; 
 (iii)
the name and address of a Paying Agent; 
 (iv) that Notes called for redemption must be surrendered to a Paying Agent to
collect the redemption price, plus accrued interest; 
 (v) if fewer than all the outstanding Notes of a series are to be
redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes of a series to be redeemed and the aggregate principal amount of Notes of a series to be outstanding after such
partial redemption; 
 (vi) that, unless the Issuer defaults in making such redemption payment, interest on Notes (or portion
thereof) called for redemption ceases to accrue on and after the redemption date; 
 (vii) the CUSIP number, ISIN or
“Common Code” number, if any, printed on the Notes being redeemed; 
 (viii) that no representation is made as to
the correctness or accuracy of the CUSIP number or ISIN or “Common Code” number, if any, listed in such notice or printed on the Notes; and 
 (ix) the applicable provision in this Indenture or the Notes pursuant to which the Issuer is redeeming such Notes. 
 (b) At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this
Section 3.05 no later than 45 days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee). 
 SECTION
3.06. Effect of Notice of Redemption. Once notice of redemption is mailed or electronically transmitted in accordance with Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption
price stated in the notice. Upon surrender to any Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest to the redemption date; provided, however, that if the redemption date is
after a regular record date and on or prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant record date. Failure to give notice or any defect in the notice to any
Holder shall not affect the validity of the notice to any other Holder. 
  

 -38- 

 SECTION 3.07. Deposit of Redemption Price. With respect to any Notes, prior to 10:00 a.m., New
York City time, on the redemption date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary of the Issuer is a Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price
of and accrued interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Trustee for cancellation. On and after the redemption
date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Notes to be
redeemed. 
 SECTION 3.08. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the
Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
 ARTICLE 4 
 COVENANTS 
 SECTION 4.01. Payment of Notes. (a) The Issuer shall promptly pay the principal of (and premium, if any) and interest, on the Notes on the
dates and in the manner provided in the Notes and in this Indenture. An installment of principal of or interest on the Notes shall be considered paid on the date it is due if on such date the Trustee or any Paying Agent (other than the Issuer or any
of its Affiliates) holds in accordance with this Indenture money sufficient to pay all principal and interest then due. 
 (b) The Issuer
shall pay interest on overdue principal at the rate specified therefor in the Notes and shall pay interest on overdue installments of interest at the same rate borne by the Notes to the extent lawful. 
 SECTION 4.02. Reports and Other Information. (a) Notwithstanding that the Issuer may not be subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Issuer shall file with the SEC
(unless the SEC will not accept such a filing), and provide the Trustee and Holders with copies thereof, without cost to each Holder, within 15 days after it files (or attempts to file) them with the SEC, 
 (i) within the time periods specified by the Exchange Act, an annual report on Form 10-K (or any successor or comparable form) containing
the information required to be contained therein (or required in such successor or comparable form); 
  

 -39- 

 (ii) within the time periods specified by the Exchange Act, a quarterly report on Form
10-Q (or any successor or comparable form); and 
 (iii) all current reports that would be required to be filed with the SEC
on Form 8-K. 
 In addition, the Issuer shall make such information available to prospective investors upon request. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively (subject to Article 7 hereof) on Officers’ Certificates). 
 (b) For so long as the Notes remain outstanding during any
period when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer shall furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act. 
 (c) Notwithstanding the foregoing, the Issuer shall be deemed to have furnished such reports referred to above
to the Trustee and the Holders if it has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. In addition, such requirements shall be deemed satisfied prior to the commencement of the exchange offer
contemplated by the Registration Rights Agreement relating to the Notes or the effectiveness of the Shelf Registration Statement by the filing with the SEC of the Exchange Offer Registration Statement and/or Shelf Registration Statement in
accordance with the provisions of the Registration Rights Agreement, and any amendments thereto, with such financial information that satisfies Regulation S-X of the Securities Act and such registration statement and/or amendments thereto are filed
at times that otherwise satisfy the time requirements set forth in Section 4.02(a). 
 (d) If at any time any Parent of the Issuer
becomes a Guarantor (there being no obligation of any Parent to do so), holds no material assets other than cash, Cash Equivalents and the Capital Stock of the Issuer or of any direct or indirect parent corporation of the Issuer (and performs the
related incidental activities associated with such ownership) and complies with the requirements of Rule 3-10 of Regulation S-X promulgated by the SEC (or any successor provision), the reports, information and other documents required to be filed
and furnished to Holders pursuant to this Section 4.02 may, at the option of the Issuer, be filed by and be those of such Parent rather than the Issuer. 
 (e) Notwithstanding the foregoing, the Issuer shall not be required to furnish any information, certifications or reports required by Items 307 and 308 of Regulation S-K prior to the effectiveness of the Exchange
Offer Registration Statement or Shelf Registration Statement, as applicable. 
  

 -40- 

 SECTION 4.03. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and
Preferred Stock. (a) (i) the Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and
(ii) the Issuer shall not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Issuer and any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness)
or issue shares of Disqualified Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the
beginning of such four-quarter period. 
 (b) The limitations set forth in Section 4.03(a) shall not apply to: 
 (i) the Incurrence by the Issuer or its Restricted Subsidiaries of Indebtedness under any Credit Agreement and the issuance and creation
of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) up to an aggregate principal amount of $1,020 million
outstanding at any one time; 
 (ii) the Incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes
(excluding any Additional Notes) and the Guarantees, as applicable (and any exchange notes and guarantees thereof); 
 (iii) Indebtedness of the Issuer and its Restricted Subsidiaries existing on the Issue Date (other than Indebtedness described in Section 4.03(b)(i) and (ii)), including, without limitation, the Existing 10 1/8% Senior Notes and 11 1/2% Senior Subordinated Notes; 
 (iv) (1) Indebtedness (including Capitalized
Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries, Disqualified Stock issued by the Issuer or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Issuer to finance
(whether prior to or within 270 days after) the purchase, lease, construction or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets (but no
other material assets)) and (2) Acquired Indebtedness; provided, however, that the aggregate principal amount of Indebtedness, Disqualified Stock and Preferred Stock incurred pursuant to this clause (iv), when aggregated with the
principal amount of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding that was Incurred (or deemed Incurred as provided under clause (xiv) below) pursuant to this clause (iv), does not exceed the greater of
(x) $95 million and (y) 4.0% of Total Assets of the Issuer at the time of Incurrence; 
  

 -41- 

 (v) Indebtedness Incurred by the Issuer or any of its Restricted Subsidiaries
constituting reimbursement obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health,
disability or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation
claims; 
 (vi) Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification,
adjustment of purchase price or similar obligations, in each case, Incurred in connection with the disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other than guarantees of
Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 
 (vii) Indebtedness of the Issuer to a Restricted Subsidiary; provided that any such Indebtedness is subordinated in right of payment to the obligations of the Issuer under the Notes; provided,
further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except
to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any
Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted
Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock; 
 (ix) Indebtedness of a
Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a Guarantor incurs such Indebtedness, and such Indebtedness is owed to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is subordinated
in right of payment to the Guarantee of such Guarantor; provided further that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except (x) to the Issuer or another Restricted Subsidiary or (y) a pledge of Indebtedness referred to in this clause (ix) shall be deemed to be held
by the pledgor and shall not be deemed a transfer until the pledgee commences actions to foreclose on such Indebtedness) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 
 (x) Hedging Obligations that are Incurred not for speculative purposes and either (1) for the purpose of fixing or hedging interest
rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding or (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; 
  

 -42- 

 (xi) obligations (including reimbursement obligations with respect to letters of credit
and bank guarantees) in respect of performance, bid, appeal and surety bonds and completion guarantees provided by the Issuer or any Restricted Subsidiary, in each case, reasonably required in the conduct of the business (giving effect to any growth
or expansion of such business), including those to secure health, safety, insurance and environmental obligations of the Issuer and its Restricted Subsidiaries as conducted in accordance with good and prudent business industry practice; 

(xii) Indebtedness or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of any Restricted
Subsidiary of the Issuer not otherwise permitted hereunder in an aggregate principal amount which, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding
and Incurred pursuant to this clause (xii), does not exceed $100 million at any one time outstanding; 
 (xiii) any guarantee
by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of the Issuer or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness or other Obligations by the Issuer or such Restricted Subsidiary is
permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such
guarantor with respect to such Indebtedness shall be subordinated in right of payment to the Notes or such Guarantor’s Guarantee, as applicable, substantially to the same extent as such Indebtedness is subordinated to the Notes or the Guarantee
of such Restricted Subsidiary, as applicable; 
 (xiv) the Incurrence by the Issuer or any of its Restricted Subsidiaries of
Indebtedness or Disqualified Stock or Preferred Stock of a Restricted Subsidiary of the Issuer which serves to refund, refinance or defease any Indebtedness, Disqualified Stock or Preferred Stock Incurred as permitted under the first paragraph of
this covenant and clauses (ii), (iii), (iv), (xiv), (xv), (xviii) and (xix) of this Section 4.03(b), including any Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums and fees in connection therewith (subject
to the following provision, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 
 (1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded or refinanced; 
 (2) has a Stated Maturity which is no earlier than the earlier of (x) the Stated Maturity of the Indebtedness being refunded or refinanced or (y) at least 91 days later than the maturity date of October 15, 2013; 

(3) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Notes or the Guarantee of such
Restricted Subsidiary, as applicable, such Refinancing Indebtedness is junior to the Notes or the Guarantee of such Restricted Subsidiary, as applicable, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is
Disqualified Stock or Preferred Stock; 
  

 -43- 

 (4) is Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced plus premium and fees
Incurred in connection with such refinancing; 
 (5) shall not include (x) Indebtedness, Disqualified Stock or Preferred
Stock of a Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary that is a Subsidiary Guarantor, or (y) Indebtedness
of the Issuer or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; and 
 (6) in the case of any Refinancing Indebtedness Incurred to refinance Indebtedness outstanding under Section 4.03(b)(iv) or (xix), shall be deemed to have been Incurred and to be outstanding under such
Section 4.03(b)(iv) or (xix), as applicable, and not this Section 4.03(b)(xiv) for purposes of determining amounts outstanding under such Section 4.03(b)(iv) or (xix), 
 provided, further, that subclauses (1) and (2) of this Section 4.03(b)(xiv) shall not apply to any refunding, refinancing or defeasance of (A) the Notes or (B) any Secured
Indebtedness; 
 (xv) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by the Issuer or any of
its Restricted Subsidiaries or merged or amalgamated into the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture; provided, however, that such Indebtedness, Disqualified Stock or Preferred Stock is not
Incurred in contemplation of such acquisition, merger or amalgamation; provided further, however, that after giving effect to such acquisition, merger or amalgamation: 
 (1) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.03(a); or 
 (2) the Fixed Charge Coverage Ratio of the Issuer would be greater than or equal to such
ratio immediately prior to such acquisition; 
 (xvi) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 
  

 -44- 

 (xvii) Indebtedness of the Issuer or any Restricted Subsidiary supported by a letter of
credit or bank guarantee issued pursuant to the Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee, provided that if (i) the Indebtedness represented by such letter of
credit or bank guarantee is incurred under any of the clauses of this Section 4.03(b) and (ii) the Indebtedness incurred under this clause (xvii) is at any time no longer supported by such letter of credit or bank guarantee, then the
Indebtedness previously incurred under this clause (xvii) shall be classified under the preceding paragraph or under another available clause in this paragraph and if such Indebtedness may not be so reclassified, then an Event of Default under
this Indenture shall be deemed to have occurred; 
 (xviii) Contribution Indebtedness; 
 (xix) if the Issuer could not Incur $1.00 of additional Indebtedness pursuant to Section 4.03(a) after giving effect to such
borrowing, Indebtedness of Non-Guarantor Restricted Subsidiaries Incurred for working capital purposes and any refinancings of such Indebtedness; provided, however, that the aggregate principal amount of Indebtedness Incurred under
this clause (xix), when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred (or deemed Incurred pursuant to Section 4.03(b)(xiv) above) pursuant to this clause (xix), does not exceed $25 million; and

 (xx) Indebtedness Incurred by the Issuer or any of its Restricted Subsidiaries to fund losses, damages, liabilities,
claims, costs and expenses (including attorney’s fees, interest, penalties, judgments and settlements, collectively, “Losses”), by reason of any litigation existing on October 17, 2005, or relating to the same facts and
circumstances of such proceedings; provided that (as certified in an Officers’ Certificate delivered to the Trustee) (1) the Issuer has provided to Cendant notice in respect of such Losses and has a reasonable good faith belief it
is entitled to be indemnified by Cendant pursuant to the Stock Purchase Agreement in respect of such Losses and (2) the Indebtedness Incurred pursuant to this clause (xx) is in an amount equal to or less than the amount of the Losses for
which indemnification is claimed; provided further that (1) after 30 days of the Issuer’s receiving funds in satisfaction of such indemnity or (2) if Cendant gives written notice to the Issuer or a Restricted Subsidiary
that it disputes the Issuer’s entitlement to indemnity with respect to any Losses and (A) such dispute is not challenged by the Issuer within 30 days of receipt of such notice or (B) there is a final judgment of a court of competent
jurisdiction confirming that the Issuer is not entitled to such indemnity which judgment is not discharged, waived or stayed for a period of 60 days, any amounts Incurred pursuant to this clause (xx) in respect of such indemnity that remain
outstanding shall no longer be permitted under this clause (xx) and shall be deemed to be Incurred on such date. 
 (c) For purposes of
determining compliance with this Section 4.03, in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of one or more of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock
described in Section 4.03(b)(i) through (xx) above or is entitled to be Incurred pursuant to Section 4.03(a), the Issuer shall, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify, such item
of Indebtedness, Disqualified Stock or Preferred Stock in any manner that complies with this Section 4.03 and such item of Indebtedness, Disqualified 

  

 -45- 

 
Stock or Preferred Stock shall be treated as having been Incurred pursuant to one or more of such clauses Section 4.03(b)(i) through (xx) or
pursuant to Section 4.03(a). Notwithstanding the foregoing, Indebtedness under the Credit Agreement outstanding on October 17, 2005 will be deemed to have been incurred on such date in reliance on the exception provided by clause
4.03(b)(i) above and the Issuer shall not be permitted to reclassify all or any portion of such Indebtedness outstanding on October 17, 2005. Accrual of interest, the accretion of accreted value, amortization or original issue discount, the
payment of interest in the form of additional Indebtedness with the same terms, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, the accretion of liquidation preference and increases
in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.03. Guarantees of, or obligations in respect
of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of
the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 
 (d)
For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt;
provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced. 
 (e) (i) the Issuer shall not Incur any Indebtedness that is subordinate in right of payment
to any other Indebtedness of the Issuer unless it is subordinate in right of payment to the Notes to the same extent and (ii) the Issuer shall not permit any Guarantor to Incur any Indebtedness that is subordinate in right of payment to any
other Indebtedness of such Guarantor unless it is subordinate in right of payment to such Guarantor’s Guarantee to the same extent. For purposes of this Section 4.03(e), no Indebtedness shall be deemed to be subordinated in right of
payment to any other Indebtedness of the Issuer or any Guarantor, as applicable, solely by reason of any Liens or Guarantees arising or created in respect thereof or by virtue of the fact that the holders of any secured Indebtedness have entered
into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them. 
 SECTION
4.04. Limitation on Restricted Payments. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (i) declare or pay any dividend or make any distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests, including any payment with respect to such Equity Interests made in connection with any merger, amalgamation 

  

