Document:

<PAGE>

                                   [FORM OF]
                  GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
             GUARANTEED MINIMUM WITHDRAWAL BENEFIT FOR LIFE RIDER

--------------------------------------------------------------------------------

This rider is added to the Policy. It provides for a guaranteed minimum
withdrawal benefit for the life of the Annuitant(s) as described below. In
order to obtain the full benefit described in this rider, your annual partial
surrenders must be limited and you must allocate Account Value to the
prescribed Investment Strategy. You may not terminate this rider apart from the
Policy.

All rider terms will have the same meaning as under the Policy, unless
otherwise provided.

Asset Allocation Model - The Asset Allocation Model shown on the Policy Data
Pages.

Benefit Date - The date that will be the later of:

     (1) the Policy Date; and

     (2) the Valuation Day of the most recent reset of the Withdrawal Base.

Benefit Year - Each one year period following the Benefit Date and each
anniversary of that date.

Death Benefit Reduction Percentage - The percentage shown on the Policy Data
Pages.

Designated Investment Subdivisions - The Designated Investment Subdivisions
shown on the Policy Data Pages.

Gross Withdrawal - An amount partially surrendered from Account Value including
any surrender charge, any taxes withheld and any premium taxes.

Investment Strategy - The Asset Allocation Model and/or Designated Investment
Subdivisions for this rider.

Joint Annuitant - The additional life on which the Withdrawal Factor may be
based.

Rider Death Benefit - The death benefit payable under this rider. The Rider
Death Benefit on the Policy Date is equal to the initial Purchase Payment.

Withdrawal Base - An amount used to establish the Withdrawal Limit. The
Withdrawal Base on the Policy Date is equal to the initial Purchase Payment.

Withdrawal Factor - The percentage used to establish the Withdrawal Limit. The
Withdrawal Factor is based on the attained age of the Annuitant for a single
Annuitant Policy or the attained age for the younger living Annuitant for a
Joint Annuitant Policy on the earlier of the Valuation Day of the first Gross
Withdrawal and the Valuation Day when the Account Value is reduced to zero. The
percentage is shown on the Policy Data Pages.

Withdrawal Limit - The total amount that you may partially surrender in a
Benefit Year without reducing the benefits provided under this rider.

Withdrawal Factor Reduction Percentage - The percentage shown on the Policy
Data Pages.

                                      1

<PAGE>

Investment Strategy

To maximize the Withdrawal Limit and Rider Death Benefit, you must allocate all
Account Value to the Investment Strategy. We or our affiliates will provide the
Investment Strategy. You must allocate your Account Value among the following
Investment Strategy options shown on the Policy Data Pages:

     .   the Designated Investment Subdivisions; and/or

     .   the Asset Allocation Model.

You must allocate all Account Value between the Investment Strategy options. If
you use the Designated Investment Subdivisions option, you must specify the
percentage to invest in each Designated Investment Subdivision. Under the Asset
Allocation Model option, any percentage of Account Value invested must first be
divided into categories in accordance with the percentages shown on the Policy
Data Pages. Within each category you must then specify the percentage to invest
in each available Investment Subdivision.

On a monthly basis, we will rebalance Account Value to the Investment
Subdivisions in accordance with the percentages that you have chosen. In
addition, on any Valuation Day after any transaction involving a partial
surrender, receipt of a Purchase Payment or a transfer of Account Value, we
will rebalance Account Value to the Investment Subdivisions in accordance with
the percentages that you have chosen, unless you instruct us otherwise.

Beginning on the first Valuation Day after you choose not to follow the
Investment Strategy, your Withdrawal Factor and Rider Death Benefit will be
reduced as follows:

The Withdrawal Factor will be (a) minus (b), where:

     (a) is the Withdrawal Factor; and

     (b) is the Withdrawal Factor multiplied by the Withdrawal Factor Reduction
         Percentage.

The Rider Death Benefit will be (a) minus (b), where:

     (a) is the Rider Death Benefit; and

     (b) is the Rider Death Benefit multiplied by the Death Benefit Reduction
         Percentage.

You may elect to resume participation in the Investment Strategy, as described
in the Restoration or Reset of the Benefit provision, provided we receive
notice of your election in a form acceptable to us.

We will not reduce your Withdrawal Factor or Rider Death Benefit if you are not
following the Investment Strategy due to a portfolio liquidation or a portfolio
dissolution and the assets are transferred from the liquidated or dissolved
portfolio to another portfolio.

If this rider is added to the Policy at issue, the Guarantee Account available
as an Investment Option under the Policy, if any, will not be available as an
Investment Option under this rider for as long as this rider is in effect.

                                      2

<PAGE>

Guaranteed Minimum Withdrawal Benefit

If you:
     .   allocate all Account Value to the Investment Strategy; and

     .   limit total Gross Withdrawals in a Benefit Year to an amount no
         greater than the Withdrawal Limit;

then you will be eligible to receive total Gross Withdrawals in each Benefit
Year equal to the Withdrawal Limit until the last death of an Annuitant.

The Withdrawal Limit is calculated on each Valuation Day. The Withdrawal Limit
is (a) multiplied by (b), where:

     (a) is the greater of the Account Value on the prior Policy anniversary
         and the Withdrawal Base; and

     (b) is the Withdrawal Factor.

The Withdrawal Factor is established based on the attained age of the younger
Annuitant on the earlier of the Valuation Day of the first Gross Withdrawal and
the Valuation Day when the Account Value is reduced to zero. The Withdrawal
Factor percentage is shown on the Policy Data Pages.

Purchase Payments

Any Purchase Payment applied to your Policy will adjust your Withdrawal Base
and Rider Death Benefit. In order to obtain the full benefit provided by this
rider, you must allocate all assets to the prescribed Investment Strategy from
the Benefit Date. If you have allocated all assets to the Investment Strategy
since the Benefit Date, any subsequent Purchase Payment will be added to the
Withdrawal Base and the Rider Death Beneft. Otherwise, the Purchase Payment
will be added to the Withdrawal Base, and the Rider Death Benefit will be
increased by (a) minus (b), where:

     (a) is the Purchase Payment; and

     (b) is the Purchase Payment multiplied by the Death Benefit Reduction
         Percentage.

We reserve the right to not adjust the Withdrawal Base and/or the Rider Death
Benefit for any additional Purchase Payments.

Restoration or Reset of the Benefit

Restoration: If your Withdrawal Factor and Rider Death Benefit have been
reduced because you have not allocated all assets to the prescribed Investment
Strategy, you will have a one-time opportunity to restore your Withdrawal
Factor and Rider Death Benefit.

Reset: If all of the Annuitants are ages 50 through 59, you may choose to reset
your Withdrawal Base on an annual anniversary of the Policy Date that is at
least 12 months after the later of (a) and (b). If the older of the Annuitants
is age 60 through 85, you may choose to reset your Withdrawal Base on an annual
anniversary of the Policy Date that is at least 12 months after the later of
(a) and (b), where:

     (a) is the Policy Date; and

     (b) is the last reset date.

                                      3

<PAGE>

If you do reset your Withdrawal Base, as of that date, we will:

     .   reset the Withdrawal Base to your Account Value;

     .   reset the charge for this rider. The new charge, which may be higher
         than your previous charge, will never exceed [2.00%] annually; and

     .   reset the Investment Strategy to the current Investment Strategy.

There are similarities as well as distinct differences between restoring your
Withdrawal Factor and resetting your Withdrawal Base and Withdrawal Factor. The
similarities and differences are:

           Restore Provision                       Reset Provision
 -------------------------------------  -------------------------------------
 You may restore on a Policy            You may reset on a Policy anniversary
 anniversary once during the life of    periodically after your Benefit Date.
 this rider.

 You must allocate all assets to the    You must allocate all assets to the
 Investment Strategy in effect as of    Investment Strategy offered as of the
 the last Benefit Date prior to the     date of the reset.
 reduction in benefits.

 Your rider charge assessed will        Your rider charge may increase, not
 remain the same as the charge that     to exceed an annualized rate of
 was in effect as of your last Benefit  [2.00%], calculated on a daily basis.
 Date prior to the reduction in
 benefits.

 Your Withdrawal Base will be the       Your Withdrawal Base will be reset to
 lesser of the current Account Value    equal your Account Value as of the
 and your prior Withdrawal Base.        date of your reset.

 The Withdrawal Factor will be          The Withdrawal Factor will be reset
 restored to 100% of the original age   to 100% of the original age
 Withdrawal Factor.                     Withdrawal Factor.

 The Rider Death Benefit will be the    The Rider Death Benefit will be the
 lesser of Account Value and total      lesser of Account Value and total
 Purchase Payments less Gross           Purchase Payments less Gross
 Withdrawals.                           Withdrawals.

For either a restoration of your Withdrawal Factor, or a reset of your
Withdrawal Base, we must receive notice of your election in a form acceptable
to us at least [15] days prior to your next Policy anniversary. You may restore
your Withdrawal Factor and Rider Death Benefit once during the life of this
rider.

You may not use the restore or reset provision if any Annuitant is older than
age [85] on the Policy anniversary. We reserve the right to limit the
restoration date to a Policy anniversary on or after [three] complete year[s]
from the Benefit Date.

Withdrawals

If a Gross Withdrawal plus all prior Gross Withdrawals in a Benefit Year is in
excess of the Withdrawal Limit, your Withdrawal Base and Rider Death Benefit
are reduced. The new Withdrawal Base equals the lesser of (a) and (b), where:

     (a) is the Account Value on the Valuation Day after the Gross Withdrawal;
         and

     (b) is the prior Withdrawal Base minus the Gross Withdrawal.

The new Rider Death Benefit equals the lesser of (a) and (b), where:

     (a) is the Account Value on the Valuation Day after the Gross Withdrawal;
         and

     (b) is the prior Rider Death Benefit minus the Gross Withdrawal.

If the total Gross Withdrawals in a Benefit Year are less than or equal to the
Withdrawal Limit, we will waive any surrender charge on the Gross Withdrawals.

                                      4

<PAGE>

Required Minimum Distributions

If all Account Value is allocated to the Investment Strategy, the Withdrawal
Limit will be increased for any Benefit Year to the extent necessary to meet
any minimum distribution requirements under federal tax law. This increase
applies only to the required minimum distribution based on the value of the
Policy.

Reduction in Account Value

Your Account Value after taking a partial surrender may be less than the amount
required to keep your Policy in effect. In this event or if your Account Value
becomes zero, your Policy, this rider and any other riders and endorsements
will terminate and the following will occur:

     .   If the Withdrawal Limit is less than $100, we will pay you the
         greatest of the Rider Death Benefit, Account Value and the present
         value of the Withdrawal Limit in a lump sum calculated using the
         Annuity 2000 Mortality Table and an interest rate of 3%.

     .   If the Withdrawal Limit is greater than $100, we will issue you a
         supplemental contract. We will continue to pay you the Withdrawal
         Limit until the first death of an Annuitant. We will make payments
         monthly unless agreed otherwise. If the monthly amount is less than
         $100, we will reduce the frequency so that the payment will be at
         least $100. The Rider Death Benefit will continue under the
         supplemental contract. The Rider Death Benefit will be reduced by each
         payment made under the supplemental contract. The Rider Death Benefit,
         if any, will be payable on the last death of an Annuitant.

Rider Death Benefit

The Rider Death Benefit on the Policy Date is equal to the initial Purchase
Payment.

Purchase Payments in a Benefit Year increase the Rider Death Benefit. If you
have allocated all assets to the Investment Strategy since the Benefit Date,
any subsequent Purchase Payment will be added to the Rider Death Benefit.
Otherwise, the Rider Death Benefit will be increased by (a) minus (b), where:

     (a) is the Purchase Payment; and

     (b) is the Purchase Payment multiplied by the Death Benefit Reduction
         Percentage.

Gross Withdrawals in a Benefit Year decrease the Rider Death Benefit. If a
Gross Withdrawal plus all prior Gross Withdrawals in a Benefit Year is less
than or equal to the Withdrawal Limit, the Rider Death Benefit will be reduced
by the Gross Withdrawal. If a Gross Withdrawal plus all prior Gross Withdrawals
in a Benefit Year is in excess of the Withdrawal Limit, your Rider Death
Benefit will equal the lesser of (a) and (b), where:

     (a) is the Account Value on the Valuation Day after the Gross Withdrawal;
         and

     (b) is the prior Rider Death Benefit minus the Gross Withdrawal.

If you choose not to follow the Investment Strategy, your Rider Death Benefit
will be reduced as described in the Investment Strategy provision.

Death Provisions

At the death of the last Annuitant, a Death Benefit may be payable under this
Policy and rider. The amount of any Death Benefit payable will be the greatest
of (a), (b) and (c), where:

     (a) is the Death Benefit as calculated under the base Policy;

                                      5

<PAGE>

     (b) is the Rider Death Benefit; and

     (c) is any amount payable by any other optional death benefit rider.

The Death Benefit payable will be paid according to the distribution rules
under the Policy.

If the designated beneficiary is a surviving spouse who is not an Annuitant,
whose age is [50] through [85], and who elects to continue the Policy as the
new Owner, this rider will continue. The Withdrawal Base for the new Owner will
be the Death Benefit determined as of the first Valuation Day we have receipt
of due proof of death and all required forms at our [Home Office]. The
Withdrawal Factor for the new Owner will be based on the age of that Owner on
the date of the first Gross Withdrawal for that Owner.

If the designated beneficiary is a surviving spouse who is an Annuitant and who
elects to continue the Policy as the Owner, this rider will continue. The
Withdrawal Base will be the same as it was under the Policy for the deceased
Owner. If no partial surrenders were taken prior to the first Valuation Day we
receive due proof of death and all required forms at our Home Office, the
Withdrawal Factor for the surviving spouse will be established based on the
attained age of the surviving spouse on the date of the first Gross Withdrawal
for the surviving spouse. Otherwise, the Withdrawal Factor will continue as it
was under the Policy for the deceased Owner.

If the surviving spouse cannot continue the rider, the rider and the rider
charge will terminate on the next Policy anniversary.

Rider Charge

There will be a daily asset charge for this rider. This charge is added to the
Policy's daily mortality and expense charge and applied against all amounts
allocated to the Investment Subdivisions. The charge for this rider will depend
upon whether the Policy is a single Annuitant or Joint Annuitant Policy. This
charge is shown on the Policy Data Pages. Once applied, the Joint Annuitant
charge will continue while the rider is in effect. The charge for this rider
will be reset if you choose to reset your Withdrawal Base and Rider Death
Benefit. The new charge, which may be higher than your previous charge, will
never exceed [2.00%] annually.

When this Rider is Effective

The rider becomes effective on the Policy Date. It will remain in effect while
this Policy is in force and before the Maturity Date. This rider may not be
terminated prior to the Maturity Date. On the Maturity Date, this rider will
terminate.

Change of Ownership

We must approve any assignment or sale of this Policy unless under a court
ordered assignment.

