Document:

EX-4.2

 Exhibit 4.2 
  

 
  

AFFINION INVESTMENTS, LLC 
 as
Issuer 
 the GUARANTORS named herein 

$359,955,720 13.50% Senior Subordinated Notes due 2018 
  

 
 INDENTURE 

Dated as of December 12, 2013 
  

 
 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	  	 	29	  
	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act	  	 	30	  
	Section 1.04.	 	Rules of Construction	  	 	30	  
		
	ARTICLE 2	  			
		
	THE NOTES	  			
			
	Section 2.01.	 	Amount of Notes; Issuable in Series	  	 	30	  
	Section 2.02.	 	Form and Dating	  	 	31	  
	Section 2.03.	 	Execution and Authentication	  	 	31	  
	Section 2.04.	 	Registrar and Paying Agent	  	 	31	  
	Section 2.05.	 	Paying Agent to Hold Money in Trust	  	 	32	  
	Section 2.06.	 	Holder Lists	  	 	32	  
	Section 2.07.	 	Transfer and Exchange	  	 	32	  
	Section 2.08.	 	Replacement Notes	  	 	33	  
	Section 2.09.	 	Outstanding Notes	  	 	34	  
	Section 2.10.	 	Temporary Notes	  	 	34	  
	Section 2.11.	 	Cancellation	  	 	34	  
	Section 2.12.	 	Defaulted Interest	  	 	34	  
	Section 2.13.	 	CUSIP Numbers, ISINs, etc.	  	 	35	  
	Section 2.14.	 	Calculation of Principal Amount of Notes	  	 	35	  
		
	ARTICLE 3	  			
		
	REDEMPTION	  			
			
	Section 3.01.	 	Redemption	  	 	35	  
	Section 3.02.	 	Applicability of Article	  	 	35	  
	Section 3.03.	 	Notices to Trustee	  	 	35	  
	Section 3.04.	 	Selection of Notes to Be Redeemed	  	 	36	  
	Section 3.05.	 	Notice of Optional Redemption	  	 	36	  
	Section 3.06.	 	Effect of Notice of Redemption	  	 	37	  
	Section 3.07.	 	Deposit of Redemption Price	  	 	37	  
	Section 3.08.	 	Notes Redeemed in Part	  	 	38	  

  
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	ARTICLE 4	  			
		
	COVENANTS	  			
			
	Section 4.01.	 	Payment of Notes	  	 	38	  
	Section 4.02.	 	Reports and Other Information	  	 	38	  
	Section 4.03.	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	39	  
	Section 4.04.	 	Limitation on Restricted Payments	  	 	44	  
	Section 4.05.	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	50	  
	Section 4.06.	 	Asset Sales	  	 	52	  
	Section 4.07.	 	Transactions with Affiliates	  	 	54	  
	Section 4.08.	 	Change of Control	  	 	56	  
	Section 4.09.	 	Compliance Certificate	  	 	58	  
	Section 4.10.	 	Further Instruments and Acts	  	 	58	  
	Section 4.11.	 	Future Guarantors	  	 	58	  
	Section 4.12.	 	Liens	  	 	59	  
	Section 4.13.	 	Maintenance of Office or Agency	  	 	59	  
	Section 4.14.	 	Limitation on Other Senior Subordinated Indebtedness	  	 	60	  
		
	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	  	 	60	  
		
	ARTICLE 6	  			
		
	DEFAULTS AND REMEDIES	  			
			
	Section 6.01.	 	Events of Default	  	 	63	  
	Section 6.02.	 	Acceleration	  	 	64	  
	Section 6.03.	 	Other Remedies	  	 	65	  
	Section 6.04.	 	Waiver of Past Defaults	  	 	65	  
	Section 6.05.	 	Control by Majority	  	 	66	  
	Section 6.06.	 	Limitation on Suits	  	 	66	  
	Section 6.07.	 	Rights of the Holders to Receive Payment	  	 	66	  
	Section 6.08.	 	Collection Suit by Trustee	  	 	66	  
	Section 6.09.	 	Trustee May File Proofs of Claim	  	 	67	  
	Section 6.10.	 	Priorities	  	 	67	  
	Section 6.11.	 	Undertaking for Costs	  	 	67	  
	Section 6.12.	 	Waiver of Stay or Extension Laws	  	 	67	  

  
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	ARTICLE 7	  			
		
	TRUSTEE	  			
			
	Section 7.01.	 	Duties of Trustee	  	 	68	  
	Section 7.02.	 	Rights of Trustee	  	 	69	  
	Section 7.03.	 	Individual Rights of Trustee	  	 	70	  
	Section 7.04.	 	Trustee’s Disclaimer	  	 	70	  
	Section 7.05.	 	Notice of Defaults	  	 	70	  
	Section 7.06.	 	Reports by Trustee to the Holders	  	 	70	  
	Section 7.07.	 	Compensation and Indemnity	  	 	70	  
	Section 7.08.	 	Replacement of Trustee	  	 	71	  
	Section 7.09.	 	Successor Trustee by Merger	  	 	72	  
	Section 7.10.	 	Eligibility; Disqualification	  	 	73	  
	Section 7.11.	 	Preferential Collection of Claims Against Issuer	  	 	73	  
		
	ARTICLE 8	  			
		
	DISCHARGE OF INDENTURE; DEFEASANCE	  			
			
	Section 8.01.	 	Discharge of Liability on Notes; Defeasance	  	 	73	  
	Section 8.02.	 	Conditions to Defeasance	  	 	74	  
	Section 8.03.	 	Application of Trust Money	  	 	76	  
	Section 8.04.	 	Repayment to the Issuer	  	 	76	  
	Section 8.05.	 	Indemnity for Government Obligations	  	 	76	  
	Section 8.06.	 	Reinstatement	  	 	76	  
		
	ARTICLE 9	  			
		
	AMENDMENTS AND WAIVERS	  			
			
	Section 9.01.	 	Without Consent of the Holders	  	 	77	  
	Section 9.02.	 	With Consent of the Holders	  	 	78	  
	Section 9.03.	 	[Reserved]	  	 	79	  
	Section 9.04.	 	Revocation and Effect of Consents and Waivers	  	 	79	  
	Section 9.05.	 	Notation on or Exchange of Notes	  	 	79	  
	Section 9.06.	 	Trustee to Sign Amendments	  	 	79	  
	Section 9.07.	 	Payment for Consent	  	 	80	  
	Section 9.08.	 	Additional Voting Terms; Calculation of Principal Amount	  	 	80	  
		
	ARTICLE 10	  			
		
	GUARANTEES	  			
			
	Section 10.01.	 	Guarantees	  	 	80	  
	Section 10.02.	 	Limitation on Liability; Release	  	 	82	  
	Section 10.03.	 	Successors and Assigns	  	 	84	  

  
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	Section 10.04.	 	No Waiver	  	 	84	  
	Section 10.05.	 	Modification	  	 	84	  
	Section 10.06.	 	Execution of Supplemental Indenture for Future Guarantors	  	 	84	  
		
	ARTICLE 11	  			
		
	[INTENTIONALLY OMITTED]	  			
		
	ARTICLE 12	  			
		
	SUBORDINATION OF NOTES	  			
			
	Section 12.01.	 	Agreement to Subordinate	  	 	85	  
	Section 12.02.	 	Liquidation; Dissolution; Bankruptcy	  	 	85	  
	Section 12.03.	 	Default on Designated Senior Debt	  	 	86	  
	Section 12.04.	 	Subordination of Guarantee	  	 	87	  
	Section 12.05.	 	Acceleration of Securities	  	 	87	  
	Section 12.06.	 	When Distribution Must Be Paid Over	  	 	87	  
	Section 12.07.	 	Notice by the Issuer	  	 	88	  
	Section 12.08.	 	Subrogation	  	 	88	  
	Section 12.09.	 	Relative Rights	  	 	88	  
	Section 12.10.	 	Subordination May Not Be Impaired by the Issuer	  	 	89	  
	Section 12.11.	 	Distribution or Notice to Representative	  	 	89	  
	Section 12.12.	 	Rights of Trustee and Paying Agent	  	 	89	  
	Section 12.13.	 	Authorization to Effect Subordination	  	 	90	  
		
	ARTICLE 13	  			
		
	MISCELLANEOUS	  			
			
	Section 13.01.	 	Trust Indenture Act Controls	  	 	90	  
	Section 13.02.	 	Notices	  	 	90	  
	Section 13.03.	 	[Reserved]	  	 	91	  
	Section 13.04.	 	Certificate and Opinion as to Conditions Precedent	  	 	91	  
	Section 13.05.	 	Statements Required in Certificate or Opinion	  	 	91	  
	Section 13.06.	 	When Notes Disregarded	  	 	92	  
	Section 13.07.	 	Rules by Trustee, Paying Agent and Registrar	  	 	92	  
	Section 13.08.	 	Legal Holidays	  	 	92	  
	Section 13.09.	 	Governing Law; Waiver of Jury Trial	  	 	92	  
	Section 13.10.	 	No Recourse Against Others	  	 	92	  
	Section 13.11.	 	Successors	  	 	93	  
	Section 13.12.	 	Multiple Originals	  	 	93	  
	Section 13.13.	 	Table of Contents; Headings	  	 	93	  
	Section 13.14.	 	Indenture Controls	  	 	93	  
	Section 13.15.	 	Severability	  	 	93	  
	Section 13.16.	 	Currency of Account; Conversion of Currency; Foreign Exchange Restrictions	  	 	93	  
	Section 13.17.	 	U.S.A. Patriot Act	  	 	95	  
	Section 13.18.	 	Force Majeure	  	 	95	  

  
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 Appendix A – Rule 144A/Regulation S/AI Appendix 

Exhibit 1 – Form of Note 

Exhibit 2 – Form of Letter of Representation 

Exhibit 3 – Form of Free Transferability Certificate 

Appendix B – Form of Supplemental Indenture for Future Guarantors 

  
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 INDENTURE dated as of December 12, 2013 among Affinion Investments, LLC, a Delaware limited
liability company (the “Issuer”), the Guarantors (as defined herein) and Wells Fargo Bank, National Association, a national banking 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 AGI 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. 

“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. 

  
   

 
  

 “AGI” shall mean Affinion Group, Inc. a Delaware corporation, and its
successors. 
 “AGI Foreign Entities” means Affinion International Holdings Limited, Webloyalty Holdings Cooperatief U.A.,
Loyalty Ventures Limited, Webloyalty International Limited and Affinion International Servicos de Fidelidade e Corretora de Seguors Ltda. 

“Applicable Premium” shall mean the excess of: (a) the present value at the applicable redemption date of (i) the
redemption price of the Notes being redeemed on December 12, 2016 (such redemption price being set forth in the table in the third paragraph of Paragraph 5 of the form of the Notes set forth in Appendix A) plus (ii) all required
interest payments on such Notes through December 12, 2016 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over
(b) the then outstanding principal amount of such Notes. 
 “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 Party (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
set forth in Section 5.01 herein or any disposition that constitutes a Change of Control; 
 (c) [reserved]; 

(d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Party, other than any disposition of
Designated Assets, in any transaction or series of related transactions with an aggregate Fair Market Value of less than $2.5 million; 

(e) any disposition of property or assets or the issuance of securities by a Restricted Party to the Issuer or by the Issuer or
a Restricted Party to a Restricted Party; 

  
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 (f) any foreclosures on assets or property of the Issuer or its Subsidiaries by
holders of Senior Debt; 
 (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; and 

(i) any grant in the ordinary course of business of any license of patents, trademarks, know-how and any other intellectual
property. 
 “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 or place of payment. 
 “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) 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. 

  
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 “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; 
 (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 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, its Subsidiaries and Guarantors, taken as a whole, to any Person, other than any Permitted Holder; 

  
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 (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); 
 (3) (A) prior to the
first public offering of common Capital Stock of the Issuer or any Parent of the Issuer, the first day on which the Board of Directors of the Issuer or any Parent of the Issuer shall cease to consist of a majority of directors who (i) were
members of the Board of Directors of the Issuer or any Parent of the Issuer on the Issue Date or (ii) were either (x) nominated for election by the Board of Directors of the Issuer or any Parent of the Issuer, a majority of whom were
directors on the Issue Date 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 the Issuer or any Parent of the Issuer, (i) if such public offering is of common Capital Stock of any Parent of the Issuer, the first day on which a majority of the members of the Board of Directors of such Parent of the Issuer
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; or 

(4) a “Change of Control” shall have occurred under the Extended AGI Notes. 

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, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

  
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 (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, to the extent that any such charges or expenses were deducted in computing such Consolidated Net Income; plus 

(5) for any quarter in the four quarter period ended September 30, 2013, all adjustments to net income (or loss) used in
connection with the calculation of pro forma “Segment EBITDA” for the last twelve months ended September 30, 2013 (as set forth in the Offering Memorandum under the section entitled “Summary—Summary Historical
Consolidated Financial Data—Adjusted EBITDA Reconciliation for AGI”) to the extent such adjustments are not fully reflected in the applicable quarter and continue to be applicable; minus 

(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; 

in each case, on a consolidated basis and determined in accordance with GAAP. 

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. 

  
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 “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, 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), and any such fees, expenses or charges related to the Restructuring, 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 the Issue Date 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; 

  
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 (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 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; 

(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) [reserved]; and 

(14) accruals and reserves that are established within twelve months after the Issue Date and that are so required to be
established in accordance with GAAP shall be excluded. 
 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. 

  
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 “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. 

“Credit Agreement” means, so long as the Issuer or any Restricted Party is a borrower or guarantor thereunder, (i) the
Amended and Restated Credit Agreement dated as of April 9, 2010, among AGI, Holdings, the lenders from time to time party thereto, Deutsche Bank Trust Company Americas (as successor in such capacity to Bank of America, N.A.), as administrative
agent and collateral agent, and the other agents party thereto, 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 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 Assets” means the Equity Interests of the AGI Foreign Entities owned by the Issuer or Investments II on the Issue
Date, and any assets of such AGI Foreign Entities; provided that Designated Assets shall not include assets of the AGI Foreign Entities for purposes of Section 4.06 and the related definitions. 

  
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 “Designated Senior Debt” means any Indebtedness outstanding under the Credit
Agreement. 
 “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 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). 

“Equity Offering” means any public or private sale after the Issue Date of common stock or Preferred Stock of any Person
(other than Disqualified Stock), other than: 
 (1) public offerings with respect to the Capital Stock of such Person
registered on Form S-4 or Form S-8; and 
 (2) an issuance to any Subsidiary. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Existing AGI Subordinated Notes” means the 11 1⁄2% Senior Subordinated Notes due 2015 of AGI. 

“Existing Holdings Notes” means the 11.625% Senior Notes due 2015 of Holdings that were originally issued by Holdings on
October 5, 2010 (including the exchange notes issued therefor pursuant to a registered exchange offer). 
 “Extended AGI
Notes” means the 13.50% Senior Subordinated Notes due 2018 issued by AGI to the Issuer on the Issue Date in connection with the Restructuring. 

“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. 

“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 referred to above, 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 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 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 and the amount of 

  
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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 SEC, 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; provided further that the aggregate of all operating expense reductions that
have not been realized that may be included in such pro forma calculation as of the relevant Calculation Date shall not exceed 15% of the pro forma Consolidated Cash Flow of the Issuer on such Calculation Date. 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. 
 “Fixed Charge Coverage Ratio
Test” means that 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 test is measured, the Fixed Charge Coverage Ratio would
have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the proceeds therefrom), as if the additional $1.00 of Indebtedness had been Incurred, and the application of proceeds therefrom had occurred, at
the beginning of such four-quarter period. 
 “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 

  
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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 in connection with the Restructuring and the offering of the Notes; 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. 

“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 the Issue Date. 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. 

  
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 “Guarantor” means Investments II and any other Person that Incurs a Guarantee
provided, that upon the release or discharge of Investments II or such Person from its Guarantee in accordance with this Indenture, Investments II or such Person, as the case may be, 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 “Holder” means the Person in whose name a Note is registered on
the registrar’s books. 
 “Holdings” means Affinion Group Holdings, Inc., a Delaware corporation, and its successors.

 “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. 
 “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; 

  
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 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) obligations to make payments in respect of money back guarantees offered to customers in the ordinary course of business; (5) 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 (6) 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. 

“Intercreditor Agreement” means the intercreditor agreement dated as of the Issue Date among Deutsche Bank Trust Company
Americas, as administrative agent and collateral agent under the Credit Agreement, Wells Fargo Bank, National Association, as Trustee, the Issuer, Investments II and the other parties from time to time party thereto, as it may be amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 
 “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. 

  
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 “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 
 (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. 

“Investments II” means Affinion Investments II, LLC (formerly known as Affinion Loyalty, LLC), a Delaware limited liability
company, and its successors. 
 “Issue Date” means December 12, 2013, 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 Party 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. 

  
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 “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 the Issue Date 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 the Issue Date 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 the Issue Date 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. 

“Net Proceeds” means the aggregate cash proceeds received by the Issuer or any of the Restricted Parties in respect of any
Asset Sale, net of the direct costs relating to such Asset Sale (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 Section 4.06(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. 
 “New Holdings Notes” means the 13.75%/14.50% Senior
Secured PIK/Toggle Notes due 2018 of Holdings issued on the Issue Date as part of the Restructuring. 

  
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 “Non-Guarantor Restricted Subsidiary” means any Restricted Subsidiary of the
Issuer that is not a Guarantor. 
 “Notes” means the 13.50% Senior Subordinated Notes due 2018 issued by the Issuer
pursuant to this Indenture on the Issue Date, in the form 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 Offering Memorandum and Consent Solicitation Statement dated November 7, 2013 (including
the information incorporated by reference therein), as amended or supplemented on the Issue Date. 
 “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 Restricted Parties. 

“Officers’ Certificate” means a certificate signed on behalf of the Issuer by two Officers of the Issuer or any of the
Restricted Parties, 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 Restricted Parties, that meets the requirements set forth in this
Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel which is acceptable to the Trustee. The
counsel may be an employee of or counsel to the Issuer. 
 “Parent” means, with respect to (i) each of the Issuer and
Investments II, each of Affinion Brazil Holdings I, LLC, AGI and Holdings and any of their respective successors and assigns, and (ii) any Person other than the Issuer and Investments II, 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. 

  
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 “Permitted Investment” means: 

(1) any Investment in the Issuer or any Restricted Party; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Investment by the Issuer or any Restricted Party 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 Party; 
 (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 the Issue Date and any Investments made pursuant to binding commitments in effect on the Issue
Date (including the Extended AGI Notes to be issued to the Issuer in connection with the Restructuring and the minority interests of the AGI Foreign Entities that are acquired by the Issuer in connection with the Restructuring); 

(6) advances to employees not in excess of $15 million and outstanding at any one time in the aggregate; provided that
advances that are forgiven shall continue to be deemed outstanding; 
 (7) any Investment acquired by the Issuer or any of
the Restricted Parties (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Party 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 the Restricted Parties 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) [reserved]; 

(10) additional Investments by the Issuer or any of the Restricted Parties having an aggregate Fair Market Value, taken
together with all other Investments made pursuant to this clause (10) since the Issue Date 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 the Restricted Parties do not consist of Cash Equivalents), not to exceed $10 million (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes
in value); 

  
 -19- 

 
  

 (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)(iv)(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; 
 (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 Party acquired after the Issue Date or of an entity merged into, amalgamated with, or
consolidated with a Restricted Party in a transaction that is not prohibited by the covenant described under Article 5 hereof after the Issue Date 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; and 

(17) guarantees not prohibited by or required pursuant to, as the case may be, the covenants described in Section 4.03 and
Section 4.11 hereof. 
 “Permitted Junior Securities” means: 

(1) Equity Interests in the Issuer or any other business entity provided for by a plan of reorganization; and 

(2) debt securities of the Issuer or any other business entity provided for by a plan of reorganization that are subordinated
to all Obligations with respect to Senior Debt and any debt securities issued in exchange for Senior Debt to the same extent as, or to a greater extent than, the Notes are subordinated to all Obligations with respect to Senior Debt under the
Indenture; 
 provided, however, that no such Equity Interests or debt securities shall be subject to a mandatory redemption obligation (other
than customary change of control and asset sale offers to purchase) or mature, as applicable, prior to the date occurring 91 days after the final stated maturity of the Designated Senior Debt or the debt securities issued in exchange therefor. 

  
 -20- 

 
  

 “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 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 Indebtedness under the Credit Agreement not to exceed at any one time outstanding the amount of Indebtedness that is permitted to be Incurred pursuant to Section 4.03(b)(i) herein; provided, that
the Credit Agreement is subject to the Intercreditor Agreement; 
 (7) Liens existing on the Issue Date (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 Party; 

  
 -21- 

 
  

 (9) Liens on assets or property at the time the Issuer or a Restricted Party
acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Party; 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 Party; 

(10) Liens securing Indebtedness or other obligations of a Restricted Party owing to the Issuer or another Restricted Party
permitted to be Incurred in accordance with Section 4.03(b) 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; 

(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 the Restricted Parties or (ii) secure any Indebtedness; 

(14) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the
Issuer and the Restricted Parties 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 Party 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), 

  
 -22- 

 
  

 
(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 $5 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 
 (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. 
 “Representative” means, with respect to
any holder of Senior Debt, the trustee, agent or other representative of such Senior Debt. 
 “Restricted Investment” means
an Investment other than a Permitted Investment. 

  
 -23- 

 
  

 “Restricted Parties” means Investments II and the Restricted Subsidiaries of the
Issuer. 
 “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. 

“Restructuring” means the exchange offers and consent solicitations for the Existing Holdings Notes and the Existing AGI
Subordinated Notes and the transactions related thereto that are described in the Offering Memorandum, including the transactions described under “Certain Relationships and Related Transactions—Contribution to Affinion Investments”
and Certain Relationships and Related Transactions—Intercompany Exchange.” 
 “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 Party whereby the Issuer or a Restricted Party transfers such property to a Person and the Issuer or such Restricted Party leases it from such Person,
other than leases between the Issuer and a Restricted Party or between Restricted Parties. 
 “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 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. 

  
 -24- 

 
  

 “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 Debt” of any Person means: 

(1) all Indebtedness of such Person outstanding under the Credit Agreement and all Hedging Obligations subject to security
arrangements on a pari passu basis with the Credit Agreement, whether outstanding on the Issue Date or Incurred thereafter; and 

(2) all Obligations with respect to the items listed in the preceding clause (1) (including any interest accruing
subsequent to the filing of a petition of bankruptcy at the rate provided in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable law), 

in each case, for the avoidance of doubt, Senior Debt shall include guarantees by such Person of such Indebtedness and Obligations described above. 

“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.
or one or more investment funds controlled by Apollo Management, L.P. and any of their respective Affiliates (excluding the Issuer and any Parent of the Issuer and any of their respective Subsidiaries). 

“Sponsor Consulting Agreement” means the Consulting Agreement between the Sponsor and AGI 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). 
 “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 Holdings, pursuant to which Cendant agreed to sell to AGI all of the equity
interests of Affinion Group, LLC (formerly Cendant Marketing Group, LLC) and Affinion International Holdings Limited (formerly Cendant International Holdings Limited). 

  
 -25- 

 
  

 “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. 

“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. 
 “Treasury Rate” means, for any date, the yield to
maturity at the time of computation of United States Treasury securities with a constant maturity as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business
Days prior to the applicable redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the applicable redemption date to December 12,
2016; provided, however, that if the period from the applicable redemption date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained
by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given except that if the period from the redemption date to December 12,
2016 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“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. 