 -46- 

 
or consolidation involving the Issuer (other than (A) dividends or distributions by the Issuer payable solely in Equity Interests (other than
Disqualified Stock) of the Issuer; or (B) dividends or distributions by a Restricted Subsidiary on its common Equity Interests so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities
issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or
series of securities); 
 (ii) purchase or otherwise acquire or retire for value any Equity Interests of the Issuer or any
Parent of the Issuer, including in connection with any merger, amalgamation or consolidation; 
 (iii) make any principal
payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Issuer or any Restricted Subsidiary (other than the
payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the
date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses 4.03(b)(vii) and (ix)); or 
 (iv) make any Restricted Investment 
 (all
such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma basis as if the Restricted Payment had been made and any
Indebtedness Incurred on such date had been Incurred, (i) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a) and (ii) the
Consolidated Leverage Ratio of the Issuer would have been less than 5.0 to 1; and 
 (3) such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after October 17, 2005 (including Restricted Payments permitted by clauses (i), (iv) (only to the extent of one-half of the
amount paid pursuant to such clause), (vi) and (viii) of Section 4.04(b), but excluding all other Restricted Payments permitted by the next succeeding paragraph), is less than the sum, without duplication, of: 
 (A) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from July 1, 2005 to the end of
the Issuer’s most recently ended fiscal quarter for which internal financial 

  

 -47- 

 
statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such
deficit); provided, however, that, to the extent the Consolidated Leverage Ratio of the Issuer on a pro forma basis as if the Restricted Payment had been made and any Indebtedness Incurred on such date had been Incurred would have been
less than 3.0 to 1, then 75% of the Consolidated Net Income of the Issuer for the aforementioned period shall be included pursuant to this clause (3)(A), plus  
 (B) 100% of the aggregate net proceeds, including cash and the Fair Market Value (as determined in accordance with the next succeeding
sentence) of property other than cash, received by the Issuer after October 17, 2005 from the issue or sale of Equity Interests of the Issuer or any Parent of the Issuer (excluding (without duplication) Excluded Contributions, Refunding Capital
Stock, Designated Preferred Stock, Disqualified Stock and the Cash Contribution Amount) including Equity Interests (other than Refunding Capital Stock, Disqualified Stock or Designated Preferred Stock) issued upon conversion of Indebtedness or
Disqualified Stock or upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary of the Issuer or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries), plus 

 (C) 100% of the aggregate amount of contributions to the capital of the Issuer received in cash and the Fair Market Value
(as determined in accordance with the next succeeding sentence) of property other than cash after October 17, 2005 (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, Disqualified Stock, the Cash
Contribution Amount and contributions by a Restricted Subsidiary), plus  
 (D) 100% of the aggregate amount received
by the Issuer or any Restricted Subsidiary after October 17, 2005 in cash and the Fair Market Value (as determined in accordance with the next succeeding sentence) of property other than cash received by the Issuer or any Restricted Subsidiary
after October 17, 2005 from: 
 (I) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary
of the Issuer) of Restricted Investments made by the Issuer and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or
any of its Restricted Subsidiaries) and from repayments of loans or advances which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii) or (x)),

  

 -48- 

 (II) the sale (other than to the Issuer or a Restricted Subsidiary of the Issuer) of the
Capital Stock of an Unrestricted Subsidiary (other than an Unrestricted Subsidiary to the extent the investments in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to Section 4.04(b)(vii) or (x) or
to the extent such Investment constituted a Permitted Investment) or 
 (III) a distribution, dividend or other payment from
an Unrestricted Subsidiary, plus 
 (E) in the event any Unrestricted Subsidiary of the Issuer has been redesignated
as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer after October 17, 2005, the Fair Market
Value (as determined in accordance with the next succeeding sentence) of the Investments of the Issuer in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as
applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to clause (b)(vii) or (x) of this Section 4.04 or constituted a Permitted Investment). 

The Fair Market Value of property other than cash covered by clauses 3(B), (C), (D) and (E) above shall be determined in good faith by the Board of
Directors of the Issuer and 
 (x) in the event of property with a Fair Market Value in excess of $10.0 million, shall be set
forth in an Officers’ Certificate or 
 (y) in the event of property with a Fair Market Value in excess of $25.0 million,
shall be set forth in a resolution approved by at least a majority of the Board of Directors of the Issuer. 
 (b) The provisions of
Section 4.04(a) shall not prohibit: 
 (i) the payment of any dividend or distribution within 60 days after the date of
declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 
 (ii) (a) the repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) of the Issuer or any Parent of the Issuer or Subordinated Indebtedness of the Issuer, any Parent of the Issuer or
any Subsidiary Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale (other than the Cash Contribution Amount, Excluded Contributions or the sale of any Disqualified Stock or Designated Preferred Stock or any Equity
Interests sold to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its Subsidiaries) of Equity Interests of the Issuer or any Parent of the Issuer or contributions 

  

 -49- 

 
to the equity capital of the Issuer (collectively, including any such contributions, “Refunding Capital Stock”) and (B) the declaration
and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of
its Subsidiaries) of Refunding Capital Stock; 
 (iii) the redemption, repurchase or other acquisition or retirement of
Subordinated Indebtedness of the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale (or as promptly as practicable after giving any requisite notice to the holders of such
Subordinated Indebtedness) of, new Indebtedness of the Issuer or any Subsidiary Guarantor which is Incurred in accordance with Section 4.03 so long as 
 (A) the principal amount of such new Indebtedness does not exceed the principal amount of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired for value (plus the amount of any premium
required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired plus any fees incurred in connection therewith), 
 (B) such Indebtedness is Incurred by the Issuer or by a Subsidiary Guarantor in respect of refinanced Indebtedness of a Subsidiary
Guarantor and, in each case, is subordinated to the Notes, or the related Guarantee, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or retired for value,

 (C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) final scheduled
maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired or (y) at least 91 days later than October 15, 2013, and 
 (D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the remaining Weighted Average
Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired; 
 (iv) the repurchase,
retirement or other acquisition for value (or dividends to any Parent of the Issuer to finance any such repurchase, retirement or other acquisition for value) of Equity Interests of the Issuer or any Parent of the Issuer held by any future, present
or former employee, director or consultant of the Issuer, any Parent of the Issuer or any Subsidiary of the Issuer pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or
arrangement made after October 17, 2005; provided, however, that the aggregate amounts paid under this clause (iv) do not exceed $12.5 million in any calendar year commencing with 2005 (with unused amounts in any calendar
year being permitted to be carried over to the following two calendar years subject to a maximum payment (without giving effect 

  

 -50- 

 
to the following proviso) of $25 million in any calendar year); provided further however, that such amount in any calendar year may be
increased by an amount not to exceed: 
 (A) the cash proceeds received by the Issuer or any of its Restricted Subsidiaries
from the sale of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of the Issuer after October 17, 2005 to members of management, directors or consultants of the Issuer, any Parent of the Issuer and Restricted
Subsidiaries of the Issuer (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend shall not increase the amount available for Restricted Payments under
Section 4.04(b)(iii)(C)); plus  
 (B) the cash proceeds of key man life insurance policies received by the
Issuer, any Parent of the Issuer (to the extent contributed to the Issuer) or the Restricted Subsidiaries of the Issuer after October 17, 2005; less  
 (C) the amount of any Restricted Payments previously made pursuant to Sections 4.04(b)(iv)(A) and (B); 
 (v) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or any
of its Restricted Subsidiaries issued or incurred in accordance with Section 4.03; 
 (vi) the declaration and payment of
dividends or distributions (a) to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after October 17, 2005 and (b) to any Parent of the Issuer, the proceeds of which shall be used to
fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any Parent of the Issuer issued after October 17, 2005; provided, however, that (A) in the case
of subclause (a) and (b) of this Section 4.04(b)(vi), for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred
Stock, after giving effect to such issuance (and the payment of dividends or distributions) on a pro forma basis, the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test under
Section 4.03(a) and (B) the aggregate amount of dividends declared and paid pursuant to subclause (a) and (b) of this Section 4.04(b)(vi) does not exceed the net cash proceeds actually received by the Issuer from any such
sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 
 (vii) Investments in
Unrestricted Subsidiaries since October 17, 2005 having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed $35 million at the time
of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided that the dollar amount of Investments made pursuant to this clause
(vii) shall not be reduced by the sale, disposition or other transfer of such Investments unless the proceeds of such sale, disposition or other transfer are received by the Issuer and/or its Restricted Subsidiaries; 
  

 -51- 

 (viii) the payment of dividends on the Issuer’s common Capital Stock (or the payment
of dividends to any Parent of the Issuer to fund the payment by such Parent of the Issuer of dividends on such entity’s common Capital Stock) of up to 7.5% per annum of the net cash proceeds received by or contributed to the Issuer from
any public offering of common Capital Stock, other than public offerings with respect to common Capital Stock of the Issuer or any Parent of the Issuer registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded
Contribution; 
 (ix) Investments that are made with Excluded Contributions; 
 (x) other Restricted Payments since October 17, 2005 in an aggregate amount not to exceed $40 million; 
 (xi) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted
Subsidiary of the Issuer by, Unrestricted Subsidiaries (other than to the extent such Investments were made pursuant to clauses (vii) or (x) of this Section 4.04(b) or pursuant to clauses (9) or (10) of the definition of
Permitted Investments); 
 (xii) (a) with respect to each tax year or portion thereof that any direct or indirect parent of
the Issuer qualifies as a Flow Through Entity, the distribution by the Issuer to the holders of Capital Stock of such direct or indirect parent of the Issuer of an amount equal to the product of the amount of aggregate net taxable income of the
Issuer allocated by the Issuer to the holders of Capital Stock of the Issuer for such period and the Presumed Tax Rate for such period; and (b) with respect to any tax year or portion thereof that any direct or indirect parent of the Issuer
does not qualify as a Flow Through Entity, payment of dividends or other distributions to any direct or indirect parent of the Issuer that files a consolidated U.S. federal tax return that includes the Issuer and its subsidiaries in an amount not to
exceed the amount that the Issuer and its Restricted Subsidiaries would have been required to pay in respect of federal, state or local taxes, as the case may be, in respect of such year if the Issuer and its Restricted Subsidiaries had paid such
taxes directly as a stand-alone taxpayer or stand-alone group; 
 (xiii) the declaration and payment of dividends to, or the
making of loans to, any Parent of the Issuer (a) in amounts required for such entity to pay general corporate overhead expenses (including salaries, bonuses, benefits paid to management and employees of any Parent and professional and
administrative expenses) for any direct or indirect parent entity of the Issuer to the extent such expenses are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries and (b) in amounts required for any Parent
of the Issuer to pay interest and/or principal on Indebtedness that satisfies each of the following: (i) the proceeds of which were contributed to the Issuer or any of its Restricted Subsidiaries, (ii) that has been guaranteed by, or is
otherwise considered Indebtedness of, the Issuer Incurred in accordance with Section 4.03 and (iii) that was incurred (A) to refund, refinance or defease Indebtedness of such Parent of the Issuer or the Issuer and (B) pursuant to
Section 4.04(a) or Section 4.03(b)(xiv); 
  

 -52- 

 (xiv) any Restricted Payment used to fund the Transactions and the fees and expenses
related thereto or made in connection with the consummation of the Transactions (including payments made pursuant to or as contemplated by the Transaction Documents, whether payable on October 17, 2005 or thereafter), or owed by any Parent of
the Issuer, the Issuer or Restricted Subsidiaries of the Issuer to Affiliates, in each case to the extent permitted by Section 4.07; 
 (xv) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xvi) payments of cash, or dividends, distributions or advances by the Issuer or any Restricted Subsidiary to allow any such entity to
make payments of cash, in lieu of the issuance of fractional shares upon the exercise of warrants or upon the conversion or exchange of Capital Stock of any such Person; provided, however, that the aggregate amount of such payments,
dividends, distributions or advances does not exceed $4 million; 
 (xvii) (a) the payment, purchase, redemption, defeasance
or other acquisition or retirement of Subordinated Indebtedness, Disqualified Stock or Preferred Stock of the Issuer and its Restricted Subsidiaries and (b) the payment of dividends, distributions and advances to any Parent of the Issuer to
allow such Parent to purchase, repurchase, redeem or otherwise acquire or retire for value shares of Seller Preferred Stock, in each case pursuant to provisions similar to those of Section 4.06 and 4.08; provided that, prior to such
payment, purchase, redemption, defeasance or other acquisition or retirement, the Issuer (or a third party to the extent permitted by this Indenture) has made a Change of Control Offer or Asset Sale Offer, as the case may be, with respect to the
Notes as a result of such Change of Control or Asset Sale, as the case may be, and has repurchased all Notes validly tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case may be; and 

(xviii) the repayment of Indebtedness of the Issuer outstanding under the Senior Subordinated Bridge Loan Facility
out of the proceeds from the sale on May 3, 2006 by the Issuer of Existing 10 1/8% Senior Notes pursuant to
Section 4.03(b)(ii) in an amount not to exceed $33.6 million; 
 provided, however, that at the time of, and after giving effect
to, any Restricted Payment permitted under clauses (iv), (v), (vi), (vii), (viii), (x), (xi), (xvii) and (xviii) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof.

 The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Issuer or such Subsidiary, as the case may be, pursuant to the Restricted Payment. Except as otherwise provided herein, the Fair Market Value of any assets or securities that are
required to be valued by this covenant shall be determined in good faith by senior management or the Board of Directors of the Issuer. 
  

 -53- 

 (c) As of the Issue Date, all of the Issuer’s Subsidiaries (except for Affinion Loyalty, LLC) shall
be Restricted Subsidiaries. The Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as
an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted Payments or Permitted Investments in an amount
determined as set forth in the last sentence of the definition of “Investments.” Such designation shall only be permitted if Restricted Payments or Permitted Investments in such amount would be permitted at such time and if such Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. 
 SECTION 4.05. Dividend and Other Payment Restrictions Affecting
Subsidiaries. The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the
ability of any Restricted Subsidiary to: 
 (a) pay dividends or make any other distributions to the Issuer or any of its
Restricted Subsidiaries (1) on its Capital Stock or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries;

 (b) make loans or advances to the Issuer or any of its Restricted Subsidiaries; or 
 (c) sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries; 
 except in each case for such encumbrances or restrictions existing under or by reason of: 
 (1) contractual encumbrances or restrictions in effect on October 17, 2005, including pursuant to the Credit
Agreement, other Senior Credit Documents and the indenture governing the Existing 10 1/8% Senior Notes; 
 (2) this Indenture and the Notes (and any Exchange Notes and Guarantees thereof); 
 (3) applicable law or any applicable rule, regulation or order; 
 (4) any agreement or other instrument of a Person acquired by the Issuer or any Restricted Subsidiary which was in existence at the time
of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;

  

 -54- 

 (5) contracts or agreements for the sale of assets, including customary restrictions with
respect to a Subsidiary pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 
 (6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and 4.12 that limit the right of the debtor to
dispose of the assets securing such Indebtedness; 
 (7) restrictions on cash or other deposits or net worth imposed by
customers, suppliers or other vendors under contracts entered into in the ordinary course of business; 
 (8) customary
provisions in joint venture agreements and other similar agreements (including customary provisions in agreements relating to any Joint Venture); 
 (9) purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose restrictions of the nature discussed in Section 4.05(c) on the property so
acquired; 
 (10) customary provisions contained in leases, licenses, contracts and other similar agreements entered into in
the ordinary course of business that impose restrictions of the type described in Section 4.05(c) on the property subject to such lease; 
 (11) the indenture governing the 11 1/2
% Senior Subordinated Notes as in effect on the Issue Date; 
 (12) other
Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the Issuer that is Incurred subsequent to October 17, 2005 and permitted pursuant to Section 4.03; provided that such encumbrances and restrictions
contained in any agreement or instrument shall not materially affect the Issuer’s ability to make anticipated principal or interest payments on the Notes (as determined in good faith by senior management or the Board of Directors of the
Issuer); and 
 (13) any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) of this
Section 4.05 imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through
(12) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of senior management or the Board of Directors of the
Issuer, no more restrictive as a whole with respect to such encumbrances and restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or liquidating
distributions prior to dividends or liquidating distributions being paid on common Capital Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the
Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness Incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 
  

 -55- 

 SECTION 4.06. Asset Sales. (a) The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the Issuer or any of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as
determined in good faith by the Board of Directors of the Issuer) of the assets sold or otherwise disposed of and (y) at least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the
form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on the Issuer’s or such
Restricted Subsidiary’s most recent balance sheet) of the Issuer or any Restricted Subsidiary of the Issuer (other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets,

 (ii) any notes or other obligations or other securities or assets received by the Issuer or such Restricted Subsidiary of
the Issuer from such transferee that are converted by the Issuer or such Restricted Subsidiary of the Issuer into cash within 180 days of the receipt thereof (to the extent of the cash received), and 
 (iii) any Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale having an
aggregate Fair Market Value (as determined in good faith by the Board of Directors of the Issuer), taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to
exceed the greater of $50 million or 2.5% of Total Assets of the Issuer at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time
received and without giving effect to subsequent changes in value) 
 shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a).