                                      6

<PAGE>

General Provisions

For purposes of this rider:

     .   A non-natural entity Owner must name an Annuitant and may name the
         Annuitant's spouse as a Joint Annuitant.

     .   An individual Owner must also be an Annuitant.

     .   You may name only your spouse as a Joint Owner.

     .   If there is only one Owner, that Owner may name only his or her spouse
         as a Joint Annuitant at issue.

     .   If you marry after issue, you may add your spouse as a Joint Owner and
         Joint Annuitant or as a Joint Annuitant only, subject to our approval.

For Genworth Life and Annuity Insurance Company,

                                                    [SIGNATURE APPEARS HERE]

                                                        Pamela S. Schutz
                                                            President

                                      7Indenture, dated as of June 12, 2006

 Exhibit 4.1 
 EXECUTION COPY 
  

 AMERICAN ACHIEVEMENT GROUP HOLDING CORP. 
 12.75% SENIOR PIK NOTES DUE OCTOBER 1, 2012

  

 INDENTURE

 Dated as of June 12, 2006 
  

 U.S. Bank National Association 
 Trustee 
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	7.10
	 (b)
	  	7.10
	 (c)
	  	N.A.
	     311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	     312(a)
	  	2.05
	 (b)
	  	11.03
	 (c)
	  	11.03
	     313(a)
	  	7.06
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.06; 7.07
	 (c)
	  	7.06; 11.02
	 (d)
	  	7.06
	     314(a)
	  	4.03; 11.02; 11.05
	 (b)
	  	N.A.
	 (c)(1)
	  	11.04
	 (c)(2)
	  	11.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	11.05
	 (f)
	  	N.A.
	     315(a)
	  	7.01
	 (b)
	  	7.05; 11.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	     316(a) (last sentence)
	  	2.09
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	2.12
	     317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	     318(a)
	  	11.01
	 (b)
	  	N.A.
	 (c)
	  	11.01

 N.A. means not
applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1	  	
	DEFINITIONS AND INCORPORATION	  	
	BY REFERENCE	  	
			
	 Section 1.01
	  	Definitions.	  	1
	 Section 1.02
	  	Other Definitions.	  	23
	 Section 1.03
	  	Incorporation by Reference of TIA.	  	24
	 Section 1.04
	  	Rules of Construction.	  	24
		
	 ARTICLE 2
 THE NOTES
	  	
	  	
			
	 Section 2.01
	  	Form and Dating.	  	25
	 Section 2.02
	  	Execution and Authentication.	  	26
	 Section 2.03
	  	Registrar and Paying Agent.	  	27
	 Section 2.04
	  	Paying Agent to Hold Money in Trust.	  	27
	 Section 2.05
	  	Holder Lists.	  	27
	 Section 2.06
	  	Transfer and Exchange.	  	27
	 Section 2.07
	  	Replacement Notes.	  	40
	 Section 2.08
	  	Outstanding Notes.	  	40
	 Section 2.09
	  	Treasury Notes.	  	40
	 Section 2.10
	  	Temporary Notes.	  	40
	 Section 2.11
	  	Cancellation.	  	41
	 Section 2.12
	  	Defaulted Interest.	  	41
	 Section 2.13
	  	Issuance of Additional Notes.	  	41
	 Section 2.14
	  	CUSIP Numbers.	  	42
		
	 ARTICLE 3
 REDEMPTION AND PREPAYMENT
	  	
	  	
			
	 Section 3.01
	  	Notices to Trustee.	  	42
	 Section 3.02
	  	Selection of Notes to Be Redeemed or Purchased.	  	42
	 Section 3.03
	  	Notice of Redemption.	  	43
	 Section 3.04
	  	Effect of Notice of Redemption.	  	44
	 Section 3.05
	  	Deposit of Redemption or Purchase Price.	  	44
	 Section 3.06
	  	Notes Redeemed or Purchased in Part.	  	44
	 Section 3.07
	  	Optional Redemption.	  	44
	 Section 3.08
	  	Mandatory Redemption.	  	45
	 Section 3.09
	  	Offer to Purchase by Application of Excess Proceeds.	  	45
		
	 ARTICLE 4
 COVENANTS
	  	
	  
			
	 Section 4.01
	  	Payment of Notes.	  	47
	 Section 4.02
	  	Maintenance of Office or Agency.	  	48
	 Section 4.03
	  	Reports.	  	48
	 Section 4.04
	  	Compliance Certificate.	  	49
	 Section 4.05
	  	Taxes.	  	50
	 Section 4.06
	  	Stay, Extension and Usury Laws.	  	50
	 Section 4.07
	  	Restricted Payments.	  	50
	 Section 4.08
	  	Dividend and Other Payment Restrictions Affecting Subsidiaries.	  	52

  

 i 

					
	 Section 4.09
	  	Incurrence of Indebtedness and Issuance of Preferred Stock.	  	54
	 Section 4.10
	  	Asset Sales.	  	58
	 Section 4.11
	  	Transactions with Affiliates.	  	59
	 Section 4.12
	  	Liens.	  	61
	 Section 4.13
	  	Business Activities.	  	61
	 Section 4.14
	  	Corporate Existence.	  	61
	 Section 4.15
	  	Offer to Repurchase Upon Change of Control.	  	61
	 Section 4.16
	  	Limitations on Guarantees of Indebtedness by Restricted Subsidiaries	  	63
	 Section 4.17
	  	Limitation on Sale and Leaseback Transactions	  	64
	 Section 4.18
	  	Payments for Consent.	  	64
	 Section 4.19
	  	Designation of Restricted and Unrestricted Subsidiaries.	  	64
		
	 ARTICLE 5
 SUCCESSORS
	  	
	  	
			
	 Section 5.01
	  	Merger, Consolidation, or Sale of Assets.	  	65
	 Section 5.02
	  	Successor Corporation Substituted.	  	66
		
	 ARTICLE 6
 DEFAULTS AND REMEDIES
	  	
	  	
			
	 Section 6.01
	  	Events of Default.	  	66
	 Section 6.02
	  	Acceleration.	  	68
	 Section 6.03
	  	Other Remedies.	  	68
	 Section 6.04
	  	Waiver of Past Defaults.	  	69
	 Section 6.05
	  	Control by Majority.	  	69
	 Section 6.06
	  	Limitation on Suits.	  	69
	 Section 6.07
	  	Rights of Holders of Notes to Receive Payment.	  	69
	 Section 6.08
	  	Collection Suit by Trustee.	  	70
	 Section 6.09
	  	Trustee May File Proofs of Claim.	  	70
	 Section 6.10
	  	Priorities.	  	70
	 Section 6.11
	  	Undertaking for Costs.	  	71
		
	 ARTICLE 7
 TRUSTEE
	  	
	  	
			
	 Section 7.01
	  	Duties of Trustee.	  	71
	 Section 7.02
	  	Rights of Trustee.	  	72
	 Section 7.03
	  	Individual Rights of Trustee.	  	73
	 Section 7.04
	  	Trustee’s Disclaimer.	  	73
	 Section 7.05
	  	Notice of Defaults.	  	73
	 Section 7.06
	  	Reports by Trustee to Holders of the Notes.	  	73
	 Section 7.07
	  	Compensation and Indemnity.	  	74
	 Section 7.08
	  	Replacement of Trustee.	  	74
	 Section 7.09
	  	Successor Trustee by Merger, etc.	  	75
	 Section 7.10
	  	Eligibility; Disqualification.	  	75
	 Section 7.11
	  	Preferential Collection of Claims Against Company.	  	76
		
	 ARTICLE 8
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	
	  	
			
	 Section 8.01
	  	Option to Effect Legal Defeasance or Covenant Defeasance.	  	76
	 Section 8.02
	  	Legal Defeasance and Discharge.	  	76
	 Section 8.03
	  	Covenant Defeasance.	  	76
	 Section 8.04
	  	Conditions to Legal or Covenant Defeasance.	  	77

  

 ii 

					
	 Section 8.05
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	78
	 Section 8.06
	  	Repayment to Company.	  	78
	 Section 8.07
	  	Reinstatement.	  	79
	
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER	  	
			
	 Section 9.01
	  	Without Consent of Holders of Notes.	  	79
	 Section 9.02
	  	With Consent of Holders of Notes.	  	80
	 Section 9.03
	  	Compliance with TIA.	  	81
	 Section 9.04
	  	Revocation and Effect of Consents.	  	81
	 Section 9.05
	  	Notation on or Exchange of Notes.	  	82
	 Section 9.06
	  	Trustee to Sign Amendments, etc.	  	82
		
	 ARTICLE 10
 SATISFACTION AND DISCHARGE
	  	
	 Section 10.01
	  	Satisfaction and Discharge.	  	82
	 Section 10.02
	  	Application of Trust Money.	  	83
		
	ARTICLE 11	  	
	MISCELLANEOUS	  	
			
	 Section 11.01
	  	TIA Controls.	  	83
	 Section 11.02
	  	Notices.	  	83
	 Section 11.03
	  	Communication by Holders of Notes with Other Holders of Notes.	  	84
	 Section 11.04
	  	Certificate and Opinion as to Conditions Precedent.	  	85
	 Section 11.05
	  	Statements Required in Certificate or Opinion.	  	85
	 Section 11.06
	  	Rules by Trustee and Agents.	  	85
	 Section 11.07
	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	85
	 Section 11.08
	  	Governing Law.	  	85
	 Section 11.09
	  	No Adverse Interpretation of Other Agreements.	  	86
	 Section 11.10
	  	Tax Treatment.	  	86
	 Section 11.11
	  	Successors.	  	86
	 Section 11.12
	  	Severability.	  	86
	 Section 11.13
	  	Counterpart Originals.	  	86
	 Section 11.14
	  	Table of Contents, Headings, etc.	  	86
		
	EXHIBITS	  	
			
	 Exhibit A1
	  	FORM OF NOTE	  	
	 Exhibit A2
	  	FORM OF REGULATION S TEMPORARY GLOBAL NOTE	  	
	 Exhibit B
	  	FORM OF CERTIFICATE OF TRANSFER	  	
	 Exhibit C
	  	FORM OF CERTIFICATE OF EXCHANGE	  	
	 Exhibit D
	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	  	
	 Exhibit E
	  	FORM OF NOTATION OF GUARANTEE	  	
	 Exhibit F
	  	FORM OF SUPPLEMENTAL INDENTURE	  	

  

 iii 

 INDENTURE dated as of June 12, 2006 between American Achievement Group Holding Corp., a Delaware
corporation, and U.S. Bank National Association, as trustee. 
 The Company and the Trustee agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders (as defined) of the 12.75% Senior PIK Notes due October 1, 2012 (the “Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01 Definitions. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“AAC Group Holding Corp.” means AAC Group Holding Corp., a Delaware corporation, and its successors and assigns. 
 “AAC Group Holding Corp. Senior Discount Notes” means AAC Group Holding Corp.’s 10.25% Senior Discount Notes due October 1,
2012 issued pursuant to the AAC Group Holding Corp. Senior Discount Notes Indenture. 
 “AAC Group Holding Corp. Senior Discount
Notes Indenture” means the indenture, dated as of November 16, 2004, between AAC Group Holding Corp. and U.S. Bank National Association, as trustee, relating to the AAC Group Holding Corp. Senior Discount Notes. 
 “American Achievement Corporation” means American Achievement Corporation, a Delaware corporation, and its successors and assigns.

 “American Achievement Corporation Senior Subordinated Notes” means American Achievement Corporation’s 8.25% Senior
Subordinated Notes due April 1, 2012 issued pursuant to the American Achievement Corporation Senior Subordinated Notes Indenture. 
 “American Achievement Corporation Senior Subordinated Notes Indenture” means the indenture, dated as of March 25, 2004, among American Achievement Corporation, the guarantors party thereto and The Bank of New York, as
trustee, relating to the American Achievement Corporation Senior Subordinated Notes. 
 “Acquired Debt” means, with respect
to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into
or became a Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and

 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
  

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 “Additional Notes” means additional Notes (other than the Initial Notes) issued from
time to time under this Indenture in accordance with Sections 2.02, 4.01 and 4.09 hereof, as part of the same series as the Initial Notes. 
 “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,” 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; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings. 
 “Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent. 
 “Applicable Procedures” means, with respect to any transfer or
exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition
of any assets or rights; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by the provisions of
Section 4.15 hereof and/or the provisions of Section 5.01 hereof, and not by the provisions of Section 4.10 hereof; and 
 (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries (other than directors’ qualifying shares).

 Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $2.0 million;

 (2) a transfer of assets between or among the Company and its Restricted Subsidiaries; 
 (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company;

 (4) the sale, licensing or lease of inventory, products, intellectual property services or accounts receivable in the
ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 
 (5) the sale or other disposition of cash or Cash Equivalents; and 
 (6) a Restricted Payment
that does not violate Section 4.07 hereof or a Permitted Investment. 
 “Attributable Debt” in respect of a sale and
leaseback transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the 
  

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 remaining term of the lease included in such sale and leaseback transaction. Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the amount of Indebtedness
represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; 
 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar function. 
 “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a
balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without
payment of a penalty. 
 “Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (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 interests
(whether general or limited) or membership interests; and 
  

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 (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, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation
with Capital Stock. 
 “Cash Equivalents” means: 
 (1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the
United States is pledged in support of those securities) having maturities of not more than twelve months 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 with maturities not exceeding twelve months and
overnight bank deposits, in each case, with any lender party to the Credit Agreement or with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better; 

(4) repurchase obligations with a term of not more than seven days 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 having one of the two highest ratings obtainable from Moody’s or S&P, in each case, maturing within twelve months after the date of acquisition; and 
 (6) money market funds, substantially all of the assets of which constitute Cash Equivalents of the kinds described in clauses
(1) through (5) of this definition. 
 “Change of Control” means the occurrence of any of the following:

 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of the
Exchange Act) other than a Principal or a Related Party of a Principal; 
 (2) the adoption of a plan relating to the
liquidation or dissolution of the Company; 
 (3) the consummation of any transaction (including, without limitation, any
merger or consolidation), the result of which is that any “person” (as defined in clause (1) above), other than the Principals and their Related Parties or a Permitted Group, becomes the Beneficial Owner, directly or indirectly, of
more than 50% of the Voting Stock of the Company, measured by voting power rather than number of shares; 
 (4) after an
initial public offering of the Company or any direct or indirect parent of the Company, the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; or 
  