  
 -26- 

 
  

 “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) 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 
 (2) 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 the Restricted Parties (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 on a pro forma basis taking into account such designation, and 

(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. 

  
 -27- 

 
  

 “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. 

  
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 SECTION 1.02 Other Definitions. 

 

			
	 Term
	  	 Defined in

Section

		
	“Affiliate Transaction”	  	4.07(a)
	“AI”	  	Appendix A
	“Asset Sale Offer”	  	4.06(c)
	“Automatic Exchange” 	  	Appendix A
	“Automatic Exchange Date” 	  	Appendix A
	“Automatic Exchange Notice” 	  	Appendix A
	“Automatic Exchange Notice Date” 	  	Appendix A
	“Bankruptcy Law”	  	6.01
	“Base Currency”	  	13.16(b)(i)
	“Change of Control Offer”	  	4.08(b)
	“Change of Control Offer”	  	Appendix A
	“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)
	“Free Transferability Certificate”	  	Appendix A
	“Global Notes”	  	Appendix A
	“Guaranteed Obligations”	  	10.01(b)
	“IAI”	  	Appendix A
	“incorporated provision”	  	13.01
	“Judgment Currency”	  	13.16(b)(i)
	“legal defeasance option”	  	8.01(b)
	“nonpayment default” 	  	12.03(a)(ii)
	“Notes Custodian”	  	Appendix A
	“Offer Period”	  	4.06(e)
	“Paying Agent”	  	2.04(c)
	“Payment Blockage Notice”	  	12.03(a)(ii)
	“payment default”	  	12.03(a)(i)
	“protected purchaser”	  	2.08(a)
	“QIB”	  	Appendix A
	“Refinancing Indebtedness”	  	4.03(b)(xiv)
	“Registrar”	  	2.04(c)
	“Regulation S”	  	Appendix A
	“Regulation S Global Note”	  	Appendix A
	“Restricted Payments”	  	4.04(a)
	“Rule 144”	  	Appendix A
	“Rule 144A”	  	Appendix A
	“Rule 144A Global Note”	  	Appendix A
	“Specified Merger/Transfer Transaction”	  	5.01(a)
	“Successor Issuer”	  	5.01(a)(i)
	“Successor Guarantor”	  	5.01(b)(i)(A)
	“Transfer Restricted Notes”	  	Appendix A

  
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 SECTION 1.03 Incorporation by Reference of Trust Indenture Act. The TIA is not
incorporated by reference into this Indenture. 
 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, to the extent that, in such context, additional interest is, was, or would be payable in respect thereof. 

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 $359,955,720. The Notes will be treated as a single class for all purposes hereunder, including, without limitation, waivers, amendments, redemptions and offers to purchase. 

  
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 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 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 $1.00 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 Notes for original issue on the date hereof in an aggregate principal amount of $359,955,720. 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. 
 (b) One duly authorized Officer shall sign the Notes for the Issuer by manual
signature. 
 (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. 
 (g) The Trustee shall authenticate and make available for delivery Notes without restrictive legends
upon an Automatic Exchange pursuant to Section 2.3(e)(iii) of Appendix A. 
 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. 

  
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 (b) The Issuer shall enter into an appropriate agency agreement, satisfactory in form to the
Trustee, with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing 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. 
 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 

  
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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 prior to the mailing of a notice of redemption of the 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. 
 (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. 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. 

  
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 (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. 
 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. 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.

  
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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 in writing 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 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 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 

  
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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 in accordance with the Depository’s applicable procedures; provided that no Notes of $1.00 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 on, the Notes to be redeemed. 
 SECTION 3.05 Notice of Optional Redemption. (a) At least 30 days but not more
than 60 days before a redemption date, 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; 

  
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 (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. 

In addition, if such redemption shall occur with the net cash proceeds of an Equity Offering and is subject to satisfaction of one or more
conditions precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be
satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. 

(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, except, if applicable, as provided in the last paragraph of Section 3.05(a) and the final two
sentences of paragraph 5 of the Notes. 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. 
 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. 

  
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 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) The Issuer shall cause AGI to file with the SEC and provide the Trustee and
Holders with copies thereof, without cost to each Holder, within 15 days after it files them with the SEC, 
 (i) within the
time periods specified by the Exchange Act for non-accelerated filers, an annual report on Form 10-K (or any successor or comparable form) of AGI containing the condensed consolidating footnote disclosure for AGI’s Guarantor and Non-Guarantor
Subsidiaries of the Extended AGI Notes that complies with the requirements of Rule 3-10 of Regulation S-X promulgated by the SEC (or any successor provision), which condensed consolidating footnote disclosure shall be comparable in all material
respects to the condensed consolidating footnote disclosure included or incorporated by reference in the Offering Memorandum; and; 

(ii) within the time periods specified by the Exchange Act for non-accelerated filers, a quarterly report on Form 10-Q (or any
successor or comparable form) of AGI containing the condensed consolidating footnote disclosure for AGI’s Guarantor and Non-Guarantor Subsidiaries of the Extended AGI Notes that complies with the requirements of Rule 3-10 of Regulation S-X
promulgated by the SEC (or any successor provision), which condensed consolidating footnote disclosure shall be comparable in all material respects to the condensed consolidating footnote disclosure included or incorporated by reference in the
Offering Memorandum; 

  
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 provided, however, that in the case of clauses (1) and (2), if due to changes in AGI’s
Non-Guarantor Subsidiaries, less than 90% of the net revenues and income (loss) from operations of the Non-Guarantor Subsidiaries of AGI for such reporting period is generated by entities in which the Issuer has an ownership interest, then
AGI’s annual report or quarterly report, as applicable, will be required to include supplemental information that discloses the approximate percentage or amount of the net revenues and income (loss) from operations of the Non-Guarantor
Subsidiaries of AGI that is generated by entities in which the Issuer has an ownership interest. AGI shall provide a narrative description in such condensed consolidating footnote disclosure stating the percentage of net revenues and income (loss)
from operations allocated to the Issuer, Investment II and their consolidated subsidiaries and respective equity interest ownership. 
 To
the extent AGI does not file such annual or quarterly reports with the SEC containing the information specified n clauses (1) and (2) above, then the Issuer will be required to post such International segment information on the
Issuer’s or AGI’s public website and provide copies thereof to the Trustee and the Holders within the time periods specified above. 

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 or Investments II 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 AGI has filed such reports with the SEC via the EDGAR filing system or posted such reports on the Issuer’s website, as applicable, and such reports are publicly available (it being understood
that the Trustee shall have no responsibility to determine if such filings have occurred). 
 SECTION 4.03 Limitation on Incurrence
of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. (a) (1) the Issuer shall not, and shall not permit any of the Restricted Parties to, directly or indirectly, Incur any Indebtedness (including Acquired
Indebtedness) or issue any shares of Disqualified Stock; and (2) the Issuer shall not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock. 

(b) The limitations set forth in Section 4.03(a) shall not apply to: 

(i) the Incurrence by the Issuer or the Restricted Parties 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’ 

  
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acceptances being deemed to have a principal amount equal to the face amount thereof) up to an aggregate principal amount of $1,252.5 million outstanding at any one time; provided that
such amount shall be reduced in an amount equal to (1) the Net Proceeds from any Asset Sale by the Issuer or the Restricted Parties if such Net Proceeds are used to repay outstanding Indebtedness under any Credit Agreement and (2) the net
proceeds from any asset sale by AGI or its Subsidiaries or the assets of the AGI Foreign Entities which comprise the Designated Assets if such Net Proceeds are used to repay outstanding Indebtedness under any Credit Agreement (and, in the case of
the repayment of revolving Indebtedness pursuant to clause (1) or (2), terminate commitments under such Credit Agreement in a like amount in connection therewith); 

(ii) the Incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes issued on the Issue Date and the
Guarantees, as applicable; 
 (iii) [reserved]; 

(iv) [reserved]; 

(v) [reserved]; 

(vi) Indebtedness arising from agreements of the Issuer or a Restricted Party 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 Party; 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 Party ceasing to be a Restricted Party
or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Party) 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 Guarantor to the Issuer or another Guarantor; 

  
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 (x) Guarantees of 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, in each case, to the extent they constitute Secured Indebtedness under the Credit Agreement or any Senior Credit Documents; 

(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 Party, in each case, reasonably required in the conduct of the business, including those to secure health, safety, insurance and
environmental obligations of the Issuer and the Restricted Parties as conducted in accordance with good and prudent business industry practice; 

(xii) Indebtedness or Disqualified Stock of the Issuer or any Restricted Party 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 $5 million at any one time outstanding; 
 (xiii) any guarantee
by the Issuer or any of the Restricted Parties of Indebtedness or other obligations of the Issuer or any of the Restricted Parties so long as the Incurrence of such Indebtedness or other Obligations by the Issuer or such Restricted Party 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 Party, 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 Party, as applicable; 
 (xiv) the Incurrence by the Issuer or any of the Restricted Parties 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 clauses (ii),
(xiv) and (xv) 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 proviso, “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; 

  
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 (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 the Notes; 

(3) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Notes or the Guarantee of such
Restricted Party, as applicable, such Refinancing Indebtedness is junior to the Notes or the Guarantee of such Restricted Party, as applicable, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or
Preferred Stock; 
 (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; and 
 (5) shall not include (x) Indebtedness, Disqualified Stock or Preferred Stock
of a Restricted Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary that is a Guarantor, or (y) Indebtedness of the Issuer or a Restricted
Party that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary. 
 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 the Restricted
Parties or merged or amalgamated into the Issuer or a Restricted Party 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, the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant
to the Fixed Charge Coverage Ratio Test; 
 (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; and 

  
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 (xvii) Indebtedness of the Issuer or any Restricted Party 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. 
 Notwithstanding the foregoing, the Issuer shall not, and shall not permit any of the
Restricted Parties to, directly or indirectly, after the Issue Date issue any Indebtedness (including Acquired Indebtedness) to the Sponsor; provided that the Sponsor may acquire Indebtedness in secondary transactions not involving the Issuer
or any of the Restricted Parties. 
 (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 Section 4.03(b)(xvii) above,
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 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 Section 4.03(b)(xvii). Notwithstanding the foregoing, Indebtedness under the
Credit Agreement outstanding on the Issue Date will be deemed to have been incurred on such date in reliance on the exception provided by clause Section 4.03(b)(i) above and the Issuer shall not be permitted to reclassify all or any
portion of such Indebtedness outstanding on the Issue Date. 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 

  
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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. 
 SECTION 4.04 Limitation on
Restricted Payments. (a) The Issuer shall not, and shall not permit any of the Restricted Parties to, directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of the Issuer’s or any of the Restricted Parties’
Equity Interests, including any payment with respect to such Equity Interests made in connection with any merger, amalgamation 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 payable to the Issuer or any Guarantor; 

(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 Party (other than the payment, redemption, repurchase,
defeasance, acquisition or retirement of Indebtedness permitted under Section 4.03(b)(vii)); 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 and (ii) the Consolidated Leverage Ratio of the Issuer would have been less than 5.0 to 1; and 

  
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 (3) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Issuer and the Restricted Parties after the Issue Date (including Restricted Payments permitted by clauses (i), (iv), (xiv), (xvi) and (xviii) 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 the Issue Date to the end of the Issuer’s most recently ended fiscal quarter for which internal financial 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), 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 the Issue Date from the issue or sale of Equity Interests of the Issuer or any Parent of the Issuer (excluding Disqualified Stock ), including Equity Interests (other
than Disqualified 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 Party or an employee stock ownership plan or trust established by the
Issuer or any of the Restricted Parties), 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 the Issuer Date (other than Disqualified Stock and contributions by a Restricted Party),
plus 
 (D) 100% of the aggregate amount received by the Issuer or any Restricted Party after the Issue Date 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 Party after the Issue Date from: 

(I) the sale or other disposition (other than to the Issuer or a Restricted Party) of Restricted Investments made by the
Issuer and the Restricted Parties and from repurchases and 

  
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redemptions of such Restricted Investments from the Issuer and the Restricted Parties by any Person (other than the Issuer or any of the Restricted Parties) and from repayments of loans or
advances which constituted Restricted Investments, 
 (II) the sale (other than to the Issuer or a Restricted Party) of the
Capital Stock of an Unrestricted Subsidiary (other than an Unrestricted Subsidiary to the extent the investments in such Unrestricted Subsidiary 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 the Issue Date, 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). 

The Fair Market Value of property other than cash covered by clauses (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 $5.0 million, shall be set forth in an
Officers’ Certificate or 
 (y) in the event of property with a Fair Market Value in excess of $10.0 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) [reserved]; 

(iii) the redemption, repayment, repurchase or other acquisition or retirement of Subordinated Indebtedness of the Issuer or
any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale (or as 

  
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promptly as practicable after giving any requisite notice to the holders of such Subordinated Indebtedness) of, new Indebtedness of the Issuer or any 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 Guarantor in respect of refinanced Indebtedness of a 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) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) at least 91 days later than the maturity date of the
Notes, 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 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 the Issue Date; provided, however, that the aggregate amounts paid under this clause (iv) do
not exceed $1.5 million in any calendar year commencing with 2013 (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 to the following
proviso) of $2.5 million in any calendar year); 

  
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 (v) [reserved]; 

(vi) [reserved]; 

(vii) [reserved]; 

(viii) [reserved]; 

(ix) [reserved]; 

(x) [reserved]; 

(xi) [reserved]; 

(xii) [reserved]; 

(xiii) the declaration and payment of dividends to, or the making of loans to, any Parent of the Issuer 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 cash proceeds of which were contributed to the Issuer or any of the Restricted Parties, (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 the Issuer and (B) pursuant to
Section 4.03(b)(xiv); 
 (xiv) any Restricted Payment used to fund the Restructuring and the fees and expenses related
thereto or made in connection with the consummation of the Restructuring (including payments made pursuant to or as contemplated by the documents related to the Restructuring, whether payable on the Issue Date or thereafter), or owed by any Parent
of the Issuer, the Issuer or the Restricted Parties to Affiliates, in each case to the extent permitted by Section 4.07, in an aggregate amount not to exceed $1.0 million; 

(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 Party 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 $1.0 million; 

(xvii) the payment, purchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer and the Restricted Parties pursuant to provisions similar to those of Section 4.06 and Section 4.08; provided that, prior to such payment, purchase,

  
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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 all outstanding 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 payment of dividends, distributions and advances to any Parent of the
Issuer to allow such Parent to prepay the Credit Agreement as permitted in accordance with Section 4.06, but only to the extent that such payments are actually used by such Parent to pay Obligations under the Credit Agreement and permanently
reduce the Obligations or commitments under the Credit Agreement in such amount. 
 provided, however, that at the time of, and after giving
effect to, any Restricted Payment permitted under clauses (iv), (xiv), (xv), (xvi), (xvii) and (xviii) of this Section 4.04(b), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence
thereof. 
 Notwithstanding the foregoing, after the Issue Date, the Issuer shall not, and shall not permit any of the Restricted Parties
to, (i) pay any dividend or make any cash distribution on account of the Issuer’s Equity Interests or purchase or otherwise acquire or retire for value any Equity Interests of the Issuer or make any Investments (including Permitted
Investments) in any Parent of the Issuer (other than pursuant to clauses (iv), (xiii) and (xviii) of this Section 4.04(b)) or (ii) pay to the Sponsor (x) any management, consulting, monitoring, termination and advisory fees
permitted under Section 4.07(b)(iii); provided that such fees may continue to be accrued and provided, further, that any payments to the Sponsor for expense reimbursement in connection with such management, consulting,
monitoring, termination and advisory services shall be permitted in an amount up to $100,000 per calendar year or (y) any fees for financing, underwriting, placement service or other investment banking services rendered to the Issuer or any of
the Restricted Parties. 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. 
 (c) As of the Issue Date, the Issuer will have no Subsidiaries. To the extent the Issuer designates
any Subsidiary to be an Unrestricted Subsidiary in the future, the Issuer shall not permit such 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. 

  
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 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 Party to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any of the Restricted
Parties (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 the Restricted Parties; 

(b) make loans or advances to the Issuer or any of the Restricted Parties; or 

(c) sell, lease or transfer any of its properties or assets to the Issuer or any of the Restricted Parties; 

except in each case for such encumbrances or restrictions existing under or by reason of: 

(1) contractual encumbrances or restrictions in effect on the Issue Date; 

(2) this Indenture and the Notes and any 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 Party 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; 
 (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 Section 4.12 that limit the
right of the debtor to dispose of the assets securing such Indebtedness; 

  
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 (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) contractual encumbrances or restrictions pursuant to the Credit Agreement and the other Senior Credit Documents; 

(12) other Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Party that is Incurred subsequent to the
Issue Date 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 

  
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on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Issuer or a Restricted Party to other Indebtedness Incurred by the Issuer or
any such Restricted Party shall not be deemed a restriction on the ability to make loans or advances. 
 SECTION 4.06 Asset
Sales. (a) The Issuer shall not, and shall not permit any of the Restricted Parties to, cause or make an Asset Sale, unless (x) the Issuer or any of the Restricted Parties, 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 Party, 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 Party’s most recent balance sheet) of the Issuer or any Restricted Party (other than liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee
of any such assets, and 
 (ii) any notes or other obligations or other securities or assets received by the Issuer or such
Restricted Party from such transferee that are converted by the Issuer or such Restricted Party into cash within 90 days of the receipt thereof (to the extent of the cash received), 

shall be deemed to be Cash Equivalents for the purposes of this Section 4.06. 

(b) Within 180 days after the receipt by the Issuer or any Restricted Party of the Net Proceeds of any Asset Sale, the Issuer or such
Restricted Party must: 
 (i) apply the Net Proceeds from such Asset Sale to make an investment in any one or more
businesses, properties or assets that replace the properties and assets that are the subject of such Asset Sale; provided that (i) the replacement businesses, properties or assets are held by the Issuer or a Restricted Party,
(ii) the Fair Market Value of the replacement businesses, properties or assets is greater than or equal to the Fair Market Value as of the Issue Date of the businesses, properties or assets that are the subject of such Asset Sale and
(iii) the Fair Market Value of the replacement businesses, properties or assets shall be determined in good faith by the Board of Directors of the Issuer and shall be set forth in an Officers’ Certificate delivered to the Trustee; 

(ii) apply the Net Proceeds from such Asset Sale to repay borrowings outstanding under the Credit Agreement and, if the
borrowings repaid are revolving Indebtedness, to correspondingly permanently reduce commitments with respect thereto; provided that (i) upon such repayment the Issuer or such Restricted Party must replace the properties and assets that
are the subject of such Asset Sale, (ii) the Fair Market Value of the replacement businesses, properties or assets is greater than or equal to the Fair Market Value as of the Issue Date of the businesses, properties or assets that are the
subject of such Asset Sale and (iii) the 

  
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Fair Market Value of the replacement businesses, properties or assets shall be determined in good faith by the Board of Directors of the Issuer and shall be set forth in an Officers’
Certificate delivered to the Trustee; or 
 (iii) make an Asset Sale Offer. 

(c) Pending the final application of any Net Proceeds from an Asset Sale, the Issuer or such Restricted Party 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 shall be deemed to constitute “Excess Proceeds.” 
 When the
aggregate amount of Excess Proceeds exceeds $10.0 million, the Issuer shall make an offer to all holders of Notes (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes 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, 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 $10.0 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 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 Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof exceeds the amount of Excess Proceeds, the
Trustee shall select the Notes to be purchased in accordance with Section 4.06(f) in the case of Notes. 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 Section 4.06(b) and Section 4.06(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 

  
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(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 this 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 are tendered pursuant to an Asset Sale Offer than the Issuer is required to purchase, the principal amount of the Notes to be purchased shall be determined pro rata based on the principal
amounts so tendered and the selection of the actual Notes of each series for purchase shall be made by the Trustee on a pro rata basis to the extent practicable; provided, however, that no Notes of $1.00 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 and to the Trustee. 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 has been or is to be purchased. 
 (h) A new Note 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 the Restricted Parties 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 Party than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Party with an unrelated Person; and 

(ii) 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). 

  
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 (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 the Restricted Parties; 

(ii) Restricted Payments permitted by the provisions of Section 4.04 and Investments under the definition of
“Permitted Investments;” 
 (iii) [reserved]; 

(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 Party; 
 (v) [reserved]; 

(vi) other than payments to, or agreements with, the Sponsor, transactions in which the Issuer or any of the Restricted
Parties, 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 Party from a financial point of view or meets the requirements of
Section 4.07(a)(i); 
 (vii) payments or loans (or cancellation of loans) to employees or consultants (other than the
Sponsor) 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 to which the Issuer or any Restricted Party is a party as in effect as of the Issue Date that is described
or contemplated in the Offering Memorandum 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 the Issue Date) or any transaction contemplated thereby as determined in good faith by senior management or the Board of Directors of the Issuer; 

(ix) [reserved]; 

(x) transactions to effect the Restructuring and the payment of all fees and expenses related to the Restructuring, as
described in the Offering Memorandum; 
 (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 

  
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or the Restricted Parties, 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 the Management Group 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 Party, as appropriate, in good faith; 

(xiv) the entering into of any tax sharing agreement or arrangement and; 

(xv) any contribution to the capital of the Issuer; 

(xvi) transactions between the Issuer or any of the Restricted Parties 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; 

(xviii) any employment agreements entered into by the Issuer or any of the Restricted Parties in the ordinary course of
business; 
 (xix) for the avoidance of doubt, any transaction with, or for the benefit of, AGI or any of the AGI Foreign
Entities that would otherwise constitute an Affiliate Transaction solely because the Issuer or any of the Restricted Parties owns a minority interest in such AGI Foreign Entities; and 

(xx) any consent, waiver or amendment by the Issuer of any of the terms or provisions of the note agreement governing the
Extended AGI Notes which, if applicable, is approved by the holders of Notes in accordance with the terms of the Extended AGI Notes. 

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 in the form of the Notes set forth in Appendix A.

  
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 (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 of the form of the Notes set forth in Appendix A, the Issuer shall mail or electronically transmit (or cause to be mailed or electronically transmitted) 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 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); 
 (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 sent); and 
 (iv) the instructions determined by
the Issuer, consistent with this Section 4.08, 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 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. 
 (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 

  
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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. 

(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, if any, that Guarantees any
Indebtedness of the Issuer or any of the Restricted Parties 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, unless such other Indebtedness is Senior Debt, in which case the Guarantee may be
subordinated to the guarantee of such Senior Debt to the same extent as the Notes are subordinated to such Senior Debt. 

  
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 (b) Notwithstanding Section 4.11(a), (i) 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) and (ii) in no event shall the Guarantee of Investments II be released upon the sale, disposition or other transfer (including through merger, amalgamation or consolidation) of the Capital Stock of Investments II by
AGI unless and until the Equity Interests of Designated Assets owned by Investments II on the Issue Date (or the proceeds received from the sale, transfer or other disposition thereof, subject to the prior rights of holders of Senior Debt pursuant
to the subordination provisions herein and the Intercreditor Agreement), shall have been transferred to the Issuer or any of its Restricted Subsidiaries prior to or concurrently therewith. 

(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 10 of this Indenture. 

SECTION 4.12 Liens. The Issuer shall not, and shall not permit any of the Restricted Parties 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. 

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 

  
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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. 
 SECTION 4.14 Limitation on Other Senior Subordinated Indebtedness. The Issuer shall not Incur any
Indebtedness that is subordinate in right of payment to any Senior Debt of the Issuer unless it is pari passu or subordinate in right of payment to the Notes. No Guarantor shall Incur any Indebtedness that is subordinate or junior in right of
payment to the Senior Debt of such Guarantor unless it is pari passu or subordinate in right of payment to such Guarantor’s Guarantee. For purposes of the foregoing, 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 of such other Indebtedness of the Issuer or any Guarantor 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. 