 (b) Within 365 days after the receipt by the Issuer or any Restricted Subsidiary of the Issuer of the Net Proceeds of any Asset Sale, the
Issuer or such Restricted Subsidiary of the Issuer may apply the Net Proceeds from such Asset Sale, at its option: 
 (i) to
repay Secured Indebtedness, including Indebtedness under the Credit Agreement and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto or Pari Passu Indebtedness
(provided that if the Issuer or any Guarantor shall so reduce Obligations under Pari Passu Indebtedness (other than Pari Passu Indebtedness that is Secured Indebtedness), the Issuer shall equally and ratably reduce Obligations
under the Notes if the Notes are then prepayable or, if the Notes may not then be prepaid, by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all holders to purchase at a purchase price equal to 100% of
the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, the pro rata principal amount of Notes that would otherwise be prepaid) or Indebtedness of a Restricted Subsidiary that is not a Guarantor, in each case
other than Indebtedness owed to the Issuer or an Affiliate of the Issuer; or 
  

 -56- 

 (ii) to make an investment in any one or more businesses (provided that if such
investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), or capital expenditures or assets, in each case used or useful in a Similar Business;
and/or 
 (iii) to make an investment in any one or more businesses (provided that if such investment is in the form of
the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), properties or assets that replace the properties and assets that are the subject of such Asset Sale or Event of
Loss; 
 provided that in the case of this Section 4.06(b)(ii) and (iii), a binding commitment shall be treated as a permitted application of the
Net Proceeds from the date of such commitment so long as to purchase (x) such purchase is consummated within 545 days after the receipt by the Issuer or any Restricted Subsidiary of the Net Proceeds of any Asset Sale and (y) if such
purchase is not consummated within the period set forth in subclause (x), the Net Proceeds not so applied shall be deemed to be Excess Proceeds (as defined below). 
 (c) Pending the final application of any Net Proceeds from an Asset Sale, the Issuer or such Restricted Subsidiary of the Issuer may temporarily reduce Indebtedness under a revolving credit facility, if any, or
otherwise invest such Net Proceeds in Cash Equivalents or Investment Grade Securities. Any Net Proceeds from any Asset Sale that are not applied as provided and within the time period set forth in clause (b) of this Section 4.06 (it being
understood that any portion of such Net Proceeds used to make an offer to purchase the Notes, as described in Section 4.06(b)(i), shall be deemed to have been invested whether or not such offer is accepted) shall be deemed to constitute
“Excess Proceeds.” 
 When the aggregate amount of Excess Proceeds exceeds $25 million, the Issuer shall make an offer to
all holders of Notes (and, at the option of the Issuer, to holders of any Pari Passu Indebtedness) (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes (and such Pari Passu Indebtedness) that is an
integral multiple of $1,000 that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such Pari Passu Indebtedness was issued with significant
original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest and Additional Interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the terms of
such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. 
 The Issuer shall commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $25 million by mailing or electronically transmitting the notice
required pursuant to the terms of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the
Issuer may use any remaining Excess Proceeds for any purpose that is not prohibited by this 

  

 -57- 

 
Indenture. If the aggregate principal amount of Notes surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the
Notes (and such Pari Passu Indebtedness) to be purchased in accordance with Section 4.06(g). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (d) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such
laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 
 (e) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Issuer shall deliver to the Trustee an Officers’ Certificate as to (i) the
amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Sections 4.06(b) and (c).
On such date, the Issuer shall also irrevocably deposit with the Trustee or with a paying agent (or, if a Wholly Owned Restricted Subsidiary of the Issuer is acting as a Paying Agent, segregate and hold in trust) an amount equal to the Excess
Proceeds to be invested in Cash Equivalents, as directed in writing by the Issuer, and to be held for payment in accordance with the provisions of this Section 4.06. Upon the expiration of the period for which the Asset Sale Offer remains open
(the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer. The Trustee (or a Paying Agent, if not the
Trustee) shall, on the date of purchase, mail or deliver payment to each tendering Holder in the amount of the purchase price. In the event that the Excess Proceeds delivered by the Issuer to the Trustee is greater than the purchase price of the
Notes tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration of the Offer Period for application in accordance with Section 4.06. 
 (f) Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuer at the
address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the Issuer receive not later than one Business Day prior to the Purchase Date, a
telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered by the Holder for purchase and a statement that such Holder is withdrawing his election to have such Note
purchased. If at the end of the Offer Period more Notes (and Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuer is required to purchase, the principal amount of the Notes (and Pari Passu Indebtedness)
to be purchased shall be determined pro rata based on the principal amounts so tendered and the selection of the actual Notes for purchase shall be made by the Trustee on a pro rata basis to the extent practicable; provided, however,
that no Notes (or Pari Passu Indebtedness) of $1,000 or less shall be purchased in part. 
 (g) Notices of an Asset Sale Offer shall
be mailed by first class mail, postage prepaid or electronically transmitted, at least 30 but not more than 60 days before the purchase date to each Holder at such Holder’s registered address. If any Note is to be purchased in part only, any
notice of purchase that relates to such Note shall state the portion of the principal amount thereof that is to be purchased. 
  

 -58- 

 (h) A new Note of the same series in principal amount equal to the unpurchased portion of any Note
purchased in part shall be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the purchase date, unless the Issuer defaults in payment of the purchase price, interest shall cease to accrue on Notes or
portions thereof purchased. 
 SECTION 4.07. Transactions with Affiliates. (a) The Issuer shall not, and shall not permit any of
its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction
or series of transactions, contract, agreement, understanding, loan, advance or guarantee with or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration
in excess of $5 million, unless: 
 (i) such Affiliate Transaction is on terms that are not less favorable to the Issuer or
the relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; and 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$20 million, the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying that such
Affiliate Transaction complies with Section 4.07(a)(i). 
 (b) The provisions of Section 4.07(a) shall not apply to the following:

 (i) transactions between or among the Issuer and/or any of its Restricted Subsidiaries; 
 (ii) Restricted Payments permitted by the provisions of Section 4.04 and under the definition of “Permitted Investments;”

 (iii) the entering into of any agreement (and any amendments or modifications to such agreements) to pay, and the payment
of, (i) management, consulting, monitoring and advisory fees and expenses to the Sponsor in an aggregate amount in any fiscal year not to exceed the greater of (x) $5 million and (y) 2% of Consolidated Cash Flow, and expense
reimbursement, in each case made pursuant to any agreement, or any agreement contemplated by such agreement, each as described under the caption “Certain Relationships and Related Party Transactions” in the Issuer’s Registration
Statement on Form S-4 (File No. 333-133895), as amended, which was declared effective by the SEC on August 11, 2006 and (ii) the termination fees pursuant to the Sponsor Consulting Agreement not to exceed the amount set forth in the
Sponsor Consulting Agreement as in effect on October 17, 2005; 
  

 -59- 

 (iv) the payment of reasonable and customary fees to, and indemnity provided on behalf of
officers, directors, employees or consultants of the Issuer, any Parent of the Issuer or any Restricted Subsidiary of the Issuer; 
 (v) payments by the Issuer or any of its Restricted Subsidiaries to the Sponsor made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without
limitation, in connection with acquisitions or divestitures, which payments are (x) approved by a majority of the Board of Directors of the Issuer in good faith or (y) made pursuant to any agreement, or any agreement contemplated by such
agreement, each as described under the caption “Certain Relationships and Related Party Transactions” in the Issuer’s Registration Statement on Form S-4 (File No. 333-133895), as amended, which was declared effective by the SEC
on August 11, 2006; 
 (vi) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be,
delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 4.07(a); 
 (vii) payments or loans (or cancellation of loans) to employees or consultants that are (x) approved by a majority of the Board of
Directors of the Issuer in good faith, (y) made in compliance with applicable law and (z) otherwise permitted under this Indenture; 
 (viii) any agreement as in effect as of October 17, 2005 and any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the holders
of the Notes in any material respect than the original agreement as in effect on October 17, 2005) or any transaction contemplated thereby as determined in good faith by senior management or the Board of Directors of the Issuer; 
 (ix) the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, the
Transaction Documents and any amendment thereto or similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its
obligations under, any future amendment to any such existing agreement or under any similar agreement entered into after October 17, 2005 shall only be permitted by this clause (ix) to the extent that the terms of any such existing
agreement together with all amendments thereto, taken as a whole, or new agreement are not otherwise more disadvantageous to the holders of the Notes in any material respect than the original agreement as in effect on October 17, 2005;

 (x) transactions to effect the Transactions and the payment of all fees and expenses related to the Transactions, as
described in the Issuer’s Registration Statement on Form S-4 (File No. 333-133895), as amended, which was declared effective by the SEC on August 11, 2006; 
  

 -60- 

 (xi) transactions with customers, clients, suppliers, or purchasers or sellers of goods
or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture that are fair to the Issuer or the Restricted Subsidiaries, in the reasonable determination of the members of the Board of
Directors or the senior management of the Issuer, or are on terms at least as favorable as would reasonably have been entered into at such time with an unaffiliated party; 
 (xii) if otherwise permitted under this Indenture, the issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any
Permitted Holder or to any director, officer, employee or consultant of the Issuer or any Parent of the Issuer; 
 (xiii) the
issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of
Directors of the Issuer or of a Restricted Subsidiary of the Issuer, as appropriate, in good faith; 
 (xiv) the entering into
of any tax sharing agreement or arrangement and any payment permitted by Section 4.04(b)(12); 
 (xv) any contribution to
the capital of the Issuer; 
 (xvi) transactions between the Issuer or any of its Restricted Subsidiaries and any Person, a
director of which is also a director of the Issuer or any direct or indirect parent company of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or such direct or indirect parent
company, as the case may be, on any matter involving such other Person; 
 (xvii) pledges of Equity Interests of Unrestricted
Subsidiaries; and 
 (xviii) any employment agreements entered into by the Issuer or any of its Restricted Subsidiaries in the
ordinary course of business. 
 SECTION 4.08. Change of Control. (a) Upon the occurrence of a Change of Control, each holder
shall have the right to require the Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase
(subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), except to the extent the Issuer has previously elected to redeem Notes pursuant to Paragraph 5 on the reverse of
the Notes. 
 (b) Within 30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the
Notes pursuant to Paragraph 5 on the reverse of the Notes or except to the extent all of the conditions set forth in the following paragraph are met, the Issuer shall mail or electronically transmit a notice (a “Change of Control
Offer”) to each holder with a copy to the Trustee stating: 
 (i) that a Change of Control has occurred and that such
holder has the right to require the Issuer to purchase such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase
(subject to the right of holders of record on a record date to receive interest on the relevant interest payment date); 
  

 -61- 

 (ii) the circumstances and relevant facts and financial information regarding such Change
of Control; 
 (iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such
notice is mailed); and 
 (iv) the instructions determined by the Issuer, consistent with this covenant, that a holder must
follow in order to have its Notes purchased. 
 The Issuer shall not be required to make a Change of Control Offer upon a Change of Control
if all of the following conditions are met: 
 (i) on a pro forma basis after giving effect to such Change of Control
transaction, the Issuer’s Fixed Charge Coverage Ratio would not be lower than its Fixed Charge Coverage Ratio on the date immediately prior to the consummation of the Change of Control transaction; 
 (ii) on a pro forma basis after giving effect to such Change of Control transaction, and immediately prior to the public announcement of
such Change of Control transaction, the Fixed Charge Coverage Ratio for the Issuer is or would be, as applicable, equal to or higher than the Fixed Charge Coverage Ratio for the Issuer on October 17, 2005; 
 (iii) on a pro forma basis after giving effect to such Change of Control transaction, the Issuer is permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.03 herein; and 
 (iv) at the time such Change of Control is consummated, no Default or Event of Default has occurred and is continuing or would occur as a result thereof. 
 In addition, the Issuer shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control
Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change
of Control Offer. 
 A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if
a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 
  

 -62- 

 (c) Holders electing to have a Note purchased shall be required to surrender the Note, with an
appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be entitled to withdraw their election if the Trustee or the Issuer receive not later
than one Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note which was delivered for purchase by the Holder and a statement that such
Holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
 (d) On the purchase date, all Notes purchased by the Issuer under this Section shall be delivered to the Trustee for cancellation, and the Issuer shall
pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto. 
 (e) Notwithstanding the foregoing provisions of
this Section, the Issuer shall be deemed to have made a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in
Section 4.08(b) applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (f) At the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an Officers’
Certificate stating that such Notes are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08. A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an
agent, mails or delivers payment therefor to the surrendering Holder. 
 (g) Prior to any Change of Control Offer, the Issuer shall deliver
to the Trustee an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Issuer to make such offer have been complied with. 
 (h) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant
to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be
deemed to have breached its obligations under this paragraph by virtue thereof. 
 SECTION 4.09. Compliance Certificate. (a) The
Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Issuer they would
normally have knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take
with respect thereto. The Issuer also shall comply with Section 314(a)(4) of the TIA. 
  

 -63- 

 (b) When any Default has occurred and is continuing under this Indenture, the Issuer shall deliver to the
Trustee, within 30 days after the occurrence thereof by registered or certified mail or facsimile transmission, an Officer’s Certificate specifying such event, notice or other action or inaction, its status and what action the Issuer is taking
or proposes to take in respect thereto. 
 SECTION 4.10. Further Instruments and Acts. Upon request of the Trustee, the Issuer shall
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 4.11. Future Guarantors. (a) The Issuer shall cause each Restricted Subsidiary that Guarantees any Indebtedness of the Issuer or any
of the Guarantors (excluding a Guarantee of Indebtedness of a Non-Guarantor Restricted Subsidiary issued by a Non-Guarantor Restricted Subsidiary) to execute and deliver to the Trustee a Supplemental Indenture pursuant to which such Restricted
Subsidiary shall unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any and interest on the Notes on a senior or pari passu basis and all other obligations under this
Indenture. 
 (b) Notwithstanding Section 4.11(a), in the event any Guarantor is released and discharged in full from all of its
obligations under Guarantees of (1) each Credit Agreement and (2) all other Indebtedness of the Issuer and its Restricted Subsidiaries, then the Guarantee of such Guarantor shall be automatically and unconditionally released or discharged;
provided that such Restricted Subsidiary has not incurred any Indebtedness or issued any Preferred Stock in reliance on its status as a Guarantor under Section 4.03 unless such Guarantor’s obligations under such Indebtedness or
Preferred Stock, as the case may be, so incurred are satisfied in full and discharged or are otherwise permitted under one of the exceptions available at the time of such release to Restricted Subsidiaries under Section 4.03(b). 
 (c) Each Guarantee shall be limited to an amount not to exceed the maximum amount that can be guaranteed by that Restricted Subsidiary without rendering
the Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 Each Guarantee shall be released in accordance with Article Ten of this Indenture. 
 SECTION 4.12. Liens. The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or
suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, unless all payments due under this Indenture with respect to the Notes and the Notes are
secured on an equal and ratable basis with the obligations so secured (or, in the case of Indebtedness subordinated to the Notes or the related Guarantees, prior or senior thereto, with the same relative priority as the Notes shall have with respect
to such subordinated Indebtedness) until such time as such obligations are no longer secured by a Lien. 
  