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 (5) the failure at any time by the Company to beneficially own (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, (a) 100% of the Voting Stock of AAC Group Holding Corp. (except to the extent AAC Group Holding Corp. is merged with and into the Company, Holdings or American Achievement Corporation
in accordance with the terms of this Indenture), (b) 100% of the Voting Stock of Holdings (except to the extent Holdings is merged with and into the Company, AAC Group Holding Corp. or American Achievement Corporation in accordance with the
terms of this Indenture) or (c) 100% of the Voting Stock of American Achievement Corporation (except to the extent American Achievement Corporation is merged with and into the Company, AAC Group Holding Corp. or Holdings in accordance with the
terms of this Indenture). 
 “Clearstream” means Clearstream Banking, S.A. 
 “Company” means American Achievement Group Holding Corp., and any and all successors thereto. 
 “Consolidated Adjusted EBITDA” means, with respect to any specified Person for any period, the Consolidated Cash Flow of such Person for
such period plus, without duplication: 
 (1) nonrecurring expenses incurred from the re-branding of products, to the extent
deducted in computing such Consolidated Cash Flow; 
 (2) management fees and expenses payable under the Company’s
existing management agreement, as described in the Offering Circular under “Certain Related Party Transactions—Management Agreement”, to the extent deducted in computing such Consolidated Cash Flow; 
 (3) fees paid to independent consultants for recommendations related to streamlining and improving operational efficiencies, to the extent
deducted in computing such Consolidated Cash Flow; provided that this clause (3) shall not be applicable to any such expenses incurred after April 1, 2006; 
 (4) fees paid to independent consultants for assistance provided to management in becoming ready to comply with Sarbanes-Oxley Act of
2002, as amended, and related rules and regulations, to the extent deducted in computing such Consolidated Cash Flow; provided that this clause (4) shall not be applicable to any such expenses incurred after August 25, 2007;

 (5) legal fees paid and settlement payments made in connection with legal matters that have been settled or brought to a
non-appealable conclusion, to the extent deducted in computing such Consolidated Cash Flow; 
 (6) legal and other
professional fees and expenses paid in connection with (i) investigations of potential acquisitions that have since been abandoned, (ii) the restatement of the financial statements of AAC Group Holding Corp. and American Achievement
Corporation described in the Offering Circular, and (iii) the offering of the Notes, the related distribution to the Company’s stockholders and the subsequent exchange offer or other registration contemplated by the Registration Rights
Agreement, in each case, to the extent deducted in computing such Consolidated Cash Flow; 
 (7) fees and expenses paid in
connection with the recruitment and relocation of new senior management as part of a restructuring of management, to the extent deducted in computing such Consolidated Cash Flow; 
  

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 (8) severance costs related to the restructuring of such Person’s management team,
relocation or transitioning of jobs from one facility to another or the closure of one or more facilities, in each case, to the extent deducted in computing such Consolidated Cash Flow; 
 (9) nonrecurring charges or expenses incurred in connection with any restructuring of operations or closure of one or more facilities, to
the extent deducted in computing such Consolidated Cash Flow; and 
 (10) Pro Forma Cost Savings related to or resulting from
the closure of one or more facilities, to the extent deducted in computing such Consolidated Cash Flow. 
 “Consolidated Cash
Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
 (1) an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in
connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (2) taxes paid and provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such taxes or provision for taxes was deducted in computing such Consolidated Net Income;
plus 
 (3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such
Fixed Charges were deducted in computing such Consolidated Net Income; plus 
 (4) 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; minus 
 (5) non-cash items increasing such
Consolidated Net Income for such period, other than the accrual of revenue or the reversal of reserves in the ordinary course of business, 
 in each case, on a consolidated basis and determined in accordance with GAAP. 
 “Consolidated Group Leverage
Ratio” means the ratio of: 
 (1) the aggregate principal amount, without duplication, of all Indebtedness of the
Company plus all Indebtedness of Restricted Subsidiaries of the Company, with letters of credit being deemed to have a principal amount for this purpose equal to the face amount thereof, whether or not drawn, in each case as of August 30, 2008
to: 
 (2) the aggregate amount of the Company’s Consolidated Adjusted EBITDA for the four-quarter period ended
August 30, 2008. 
  

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 In addition, for purposes of calculating the Consolidated Group Leverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or
consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X under the Securities Act), as if they had
occurred on the first day of the four-quarter reference period; 
 (2) the Consolidated Adjusted EBITDA attributable to
discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times
during such four-quarter period; and 
 (4) any Person that is not a Restricted Subsidiary on the Calculation Date will be
deemed not to have been a Restricted Subsidiary at any time during such four-quarter period. 
 “Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that:

 (1) the Net Income of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of
accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person (and if such Net Income is a loss it will be included only to the extent
that such loss has been funded with cash by the specified Person or a Restricted Subsidiary of the specified Person); 
 (2)
the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without
any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement (other than Credit Facilities whose sole restriction on such declaration or payment occurs only upon
the occurrence of or during the existence or continuance of a default or event of default), instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders unless such
restriction or limitation is permitted by Section 4.08 of this Indenture; 
 (3) the cumulative effect of a change in
accounting principles will be excluded; and 
 (4) notwithstanding clause (1) above, the Net Income of any Unrestricted
Subsidiary will be excluded, whether or not distributed to the specified Person or one of its Subsidiaries. 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Company who: 
 (1)
was a member of such Board of Directors on the date of this Indenture; or 
  

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 (2) was nominated for election or elected to such Board of Directors by the Principals or
a Related Party of the Principals or with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 
 “Corporate Trust Office of the Trustee” means the principal office of the Trustee at which at any time its corporate trust business
shall be administered, which office at the date hereof is located at 60 Livingston Avenue, St. Paul, Minnesota 55107, Attention: Corporate Trust Administrator, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 
 “Credit Agreement” means that certain credit agreement, dated as of March 25, 2004, by and among AAC Acquisition Corp., Holdings,
certain of American Achievement Corporation’s subsidiaries, as guarantors, Goldman Sachs Credit Partners L.P., as joint lead arranger, joint bookrunner, administrative agent and collateral agent, Deutsche Bank Securities Inc., as joint lead
arranger and joint bookrunner, Deutsche Bank A.G., Cayman Islands Branch, as syndication agent, CIT Lending Services Corporation, as a co-documentation agent, General Electric Capital Corporation, as a co-documentation agent, Merrill Lynch Capital,
a Division of Merrill Lynch Business Financial Services Inc., as a co-documentation agent and the lenders party thereto, providing for up to $195.0 million of revolving credit and term loan borrowings, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, supplemented, restated, modified, renewed, refunded, restructured, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
 “Credit Facilities” means, one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each case with banks or other institutional lenders providing for revolving
credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended,
supplemented, restated, modified, renewed, refunded, restructured, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to
time. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity
thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an
Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06 hereof, substantially in the form of Exhibit A1 hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the 
  

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 Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock
that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute
Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. The amount of
Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
 “Domestic Subsidiary” means any
Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of the
Company. 
 “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 an
offering or sale of Equity Interests (other than Disqualified Stock) of the Company (whether offered or sold independently or as part of an offering or sale of units). 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Notes” means
the Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof. 
 “Exchange Offer” has the meaning set
forth in the Registration Rights Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the
Registration Rights Agreement. 
 “Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than
Indebtedness under the Credit Agreement) in existence on the date of this Indenture, including without limitation the American Achievement Corporation Senior Subordinated Notes and the AAC Group Holding Corp. Senior Discount Notes, until such
amounts are repaid. 
 “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing
seller in a transaction not involving distress or necessity of either party, and, in the case of any transaction involving aggregate consideration in excess of $10.0 million, as determined in good faith by the Board of Directors of the Company or
the applicable Restricted Subsidiary of the Company (unless otherwise provided in this Indenture). 
 “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, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock 

 

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 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 will be calculated giving pro forma effect to such incurrence,
assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the
beginning of the applicable four-quarter reference period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio:

 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through
mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of
Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X under the Securities Act) as if they
had occurred on the first day of the four-quarter reference period; 
 (2) the Consolidated Cash Flow attributable to
discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Calculation Date; 
 (4) any Person that is a Restricted Subsidiary on the Calculation Date will be
deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 
 (5) any Person that is not a
Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period; and 
 (6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will 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 Obligation applicable to such Indebtedness). 
 “Fixed Charges” means, with respect
to any specified Person for any period, the sum, without duplication, of: 
 (1) the consolidated interest expense of such
Person and its Restricted Subsidiaries for such period, 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, imputed interest with respect to Attributable Debt, 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 in respect of interest rates (but excluding (a) the amortization of original issue 
  

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 discount and the payment or accrual of non-cash interest relating to the Notes and (b) the
amortization of original issue discount and the payment or accrual of non-cash interest relating to the AAC Group Holding Corp. Senior Discount Notes); plus 
 (2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 (3) any interest 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) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity
Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, 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, determined on a consolidated basis in accordance with GAAP. 
 “Foreign Subsidiary” means any Restricted Subsidiary of the Company that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession, as of March 25, 2004. 
 “Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof,
which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A1 hereto and that bears the Global
Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof. 
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for
which the United States pledges its full faith and credit. 
 “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, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of
all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).

 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest
rate collar agreements; 
  

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 (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange
rates or commodity prices. 
 “Holder” means a Person in whose name a Note is registered. 
 “Holdings” means AAC Holding Corp., a Delaware corporation. 
 “IAI Global Note” means a Global Note substantially in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors. 
 “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of that
date, are less than $100,000 and whose total revenues for the most recent 12-month period do not exceed $100,000; provided that a Restricted Subsidiary will not be considered an Immaterial Subsidiary if it, as of any date, together with all
other Immaterial Subsidiaries, has net assets as of such date in excess of $500,000 or has total revenues for the most recent 12-month period in excess of $500,000; provided further that a Restricted Subsidiary will not be considered to be an
Immaterial Subsidiary if it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of the Company. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 
 (3) in respect of bankers’ acceptances; 
 (4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing any Hedging Obligations or obligations under precious
metal consignment agreements, 
 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations)
would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person
(whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. 
  

 12 

 “Indenture” means this Indenture, as amended or supplemented from time to time.

 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” means the first $150,000,000 in aggregate principal amount of Notes issued under this Indenture on the date hereof.

 “Initial Purchasers” means each of Goldman, Sachs & Co. and Lehman Brothers Inc. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act, who are not also QIBs. 
 “Investments” means, with respect to any Person,
all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to
officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a
balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale
or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company’s Investments in such
Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.07 hereof. The acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third
Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in
the final paragraph of Section 4.07 hereof. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment
are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue
on such payment for the intervening period. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the
Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
 “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 option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction. 
  

 13 

 “Moody’s” means Moody’s Investors Service, Inc. 
 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of preferred stock dividends, excluding, however: 
 (1) any gain or loss, together with any
related provision for taxes on such gain or loss, realized in connection with: 
 (a) any Asset Sale; or 
 (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of
such Person or any of its Restricted Subsidiaries; and 
 (2) any extraordinary gain or loss, together with any related
provision for taxes on such extraordinary gain or loss. 
 “Net Proceeds” means the aggregate cash proceeds received by the
Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of the direct costs
relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset
Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts required to be applied to the repayment of Indebtedness, other than secured Indebtedness of the Company under a
Credit Facility or any Indebtedness of Holdings or AAC Group Holding Corp. or any of their respective Restricted Subsidiaries, secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in
respect of the sale price of such asset or assets established in accordance with GAAP. 
 “Non-Recourse Debt” means
Indebtedness: 
 (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support
of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 
 (2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or
cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3) as to which the
lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Notes” has
the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes. 
  

 14 

 “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offering
Circular” means the final Offering Circular of the Company, dated June 7, 2006, with respect to the Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary or any Vice-President of such Person. 
 “Officers’ Certificate” means a certificate signed
on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 13.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Parent” means any direct or indirect parent company of the Company. 
 “Parent Restricted Payment” means, with respect to any specified Person, the: 
 (1) declaration or payment of any dividend or making of any other payment or distribution on account of such Person’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving such Person or any of its Restricted Subsidiaries) or to the direct or indirect holders of such
Person‘s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of such Person and other than dividends or
distributions payable to such Person or a Restricted Subsidiary of such Person; 
 (2) purchase, redemption or other
acquisition or retirement for value (including, without limitation, in connection with any merger or consolidation involving such Person) of any Equity Interests of such Person or any direct or indirect parent of such Person (other than any such
Equity Interest owned by such Person or any Restricted Subsidiary of such Person); 
 (3) making of any payment on or with
respect to, or purchase, redemption, defeasance or other acquisition or retirement for value any Indebtedness of such Person that is contractually subordinated to the Notes (excluding any intercompany Indebtedness between or among such Person and
any of its Restricted Subsidiaries), except a payment of interest or principal at the Stated Maturity thereof; or 
 (4)
making of any Restricted Investment. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a
Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  

 15 

 “Permitted Business” means any business conducted by American Achievement Corporation
and its Restricted Subsidiaries on the date of this Indenture and any business reasonably related, ancillary or complimentary to, or reasonable extensions of, the business of American Achievement Corporation or any of its Restricted Subsidiaries on
the date of this Indenture. 
 “Permitted Group” means any group of investors that is deemed to be a “person” (as
that term is used in Section 13(d)(3) of the Exchange Act), by virtue of the Stockholders Agreement, as the same may be amended, modified or supplemented from time to time; provided that no single Person (other than the Principals and
their Related Parties) Beneficially Owns (together with its Affiliates) more of the Voting Stock of the Company that is Beneficially Owned by such group of investors than is then collectively Beneficially Owned by the Principals and their Related
Parties in the aggregate. 
 “Permitted Investments” means: 
 (1) any Investment in the Company or in a Restricted Subsidiary of the Company; 
 (2) any Investment in Cash Equivalents; 
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary of the Company; or 
 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment made as a result of the receipt
of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Sections 3.09 and 4.10 hereof; 
 (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 
 (6) any Investments received in compromise or resolution of (a) obligations of trade creditors or customers that were incurred in the
ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b) litigation,
arbitration or other disputes with Persons who are not Affiliates; 
 (7) Investments represented by Hedging Obligations;

 (8) loans or advances to directors, officers and employees of the Company and its Restricted Subsidiaries (a) made in
the ordinary course of business of the Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to exceed $500,000 at any one time outstanding less the aggregate principal amount of all loans and advances made since
March 25, 2004 through the date of this Indenture pursuant to clause (8) of the definition of “Permitted Investments” in the American Achievement Corporation Senior Subordinated Notes Indenture to the extent such loans or
advances remain outstanding or (b) to finance the purchase by such person of Capital Stock of the Company or any of its Restricted Subsidiaries; provided that the aggregate amount of loans or advances made pursuant to clause
(b) shall not exceed $250,000 in any twelve-month period; 
  

 16 

 (9) receivables owing to the Company or any Restricted Subsidiary, if created or acquired
in the ordinary course of business; 
 (10) payroll, travel and similar advances to cover matters that are expected at the
time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (11) guarantees otherwise permitted by the terms of this Indenture; 
 (12) Investments
existing on the date of this Indenture; 
 (13) repurchases of the Notes; and 
 (14) other Investments in any Person other than an Affiliate (other than such Persons that are Affiliates of the Company solely by virtue
of the Company’s Investments in such Persons) of the Company having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (14) that are at the time outstanding not to exceed $10.0 million, less the aggregate Fair Market Value of all Investments made since March 25, 2004 through the date of this Indenture pursuant to
clause (14) of the definition of “Permitted Investments” in the American Achievement Corporation Senior Subordinated Notes Indenture to the extent such Investments remain outstanding. 
 “Permitted Liens” means: 
 (1) Liens on assets of the Company securing Indebtedness and other Obligations incurred pursuant to either clause (1) or (14) of, or Credit Facilities of Restricted Subsidiaries of the Company guaranteed by
the Company and otherwise permitted by, Section 4.09(b) and/or securing Hedging Obligations related thereto; 
 (2) Liens
in favor of the Company or its Restricted Subsidiaries; 
 (3) Liens on property of a Person existing at the time such Person
is merged with or into or consolidated with the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those
of the Person merged into or consolidated with the Company or the Subsidiary; 
 (4) Liens on property (including Capital
Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition;