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;

  
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 (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 the Restricted Parties as a result of such transaction as having been
Incurred by the Successor Issuer or such Restricted Party at the time of such transaction), the Successor Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio Test; or 

(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)
[reserved]; 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 Party 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 Party 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 the Restricted Parties is not increased thereby (any transaction described in this
sentence a “Specified Merger/Transfer Transaction”). This Section 5.01 shall not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and the Restricted Parties. 

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. 

  
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 (b) Subject to Section 10.02(b), each Guarantor shall not, and the Issuer shall not permit
any Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such 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 Guarantor is a surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger
(if other than such 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 Guarantor or such Person, as the case may be, being herein called the “Successor Guarantor”) and the Successor Guarantor (if other than such Guarantor) expressly
assumes all the obligations of such Guarantor under this Indenture and such 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 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 Guarantor under this Indenture and such Guarantor’s Guarantee, and
such Guarantor shall automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding Section 5.01(b)(ii), (i) a Guarantor may merge, amalgamate or consolidate with an
Affiliate incorporated or organized solely for the purpose of incorporating or organizing such 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 Guarantor is not increased thereby and (ii) a Guarantor may merge, amalgamate or consolidate with another Guarantor or the Issuer. 

  
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 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 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 the
Restricted Parties to comply with the provisions set forth in Article 5 of this Indenture; 
 (d) the failure by the
Issuer or any of the Restricted Parties to comply for 30 days after notice with any of its obligations under Article 4 of this Indenture (other than a failure to purchase Notes); 

(e) the failure by the Issuer or any of the Restricted Parties 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 Party) 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, 

  
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 (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 6.01(d) and Section 6.01(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 6.01(d) and Section 6.01(e) hereof after receipt of such notice; provided,
however, that so long as any Indebtedness permitted to be Incurred pursuant to the Credit Agreement is outstanding, the acceleration of the Notes shall not be effective until the earlier of (1) an acceleration of Indebtedness under the
Credit Agreement; or (2) five Business Days after receipt by the Issuer and the Representative under the Credit Agreement of written notice of the acceleration of the Notes. 

SECTION 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(g) or
Section 6.01(h) with respect to the Issuer) occurs and is 

  
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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. 

If an Event of Default specified in Section 6.01(g) or Section 6.01(h) with respect to the Issuer 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. 

  
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 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. 
 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 written 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 security or indemnity reasonably satisfactory to the Trustee 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 (it being understood that the Trustee shall have no responsibility whatsoever to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders). 
 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 Section 6.01(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. 

  
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 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 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 to it under this Indenture; 

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 on behalf of or which is owed to 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 

  
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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. 
 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
(but need not confirm or investigate the accuracy or mathematical calculations or other facts stated therein). 
 (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 by a
court of competent jurisdiction 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. 

  
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 (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. 
 (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. 
 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 such Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney
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 reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 

  
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 (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. 

(i) In no event shall the Trustee be responsible or liable for special, indirect, punitive 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. 

(j) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 

(k) The Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture. 
 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 Section 7.10 and Section 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 Section 6.01(c), Section 6.01(d), Section 6.01(e), Section 6.01(f), Section 6.01(i) or Section 6.01(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 a Trust Officer of 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 it in good faith determines that withholding
the notice is in the interests of the Holders. 
 SECTION 7.06 [Reserved]. 

SECTION 7.07 Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for its services,
as mutually agreed to in writing between the parties. The Trustee’s compensation shall not be limited by any law on 

  
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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 attorney’s fees and expenses), 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 (whether asserted by the Issuer, any
Guarantor, any Holder or any other Person). The Trustee shall have no liability or responsibility for any action or inaction on the part of any Paying Agent, Registrar, authentication agent (aside from the Trustee acting in such capacities and
subject to the terms hereof) or any successor trustee or the Custodian. 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 as proven by a court of competent jurisdiction. 

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 Section 6.01(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; 

  
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 (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. 

(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 or electronically transmit 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. 

  
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 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 Notes 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. 
 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. 

  
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 (b) Subject to Section 8.01(c) and Section 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 Section 4.02, Section 4.03, Section 4.04, Section 4.05,
Section 4.06, Section 4.07, Section 4.08, Section 4.11 and Section 4.12 for the benefit of the Notes and the operation of Section 5.01 and Section 6.01(d), Section 6.01(f), Section 6.01(g) (with respect
to Significant Subsidiaries only), Section 6.01(h) (with respect to Significant Subsidiaries only) and Section 6.01(i) for the benefit of the Notes (“covenant defeasance option”). 

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), Section 6.01(d), Section 6.01(e),
Section 6.01(f), Section 6.01(g) (with respect to Significant Subsidiaries only), Section 6.01(h) (with respect to Significant Subsidiaries only), Section 6.01(i) or Section 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 terminates. 
 (c) Notwithstanding clauses (a) and
(b) above, the Issuer’s obligations in Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 2.09, Section 4.01, Section 7.07, Section 7.08 and in this Article 8
shall survive until all the Notes have been paid in full. Thereafter, the Issuer’s obligations in Section 7.07, Section 8.05, and Section 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 

  
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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 public 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
Section 6.01(h) with respect to the Issuer occurs which is continuing at the end of the period; 
 (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; 

  
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 (viii) in the case of either defeasance option, the Issuer shall have received
any consents necessary from the holders of Senior Debt to amend, and the Issuer will have amended, the provisions of the Indenture establishing the subordination of the Notes to Senior Debt such that any payments made from the defeasance trust
described in this Article 8 to holders of the Notes are not subordinated; and 
 (ix) 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 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 

  
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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
Guarantor under this Indenture and its Guarantee in compliance with Article 5 of this Indenture; 
 (iv) to provide for
a co-issuer that is a corporation; 
 (v) 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); 

(vi) to add Guarantees with respect to the Notes or to secure the Notes; 

(vii) 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; 
 (viii) to make any change that does not adversely affect the rights of any Holder, including, without
limitation, any change to effect an Automatic Exchange; provided that the Trustee shall have no responsibility to determine if such change adversely effects the rights of any Holder; or 

(ix) to effect any provision of this Indenture. 

(b) After an amendment under this Section 9.01 becomes effective, the Issuer shall send or cause to be sent 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. 

  
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 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, 

(vii) make any change in the amendment provisions which require each Holder’s consent or in the waiver provisions, 

(viii) amend or modify any of the subordination provisions of this Indenture or the related definitions in any manner adverse
to the Holders of the Notes or any Guarantee thereof, 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. 
 No modification, amendment or waiver may be made to
or of any of the subordination provisions of this Indenture or the related definitions that affects the subordination or ranking of the Notes or any Guarantee that adversely affects the rights of any holder of

  
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Designated Senior Debt then outstanding unless the holders of such Designated Senior Debt (or any group or Representative thereof authorized to give consent) consent to such modification,
amendment or waiver. 
 (b) After an amendment under this Section 9.02 becomes effective, the Issuer shall mail or electronically
transmit (or cause to be mailed or electronically transmitted) 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 [Reserved]. 

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 Notes, (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 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 receive

  
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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 9 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 (or any Paying Agent, Registrar, authenticating agent and transfer agent acting on the Trustee’s behalf), and the Trustee’s successor and
assigns (or the successor and assign of any Paying Agent, Registrar, authenticating agent and transfer agent acting on the Trustee’s behalf) (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 (or any Paying Agent, Registrar, authenticating agent and transfer agent acting on the Trustee’s behalf) 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. The Guaranteed Obligations shall be subordinated on the same basis as the Notes as set forth in Section 12.04. 

  
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 (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 Transaction Document, or any other agreement or otherwise;
(ii) any extension or renewal of this Indenture, the Notes, any Transaction 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
Transaction 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 Section 8.01(b), Section 10.02 and Section 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 Transaction 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. 
 (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 

  
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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. 
 (b)
A Guarantee as to any Restricted Subsidiary shall terminate and be of no further force or effect and such Guarantor that is a Subsidiary of the Issuer 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 Guarantor, following which such Guarantor is no longer a Restricted Subsidiary, if such sale, disposition or other transfer is made in compliance with this Indenture; 

  
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 (B) the Issuer designating a 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 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. 
 (c) A Guarantee as to
Investments II shall terminate and be of no further force or effect and Investments II 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
Investments II by AGI; or 
 (B) 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; and 
 (ii)
in the case of Section 10.02(c)(i)(A), Investments II is released from its guarantee, if any, of, and all pledges and security, if any, granted in connection with, the Credit Agreement. 

  
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 Notwithstanding the foregoing, in no event shall the Guarantee of Investments II be released
under Section 10.02(c)(i)(A) unless and until the Equity Interests of Designated Assets owned by Investments II on the Issue Date (or the proceeds received from the sale, transfer or other disposition thereof, subject to the prior rights of
holders of Senior Debt pursuant to the subordination provisions herein and the Intercreditor Agreement), shall have been transferred to the Issuer or any of its Restricted Subsidiaries prior to or concurrently therewith. 

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. 

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. 

  
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 ARTICLE 11 

[INTENTIONALLY OMITTED] 

ARTICLE 12 

SUBORDINATION OF NOTES 

SECTION 12.01 Agreement to Subordinate. (a) The Issuer and the Guarantors agree, and each Holder by accepting a Note agrees,
that the Indebtedness evidenced by the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article 12, to the prior payment in full in cash of all Senior Debt of the Issuer, including the Indebtedness of
the Issuer in respect of the Credit Agreement, and Senior Debt of the Issuer Incurred after the Issue Date, except that Holders may receive and retain Permitted Junior Securities and, unless the Issuer is then subject to a bankruptcy, insolvency or
similar proceeding, payments received by the Issuer pursuant to the Extended AGI Notes (x) which were not received in contravention of the subordination provisions of the Extended AGI Notes and (y) which are received immediately prior to
the payment of amounts then due and payable under the Notes and applied to such payment. 
 (b) The Trustee is hereby authorized and
directed by each Holder to (i) enter into the Intercreditor Agreement (and any amendments thereto that are required in connection with the incurrence of additional Senior Debt or pari passu Indebtedness permitted under the terms of the
Indenture), (ii) bind the Holders on the terms as set forth in the Intercreditor Agreement, (iii) perform and observe its obligations under the Intercreditor Agreement and (iv) to take all actions (and execute all further documents)
required or deemed advisable in connection with the foregoing. 
 SECTION 12.02 Liquidation; Dissolution; Bankruptcy.
(a) Subject to the provisions of the Intercreditor Agreement, the holders of Senior Debt of the Issuer shall be entitled to receive payment in full in cash of all Obligations in respect of Senior Debt of the Issuer (including interest accruing
after the commencement of any bankruptcy proceeding at the rate specified in the documentation for the applicable Senior Debt of the Issuer, whether or not an allowed claim under any such proceeding) before the Holders shall be entitled to receive
any payment or distribution of any kind or character with respect to any Obligations on, or relating to, the Notes (except that Holders may receive and retain Permitted Junior Securities and, unless the Issuer is then subject to a bankruptcy,
insolvency or similar proceeding, payments received by the Issuer pursuant to the Extended AGI Notes (x) which were not received in contravention of the subordination provisions of the Extended AGI Notes and (y) which are received
immediately prior to the payment of amounts then due and payable under the Notes and applied to such payment), in the event of any total or partial distribution to creditors of the Issuer in connection with: (a) any liquidation or dissolution
of the Issuer; (b) any bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Issuer or its property; (c) any assignment by the Issuer for the benefit of its creditors; or (d) any marshaling of the
Issuer’s assets and liabilities. 

  
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 (b) To the extent any payment of Senior Debt (whether by or on behalf of the Issuer, as proceeds
of security or enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential, set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person under any
bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then, if such payment is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or other similar Person, the Senior Debt or part
thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. 
 (c) It
is further agreed that any diminution (whether pursuant to court decree or otherwise, including without limitation for any of the reasons described in the preceding paragraph) of the Issuer’s obligation to make any distribution or payment
pursuant to any Senior Debt, except to the extent such diminution occurs by reason of the repayment (which has not been disgorged or returned) of such Senior Debt in cash, shall have no force or effect for purposes of the subordination provisions
contained in this Article 12, with any turnover of payments as otherwise calculated pursuant to this Article 12 to be made as if no such diminution had occurred. 

SECTION 12.03 Default on Designated Senior Debt. (a) The Issuer shall not make any payment or distribution of any kind or
character in respect of the Notes or set aside funds or make any deposit with the Trustee for such purpose (except in Permitted Junior Securities) if: 

(i) a default (a “payment default”) in the payment of principal, premium, regularly accruing fees or interest
on Designated Senior Debt of the Issuer occurs and is continuing; or 
 (ii) any other default (a “nonpayment
default”) occurs and is continuing on any series of Designated Senior Debt of the Issuer that permits holders of that series of Designated Senior Debt of the Issuer to accelerate its maturity and the Trustee receives (with a copy to the
Issuer) a written notice of such default (a “Payment Blockage Notice”) from a Representative of the holders of such Designated Senior Debt. 

(b) Payments on the Notes may and shall be resumed: 

(i) in the case of a payment default on Designated Senior Debt of the Issuer, upon the date on which such default is cured or
waived; and 
 (ii) in the case of a nonpayment default on Designated Senior Debt of the Issuer, the earliest of (x) the
date on which such default is cured or waived (so long as no other Event of Default or payment default exists), (y) 179 days after the date on which the applicable Payment Blockage Notice is received and (z) the date the Trustee receives
notice from the Representative for such Designated Senior Debt rescinding the Payment Blockage Notice, unless, in each case, the maturity of such Designated Senior Debt of the Issuer has been accelerated. 

  
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 (c) No new Payment Blockage Notice may be delivered unless and until: 

(i) 360 days have elapsed since the delivery of the immediately prior Payment Blockage Notice; and 

(ii) all scheduled payments of principal, interest and premium on the Notes that have come due have been paid in full in Cash
Equivalents. 
 (d) No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the
Trustee will be, or be made, the basis for a subsequent Payment Blockage Notice unless such default has been cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action or any breach of any
financial covenants during the period after the date of delivery of such initial Payment Blockage Notice that, in either case, would give rise to a non-payment default pursuant to any provisions under which a non-payment default previously existed
or was continuing shall constitute a new non-payment default for this purpose). 
 (e) If the Trustee or any Holder receives a payment in
respect of the Notes (except in Permitted Junior Securities) when (i) the payment is prohibited by this Article 12 and (ii) in the case of a payment received by the Trustee, the Trustee has actual knowledge that the payment is
prohibited (provided that such actual knowledge shall not be required in the case of any payment default on Designated Senior Debt), then the Trustee or the Holder, as the case may be, shall hold the payment in trust for the benefit of the
holders of Senior Debt of the Issuer. Upon the written request from the applicable Representative of such Senior Debt of the Issuer or if there is any payment default on any Designated Senior Debt, the Trustee or the Holder, as the case may be,
shall deliver the amounts in trust to the Representatives of the Senior Debt of the Issuer pursuant to Section 12.11. 

SECTION 12.04 Subordination of Guarantee. Each Holder, by accepting a Note, agrees that payments under the Guarantees shall be
subordinated to the prior payment in full of all Senior Debt of such Guarantor, including Senior Debt of such Guarantor Incurred after the date of this Indenture, on the same basis as the payments by the Issuer on the Notes are subordinated to the
prior payment in full of Senior Debt of the Issuer. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by any of the Guarantors only at such times as they may receive and/or
retain payments in respect of the Notes pursuant to this Indenture. 
 SECTION 12.05 Acceleration of Securities. If payment of
the Notes is accelerated because of an Event of Default, the Issuer shall promptly notify the holders of Senior Debt of the Issuer and their respective Representatives (if any) of the acceleration. 

SECTION 12.06 When Distribution Must Be Paid Over. In the event that the Trustee or any Holder receives any payment of any
Obligations with respect to the Notes (except in Permitted Junior Securities) at a time when (1) such payment is prohibited by this Article 12 and (2) in the case of a payment received by the Trustee, the Trustee has actual

  
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knowledge that such payment is prohibited by this Article 12 (provided that such actual knowledge will not be required in the case of any payment default on Designated Senior Debt),
then the Trustee or the Holder, as the case may be, shall hold the payment in trust for the benefit of the holders of Senior Debt of the Issuer. Upon the written request from the Representatives of such Senior Debt of the Issuer or if there is any
payment default on any Designated Senior Debt, the Trustee or the Holder, as the case may be, will deliver the amounts in trust to the Representatives of the Senior Debt of the Issuer, pursuant to Section 12.11, for application to the payment
of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to or for the holders of such
Senior Debt, pursuant to Section 12.11. 
 With respect to the holders of Senior Debt of the Issuer, the Trustee undertakes to perform
only such obligations on the part of the Trustee as are specifically set forth in this Article 12, and no implied covenants or obligations with respect to the holders of such Senior Debt shall be read into this Indenture against the Trustee.
The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Issuer, and shall not be liable to any such holders if the Trustee shall pay over or distribute to or on behalf of Holders or the Issuer or any other
Person money or assets to which any holders of such Senior Debt shall be entitled by virtue of this Article 12 (other than payments to the Trustee itself), except if such payment is made as a result of the willful misconduct or gross negligence
of the Trustee. 
 SECTION 12.07 Notice by the Issuer. The Issuer shall promptly notify the Trustee and the Paying Agent in
writing of any facts known to the Issuer that would cause a payment of any Obligations with respect to the Notes to violate this Article 12, but failure to give such notice shall not affect the subordination of the Notes to the Senior Debt of
the Issuer as provided in this Article 12. 
 SECTION 12.08 Subrogation. After all Senior Debt of the Issuer is paid in
full in cash and until the Notes are paid in full, Holders shall be subrogated (equally and ratably with all other Indebtedness pari passu with the Notes) to the rights of holders of such Senior Debt to receive distributions applicable to
such Senior Debt to the extent that distributions otherwise payable to the Holders have been applied to the payment of such Senior Debt. A distribution made under this Article 12 to holders of Senior Debt of the Issuer that otherwise would have
been made to Holders is not, as between the Issuer and Holders, a payment by the Issuer on the Notes (it being understood that the provisions of this Article 12 are and are intended solely for the purpose of defining the relative rights of the
Holders, on the one hand, and the holders of Senior Debt, on the other hand). 
 SECTION 12.09 Relative Rights. This
Article 12 defines the relative rights of Holders and holders of Senior Debt of the Issuer. Nothing in this Indenture shall: 
 (a)
impair, as between the Issuer and Holders, the obligation of the Issuer, which is absolute and unconditional, to make payments on the Notes in accordance with the terms under the Notes and this Indenture; 

  
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 (b) affect the relative rights of Holders and creditors of the Issuer other than their rights in
relation to holders of Senior Debt of the Issuer; or 
 (c) prevent the Trustee or any Holder of Notes from exercising its available
remedies upon a Default or Event of Default, subject to the rights of holders and owners of Senior Debt of the Issuer to receive distributions and payments otherwise payable to Holders. 

If the Issuer fails because of this Article 12 to make a payment on the Notes in accordance with the terms under the Notes and this
Indenture, the failure is still a Default or Event of Default. 
 SECTION 12.10 Subordination May Not Be Impaired by the Issuer.
No right of any holder of Senior Debt of the Issuer to enforce the subordination of the Indebtedness evidenced by the Notes shall in any way be prejudiced or impaired by any act or failure to act by the Issuer or any Holder or by the failure of the
Issuer or any Holder to comply with this Indenture, regardless of any knowledge thereof which any such Holder may have or otherwise be charged with. 

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt of the Issuer may, at any time and from time
to time, without the consent of or notice to the Trustee, without incurring responsibility to the Trustee or the Holders of the Notes and without impairing or releasing the subordination provided in this Article 12 or the obligations hereunder
of the Holders of the Notes to the holders of the Senior Debt of the Issuer, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt of the Issuer,
or otherwise amend or supplement in any manner Senior Debt of the Issuer, or any instrument evidencing the same or any agreement under which Senior Debt of the Issuer is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Debt of the Issuer; (iii) release any Person liable in any manner for the payment or collection of Senior Debt of the Issuer; and (iv) exercise or refrain from exercising any rights
against the Issuer and any other Person. 
 SECTION 12.11 Distribution or Notice to Representative. Whenever a distribution is
to be made or a notice is to be given to holders of Senior Debt of the Issuer, the distribution may be made and the notice may be given to their Representative (if any). 

Upon any payment or distribution of assets of the Issuer referred to in this Article 12, the Trustee and the Holders shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction or upon any certificate of such Representative or of the liquidating trustee or agent or other Person making any distribution to the Trustee or to the Holders for the purpose
of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt of the Issuer and other Indebtedness of the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and
all other facts pertinent thereto or to this Article 12. 
 SECTION 12.12 Rights of Trustee and Paying Agent. The Issuer
shall give prompt written notice to the Trustee of any fact known to the Issuer which would prohibit the 

  
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making of any payment to or by the Trustee or any Holder in respect of the Notes pursuant to the provisions of this Article 12, although any delay or failure to give any such notice shall
have no effect on the subordination provisions contained herein. Notwithstanding this Article 12 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the
making of any payment or distribution by the Trustee, and, in the absence of actual knowledge that the respective payment will violate the applicable provisions of this Article 12, the Trustee and the Paying Agent may continue to make payments
on the Notes, unless the Trustee shall have received at least two Business Days prior to the date upon which such payment would otherwise become due and payable written notice of facts that would cause the payment of any Obligations with respect to
the Notes to violate this Article 12 (although the receipt of such payment shall otherwise be subject to the applicable provisions of this Article 12). Only the Issuer or a Representative may give any such notice. Nothing in this
Article 12 shall impair the claims of, or payments to, the Trustee under or pursuant to Section 7.07. Nothing in this Section 12.12 is intended to or shall relieve any Holder of Notes from the obligations imposed under
Section 12.03(e) and Section 12.06 with respect to other distributions received in violation of the provisions hereof. 
 The
Trustee in its individual or any other capacity may hold Senior Debt of the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. 

SECTION 12.13 Authorization to Effect Subordination. Each Holder of Notes, by the Holder’s acceptance thereof, authorizes and
directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article 12, and appoints the Trustee to act as such Holder’s attorney-in-fact for
any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form required in any proceeding referred to in Section 6.09 at least 30 days before the expiration of the time to file such claim, the
lenders under the Credit Agreement or their Representative are hereby authorized to file an appropriate claim for and on behalf of the Holders of the Notes. 

SECTION 12.14 Amendments. The provisions of this Article 12 shall not be waived, amended or modified, except as provided in
the last sentence of Section 9.02(a). 
 ARTICLE 13 

MISCELLANEOUS 

SECTION 13.01 [Reserved]. 

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 Investments, LLC 
 6
High Ridge Park 
 Stamford, CT 06905 

Attention of: General Counsel 

Facsimile: (203) 956-1206 

  
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 if to the Trustee: 

Wells Fargo Bank, National Association 

Corporate Trust Services 
 150
East 42nd Street, 40th Floor 
 New York, NY 10017 

Attention of: Affinion Account Manager 

Facsimile: (917) 260-1593 
 The Issuer or
the Trustee by notice to the other (and to each Representative for Designated Senior Debt known to it to be then outstanding) 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 [Reserved]. 