 -64- 

 SECTION 4.13. Maintenance of Office or Agency. 
 (a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02. 
 (b) The Issuer may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Issuer shall give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency. 
 (c) The Issuer hereby designate the
corporate trust office of the Trustee or its Agent, as such office or agency of the Issuer in accordance with Section 2.04. 
 ARTICLE
5 
 MERGER, CONSOLIDATION OR SALE OF ALL 
 OR SUBSTANTIALLY ALL ASSETS 
 SECTION 5.01. Merger, Consolidation or Sale of All or Substantially
All Assets. (a) The Issuer may not consolidate, amalgamate or merge with or into or wind up into (whether or not the Issuer is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions to, any Person unless: 
 (i) the Issuer is a surviving
Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made is a corporation, partnership or
limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof (the Issuer or such Person, as the case may be, being herein called the “Successor
Issuer”); 
 (ii) the Successor Issuer (if other than the Issuer) expressly assumes all the obligations of the Issuer
under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 
 (iii) immediately after giving effect to such transaction no Default or Event of Default shall have occurred and be continuing; 
  

 -65- 

 (iv) immediately after giving pro forma effect to such transaction, as if such
transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted Subsidiaries as a result of such transaction as having been
Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction), either 
 (A) the Successor
Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 
 (B) the Fixed Charge Coverage Ratio for the Successor Issuer and its Restricted Subsidiaries would be greater than or equal to such ratio
for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; 
 (v) each Guarantor, unless it is the
other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; 
 (vi) if the Successor Issuer is not organized as a corporation after such transaction, a successor corporation which is a Subsidiary of
the Successor Issuer shall continue to be co-obligor of the Notes and shall have by supplemental indenture confirmed its obligations under this Indenture and the Notes; and 
 (vii) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger or transfer and such supplemental indentures (if any) comply with this Indenture. 
 The Successor Issuer
(if other than the Issuer) shall succeed to, and be substituted for, the Issuer under this Indenture and the Notes, and the Issuer shall automatically be released and discharged from its obligations under this Indenture and the Notes, but in the
case of a lease of all or substantially all of its assets, the Issuer shall not be released from the obligations to pay the principal of and interest on the Notes. Notwithstanding the foregoing Section 5.01(a)(iii) and (iv), (a) any
Restricted Subsidiary may consolidate or amalgamate with, merge into, sell, assign or transfer, lease, convey or otherwise dispose of all or part of its properties and assets to the Issuer or to another Restricted Subsidiary and (b) the Issuer
may merge, amalgamate or consolidate with an Affiliate incorporated or organized solely for the purpose of incorporating or organizing the Issuer in another state of the United States, the District of Columbia or any territory of the United States
so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby (any transaction described in this sentence a “Specified Merger/Transfer Transaction”). This Section 5.01(a) shall not
apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and its Restricted Subsidiaries. 
 For purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Issuer, which properties and assets,
if held by the Issuer instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Issuer on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and
assets of the Issuer. 
  

 -66- 

 (b) Subject to Section 10.02(b), each Subsidiary Guarantor shall not, and the Issuer shall not
permit any Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets in one or more related transactions to, any Person unless: 
 (i) either

 (A) such Subsidiary Guarantor is a surviving Person or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition is made is a corporation, partnership or limited liability company organized or existing under the
laws of the United States, any state thereof, the District of Columbia or any territory thereof (such Subsidiary Guarantor or such Person, as the case may be, being herein called the “Successor Guarantor”) and the Successor
Guarantor (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture and such Subsidiary Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or
instruments in form reasonably satisfactory to the Trustee; or 
 (B) such sale or other disposition or consolidation or
merger complies with Section 4.06; 
 (ii) immediately after giving effect to such transaction (and treating any
Indebtedness which becomes an obligation of the Successor Guarantor or any of its Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the time of such transaction), no Default or
Event of Default shall have occurred and be continuing; and 
 (iii) any Successor Guarantor (if other than such Subsidiary
Guarantor) shall have delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply
with this Indenture. 
 The Successor Guarantor shall succeed to, and be substituted for, such Subsidiary Guarantor under this Indenture and
such Subsidiary Guarantor’s Guarantee, and such Subsidiary Guarantor shall automatically be released and discharged from its obligations under this Indenture and such Subsidiary Guarantor’s guarantee. Notwithstanding
Section 5.01(b)(ii), (i) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated or organized solely for the purpose of incorporating or organizing such Subsidiary Guarantor in another state of the United
States, the District of Columbia or any territory of the United States, so long as the amount of Indebtedness of the Subsidiary Guarantor is not increased thereby and (ii) a Subsidiary Guarantor may merge, amalgamate or consolidate with another
Subsidiary Guarantor or the Issuer. 
  

 -67- 

 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. An “Event of
Default” with respect to all of the Notes occurs if: 
 (a) a default in any payment of interest on, or Additional
Interest with respect to, the Notes when due that continues for 30 days; 
 (b) a default in the payment of principal or
premium, if any, of the Notes when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 
 (c) the failure by the Issuer or any of its Restricted Subsidiaries to comply with the provisions set forth in Article Five of this Indenture; 
 (d) the failure by the Issuer or any of its Restricted Subsidiaries to comply for 30 days after notice with any of its obligations under
Article Four of this Indenture (other than a failure to purchase Notes); 
 (e) the failure by the Issuer or any of the
Restricted Subsidiaries of the Issuer to comply for 60 days after notice with its other agreements contained in the Notes or this Indenture, 
 (f) the failure by the Issuer or any Significant Subsidiary to pay any Indebtedness (other than Indebtedness owing to a Restricted Subsidiary of the Issuer) within any applicable grace period after final maturity or
the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $30 million or its foreign currency equivalent (the
“cross-acceleration provision”), 
 (g) the Issuer or any Significant Subsidiary pursuant to or within the
meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 
 (iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (iv) makes a general assignment for the benefit of its creditors 
 (v) or takes any comparable action under any foreign laws relating to insolvency, 
  

 -68- 

 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
 (i) is for relief against the Issuer or any Significant Subsidiary in an involuntary case; 
 (ii) appoints a Custodian of the Issuer or any Significant Subsidiary or for any substantial part of its property; or 
 (iii) orders the winding up or liquidation of the Issuer or any Significant Subsidiary; 
 or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days, (the provisions under 6.01(g)
and (h) are collectively referred to herein as the “bankruptcy provisions”); 
 (i) failure by the
Issuer or any Significant Subsidiary to pay final judgments aggregating in excess of $30 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments
are not discharged, waived or stayed for a period of 60 days (the “judgment default provision”), or 
 (j)
any Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms thereof) or any Guarantor that qualifies as a Significant Subsidiary denies or disaffirms its obligations under this Indenture or
any Guarantee and such Default continues for 10 days. 
 The foregoing shall constitute Events of Default whatever the reason for any such
Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A
default under Section 5.01(d) and (e) shall not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the Notes outstanding notify the Issuer of the default and the Issuer does not cure such default
within the time specified in Section 5.01(d) and (e) hereof after receipt of such notice. 
 SECTION 6.02. Acceleration. If
an Event of Default (other than an Event of Default specified in Section 6.01(g) or (h)) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes outstanding by notice to the Issuer may declare the
principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. 
  

 -69- 

 If an Event of Default specified in Section 6.01(g) or (h) occurs, the principal of, premium,
if any, and interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. 
 In the event of any Event of Default specified in Section 6.01(f) occurs, such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and
rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if within 20 days after such Event of Default arose the Issuer delivers an Officers’ Certificate to the Trustee stating that (x) the Indebtedness
or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes be annulled, waived or rescinded upon the happening of any such events. 

The Holders of a majority in principal amount of the Notes by notice to the Trustee may rescind an acceleration and its consequences if the rescission
would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration; provided, however, that if
the Notes were accelerated as a result of an Event of Default described in clause (a) or (b) of Section 6.01, Holders of a majority in principal amount of the outstanding Notes must also agree to rescind such acceleration and its
consequences. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 SECTION 6.03. Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of
them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No
remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.04. Waiver of Past Defaults. When a
Default is waived, it is deemed cured and the Issuer, the Trustee and the Holders shall be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any
consequent right. 
 SECTION 6.05. Control by Majority. The Holders of a majority in principal amount of the Notes may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability; provided, however, that the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses
and expenses caused by taking or not taking such action. 
  

 -70- 

 SECTION 6.06. Limitation on Suits. (a) Except to enforce the right to receive payment of
principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (i) such Holder has previously given the Trustee notice that an Event of Default is continuing, 
 (ii) Holders of at least 25% in principal amount of the Notes outstanding have requested the Trustee to pursue the remedy, 
 (iii) such Holders have offered the Trustee reasonable security or indemnity against any loss, liability or expense, 
 (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity, and 
 (v) the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 (b) A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 

SECTION 6.07. Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of principal of and interest on the Notes held by such Holder, on or after the respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08. Collection Suit by Trustee. If an Event of
Default specified in Section 6.01 (a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then
due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 
 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems
necessary, advisable or appropriate)) and the Holders allowed in any judicial proceedings relative to the Issuer or any Guarantor, their creditors or their property, shall be entitled to participate as a member, voting or otherwise, of any official
committee of creditors appointed in such matters and, unless prohibited by law or applicable 

  

 -71- 

 
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 
 SECOND: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 
 THIRD: to the Issuer or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 
 The Trustee may fix
a record date and payment date for any payment to the Holders pursuant to this Section. At least 15 days before such record date, the Trustee shall mail or electronically transmit to each Holder and the Issuer a notice that states the record date,
the payment date and amount to be paid. 
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Notes. 
 SECTION 6.12. Waiver of Stay or Extension Laws. Neither the Issuer nor any Guarantor (to the extent it may lawfully do so) shall at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and
the Issuer and each Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law had been enacted. 
  

 -72- 

 ARTICLE 7 
 TRUSTEE 
 SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is
continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However,
in the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 
 (iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section.

 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

 -73- 

 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 SECTION 7.02. Rights of
Trustee. (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
 (c)
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d)
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful
misconduct or negligence. 
 (e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect
to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel. 
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a majority in principal amount of
the Notes at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it
shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur no liability of any kind by reason of making or not making such inquiry or investigation.

 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
  

 -74- 

 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, any Guarantee or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer or any
Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of
Default under Sections 6.01(c), (d), (e), (f), (i) or (j) or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received notice
thereof in accordance with Section 13.02 hereof from the Issuer, any Guarantor or any Holder. 
 SECTION 7.05. Notice of
Defaults. If a Default occurs and is continuing with respect to the Notes and if it is actually known to the Trustee, the Trustee shall mail or electronically transmit to each Holder of the Notes notice of the Default within the earlier of 90
days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on the Notes, the Trustee
may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders. 
 SECTION 7.06. Reports by Trustee to the Holders. As promptly as practicable after each August 1 beginning with the August 1 following the date of this Indenture, and in any event prior to
September 1 in each year, the Trustee shall mail to each Holder a brief report dated as of such August 1 that complies with Section 313(a) of the TIA if and to the extent required thereby. The Trustee shall also comply with
Section 313(b) of the TIA. 
 A copy of each report at the time of its mailing to the Holders shall be filed with the SEC and each stock
exchange (if any) on which the Notes are listed. The Issuer agrees to notify promptly the Trustee whenever the Notes become listed on any stock exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time reasonable compensation for its services. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer and each
Guarantor, jointly and severally shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by or in connection with the acceptance or administration of
this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or Guarantee against the Issuer or a Guarantor (including this Section 7.07) and defending itself against or investigating any
claim 

  

 -75- 

 
(whether asserted by the Issuer, any Guarantor, any Holder or any other Person). The Trustee shall notify the Issuer of any claim for which it may seek
indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer or any Guarantor of its indemnity obligations hereunder. The Issuer shall defend the
claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer and the Guarantors, as applicable shall pay the fees and expenses of
such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict
of interest between the Issuer and the Guarantors, as applicable, and such parties in connection with such defense. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party
through such party’s own willful misconduct, negligence or bad faith. 
 To secure the Issuer’s and the Guarantors’ payment
obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 
 The Issuer’s and the Guarantors’ payment obligations pursuant to this Section shall survive the satisfaction or discharge of this Indenture,
any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses after the
occurrence of a Default specified in Section 6.01(g) or (h) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 SECTION 7.08. Replacement of Trustee. (a) The Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in
principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.10; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 
 (b) If the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in
the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 
  

 -76- 

 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and
to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice
of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of
10% in principal amount of the Notes may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of the TIA, any Holder who has been a bona fide holder of a Note for at
least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time
any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in
its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA;
provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture and any indenture or indentures under which other securities or certificates
of interest or participation in other securities of the Issuer is outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. 
  

 -77- 

 SECTION 7.11. Preferential Collection of Claims Against Issuer. The Trustee shall comply with
Section 311 (a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311 (a) of the TIA to the extent indicated.

 ARTICLE 8 
 DISCHARGE
OF INDENTURE; DEFEASANCE 
 SECTION 8.01. Discharge of Liability on Notes; Defeasance. (a) This Indenture shall be discharged
and shall cease to be of further effect (except as to surviving rights of registration or transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes and the obligations under this Indenture with respect
to the Holders of the Notes when: 
 (i) either (a) all the Notes theretofore authenticated under this Indenture and
delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust) have been delivered to the Trustee for cancellation or (b) all of the Notes under this Indenture (i) have become due and payable, (ii) shall become due and payable at their Stated Maturity within one year
or (iii) if redeemable at the option of the Issuer, have been called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the
Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for
principal of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

 (ii) the Issuer has and/or the Guarantors have paid all other sums payable under this Indenture; and 
 (iii) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions
precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b) Subject to
Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this Indenture with respect to the Notes (“legal defeasance option”) or (ii) its obligations under Sections
4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11 and 4.12 for the benefit of the Notes and the operation of Section 5.01 and Sections 6.01(d), 6.01(f), 6.01(g) (with respect to Significant Subsidiaries only), 6.01(h) (with respect to Significant
Subsidiaries only) and 6.01(i) for the benefit of the Notes (“covenant defeasance option”). 
  