 (5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of business; 
 (6) Liens to secure Indebtedness (including
Capital Lease Obligations) permitted by Section 4.09(b)(4) hereof covering only the assets acquired with or financed by such Indebtedness; 
 (7) Liens existing on the date of this Indenture; 
  

 17 

 (8) Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made
therefor; 
 (9) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens,
in each case, incurred in the ordinary course of business; 
 (10) survey exceptions, 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 property that were not incurred in connection with Indebtedness and that
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; 
 (11) Liens created for the benefit of (or to secure) the Notes; 
 (12) Liens arising by reward of any judgment, decree or order of any court but not giving rise to an Event of Default so long as such
Liens are adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be initiated
shall not have expired; 
 (13) Liens upon specific items of inventory or other goods and proceeds of the Company or any of
its Restricted Subsidiaries 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;

 (14) Liens securing Hedging Obligations incurred pursuant to Section 4.09(b)(8) hereof; 
 (15) Liens on the assets of Foreign Subsidiaries securing Indebtedness permitted to be incurred under this Indenture; 
 (16) any provision for the retention of title to an asset by the vendor or transferor of such asset which asset is acquired by the Company
or any Restricted Subsidiary of the Company in a transaction entered into in the ordinary course of business of the Company or such Restricted Subsidiary; 
 (17) Liens incurred in the ordinary course of business of the Company or any Restricted Subsidiary of the Company securing obligations under precious metals consignment agreements; 
 (18) any extension, renewal or replacement, in whole or in part, of any Lien described in clauses (3), (4), (6) or (7) of this
definition; provided that any such extension, renewal or replacement is no more restrictive in any material respect that the Lien so extended, renewed or replaced and does not extend to any additional property or assets; 
 (19) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however, that:

 (a) the new Lien shall be limited to all or part of the same property and assets that secured or, under the written
agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 
  

 18 

 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than
the sum of (x) the outstanding principal amount, or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding,
refinancing, replacement, defeasance or discharge; and 
 (20) Liens incurred in the ordinary course of business of the
Company or any Subsidiary of the Company with respect to obligations that do not exceed $5.0 million at any one time outstanding. 
 “Permitted Payments to Parent” means, without duplication as to amounts: 
 (1) payments to the
Parent to permit the Parent to pay reasonable accounting, legal and administrative expenses of the Parent when due, in an aggregate amount not to exceed $250,000 per annum; and 
 (2) for so long as the Company is a member of a group filing a consolidated, combined or unitary tax return with the Parent, payments to
the Parent in respect of an allocable portion of the tax liabilities of such group that is attributable to the Company and its Subsidiaries (“Tax Payments”). The Tax Payments shall not exceed the lesser of (i) the amount of the
relevant tax (including any penalties and interest) that the Company would owe if the Company were filing a separate tax return (or a separate consolidated or combined return with its Subsidiaries that are members of the consolidated or combined
group), taking into account any carryovers and carrybacks of tax attributes (such as net operating losses) of the Company and such Subsidiaries from other taxable years and (ii) the net amount of the relevant tax that the Parent actually owes
to the appropriate taxing authority. Any Tax Payments received from the Company shall be paid over to the appropriate taxing authority within 60 days of the Parent’s receipt of such Tax Payments or refunded to the Company. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for,
or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in
connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 
 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged; and 
  

 19 

 (4) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary
who is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged. 
 “Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Principals” means Fenway Partners, Inc. 
 “Pro Forma Cost Savings” means, with respect to any period, the reduction in net costs and related adjustments that (i) were directly attributable to the closure of a facility that occurred
during the four quarter period or after the end of the four quarter period and on or prior to the Calculation Date and calculated on a basis that is consistent with Regulation S-X under the Securities Act as in effect and applied as of the date of
this Indenture, (ii) were actually implemented before six months after the date of the closure and prior to the Calculation Date that are supportable and quantifiable by the underlying accounting records of the Company or (iii) relate to
the business that is the subject of any such closure and that the Company reasonably determines are probable based upon specifically identifiable actions to be taken before six months after the date of the closure and, in the case of each of (i),
(ii) and (iii), are described, as provided below, in an officers’ certificate, as if all such reductions in costs had been effected as of the beginning of such period. Pro Forma Cost Savings described above shall be accompanied by a
certificate delivered to the Trustee from the Company’s chief financial officer that outlines the specific actions taken or to be taken, the net cost savings achieved or to be achieved from each such action and that, in the case of clause
(iii) above, such savings have been determined to be probable. 
 “Private Placement Legend” means the legend set forth
in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of June 12, 2006, among the Company and the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to
time and, with respect to any Additional Notes, one or more registration rights agreements among the Company and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by
the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act. 
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Regulation S
Temporary Global Note or Regulation S Permanent Global Note, as appropriate. 
 “Regulation S Permanent Global Note” means a
permanent Global Note in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to
the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 
  

 20 

 “Regulation S Temporary Global Note” means a temporary Global Note in the form of
Exhibit A2 hereto deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S.

 “Related Party” means: 
 (1) any controlling stockholder, 80% (or more) owned Subsidiary, or immediate family member (in the case of an individual) of any Principal; or 
 (2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members,
owners or Persons beneficially holding an 80% or more controlling interest of which consist of any one or more Principals and/or such other Persons referred to in the immediately preceding clause (1). 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee
(or any successor group of the Trustee) including any vice president, assistant vice president, assistant treasurer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “S&P” means Standard & Poor’s Ratings Group. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shelf
Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 
  

 21 

 “Significant Subsidiary” means any Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on March 25, 2004. 
 “Special Interest” means all special interest then owing pursuant to the Registration Rights Agreement. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the
documentation governing such Indebtedness as of March 25, 2004, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 “Stockholders Agreement” means that certain stockholders agreement dated as of March 25, 2004, by and among Holdings
and certain of Holdings’ stockholders, as the same may be amended, modified or supplemented from time to time. 
 “Subsidiary” means, with respect to any specified Person: 
 (1) any corporation, association or
other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the
other Subsidiaries of that Person (or a combination thereof); and 
 (2) any partnership (a) the sole general partner or
the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive
Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted
Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the
extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 
 (2) except as permitted by Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the
Company or any Restricted Subsidiary of the Company 
  

 22 

 unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to
the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or
preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting Stock” of any specified 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 at any date, the number of years obtained by dividing:

 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making
of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 
 Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in
 Section

	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	3.09
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Change of Control Payment Date”
	  	4.15
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Permitted Debt”
	  	4.09
	 “Payment Default”
	  	6.01
	 “Purchase Date”
	  	3.09
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07

  

 23 

 Section 1.03 Incorporation by Reference of TIA. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security Holder” means
a Holder of a Note; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the Notes means the Company and any successor obligor upon the Notes. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5) “will” shall be interpreted to express a command; 
 (6) provisions apply to successive events and transactions; and 
 (7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or
rules adopted by the SEC from time to time. 
  

 24 

 ARTICLE 2 
 THE NOTES 
 Section 2.01 Form and Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibits A1 and A2 hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or usage provided that any such notation, legend or endorsement is in a form acceptable to the Company
or as provided herein. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof, except that Additional Notes issued as payment of interest or
Special Interest, if any, may be in other denominations. 
 The terms and provisions contained in the Notes will constitute, and are hereby
expressly made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global
Notes. Notes issued in global form will be substantially in the form of Exhibits A1 or A2 hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued
in definitive form will be substantially in the form of Exhibit A1 hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will
represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal
amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary
Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, at its New York office, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the
Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Restricted Period will be terminated upon the receipt by the
Trustee of: 
 (1) a written certificate from the Depositary, together with copies of certificates from Euroclear and
Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who
acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global Note or an IAI Global Note bearing a
Private Placement Legend, all as contemplated by Section 2.06(b) hereof); and 
 (2) an Officers’ Certificate from
the Company. 
  

 25 

 Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary
Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the Trustee will cancel the
Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee
and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 
 (3) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and
Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by
Participants through Euroclear or Clearstream. 
 Section 2.02 Execution and Authentication. 
 At least one Officer must sign the Notes for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 Except as set forth in Section 4.01 hereof, a Note will not be valid until authenticated by the manual signature of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a
written order of the Company signed by two Officers (an “Authentication Order”), authenticate and deliver Notes for original issue that may be validly issued under this Indenture, including any Additional Notes and Exchange Notes.
The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Sections 2.07, 2.13
and 4.01 hereof. 
 On each interest payment date on which the Company pays interest and Special Interest, if any, in the form of Additional
Notes, the Trustee or the authentication agent will, at the Company’s request, authenticate and deliver Additional Notes for original issuance to the Holders of the Notes on the relevant record date, as shown by the records of the Registrar, in
the aggregate principal amount required to pay such interest and Special Interest, if any. Any Additional Notes so issued will be dated the applicable interest payment date, will bear interest from and after such date, will mature on October 1,
2012 and will be governed by, and subject to the terms, provisions and conditions of, this Indenture and will have the same rights and benefits as the Initial Notes. Any Additional Notes will be issued with the designation “PIK Note” on
the face of such Additional Notes. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. 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 an Agent to deal with
Holders or an Affiliate of the Company. 
  

 26 

 Section 2.03 Registrar and Paying Agent. 
 The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and
an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The
Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any
of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints The Depository Trust Company
(“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the
Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
  

	Section	2.04 Paying Agent to Hold Money in Trust. 

 The
Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Special
Interest, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.
The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the
Trustee will serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists. 
 The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee 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 the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
  

	Section	2.06 Transfer and Exchange. 

 (a) Transfer and
Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or
any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; 
  

 27 

 (2) the Company in its sole discretion determines that the Global Notes (in whole but not
in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company for Definitive Notes prior to
(A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or 
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this
Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the
provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers
of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than the Initial Purchasers). Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either:

 (A) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest
in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
  

 28 

 (ii) instructions given in accordance with the Applicable Procedures containing
information regarding the Participant account to be credited with such increase; or 
 (B) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in
(1) above; 
 provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in
the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. 
 Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(2)
shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 2.06(h) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in the
form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or the Regulation
S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  

 29 

 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar 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 Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (B) or (D) above
at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global
Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
  

 30 

 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in
subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest is being
transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company
shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global
Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  

 31 

 (2) Beneficial Interests in Regulation S Temporary Global Note to Definitive
Notes. Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a
Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to
an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (3) Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
 (A) such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case
set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (4) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in
an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions 
  

 32 

 set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
 (1)
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted
Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(a) thereof; 
 (E) if such Restricted Definitive Note is being transferred to an
Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B
hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
  

 33 

 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other
cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the
Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the
Unrestricted Global Note. 
 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a 
  

 34 

 request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive
Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
 If any
such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will be made pursuant to any other
exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof,
if applicable. 
 (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may
be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes
or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected
pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
  

 35 

 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar
so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar 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 Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f)
Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will
authenticate: 
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
the beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company; and 
 (2)
Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that
(A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company. 
 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount. 

(g) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture. 
  

 36 

 (1) Private Placement Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A
TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE
UNITED STATES AND OTHER JURISDICTIONS.” 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 
 (2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE 
  

 37 

 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS
MAY BE 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.”

 (3) Original Issue Discount Legend. Each Note will bear a legend in substantially the following form: 

“THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR PURPOSES OF SECTIONS 1272, 1273, AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. IN
ADDITION, THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATIONS SECTION 1.1275-4(b). 
 THE COMPANY
AGREES, AND BY PURCHASING A BENEFICIAL OWNERSHIP INTEREST IN THE NOTES EACH HOLDER OF NOTES WILL BE DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THE NOTES AS INDEBTEDNESS THAT IS SUBJECT TO TREAS. REG. SEC.
1.1275-4 (THE “CONTINGENT PAYMENT REGULATIONS”) AND, (2) TO ACCRUE INTEREST WITH RESPECT TO THE NOTES AS ORIGINAL ISSUE DISCOUNT ON A CONSTANT YIELD BASIS USING THE COMPARABLE YIELD AND (3) TO BE BOUND BY THE COMPANY’S
DETERMINATION OF THE “COMPARABLE YIELD” AND “PROJECTED PAYMENT SCHEDULE,” WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THE NOTES. THE COMPANY AGREES TO PROVIDE PROMPTLY TO HOLDERS OF NOTES, UPON
WRITTEN REQUEST, THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, YIELD TO MATURITY, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE CHIEF FINANCIAL OFFICER OF THE COMPANY AT THE
FOLLOWING ADDRESS: AMERICAN ACHIEVEMENT GROUP HOLDING CORP., 7211 CIRCLE S ROAD, AUSTIN, TEXAS 78745, (512) 444-0571.” 
 (4) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note will bear a Legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE
BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.” 
 (h)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement
will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase. 
  

 38 

	(i)	General Provisions Relating to Transfers and Exchanges. 

 (1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at
the Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 
 (3) The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof
and ending at the close of business on the day of selection; 
 (B) to register the transfer of or to exchange any Note
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile.

  

 39 

	Section	2.07 Replacement Notes. 

 If any mutilated Note is
surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a
replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the
Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  

	Section	2.08 Outstanding Notes. 

 The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and
those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the
Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.  
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the aggregate principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and ceases to accrue
interest thereon or accrete in value, as the case may be. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any
thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest or accrete in value, as
the case may be. 
  

	Section	2.09 Treasury Notes. 

 In determining whether the
Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be
so disregarded. 
  

	Section	2.10 Temporary Notes. 

 Until certificates
representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have
variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for
temporary Notes. 
  

 40 

 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 
  

	Section	2.11 Cancellation. 

 The Company at any time may
deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered
for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes (subject to the record retention requirement of the Exchange Act). The Company may not issue new Notes to replace Notes that it has paid
or that have been delivered to the Trustee for cancellation. 
  

	Section	2.12 Defaulted Interest. 

 If the Company defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case
at the rate provided in the Notes and in Section 4.01 hereof (it being understood that the failure to issue Additional Notes after interest is deemed paid shall not be considered a default in a payment of interest on the Notes). The Company
will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided
that no such special record date may 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 Company (or, upon the written request of the Company, the Trustee in the
name and at the expense of the Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 Notwithstanding anything else in this Indenture or any Note to the contrary, the Company shall pay all interest in cash, and not in Additional Notes,
after the Notes become due and payable, whether due to (a) acceleration of the Notes pursuant to Section 6.02 (including automatic acceleration pursuant to the first sentence of Section 6.02 in the case of an Event of Default
specified in clause (7) or (8) of Section 6.01), or (b) the scheduled maturity of the Notes. 
  