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; 

  
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 (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; Waiver of Jury Trial. THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE ISSUER, THE GUARANTORS, THE HOLDERS 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 INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

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 

  
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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. 

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. The exchange of copies of this Indenture and of
signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 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 

  
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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). 
 (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: 

(i) 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). 

(A) 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. 

(ii) 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. 

  
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 (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. 

(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. 

SECTION 13.17 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

SECTION 13.18 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 acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and 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. 

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

					
	ISSUER
	
	AFFINION INVESTMENTS, LLC
	By:	 	Affinion Group, Inc, its sole member
		
	By:	 	 /s/ Todd H. Siegel

		 	Name:	 	Todd H. Siegel
		 	Title:	 	Chief Executive Officer
	
	GUARANTOR
	
	AFFINION INVESTMENTS II, LLC
	By:	 	Affinion Group, Inc., its sole member
		
	By:	 	 /s/ Todd H. Siegel

		 	Name:	 	Todd H. Siegel
		 	Title:	 	President and Chief Executive Officer
	
	TRUSTEE
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Yana Kislenko

		 	Name:	 	Yana Kislenko
		 	Title:	 	Vice President

  
 Indenture Signature
Page 
  
  

 Appendix A 

(Rule 144A/REGULATION S/AI APPENDIX) 

PROVISIONS RELATING TO NOTES 
  

	1.	Definitions 

 1.1 Definitions 

For the purposes of this Appendix the following terms shall have the meanings indicated below: 

“AI” means an “accredited investor”, as defined in Rule 501(a) of Regulation D under the Securities Act. 

“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 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. 
 “Free Transferability Certificate” means a certificate substantially in the form of Exhibit 3. 

“IAI” means an institutional “accredited investor”, as defined in Rule 501(a)(1), (2), (3) and (7) of
Regulation D under the Securities Act. 
 “Notes” means the initial $359,955,720 in aggregate principal amount of 13.50%
Senior Subordinated Notes due 2018 issued on the Issue Date. 
 “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. 
 “Offering
Memorandum” means the Offering Memorandum and Consent Solicitation Statement dated November 7, 2013 (including the information incorporated by reference therein), as amended or supplemented on the Issue Date. 

  
   

 
  

 “QIB” means a “qualified institutional buyer” as defined in Rule 144A.
“Rule 144” means Rule 144 as promulgated under the Securities Act. 
 “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.

 “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). 
 1.2 Other Definitions 

 

			
	 Term
	  	 Defined in
Section:

	 “Agent Members”
	  	2.1(b)
	 “AI Global Note”
	  	2.1(a)
	 “Automatic Exchange” 
	  	2.3(e)(iii)
	 “Automatic Exchange Date” 
	  	2.3(e)(iii)
	 “Automatic Exchange Notice” 
	  	2.3(e)(iii)
	 “Automatic Exchange Notice Date” 
	  	2.3(e)(iii)
	 “Global Notes”
	  	2.1(a)
	 “Permanent Regulation S Global Note”
	  	2.1(a)
	 “Regulation D” 
	  	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 Notes shall be issued on the Issue Date
by the Issuer pursuant to the terms and provisions of the Offering Memorandum only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”), (ii) Persons other than U.S. Persons (as defined in Regulation
S) in reliance on Regulation S under the Securities Act (“Regulation S”) and (iii) AIs in reliance on Regulation D under the Securities Act (“Regulation D”). Notes may thereafter be transferred to, among
others, QIBs, AIs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth herein. 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”); Notes initially resold to AIs shall be issued initially in the form of one or more permanent global Notes in definitive, fully registered form
(collectively, the “AI Global Note”); and 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
Notes 

  
 2 

 
  

 
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 AI 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 AI Global Note or the Permanent Regulation S Global Note only upon certification in the form attached to such
Global Note 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 AI 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. 

Beneficial interests in Regulation S Global Notes (after the expiration of the Distribution Compliance Period) or AI 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 AI Global Note, as applicable, first delivers to the Trustee a written certificate (in the form attached to such Global Note) to the effect that the beneficial interest in the Temporary Regulation S Global Note or the AI 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 Regulation S
Global Notes (after the expiration of the Distribution Compliance Period) and Rule 144A Global Notes may be exchanged for an interest in AI 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 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 AI 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 attached to such Global Note) to the effect
that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 

  
 3 

 
  

 The Rule 144A Global Note, the AI 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. 

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 on the Issue Date an aggregate principal amount of $359,955,720 of Notes 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. 
 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 

  
 4 

 
  

 (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 and have not been the subject of an Automatic Exchange, they are being transferred or exchanged 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 AI 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)), AI Global Note 

  
 5 

 
  

 
(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, AI 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, 
 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, AI 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, AI 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, AI 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, AI
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. 

  
 6 

 
  

 (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. 
 (iv) In the event that
a Global Note is exchanged for Definitive Notes pursuant to Section 2.4 of this Appendix, 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 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, 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 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) and (iii), 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. 

  
 7 

 
  

 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) 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 REQUESTED BY THE ISSUER, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER 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. 

  
 8 

 
  

 (ii) If an Automatic Exchange has not occurred, 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) Beneficial
interests in a Transfer Restricted Note shall be automatically exchanged into beneficial interests in an unrestricted Global Note without any action required by or on behalf of the Holder (the “Automatic Exchange”) on or after the
date that is the 366th calendar day after the Issue Date, or, if such day is not a Business Day, on the next succeeding Business Day, and in any event, no later than the date that is the 371st calendar day after the Issue Date (the
“Automatic Exchange Date”). Upon the Issuer’s reasonable satisfaction that the applicable restricted notes legend set forth in Section 2.3(e)(i) shall no longer be required on or after the Automatic Exchange Date in
order to maintain compliance with the Securities Act, the Issuer shall (i) deliver to the Depository an instruction letter for the Depository’s mandatory exchange process at least 15 days immediately prior to the Automatic Exchange Date,
(ii) deliver to the Trustee a duly completed Free Transferability Certificate promptly upon the occurrence of the Automatic Exchange Date and (iii) provide prior written notice (the “Automatic Exchange Notice”) to each
Holder at such Holder’s address appearing in the register of Holders at least 10 calendar days prior to the Automatic Exchange (the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange
Date, (x) a statement that the Automatic Exchange is occurring pursuant to Section 2.3(e)(iii) of Appendix A to the Indenture, (y) the “CUSIP” number of the Transfer Restricted Note from which such Holder’s beneficial
interests will be transferred and the (z) “CUSIP” number of the unrestricted Global Note into which such Holder’s beneficial interests will be transferred. At the Issuer’s request on no less than 5 calendar days’
notice, the Trustee shall deliver, in the Issuer’s name and at its expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders. Notwithstanding anything to the contrary in this
Section 2.3, during the 10 day period between the Automatic Exchange Notice Date and the Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 2.3(e)(iii) shall be permitted without the prior written
consent of the Issuer (which consent shall not be unreasonably withheld). Upon receipt of the Free Transferability Certificate by the Trustee, the restricted legend set forth in Section 2.3(e)(i) shall be deemed removed from each Global Note
specified in the Free Transferability Certificate and the restricted CUSIP number shall be deemed removed from each such Global Note and deemed replaced with an unrestricted CUSIP number, with no further action required by the Issuer, the Trustee
or, if applicable, the Depository. Prior to the Issuer’s delivery of the Free Transferability Certificate and afterwards, the Issuer and the Trustee will comply with the rules and procedures of the Depository and otherwise use reasonable
efforts to cause each Global 

  
 9 

 
  

 
Note to be identified by an unrestricted CUSIP number in the facilities of the Depository by the Automatic Exchange Date or as promptly as possible thereafter. Notwithstanding anything to the
contrary in this paragraph, the Issuer will not be required to deliver or provide the Free Transferability Certificate if it reasonably believes that removal of the restrictive legend or the changes to the CUSIP number for the Notes could result in
or facilitate transfers of the Notes in violation of applicable law. 
 (iv) [Reserved]. 

(v) [Reserved]. 

(vi) Each certificate evidencing a Note shall, in addition to the foregoing, bear a legend in substantially the following form.

 THESE NOTES MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE,
AMOUNT OF OID (IF ANY), ISSUE DATE AND YIELD TO MATURITY OF THESE NOTES MAY BE OBTAINED BY WRITING TO THE CHIEF FINANCIAL OFFICER AT AFFINION INVESTMENTS, LLC, 6 HIGH RIDGE PARK, STAMFORD, CT 06905. 

(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. 

  
 10 

 
  

 (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) a Default or 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. 

(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 $1.00
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. 

  
 11 

 
  

 EXHIBIT 1 to APPENDIX A (Rule 144A/Regulation S/AI APPENDIX) 

[FORM OF FACE OF 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 REQUESTED BY THE ISSUER, 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 AI 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 REQUESTED BY THE ISSUER, 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. 
 BENEFICIAL INTERESTS IN A RULE 144A GLOBAL
NOTE OR AN AI GLOBAL NOTE MAY BE TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER 

  
 3 

 
  

 
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 MAY BE ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. THE ISSUE PRICE,
AMOUNT OF OID (IF ANY), ISSUE DATE AND YIELD TO MATURITY OF THESE NOTES MAY BE OBTAINED BY WRITING TO THE CHIEF FINANCIAL OFFICER AT AFFINION INVESTMENTS, LLC, 6 HIGH RIDGE PARK, STAMFORD, CT 06905. 

  
 4 

 
  

 AFFINION INVESTMENTS, LLC 

13.50% Senior Subordinated Notes due 2018 

[144A CUSIP No. 00831L AA6 

ISIN No. US00831LAA61]1 

[REG S CUSIP No. U0084J AA2 

ISIN No. USU0084JAA26]1 

[AI CUSIP No. 00831L AB4 
 ISIN
No. US00831LAB45]1 
  

			
	No. [    ]	  	$ [        ]

 AFFINION INVESTMENTS, LLC, a Delaware limited liability company, promises to pay to CEDE & CO., or
its registered assigns, the principal sum of [        ] Dollars ($[        ])[, as revised by the Schedule of Increases or Decreases in Global Note attached hereto,]2 on August 15, 2018. 
 Interest Payment Dates: February 15 and August 15

 Record Dates: February 1 and August 1 

Additional provisions of this Note are set forth on the other side of this Note. 

Dated: December 12, 2013 
 [SIGNATURE PAGE
FOLLOWS] 
  

	1 	At such time as the Issuer provides the Free Transferability Certificate to the Trustee, this CUSIP number and this ISIN number will be deemed removed and replaced with CUSIP number 00831L AC2 and ISIN number
US00831LAC28, respectively 

	2 	To be included in Global Notes only. 

  
 5 

 
  

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

Dated: [    ], 2013 
  

			
	AFFINION INVESTMENTS, LLC
	By: Affinion Group, Inc., its sole member
		
	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

  
   

 
  

 [FORM OF REVERSE SIDE OF NOTE] 

13.50% Senior Subordinated Notes due 2018 
  

	1.	Interest 

 Affinion Investments, LLC, a Delaware limited liability company (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 13.50%. The Issuer shall
pay interest semiannually in arrears to the holders of the Notes on February 15 and August 15 of each year, commencing February 15, 2014. Interest on the Notes will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from and including 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 February 1 or August 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.	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 December 12,
2013 (the “Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. 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 for a statement of those terms. 

  
 7 

 
  

 The Notes are unsecured obligations of the Issuer and consist of the 13.50% Senior Subordinated
Notes due 2018. 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; engage in sale/leaseback transactions and incur other senior subordinated indebtedness. These covenants are subject to important exceptions and qualifications contained in the Indenture. 

To the extent any provision of the Notes conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. 
  

	5.	Optional Redemption 

 Except as set forth below, the Issuer shall not be entitled to
redeem the Notes. 
 At any time prior to December 12, 2016, 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 sent electronically or mailed by first-class mail to each Holder’s registered address, at a redemption price equal to 100% of the principal amount of the
Notes plus the Applicable Premium, plus accrued and unpaid interest 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). 

On and after December 12, 2016, 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 sent electronically or 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 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 periods set forth below: 

 

					
	 Period
	  	Redemption
Price	 
		
	 December 12, 2016 to July 3, 2017
	  	 	106.750	% 
		
	 July 4, 2017 to January 23, 2018
	  	 	103.375	% 
		
	 January 24, 2018 and thereafter
	  	 	100.000	% 

 Notwithstanding the foregoing, at any time and from time to time on or prior to December 12, 2016, the
Issuer may redeem in the aggregate up to 35% of the original aggregate 

  
 8 

 
  

 
principal amount of the Notes with the net cash proceeds of one or more Equity Offerings by any Parent of the Issuer, to the extent the net cash proceeds thereof are either (x) contributed,
directly or indirectly, to the common equity capital of the Issuer or used to purchase Capital Stock (other than Disqualified Stock) of the Issuer from it, or (y) used, directly or indirectly, by AGI to redeem the Extended AGI Notes held by the
Issuer pursuant to the optional redemption provisions under the note agreement governing the Extended AGI Notes in the same aggregate principal amount of the Notes so redeemed, at a redemption price equal to 113.50% of the principal amount thereof,
plus accrued and unpaid interest 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); provided, however, that at least 65% of the
original aggregate principal amount of the Notes issued on the Issue Date must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity
Offering is consummated upon not less than 30 nor more than 60 days’ notice sent electronically or mailed to each holder of Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 

Notice of any redemption upon any Equity Offering may be given prior to the completion thereof, and any such redemption or notice may, at the
Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. In addition, if such redemption or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 
  

	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 $1.00 principal amount may be redeemed in part but only in whole multiples of $1.00 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.	Subordination 

 The Notes and the Guarantees are general senior subordinated unsecured
obligations of the Issuer and the Guarantors, subordinated in right of payment to the prior payment in full in cash of all Obligations due in respect of existing or future Senior Debt of the Issuer or a Guarantor, as applicable, as set forth in
Article 12 of the Indenture. Each Holder by its acceptance hereof agrees to be bound by such provisions and authorizes and expressly directs the Trustee, on its behalf, to take such action as may be necessary or appropriate to effectuate the
subordination provided for in the Indenture and appoints the Trustee its attorney-in-fact for such purposes. 

  
 9 

 
  

	8.	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. 
 In accordance
with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events, including certain Asset Sales. 
  

	9.	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. 
  

	10.	Denominations; Transfer; Exchange 

 The Notes are in registered form without coupons in
denominations of $1.00 principal amount and whole multiples of $1.00. 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 prior to the mailing of a notice of redemption of the Notes to be redeemed or 15 days before an interest payment date. 

 

	11.	Persons Deemed Owners 

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

	12.	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. 

  
 10 

 
  

	13.	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 sufficient 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. 
  

	14.	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 Guarantor under the Indenture and its Guarantee, to provide for a co-issuer that is a corporation, 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
(including, without limitation, any change to effect an Automatic Exchange), or to effect any provision of the Indenture or to make certain changes to the Indenture. 
  

	15.	Defaults and Remedies 

 Under the Indenture, Events of Default include (1) a default
in any payment of interest on 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 the Restricted Parties to comply with the provisions described under Article 5 of the Indenture (4) the failure by the Issuer or any of the Restricted Parties 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 Parties 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 Party) 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 

  
 11 

 
  

 
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. 
  

	16.	Trustee Dealings with the Issuer 

 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. 
  

	17.	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. This waiver and release is part of the consideration for the
issuance of this Note. 
  

	18.	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. 
  

	19.	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). 

 

	20.	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 

  
 12 

 
  

 
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. 
  

	21.	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. 

 

	22.	Governing Law; Waiver of Jury Trial 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE ISSUER, THE GUARANTORS 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 INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

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 Investments, LLC 

6 High Ridge Park 
 Stamford, CT
06905 
 Attention: General Counsel 

  
 13 

 
  

  

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

  
 14 

 
  

							
				
		 	(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. 
  

 

  
 15 

 
  

 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

  
 16 

 
  

 [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
signatory of Trustee or
Notes Custodian
		  		  		  		  	
		  		  		  		  	

  
 17 

 
  

 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. 

  
 18 

 
  

 EXHIBIT 2 to Rule 144A/REGULATION S/AI APPENDIX 

Form of 
 Transferee Letter of
Representation 
 Affinion Investments, LLC 
 6 High Ridge Park

 Stamford, CT 06905 
 Wells Fargo Bank, National Association

 Corporate Trust Services 
 DAPS Reorg 

MAC N9303-121 
 608
2nd Avenue South 
 Minneapolis, Minnesota 55479 

Ladies and Gentlemen: 
 This certificate
is delivered to request a transfer of $[            ] principal amount of the 13.50% Senior Subordinated Notes due 2018 (the “Notes”) of Affinion Investments, LLC, a
Delaware limited liability company (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, (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 

 
  

 EXHIBIT 3 to Rule 144A/REGULATION S/AI APPENDIX 

Form of 
 Free Transferability
Certificate 
 Wells Fargo Bank, National Association 

Corporate Trust Services 
 DAPS Reorg 

MAC N9303 121 
 608
2nd Avenue South 
 Minneapolis, Minnesota 55479 

Dear Sir or Madam: 
 Whereas the 13.50% Senior
Subordinated Notes due 2018 (the “Notes”) have become freely tradable without restriction by non-affiliates of Affinion Investments, LLC (the “Issuer”) pursuant to Rule 144(b)(1) under the Securities Act of 1933, as
amended, in accordance with Section 2.3(e)(iii) of Appendix A to the indenture, dated as of December 12, 2013 (the “Indenture”), between the Issuer, the guarantors party thereto and Wells Fargo Bank, National Association,
as trustee, pursuant to which the Notes were issued, the Issuer hereby instructs you that: 
 (i) the restrictive legends
described in Section 2.3(e)(i) of the Indenture and set forth on the Notes issued thereunder will be deemed removed from the Global Notes representing such Notes, in accordance with the terms and conditions of the Notes and as provided in the
Indenture, without further action on the part of Holders; and 
 (ii) the restricted CUSIP number for the Notes will be
deemed removed from the Global Notes and replaced with the unrestricted CUSIP number set forth therein, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without further action on the part of Holders. 

Capitalized terms used but not defined herein have the meanings set forth in the Indenture. 

 

			
	Very truly yours,
	
	AFFINION INVESTMENTS, LLC
	By:	 	Affinion Group, Inc., its sole member
		
	By:	 	  

		 	Name:
		 	Title:

  
   

 
  

 APPENDIX B 

[FORM OF SUPPLEMENTAL INDENTURE TO BE 

DELIVERED BY ADDITIONAL GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
[                    ], among
[                    ] (the “Additional Guarantor”), a
[                    ] corporation and a [direct] [indirect] subsidiary of Affinion Investments, LLC, a Delaware limited liability company (the
“Issuer”), the Issuer and Wells Fargo Bank, National Association, as Trustee under the Indenture (the “Trustee”). 

WITNESSETH: 
 WHEREAS the Issuer
and the Guarantors have heretofore executed and delivered to the Trustee an Indenture (the “Indenture”), dated as of December 12, 2013, providing for the issuance of 13.50% Senior Subordinated Notes due 2018 (the
“Notes”); 
 WHEREAS, Section 4.11 and Section 10.06 of the Indenture provide that under certain circumstances
the Issuer shall cause the Additional Guarantor to execute and deliver to the Trustee a guaranty agreement pursuant to which the Additional 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 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 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; Waiver of Jury Trial.
THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO 

  
   

 
  

 
CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE ISSUER, THE GUARANTORS 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 INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

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. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. 
 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 INVESTMENTS, LLC
	By: Affinion Group, Inc., its sole member
			
		 	by	 	  

		 		 	Name:
		 		 	Title:
	
	[ADDITIONAL GUARANTOR],
			
		 	by	 	  

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

		 		 	Name:
		 		 	Title:

  
 3EX-4.3

 Exhibit 4.3 

AFFINION GROUP, INC. 
 as Issuer

 the GUARANTORS named herein 

Wilmington Trust, National Association, as Holder Agent, 

Wells Fargo Bank, National Association, as New Investments Notes Representative, 

and 
 THE HOLDERS FROM TIME TO
TIME PARTY HERETO 
  
  

13.50% Senior Subordinated Notes due 2018 
  

 
 NOTE AGREEMENT

 Dated as of December 12, 2013 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	
	ARTICLE 1	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	SECTION 1.01.	    	 Definitions
	  	 	1	  
	 SECTION 1.02.
	    	 Other Definitions
	  	 	36	  
	 SECTION 1.03.
	    	 Incorporation by Reference of Trust Indenture Act
	  	 	37	  
	 SECTION 1.04.
	    	 Rules of Construction
	  	 	37	  
	
	ARTICLE 2	  
	
	THE NOTES	  
			
	 SECTION 2.01.
	    	 Amount of Notes; Issuable in Series
	  	 	38	  
	 SECTION 2.02.
	    	 Form and Dating
	  	 	38	  
	 SECTION 2.03.
	    	 Issuance
	  	 	38	  
	 SECTION 2.04.
	    	 Registrar and Paying Agent
	  	 	38	  
	 SECTION 2.05.
	    	 Paying Agent to Hold Money in Trust
	  	 	39	  
	 SECTION 2.06.
	    	 [Reserved]
	  	 	39	  
	 SECTION 2.07.
	    	 Transfer and Exchange
	  	 	39	  
	 SECTION 2.08.
	    	 Replacement Notes
	  	 	40	  
	 SECTION 2.09.
	    	 Outstanding Notes
	  	 	40	  
	 SECTION 2.10.
	    	 [Reserved]
	  	 	40	  
	 SECTION 2.11.
	    	 [Reserved]
	  	 	40	  
	 SECTION 2.12.
	    	 Defaulted Interest
	  	 	41	  
	 SECTION 2.13.
	    	 CUSIP Numbers, ISINs, etc.
	  	 	41	  
	 SECTION 2.14.
	    	 Calculation of Principal Amount of Notes
	  	 	41	  
	 SECTION 2.15.
	    	 Indenture Rights
	  	 	41	  
	
	ARTICLE 3	  
	
	REDEMPTION	  
			
	 SECTION 3.01.
	    	 Redemption
	  	 	42	  
	 SECTION 3.02.
	    	 Applicability of Article
	  	 	42	  
	 SECTION 3.03.
	    	 Notices to Holders
	  	 	42	  
	 SECTION 3.04.
	    	 Selection of Notes to Be Redeemed
	  	 	43	  
	 SECTION 3.05.
	    	 Notice of Optional Redemption
	  	 	43	  
	 SECTION 3.06.
	    	 Effect of Notice of Redemption
	  	 	44	  
	 SECTION 3.07.
	    	 Deposit of Redemption Price
	  	 	44	  
	 SECTION 3.08.
	    	 Notes Redeemed in Part
	  	 	44	  

  
 i 

 
  

							
	ARTICLE 4	  
	
	COVENANTS	  
			
	 SECTION 4.01.
	    	 Payment of Notes
	  	 	44	  
	 SECTION 4.02.
	    	 Reports and Other Information
	  	 	45	  
	 SECTION 4.03.
	    	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	 	46	  
	 SECTION 4.04.
	    	 Limitation on Restricted Payments
	  	 	52	  
	 SECTION 4.05.
	    	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	60	  
	 SECTION 4.06.
	    	 Asset Sales
	  	 	62	  
	 SECTION 4.07.
	    	 Transactions with Affiliates
	  	 	65	  
	 SECTION 4.08.
	    	 Change of Control
	  	 	67	  
	 SECTION 4.09.
	    	 Compliance Certificate
	  	 	68	  
	 SECTION 4.10.
	    	 Further Instruments and Acts
	  	 	68	  
	 SECTION 4.11.
	    	 Future Guarantors
	  	 	68	  
	 SECTION 4.12.
	    	 Liens
	  	 	69	  
	 SECTION 4.13.
	    	 Maintenance of Office or Agency
	  	 	69	  
	 SECTION 4.14.
	    	 Limitation on Other Senior Subordinated Indebtedness
	  	 	69	  
	