 -78- 

 In the event that the Issuer terminates its obligations under the Notes and this Indenture by exercising
its legal defeasance option or its covenant defeasance option, the obligations of each Guarantor under its Guarantee shall be terminated simultaneously with the termination of such obligations. 
 The Issuer may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 
 If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default with respect
thereto. If the Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (with respect to
Significant Subsidiaries only), 6.01(h) (with respect to Significant Subsidiaries only), 6.01(i) or 6.01(j) or because of the failure of the Issuer to comply with Section 4.08. Any exercise of the Issuer’s covenant defeasance option or
legal defeasance option shall not have any effect on the Notes and their rights under this Indenture or on the obligations of the Issuer and the Guarantors with respect to the Notes. 
 Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those
obligations that the Issuer terminate. 
 (c) Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections
2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 4.01, 7.07, 7.08 and in this Article 8 shall survive until all the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and
discharge. 
 SECTION 8.02. Conditions to Defeasance. (a) The Issuer may exercise its legal defeasance option or its covenant
defeasance option only if: 
 (i) the Issuer irrevocably deposits in trust with the Trustee in respect of cash in U.S.
Dollars, U.S. Government Obligations or a combination thereof in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which shall be sufficient, or a combination thereof sufficient, to pay the principal of, and
premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date; 
 (ii) the Issuer deliver to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment shall provide cash at such times and in such amounts as shall be sufficient to pay
principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 
 (iii) 123
days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(g) or (h) with respect to the Issuer occurs which is continuing at the end of the period; 
  

 -79- 

 (iv) the deposit does not constitute a default under any other agreement binding on the
Issuer and its Restricted Subsidiaries; 
 (v) the Issuer deliver to the Trustee an Opinion of Counsel to the effect that the
trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
 (vi) in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (1) the Issuer has received from, or there has been published by, the Internal
Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders
will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case
if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation
(x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Issuer; 
 (vii) in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 
 (viii) the
Issuer deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article 8 have
been complied with. 
 (b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such
Notes at a future date in accordance with Article 3. 
 SECTION 8.03. Application of Trust Money. The Trustee shall hold in trust
money or Government Obligations (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Obligations through each Paying Agent and in accordance with this Indenture
to the payment of principal of and interest on the Notes so discharged or defeased. 
 SECTION 8.04. Repayment to the Issuer. Each of
the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any money or Government Obligations held by it as provided in this Article which, in the written opinion of nationally recognized firm of independent public
accountants delivered to the Trustee (which delivery shall only be required 

  

 -80- 

 
if Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article. 
 Subject to any applicable abandoned property law, the Trustee and each Paying
Agent shall pay to the Issuer upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for payment as general
creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 
 SECTION 8.05. Indemnity
for Government Obligations. The Issuer shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Obligations or the principal and interest received on such Government
Obligations. 
 SECTION 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Obligations
in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and the
Guarantors’ obligations under this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or any Paying Agent is permitted to
apply all such money or Government Obligations in accordance with this Article 8; provided, however, that, if the Issuer has made any payment of principal of or interest on, any such Notes because of the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Obligations held by the Trustee or any Paying Agent. 
 ARTICLE 9 
 AMENDMENTS AND WAIVERS 
 SECTION 9.01. Without Consent of the Holders. The Issuer, the Guarantors and the Trustee may amend this Indenture or the Notes without notice to
or consent of any Holder: 
 (i) to cure any ambiguity, omission, defect or inconsistency; 
 (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under this Indenture and the Notes in compliance
with Article 5; 
 (iii) to provide for the assumption by a Successor Guarantor of the obligations of a Subsidiary Guarantor
under this Indenture and its Guarantee in compliance with Article 5 of this Indenture; 
 (iv) to provide for uncertificated
Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in
Section 163(f)(2)(B) of the Code); 
  

 -81- 

 (v) to add Guarantees with respect to the Notes or to secure the Notes; 
 (vi) to add to the covenants of the Issuer for the benefit of the Holders or to surrender any right or power conferred upon the Issuer;

 (vii) to comply with any requirement of the SEC in connection with the qualification of this Indenture under the TIA;

 (viii) to make any change that does not adversely affect the rights of any Holder; 
 (ix) to effect any provision of this Indenture; or 
 (x) to make certain changes to this Indenture to provide for the issuance of Additional Notes. 
 After an amendment under this Section 9.01 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment. The
failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 
 SECTION 9.02. With Consent of the Holders. (a) The Issuer and the Trustee may amend this Indenture or the Notes with the written consent of the Holders of at least a majority in principal amount of the
Notes then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange for the Notes) and any past default or compliance with any provisions may be waived with the consent of the holders of a
majority in principal amount of the Notes then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange for the Notes). However, without the consent of each Holder of an outstanding Note
affected, an amendment may not: 
 (i) reduce the amount of Notes whose Holders must consent to an amendment, 
 (ii) reduce the rate of or extend the time for payment of interest on any Note, 
 (iii) reduce the principal of or change the Stated Maturity of any Note, 
 (iv) reduce the premium payable upon the redemption of any Note or change the time when any Note may be redeemed in accordance with
Article 3 of this Indenture or Paragraph 5 of Appendix A of this Indenture, 
 (v) make any Note payable in money other than
that stated in such Note, 
 (vi) impair the right of any holder to receive payment of principal of, premium, if any, and
interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes, 
  

 -82- 

 (vii) make any change in the amendment provisions which require each Holder’s
consent or in the waiver provisions, 
 (viii) expressly subordinate the Notes or any Guarantee thereof to any other
Indebtedness of the Issuer or any Guarantor, or 
 (ix) modify the Guarantees in any manner adverse to the Holders.

 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance thereof. 
 (b) After an amendment under this Section 9.02
becomes effective, the Issuer shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.02. 
 SECTION 9.03. Compliance with Trust Indenture Act. From the date on which this Indenture is qualified under the
TIA, every amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 
 SECTION 9.04.
Revocation and Effect of Consents and Waivers. (a) A consent to an amendment or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee
receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Issuer certifying that the requisite principal amount of Notes have consented. After an amendment or waiver becomes effective, it
shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the Trustee of consents by the Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to
effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee. 
 (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take
any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly
designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record date. 
 SECTION 9.05. Notation on or Exchange of Notes. If an
amendment, supplement or waiver changes the terms of a Note, the Issuer may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the
Holder. Alternatively, if the Issuer or the Trustee so 

  

 -83- 

 
determines, the Issuer in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make
the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver. 
 SECTION 9.06.
Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying
upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of
the Issuer and the Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 
 SECTION 9.07. Payment for Consent. The Issuer shall not, and shall not permit any of the Subsidiaries of the Issuer to, directly or indirectly,
pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indentures or the Notes unless such consideration is offered to be
paid and is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount. Except as expressly provided in this Indenture, including under
Section 9.02, all Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class. Determinations as to whether Holders of the requisite aggregate principal amount of Notes
have concurred in any direction, waiver or consent shall be made in accordance with this Article Nine and Section 2.14. 
 ARTICLE 10

 GUARANTEES 
 SECTION 10.01. Guarantees. (a) Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety on a senior basis, to each Holder and to the Trustee and its
successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the
Notes, whether for payment of principal of, premium, if any, or interest on in respect of the Notes and all other monetary obligations of the Issuer under this Indenture and the Notes and (ii) the full and punctual performance within applicable
grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”).
Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Guarantor, and that each such Guarantor shall remain bound under this Article 10
notwithstanding any extension or renewal of any Guaranteed Obligation. 
  

 -84- 

 (b) Each Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the
Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (i) the
failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes, any Security Document, or any other agreement or otherwise; (ii) any
extension or renewal of this Indenture, the Notes, any Security Document or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes, any Security Document or
any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any Guarantor; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor
of the Guaranteed Obligations; or (vi) any change in the ownership of such Guarantor, except as provided in Section 10.02(b). 
 (c) Each Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor
hereby waives any right to which it may be entitled to have the assets of the Issuer or any other Guarantor first be used and depleted as payment of the Issuer’s or such Guarantor’s obligations hereunder prior to any amounts being claimed
from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to an action being initiated against such Guarantor. 
 (d) Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee
of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 
 (e) Except as expressly set forth in Sections 8.01(b), 10.02 and 10.06, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the
Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim
or demand or to enforce any remedy under this Indenture, the Notes, any Security Document or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the
obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of
law or equity. 
  

 -85- 

 (f) Each Guarantor agrees that its Guarantee shall remain in full force and effect until payment in full
of all the Guaranteed Obligations. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any
Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise. 
 (g) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the
principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby
promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations,
(ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the Holders and the Trustee. 
 (h) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations
guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed
hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for
the purposes of this Section 10.01. 
 (i) Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 
 (j) Upon
request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 10.02. Limitation on Liability; Release. (a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum
aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable laws
relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
  

 -86- 

 (b) A Guarantee as to any Restricted Subsidiary shall terminate and be of no further force or effect and
such Subsidiary Guarantor shall be deemed to be released from all obligations under this Article 10 upon: 
 (i) 

(A) the sale, disposition or other transfer (including through merger, amalgamation or consolidation) of the Capital Stock of the
applicable Subsidiary Guarantor, following which such Subsidiary Guarantor is no longer a Restricted Subsidiary, if such sale, disposition or other transfer is made in compliance with this Indenture; 
 (B) the Issuer designating a Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth under
Section 4.04 and the definition of “Unrestricted Subsidiary”; 
 (C) in the case of any Restricted Subsidiary
which after the Issue Date, is required to guarantee the Notes pursuant to Section 4.11, the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer or such
Restricted Subsidiary or the repayment of the Indebtedness or Disqualified Stock, in each case, which resulted in the obligation to guarantee the Notes; or 
 (D) the Issuer’s exercise of the legal defeasance option under Section 8.01(b) or if the Issuer’s obligations under this Indenture are otherwise discharged in accordance with Section 8.01(a); and

 (ii) in the case of Section 10.02(b)(i)(A), such Guarantor is released from its guarantees, if any, of, and all
pledges and security, if any, granted in connection with, the Credit Agreement and any other Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer. 
 A Guarantee shall also be automatically released upon the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing Bank Indebtedness or other exercise
of remedies in respect thereof. 
 SECTION 10.03. Successors and Assigns. This Article 10 shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that
party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or
privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 
  

 -87- 

 SECTION 10.05. Modification. No modification, amendment or waiver of any provision of this Article
10, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for
the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 
 SECTION 10.06. Execution of Supplemental Indenture for Future Guarantors. Each Person which is required to become a Guarantor after the Issue Date
pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Appendix B hereto pursuant to which such Person shall become a Guarantor under this Article 10 and shall guarantee the Guaranteed
Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate to the effect that such supplemental indenture has been duly
authorized, executed and delivered by such Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles
of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and/or to such other
matters as the Trustee may reasonably request. 
 ARTICLE 11 
 [INTENTIONALLY OMITTED] 
 ARTICLE 12 
 [INTENTIONALLY OMITTED] 
 ARTICLE 13 

 MISCELLANEOUS 
 SECTION
13.01. Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in
this Indenture by operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall control. 
 SECTION 13.02. Notices. (a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile, electronically transmitted or mailed by first-class mail addressed as follows:

 if to the Issuer or a Guarantor: 
 Affinion Group, Inc. 
 100 Connecticut Avenue 
 Norwalk, CT 06850 
 Attention of: General Counsel 
 Facsimile: (203) 956-1206 
  

 -88- 

 if to the Trustee: 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 
 625 Marquette Avenue South 
 MAC N9311-110

 Minneapolis, MN 55479 
 Attention of: Affinion Account Manager 
 Facsimile: 612-667-9825 
 The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 (b) Any notice or communication mailed to a Holder shall be mailed, first class mail or electronically transmitted, to the Holder at the Holder’s address as it appears on the registration books of the Registrar
and shall be sufficiently given if so mailed or electronically transmitted within the time prescribed. 
 (c) Failure to mail or
electronically transmit a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or electronically transmitted in the manner provided above, it
is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 
 SECTION 13.03.
Communication by the Holders with Other Holders. The Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar
and other Persons shall have the protection of Section 312(c) of the TIA. 
 SECTION 13.04. Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee: 
 (a) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 13.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture (other than pursuant to Section 4.09) shall include: 
 (a) a statement that the
individual making such certificate or opinion has read such covenant or condition; 
  

 -89- 

 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion
of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
 SECTION 13.06. When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, any Guarantor
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in
any such determination. 
 SECTION 13.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for
action by or a meeting of the Holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 
 SECTION 13.08.
Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it
were a Business Day for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 
 SECTION 13.09. GOVERNING LAW. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 13.10. No Recourse Against Others. No director, officer, employee, incorporator or holder of any Equity Interests in the Issuer, as such,
shall have any liability for any obligations of the Issuer under the Notes or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
  

 -90- 

 SECTION 13.11. Successors. All agreements of the Issuer and each Guarantor in this Indenture and
the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 13.12. Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION 13.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 SECTION 13.14. Indenture Controls. If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of this
Indenture, such provision of this Indenture shall control. 
 SECTION 13.15. Severability. In case any provision in this Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity,
illegality or unenforceability. 
 SECTION 13.16. Currency of Account; Conversion of Currency; Foreign Exchange Restrictions.
(a) U.S. Dollars are the sole currency of account and payment for all sums payable by the Issuer and the Guarantors under or in connection with the Notes, the Guarantees and this Indenture, including damages related thereto. Any amount received
or recovered in a currency other than U.S. Dollars by a Holder (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or otherwise) in respect of any sum
expressed to be due to it from the Issuer or a Guarantor shall only constitute a discharge to the Issuer or any such Guarantor to the extent of the U.S. Dollar amount, which the recipient is able to purchase with the amount so received or
recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Dollar amount is less than the
U.S. Dollar amount expressed to be due to the recipient under the Notes, the Issuer and the Guarantors shall indemnify it against any loss sustained by it as a result as set forth in Section 13.16(b). In any event, the Issuer and the
Guarantors shall indemnify the recipient against the cost of making any such purchase. For the purposes of this Section 13.16, it shall be sufficient for the Holder of a Note to certify in a satisfactory manner (indicating sources of
information used) that it would have suffered a loss had an actual purchase of U.S. Dollars been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Dollars on such date had not been
practicable, on the first date on which it would have been practicable, it being required that the need for a change of date be certified in the manner mentioned above). 
  

 -91- 

 (b) The Issuer and the Guarantors, jointly and severally, covenant and agree that the following
provisions shall apply to conversion of currency in the case of the Notes, the Guarantees and this Indenture: 
 (1) (A) If
for the purpose of obtaining judgment in, or enforcing the judgment of, any court in any country, it becomes necessary to convert into a currency (the “Judgment Currency”) an amount due in any other currency (the “Base
Currency”), then the conversion shall be made at the rate of exchange prevailing on the Business Day before the day on which the judgment is given or the order of enforcement is made, as the case may be (unless a court shall otherwise
determine). 
 (B) If there is a change in the rate of exchange prevailing between the Business Day before the day on which
the judgment is given or an order of enforcement is made, as the case may be (or such other date as a court shall determine), and the date of receipt of the amount due, the Issuer and the Guarantors shall pay such additional (or, as the case may be,
such lesser) amount, if any, as may be necessary so that the amount paid in the Judgment Currency when converted at the rate of exchange prevailing on the date of receipt will produce the amount in the Base Currency originally due. 
 (2) In the event of the winding-up of the Issuer or any Guarantor at any time while any amount or damages owing under the Notes, the
Guarantees and this Indenture, or any judgment or order rendered in respect thereof, shall remain outstanding, the Issuer and the Guarantors shall indemnify and hold the Holders and the Trustee harmless against any deficiency arising or resulting
from any variation in rates of exchange between (i) the date as of which the foreign currency equivalent of the amount due or contingently due under the Notes, the Guarantees and this Indenture (other than under this subsection (b)(2)) is
calculated for the purposes of such winding-up and (ii) the final date for the filing of proofs of claim in such winding-up. For the purpose of this subsection (b)(2), the final date for the filing of proofs of claim in the winding-up of the
Issuer or any Guarantor shall be the date fixed by the liquidator or otherwise in accordance with the relevant provisions of applicable law as being the latest practicable date as at which liabilities of the Issuer or such Guarantor may be
ascertained for such winding-up prior to payment by the liquidator or otherwise in respect thereto. 
 (A) The obligations
contained in subsections (a), (b)(1)(B) and (b)(2) of this Section 13.16 shall constitute separate and independent obligations from the other obligations of the Issuer and the Guarantors under this Indenture, shall give rise to separate and
independent causes of action against the Issuer and the Guarantors, shall apply irrespective of any waiver or extension granted by any Holder or the Trustee or either of them from time to time and shall continue in full force and effect
notwithstanding any judgment or order or the filing of any proof of claim in the winding-up of the Issuer or any Guarantor for a liquidated sum in respect of amounts due hereunder (other than under subsection (b)(2) above) or under any such judgment
or order. Any such deficiency as aforesaid shall be deemed to constitute a loss suffered by the Holders or the Trustee, as the case may be, and no proof or evidence of any actual loss shall be required by the Issuer or any Guarantor or the
liquidator or otherwise or any of them. In the case of subsection (b)(2) above, the amount of such deficiency shall not be deemed to be reduced by any variation in rates of exchange occurring between the said final date and the date of any
liquidating distribution. 
  