	Section	2.13 Issuance of Additional Notes. 

 (a) The Company
shall be entitled, subject to its compliance with the conditions and covenants provided for in this Indenture, to issue Additional Notes under this Indenture which shall have identical terms as the Initial Notes issued on the Issue Date, other than
with respect to the date of issuance and issue price. The Initial Notes issued on the Issue Date, any Additional Notes and all Exchange Notes issued in exchange therefor shall be treated as a single class for all purposes under this Indenture,
including without limitation, waiver, amendments, redemptions and offers to purchase. 
 (b) With respect to any Additional Notes, the
Company shall set forth in a resolution of the Board of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following information: 
 (1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
 (2) the issue price, the issue date and the CUSIP number of such Additional Notes; and 
  

 41 

 (3) whether such Additional Notes shall be transfer restricted notes and issued in the
form of Initial Notes as set forth in Section 2.02 this Indenture or shall be issued in the form of Exchange Notes. 
 (c) With respect
to any Additional Notes issued in payment of interest or Special Interest, if any, the Company shall deliver to the Trustee and the Paying Agent, no later than two Business Days prior to the relevant interest payment date, (i) if such notes are
in definitive form, the required amount of new definitive Additional Notes and an order to authenticate and deliver such Additional Notes or (ii) if such securities are in global form, an order to increase the principal amount of such Notes by
the relevant amount (or, if necessary, to authenticate a new Global Note executed by the Company with such increased principal amounts); provided that any failure by the Company to deliver such order pursuant to this subparagraph 2.13(c)
shall not be an Event of Default. 
  

	Section	2.14 CUSIP Numbers. 

 The Company, in issuing the
Notes, shall use “CUSIP” numbers, and the Trustee shall use “CUSIP” 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 and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be
affected by any defect in or omission of such numbers. 
 ARTICLE 3  
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least
30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 
 (1) the clause of
this Indenture pursuant to which the redemption shall occur; 
 (2) the redemption date; 
 (3) the principal amount of Notes to be redeemed; and 
 (4) the redemption price. 
 Any redemption referenced in such Officers’ Certificate may be cancelled by the Company at any time prior to notice of redemption being mailed to any Holder and thereafter shall be null and void. 
  

	Section	3.02 Selection of Notes to Be Redeemed or Purchased. 

 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase on a pro rata basis except: 
 (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or 
 (2) if otherwise required by law. 
  

 42 

 No Notes having a principal amount of $2,000 or less (excluding Additional Notes issued in payment of
interest or Special Interest, if any) can be redeemed in part. In the event of partial redemption, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to
the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 
 The Trustee
will promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of
Notes selected will be equal to $2,000 or an integral multiple of $1,000 in excess thereof, except that (a) Additional Notes issued in payment of interest or Special Interest, if any, may be redeemed or purchased in other denominations and
(b) if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence,
provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
  

	Section	3.03 Notice of Redemption. 

 Subject to the
provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at
its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to
Articles 8 or 11 hereof. 
 The notice will identify the Notes (including the CUSIP number) to be redeemed and will state: 
 (1) the redemption date; 
 (2) the redemption price; 
 (3) if any Note is being redeemed in part, the portion of the
principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 
 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (6) that, unless the Company defaults in making such redemption payment, interest and Special Interest, if any, cease to accrue on Notes
or portions of Notes called for redemption; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; and 
 (8) that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
  

 43 

 At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of
Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become
irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
 Section 3.05 Deposit of Redemption or Purchase Price. 
 Prior to 11:00 a.m. Eastern Time on the redemption or purchase
date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and Special Interest, if any, on, all Notes to be redeemed or purchased on that date. The
Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Special
Interest, if any, on, all Notes to be redeemed or purchased. 
 If the Company complies with the provisions of the preceding paragraph, on
and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related
interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender
for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on
any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the
Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.

 Section 3.07 Optional Redemption. 
 (a) At any time prior to October 1, 2008, the Company may redeem 100% (but not less than 100%) of the then outstanding Notes upon the occurrence of a
Change of Control, upon not less than 30 nor more than 60 days’ notice (but in no event may any such redemption occur more than 90 days after the occurrence of such Change of Control), at a redemption price of 109.563% of the aggregate
principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the redemption date. 
 (b) Except pursuant to
the preceding paragraph, the Notes will not be redeemable at the Company’s option prior to October 1, 2008. 
  

 44 

 (c) On or after October 1, 2008, the Company may redeem all or a part of the Notes upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable redemption
date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below, subject to the rights of Holders of such Notes on the relevant record date to receive interest on the relevant interest payment date:

  

				
	 Year
	  	Percentage	 
	 2008
	  	109.563	%
	 2009
	  	106.375	%
	 2010 and thereafter
	  	103.188	%

 (d) Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (e) Any redemption pursuant to this
Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08
Mandatory Redemption. 
 (a) The Company is not required to make sinking fund payments with respect to the Notes. 
 (b) In addition to any payments required under Sections 3.09 and 4.15 of this Indenture, if, at any time, the Company receives any cash proceeds from a
contribution to its equity capital, or from the issuance of Capital Stock of the Company (other than any such cash proceeds that are applied against commissions, discounts and other fees and expenses relating to such contribution of issuance, or
that are otherwise received (a) pursuant to any award issued under any employee stock or stock option compensation plan or (b) as a result of the issuance of Capital Stock of the Company to, or a contribution to the equity capital of the
Company by, in each case, the Principals and investment funds controlled by the Principals), the Company will be required to apply such cash proceeds, within 60 days of the receipt thereof, to redeem the maximum amount of Notes (including Additional
Notes) redeemable with such cash proceeds at a redemption price equal to the lesser of (a) 109.563% of the principal amount thereof or (b) the then applicable redemption price of the aggregate principal amount thereof, plus accrued and
unpaid interest and Special Interest, if any, thereon, to the redemption date with such adjustments as may be deemed appropriate by the Company so that only notes in denominations of $2,000, or integral multiples of $1,000 in excess of $2,000,
together with accrued and unpaid interest and Special Interest, if any, thereon, will be purchased (except that Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other denominations). 
 (c) Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date. 
 (d) Other than as specifically provided in this Section 3.08, any redemption pursuant
to this Section 3.08 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.09 Offer to Purchase by Application of Excess Proceeds. 
 In the event that, pursuant to Section 4.10
hereof, the Company is required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures specified below. 
  

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 The Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness that is pari
passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business
Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer
Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro rata basis, if applicable) or, if
less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 
 If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and
Special Interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders,
with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. At the Company’s request, the Trustee shall give notice of the Asset Sale
Offer in the Company’s name and at the Company’s expense. The notice, which will govern the terms of the Asset Sale Offer, will state: 
 (1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer Amount, the purchase price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment will continue to accrue interest or accrete in value, as the case may be;

 (4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale
Offer will cease to accrue interest or accrete in value, as the case may be, after the Purchase Date; 
 (5) that Holders
electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 in principal amount only (except that Additional Notes issued in payment of interest and Special Interest, if any,
may be purchased in other denominations); 
 (6) that Holders electing to have Notes purchased pursuant to any Asset Sale
Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a
Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
 (7) that Holders will be
entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  

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 (8) that, if the aggregate principal amount of Notes and other pari passu
Indebtedness surrendered by holders thereof exceeds the Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the aggregate principal amount of Notes and such
other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000 in principal amount, or integral multiples thereof will be purchased (except that
Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other denominations)); and 
 (9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with
an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will
promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company
will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased
portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date if required to do so by
law. 
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01 Payment of Notes. 
 (a) At maturity, the Company will repay the Notes at a repayment price of 103.188% of the aggregate principal amount thereof, plus accrued and unpaid
interest and Special Interest, if any, to the maturity date. 
 (b) The Company will pay or cause to be paid the principal of, premium, if
any, and interest and Special Interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Special Interest, if any, will be considered paid on the date due if (a) in the
case of a payment of principal, premium, if any, and interest and Special Interest, if any, upon the maturity of the date of redemption or repurchase of any Note, the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00
a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due, (b) in the case of a payment of interest and Special
Interest, if any, after April 1, 2011, the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all interest and Special Interest, if any, then due and (c) in 
  

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 the case of a payment of interest and Special Interest, if any, (i) before the maturity or the date of redemption or
repurchase of any Note and (ii) on or before April 1, 2011, in Additional Notes in an aggregate principal amount equal to the amount of such interest and Special Interest, if any, then due, which Additional Notes shall automatically be
deemed to have been issued to each Holder of record in an aggregate principal amount equal to the amount of interest and Special Interest, if any, due to such Holder on the applicable interest payment date, and the Company shall thereafter promptly
cause to be executed and authenticated such Additional Notes in accordance with Section 2.02 hereof and deliver such Additional Notes to each Holder of record (or to the Trustee or the authenticating agent in custody for such Person) or, if
otherwise, comply with Section 2.13 with respect to the issuance of Additional Notes. The Company will pay all Special Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement.

 (c) The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at
the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Special Interest (without regard to any applicable grace period) at the same rate to the extent lawful. Any such payments made on or before April 1, 2011 will be paid in Additional Notes to the extent lawful in the manner
contemplated by Section 4.01(b). 
 Section 4.02 Maintenance of Office or Agency. 
 The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will 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 Company fails to maintain any such required office or agency or fails 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. 
 The Company may
also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company will 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. 
 The Company hereby designates the
Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03
Reports. 
 (a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will
furnish to the Holders of Notes or cause the Trustee to furnish to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations: 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K
if the Company were required to file reports on such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual
financial statements by the Company’s certified independent accountants; and 
  

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 (2) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports. 
 In addition, whether or not required by the SEC, the Company will file a copy of all of
the information and reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a
filing) and, upon the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement, if any, will post the reports on its website within those time periods. The Company will not take any action for the purpose of
causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in the preceding paragraphs on its website within the
time periods that would apply if the Company were required to file those reports with the SEC. The Company will at all times comply with TIA § 314(a). 
 (b) If the Company has designated any of its Subsidiaries (other than Immaterial Subsidiaries) as Unrestricted Subsidiaries, then the quarterly and annual financial information required by paragraph (a) of this
Section 4.03 will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the
financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 
 (c) For so long as any Notes remain outstanding, the Company will furnish to the Holders and to securities analysts and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.04 Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 120
days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a
view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect
thereto. 
  

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 (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon
any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 Section 4.05 Taxes. 
 The Company will pay, and
will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not
adverse in any material respect to the Holders of the Notes. 
 Section 4.06 Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted. 
 Section 4.07 Restricted Payments. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or
any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or distributions payable
to the Company or a Restricted Subsidiary of the Company); 
 (2) purchase, redeem or otherwise acquire or retire for value
(including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than such Equity Interest owned by the Company or any
Restricted Subsidiary of the Company); 
 (3) make any payment on or with respect to, or purchase, redeem, defease or
otherwise acquire or retire for value any Indebtedness of the Company that is contractually subordinated to the Notes (excluding any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment of
interest or principal at the Stated Maturity thereof; or 
 (4) make any Restricted Investment (all such payments and other
actions set forth in clauses (1) through (4) above being collectively referred to as “Restricted Payments”). 
  

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 (b) The provisions of Section 4.07(a) hereof will not prohibit: 
 (1) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company that is
contractually subordinated to the Notes with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 
 (2) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro
rata basis; 
 (3) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the
Company or any Restricted Subsidiary of the Company or any distribution, loan or advance to Parent for the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of Parent, in each case held by any current or
former officer, director or employee of the Company or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or other agreement; provided that the aggregate
price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $500,000 in any twelve-month period; provided further that the Company or the Restricted Subsidiary in question may carry over and make in
subsequent twelve-month periods, in addition to the amounts permitted for such twelve-month period, the amount of such repurchases, redemptions or other acquisitions or retirements for value permitted to have been made but not made in any preceding
twelve-month period up to a maximum of $1.5 million in any twelve-month period; it being understood that the cancellation of Indebtedness owed by management to the Company or the Restricted Subsidiary in question in connection with such repurchase
or redemption will not be deemed to be a Restricted Payment; 
 (4) the repurchase of Equity Interests deemed to occur upon
the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; 
 (5) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary of the Company issued on or after March 25, 2004 in
accordance with the Fixed Charge Coverage Ratio Test described in Section 4.09(a) hereof; 
 (6) any payments made, or
the performance of any of the transactions contemplated, in connection with the Transactions (as defined therein) referred to in the Offering Circular under the heading “Company History” or in connection with the issuance of the Notes and
the use of proceeds thereof described under the heading “Use of Proceeds” in the Offering Circular from time to time or at any time; 
 (7) Permitted Payments to Parent; 
 (8) the repayment or repurchase of Indebtedness that is
subordinated in right of payment to the Notes upon an asset sale if and to the extent that such repayment or repurchase was required by the provisions of such Indebtedness; provided that, prior to such repayment or repurchase, the Company
shall have made an Asset Sale Offer with respect to the Notes as required by this Indenture, and the Company shall have repurchased all Notes validly tendered for payment and not withdrawn in connection with such Asset Sale Offer; and 
 (9) Restricted Investments in an aggregate amount not to exceed $5.0 million, 
 provided, that in the case of Restricted Payments pursuant to clauses (3), (5), (8), and (9) above, no Default has occurred and is continuing
or would be caused as a consequence of such payment. 
  