	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
	  	 	70	  
	
	ARTICLE 6	  
	
	DEFAULTS AND REMEDIES	  
			
	 SECTION 6.01.
	    	 Events of Default
	  	 	72	  
	 SECTION 6.02.
	    	 Acceleration
	  	 	74	  
	 SECTION 6.03.
	    	 Other Remedies
	  	 	75	  
	 SECTION 6.04.
	    	 Waiver of Past Defaults
	  	 	75	  
	 SECTION 6.05.
	    	 [Reserved]
	  	 	76	  
	 SECTION 6.06.
	    	 [Reserved]
	  	 	76	  
	 SECTION 6.07.
	    	 Rights of the Holders to Receive Payment
	  	 	76	  
	 SECTION 6.08.
	    	 [Reserved]
	  	 	76	  
	 SECTION 6.09.
	    	 [Reserved]
	  	 	76	  
	 SECTION 6.10.
	    	 [Reserved]
	  	 	76	  
	 SECTION 6.11.
	    	 [Reserved]
	  	 	76	  
	 SECTION 6.12.
	    	 Waiver of Stay or Extension Laws
	  	 	76	  
	 SECTION 6.13.
	    	 Assignment of Rights and Remedies to Holders of New Investments Notes
	  	 	76	  

  
 ii 

 
  

							
	ARTICLE 7	  
	
	THE HOLDER AGENT	  
			
	 SECTION 7.01.
	    	 Certain Duties and Responsibilities
	  	 	77	  
	 SECTION 7.02.
	    	 Duty to Notify the New Investments Notes Representative
	  	 	77	  
	 SECTION 7.03.
	    	 Certain Rights of Holder Agent
	  	 	78	  
	 SECTION 7.04.
	    	 Not Responsible for Recitals or Issuance of Notes
	  	 	78	  
	 SECTION 7.05.
	    	 Compensation and Reimbursement
	  	 	78	  
	 SECTION 7.06.
	    	 Merger, Conversion, Consolidation or Succession to Business
	  	 	79	  
	 SECTION 7.07.
	    	 Resignation and Removal; Appointment of Successor
	  	 	79	  
	
	ARTICLE 8	  
	
	DISCHARGE OF NOTE AGREEMENT	  
			
	 SECTION 8.01.
	    	 Discharge of Liability on Notes
	  	 	80	  
	
	ARTICLE 9	  
	
	AMENDMENTS AND WAIVERS	  
			
	 SECTION 9.01.
	    	 Without Consent of the Holders
	  	 	80	  
	 SECTION 9.02.
	    	 With Consent of the Holders
	  	 	81	  
	 SECTION 9.03.
	    	 Amendments Impacting the Holder Agent
	  	 	82	  
	 SECTION 9.04.
	    	 Revocation and Effect of Consents and Waivers
	  	 	82	  
	 SECTION 9.05.
	    	 Notation on or Exchange of Notes
	  	 	83	  
	 SECTION 9.06.
	    	 [Reserved]
	  	 	83	  
	 SECTION 9.07.
	    	 [Reserved]
	  	 	83	  
	 SECTION 9.08.
	    	 Additional Voting Terms; Calculation of Principal Amount
	  	 	83	  
	
	ARTICLE 10	  
	
	GUARANTEES	  
			
	 SECTION 10.01.
	    	 Guarantees
	  	 	83	  
	 SECTION 10.02.
	    	 Limitation on Liability; Release
	  	 	85	  
	 SECTION 10.03.
	    	 Successors and Assigns
	  	 	86	  
	 SECTION 10.04.
	    	 No Waiver
	  	 	86	  
	 SECTION 10.05.
	    	 Modification
	  	 	86	  
	 SECTION 10.06.
	    	 Execution of Supplement for Future Guarantors
	  	 	87	  

  
 iii 

 
  

							
	ARTICLE 11	  
	
	[INTENTIONALLY OMITTED]	  
	
	ARTICLE 12	  
	
	SUBORDINATION OF NOTES	  
			
	 SECTION 12.01.
	    	 Agreement to Subordinate
	  	 	87	  
	 SECTION 12.02.
	    	 Liquidation; Dissolution; Bankruptcy
	  	 	87	  
	 SECTION 12.03.
	    	 Default on Designated Senior Debt
	  	 	88	  
	 SECTION 12.04.
	    	 Subordination of Guarantee
	  	 	89	  
	 SECTION 12.05.
	    	 Acceleration of Securities
	  	 	89	  
	 SECTION 12.06.
	    	 When Distribution Must Be Paid Over
	  	 	89	  
	 SECTION 12.07.
	    	 Notice by the Issuer
	  	 	90	  
	 SECTION 12.08.
	    	 Subrogation
	  	 	90	  
	 SECTION 12.09.
	    	 Relative Rights
	  	 	90	  
	 SECTION 12.10.
	    	 Subordination May Not Be Impaired by the Issuer
	  	 	90	  
	 SECTION 12.11.
	    	 Distribution or Notice to Representative
	  	 	90	  
	 SECTION 12.12.
	    	 [Reserved]
	  	 	91	  
	 SECTION 12.13.
	    	 Modifications to Subordination
	  	 	91	  
	 SECTION 12.14.
	    	 Acknowledgement of Assignees
	  	 	91	  
	
	ARTICLE 13	  
	
	MISCELLANEOUS	  
			
	 SECTION 13.01.
	    	 [Reserved]
	  	 	91	  
	 SECTION 13.02.
	    	 Notices
	  	 	91	  
	 SECTION 13.03.
	    	 [Reserved]
	  	 	92	  
	 SECTION 13.04.
	    	 [Reserved]
	  	 	92	  
	 SECTION 13.05.
	    	 Statements Required in Certificate or Opinion
	  	 	92	  
	 SECTION 13.06.
	    	 [Reserved]
	  	 	93	  
	 SECTION 13.07.
	    	 Third Party Beneficiaries
	  	 	93	  
	 SECTION 13.08.
	    	 Legal Holidays
	  	 	93	  
	 SECTION 13.09.
	    	 GOVERNING LAW; Waiver of Jury Trial
	  	 	93	  
	 SECTION 13.10.
	    	 No Recourse Against Others
	  	 	93	  
	 SECTION 13.11.
	    	 Successors
	  	 	94	  
	 SECTION 13.12.
	    	 Multiple Originals
	  	 	94	  
	 SECTION 13.13.
	    	 Table of Contents; Headings
	  	 	94	  
	 SECTION 13.14.
	    	 Note Agreement Controls
	  	 	94	  
	 SECTION 13.15.
	    	 Severability
	  	 	94	  
	 SECTION 13.16.
	    	 Currency of Account; Conversion of Currency; Foreign Exchange Restrictions
	  	 	94	  

  
 iv 

 
  

					
		 	Appendix A –	  	Exhibit 1 – Form of Note
			
		 		  	Exhibit 2 – Form of Letter of Representation
			
		 	Appendix B –	  	Form of Supplement for Future Guarantors

  
 v 

 
  

 NOTE AGREEMENT dated as of December 12, 2013 among Affinion Group, Inc., a Delaware
corporation (the “Issuer”), the Subsidiary Guarantors (as defined herein) and Wilmington Trust, National Association (the “Holder Agent’), as representative of the holders of Notes from time to time (collectively,
the “Holders”) and Wells Fargo Bank, National Association, as representative of the holders of the New Investments Notes (hereafter defined) (the “New Investments Notes Representative”) as third-party beneficiaries
named herein. On the Issue Date, the only Holder of the Notes will be Affinion Investments, LLC. 
 WHEREAS, on December 12, 2013,
Affinion Investments, LLC consummated an exchange offer for the Issuer’s 11 1⁄2% Senior Subordinated Notes due 2015 (the “Existing AGI
Notes”) in exchange for new notes of Affinion Investments, LLC; 
 WHEREAS, in connection with the Restructuring (as defined
herein), the Issuer deems it advisable and in its best interests to issue the Notes (as defined herein) to Affinion Investments, LLC in exchange for, and in the same aggregate principal amount as, the Existing AGI Notes received by Affinion
Investments, LLC in the aforementioned exchange offer; 
 NOW, THEREFORE, the Issuer wishes to issue the Notes to Affinion Investments, LLC
on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of Notes issued under this Note Agreement. 

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. 

“Adjusted Consolidated Cash Flow” means, with respect to any specified Person for any period, the Adjusted Consolidated Net
Income of such Person for such period (without giving effect to the amount added to Net Income in calculating Adjusted 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 Adjusted 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 Adjusted 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 Adjusted Consolidated Net Income; plus 
 (4) the amount of any cash restructuring charges or expenses incurred and paid
consistent with past practices (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); provided, that the aggregate total amount of all such restructuring charges and expenses that are actually paid in cash that may be added back under this clause (4) shall not exceed $25 million of cash payments in the relevant
four quarter period, to the extent that any such charges or expenses were deducted in computing such Adjusted Consolidated Net Income; plus 

(5) [Reserved]; plus 
 (6) to
the extent permitted to be paid by Section 4.04(d) and Section 4.07 hereof, 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 Adjusted Consolidated Cash Flow of the Issuer (calculated without giving effect to
this clause (6)); minus 

  
 -2- 

 
  

 (7) non-cash items increasing such Adjusted 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 Adjusted 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 Adjusted 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
(7) above) Adjusted Consolidated Net Income to compute Adjusted Consolidated Cash Flow of the Issuer (A) in the same proportion that the Net Income of such Restricted Subsidiary was added to compute such Adjusted 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.

 “Adjusted 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
Adjusted 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 Adjusted Consolidated Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Adjusted Consolidated
Leverage Ratio is made, then the Adjusted 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.
For purposes of calculating the Adjusted Consolidated Leverage 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 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 had occurred on the first day of the four-quarter reference period and calculated in compliance with the requirements of Rule 11-02 of Regulation S-X promulgated by the
Commission. 
 “Adjusted 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 

  
 -3- 

 
  

 
period, on a consolidated basis, and otherwise determined in accordance with GAAP, 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 expenses actually paid in cash 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 paid in cash 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 Note Agreement (in each case, whether or not successful), including any such fees, expenses or charges actually paid in cash related to the Transactions and the Restructuring, 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 Adjusted Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually 

  
 -4- 

 
  

 
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; 
 (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 and that are so required to
be established in accordance with GAAP shall be excluded; and 
 (15) to the extent not already reflected in Adjusted 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 Holder Agent) 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 Adjusted 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), Adjusted 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 Section 4.04(b)(xix) herein, there shall be excluded from the calculation of Adjusted
Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries to the 

  
 -5- 

 
  

 
Issuer or a Restricted Subsidiary of the Issuer in respect of or that originally constituted Restricted Investments. “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 Note Agreement, 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. 
 “Applicable Premium” shall mean the excess of: (a) the present value at the
applicable redemption date of (i) the redemption price of the Notes being redeemed on December 12, 2016 (such redemption price being set forth in the table in the third paragraph of Paragraph 5 of the form of the Notes set forth in
Appendix A) plus (ii) all required interest payments on such Notes through December 12, 2016 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption
date plus 50 basis points; over (b) the then outstanding principal amount of such Notes. 
 “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
set forth in 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. 

  
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 (d) other than Designated Foreign Subsidiaries or any assets thereof, 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; 
 (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; 
 (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; and 

(l) cash advances by any Material Subsidiary (as defined in the Credit Agreement) to the Issuer or any Subsidiary (as defined
in the Credit Agreement) that is a Parent of such Subsidiary (as defined in the Credit Agreement). 
 “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, 

  
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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 or place of payment. 
 “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) 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; 

  
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 (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; 
 (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 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

  
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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 the Issue Date 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 the Issue Date 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
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 

  
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 (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) for any quarter in the four quarter
period ended September 30, 2013, all adjustments to net income (or loss) used in connection with the calculation of pro forma “Adjusted EBITDA” for the last twelve months ended September 30, 2013 (as set forth in the Offering
Memorandum under the section entitled “Summary—Summary Historical Consolidated Financial Data—Adjusted EBITDA Reconciliation for AGI”) to the extent such adjustments are not fully reflected in the applicable quarter and continue
to be applicable; plus 
 (6) 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 of the Issuer (calculated without giving effect to this clause (6)); minus 
 (7) 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 (7) 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 

  
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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 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 Note Agreement (in each case, whether or
not successful), including any such fees, expenses or charges related to the Transactions and the Restructuring, 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; 

  
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 (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; 

(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; 

  
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 (14) accruals and reserves that are established within twelve months after
October 17, 2005 and 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, damages, liabilities, claims, costs and
expenses (including attorney’s fees, interest, penalties, judgments and settlements, collectively, “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 Holder Agent) 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. 
 “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 

  
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 (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 with 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 Amended and Restated Credit Agreement dated as of April 9, 2010, among the Issuer,
Holdings, the lenders from time to time party thereto, Deutsche Bank Trust Company Americas (as successor to Bank of America, N.A.), as administrative agent and collateral agent, and the other agents party thereto, 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 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 Foreign
Subsidiaries” means Affinion International Holdings Limited, Webloyalty Holdings Cooperatief U.A., Loyalty Ventures Limited, Webloyalty International Limited and Affinion International Servicos de Fidelidade e Corretora de Seguros Ltda.

  
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 “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. 
 “Designated Senior Debt” means: 

(1) any Indebtedness outstanding under the Credit Agreement; and 

(2) to the extent permitted under the Credit Agreement, any other Senior Debt permitted under this Note Agreement, the
aggregate principal amount of which is $50.0 million or more and that has been designated by the Issuer as “Designated Senior Debt.” 

“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 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 

  
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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). 
 “Equity Offering” means any public or
private sale after the Issue Date of common stock or Preferred Stock of any Person (other than Disqualified Stock), other than: 

(1) public offerings with respect to the Capital Stock of such Person registered on Form S-4 or Form S-8; 

(2) any such public or private sale that constitutes an Excluded Contribution; 

(3) an issuance to any Subsidiary; and 

(4) any Cash Contribution Amounts. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “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). 

“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. 

“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 

  
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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 referred to above, 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 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 Note Agreement; provided further that the aggregate of all operating expense reductions that have not been realized that may be included in
such pro forma calculation as of the relevant Calculation Date shall not exceed 15% of the pro forma Consolidated Cash Flow of the Issuer on such Calculation Date. 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). 

  
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 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. 
 “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 and the Restructuring); 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. 

  
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 “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. 

“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 Note Agreement, 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 Note Agreement and the Notes by any Person in
accordance with the provisions of this Note Agreement. 
 “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 Note Agreement, 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” or “Holder” means the Person in
whose name a Note is registered on the registrar’s books. 
 “Holder Agent” shall mean Wilmington Trust, National
Association and its successors and assigns hereunder. 
 “Holdings” means Affinion Group Holdings, Inc., a Delaware
corporation and its successors. 

  
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 “Holdings Senior Notes” means the principal amount of 11.625% Senior Notes due
2015 that were issued by Holdings on October 5, 2010, are outstanding on the Issue Date, and are on the terms in effect on the Issue Date after giving effect to the Restructuring. 

“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. 

“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. 

  
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 Notwithstanding anything in this Note Agreement, 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 Note Agreement 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 Note Agreement but for the application of this sentence
shall not be deemed an Incurrence of Indebtedness under this Note Agreement. 
 “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. 
 “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 

  
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 (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 December 12, 2013, 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 

  
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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)(xiii) 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. 
 “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 Section 4.06(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; provided that Net Proceeds shall not include proceeds of a Subsidiary Spin-Off to the extent such proceeds are applied to redeem the Notes pursuant to the third paragraph of
Paragraph 5 of the form of the Notes set forth in Appendix A. 
 “New Holdings Notes” means the 13.75%/14.50% Senior
Secured PIK/Toggle Notes due 2018 of Holdings in an aggregate principal amount outstanding on the Issue Date and on the terms in effect on the Issue Date after giving effect to the Restructuring. 

“New Investments Notes” means the 13.50% Senior Subordinated Notes due 2018 of Affinion Investments, LLC. 

“New Investments Notes Indenture” means the indenture, dated as of December 12, 2013, by and among Affinion Investments,
LLC, as issuer, Affinion Investments II, LLC, as guarantor, and Wells Fargo Bank, National Association, as trustee. 
 “New
Investments Notes Representative” means Wells Fargo Bank, National Association, or such successor trustee under the New Investments Notes Indenture. 

“Non-Guarantor Restricted Subsidiary” means any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor. 

“Note Agreement” means this Note Agreement as amended or supplemented from time to time. 

  
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 “Notes” means the 13.50% Senior Subordinated Notes due 2018 issued by the Issuer
on the Issue Date pursuant to this Note Agreement in the form 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 third parties other than the Holders of the Notes. 

“Offering Memorandum” means the final offering memorandum and consent solicitation statement dated November 7, 2013
(including the documents incorporated by reference therein), as amended or supplemented on the Issue Date, relating to the exchange offers by Holdings and Affinion Investments, LLC and the related transactions described therein. 

“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 Note Agreement. 
 “Opinion of Counsel” means a written opinion from legal
counsel who is acceptable to the Holder Agent. The counsel may be an employee of or counsel to the Issuer. 
 “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 Repurchase is made in accordance with the requirements of this Note Agreement
will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 
 “Permitted Investment” means:

 (1) any Investment in the Issuer or any Restricted Subsidiary; 

  
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 (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 and outstanding at any one time in the
aggregate; provided that advances that are forgiven shall continue to be deemed outstanding; 
 (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; 

  
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 (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)(iv)(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; 
 (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; and 

(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. 
 “Permitted Junior Securities” means: 

(1) Equity Interests in the Issuer or any other business entity provided for by a plan of reorganization; and 

(2) debt securities of the Issuer or any Guarantor or any other business entity provided for by a plan of reorganization that
are subordinated to all Obligations with respect to Senior Debt and any debt securities issued in exchange for Senior Debt to the same extent as, or to a greater extent than, the Notes and the Guarantees are subordinated to all Obligations with
respect to Senior Debt under this Note Agreement; 

  
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 provided, however, that no such Equity Interests or debt securities
shall be subject to a mandatory redemption (other than customary change of control and asset sale offers to purchase) or mature, as applicable, prior to the date occurring 91 days after the final Stated Maturity of the Designated Senior Debt or the
debt securities issued in exchange therefor. 
 “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 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) Liens existing on the Issue Date; 

(7) 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; 

  
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 (8) 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; 

(9) 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; 
 (10) Liens securing Hedging
Obligations permitted to be Incurred in accordance with Section 4.03(b)(x) herein; 
 (11) 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; 
 (12) 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; 

(13) 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; 
 (14) Liens in favor of the Issuer or any
Guarantor; 
 (15) 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; 
 (16) Liens securing insurance premiums
financing arrangements, provided that such Liens are limited to the applicable unearned insurance premiums; 
 (17)
Liens on the Equity Interests of Unrestricted Subsidiaries securing Obligations on Senior Debt under the Credit Agreement in amounts permitted to be outstanding pursuant to this Note Agreement; 

(18) grants of software and other licenses in the ordinary course of business; 

(19) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or 

  
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replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7) and (8); 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 (6), (7) and (8) at the time the original Lien became a Permitted Lien under this Note Agreement, and (B) an amount
necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; 

(20) 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; 

(21) Liens securing obligations Incurred in the ordinary course of business that do not exceed $15 million at any one time
outstanding; 
 (22) 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; 
 (23) Liens incurred to secure cash management services in the
ordinary course of business; 
 (24) 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 
 (25) 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. 

  
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 “Representative” means, with respect to any holder of Senior Debt, the trustee,
agent or other representative of such Senior Debt. 
 “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 Note Agreement all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 

“Restructuring” means the exchange offers and consent solicitations and the transactions related thereto that are described
in the Offering Memorandum, including the transactions described under “Certain Relationships and Related Transactions—Contribution to Affinion Investments” and “Certain Relationships and Related Transactions—Intercompany
Exchange” described therein. 
 “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. 

“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 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 Debt” of any Person means: 

(1) all Indebtedness of such Person outstanding under the Credit Agreement, the Senior Notes Indenture and all Hedging
Obligations subject to security arrangements on a pari passu basis with the Credit Agreement, whether outstanding on the Issue Date or Incurred thereafter; 

  
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 (2) any other Indebtedness of such Person permitted to be Incurred under the
terms of this Note Agreement, unless the instrument under which such Indebtedness is Incurred expressly provides that it is on a parity with or subordinated in right of payment to the Notes or any Guarantee; and 

(3) all Obligations with respect to the items listed in the preceding clauses (1) and (2) (including any interest
accruing subsequent to the filing of a petition of bankruptcy at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable law). 

Notwithstanding anything to the contrary in the preceding paragraph, Senior Debt will not include: 

(a) any liability for federal, state, local or other taxes owed or owing by the Issuer or any Guarantor; 

(b) any Indebtedness of the Issuer or any Guarantor to any of their Subsidiaries; 

(c) any trade payables; 

(d) the portion of any Indebtedness that is Incurred in violation of this Note Agreement; provided that, for purposes of this
clause (d), a good faith determination by the Board of Directors of the Issuer evidenced by a Board Resolution, or a good faith determination by the Chief Financial Officer of the Issuer evidenced by an officer’s certificate, that any
Indebtedness being incurred under the Credit Agreement is permitted by this Note Agreement will be conclusive as to whether any Indebtedness is Incurred in violation of this Note Agreement; 

(e) any Indebtedness of the Issuer or any Guarantor that, when Incurred, was without recourse to the Issuer or such Guarantor;

 (f) any repurchase, redemption or other obligation in respect of Disqualified Stock or Preferred Stock; or 

(g) any Indebtedness owed to any employee of the Issuer or any of its Subsidiaries. 

Indebtedness of the Company and the Guarantors outstanding under the 11 1⁄2% Senior Subordinated Notes is on parity in right of payment with the Notes and Guarantees thereof, and as a result is not Senior Debt. 

“Senior Notes” means the $475 million aggregate principal amount of 7.875% Senior Notes due 2018 issued by the Issuer under
the Senior Notes Indenture. 
 “Senior Notes Guarantees” means the guarantees of the Senior Notes issued by the Guarantors
in accordance with the provisions of the Senior Notes Indenture. 

  
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 “Senior Notes Indenture” means the Indenture dated as of November 19, 2010
among the Issuer, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee, 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.
or 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). 

“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 Holdings, 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)

  
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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. 
 “Subsidiary Spin-Off” means any public sale after the Issue Date of common stock of any
Restricted Subsidiary of the Issuer in connection with a spin-off or a similar transaction involving the disposition of a business operation, unit or division. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Note
Agreement. 
 “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 and the Senior Subordinated
Bridge Loan Facility and the indenture governing 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. 

“Treasury Rate” means, for any date, the yield to maturity at the time of computation of United States Treasury securities
with a constant maturity as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at least two Business Days prior to the applicable redemption date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the applicable redemption date to December 12, 2016; provided, however, that if the period from the applicable redemption
date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of United States Treasury securities for which such yields are given except that if the period from the redemption date to December 12, 2016 is less than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year shall be used. 
 “Uniform Commercial Code” means the New
York Uniform Commercial Code as in effect from time to time. 