 -92- 

 (B) The term “rate(s) of exchange” shall mean the rate of exchange quoted by
Reuters at 10:00 a.m. (New York time) for spot purchases of the Base Currency with the Judgment Currency other than the Base Currency referred to in subsections (b)(1) and (b)(2) above and includes any premiums and costs of exchange payable.

  

 -93- 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date first
written above. 
  

					
	AFFINION GROUP, INC.,
		
	By:	 	/s/ Nathaniel J. Lipman
		 	Name: Nathaniel J. Lipman
		 	Title: President and Chief Executive Officer
	
	AFFINION BENEFITS GROUP, LLC
	AFFINION DATA SERVICES, INC.
	AFFINION GROUP, LLC
	AFFINION LOYALTY GROUP, INC.
	AFFINION PUBLISHING, LLC
	CARDWELL AGENCY, INC.
	CCAA CORPORATION
	LONG TERM PREFERRED CARE, INC.
	TRAVELERS ADVANTAGE SERVICES, INC.
	TRILEGIANT AUTO SERVICES, INC.
	TRILEGIANT CORPORATION
	TRILEGIANT INSURANCE SERVICES, INC.
	TRILEGIANT RETAIL SERVICES, INC.
	WATCHGUARD REGISTRATION SERVICES, INC.
		
	By:	 	 /s/ Nathaniel J. Lipman

		 	Name:	 	Nathaniel J. Lipman
		 	Title:	 	Chief Executive Officer
	
	CUC ASIA HOLDINGS, by its partners
	
	      Trilegiant Corporation
			
		 	By:	 	/s/ Nathaniel J. Lipman
		 		 	Name: Nathaniel J. Lipman
		 		 	Title: Chief Executive Officer
	
	        Trilegiant Retail Services, Inc.
			
		 	By:	 	/s/ Nathaniel J. Lipman
		 		 	Name: Nathaniel J. Lipman
		 		 	Title: Chief Executive Officer

 Indenture Signature Page 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, As Trustee
		
	By:	 	/s/ Lynn M. Steiner
		 	Name: Lynn M. Steiner
		 	Title: Vice President

 Indenture Signature Page 

 APPENDIX A 
 (Rule 144A/REGULATION S/IAI APPENDIX) 
 PROVISIONS RELATING TO INITIAL NOTES, 
 PRIVATE EXCHANGE NOTES AND EXCHANGE NOTES 
  

	1.	Definitions 

 1.1 Definitions 
 For the purposes of this Appendix the following terms shall have the meanings indicated below: 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a Temporary Regulation S Global Note
or beneficial interest therein, the rules and procedures of the Depository for such a Temporary Regulation S Global Note, to the extent applicable to such transaction and as in effect from time to time. 
 “Definitive Note” means a certificated Initial Note or Exchange Note or Private Exchange Note bearing, if required, the
appropriate restricted notes legend set forth in Section 2.3(e). 
 “Depository” means The Depository
Trust Company, its nominees and their respective successors. 
 “Distribution Compliance Period”, with
respect to any Notes, means the period of 40 consecutive days beginning on and including the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in
reliance on Regulation S and (ii) the issue date with respect to such Notes. 
 “Exchange Notes” means
the notes issued pursuant to this Indenture in connection with the Registered Exchange Offer pursuant to the Registration Rights Agreement. 
 “Exchange Offer Registration Statement” means the registration statement to be filed with the SEC pursuant to the Registration Rights Agreement with respect to a proposed offer to exchange the Initial
Notes, and Additional Notes, if applicable, for Exchange Notes. 
 “IAI” means an institutional
“accredited investor”, as defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act. 
 “Initial Purchasers” means (a) with respect to the Initial Notes issued on the Issue Date, Banc of America Securities LLC and Deutsche Bank Securities Inc. and (b) with respect to each issuance of Additional
Notes, the Persons purchasing or underwriting such Additional Notes under the related Purchase Agreement. 
 “Initial Notes” means the initial $150,000,000 in aggregate principal amount of 10 1/8% Senior Notes
due 2013 issued on the Issue Date. 

 “Notes” means the Initial Notes, the Exchange Notes and the Private
Exchange Notes treated as a single class. 
 “Notes Custodian” means the custodian with respect to a Global
Note (as appointed by the Depository), or any successor Person thereto, and shall initially be the Trustee. 
 “Private Exchange” means the offer by the Issuer, pursuant to the Registration Rights Agreement, to the Initial Purchasers to issue and deliver to each such Initial Purchaser, in exchange for the Initial Notes held by such
Initial Purchaser as part of the initial distribution of such Initial Notes, a like aggregate principal amount of Private Exchange Notes. 
 “Private Exchange Notes” means any Notes issued in connection with a Private Exchange. 
 “Purchase Agreement” means (a) with respect to the Initial Notes issued on the Issue Date, the Purchase Agreement dated June 2, 2009, among the Issuer, the Guarantors and the Initial
Purchasers and (b) with respect to each issuance of Additional Notes, the purchase agreement or underwriting agreement among the Issuer, the Guarantors and the Persons purchasing or underwriting such Additional Notes. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by the Issuer, pursuant to the Registration Rights Agreement, to certain
Holders of Initial Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 
 “Registration Rights Agreement” means (1) with respect to the Initial Notes issued on the Issue Date, the
Registration Rights Agreement dated June 5, 2009, among the Issuer, the Guarantors and the Initial Purchasers and (2) with respect to each issuance of Additional Notes issued in a transaction exempt from the registration requirements of
the Securities Act, the registration rights agreement, if any, among the Issuer and the Persons purchasing such Additional Notes under the related Purchase Agreement. 
 “Rule 144A Notes” means all Notes offered and sold to QIBs in reliance on Rule 144A. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shelf Registration Statement” means the registration statement issued by the Issuer in connection with the offer and
sale of Initial Notes or Private Exchange Notes pursuant to the Registration Rights Agreement. 
 “Transfer Restricted
Notes” means Notes that bear or are required to bear a legend relating to restrictions on transfer relating to the Securities Act set forth in Section 2.3(e). 
  

 2 

 1.2 Other Definitions 
  

				
	 Term
	  	Defined in
Section:	 
	 “Agent Members”
	  	2.1 	(b) 
	 “Global Note”
	  	2.1 	(a) 
	 “IAI Global Note”
	  	2.1 	(a) 
	 “Permanent Regulation S Global Note”
	  	2.1 	(a) 
	 “Regulation S”
	  	2.1 	(a) 
	 “Regulation S Global Note”
	  	2.1 	(a) 
	 “Rule 144A”
	  	2.1 	(a) 
	 “Rule 144A Global Note”
	  	2.1 	(a) 
	 “Temporary Regulation S Global Note”
	  	2.1 	(a) 

  

	2.	The Notes 

 2.1 (a) Form and Dating. The
Initial Notes shall be offered and sold by the Issuer pursuant to the Purchase Agreement. The Initial Notes shall be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and
(ii) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the Securities Act (“Regulation S”). Initial Notes may thereafter be transferred to, among others, QIBs, IAIs and purchasers in
reliance on Regulation S, subject to the restrictions on transfer set forth herein. Initial Notes initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form
(collectively, the “Rule 144A Global Note”); Initial Notes initially resold to IAIs shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form (collectively, the “IAI
Global Note”); and Initial Notes initially resold pursuant to Regulation S shall be issued initially in the form of one or more temporary global notes in fully registered form (collectively, the “Temporary Regulation S Global
Note”), in each case without interest coupons and with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the Initial Notes represented
thereby with the Notes Custodian and registered in the name of the Depository or a nominee of the Depository, duly executed by the Issuer and authenticated by the Trustee as provided in this Indenture. Except as set forth in this
Section 2.1(a), beneficial ownership interests in the Temporary Regulation S Global Note shall not be exchangeable for interests in the Rule 144A Global Note, the IAI Global Note, a permanent global note (the “Permanent Regulation S
Global Note”, and together with the Temporary Regulation S Global Note, the “Regulation S Global Note”) or any other Note prior to the expiration of the Distribution Compliance Period and then, after the expiration of the
Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global Note, an IAI Global Note or the Permanent Regulation S Global Note only upon certification in form reasonably satisfactory to the Trustee that (i) beneficial
ownership interests in such Temporary Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration under the Securities Act and (ii) in the case of
an exchange for an IAI Global Note, certification that the interest in the Temporary Regulation S Global Note is being transferred to an institutional “accredited investor” under the Securities Act that is an institutional accredited
investor acquiring the Notes for its own account or for the account of an institutional accredited investor. 
  

 3 

 Beneficial interests in Temporary Regulation S Global Notes (after the expiration of the Distribution
Compliance Period) or IAI Global Notes may be exchanged for interests in Rule 144A Global Notes if (1) such exchange occurs in connection with a transfer of Notes in compliance with Rule 144A and (2) the transferor of the beneficial
interest in the Temporary Regulation S Global Note or the IAI Global Note, as applicable, first delivers to the Trustee a written certificate (in a form satisfactory to the Trustee) to the effect that the beneficial interest in the Temporary
Regulation S Global Note or the IAI Global Note, as applicable, is being transferred to a Person (a) who the transferor reasonably believes to be a QIB, (b) purchasing for its own account or the account of a QIB in a transaction meeting
the requirements of Rule 144A, and (c) in accordance with all applicable laws of the States of the United States and other jurisdictions. 
 Beneficial interests in Temporary Regulation S Global Notes (after the expiration of the Distribution Compliance Period) and Rule 144A Global Notes may be exchanged for an interest in IAI Global Notes if (1) such exchange occurs in
connection with a transfer of the Notes in compliance with an exemption under the Securities Act and (2) the transferor of the Regulation S Global Note or Rule 144A Global Note, as applicable, first delivers to the trustee a written certificate
(substantially in the form of Exhibit 2) to the effect that (A) the Regulation S Global Note or Rule 144A Global Note, as applicable, is being transferred (a) to an “accredited investor” within the meaning of 501(a)(1),(2),(3)
and (7) under the Securities Act that is an institutional investor acquiring the Notes for its own account or for the account of such an institutional accredited investor, in each case in a minimum principal amount of the Notes of $250,000, for
investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act and (B) in accordance with all applicable securities laws of the States of the United States and other
jurisdictions. 
 Beneficial interests in a Rule 144A Global Note or an IAI Global Note may be transferred to a Person who takes delivery in
the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form provided in this Indenture)
to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 
 The Rule
144A Global Note, the IAI Global Note, the Temporary Regulation S Global Note and the Permanent Regulation S Global Note are collectively referred to herein as “Global Notes”. The aggregate principal amount of the Global Notes may
from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Depository. 
 The Issuer shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Notes
that (a) shall be registered in the name of the Depository for such Global Note or Global Notes or the nominee of such Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such Depository’s
instructions or held by the Trustee as custodian for the Depository. 
  

 4 

 Members of, or participants in, the Depository (“Agent Members”) shall have no rights
under this Indenture with respect to any Global Note held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Issuer, the Trustee and any agent of the Issuer, the Guarantors or
the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Guarantors, the Trustee or any agent of the
Issuer, the Guarantors or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such
Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 
 (c) Definitive Notes.
Except as provided in this Section 2.1 or Section 2.3 or 2.4, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
 2.2 Authentication 
 The Trustee
shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of $150,000,000 of Initial Notes, (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the
Issuer pursuant to Section 2.03 of this Indenture and (3) Exchange Notes or Private Exchange Notes for issue only in a Registered Exchange Offer or a Private Exchange, respectively, pursuant to the Registration Rights Agreement, for a like
principal amount of Initial Notes, in each case upon a written order of the Issuer signed by one Officer. Such order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated
and, in the case of any issuance and Additional Notes pursuant to Section 2.01 of this Indenture, shall certify that such issuance is in compliance with Section 4.03 of this Indenture. 
 2.3 Transfer and Exchange 
 (a)
Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the Registrar with a request: 
  

	 	(x)	to register the transfer of such Definitive Notes; or 

  

	 	(y)	to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations, 

 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however,
that the Definitive Notes surrendered for transfer or exchange: 
 (i) shall be duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 
 (ii) if such Definitive Notes are required to bear a restricted notes legend, they are being transferred or exchanged pursuant to an
effective registration statement under 

  

 5 

 
the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional
information and documents, as applicable: 
 (A) if such Definitive Notes are being delivered to the Registrar by a Holder for
registration in the name of such Holder, without transfer, a certification from such Holder to that effect; or 
 (B) if such
Definitive Notes are being transferred to the Issuer, a certification to that effect; or 
 (C) if such Definitive Notes are
being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act:
(i) a certification to that effect (in the form set forth on the reverse of the Note) and (ii) if the Issuer so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set
forth in the legend set forth in Section 2.3(e)(i). 
 (b) Restrictions on Transfer of a Definitive Note for a Beneficial Interest in
a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Rule 144A Global Note, an IAI Global Note or a Permanent Regulation S Global Note except upon satisfaction of the requirements set forth below. Upon receipt by
the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with: 
 (i) certification, in the form set forth on the reverse of the Note, that such Definitive Note is either (A) being transferred to a QIB in accordance with Rule 144A, (B) being transferred to an IAI or
(C) being transferred after expiration of the Distribution Compliance Period by a Person who initially purchased such Note in reliance on Regulation S to a buyer who elects to hold its interest in such Note in the form of a beneficial interest
in the Permanent Regulation S Global Note; 
 (ii) written instructions directing the Trustee to make, or to direct the Notes
Custodian to make, an adjustment on its books and records with respect to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)), IAI Global Note (in the case of a transfer pursuant to clause (b)(i)(B) or Permanent
Regulation S Global Note (in the case of a transfer pursuant to clause (b)(i)(C)) to reflect an increase in the aggregate principal amount of the Notes represented by the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note,
as applicable, such instructions to contain information regarding the Depository account to be credited with such increase, and 
 (iii) if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the applicable restricted notes legend is no longer required in order to maintain compliance with the Securities Act, 
  

 6 

 then the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with
the standing instructions and procedures existing between the Depository and the Notes Custodian, the aggregate principal amount of Notes represented by the Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note, as applicable,
to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Note, IAI
Global Note or Permanent Regulation S Global Note, as applicable, equal to the principal amount of the Definitive Note so canceled. If no Rule 144A Global Notes, IAI Global Notes or Permanent Regulation S Global Notes, as applicable, are then
outstanding, the Issuer shall issue and the Trustee shall authenticate, upon written order of the Issuer in the form of an Officers’ Certificate of the Issuer, a new Rule 144A Global Note, IAI Global Note or Permanent Regulation S Global Note,
as applicable, in the appropriate principal amount. 
 (c) Transfer and Exchange of Global Notes. 
 (i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with
this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in
accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Note. The Registrar shall, in accordance with such instructions,
instruct the Depository to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the beneficial interest in the Global Note being
transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial
interest in another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the
interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 
 (iii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Note may
not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a
nominee of such successor Depository. 
  