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 The amount of all Restricted Payments (other than cash) will 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 Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are
required to be valued by this Section 4.07 will be determined by the Board of Directors of the Company, whose resolution with respect thereto shall be delivered to the Trustee. The Board of Directors’ determination must be based upon an
opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds $10.0 million. 
 Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with
respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 
 (2) make loans or advances to the Company or any of its Restricted Subsidiaries; or 
 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 
 (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of: 
 (1) agreements governing Existing Indebtedness and Credit Facilities as in effect on the date of this Indenture (including, without
limitation, the AAC Group Holding Corp. Senior Discount Notes Indenture, the AAC Group Holding Corp. Senior Discount Notes, the American Achievement Corporation Senior Subordinated Notes Indenture, the American Achievement Corporation Senior
Subordinated Notes, the guarantees of the American Achievement Corporation Senior Subordinated Notes, the Credit Agreement and the guarantees of the Credit Agreement) and any amendments, restatements, modifications, renewals, supplements,
refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole,
with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this Indenture; 
 (2) this Indenture and the Notes; 
 (3) applicable law, rule, regulation or order; 
 (4) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in
effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), 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; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

  

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 (5) customary non-assignment provisions in contracts, leases or licenses entered into in
the ordinary course of business; 
 (6) purchase money obligations for property acquired in the ordinary course of business
and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof; 
 (7) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary
pending the sale or other disposition; 
 (8) Permitted Refinancing Indebtedness; provided that the restrictions
contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (9) Liens permitted to be incurred under the provisions of Section 4.12 hereof and restrictions in the agreements relating thereto
that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (10) provisions limiting the disposition
or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Company’s Board of Directors (or, as
applicable, the Board of Directors of AAC Group Holding Corp. in the case of AAC Group Holding Corp. and its Restricted Subsidiaries or the Board of Directors of American Achievement Corporation in the case of American Achievement Corporation and
its Restricted Subsidiaries), which limitation is applicable only to the assets that are the subject of such agreements; 
 (11) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (12) any encumbrance or restriction in connection with an acquisition of property, so long as such encumbrance or restriction relates solely to the property so acquired and was not created in connection with or in
anticipation of such acquisition; 
 (13) agreements not described in clause (1) in effect on the date of this Indenture;

 (14) provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions
with respect to any class of Capital Stock of a Person other than on a pro rata basis; 
 (15) restrictions on the
transfer of assets subject to any Lien permitted under this Indenture imposed by the holder of such Lien; 
 (16) restrictions
on the transfer of assets imposed under any agreement to sell such assets permitted under this Indenture to any Person pending the closing of such sale; 
 (17) customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of ownership
interests in such partnership, limited liability company, joint venture or similar Person; 
  

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 (18) restrictions on the ability of any Foreign Subsidiary to make dividends or other
distributions resulting from the operation of reasonable financial covenants contained in documentation governing Indebtedness of such Subsidiary permitted to be incurred under this Indenture; 
 (19) any other Indebtedness, Disqualified Stock or preferred stock of any Restricted Subsidiary of the Company permitted to be incurred or
issued, as applicable, subsequent to the date of this Indenture pursuant to Section 4.09 hereof and, in each case, (A) the provisions relating to such encumbrance or restriction contained in such Indebtedness are no less favorable to the
Company, taken as a whole, than the provisions contained in the Credit Agreement as in effect on the date of this Indenture or (B) any encumbrance or restriction contained in such Indebtedness does not prohibit (except upon a default or event
of default thereunder) the payment of dividends in an amount sufficient to make scheduled payments of cash interest on the Notes when due; and 
 (20) any encumbrances or restrictions 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 (19) above; provided that the encumbrances or restrictions in such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are not
materially more restrictive, in the good faith judgment of the Board of Directors of the Company (or, as applicable, the Board of Directors of AAC Group Holding Corp. in the case of AAC Group Holding Corp. and its Restricted Subsidiaries or the
Board of Directors of American Achievement Corporation in the case of American Achievement Corporation and its Restricted Subsidiaries), taken as a whole, than the encumbrances or restrictions prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing. 
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and
will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that American Achievement Corporation may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the
guarantors under the American Achievement Corporation Senior Subordinated Notes Indenture may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for American Achievement Corporation’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, as the case may
be, would have been at least 2.0 to 1, 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 proceeds thereof applied at the beginning of such four-quarter period. 
 (b) The provisions of
Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by American Achievement Corporation and any of its Restricted Subsidiaries of additional Indebtedness and letters of
credit under Credit Facilities in an principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to 
  

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 have a principal amount equal to the maximum potential liability of American Achievement Corporation and
its Restricted Subsidiaries thereunder) not to exceed $195.0 million less the aggregate amount of all Net Proceeds of Asset Sales applied by American Achievement Corporation or any of its Restricted Subsidiaries since March 25, 2004 to
repay any term Indebtedness under a Credit Facility; provided that the amount of Indebtedness permitted to be incurred pursuant to the Credit Facilities in accordance with this clause (1) shall be in addition to any Indebtedness
permitted to be incurred pursuant to the Credit Facilities in reliance on, and in accordance with, clauses (4) and (14) below; 
 (2) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness; 
 (3) the incurrence by the Company of Indebtedness represented by the Notes to be issued on the date of this Indenture, the Exchange Notes to be issued pursuant to the Registration Rights Agreement and Additional Notes issued as interest and
Special Interest thereon; 
 (4) the incurrence by American Achievement Corporation or any of its Restricted Subsidiaries of
Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred within 360 days of the acquisition or completion of construction or installation for the purpose of financing all or any
part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of American Achievement Corporation or any of its Restricted Subsidiaries, or Attributable Debt relating to
a sale and leaseback transaction, in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not to
exceed $15.0 million at any time outstanding, less the aggregate principal amount of Indebtedness incurred pursuant to Section 4.09(b)(4) of the American Achievement Corporation Senior Subordinated Notes Indenture since March 25, 2004
through the date of this Indenture to the extent such Indebtedness remains outstanding under Section 4.09(b)(4) of the American Achievement Corporation Senior Subordinated Notes Indenture and constitutes Existing Indebtedness under this
Indenture; 
 (5) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in
exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under Section 4.09(a) or
clauses (2), (3), (4), (5) or (14) of this Section 4.09(b); 
 (6) the incurrence by the Company or any of its
Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 
 (A) if the Company is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes; and 
 (B) (1) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other
than the Company or a Restricted Subsidiary of the Company and (2) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to
constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 
  

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 (7) the issuance by any of the Company’s Restricted Subsidiaries to the Company or
to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 
 (A) any subsequent
issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company; and 
 (B) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the
Company, 
 will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not
permitted by this clause (7); 
 (8) the incurrence by American Achievement Corporation or any of its Restricted Subsidiaries
of Hedging Obligations in the ordinary course of business; 
 (9) the guarantee by the Company or any of its Restricted
Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed is subordinated to or
pari passu with the Notes, then the guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
 (10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of workers’ compensation claims,
self-insurance obligations, bankers’ acceptances, performance and surety bonds in the ordinary course of business; 
 (11) Indebtedness arising from agreements of the Company or a Restricted Subsidiary of the Company providing for indemnification, adjustment of purchase price, earn-out or other similar obligations, in each case, incurred or assumed in
connection with the disposition of any business, assets or a Restricted Subsidiary of the Company, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the
purpose of financing such acquisition; provided that the maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Company and its Restated Subsidiaries in connection
with such disposition; 
 (12) Indebtedness of American Achievement Corporation’s Foreign Subsidiaries in an aggregate
principal amount not to exceed $5.0 million at any time outstanding, less the aggregate principal amount of Indebtedness incurred pursuant to Section 4.09(b)(12) of the American Achievement Corporation Senior Subordinated Notes Indenture since
March 25, 2004 through the date of this Indenture to the extent such Indebtedness remains outstanding under Section 4.09(b)(12) of the American Achievement Corporation Senior Subordinated Notes Indenture and constitutes Existing
Indebtedness under this Indenture; 
 (13) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five business days; and 
  

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 (14) the incurrence by American Achievement Corporation or any of its Restricted
Subsidiaries of additional Indebtedness (which additional Indebtedness may be incurred under the Credit Agreement) in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing
Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $15.0 million, less the aggregate principal amount of Indebtedness incurred pursuant to
Section 4.09(b)(14) of the American Achievement Corporation Senior Subordinated Notes Indenture since March 25, 2004 through the date of this Indenture to the extent such Indebtedness remains outstanding under Section 4.09(b)(14) of
the American Achievement Corporation Senior Subordinated Notes Indenture and constitutes Existing Indebtedness under this Indenture. 
 The
Company will not incur, and will not permit any Restricted Subsidiary to incur, any Indebtedness (including Permitted Debt) that is contractually subordinate or junior in right of payment to any other Indebtedness of the Company or such Restricted
Subsidiary unless such Indebtedness is also contractually subordinate or junior in right of payment to the Notes on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinate or
junior in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured, by virtue of being secured on a first or junior Lien basis or by virtue of the fact that the holders of 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. 
 For purposes
of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (14) above, or is entitled
to be incurred pursuant to Section 4.09(a) hereof, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies
with this Section 4.09. Indebtedness under Credit Facilities outstanding on March 25, 2004 will initially be deemed to have been incurred on such date in reliance on the exception provided by clause (1) of the definition of Permitted
Debt. 
 The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in
the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the
same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09; provided, in each such case, that the amount of any such accrual, accretion
or payment is included in Fixed Charges of American Achievement Corporation as accrued. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur
pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 
 The amount of any Indebtedness outstanding as of any date will be: 
 (1) the accreted value of the Indebtedness, in the case of any
Indebtedness issued with original issue discount; 
 (2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and

 (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: 
  

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 (A) the Fair Market Value of such assets at the date of determination; and 
 (B) the amount of the Indebtedness of the other Person. 
 Section 4.10 Asset Sales. 
 The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company (or the Restricted Subsidiary, as the case may be)
receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
 (2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash. For
purposes of this provision, each of the following shall be deemed to be cash: 
 (A) Cash Equivalents; 
 (B) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted Subsidiary
(other than contingent liabilities and liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Restricted
Subsidiary from further liability; 
 (C) any securities, notes or other obligations received by the Company or any such
Restricted Subsidiary from such transferee that are, within 90 days of the Asset Sale, converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, to the extent of the cash or Cash Equivalents received in that conversion;
and 
 (D) any stock or assets of the kind referred to in clauses (2) or (4) of the next paragraph of this
Section 4.10. 
 Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted
Subsidiary, as the case may be) may apply such Net Proceeds at its option: 
 (1) to repay Indebtedness of the Company under a
Credit Facility or any Indebtedness of AAC Group Holding Corp. and its Restricted Subsidiaries; 
 (2) to acquire all or
substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary of the Company; 
 (3) to make a capital expenditure; or 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business. 
 Pending the final application of any Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.

  

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 Any Net Proceeds from Asset Sales that are not applied or invested as provided in the second paragraph of
this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $15.0 million, within 15 days thereof, the Company will make an Asset Sale Offer to all Holders of Notes and all holders
of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets in accordance with Section 3.09
hereof to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount of Notes,
plus accrued and unpaid interest and Special Interest, if any, to the date of purchase, which price will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any
purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and
such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 hereof or
this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance.

 Section 4.11 Transactions with Affiliates. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, 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, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each an “Affiliate Transaction”), unless:

 (1) the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 
 (2) the Company delivers to the Trustee: 
 (A) with respect to any Affiliate Transaction or
series of related Affiliate Transactions involving aggregate consideration in excess of $3.0 million, a resolution of the Board of Directors of the Company (or (i) the Board of Directors of American Achievement Corporation in the case of
American Achievement Corporation and its Restricted Subsidiaries or (ii) the Board of Directors of AAC Group Holding Corp. in the case of AAC Group Holding Corp. and its Restricted Subsidiaries) set forth in an Officers’ Certificate
certifying that such Affiliate Transaction complies with clause (1) of this Section 4.11(a) and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company (or the
Board of Directors of American Achievement Corporation in the case of American Achievement Corporation and its Restricted Subsidiaries); and 
  

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 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $10.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm
of national standing. 
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the
provisions of Section 4.11(a) hereof: 
 (1) any employment agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto; 
 (2) transactions between or among the Company and/or its Restricted Subsidiaries; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because
the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 
 (4) payment
of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Company; 
 (5) any issuance of Equity
Interests (other than Disqualified Stock) of the Company to Affiliates of the Company and the granting of registration rights in connection therewith; 
 (6) Restricted Payments that do not violate Section 4.07 hereof; 
 (7) Permitted
Investments; 
 (8) any transaction pursuant to any agreement in existence on the date of this Indenture or any amendment or
replacement thereof that, taken in its entirety, is no less favorable to the Company than the agreement as in effect on the date of this Indenture; 
 (9) the payment of indemnities provided for by the Company’s charter, by-laws and written agreements and reasonable fees to directors of the Company, Parent and the Restricted Subsidiaries who are not employees
of the Company, Parent or the Restricted Subsidiaries; and 
 (10) loans or advances to employees of the Company and its
Restricted Subsidiaries in the ordinary course of business not to exceed $500,000 in the aggregate at any one time outstanding. 
 Notwithstanding the foregoing provisions of this Section 4.11, (a) if and to the extent any action by AAC Group Holding Corp. or any Restricted Subsidiary (as defined in the AAC Group Holding Corp. Senior Discount Notes Indenture,
as in effect on the date hereof) of AAC Group Holding Corp. is not deemed to be an Affiliate Transaction (as defined in the AAC Group Holding Corp. Senior Discount Notes Indenture, as in effect on the date hereof) under the AAC Group Holding Corp.
Senior Discount Notes Indenture, as in effect on the date hereof, such action by AAC Group Holding Corp. or such Restricted Subsidiary, as the case may be, shall not be deemed to be an Affiliate Transaction hereunder and, therefore, will not be
subject to the provisions of this Section 4.11 and (b) if and to the extent any action by American Achievement Corporation or any Restricted Subsidiary (as defined in the American Achievement Corporation Senior Subordinated Notes
Indenture, as in effect on the date hereof) of 
  

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 American Achievement Corporation is not deemed to be an Affiliate Transaction (as defined in the American Achievement
Corporation Senior Subordinated Notes Indenture, as in effect on the date hereof) under the American Achievement Corporation Senior Subordinated Notes Indenture, as in effect on the date hereof, such action by American Achievement Corporation or
such Restricted Subsidiary, as the case may be, shall not be deemed to be an Affiliate Transaction hereunder and, therefore, will not be subject to the provisions of this Section 4.11. 
 Section 4.12 Liens. 
 The Company will not, and
will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness, Attributable Debt or trade payables of
the Company upon any of their property or assets, now owned or hereafter acquired, unless all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the obligations so secured until such time as such
obligations are no longer secured by a Lien. 
 Section 4.13 Business Activities. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such
extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 
 Section 4.14 Corporate Existence. 

Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
 (2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; 
 provided, however, that the Company
shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that (a) the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and (b) the loss thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.15 Offer to Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof
(except that Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other denominations)) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest and Special Interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date
(the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and stating:

  

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 (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and
that all Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that any Note not tendered will continue to accrete in value or accrue interest, as the case may be; 
 (4) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrete in value or accrue interest, as the
case may be, after the Change of Control Payment Date; 
 (5) that Holders electing to have any Notes purchased pursuant to a
Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified
in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6)
that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
 (7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof (except that Additional Notes issued in payment of interest and Special Interest, if any, may
be in other denominations). 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 4.15, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.15 by virtue of such compliance.