  
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 “Unrestricted Subsidiary” means: 

(1) initially (i) Affinion Investments, LLC, (ii) Affinion Investments II, LLC (formerly and Connexions Loyalty, LLC
and Affinion Loyalty, LLC) and (iii) Affinion Developments, 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 

(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 Holder Agent by promptly filing with the Holder Agent 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. 

  
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 “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. 
 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”	  	13.16(b)
	“Change of Control Repurchase”	  	4.08(a)
	“Custodian”	  	6.01
	“Event of Default”	  	6.01

  
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	“Excess Proceeds”	  	4.06(c)
	“Global Note”	  	2.02
	“Guaranteed Obligations”	  	10.01(a)
	“incorporated provision”	  	12.01
	“Judgment Currency”	  	13.16(b)
	“Indenture”	  	2.15
	“Offer Period”	  	4.06(e)
	“Paying Agent”	  	2.04
	“protected purchaser”	  	2.08
	‘rates of exchange”	  	13.16(b)
	“Refinancing Indebtedness”	  	4.03(b)
	“Refunding Capital Stock”	  	4.04(b)
	“Registrar”	  	2.04
	“Restricted Payments”	  	4.04(a)
	“Retired Capital Stock”	  	4.04(b)
	“Specified Merger/Transfer Transaction”	  	5.01(a)
	“Successor Issuer”	  	5.01(a)
	“Successor Guarantor”	  	5.01(b)
	“Trustee”	  	2.15

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. 

The TIA is not incorporated by reference into this Note Agreement. 

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; 

  
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 (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 Note Agreement 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, to the extent that, in such context, additional interest is, was, or would be payable in respect thereof. 

ARTICLE 2 
 THE
NOTES 
 SECTION 2.01. Amount of Notes; Issuable in Series. The aggregate principal amount of Notes which may be issued
under this Note Agreement is $359,955,720. 
 SECTION 2.02. Form and Dating. The Notes shall each be substantially in the form
set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Note Agreement. 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 issuance. The Notes shall be issuable only in registered form without interest coupons
and only in denominations of $1.00 and any integral multiples thereof. The Notes shall be issued to Holders in certificated form on the Issue Date. 

SECTION 2.03. Issuance. The Issuer shall make available for delivery Notes for original issue on the date hereof in an aggregate
principal amount of $359,955,720. One duly authorized Officer shall sign the Notes for the Issuer by manual signature. 
 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 initial Paying Agent and the initial Registrar will be the Issuer. 

(b) The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Note Agreement. The
agreement shall implement the provisions of this Note Agreement that relate to such agent. The Issuer shall notify the Holders of the name and address of any such agent. 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; provided, however, that no such removal shall become effective until, 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. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer. 

  
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 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 Company or a Subsidiary acting as Paying Agent) to agree in writing that a Paying Agent shall hold in trust
for the benefit of Holders all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Holder Agent 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. 

SECTION 2.06. [Reserved]. 

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 the legend appearing on the Notes and as otherwise required by applicable securities laws. 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. Upon surrender for registration of transfers and exchanges of any Note, the Issuer shall promptly execute and deliver one or more new Notes of like aggregate principal
amount, which Note shall be registered in the name of such transferee. 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, 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, a Paying Agent or the Registrar shall be affected by notice to the contrary. 

(c) All Notes issued upon any transfer or exchange pursuant to the terms of this Note Agreement shall evidence the same debt and shall be
entitled to the same benefits under this Note Agreement as the Notes surrendered upon such transfer or exchange. 
 (d) Notwithstanding
anything in this Note Agreement to the contrary, Affinion Investments, LLC shall not sell, transfer, pledge, hypothecate, assign or otherwise 

  
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dispose of any Notes issued on the Issue Date so long as any New Investments Notes remain outstanding or any obligations thereunder unpaid unless the transferee shall become the successor issuer
under the New Investments Notes Indenture. 
 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 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 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 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 Issuer. If required by the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuer to protect the Issuer, any Paying Agent and the Registrar from any loss that any of them may
suffer if a Note is replaced. The Issuer may charge the Holder for its 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 2.08are 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 executed and delivered to Holders by the Issuer except for those canceled by it, those delivered to it or the Registrar for cancellation, those redeemed pursuant to Article 3. 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 Issuer and the Registrar 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 (including the Issuer) segregates and holds in trust, in accordance with this Note Agreement, 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. 
 SECTION 2.10. [Reserved]. 

SECTION 2.11. [Reserved]. 

  
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 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; provided that, unless otherwise directed by the Holders of at least 25% of the Notes outstanding, no
such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer shall mail or electronically transmit or cause to be mailed or
electronically transmitted to the Holder Agent and each affected Holder 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 Issuer 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 Holder Agent of any change in the CUSIP numbers, ISINs and “Common Code” numbers. As of the Issue Date, the Notes will not bear
any CUSIP number, ISIN or “Common Code” number. 
 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 determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence and Section 2.09 of
this Note Agreement. Any such calculation made pursuant to this Section 2.14 shall be made by the Issuer and delivered to the Holder Agent pursuant to an Officers’ Certificate. 

SECTION 2.15. Indenture Rights. 

(a) On or after the Issue Date at the request of (1) Holders of at least a majority in principal amount of the Notes outstanding or
(2) the New Investments Notes Representative or holders of at least 25% in principal amount of the New Investments Notes then outstanding, the Issuer and the Holder Agent agree to negotiate in good faith with respect to, and the Issuer shall
promptly finalize and enter into, an Indenture (the “Indenture”) governing the Notes issued hereunder, such Indenture to be on terms and conditions substantially similar in all material respects to this Note Agreement (as determined
reasonably and in good faith by the Issuer) (other than those provisions relating (i) generally to the trustee, paying agents and registrars, (ii) the form of the Notes and whether they are issued in global form or certificated form,
(iii) transfers and exchanges of the Notes, (iv) amendments to such Indenture (except that 

  
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it is expressly understood that affiliates of the Issuer shall continue to have the ability to vote their Notes consistent with this Note Agreement), (v) the rights and limitations on
Holders upon an Event of Default and (vi) discharge and defeasance of such Indenture and the Notes, which provisions in clauses (i)-(vi) shall instead be substantially similar in all material respects to the New Investments Notes
Indenture) and otherwise to be in form and substance reasonably satisfactory to the holders of at least 25% in principal amount of the New Investments Notes then outstanding. 

(b) The Issuer shall appoint the Holder Agent to act as trustee (the “Trustee”) under the Indenture; provided,
however, the Holder Agent reserves the right to decline such appointment in the event that its internal procedures to not allow it to assume such position under the Indenture. If the Holder Agent cannot act as Trustee, then the Issuer may
appoint a bank or trust company reasonably acceptable to the holders of at least 25% in principal amount of the New Investments Notes then outstanding as the Trustee. 

(c) On and after the entering into of the Indenture, all of the Notes and Guarantees shall no longer be governed by this Note Agreement but
shall instead be governed by and construed solely in accordance with the Indenture. 
 The Issuer agrees to pay any and all (i) fees
and expenses (including reasonable attorneys’ fees and expenses of the Issuer and the Holder Agent) incurred in connection with the preparation and execution of the Indenture and (ii) fees and expenses of the Trustee(s) and its
professional advisers. 
 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 Note Agreement, together with accrued and unpaid interest 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 Note Agreement, shall be made in accordance with the Notes, such provision and this Article. 

SECTION 3.03. Notices to Holders. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph
5 of the applicable Note, they shall notify the Holders in writing of (i) the Section of this Note Agreement 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 Holders provided for in this paragraph at least 5 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 Holders. 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 

  
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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 Holders, which record date shall be
not fewer than 1 day after the date of notice to the Holders. 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 Issuer 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 Issuer shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that no Notes of $1.00 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 (if other than the Issuer) funds sufficient to pay the principal of,
plus accrued and unpaid interest on, the Notes to be redeemed. 
 SECTION 3.05. Notice of Optional Redemption. At least 3 days
but not more than 60 days before a redemption date, 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 (if other than the Issuer); 

(iv) that Notes called for redemption must be surrendered to a the Issuer or the Paying Agent, as specified, 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; 

  
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 (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 Note Agreement or the Notes pursuant to which the Issuer is redeeming such Notes. 
 In addition, if such redemption is
subject to satisfaction of one or more conditions precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as
any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as
so delayed. 
 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 (except to the extent such redemption is conditional as set forth in Section 3.05),
as described in the last sentence of Paragraph 5 of the Notes. Upon surrender to the Issuer, 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. 
 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 canceled. 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 (if other than the Issuer) 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 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 Note Agreement. 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 Paying Agent (other than the Issuer or
any of its Affiliates) holds in accordance with this Note Agreement money sufficient to pay all principal and interest then due. 

  
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 (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 (or attempt to file with the SEC if the SEC will not accept such a filing), and provide the New Investments Notes Representative and the Holders with copies thereof, without cost, 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); 

(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 New Investments Notes Representative is for informational purposes only and the New
Investments Notes Representative’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 New Investments Notes Representative are entitled to rely exclusively on Officers’ Certificates). The New Investments Notes Representative shall forward such reports, information or documents to the holders
of the New Investments Notes upon request from such holders. 
 (b) For so long (i) as the Notes remain outstanding during any period
when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and (ii) the Notes are not held exclusively by Affinion Investments, LLC, 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 New Investments Notes Representative and the Holders if it has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available or
posted such reports on the Issuer’s website, as applicable, and such reports are publicly available. 

  
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 (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. 
 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 of the Issuer (other than any Designated Foreign Subsidiary) may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary (other than any Designated Foreign
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 (other than any Designated Foreign Subsidiary) 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 $1,252.5 million outstanding at any one time; 
 (ii) the Incurrence by the Issuer and
the Guarantors of Indebtedness represented by the Notes and the Guarantees, as applicable; 
 (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 Section 4.03(b)(ii)), including, without limitation, the Indebtedness outstanding under the Senior Notes and the
11 1⁄2% Senior Subordinated Notes outstanding after giving effect to the Restructuring and related guarantees; 

(iv) (1) Indebtedness (including Capitalized Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries
(other than any Designated Foreign Subsidiary), Disqualified Stock issued by the Issuer or any of its Restricted Subsidiaries 

  
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(other than any Designated Foreign Subsidiary) and Preferred Stock issued by any Restricted Subsidiaries of the Issuer (other than any Designated Foreign Subsidiary) 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 $50 million; 

(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 Transactions or the disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Note Agreement, 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 (other than a Designated Foreign 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 

  
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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; provided further, that in the case of any such Indebtedness of a Designated Foreign Subsidiary, the net proceeds of which are used solely for working
capital purposes of such Designated Foreign Subsidiary or for Investments or acquisitions made by a Designated Foreign Subsidiary 

(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 Note Agreement to be outstanding or (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; 

(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 $50 million at any one time outstanding; provided that in the case of any such Indebtedness of a Designated Foreign Subsidiary, the net proceeds of which are used solely
for Investments or acquisitions in or by a Designated Foreign Subsidiary 
 (xiii) any guarantee by the Issuer or any of its
Restricted Subsidiaries 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 Note Agreement and, in the case of a guarantee by a Designated Foreign Subsidiary, the net proceeds of such Indebtedness Incurred are used solely for Investments or acquisitions in or by a Designated Foreign Subsidiary; 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 the Issuer or 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;

  
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 (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 proviso, “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 the Notes; 
 (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; 

(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 Section 4.03(b)(xix), shall be deemed to have been Incurred and to be outstanding under such Section 4.03(b)(iv) or
Section 4.03(b)(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 Section 4.03(b)(xix), 

  
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 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 Note Agreement; 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; 

(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 Section 4.03(b)(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 Note
Agreement shall be deemed to have occurred; 
 (xviii) Contribution Indebtedness; and 

(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 Section 4.03(b)(xix), does not exceed $25 million;
provided, further, that in the case of any such Indebtedness Incurred by a Designated Foreign Subsidiary, the net proceeds of which are used solely for working capital purposes of such Designated Foreign Subsidiary. 

  
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 Notwithstanding the foregoing, the Issuer will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, after the Issue Date issue any Indebtedness (including Acquired Indebtedness) to the Sponsor; provided that the Sponsor may acquire Indebtedness in secondary transactions not involving the Issuer of
any of its Restricted Subsidiaries. 
 (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 Section 4.03(b)(xix) 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 Stock or Preferred Stock shall be treated as having been Incurred pursuant to one or more of such clauses (i) through (xix) of
Section 4.03(b) or pursuant to Section 4.03(a). Notwithstanding the foregoing, Indebtedness under the Credit Agreement outstanding on the Issue Date will be deemed to have been incurred on such date in reliance on the exception provided by
Section 4.03(b)(i) above and the Issuer shall not be permitted to reclassify all or any portion of such Indebtedness outstanding on the Issue Date. 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. 

  
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 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 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 Section 4.04(b)(i), Section 4.04(b)(iv) (only to the extent of one-half of the amount paid pursuant to such clause), Section 4.04(b)(vi)
Section 4.04(b)(vii), Section 4.04(b)(viii), Section 4.04(b)(xvii) and Section 4.04(b)(xviii), 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 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  

  
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 (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 

  
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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 Section 4.04(b)(x)), 

(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 Section 4.04(b)(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 Note Agreement; 

  
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 (ii) (a) the repurchase, retirement or other acquisition of any Equity Interests
(“Retired Capital Stock”) of the Issuer, 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 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,
repayment, 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) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) at least 91 days later than the maturity date of the Notes, 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, 

  
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present or former employee, director or consultant of the Issuer, any Parent of the Issuer or any Subsidiary of the Issuer (other than in each case any such person employed by the Sponsor)
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 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 or any Restricted Subsidiary of the Issuer from any such sale of Designated Preferred Stock
(other than Disqualified Stock) issued after the Issue Date; 

  
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 (vii) Investments in Affinion Investments, LLC and Affinion Investments II, LLC
(so long as they are 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; 

(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; provided
that any such Restricted Payments made after the Issue Date shall be limited solely to cash payments of dividends, distributions and advances to any Parent of the Issuer for the purpose of (1) making principal payments at the stated maturity
thereof (or no earlier than one year prior thereto) on any Holdings Senior Notes outstanding after giving effect to the Restructuring and (2) payment of cash fees and expenses of Parent incurred in connection with the Restructuring and other
ongoing administrative expenses of third parties reasonably incurred in connection with the securities issued in the Restructuring, in each case only to the extent such payments are actually used by any Parent of the Issuer for such principal
payments, fees and expenses; 
 (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 

  
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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 4.03(a) or Section 4.03(b)(xiv); 

(xiv) any Restricted Payment used to consummate or fund the Transactions and the Restructuring and the fees and expenses
related thereto or made in connection with the consummation of the Transactions and the Restructuring (including the issuance of the Notes on the Issue Date and payments made pursuant to or as contemplated by the Transaction Documents and the
documents related to the Restructuring, 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 Sections 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 Note Agreement) has made a 

  
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Change of Control Repurchase 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 required to be repurchased in connection with such Change of Control Repurchase or validly tendered and not withdrawn in connection with such Asset Sale Offer, as the case may be; 

(xviii) the payment of cash dividends, distributions and advances to any Parent of the Issuer to allow such Parent to make
regularly scheduled cash interest payments with respect to any Holdings Senior Notes outstanding after giving effect to the Restructuring, in each case only to the extent such payments are actually used by Parent for such cash interest payments; and

 (xix) the payment of cash dividends, distributions and advances to any Parent of the Issuer to allow such Parent to make
regularly scheduled cash interest payments with respect to the New Holdings Notes, in each case only to the extent such payments are actually used by such Parent for such cash interest payments; provided that the Adjusted Consolidated Leverage Ratio
would have been less than 5.0 to 1 on a pro forma basis immediately after giving effect to such Restricted Payment; 
 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), (xviii) and (xix) of this Section 4.04(b), no Default or Event of 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. 

(c) As of the Issue Date, all of the Issuer’s Subsidiaries (except for (i) Affinion Investments, LLC (ii) Affinion Investments
II, LLC (formerly known as Connexions Loyalty, LLC and Affinion Loyalty, LLC) and (iii) Affinion Developments, 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. 

(d) Notwithstanding the foregoing, after the Issue Date the Issuer will not, and will not permit any of its Restricted Subsidiaries to, pay to
the Sponsor (x) any management, consulting, monitoring, termination and advisory fees permitted under clause (3)(i) in 

  
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Section 4.07(b); provided that such fees may continue to be accrued and provided further that any payments to the Sponsor for expense reimbursement in connection with such management,
consulting, monitoring, termination and advisory services will be permitted in an amount up to $100,000 per calendar year or (y) any fees for financing, underwriting, placement service or other investment banking services rendered to the
Company or any of the Restricted Subsidiaries. 
 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) (i) 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 the Issue Date, including pursuant to the indentures governing the
Senior Notes, the 11 1⁄2% Senior Subordinated Notes (outstanding after giving effect to the Restructuring), the Holdings Senior Notes (outstanding after giving
effect to the Restructuring) and the New Holdings Notes; 
 (2) this Note Agreement and the Notes (and any 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; 
 (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; 

  
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 (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) contractual encumbrances or restrictions in effect on the Issue Date pursuant to the Credit Agreement and the other Senior
Credit Documents; 
 (12) other Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the
Issuer that is Incurred subsequent to the Issue Date 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. 

  
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 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) Other than with respect to the Designated Foreign Subsidiaries and any assets held by such Designated Foreign
Subsidiaries, 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
(x) permanently reduce Obligations under Senior Debt and, if the Senior Debt repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, (y) repay 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, the pro rata principal amount of Notes that would otherwise be prepaid) or (z) Indebtedness of a Non-Guarantor Restricted Subsidiary, in each case other than Indebtedness owed to the Issuer or an Affiliate of the
Issuer; 

  
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 (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;

 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 $1.00 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 (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 Note Agreement. 

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 Note Agreement. 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 Note Agreement. If the aggregate principal amount of Notes surrendered by holders thereof exceeds the amount of
Excess Proceeds, the Issuer shall select the Notes to be purchased in accordance with Section 4.06(f) in the case of Notes (and any such Pari Passu Indebtedness shall be selected in accordance with the agreement governing such Pari Passu
Indebtedness). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

  
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 (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 Note Agreement, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations described in this Note Agreement by virtue thereof. 
 (e) Not later than the date upon which written notice of an Asset Sale
Offer is delivered to the Holders as provided above, the Issuer shall deliver to the Holders 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 a Paying Agent (or, if the Issuer or
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 cancel the Notes or portions thereof that have been
properly tendered to and are to be accepted by the Issuer. The Paying Agent 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 Paying Agent (of other than the Issuer or a Wholly Owned Subsidiary) are greater than the purchase price of the Notes tendered, the Paying Agent shall deliver the excess to the Issuer immediately after the expiration of the Offer
Period for application in accordance with this 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 Issuer receives
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 Issuer on a pro rata basis to the
extent practicable; provided, however, that no Notes of $1.00 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 has been or is to be purchased. 

  
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 (h) A new Note 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. 
 (i) Notwithstanding anything in this Section 4.06 or the definition of “Asset Sale” to the contrary, in the
case of any sale, transfer, assignment or other disposition, or issuance of, Equity Interests of Designated Foreign Subsidiaries, or any sale, transfer, assignment or other disposition of assets held by such Designated Foreign Subsidiary, the Issuer
or such Restricted Subsidiary shall, within 365 days of the receipt thereof, apply at least 35% of the Net Proceeds from such sale or other transfer to (1) make an Investment in the business of one or more Designated Foreign Subsidiaries or
(2) repay and permanently reduce Obligations under Senior Debt and, if the Senior Debt repaid is revolving credit Indebtedness, to correspondingly permanently reduce commitments with respect thereto. 

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 Holders 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 Investments 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, subject to the provisions of Section 4.04(d), (i) management, consulting, monitoring and advisory fees and expenses 

  
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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 in the Offering Memorandum or the documents incorporated by reference therein 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; 

(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) [Reserved]; 

(vi) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Holders 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 (other than the Sponsor) 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 Note Agreement; 

(viii) any agreement as in effect as of the Issue Date 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 the Issue Date) 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 the Issue Date 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 the Issue Date; 
 (x) transactions to effect the Restructuring and the Transactions and
the payment of all fees and expenses related thereto, as described in the Offering Memorandum or contemplated by the Transaction Documents; 

(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 

  
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compliance with the terms of this Note Agreement 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 Note Agreement, 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)(xii);

 (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, the Issuer shall be required
to repurchase Notes having a principal amount equal to the principal amount of New Investments Notes that are required to be purchased by the initial Holder from the holders of New Investments Notes who have accepted Affinion Investments’ offer
to repurchase such New Investment Notes pursuant to the New Investments Notes Indenture upon a Change of Control (a “Change of Control Repurchase”), at a purchase price in cash equal to 101% of the principal amount of the Notes to
be repurchased, 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 in the form of the Notes set forth in Appendix A. 
 The Issuer will
be required to complete the Change of Control Repurchase on or prior to the date Affinion Investments is required to repurchase from the holders of New Investments Notes who have accepted Affinion Investments’ offer to repurchase such New
Investment Notes upon a Change of Control pursuant to the New Investments Notes Indenture. The Issuer shall not be required to make a Change of Control Repurchase upon a Change of 

  
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Control if a third party conducts the Change of Control Repurchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Note Agreement applicable to a
Change of Control Repurchase made by the Issuer and purchases all Notes required to be repurchased pursuant to such Change of Control Repurchase. 

(b) In the event of a Change of Control Repurchase, Holders shall be required to surrender the Notes to be repurchased, 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 whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered. 
 (c) On the purchase date, all Notes purchased by the Issuer under this Section shall be canceled, and
the Issuer shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto. 
 (d) Notwithstanding the
foregoing provisions of this Section, the Issuer shall be deemed to have made a Change of Control Repurchase upon a Change of Control if a third party makes the Change of Control Repurchase in the manner, at the times and otherwise in compliance
with the requirements set forth in Section 4.08(b) of the New Investments Notes Indenture. 
 (e) [Reserved]. 

(f) [Reserved]. 
 (g)
[Reserved]. 
 SECTION 4.09. Compliance Certificate. (a) The Issuer shall deliver to the Holder Agent and the Holders
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. 

(b) When any Default has occurred and is continuing under this Note Agreement, the Issuer shall deliver to the Holder Agent and the Holders,
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 Holders, 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 Note Agreement. 

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 

  
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Restricted Subsidiary) to execute and deliver to the Holders a supplement to this Note Agreement in the form attached as Appendix B (including such changes as may be required by the laws of
the Subsidiary’s jurisdiction in a form reasonably satisfactory to the Holders) 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 Note Agreement, unless such other Indebtedness is Senior Debt, in which case the Guarantee may be subordinated to the guarantee of
such Senior Debt to the same extent as the Notes are subordinated to such Senior Debt. 
 (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 10 of this Note Agreement.

 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 securing Indebtedness which is pari passu or junior to the Notes or the Guarantees (other than Permitted Liens) upon any of their property or assets, now owned or
hereafter acquired, unless all payments due under this Note Agreement 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. 

SECTION 4.13. Maintenance of Office or Agency. The Issuer shall maintain an office or agency 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 Note Agreement may be served. The Issuer shall give prompt written notice to the Holders of the location, and any change in
the location, of such office or agency. 
 SECTION 4.14. Limitation on Other Senior Subordinated Indebtedness. The Issuer shall
not Incur any Indebtedness that is subordinate in right of payment to any Senior Debt of the Issuer unless it is pari passu or subordinate in right of payment to the Notes. No Guarantor shall Incur any Indebtedness that is subordinate or
junior in right of payment to the 

  
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Senior Debt of such Guarantor unless it is pari passu or subordinate in right of payment to such Guarantor’s Notes Guarantee. For purposes of the foregoing, 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 of such other Indebtedness of the Issuer or any
Guarantor 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. 