 7 

 (iv) In the event that a Global Note is exchanged for Definitive Notes pursuant to
Section 2.4 of this Appendix, prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance with such procedures as are
substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A, Regulation S or another
applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Issuer. 
 (v) In the event that a Transfer Restricted Note represented by a Global Note is exchanged for an unrestricted Global Note pursuant to this Section 2.3, prior to the consummation of a Registered Exchange Offer or
the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions hereof (including the certification requirements
set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A, Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time
be adopted by the Issuer. 
 (d) Restrictions on Transfer of Temporary Regulation S Global Notes. During the Distribution Compliance
Period, beneficial ownership interests in Temporary Regulation S Global Notes may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (i) to the Issuer, (ii) in an offshore transaction in accordance
with Regulation S (other than a transaction resulting in an exchange for an interest in a Permanent Regulation S Global Note), (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any
applicable securities laws of any State of the United States. 
 (e) Legend. 
 (i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each Note certificate evidencing the Global Notes (and all
Notes issued in exchange therefor or in substitution thereof), in the case of Notes offered otherwise than in reliance on Regulation S, shall bear a legend in substantially the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
  

 8 

 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) TO AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE WITH A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (V) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER SHALL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

Each certificate evidencing a Note offered in reliance on Regulation S shall, in lieu of the foregoing, bear a legend in substantially
the following form: 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 Each Definitive Note shall also bear the following additional legend: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER
AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

 9 

 (ii) Upon any sale or transfer of a Transfer Restricted Note (including any Transfer
Restricted Note represented by a Global Note) pursuant to Rule 144 under the Securities Act, the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Note for a certificated Note that does not bear the legend set forth
above and rescind any restriction on the transfer of such Transfer Restricted Note, if the transferor thereof certifies in writing to the Registrar that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set
forth on the reverse of the Note). 
 (iii) After a transfer of any Initial Notes or Private Exchange Notes pursuant to and
during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Notes or Private Exchange Notes, as the case may be, all requirements pertaining to legends on such Initial Note or such Private Exchange Note
shall cease to apply, the requirements requiring any such Initial Note or such Private Exchange Note issued to certain Holders be issued in global form shall cease to apply, and a certificated Initial Note or Private Exchange Note or an Initial Note
or Private Exchange Note in global form, in each case without restrictive transfer legends, shall be available to the transferee of the Holder of such Initial Notes or Private Exchange Notes upon exchange of such transferring Holder’s
certificated Initial Note or Private Exchange Note or directions to transfer such Holder’s interest in the Global Note, as applicable. 
 (iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Notes, all requirements pertaining to such Initial Notes that Initial Notes issued to certain Holders be issued in global form
shall still apply with respect to Holders of such Initial Notes that do not exchange their Initial Notes, and Exchange Notes in certificated or global form, in each case without the restricted notes legend set forth in Exhibit 1 hereto, shall be
available to Holders that exchange such Initial Notes in such Registered Exchange Offer. 
 (v) Upon the consummation of a
Private Exchange with respect to the Initial Notes, all requirements pertaining to such Initial Notes that Initial Notes issued to certain Holders be issued in global form shall still apply with respect to Holders of such Initial Notes that do not
exchange their Initial Notes, and Private Exchange Notes in global form with the global notes legend and the applicable restricted notes legend set forth in Exhibit 1 hereto shall be available to Holders that exchange such Initial Notes in such
Private Exchange. 
 (vi) Each certificate evidencing a Note shall, in addition to the foregoing, bear a legend in
substantially the following form. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 THESE NOTES HAVE BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THESE NOTES MAY BE
OBTAINED BY WRITING TO THE CHIEF FINANCIAL OFFICER AT AFFINION GROUP, INC., 100 CONNECTICUT AVENUE, NORWALK, CT 06850. 
  

 10 

 (f) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a
Global Note have either been exchanged for Definitive Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, purchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of
the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 
 (g) No Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or
obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect
to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or
with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or
its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer
of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 2.4 Certificated Notes 
 (a) A Global
Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to
the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof and (i) the Depository notifies the Issuer that it is unwilling or unable to continue as Depository for such
Global Note and the Depository fails to appoint a successor depositary or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and, in either case, a successor Depository is not appointed by the
Issuer within 90 days of such notice, or (ii) an Event of Default has occurred and is continuing or (iii) the Issuer, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes under
this Indenture. 
  

 11 

 (b) Any Global Note that is transferable to the beneficial owners thereof pursuant to this
Section 2.4 shall be surrendered by the Depository to the Trustee located at its principal corporate trust office, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon
such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and
delivered only in denominations of $1,000 principal amount and any integral multiple thereof and registered in such names as the Depository shall direct. Any Definitive Note delivered in exchange for an interest in the Transfer Restricted Note
shall, except as otherwise provided by Section 2.3(e) hereof, bear the applicable restricted notes legend and definitive note legend set forth in Exhibit 1 hereto. 
 (c) Subject to the provisions of Section 2.4(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (d) In the
event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Issuer shall promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In
the event that such Definitive Notes are not issued, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.06 of this Indenture, the right of any beneficial owner of Notes to pursue
such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes as if such Definitive Notes had been issued. 
  

 12 

 EXHIBIT 1 to APPENDIX A (Rule 144A/Regulation S/IAI APPENDIX) 
 [FORM OF FACE OF INITIAL NOTE] 
 [Global Notes
Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR
COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Notes Legend for Notes Offered Otherwise
than in Reliance 
 on Regulation S] 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER. 

 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER, (II) WITHIN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE
A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN
$250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (IV) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (V) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER SHALL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

[Restricted Notes Legend for Notes Offered in Reliance on Regulation S] 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT, AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES
ACT. 
 [Temporary Regulation S Global Note Legend] 
 EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE SHALL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN
INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE
SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE
REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN 

  

 2 

 
THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE ISSUER, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN
ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE SHALL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE. 
 AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR
INTERESTS IN A RULE 144A GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN
CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE
144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES
OF THE UNITED STATES AND OTHER JURISDICTIONS. 
 AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS
TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN AN IAI GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE WITH AN EXEMPTION UNDER THE SECURITIES ACT AND (2) THE
TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED (A) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 
  

 3 

 BENEFICIAL INTERESTS IN A RULE 144A GLOBAL NOTE OR AN IAI GLOBAL NOTE MAY BE TRANSFERRED TO A PERSON WHO
TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM
ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE). 
 [Definitive Notes Legend] 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 [Original Issue Discount Legend] 
 THESE NOTES HAVE BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT
(“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE, AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THESE NOTES MAY BE OBTAINED BY WRITING TO THE CHIEF FINANCIAL OFFICER AT AFFINION GROUP, INC., 100 CONNECTICUT
AVENUE, NORWALK, CT 06850. 
  

 4 

 AFFINION GROUP, INC. 
 10 1/8% Senior Notes due 2013 
 144A CUSIP No. 00828D AK7 
 and ISIN No.
US00828DAK72 
 REG S CUSIP No. U00831 AD6 
 and ISIN No. USU00831AD60 
  

			
	 No. [    ]
	  	$ [        ]

 AFFINION GROUP, INC., a Delaware corporation, promises to pay to CEDE & CO., or its
registered assigns, the principal sum of [        ] Dollars ($[        ]) on October 15, 2013. 
 Interest Payment Dates: April 15, and October 15 
 Record Dates: April 1 and October 1 
 Additional provisions of this Note are set forth on the
other side of this Note. 
 Dated: June 5, 2009 
 SIGNATURE PAGE FOLLOWS 
  

 5 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 
  

			
	Dated: June 5, 2009
	
	AFFINION GROUP, INC.
		
	By 	 	 
		 	Name:
		 	Title:

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

			
		
	By 	 	 
		 	Authorized Signatory

  

 6 

 [FORM OF REVERSE SIDE OF INITIAL NOTE] 
 10 1/8% Senior
Notes due 2013 
  

	1.	Interest 

 Affinion Group, Inc.,
a Delaware corporation (such Person, and its respective successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”) promises to pay interest on the principal amount of this Note at a rate
per annum of 10 1/8%; provided, however, that if a Registration Default (as defined in the Registration Rights
Agreement) occurs, additional interest shall accrue on this Note at a rate of 0.25% per annum (increasing by an additional 0.25% per annum after each consecutive 90-day period that occurs after the date on which such Registration Default
occurs up to a maximum additional interest rate of 1.00%) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured. The Issuer shall pay interest
semiannually in arrears to the holders of the Notes on April 15 and October 15 of each year, commencing October 15, 2009. Interest on the Notes will accrue from and including April 15, 2009. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by this Note plus 1.0% per annum, and it shall pay interest on overdue installments of interest at the same rate to the extent
lawful. 
  

	2.	Method of Payment 

 The Issuer shall pay interest on
the Notes (except defaulted interest) to the Persons who are registered holders of Notes at the close of business on the April 1 or October 1 next preceding the interest payment date even if Notes are canceled after the record date and on
or before the interest payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of
public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Depository. The Issuer
shall make all payments in respect of a certificated Note (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated Note shall be
made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paving Agent and Registrar 

 Initially, Wells Fargo
Bank, National Association (the “Trustee”), shall act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Issuer or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

 7 

	4.	Indenture 

 The Issuer issued the Notes under an
Indenture dated as of June 5, 2009 (the “Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and
Holders are referred to the Indenture and the Act for a statement of those terms. 
 The Notes are unsecured obligations
of the Issuer and consist of the 10 1/8% Senior Notes due 2013 and any Additional Notes that may be issued after the Issue Date.
The Indenture contains covenants that, among other things, limit the ability of the Issuer and its Restricted Subsidiaries to incur additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock; make investments;
engage in transactions with affiliates; create liens on assets to secure indebtedness; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of subsidiaries; consolidate, merge or transfer all or substantially all of
its assets; and engage in sale/leaseback transactions. These covenants are subject to important exceptions and qualifications contained in the Indenture. 
  

	5.	Optional Redemption 

 Except as set forth below, the
Issuer shall not be entitled to redeem the Notes. 
 On and after October 15, 2009, the Issuer may redeem the Notes, at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at the following redemption prices (expressed as a percentage of
principal amount), plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if
redeemed during the 12-month period commencing on October 15 of the years set forth below: 
  

				
	 Year
	  	Redemption
Price	 
	 2009
	  	105.063	% 
	 2010
	  	102.531	% 
	 2011 and thereafter
	  	100.00	% 

  

	6.	Notice of Redemption 

 Notice of redemption shall be
mailed by first-class mail or electronically transmitted at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at his registered address. Notes in denominations larger than $1,000 

  

 8 

 
principal amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on
all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or
such portions thereof) called for redemption. 
  

	7.	Put Provisions 

 Except as set forth in the
Indenture, the occurrence of any Change of Control shall constitute an Event of Default under the Indenture unless the Issuer (i)(A) makes an offer within 30 days following such Change of Control to all holders of the Notes to purchase all the Notes
properly tendered (a “Change of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount thereof, plus accrued and unpaid interest (if any) to the date of
repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); and (B) purchase all the Notes properly tendered in accordance with the Change of Control Offer or
(ii) exercises its right, within 30 days following such Change of Control, to redeem all the Notes as described under Paragraph 5 of this Note. 
  

	8.	Guarantee 

 The payment by the Issuer of the
principal of, and premium and interest on, the Notes is fully and unconditionally guaranteed on a joint and several basis by each of the Guarantors to the extent set forth in the Indenture. 
  

	9.	Denominations; Transfer; Exchange 

 The Notes are in
registered form without coupons in denominations of $1,000 principal amount and whole multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 
  

	10.	Persons Deemed Owners 

 The registered Holder of
this Note may be treated as the owner of it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the
money must look only to the Issuer and not to the Trustee for payment. 
  

 9 

	12.	Discharge and Defeasance 

 Subject to certain
conditions set forth in the Indenture, the Issuer at any time shall be entitled to terminate some or all of its and the Guarantors’ obligations under the Notes and the Indenture if the Issuer deposit with the Trustee money or, in certain cases,
U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 
  

	13.	Amendment, Waiver 

 Subject to certain exceptions
set forth in the Indenture, (a) the Indenture and the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes and (b) any default or noncompliance with any provision
may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer, the Guarantors and the Trustee
shall be entitled to amend the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the Indenture and hereunder, to provide for
the assumption by a Successor Guarantor of the obligations of a Subsidiary Guarantor under the Indenture and its Guarantee, to provide for uncertificated Notes in addition to or in place of certificated Notes, to add Guarantees with respect to the
Notes, to secure the Notes, to add to the covenants of the Issuer for the benefit of Holders or to surrender any right or power conferred upon the Issuer, to make any change that does not adversely affect the rights of any Holder to comply with any
requirements of the SEC in connection with the qualification of the Indenture under the Act, or to effect any provision of the Indenture or to make certain changes to the Indenture to provide for the issuance of Additional Notes. 
  

	14.	Defaults and Remedies 

 Under the Indenture, Events
of Default include (1) a default in any payment of interest on, or Additional Interest with respect to, any Note when due that continues for 30 days, (2) a default in the payment of principal or premium, if any, of any Note when due at its
Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, (3) the failure by the Issuer or any of its Restricted Subsidiaries to comply with the provisions described under Article 5 of the Indenture
(4) the failure by the Issuer or any of its Restricted Subsidiaries to comply for 30 days after notice with any of its obligations under Article 4 of the Indenture (other than a failure to purchase Notes), (5) the failure by the Issuer or
any of the Restricted Subsidiaries of the Issuer to comply for 60 days after notice with its other agreements contained in the Notes or the Indenture, (6) the failure by the Issuer or any Significant Subsidiary to pay any Indebtedness (other
than Indebtedness owing to a Restricted Subsidiary of the Issuer) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of
such Indebtedness unpaid or accelerated exceeds $30 million or its foreign currency equivalent, (7) certain events of bankruptcy, insolvency or reorganization of the Issuer or a Significant Subsidiary, (8) the failure by the Issuer or any
Significant Subsidiary to pay final judgments aggregating in excess of $30 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which 

  

 10 

 
judgments are not discharged, waived or stayed for a period of 60 days and (9) any Guarantee of a Significant Subsidiary ceases to be in full force and
effect (except as contemplated by the terms thereof) or any Guarantor that qualifies as a Significant Subsidiary denies or disaffirms its obligations under the Indenture or any Guarantee and such Default continues for 10 days. If an Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all such Notes to be due and payable immediately, subject to certain conditions set forth in the Indenture. Certain events of
bankruptcy or insolvency are Events of Default which shall result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security reasonably satisfactory to
it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in
payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 
  

	15.	Trustee Dealings with the Issuer 

 Subject to
certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 
  

	16.	No Recourse Against Others 

 A director, officer,
employee or stockholder, as such, of the Issuer or the Trustee shall not have any liability for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation; provided, however, the foregoing shall not affect or limit any liability of any Guarantor under the Indenture or its Guarantee. By accepting a Note, each Holder waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Notes. 
  

	17.	Authentication 

 This Note shall not be valid until
an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
  

	18.	Abbreviations 

 Customary abbreviations may be used
in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act). 
  

 11 

	19.	CUSIP Numbers 

 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the Issuer has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	20.	Holders’ Compliance with Registration Rights Agreement 

 Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the indemnification of the Issuer to
the extent provided therein. 
  

	21.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 The Issuer shall furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 Affinion Group, Inc. 
 100 Connecticut Avenue 
 Norwalk, CT 06850 
 Attention: General Counsel 
  

 12 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 
 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint
                 agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  
  
 Date:                        Your Signature:
                                         
                                         
                       
  
  
 Sign exactly as your name appears on the other side of this
Note. 
 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in
Rule 144 under the Securities Act after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms that such Notes are
being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

	 ̈	to the Issuer; or 

  

					
	 (1)	  	 ̈  	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (2)	  	 ̈  	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (3)	  	 ̈  	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933;
or
			
	 (4)	  	 ̈  	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933; or

  

 1 

					
			
	 (5)	  	 ̈  	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1),(2),(3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing
certain representations and agreements.