 (b) On the Change of Control Payment Date, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
  

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 The Paying Agent will promptly mail (but in any case not later than five days after the Change of Control
Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) Notwithstanding anything to the contrary in this Section 4.15, the Company will not be required to make a Change of Control Offer upon a Change
of Control if (1) 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 Section 4.15 and purchases all Notes properly tendered and not withdrawn
under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until there is a default in payment of the applicable redemption price. 
 Section 4.16 Limitations on Guarantees of Indebtedness by Restricted Subsidiaries 
 The Company will not permit any Restricted Subsidiary, directly or indirectly, to Guarantee the payment of any Indebtedness of the Company unless:

 (1) such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture providing
for a Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee will be senior to or pari passu with such Restricted Subsidiary’s Guarantee of or pledge to secure such other Indebtedness; and 
 (2) such Restricted Subsidiary shall deliver to the Trustee an opinion of counsel to the effect that 
 (A) such Guarantee has been duly executed and authorized and 
 (B) such Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement
thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity. 
 The Guarantee by such Restricted Subsidiary of the Notes will automatically and unconditionally be released: 
 (A) in connection with any sale or other disposition of all or substantially all of the assets of such Restricted Subsidiary (including by
way of merger or consolidation) to a Person that is not the Company or (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale or other disposition does not violate clauses (1) and
(2) of Section 4.10 hereof; 
 (B) in connection with any sale or other disposition of all of the Capital Stock of
that guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate clauses (1) and (2) of
Section 4.10 hereof; 
 (C) if the Company designates any Restricted Subsidiary that is a guarantor to be an Unrestricted
Subsidiary in accordance with the applicable provisions of this Indenture; or upon legal defeasance or satisfaction and discharge of this Indenture as provided below in Sections 8.02 and 10.01 hereof; and 
  

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 (D) upon the release or discharge of the Guarantee by such Restricted Subsidiary of the
Indebtedness that resulted in the obligation to Guarantee the notes. 
 The form of the Guarantee of the Notes is attached hereto as Exhibit
E and the form of Supplemental Indenture providing for the Guarantee of the Notes is attached hereto as Exhibit F. 
 Section 4.17 Limitation on Sale
and Leaseback Transactions 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any sale and
leaseback transaction; provided that the Company or any Restricted Subsidiary of the Company may enter into a sale and leaseback transaction if: 
 (1) the Company or that Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction under (i) the
Fixed Charge Coverage Ratio test in Section 4.09(a) hereof or (ii) clauses (4) or (14) of Section 4.09(b) hereof and (b) incurred a Lien to secure such Indebtedness pursuant to the provisions of Section 4.12
hereof; 
 (2) the gross cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value, as
determined in good faith by the Board of Directors of the Company or that Restricted Subsidiary, as applicable, and set forth in an Officers’ Certificate delivered to the Trustee, of the property that is the subject of that sale and leaseback
transaction; and 
 (3) (a) the transfer of assets in that sale and leaseback transaction is permitted by, and the
Company or the applicable Restricted Subsidiary applies the proceeds of such transaction in compliance with, Section 4.10 hereof or (b) the proceeds are applied to refinance debt incurred to acquire the asset subject to such sale and
leaseback transaction. 
 Section 4.18 Payments for Consent. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement
to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes 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 4.19 Designation of Restricted and Unrestricted
Subsidiaries. 
 The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that
designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary
designated as Unrestricted will be deemed to be an Investment made as of the time of the designation and will be treated as a Restricted Payment under Section 4.07 hereof or a Permitted Investment under one or more clauses of the definition of
Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board
of Directors of the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 
  

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 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the
Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was
permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture
and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company
will be in default of such covenant. 
 The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a
Restricted Subsidiary of the Company; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such
designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no
Default or Event of Default would be in existence following such designation. 
 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation, or
Sale of Assets. 
 The Company shall not, directly or indirectly: (i) consolidate or merge with or into another Person (whether or
not the Company is the surviving corporation); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more
related transactions, to another Person, unless: 
 (1) either: 
 (A) the Company is the surviving corporation; or 
 (B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, conveyance or other disposition has been made is a corporation, limited liability company or limited partnership organized or existing under the laws of the United States, any state of the United States or the District of Columbia
(provided that if such Person is not a corporation, such Person shall be required to cause a subsidiary of such Person that is a corporation to be a co-obligor under the Notes); 
 (2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale,
assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee;

 (3) immediately after such transaction, no Default or Event of Default exists; and 
  

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 (4) the Company or the Person formed by or surviving any such consolidation or merger (if
other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, either: 
 (A) would have a Fixed Charge Coverage Ratio for
the most recently ended four full fiscal quarters for which internal financial statements are available immediately prior to such transaction of at least 2.0 to 1; or 
 (B) would have a Fixed Charge Coverage Ratio greater than the Fixed Charge Coverage Ratio of the Company prior to such transaction.

 In addition, the Company will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
 This Section 5.01 will not apply
to: 
 (1) a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another
jurisdiction; or 
 (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition
of assets between or among the Company and its Restricted Subsidiaries. 
 Section 5.02 Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale,
assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale, assignment,
transfer, conveyance or other disposition of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
  

	Section	6.01 Events of Default. 

 Each of the following is
an “Event of Default”: 
 (1) default for 30 days in the payment when due of interest on, or Special
Interest, if any, with respect to, the Notes, or failure to issue any Additional Notes within 30 days after such interest is deemed paid; 
  

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 (2) default in the payment when due (upon redemption or otherwise) of the principal of,
or premium, if any, on the Notes; 
 (3) failure by the Company or any of its Restricted Subsidiaries to comply with the
provisions of Sections 4.10, 4.15 or 5.01 hereof; 
 (4) failure by the Company or any of its Restricted Subsidiaries for 60
days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture; 
 (5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after
the date of this Indenture, if that default: 
 (A) is caused by a failure to pay any such Indebtedness at its stated final
maturity (a “Payment Default”); or 
 (B) results in the acceleration of such Indebtedness prior to its
stated final maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other
such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $10.0 million or more; 
 (6) failure by the Company or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $10.0 million, which judgments are not paid,
discharged or stayed for a period of 60 days; 
 (7) the Company or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary case, 
 (C)
consents to the appointment of a custodian of it or for all or substantially all of its property, 
 (D) makes a general
assignment for the benefit of its creditors, or 
 (E) generally is not paying its debts as they become due; 
 (8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
  

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 (B) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that
is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; and 
 (9) the making of any Parent Restricted Payment by any Parent with the proceeds of an incurrence of Indebtedness or an issuance of
preferred stock. 
 Section 6.02 Acceleration. 
 In the case of an Event of Default specified in clause (7) or (8) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and
is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. 
 Upon any such declaration, the Notes shall become due and payable immediately. 
 The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the
Holders, rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium or Special Interest, if any, that has
become due solely because of the acceleration) have been cured or waived. 
 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and Special
Interest, if any, and 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 of a Note 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. All remedies are cumulative to the extent permitted by law; provided that there shall be no duplication of any recovery provided by such
remedies. 
  

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 Section 6.04 Waiver of Past Defaults. 
 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of
all of the Notes, waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and Special Interest, if any, or interest on, the Notes
(including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control by Majority. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits. 

A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 
 (1) such Holder gives to the Trustee written notice that an Event of Default is continuing; 
 (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue
the remedy; 
 (3) such Holder or Holders offer the Trustee security or indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of
the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate
principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 
 A Holder of a Note may
not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the
right of any Holder of a Note to receive payment of principal, premium and Special Interest, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), 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. 
  

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 Section 6.08 Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and Special Interest, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 
 The Trustee is authorized to 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 the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 Section 6.10 Priorities. 
 Subject to Article 10 hereof, if the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Special Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for principal, premium and Special Interest, if any and interest, respectively; and 
 Third: to the Company
or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10. 
  

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	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 a 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, 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 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding
Notes. 
 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of 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: 
 (1) the duties of the Trustee will be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) 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, the Trustee will examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph
(b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the
Trustee will 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 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds
or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder of Notes, unless such Holder has offered to the Trustee security and indemnity satisfactory to
it against any loss, liability or expense. 
  

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 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely upon 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 or an Opinion of Counsel or both. The Trustee will 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. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and
will not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any
action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will 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 unless such Holders have offered to the Trustee reasonable indemnity or security against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (g) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but
not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (h) Except with respect to Section 4.01, the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article 4. In addition, the Trustee shall not be
deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to Sections 4.01, 6.01(1), 6.01(2) or (ii) any Default or Event of Default of which the Trustee shall have received written
notification or obtained actual knowledge. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 (j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to 
  

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 this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (k) Delivery
or reports, information and documents to the Trustee under Section 4.03 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  

	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 Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee
acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and
duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium or Special Interest, if any, or interest on, any Note, the Trustee may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each May 15 beginning with the
May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no
event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all
reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed
by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Notes are listed on or
delisted from any stock exchange. 
  

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 Section 7.07 Compensation and Indemnity. 
 (a) The Company will pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as shall be agreed
to in writing between the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Company will indemnify the Trustee against any and all losses, liabilities, damages, claims or expenses, including taxes (other than those based
upon, measured by or determined by the income of the Trustee), incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or
duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Company will not relieve the Company of its obligations hereunder. The Company will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and
expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Company under this Section 7.07 will survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 
 (d) To secure the Company’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
 Section 7.08 Replacement of Trustee. 
 (a) A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority
in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 
  

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 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its
property; or 
 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction at the expense of the Company in the case of the Trustee for the appointment of a successor Trustee.

 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee
to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 
 Section 7.09 Successor Trustee by
Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust
business to, another corporation or banking association, the successor corporation or banking association without any further act will be the successor Trustee. 
  

	Section	7.10 Eligibility; Disqualification. 

 There will at
all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to
supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA
§ 310(b). 
  

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 Section 7.11 Preferential Collection of Claims Against Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been
removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01
Option to Effect Legal Defeasance or Covenant Defeasance. 
 The Company may at any time, at the option of its Board of Directors
evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have
been discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will
be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this
Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium and Special Interest, if any, on, such Notes when such payments are due from the trust referred to in
Section 8.04 hereof; 
 (2) the Company’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith; and 
 (4) this Article 8. 
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company will, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18 and 4.19 hereof and clause
(4) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied 
  

 76 

 (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and will
have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to
any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes will
be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections
6.01(3) through 6.01(6) hereof will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium and
Special Interest, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date
for payment or to a particular redemption date; 
 (2) in the case of an election under Section 8.02 hereof, the Company
must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that: 
 (A) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (B) 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 of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the
case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

  

 77 

 (4) no Default or Event of Default shall have occurred and be continuing on the date of
such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any Credit Facility or other
material instrument to which the Company is a party or by which the Company is bound; 
 (5) such Legal Defeasance or Covenant
Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound; 
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 
 (7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been
complied with. 
  

	Section	8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance
with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become
due thereon in respect of principal, premium and Special Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 
 Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or Special Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal,
premium or Special Interest, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to
look only 
  

 78 

 to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes will be
revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the
case may be; provided, however, that, if the Company makes any payment of principal of, premium or Special Interest, if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01
Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or
supplement this Indenture or the Notes without the consent of any Holder of Note: 
 (1) to cure any ambiguity, defect or
inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (3) to provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant to
Article 5 hereof; 
 (4) to make any change that would provide any additional rights or benefits to the Holders of the Notes
or that does not adversely affect the legal rights hereunder of any Holder; 
 (5) to comply with requirements of the SEC in
order to effect or maintain the qualification of this Indenture under the TIA; 
 (6) to conform the text of this Indenture or
the Notes to any provision of the “Description of Notes” section of the Offering Circular, to the extent that such provision in that “Description of Notes” section was intended to be a verbatim recitation of a provision of this
Indenture or the Notes; 
 (7) to provide for the issuance of Additional Notes in accordance with the limitations set forth in
this Indenture as of the date hereof; or 
 (8) to add Guarantees with respect to the Notes as required or permitted by this
Indenture. 
  

 79 

 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of any amended or supplemental indenture
authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders of Notes. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without limitation,
Sections 3.09, 4.10 and 4.15 hereof) and the Notes with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class
(including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or
Event of Default in the payment of the principal of, premium or Special Interest, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture
or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes (including, without limitation, Additional Notes, if any) of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are
considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request of the Company accompanied by a
resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon
receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under
this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will
not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes including Additional
Notes, if any, then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without the consent of each Holder affected, an amendment, supplement
or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (1) reduce the
principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
  

 80 

 (2) reduce the principal of or change the fixed maturity of any Note or alter or waive
any of the provisions with respect to the redemption of the Notes (except as provided above with respect to Sections 3.09, 4.10 and 4.15 hereof); 
 (3) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or premium or Special Interest, if any, or interest on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 
 (6) make any change
in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium or Special Interest, if any, on, the Notes; 
 (7) waive a redemption payment with respect to any Note (other than a payment required by Sections 3.09, 4.10 or 4.15 hereof); 

(8) release any guarantor from any of its obligations under any Guarantee of Notes or this Indenture, except in accordance with the
terms of this Indenture; or 
 (9) make any change in the preceding amendment and waiver provisions. 
 Section 9.03 Compliance with TIA. 
 Every
amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on
any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Company 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. 
  

 81 

 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
 Section 9.06 Trustee to Sign Amendments, etc. 
 The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of
Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents
required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10 
 SATISFACTION AND DISCHARGE

 Section 10.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (1) either: 
 (A) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been
replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 
 (B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a
notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the
Trustee for cancellation for principal, premium and Special Interest, if any, and accrued interest to the date of maturity or redemption; 
 (2) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the
deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company is a party or by which the Company is bound; 
  

 82 

 (3) the Company has paid or caused to be paid all sums payable by it under this
Indenture; and 
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of the Notes or on the redemption date, as the case may be. 
 In addition, the Company must deliver an Officers’
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to clause (1)(B) of this Section 10.01, the provisions of Sections 10.02 and 8.06 hereof will survive. In
addition, nothing in this Section 10.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 10.02 Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium and Special Interest, if any) and
interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof 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 Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to
Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium or Special Interest, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to
the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 11 
 MISCELLANEOUS 
 Section 11.01 TIA Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by TIA §318(c), the imposed duties will control. 
 Section 11.02 Notices. 
 Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail
(registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

 83 

 If to the Company: 
 American Achievement Group Holding Corp. 
 c/o American Achievement Corporation 
 7211 Circle S Road 
 Austin, Texas 78745 
 Facsimile No.: (512) 443-5213 
 Attention: Chief Financial Officer 
 With a copy to: 
 Ropes & Gray LLP 
 One International Pl. 
 Boston, Massachusetts 02110 
 Facsimile No.: (617) 951-7050 
 Attention: Phil Smith, Esq. 
 If to the Trustee: 
 U.S. Bank National Association 
 60 Livingston Avenue 
 EP-MN-WS3C 
 St. Paul, Minnesota 55107 
 Facsimile No.: (651) 495-8097 
 Attention: Corporate Trust Administrator 
 The Company or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered,
return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to
the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 
 Section 11.03 Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the
protection of TIA § 312(c). 
  

 84 

 Section 11.04 Certificate and Opinion as to Conditions Precedent.