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 Note
Agreement and the Notes pursuant to a supplement to this Note Agreement or other documents or instruments in form reasonably satisfactory to the Holders; 

(iii) immediately after giving effect to such transaction no Default or Event of Default shall have occurred and be continuing;

 (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; 

  
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 (v) each Guarantor, unless it is the other party to the transactions described
above, shall have by supplemental agreement confirmed that its Guarantee shall apply to such Person’s obligations under this Note Agreement 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 a supplement to this Note Agreement confirmed its obligations under this Note Agreement and the Notes; and 

(vii) the Issuer shall have delivered to the Holder Agent and the Holders an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental agreement (if any) comply with this Note Agreement. 

The Successor Issuer (if other than the Issuer) shall succeed to, and be substituted for, the Issuer under this Note Agreement and the
Notes, and the Issuer shall automatically be released and discharged from its obligations under this Note Agreement 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 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. 

(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 

  
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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 Note Agreement and such Subsidiary Guarantor’s Guarantee pursuant to a supplement to this Note Agreement
or other documents or instruments in form reasonably satisfactory to the Holders; 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 Holder Agent and the Holders an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such
supplemental agreement (if any) comply with this Note Agreement. 
 The Successor Guarantor shall succeed to, and be substituted for, such
Subsidiary Guarantor under this Note Agreement and such Subsidiary Guarantor’s Guarantee, and such Subsidiary Guarantor shall automatically be released and discharged from its obligations under this Note Agreement and such Subsidiary
Guarantor’s guarantee. Notwithstanding Section 5.01(b)(b), (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. 
 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 the Notes when due that continues for 30 days, whether or not such payment is
prohibited by the subordination provisions of this Note Agreement; 

  
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 (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, whether or not such payment is prohibited by the subordination provisions of this Note Agreement; 

(c) the failure by the Issuer or any of its Restricted Subsidiaries to comply with the provisions set forth in Article 5
of this Note Agreement; 
 (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 4 of this Note Agreement (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 Note Agreement; 
 (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; 

(iv) makes a general assignment for the benefit of its creditors; 

(v) takes any comparable action under any foreign laws relating to insolvency; 

(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; 

  
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 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 Note Agreement 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 6.01(d) and (e) shall not constitute an Event of Default until the Holder Agent (acting at the
written direction of the New Investments Notes Representative) or Holders of 25% in principal amount of the Notes outstanding (or the New Investments Notes Representative in accordance with Section 6.13) notify the Issuer and the other Holders
of the default and the Issuer does not cure such default within the time specified in Section 6.01(d) and (e) hereof after receipt of such notice; provided, however, that so long as any Indebtedness permitted to be Incurred pursuant
to the Credit Agreement will be outstanding, that acceleration of the Notes will not be effective until the earlier of: (1) an acceleration of Indebtedness under the Credit Agreement; or (2) five Business Days after receipt by the Issuer
and the administrative agent under the Credit Agreement of written notice of the acceleration of the Notes. 
 SECTION 6.02.
Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(g) or Section 6.01(h)) occurs and is continuing, (i) the Holder Agent (acting at the written direction of the New Investments Notes
Representative) or Holders of at least 25% in principal amount of the Notes then outstanding or (ii) the New Investments Notes Representative upon the request holders of at least 25% in principal amount of the New Investments Notes then
outstanding, in either case 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. 

  
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 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 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 Holders of the Notes, if within 20 days after such Event of Default arose the Issuer delivers an Officers’ Certificate
to the Holder Agent and the Holders 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. 
 (a) So long as any New Investments Notes remain outstanding or any obligations
thereunder unpaid, the New Investments Notes Representative upon the request holders of at a majority in principal amount of the New Investments Notes then outstanding, or (b) thereafter, the Holders of a majority in principal amount of the
Notes, by notice to the Issuer 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, (x) so long as any New
Investments Notes remain outstanding or obligations thereunder remain unpaid, the New Investments Notes Representative upon the request holders of at least a majority in principal amount of the New Investments Notes then outstanding, or
(y) thereafter, the 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, (a) so long as any New
Investments Notes remain outstanding or obligations thereunder remain unpaid, the New Investments Notes Representative upon the request of holders of at least 25% in principal amount of the New Investments Notes then outstanding or
(b) thereafter, the Holders of at least 25% in principal amount of the Notes, 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 Note Agreement, as applicable. 
 A delay or omission by any Holder (or the New Investments Notes Representative) 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 and the
Holders shall be restored to their former positions and rights under this Note Agreement, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

  
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 SECTION 6.05. [Reserved]. 

SECTION 6.06. [Reserved]. 

SECTION 6.07. Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Note Agreement, 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. [Reserved]. 

SECTION 6.09. [Reserved]. 

SECTION 6.10. [Reserved]. 

SECTION 6.11. [Reserved]. 

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
Note Agreement; 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
Holders, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 6.13.
Assignment of Rights and Remedies to Holders of New Investments Notes. 
 For so long as any New Investments Notes remain outstanding
or any obligations thereunder unpaid (including any claims, losses, damages, rights and contingencies arising under the New Investments Notes Indenture), Affinion Investments, LLC, as Holder of the Notes under this Note Agreement hereby
unconditionally assigns to the New Investments Notes Representative (acting at the direction of holders of at least 25% in principal amount of the New Investments Notes then outstanding or such lessor or greater amount as specified in this Note
Agreement or the New Investments Notes Indenture, as applicable), and holders of the New Investments Notes acting in accordance with the New Investments Notes Indenture, all right, title and interest in the covenants and agreements of the Issuer and
the Restricted Parties under this Note Agreement, including without limitation the right to sue for enforcement, file any proof of claim on behalf of the Holders and the exercise of all other rights and remedies afforded to Holders hereunder. Such
assignment of rights shall accrue to the benefit of the New Investments Notes Representative and holders of the New Investments Notes whether or not specifically called for in this Note Agreement in any provision where the Holders are requested or
choose to 

  
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act, consent or take any other action hereunder. The assignment of rights in this Section 6.13 is irrevocable and coupled with an interest, and the New Investments Notes Representative and
the holders of New Investments Notes are express third-party beneficiaries of this Note Agreement with respect to all provisions contained here. Any purported transfer of the Notes by Affinion Investments, LLC in contravention of this
Section 6.13 and Section 2.07(d) shall be void ab initio and have no effect on the rights of the parties hereto and such third-party beneficiaries. 

ARTICLE 7 
 THE
HOLDER AGENT 
 SECTION 7.01. Certain Duties and Responsibilities. 

(a) The Holder Agent undertakes to perform such duties and only such duties as are specifically set forth in this Note Agreement, and no
implied covenants or obligations shall be read into this Note Agreement against the Holder Agent. 
 (b) In the absence of bad faith on its
part, the Holder Agent 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 Holder Agent and conforming to the requirements of this Note
Agreement; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Holder Agent, the Holder Agent shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Note Agreement, but need not verify the contents thereof. 
 (c) No provision of this Note Agreement
shall require the Holder Agent 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, if adequate indemnity against such risk or
liability is not reasonably assured to it. 
 SECTION 7.02. Duty to Notify the New Investments Notes Representative. 

Upon receipt of any Notification Information provided by the Issuer under this Note Agreement, the Holder Agent shall promptly (and, in any
event, no later than five Business Days after receipt) after receipt of such Notification Information provide a copy of such information to the New Investments Notes Representative. In so providing such information, the Holder Agent makes no
representations or warranties with respect to such information. For purposes of this Section 7.02, the term “Notification Information” shall mean the following types of information provided by the Issuer under this Note
Agreement: (i) an Officers’ Certificate provided under the definition of “Adjusted Consolidated Net Income,” (ii) an Officers’ Certificate provided under the definition of “Consolidated Net Income,”
(iii) any board resolution and Officers’ Certificate designating an entity as an Unrestricted Subsidiary, and (iv) any notices received under the Sections 2.05, 2.12, 2.13, 2.14, 4.09, 5.01, 6.02, 8.01, 9.02(b), 10.06, and 12.07 of
this Note Agreement. The New Investments Notes Representative shall forward any such Notification Information received by it to the holders of the New Investments Notes upon request from such holders. 

  
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 SECTION 7.03. Certain Rights of Holder Agent. 

(a) The Holder Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) the Holder Agent may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(c) the Holder Agent 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, note, other evidence of indebtedness or other paper or document; 

(d) the Holder Agent shall not be liable to any Person for special, punitive, indirect, consequential or incidental loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Holder Agent has been advised of the likelihood of such loss or damage; and 

(e) the permissive rights of the Holder Agent to do things enumerated in this Note Agreement shall not be construed as a duty unless so
specified herein. 
 SECTION 7.04. Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes shall be taken as the statements of the Issuer, and the Holder Agent does not assume any
responsibility for their correctness. The Holder Agent makes no representations as to the validity or sufficiency of this Note Agreement or of the Notes, except that the Holder Agent represents that it is duly authorized to execute and deliver this
Note Agreement and perform its obligations hereunder. The Holder Agent shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof. 

SECTION 7.05. Compensation and Reimbursement. 

The Issuer agrees: 
 (a) to pay
to the Holder Agent from time to time the compensation agreed to by the Issuer in writing for all services rendered by the Holder Agent hereunder; 

(b) except as otherwise expressly provided herein, to reimburse the Holder Agent upon its request for all reasonable out-of-pocket expenses
incurred by the Holder Agent in accordance with any provision of this Note Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or willful misconduct; and 

  
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 (c) to indemnify the Holder Agent for, and to hold it harmless against, any loss, liability or
expense incurred without negligence or willful misconduct on the Holder Agent’s part, arising out of or in connection with the performance of its duties hereunder, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder. The Issuer need not pay for any settlement made without its consent (which consent shall not be unreasonably withheld). The provisions of this
Section 7.05 shall survive the termination of this Note Agreement or the resignation and removal of the Holder Agent. 

SECTION 7.06. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Holder Agent 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 Holder Agent shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Holder Agent, shall be the successor of the Holder Agent hereunder.

 SECTION 7.07. Resignation and Removal; Appointment of Successor. 

No resignation or removal of the Holder Agent and no appointment of a successor Holder Agent pursuant to this Article shall become effective
until the acceptance of appointment by the successor Holder Agent in accordance with the applicable requirements of this Section 7.07. 

The Holder Agent may resign at any time by giving written notice thereof to the Issuer. If the instrument of acceptance by a successor Holder
Agent required by this Section 7.07 shall not have been delivered to the Holder Agent within 30 days after the giving of such notice of resignation, the resigning the Holder Agent may petition any court of competent jurisdiction for the
appointment of a successor Holder Agent. 
 The Holder Agent may be removed at any time by the New Investments Notes Representative with the
consent of the Issuer (which consent shall not be unreasonable withheld). 
 If the Holder Agent shall resign or be removed, or if a vacancy
shall occur in the office of Holder Agent for any cause, the Issuer shall promptly appoint a successor Holder Agent as approved by the New Investments Notes Representative. 

Notwithstanding the replacement of the Holder Agent pursuant to this Section 7.07, the Issuer’s obligations under Section 7.05
shall continue for the benefit of the retiring Holder Agent. 

  
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 ARTICLE 8 

DISCHARGE OF NOTE AGREEMENT 

SECTION 8.01. Discharge of Liability on Notes. This Note Agreement 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 Note Agreement) as to all outstanding Notes and the obligations under this Note Agreement with respect to the Holders of the Notes
when 
 (i) either (a) all the Notes theretofore issued under this Note Agreement 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 Issuer for cancellation or (b) all of the Notes under this Note Agreement (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 Paying Agent (if other than the Issuer which Paying Agent may be the trustee for the New Investments Notes) for the giving of notice of
redemption by the Issuer or such Paying Agent in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Paying Agent (if other than the Issuer which Paying Agent may be the trustee
for the New Investments Notes) funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Issuer 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 such Paying Agent, if applicable, 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 Note Agreement; and 

(iii) the Issuer has delivered to the Holder Agent an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Note Agreement relating to the satisfaction and discharge of this Note Agreement have been complied with. 

ARTICLE 9 

AMENDMENTS AND WAIVERS 

SECTION 9.01. Without Consent of the Holders. The Issuer and the Guarantors may amend this Note Agreement 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 Note Agreement 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 Note Agreement and its Guarantee in compliance with Article 5; 

  
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 (iv) to provide for Notes in the form of global notes in addition to or in place
of certificated Notes; 
 (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 make any change that does not adversely affect the rights of any Holder; or 

(viii) to effect any provision of this Note Agreement. 

After an amendment under this Section 9.01 becomes effective, the Issuer shall mail to Holders and the New Investments Notes
Representative 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 may amend this Note Agreement or the Notes (i) so long as any
New Investments Notes remain outstanding or obligations thereunder remain unpaid, with the written consent of at least a majority in principal amount of the New Investments Notes then outstanding (excluding any New Investments Notes held by the
Issuer or any Affiliate) voting as a single class (including consents obtained in connection with a tender offer or exchange for the New Investments Notes), or (ii) thereafter, 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 including consents received from the Issuer or any of its Affiliates), and any past
default or compliance with any provisions may be waived with the written consent of (x) so long as any New Investments Notes remain outstanding or obligations thereunder remain unpaid, holder of at least a majority in principal amount of the
New Investments Notes then outstanding (excluding any New Investments Notes held by the Issuer, Sponsor or any Affiliate) voting as a single class (including consents obtained in connection with a tender offer or exchange for the New Investments
Notes), or (y) thereafter, 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 (A) so long as any New Investments Notes remain outstanding or obligations thereunder remain unpaid, each holder of outstanding New Investments Notes or (B) thereafter 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, 

  
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 (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 Note Agreement or Paragraph 5 of Appendix A of this Note Agreement, 

(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, 

(vii) make any change in the amendment provisions which require each Holder’s consent or in the waiver provisions, 

(viii) amend or modify any of the subordination provisions of this Note Agreement or the related definitions in any manner
adverse to the Holders of the Notes or any Guarantee thereof, 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 or holders of New Investments Notes (if
applicable) 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 or electronically transmit (or cause to be mailed
or electronically transmitted) to the Holder Agent and 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. Amendments Impacting the Holder Agent. Notwithstanding the foregoing, no amendment to this
Note Agreement may be made without the consent of the Holder Agent if such amendment modified any rights, duties or liabilities of the Holder Agent. 

SECTION 9.04. Revocation and Effect of Consents and Waivers. (a) Subject in each of the following cases to the rights of the
New Investments Notes Representative and holders of the New Investments Notes hereunder, 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 Issuer receives the notice of revocation before the date on which the Issuer delivers to the Holders an Officers’ Certificate 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 of consents by the Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to
effectiveness as set forth in this Note Agreement and any supplement hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplement) by the Issuer. 

  
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 (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 Note Agreement. 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 Issuer. The Issuer may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer so determines, the Issuer in exchange for the
Note shall issue 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. [Reserved]. 

SECTION 9.07. [Reserved]. 

SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount. Except as expressly provided in this Note Agreement,
including under Section 9.02, all Notes issued under this Note Agreement shall vote and consent together on all matters (as to which any of such Notes may vote) as one class; provided, for calculating votes, consents and percentages of
holders of New Investments Notes for any purpose hereunder, New Investments Notes held by the Company, Sponsor or any Affiliate shall not be counted or deemed outstanding 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 9 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 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 Note Agreement 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 Note Agreement 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 Note Agreement 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. 

  
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 (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 to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Note Agreement, the Notes or any other agreement or otherwise; (ii) any extension or renewal of
this Note Agreement, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Note Agreement, the Notes or any other agreement; (iv) the release of any security
held by any Holder for the Guaranteed Obligations or any Guarantor; (v) the failure of any Holder 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 to any security held for
payment of the Guaranteed Obligations. 
 (e) Except as expressly set forth in Sections 8.01, 10.02, 10.06 and 12.04, 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 to assert any claim or demand or to enforce any remedy under this Note Agreement, the Notes 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. 
 (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

  
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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 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 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 Holders, forthwith pay, or cause to be paid, in cash, to the Holders 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. 
 (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, 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 any Holder in enforcing any rights under this Section 10.01. 

(j) Upon request of the Holders, 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 Note Agreement. 
 SECTION 10.02. Limitation on
Liability; Release. (a) Any term or provision of this Note Agreement 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 Note Agreement, 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.

 (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) 

  
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 (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
Note Agreement; 
 (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;” or 
 (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) if the Issuer’s obligations under this Note Agreement are otherwise discharged in accordance with Section 8.01;
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 Holders and, in the event of any transfer or assignment of
rights by any Holder, the rights and privileges conferred upon that party in this Note Agreement 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 Note
Agreement. 
 SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of the Holders or holders of New Investments
Notes 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 Holders and the holders of the New Investments Notes 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. 
 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 Holders and the 

  
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New Investments Notes Representative (at the direction of holders of at least 25% in principal amount of the New Investments Notes then outstanding), 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 Supplement 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 Holders a supplement 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. Upon the request of Holder Agent (acting at the written direction of the New Investments Notes Representative who, in turn shall be acting at the written direction of holders of at least 25% in principal amount of the New Investments
Notes outstanding) or the Holders of at least 25% in principal amount of the Notes then outstanding, the Issuer shall deliver to the Holder Agent and the New Investments Notes Representative Holders an Opinion of Counsel and an Officers’
Certificate to the effect that such supplement 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 Holder Agent (acting at the written direction of the New Investments Notes Representative who, in turn shall be acting at the written direction of holders of at least
25% in principal amount of the New Investments Notes outstanding) may reasonably request. 
 ARTICLE 11 

[INTENTIONALLY OMITTED] 

ARTICLE 12 

SUBORDINATION OF NOTES 

SECTION 12.01. Agreement to Subordinate. The Issuer and the Guarantors agree, and each Holder by accepting a Note agrees, that the
Indebtedness evidenced by the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article 12, to the prior payment in full in cash of all Senior Debt of the Issuer, including the Indebtedness of the
Issuer under the Credit Agreement, the Indebtedness represented by the Senior Notes and Senior Debt of the Issuer Incurred after the Issue Date. 

SECTION 12.02. Liquidation; Dissolution; Bankruptcy. The holders of Senior Debt of the Issuer shall be entitled to receive payment
in full in cash of all Obligations due in respect of Senior Debt of the Issuer (including interest accruing after the commencement of any bankruptcy proceeding at the rate specified in the documentation for the applicable Senior Debt of the Issuer)
before the Holders shall be entitled to receive any payment or distribution of any kind or character with respect to any Obligations on, or relating to, the Notes (except that 

  
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Holders may receive and retain Permitted Junior Securities), in the event of any total or partial distribution to creditors of the Issuer in connection with: (a) any liquidation or
dissolution of the Issuer; (b) any bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Issuer or its property; (c) any assignment by the Issuer for the benefit of its creditors; or (d) any
marshaling of the Issuer’s assets and liabilities. 
 SECTION 12.03. Default on Designated Senior Debt. (a) The Issuer
shall not make any payment or distribution of any kind or character with respect to any obligation on, or relating to, the Notes or set aside any funds or make any deposit with the Paying Agent for any such purpose, and each Holder agrees that it
shall not receive or collect any such payment or distribution or have a right to share in any such funds set aside or such deposit (except in Permitted Junior Securities), if: 

(i) a default (a “payment default”) in the payment of principal, premium, interest or regularly accruing fees
on Designated Senior Debt of the Issuer occurs and is continuing; or 
 (ii) any other default (a “nonpayment
default”) occurs and is continuing on any series of Designated Senior Debt of the Issuer that permits holders of that series of Designated Senior Debt of the Issuer to accelerate its maturity and the Holders receive (with a copy to the
Issuer) a written notice of such default (a “Payment Blockage Notice”) from a Representative of the holders of such Designated Senior Debt. 

(b) Payments on the Notes may and shall be resumed: 

(i) in the case of a payment default on Designated Senior Debt of the Issuer, upon the date on which such default is cured or
waived; and 
 (ii) in the case of a nonpayment default on Designated Senior Debt of the Issuer, the earliest of (x) the
date on which such default is cured or waived (so long as no other event of default or payment default exists), (y) 179 days after the date on which the applicable Payment Blockage Notice is received and (z) the date the Holders receive
notice from the Representative for such Designated Senior Debt rescinding the Payment Blockage Notice, unless, in each case, the maturity of such Designated Senior Debt of the Issuer has been accelerated. 

(c) No new Payment Blockage Notice may be delivered unless and until: 

(i) 360 days have elapsed since the delivery of the immediately prior Payment Blockage Notice; and 

(ii) all scheduled payments of principal, interest and premium on the Notes that have come due have been paid in full in Cash
Equivalents. 
 (d) No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the
Holders will be, or be made, the basis for a subsequent Payment Blockage Notice unless such default has been cured or waived for a period of not less than 90 consecutive days (it being acknowledged that any subsequent action, or any

  
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breach of any financial covenants during the period after the date of delivery of such initial Payment Blockage Notice, that, in either case, would give rise to a non-payment default pursuant to
any provisions under which a non-payment default previously existed or was continuing shall constitute a new non-payment default for this purpose). 

(e) If any Holder or the Paying Agent receives a payment in respect of the Notes (except in Permitted Junior Securities) when (i) the
payment is prohibited by this Article 12 and (ii) in the case of a payment received by the Paying Agent, the Paying Agent has actual knowledge that the payment is prohibited (provided that such actual knowledge shall not be required
in the case of any payment default on Designated Senior Debt) then the Holder or the Paying Agent, as the case may be, shall hold the payment in trust for the benefit of the holders of Senior Debt of the Issuer. Upon the written request from the
applicable Representative of such Senior Debt of the Issuer or if there is any payment default on any Designated Senior Debt, the Holder or the Paying Agent, as the case may be, shall deliver the amounts in trust to the Representatives of the Senior
Debt of the Issuer pursuant to Section 12.11. 
 (f) For the avoidance of doubt, the Holder Agent shall not accept any funds from the
Issuer or Paying Agent with respect to amounts on the Notes. 
 SECTION 12.04. Subordination of Guarantee. Each Holder, by
accepting a Note, agrees that payments under the Guarantees shall be subordinated to the prior payment in full of all Senior Debt of such Guarantor, including Senior Debt of such Guarantor Incurred after the date of this Note Agreement, on the same
basis as the payments by the Issuer on the Notes are subordinated to the prior payment in full of Senior Debt of the Issuer. For the purposes of the foregoing sentence, the Holders shall have the right to receive and/or retain payments by any of the
Guarantors only at such times as they may receive and/or retain payments in respect of the Notes pursuant to this Note Agreement. 

SECTION 12.05. Acceleration of Securities. If payment of the Notes is accelerated because of an Event of Default, the Issuer shall
promptly notify the holders of Senior Debt of the Issuer of the acceleration. 
 SECTION 12.06. When Distribution Must Be Paid
Over. In the event that any Holder or the Paying Agent receives any payment of any Obligations with respect to the Notes (except in Permitted Junior Securities) at a time when (1) such payment is prohibited by this Article 12 and,
(2) in the case of a payment received by the Paying Agent, the Paying Agent has actual knowledge that such payment is prohibited by this Article 12 (provided that such actual knowledge will not be required in the case of any payment
default on Designated Senior Debt), the Holder or the Paying Agent, as the case may be, shall hold the payment in trust for the benefit of the holders of Senior Debt of the Issuer. Upon the written request from the Representatives of such Senior
Debt of the Issuer or if there is any payment default on any Designated Senior Debt, the Holder or the Paying Agent will deliver the amounts in trust to the Representatives of the Senior Debt of the Issuer, pursuant to Section 12.11, for
application to the payment of all Obligations with respect to such Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with their terms, after giving effect to any concurrent payment or distribution to
or for the holders of such Senior Debt. 