 Unless one of the boxes is checked, the Trustee shall refuse to register any of the Notes
evidenced by this certificate in the name of any person other than the registered holder thereof; provided, however, that if box (3), (4) or (5) is checked, the Trustee shall be entitled to require, prior to registering any
such transfer of the Notes, such legal opinions, certifications and other information as the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act. 
  

	
	
	  
	Signature

  

					
	Signature Guarantee:	 		 	
			
	  	 		 	  
	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 2 

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

					
	Dated:
                                	 	 	 	  
		 	Notice:  	 	To be executed by an executive officer

  

 3 

 [TO BE ATTACHED TO GLOBAL NOTES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases
in this Global Note have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease in
Principal amount of this
Global Note	  	Amount of increase in
Principal amount of this
Global Note	  	Principal amount of this
Global Note following
such decrease or increase	  	Signature of authorized
officer of Trustee or
Notes Custodian
		  		  		  		  	

  

 4 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 or 4.08 of the Indenture, check the box: 
  ̈ 
 If you
want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06 or 4.08 of the Indenture, state the amount in principal amount:
$                     
  

					
	Dated:                                      
      	 	Your Signature:	 	  
		 		 	(Sign exactly as your name appears on the other side of this Note.)

  

					
			
	Signature Guarantee:  	 	 	 	  
		 		 	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 5 

 EXHIBIT A 
 FORM OF FACE OF EXCHANGE NOTE 
 OR PRIVATE EXCHANGE NOTE*/**/ 
  
  
  

	*/	If the Note is to be used in global form add the Global Notes Legend from Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned “[TO BE ATTACHED TO GLOBAL
NOTES] - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE”. 

  

	**/	If the Note is a Private Exchange Note issued in a Private Exchange to an Initial Purchaser holding an unsold portion of its initial allotment, add the Restricted Notes Legend from
Exhibit 1 to Appendix A and replace the Assignment Form included in this Exhibit A with the Assignment Form included in such Exhibit 1. 

 AFFINION GROUP, INC. 
 10 1/8% Senior Notes due 2013 
 144A CUSIP No. 00828D AK7 
 and ISIN No.
US00828DAK72 
 REG S CUSIP No. U00831 AD6 
 and ISIN No. USU00831AD60 
  

					
	 No.[    ]
	  	$	[    	] 

 AFFINION GROUP, INC., a Delaware corporation promises to pay to CEDE & CO., or its
registered assigns, the principal sum of [    ] Dollars ($[    ]) on October 15, 2013. 
 Interest Payment Dates: April 15 and October 15 
 Record Dates: April 1 to October 1 
 Additional provisions of this Note are set forth on the other side of this Note. 
 Dated: 
 [SIGNATURE PAGE FOLLOWS] 
  

 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 
  

			
	Dated:
	
	AFFINION GROUP, INC.
		
	By 	 	 
		 	Name:
		 	Title:

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

		
	By 	 	 
		 	 Authorized Signatory

  

 3 

 EXHIBIT A 
 [FORM OF REVERSE SIDE OF EXCHANGE NOTE 
 OR PRIVATE EXCHANGE NOTE] 
 10 1/8% Senior
Notes due 2013 
 [The form of the Notes should be substantially the same (other than the restrictive legends), whether they are the
Initial Notes, Exchange Notes or Private Exchange Notes.] 
  

	1.	Interest 

 Affinion Group, Inc.,
a Delaware corporation (such Person, and its respective successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”) promises to pay interest on the principal amount of this Note at a rate
per annum of 10 1/8% [; provided, however, that if a Registration Default (as defined in the Registration Rights
Agreement) occurs, additional interest shall accrue on this Note at a rate of 0.25% per annum (increasing by an additional 0.25% per annum after each consecutive 90-day period that occurs after the date on which such Registration Default
occurs up to a maximum additional interest rate of 1.00%) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured.]1 The Issuer shall pay interest semiannually in arrears to the holders
of the Notes on April 15 and October 15 of each year, commencing April 15, 2006. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date.
Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by this Note plus 1.0% per annum, and it shall pay interest on overdue installments of
interest at the same rate to the extent lawful. 
  

	2.	Method of Payment 

 The Issuer shall pay interest on
the Notes (except defaulted interest) to the Persons who are registered holders of Notes at the close of business on the April 1 or October 1 next preceding the interest payment date even if Notes are canceled after the record date and on
or before the interest payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of
public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Depository. The Issuer
shall make all payments in respect of a certificated Note (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated Note shall be
made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  
  

	1
	 Insert if at the date of issuance of the Exchange Note or Private Exchange Note (as the case may be) any Registration Default has occurred with respect to the
related Initial Notes during the interest period in which such date of issuance occurs. 

	3.	Paying Agent and Registrar 

 Initially, Wells Fargo
Bank, National Association (the “Trustee”), shall act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Issuer or any of its domestically incorporated
Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	4.	Indenture 

 The Issuer issued the Notes under an
Indenture dated as of June 5, 2009 (the “Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and
Holders are referred to the Indenture and the Act for a statement of those terms. 
 The Notes are unsecured obligations
of the Issuer and consist of the 10 1/8% Senior Notes due 2013 and any Additional Notes that may be issued after the Issue Date.
The Indenture contains covenants that, among other things, limit the ability of the Issuer and its Restricted Subsidiaries to incur additional indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock; make investments;
engage in transactions with affiliates; create liens on assets to secure indebtedness; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of subsidiaries; consolidate, merge or transfer all or substantially all of
its assets; and engage in sale/leaseback transactions. These covenants are subject to important exceptions and qualifications contained in the Indenture. 
  

	5.	Optional Redemption 

 Except as set forth below, the
Issuer shall not be entitled to redeem the Notes. 
 On and after October 15, 2009, the Issuer may redeem the Notes, at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at the following redemption prices (expressed as a percentage of
principal amount), plus accrued and unpaid interest and Additional Interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if
redeemed during the 12-month period commencing on October 15 of the years set forth below: 
  

				
	 Year
	  	Redemption
Price	 
	 2009
	  	105.063	% 
	 2010
	  	102.531	% 
	 2011 and thereafter
	  	100.00	% 

  

 2 

	6.	Notice of Redemption 

 Notice of redemption shall be
mailed by first-class mail or electronically transmitted at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at his registered address. Notes in denominations larger than $1,000 principal
amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent
on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
  

	7.	Put Provisions 

 Except as set forth in the
Indenture, the occurrence of any Change of Control shall constitute an Event of Default under the Indenture unless the Issuer (i)(A) makes an offer within 30 days following such Change of Control to all holders of the Notes to purchase all the Notes
properly tendered (a “Change of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount thereof, plus accrued and unpaid interest (if any) to the date of
repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); and (B) purchase all the Notes properly tendered in accordance with the Change of Control Offer or
(ii) exercises its right, within 30 days following such Change of Control, to redeem all the Notes as described under Paragraph 5 of this Note. 
  

	8.	Guarantee 

 The payment by the Issuer of the
principal of, and premium and interest on, the Notes is fully and unconditionally guaranteed on a joint and several basis by each of the Guarantors to the extent set forth in the Indenture. 
  

	9.	Denominations; Transfer; Exchange 

 The Notes are in
registered form without coupons in denominations of $1,000 principal amount and whole multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection of Notes to be redeemed or 15 days before an interest payment date. 
  

 3 

	10.	Persons Deemed Owners 

 The registered Holder of
this Note may be treated as the owner of it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the
money must look only to the Issuer and not to the Trustee for payment. 
  

	12.	Discharge and Defeasance 

 Subject to certain
conditions set forth in the Indenture, the Issuer at any time shall be entitled to terminate some or all of its and the Guarantors’ obligations under the Notes and the Indenture if the Issuer deposit with the Trustee money or, in certain cases,
U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 
  

	13.	Amendment, Waiver 

 Subject to certain exceptions
set forth in the Indenture, (a) the Indenture and the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes and (b) any default or noncompliance with any provision
may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer, the Guarantors and the Trustee
shall be entitled to amend the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the Indenture and hereunder, to provide for
the assumption by a Successor Guarantor of the obligations of a Subsidiary Guarantor under the Indenture and its Guarantee, to provide for uncertificated Notes in addition to or in place of certificated Notes, to add Guarantees with respect to the
Notes, to secure the Notes, to add to the covenants of the Issuer for the benefit of Holders or to surrender any right or power conferred upon the Issuer, to make any change that does not adversely affect the rights of any Holder to comply with any
requirements of the SEC in connection with the qualification of the Indenture under the Act, or to effect any provision of the Indenture or to make certain changes to the Indenture to provide for the issuance of Additional Notes. 
  

	14.	Defaults and Remedies 

 Under the Indenture, Events
of Default include (1) a default in any payment of interest on, or Additional Interest with respect to, any Note when due that continues for 30 days, (2) a default in the payment of principal or premium, if any, of any Note when due at its
Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, (3) the failure by the Issuer or any of its Restricted Subsidiaries to comply with the provisions described under Article 5 of the Indenture
(4) the failure by the Issuer or any of its Restricted Subsidiaries to comply for 30 days after notice with any of its obligations under Article 4of the Indenture (other than a failure to purchase Notes), (5) the failure by the Issuer or
any of the Restricted Subsidiaries of the Issuer to comply for 60 days after notice with its other agreements 

  

 4 

 
contained in the Notes or the Indenture, (6) the failure by the Issuer or any Significant Subsidiary to pay any Indebtedness (other than Indebtedness
owing to a Restricted Subsidiary of the Issuer) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness
unpaid or accelerated exceeds $30 million or its foreign currency equivalent, (7) certain events of bankruptcy, insolvency or reorganization of the Issuer or a Significant Subsidiary, (8) the failure by the Issuer or any Significant
Subsidiary to pay final judgments aggregating in excess of $30 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived
or stayed for a period of 60 days and (9) any Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms thereof) or any Guarantor that qualifies as a Significant Subsidiary denies or
disaffirms its obligations under the Indenture or any Guarantee and such Default continues for 10 days. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes may declare all such
Notes to be due and payable immediately, subject to certain conditions set forth in the Indenture. Certain events of bankruptcy or insolvency are Events of Default which shall result in the Notes being due and payable immediately upon the occurrence
of such Events of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse
to enforce the Indenture or the Notes unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 
  

	15.	Trustee Dealings with the Issuer 

 Subject to
certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 
  

	16.	No Recourse Against Others 

 A director, officer,
employee or stockholder, as such, of the Issuer or the Trustee shall not have any liability for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation; provided, however, the foregoing shall not affect or limit any liability of any Guarantor under the Indenture or its Guarantee. By accepting a Note, each Holder waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Notes. 
  

 5 

	17.	Authentication 

 This Note shall not be valid until
an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
  

	18.	Abbreviations 

 Customary abbreviations may be used
in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act). 
  

	19.	CUSIP Numbers 

 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the Issuer has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	[22.	Holders’ Compliance with Registration Rights Agreement 

 Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein.]2 
  

	23.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 The Issuer shall furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 Affinion Group, Inc. 
 100 Connecticut Avenue 
 Norwalk, CT 06850 
 Attention: General Counsel 
  
  

	2
	 Delete if this Note is not being issued in exchange for an Initial Note. 

  

 6 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 
 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint
                 agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  
  
 Date:                              Your Signature:
                                         
                                         
                   
  
  
 Sign exactly as your name appears on the other side of this
Note. 
  

 7 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 or 4.08 of the Indenture, check the box: 
  ̈ 
 If you
want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06 or 4.08 of the Indenture, state the amount in principal amount:
$                         
  

					
	Dated:
                                        
	 	Your Signature:	 	  
		 		 	(Sign exactly as your name appears on the other side of this Note.)

  

					
			
	Signature Guarantee:	 	 	 	  
		 		 	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 8 

 EXHIBIT 2 to Rule 144A/REGULATION S/IAI APPENDIX 
 Form of 
 Transferee Letter of Representation 
 Affinion Group, Inc. 
 In care of 
 [            ] 
 [            ] 
 [            ] 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of $[ ] principal amount of the 10 1/8% Senior Notes due 2013 (the “Notes”) of Affinion Group, Inc., a Delaware corporation (the “Issuer”). 
 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 
 Name:
                                         
                
 Address:
                                         
            
 Taxpayer ID Number:
                               
 The undersigned represents and warrants to you that: 
 1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for
our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution
in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase notes similar to the Notes
in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 
 2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of
any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue and the last date on which the Issuer or any affiliate of the
Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (i) to the Issuer, (ii) in the United States to a person whom the seller 

 
reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (iii) to an institutional
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is an institutional accredited investor purchasing for its own account or for the account of an institutional accredited
investor, in each case in a minimum principal amount of the Notes of $250,000, (iv) outside the United States in a transaction complying with the provisions of Rule 904 under the Securities Act, (v) pursuant to an exemption from
registration under the Securities Act provided by Rule 144 (if available) or (vi) pursuant to an effective registration statement under the Securities Act, in each of cases (i) through (vi) subject to any requirement of law that the
disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale shall not apply subsequent
to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (iii) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the
transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee reserve the right
prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (iii), (iv) or (v) above to require the delivery of an opinion of counsel, certifications or other information
satisfactory to the Issuer and the Trustee. 
  

			
	TRANSFEREE:                                     
                           ,
		
	by:	 	 
		 	

  

 2 

 APPENDIX B 
 [FORM OF SUPPLEMENTAL INDENTURE TO BE 
 DELIVERED BY ADDITIONAL SUBSIDIARY GUARANTORS] 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [ ] among [ ] (the “Additional Subsidiary
Guarantor”), a [ ] corporation and a [direct] [indirect] subsidiary of Affinion Group, Inc. (or its permitted successor) (“Holdings”), Affinion Group, Inc., a Delaware corporation (the “Issuer”), and Wells
Fargo Bank, National Association, as Trustee under the Indenture (the “Trustee”). 
 WITNESSETH: 
 WHEREAS the Issuer and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an Indenture (the “Indenture”),
dated as of June 5, 2009, providing for the issuance of Senior Notes (the “Notes”); 
 WHEREAS, Section 4.11 and
Section 10.06 of the Indenture provide that under certain circumstances the Issuer shall cause the Additional Subsidiary Guarantor to execute and deliver to the Trustee a guaranty agreement pursuant to which the Additional Subsidiary Guarantor
shall Guarantee payment of the Notes on the same terms and conditions as those set forth in Article 10 of the Indenture; and 
 WHEREAS,
pursuant to Section 9.01(iv) of the Indenture, the Trustee and the Issuer is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Additional Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal
and ratable benefit of the Holders of the Notes as follows: 
 SECTION 1. Capitalized Terms. Capitalized terms used herein but not
defined shall have the meanings assigned to them in the Indenture. 
 SECTION 2. Guarantees. The Additional Subsidiary Guarantor
hereby agrees, jointly and severally with all other Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable
provisions of the Indenture (including Article 11). 
 SECTION 3. Ratification of Indenture; Supplemental Indentures Part of
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of
the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 SECTION 4. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 SECTION 5. Trustee Makes No Representation. The Trustee makes no representation as to the validity
or sufficiency of this Supplemental Indenture. 
 SECTION 6. Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 SECTION 7. Effect
of Headings. The Section headings herein are for convenience only and shall not effect the construction of this Supplemental Indenture. 
  

 2 

 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of the
date first written above. 
  

			
	AFFINION GROUP, INC.,
		
	by	 	 
		 	Name:
		 	Title:

  

			
	[ADDITIONAL SUBSIDIARY GUARANTOR],
		
	by	 	 
		 	Name:
		 	Title:

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		
	by	 	 
		 	Name:
		 	Title:

  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]