  
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 SECTION 12.07. Notice by the Issuer. The Issuer shall promptly notify the Holders,
the Paying Agent (if other than the Issuer) and the Holder Agent in writing of any facts known to the Issuer that would cause a payment of any Obligations with respect to the Notes to violate this Article 12, but failure to give such notice
shall not affect the subordination of the Notes to the Senior Debt of the Issuer as provided in this Article 12. 
 SECTION 12.08.
Subrogation. After all Senior Debt of the Issuer is paid in full and until the Notes are paid in full, Holders shall be subrogated (equally and ratably with all other Indebtedness pari passu with the Notes) to the rights of holders of
such Senior Debt to receive distributions applicable to such Senior Debt to the extent that distributions otherwise payable to the Holders have been applied to the payment of such Senior Debt. A distribution made under this Article 12 to
holders of Senior Debt of the Issuer that otherwise would have been made to Holders is not, as between the Issuer and Holders, a payment by the Issuer on the Notes. 

SECTION 12.09. Relative Rights. This Article 12 defines the relative rights of Holders and holders of Senior Debt of the
Issuer. Nothing in this Note Agreement shall: 
 (a) impair, as between the Issuer and Holders, the obligation of the Issuer, which is
absolute and unconditional, to make payments on the Notes in accordance with the terms under the Notes and this Note Agreement; 
 (b)
affect the relative rights of Holders and creditors of the Issuer other than their rights in relation to holders of Senior Debt of the Issuer; or 

(c) prevent any Holder of Notes from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders
and owners of Senior Debt of the Issuer to receive distributions and payments otherwise payable to Holders. 
 If the Issuer fails because
of this Article 12 to make a payment on the Notes in accordance with the terms under the Notes and this Note Agreement, the failure is still a Default or Event of Default. 

SECTION 12.10. Subordination May Not Be Impaired by the Issuer. No right of any holder of Senior Debt of the Issuer to enforce the
subordination of the Indebtedness evidenced by the Notes shall be impaired by any act or failure to act by the Issuer or any Holder or by the failure of the Issuer or any Holder to comply with this Note Agreement. 

SECTION 12.11. Distribution or Notice to Representative. Whenever a distribution is to be made or a notice is to be given to
holders of Senior Debt of the Issuer, the distribution may be made and the notice may be given to their Representative (if any). 
 Upon any
payment or distribution of assets of the Issuer referred to in this Article 12, the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction or upon any certificate of such Representative or of the
liquidating trustee or agent or other Person making any distribution to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt of the Issuer and other Indebtedness of the
Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 12. 

  
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 SECTION 12.12. [Reserved]. 

Any Agent in its individual or any other capacity may hold Senior Debt of the Issuer with the same rights it would have if it were not an
agent of the Issuer. 
 SECTION 12.13. Modifications to Subordination. Notwithstanding anything herein to the contrary, no
modification, amendment or waiver may be made to or of any provision of this Note Agreement or the related definitions affecting the subordination or ranking of the Notes or any Guarantee that adversely affects the rights of any holder of Designated
Senior Debt then outstanding unless the holders of such Designated Senior Debt (or any group or representative thereof authorized to give a consent) consent to such modification, amendment or waiver. 

SECTION 12.14. Acknowledgement of Assignees. 

The New Investments Notes Representative, for and on behalf of itself and the holders of the New Investments Notes, in each case as assignees
of the rights of Affinion Investments, LLC (as a Holder of Notes under this Note Agreement) in accordance with Section 6.13, hereby acknowledges and agrees that: (a) the New Investments Notes Representative and the holders of the New
Investments Notes are bound by the subordination provisions set out in this Article 12 to the same extent as Affinion Investments, LLC is so bound (but without regard to any effects of any bankruptcy law on Affinion Investments, LLC); and
(b) all obligations expressed to be assumed by Affinion Investments, LLC under this Article 12 shall also apply to the holders of the New Investments Notes and the New Investments Notes Representative, in each case, for the benefit of the
holders of Senior Debt of the Issuer and the Representatives of such Senior Debt of the Issuer. 
 ARTICLE 13 

MISCELLANEOUS 

SECTION 13.01. [Reserved]. 

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.
	6 High Ridge Park
	Stamford, CT 06905
	Attention: General Counsel
	Facsimile: (203) 956-1206

  
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	if to a Holder, to the address set forth on its signature page to this Note Agreement, with a copy delivered to the New Investments Notes Representative at the following address:
	
	Wells Fargo Bank, National Association
	Corporate Trust Services
	150 East 42nd Street, 40th Floor
	New York, NY 10017
	Attention: Affinion Account Manager
	Email: Yana.Kislenko@wellsfargo.com
	
	if to the Holder Agent:
	
	Wilmington Trust, National Association
	50 South Sixth Street, Suite 1290
	Minneapolis, MN 55402
	Attention: Lynn Steiner
	Email: lsteiner@wilmingtontrust.com

 The Issuer or the Holders 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. 

(b) 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. 

SECTION 13.03. [Reserved]. 

SECTION 13.04. [Reserved]. 

SECTION 13.05. Statements Required in Certificate or Opinion. Each Officer’s Certificate or Opinion of Counsel with respect
to compliance with a covenant or condition provided for in this Note Agreement (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; 

(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; 

  
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 (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. [Reserved]. 

SECTION 13.07. Third Party Beneficiaries. This Note Agreement shall be binding on the Issuer solely to the benefit of the Holder
Agent, the Holders, the New Investments Notes Representative and the holders of the New Investments Notes, and nothing set forth in this Note Agreement shall be construed to confer upon or give to any Person other than the Holder Agent, Holder, the
New Investments Notes Representative or the holders of New Investments Notes any benefits, rights or remedies under or by reason of, or any rights to enforce, the obligations of the Issuer hereunder. The New Investments Notes Representative and
holders of the New Investments Notes shall be express third-party beneficiaries of this Note Agreement for all purposes, including without limitation the rights described in Section 6.13, and may provide or decline to provide any required
direction or consent related thereto in their sole discretion. 
 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; Waiver of Jury
Trial. THIS NOTE AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE ISSUER, THE GUARANTORS, THE HOLDER AGENT AND
THE HOLDERS 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 NOTE AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 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 Note Agreement 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. 

  
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 SECTION 13.11. Successors. All agreements of the Issuer, each Guarantor and the
Holder Agent in this Note Agreement and the Notes shall bind its successors. All agreements of a Holder in this Note Agreement shall bind its successors. 

SECTION 13.12. Multiple Originals. The parties may sign any number of copies of this Note Agreement. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Note Agreement. The exchange of copies of this Note Agreement and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Note Agreement as to the parties hereto and may be used in lieu of the original Note Agreement for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. One signed copy is enough to prove this Note Agreement. 
 SECTION 13.13. Table of Contents;
Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Note Agreement 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. Note Agreement
Controls. If and to the extent that any provision of the Notes limits, qualifies or conflicts with a provision of this Note Agreement, such provision of this Note Agreement shall control. 

SECTION 13.15. Severability. In case any provision in this Note Agreement 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 Note Agreement, 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). 

  
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 (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 Note Agreement: 
 (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 Note Agreement, or any judgment or order rendered in respect thereof, shall remain outstanding, the Issuer and the Guarantors shall indemnify and hold the Holders 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 Note Agreement (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 Note Agreement, 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 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 

  
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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
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. 
 (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. 

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

					
	ISSUER:
	
	AFFINION GROUP, INC.,
		
	By:	 	 /s/ Todd H. Siegel

		 	Name:	 	Todd H. Siegel
		 	Title:	 	Chief Executive Officer
	
	GUARANTORS:
	
	AFFINION BENEFITS GROUP, INC.
	AFFINION BRAZIL HOLDINGS I, LLC
	AFFINION BRAZIL HOLDINGS II, LLC
	AFFINION DATA SERVICES, INC.
	AFFINION GROUP, LLC
	AFFINION PUBLISHING, LLC
	BREAKFIVE, LLC
	CARDWELL AGENCY, INC.
	CCAA CORPORATION
	CONNEXIONS LOYALTY, LLC
	CONNEXIONS LOYALTY ACQUISITION, LLC
	CONNEXIONS LOYALTY TRAVEL SOLUTIONS LLC
	GLOBAL PROTECTION SOLUTIONS, LLC
	INTERNATIONAL TRAVEL FULFILLMENT LLC
	LIFT MEDIA, LLC
	LONG TERM PREFERRED CARE, INC.
	LOYALTY TRAVEL AGENCY LLC
	PROSPECTIV DIRECT, INC.
	TRAVELERS ADVANTAGE SERVICES, INC.
	TRILEGIANT AUTO SERVICES, INC.
	TRILEGIANT CORPORATION
	TRILEGIANT INSURANCE SERVICES, INC.
	TRILEGIANT RETAIL SERVICES, INC.
	WATCHGUARD REGISTRATION SERVICES, INC.
	WEBLOYALTY HOLDINGS, INC.
	WEBLOYALTY.COM, INC.
		
	By:	 	 /s/ Todd H. Siegel

		 	Name:	 	Todd H. Siegel
		 	Title:	 	Chief Executive Officer

  
   

 
  

 
							
	CUC ASIA HOLDINGS, by its partners:
		
		 	TRILEGIANT CORPORATION
			
		 	By:	 	 /s/ Todd H. Siegel

		 		 	Name:	 	Todd H. Seigel
		 		 	Title:	 	Chief Executive Officer
		
		 	and
		
		 	TRILEGIANT RETAIL SERVICES, INC.
			
		 	By:	 	 /s/ Todd H. Siegel

		 		 	Name:	 	Todd H. Seigel
		 		 	Title:	 	Chief Executive Officer

  
 2 

 
  

 
					
	HOLDER:
	
	AFFINION INVESTMENTS, LLC
		
	By:	 	 /s/ Todd H. Siegel

		 	Name:	 	Todd H. Siegel
		 	Title:	 	Todd H. Siegel
	
	 Address: Affinion Investments, LLC

c/o Affinion Group, Inc.

	6 High Ridge Park
	Stamford, CT 06905
	Attention of: General Counsel
	
	HOLDER AGENT:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Lynn M. Steiner

		 	Name:	 	Lynn M. Steiner
		 	Title:	 	Vice President
	
	NEW INVESTMENTS NOTES REPRESENTATIVE:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Yana Kislenko

		 	Name:	 	Yana Kislenko
		 	Title:	 	Vice President

  
 3 

 
  

 APPENDIX A 

EXHIBIT 1 TO APPENDIX A 
 [FORM OF
FACE OF NOTE] 
 [Restricted Notes Legend] 

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. 

PURSUANT TO SECTION 2.07(d) OF THE NOTE AGREEMENT GOVERNING THIS NOTE, SO LONG AS ANY NEW INVESTMENTS NOTES (AS DEFINED IN THE NOTE
AGREEMENT) REMAIN OUTSTANDING OR ANY OBLIGATIONS THEREUNDER UNPAID, THIS NOTE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE DISPOSED OF BY AFFINION INVESTMENTS, LLC (UNLESS THE TRANSFEREE SHALL BECOME THE SUCCESSOR
ISSUER UNDER THE NEW INVESTMENTS NOTES INDENTURE (AS DEFINED IN THE NOTE AGREEMENT)), AND ANY SUCH ATTEMPTED SALE OR TRANSFER IN VIOLATION OF THE TERMS OF THE NOTE AGREEMENT SHALL BE VOID AB INITIO AND OF NO FORCE AND EFFECT. 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE ISSUER AND THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS THE
ISSUER AND THE TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
   

 
  

 AFFINION GROUP, INC. 

13.50% Senior Subordinated Notes due 2018 
  

			
	No. [    ]	  	$ [        ]

 AFFINION GROUP, INC., a Delaware corporation, promises to pay to [AFFINION INVESTMENTS, LLC], or its
registered assigns, the principal sum of [        ] Dollars ($[        ]) on August 15, 2018. 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 

Additional provisions of this Note are set forth on the other side of this Note. 

Dated: [            ], 2013 

SIGNATURE PAGE FOLLOWS 

  
 2 

 
  

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

Dated: [            ], 2013 

 

			
	AFFINION GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:

  
 3 

 
  

 [FORM OF REVERSE SIDE OF NOTE] 

13.50% Senior Subordinated Notes due 2018 
  

	1.	Interest 

 Affinion Group, Inc., a Delaware corporation (such Person, and its respective
successors and assigns under the Note Agreement 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 13.50%. The Issuer shall pay interest
semiannually in arrears to the holders of the Notes on February 15 and August 15 of each year, commencing February 15, 2014. 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 February 1 or August 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 the Issuer 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.
The Issuer shall make all payments in respect of the Notes (including principal, premium and interest) by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. 

 

	3.	Paying Agent and Registrar 

 Initially, the Issuer 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.	Note Agreement 

 The Issuer issued the Notes under a Note Agreement dated as of
December 12, 2013 (the “Note Agreement”), among the Issuer, the Guarantors, the Holder Agent, the New Investments Notes Representative and the Holders party thereto. The terms of the Notes include those stated in the Note Agreement.
Terms defined in the Note Agreement and not defined herein have the meanings ascribed thereto in the Note Agreement. The Notes are subject to all such terms, and Holders are referred to the Note Agreement for a statement of those terms. 

The Notes are unsecured subordinated obligations of the Issuer. The Note Agreement 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 

  
 4 

 
  

 
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; engage in sale/leaseback transactions; and incur other senior subordinated indebtedness. These covenants are subject to
important exceptions and qualifications contained in the Note Agreement. 
  

	5.	Optional Redemption 

 Except as set forth below, the Issuer shall not be entitled to
redeem the Notes. 
 At any time on or prior to December 12, 2016, 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 sent electronically or mailed by first-class mail to each Holder’s registered address, at a redemption price equal to 100% of the principal amount of
the Notes plus the Applicable Premium, plus accrued and unpaid interest 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). 

On and after December 12, 2016, 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 sent electronically or 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 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 periods set forth below: 

 

					
	 Period
	  	Redemption Price	 
		
	 December 12, 2016 to July 3, 2017
	  	 	106.750	% 
		
	 July 4, 2017 to January 23, 2018
	  	 	103.375	% 
		
	 January 24, 2018 and thereafter
	  	 	100.000	% 

 Notwithstanding the foregoing, at any time and from time to time prior to December 12, 2016, the Issuer
may redeem in the aggregate up to 35% of the original aggregate principal amount of the Notes with the net cash proceeds of one or more (a) Equity Offerings by the Issuer, (b) Equity Offerings by any Parent of the Issuer, to the extent the
net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than Disqualified Stock) of the Issuer from it, or (c) Subsidiary Spin-Offs, at a redemption price equal to 113.50% of
the principal amount thereof, plus accrued and unpaid interest 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); provided,
however, that at least 65% of the original aggregate principal amount of the Notes must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which
any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice sent electronically or mailed to each Holder being redeemed and otherwise in accordance with the procedures set forth in the Note Agreement. 

  
 5 

 
  

 Notice of any redemption of Notes (including, but not limited to, with the net cash proceeds of
an Equity Offering) may be given prior to the completion thereof, and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent (including, but not limited to, completion of any related Equity
Offering). In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such
conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 

 

	6.	Subordination 

 The Notes and the Guarantees are general senior subordinated unsecured
obligations of the Issuer and the Guarantors, subordinated in right of payment to the prior payment in full in cash of all Obligations due in respect of existing or future Senior Debt of the Issuer or a Guarantor, as applicable, as set forth in
Article 12 of the Note Agreement. Each Holder by its acceptance hereof agrees to be bound by such provisions. 
  

	7.	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 $1.00 principal amount may be redeemed in part but only in whole multiples of $1.00. 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. 

 

	8.	Put Provisions 

 Except as set forth in the Note Agreement, the occurrence of any Change
of Control shall constitute an Event of Default under the Note Agreement unless the Issuer (i) redeems the Notes required to be repurchased in accordance with Section 4.08 of the Note Agreement (a “Change of Control Repurchase”)
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); 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. 

In accordance with Section 4.06 of the Note Agreement, the Issuer will be required to offer to purchase Notes upon the occurrence of
certain events, including certain Asset Sales. 

  
 6 

 
  

	9.	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 Note Agreement. 
  

	10.	[Intentionally omitted] 

  

	11.	Denominations; Transfer; Exchange 

 The Notes are in registered form without coupons in
denominations of $1.00 principal amount and whole multiples of $1.00. A Holder may transfer or exchange Notes in accordance with the Note Agreement. 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 Note Agreement. 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. 
  

	12.	Persons Deemed Owners 

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

	13.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Paying Agent (if other than the Company or a Subsidiary) 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 for payment. 
  

	14.	Discharge 

 Subject to certain conditions set forth in the Note Agreement, the Issuer at
any time shall be entitled to terminate some or all of its and the Guarantors’ obligations under the Notes and the Note Agreement if the Issuer deposits with the Paying Agent money for the payment of principal and interest on the Notes to
redemption or maturity, as the case may be. 
  

	15.	Amendment, Waiver 

 Subject to certain exceptions set forth in the Note Agreement, the
Issuer may amend the Note Agreement or this Note (i) so long as any New Investments Notes remain outstanding or obligations thereunder remain unpaid, with the written consent of at least a majority in principal amount of the New Investments
Notes then outstanding (excluding any New Investments Notes held by the Issuer or any Affiliate) voting as a single class (including consents obtained in connection with a tender offer or exchange for the New Investments Notes), or
(ii) thereafter, 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 

  
 7 

 
  

 
connection with a tender offer or exchange for the Notes and including consents received from the Issuer or any of its Affiliates), and any past default or compliance with any provisions may be
waived with the written consent of (x) so long as any New Investments Notes remain outstanding or obligations thereunder remain unpaid, holder of at least a majority in principal amount of the New Investments Notes then outstanding (excluding
any New Investments Notes held by the Issuer, Sponsor or any Affiliate) voting as a single class (including consents obtained in connection with a tender offer or exchange for the New Investments Notes), or (y) thereafter, 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). Subject to certain exceptions set forth in the Note Agreement, without the
consent of any Holder, the Issuer and the Guarantors shall be entitled to amend the Note Agreement 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 Note Agreement and hereunder, to provide for the assumption by a Successor Guarantor of the obligations of a Subsidiary Guarantor under the Note Agreement and its Guarantee, to provide for Notes in the form of global 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 or to effect any provision of the Note Agreement. 
  

	16.	Defaults and Remedies 

 Under the Note Agreement, Events of Default include (1) a
default in any payment of interest on any Note when due that continues for 30 days, whether or not such payment is prohibited by the subordination provisions of the Note Agreement, (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, whether or not such payment is prohibited by the subordination provisions of the Note Agreement, (3) the failure by
the Issuer or any of its Restricted Subsidiaries to comply with the provisions described under Article 5 of the Note Agreement (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 Note Agreement (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 Note Agreement, (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 Note Agreement or any Guarantee and
such Default continues for 10 days. If an Event of Default occurs and is continuing, (i) the Holder Agent (acting at the written 

  
 8 

 
  

 
direction of the New Investments Notes Representative) or Holders of at least 25% in principal amount of the Notes then outstanding or (ii) the New Investments Notes Representative upon the
request of holders of at least 25% in principal amount of the New Investments Notes then outstanding, in either case by notice to the Issuer, may declare all such Notes to be due and payable immediately, subject to certain conditions set forth in
the Note Agreement. 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 Note Agreement or the Notes except as provided in the Note Agreement. 

 

	17.	[Reserved] 

  

	18.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
the Issuer shall not have any liability for any obligations of the Issuer under the Notes or the Note Agreement 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 Note Agreement 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. 
  

	19.	[Reserved] 

  

	20.	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). 

 

	21.	[Reserved] 

  

	22.	[Reserved] 

  

	23.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE ISSUER, THE GUARANTORS AND THE HOLDERS 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 THE NOTE AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 9 

 
  

 The Issuer shall furnish to any Holder upon written request and without charge to the Holder a
copy of the Note Agreement which has in it the text of this Note in larger type. Requests may be made to: 
 Affinion Group, Inc. 

6 High Ridge Park 
 Stamford, CT
06905 
 Attention: General Counsel 

  
 10 

 
  

  

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 

  

	 	(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 a signed letter containing certain representations and agreements.

  
 1 

 
  

 Unless one of the boxes is checked, the Registrar 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 Registrar 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 

 
  

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 of the Note Agreement, 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 Note Agreement, 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. 

  
   

 
  

 EXHIBIT 2 to APPENDIX A 

Form of 
 Transferee Letter of
Representation 
 Affinion Group, Inc. 
 6 High Ridge Park 

Stamford, CT 06905 
 Attention: General Counsel 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[        ] principal amount of the 13.50% Senior Subordinated Notes due 2018 (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, 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 reserves 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. 

 

					
	TRANSFEREE:	 	
		
	  
	 	,
			
	by:	 	  
	 	

  
 2 

 
  

 APPENDIX B 

[FORM OF SUPPLEMENT TO BE 

DELIVERED BY ADDITIONAL SUBSIDIARY GUARANTORS] 

SUPPLEMENT (this “Supplement”), dated as of [    ] among [    ] (the “Additional
Subsidiary Guarantor”), a [    ] corporation and a [direct] [indirect] subsidiary of Affinion Group, Inc., a Delaware corporation (or its permitted successor) (the “Issuer”), and the Issuer. 

WITNESSETH: 
 WHEREAS the Issuer
and the Subsidiary Guarantors have heretofore executed and delivered to the Holders a Note Agreement (the “Note Agreement”), dated as of December 12, 2013, providing for the issuance of Senior Subordinated Notes (the
“Notes”); 
 WHEREAS, Section 4.11 and Section 10.06 of the Note Agreement provide that under certain circumstances the
Issuer shall cause the Additional Subsidiary Guarantor to execute and deliver to the Holders 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 Note Agreement; and 
 WHEREAS, pursuant to Section 9.01(iv) of the Note Agreement, the Issuer is
authorized to execute and deliver this Supplement. 
 NOW THEREFORE, in consideration of the foregoing and for good and valuable
consideration, the receipt of which is hereby acknowledged, the Issuer and the Additional Subsidiary Guarantor 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 Note
Agreement. 
 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 Note Agreement and to be bound by all other applicable provisions of the Note Agreement (including
Article 11). 
 SECTION 3. Ratification of Note Agreement; Supplements Part of Note Agreement. Except as expressly
amended hereby, the Note Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplement shall form a part of the Note Agreement for all purposes, and
every holder of Notes heretofore or hereafter executed and delivered shall be bound hereby. 
 SECTION 4. Governing Law. THIS
SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE ISSUER, THE GUARANTORS AND THE

  
   

 
  

 
HOLDERS 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 SUPPLEMENT,
THE NOTE AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED THEREBY. 
 SECTION 5. [Reserved]. 

SECTION 6. Counterparts. The parties may sign any number of copies of this Supplement. 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 Supplement. 

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

			
	AFFINION GROUP, INC.,
		
	by	 	  

		 	Name:
		 	Title:
	
	[ADDITIONAL SUBSIDIARY GUARANTOR],
		
	by	 	  

		 	Name:
		 	Title:

  
 3

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