 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include
the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 11.05 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) 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; 
 (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 11.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 11.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the
Notes, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 11.08 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS
INDENTURE, THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 85 

 Section 11.09 No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.10 Tax
Treatment. 
 The Company agrees, and by acceptance of beneficial ownership interest in the Notes each beneficial holder of Notes will be
deemed to have agreed, for United States federal income tax purposes (1) to treat the Notes as indebtedness that is subject to Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”), (2) to accrue interest with respect
to the Notes as original issue discount on a constant yield basis using the comparable yield, (3) to be bound by the Company’s determination of the “comparable yield” and “projected payment schedule,” within the meaning
of the Contingent Payment Regulations, with respect to the Notes, and (4) to treat such comparable yield and projected payment schedule as “reasonable” for purposes of the Contingent Payment Regulations, each unless otherwise required
by judicial or administrative determination. A Holder of Notes may obtain the issue price, amount of original issue discount, issue date, yield to maturity, comparable yield and projected payment schedule by submitting a written request to the Chief
Financial Officer of the Company at the following address: American Achievement Group Holding Corp., 7211 Circle S Road, Austin, Texas 78745, (512) 444-0571. 
 Section 11.11 Successors. 
 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. 
 Section 11.12 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

 Section 11.13 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 Section 11.14 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 86 

 SIGNATURES 
 Dated as of June 12, 2006 
  

			
	AMERICAN ACHIEVEMENT GROUP HOLDING CORP.
		
	By:	 	 /s/    Donald J. Percenti

	Name:	 	Donald J. Percenti
	Title:	 	President and Chief Executive Officer

 INDENTURE 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/    Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President

 INDENTURE 

 [Face of Note] 
 THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR PURPOSES OF SECTIONS 1272, 1273, AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. IN ADDITION, THIS NOTE IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS
UNDER TREASURY REGULATIONS SECTION 1.1275-4(b). 
 AMERICAN ACHIEVEMENT GROUP HOLDING CORP. (THE “COMPANY”) AGREES, AND BY PURCHASING A
BENEFICIAL OWNERSHIP INTEREST IN THE NOTES EACH HOLDER OF NOTES IS DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THE NOTES AS INDEBTEDNESS THAT IS SUBJECT TO TREAS. REG. SEC. 1.1275-4 (THE “CONTINGENT
PAYMENT REGULATIONS”), (2) TO ACCRUE INTEREST WITH RESPECT TO THE NOTES AS ORIGINAL ISSUE DISCOUNT ON A CONSTANT YIELD BASIS USING THE COMPARABLE YIELD AND (3) TO BE BOUND BY THE COMPANY’S DETERMINATION OF THE “COMPARABLE
YIELD” AND “PROJECTED PAYMENT SCHEDULE,” WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THE NOTES. THE COMPANY AGREES TO PROVIDE PROMPTLY TO HOLDERS OF NOTES, UPON WRITTEN REQUEST, THE ISSUE PRICE, THE
AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, YIELD TO MATURITY, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE CHIEF FINANCIAL OFFICER OF THE COMPANY AT THE FOLLOWING ADDRESS: AMERICAN ACHIEVEMENT
GROUP HOLDING CORP., 7211 CIRCLE S ROAD, AUSTIN, TEXAS 78745, (512) 444-0571. 
 CUSIP/CINS
             
 12.75% Senior PIK Notes due October 1, 2012

 No.             
                                        
                                        
                                        
                                        
                    $             
 AMERICAN ACHIEVEMENT GROUP HOLDING CORP. 
 promises to pay
                     to or registered assigns, 
 the principal sum of
                                        
                                        
                                        
     DOLLARS on October 1, 2012. 
 Interest Payment Dates: April 1 and October 1 
 Record Dates: March 15 and September 15 
 Dated:
                    ,          
  

			
	AMERICAN ACHIEVEMENT GROUP HOLDING CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Notes referred to in the within-mentioned Indenture: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  
		 	Authorized Signatory

  

 A1 - 1 

 [Back of Note] 
 12.75% Senior PIK Notes due October 1, 2012 
 [Insert the Global Note Legend, if
applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred
to below unless otherwise indicated. 
 (1) PRINCIPAL; INTEREST. 
 (a) At maturity, the Company will repay the Notes at a repayment price of 103.188% of the aggregate principal amount thereof, plus accrued
and unpaid interest and Special Interest, if any, to the maturity date. 
 (b) Interest on the Notes will accrue at a rate of
12.75% per annum. However, if the Company’s Consolidated Adjusted EBITDA (as defined in the Indenture) (as certified by a certificate delivered to the Trustee from the Company’s chief financial officer) for the four-quarter
period ended February 24, 2007 is less than $77.168 million, the rate at which interest accrues on the Notes will increase by 2.00% per annum commencing on and including February 24, 2007 through the maturity of the Notes.
Additionally, if the Company’s Consolidated Group Leverage Ratio (as defined in the Indenture) (as certified by a certificate delivered to the Trustee from the Company’s chief financial officer) on August 30, 2008 is greater than 5.0
to 1.0, the rate at which interest accrues on the Notes will increase by an additional 2.00% per annum commencing on and including August 30, 2008 through the maturity of the Notes. The first interest payment on the Notes will occur
on October 1, 2006. Through April 1, 2011, interest on the Notes will be payable in the form of Additional Notes semi-annually in arrears on April 1 and September 1. The Company will automatically be deemed to have paid such
interest in kind, and Additional Notes will automatically be deemed issued to each holder of record in an aggregate principal amount equal to the amount of interest and Special Interest, if any, due to such holder of Notes on the applicable interest
payment date. The Company will thereafter promptly cause to be executed and authenticated such Additional Notes in accordance with the Indenture and deliver such Additional Notes to each holder of record (or the trustee or the authenticating agent
in custody of such Persons) or, if otherwise, comply with Section 2.13 of the Indenture. Interest on overdue principal and interest accruing prior to April 1, 2011, accrues at a rate that is 1% per annum higher than the then
applicable interest rate on the Notes in the form of Additional Notes, to the extent lawful. Beginning on October 1, 2011, and thereafter, interest will be payable in cash semi-annually in arrears on April 1 and October 1. Interest on
overdue principal and interest will accrue at a rate that is 1% higher than the then applicable interest rate on the Notes. Interest on the Notes will accrue from the date on which interest was most recently paid or, if no interest has been paid,
from June 12, 2006. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Special
Interest, if any, (without regard to any applicable grace period) at the same rate to the extent lawful. Interest will be computed on the basis of a 360 day year of twelve 30 day months. 
  

 A1 - 2 

 (2) METHOD OF PAYMENT.
The Company will pay interest on the Notes (except defaulted interest) and Special Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the March 15 or September 15 next preceding the interest
payment date, even if such Notes are canceled after such record date and on or before such interest payment date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Interest and Special Interest, if any, to
be paid by the Company in the form of Additional Notes will be mailed to the Holders at their addresses set forth in the register of Holders. The Notes will be payable as to principal, premium and Special Interest, if any, and interest at the office
or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, required cash payments of interest and Special Interest, if any, may be made by check mailed to the Holders at
their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to required cash payments of principal of and interest, premium and Special Interest, if
any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 (3) PAYING AGENT
AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 (4)
INDENTURE. The Company issued the Notes under an Indenture dated as of June 12, 2006 (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. 
 (5) OPTIONAL REDEMPTION. 
 (a) At any time prior to October 1, 2008, the Company may redeem 100% (but not less than 100%) of the then outstanding Notes upon
the occurrence of a Change of Control, upon not less than 30 nor more than 60 days’ notice (but in no event may any such redemption occur more than 90 days after the occurrence of such Change of Control), at a redemption price of 109.563% of
the aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the redemption date. Except pursuant to this subparagraph 5(a), the Notes will not be redeemable at the Company’s option prior to
October 1, 2008. 
 (b) On or after October 1, 2008, the Company may redeem all or a part of the Notes upon not
less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable
redemption date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below, subject to the rights of Holders of such Notes on the relevant record date to receive interest on the relevant interest payment
date: 
  

				
	 Year
	  	Percentage	 
	 2008
	  	109.563	%
	 2009
	  	106.375	%
	 2010 and thereafter
	  	103.188	%

  

 A1 - 3 

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable redemption date. 
 (6) MANDATORY
REDEMPTION. 
 The Company is not required to make sinking fund payments with respect to the
Notes. 
 In addition to any payments required under this Indenture, if, at any time, the Company receives any cash proceeds
from a contribution to its equity capital, or from the issuance of Capital Stock of the Company (other than any such cash proceeds that are applied against commissions, discounts and other fees and expenses relating to such contribution of issuance,
or that are otherwise received (a) pursuant to any award issued under any employee stock or stock option compensation plan or (b) as a result of the issuance of Capital Stock of the Company to, or a contribution to the equity capital of
the Company by, in each case, the Principals and investment funds controlled by the Principals), the Company will be required to apply such cash proceeds, within 60 days of the receipt thereof, to redeem the maximum amount of Notes (including
Additional Notes) redeemable with such cash proceeds at a redemption price equal to the lesser of (a) 109.563% of the principal amount thereof or (b) the then applicable redemption price of the aggregate principal amount thereof, plus
accrued and unpaid interest and Special Interest, if any, thereon, to the redemption date with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess of
$2,000, together with accrued and unpaid interest and Special Interest, if any, thereon, will be purchased (except that Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other denominations).

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions
thereof called for redemption on the applicable redemption date. 
 (7) REPURCHASE AT
THE OPTION OF HOLDER. 
 (a) If there is a Change of Control,
the Company will be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof (except that Additional Notes issued in
payment of interest and Special Interest, if any, may be purchased in other denominations)) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest and Special
Interest, if any, thereon to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days
following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
 (b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within 15 days of each date on which the
aggregate amount of Excess Proceeds exceeds $15.0 million, the Company will commence an offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in
the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes and such other
pari passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, thereon in
accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and other pari passu Indebtedness tendered pursuant to an Asset Sale 
  

 A1 - 4 

 Offer is less than the Excess Proceeds, the Company (or such Restricted Subsidiary) may use such
deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall
select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase
date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at
zero. 
 (8) NOTICE OF REDEMPTION. Notice of redemption
will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date
if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 in principal amount may be redeemed in part but only in integral multiples of $1,000 in
excess thereof, except that (a) Additional Notes issued in payment of interest or Special Interest, if any, may be redeemed or purchased in other denominations and (b) if all of the Notes of a Holder are to be redeemed or purchased, the
entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. 
 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in principal amount and integral multiples of $1,000 in
excess thereof (except that Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other denominations). The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company
need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for
a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding interest payment date. 
 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to
certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single
class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event or Default or compliance with any provision of the Indenture or the Notes
may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class (including, without limitation, consents obtained in connection with
a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to (i) cure any ambiguity, defect or inconsistency, (ii) provide for
uncertificated Notes in addition to or in place of certificated Notes, (iii) provide for the assumption of the Company’s obligations to Holders of the Notes by a successor to the Company pursuant to Article 5 of the Indenture,
(iv) make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, (v) comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the TIA, (vi) conform the text of the 
  

 A1 - 5 

 Indenture or the Notes to any provision of the “Description of Notes” section of the
Company’s Offering Circular dated June 7, 2006, relating to the Initial Notes, to the extent that such provision in that “Description of Notes” section was intended to be a verbatim recitation of a provision of the Indenture or
the Notes or (vii) provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture. 
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest on, or Special Interest, if any, with respect to, the
Notes, whether or not prohibited by the subordination provisions of the Indenture or failure to issue any Additional Notes within 30 days after such interest is deemed paid; (ii) default in the payment when due of the principal of, or premium,
if any, on, the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, whether or not prohibited by the subordination provisions of the Indenture, (iii) failure
by the Company or any of its Restricted Subsidiaries to comply with Sections 4.10, 4.15 or 5.01 of the Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in the Indenture; (v) default under certain other agreements relating to Indebtedness of the
Company at its stated final maturity or which default results in the acceleration of such Indebtedness prior to its express maturity; (vi) certain final judgments for the payment of money that remain undischarged for a period of 60 days;
(vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary; and (viii) the making of any Parent Restricted Payment by any Parent with the proceeds of an incurrence of Indebtedness or an issuance of preferred stock. If any Event of Default occurs and is continuing, the Trustee or the Holders
of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or
Event of Default relating to the payment of principal or interest or premium or Special Interest, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in
the payment of interest or premium or Special Interest, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon
becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (13) TRUSTEE DEALINGS WITH COMPANY. Subject to certain limitations in the Indenture, the Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 (14) NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator or stockholder of the Company, as such, will not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  

 A1 - 6 

 (15) AUTHENTICATION. This Note will not be valid
until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (16)
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 right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (17)
ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE
NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights
Agreement dated as of June 12, 2006, among the Company and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth
in one or more registration rights agreements, if any, between the Company and the other parties thereto, relating to rights given by the Company to the purchasers of any Additional Notes (collectively, the “Registration Rights
Agreement”). 
 (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may 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. 
 (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
 American Achievement Group Holding Corp. 
 7211 Circle S Road 
 Austin, Texas 78745 
 Attention: Chief Financial Officer 
  

 A1-7 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we)
assign and transfer this Note to:____________________________________________________________________ 
 (Insert assignee’s legal name)

 ______________________________________________________________________________________________________ 
 (Insert assignee’s soc. sec. or tax I.D. no.) 
 ______________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________ 
 ______________________________________________________________________________________________________ 
 (Print or type
assignee’s name, address and zip code) 
 and irrevocably appoint___________________________________________________________________________________

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
 Date:                     

			
	Your Signature:	 	  

	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                             

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A1-8 

 OPTION OF HOLDER TO ELECT
PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the
Indenture, check the appropriate box below: 
 Section 4.10
                    Section 4.15 
 If
you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
 $                     
 Date:                     

  

			
	Your Signature:	 	  

	        (Sign exactly as your name appears on the face of this Note)
	Tax Identification No.:	 	  

 Signature Guarantee*:
                         

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A1-9 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	Date of Exchange	 	 Amount of decrease in
 Principal Amount of
 this Global
Note
	 	 Amount of increase in
 Principal Amount of
 this Global
Note
	 	 Principal Amount
 of this Global Note
 following such
 decrease
 (or increase)
	 	 Signature of authorized
officer of Trustee or

Custodian

  

	*	This schedule should be included only if the Note is issued in global form. 

  

 A1-10 

 [Face of Regulation S Temporary Global Note] 
 THIS NOTE WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR PURPOSES OF SECTIONS 1272, 1273, AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. IN ADDITION, THIS NOTE
IS SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT PAYMENTS UNDER TREASURY REGULATIONS SECTION 1.1275-4(b). 
 AMERICAN ACHIEVEMENT GROUP HOLDING
CORP. (THE “COMPANY”) AGREES, AND BY PURCHASING A BENEFICIAL OWNERSHIP INTEREST IN THE NOTES EACH HOLDER OF NOTES IS DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THE NOTES AS INDEBTEDNESS
THAT IS SUBJECT TO TREAS. REG. SEC. 1.1275-4 (THE “CONTINGENT PAYMENT REGULATIONS”), (2) TO ACCRUE INTEREST WITH RESPECT TO THE NOTES AS ORIGINAL ISSUE DISCOUNT ON A CONSTANT YIELD BASIS USING THE COMPARABLE YIELD AND (3) TO BE
BOUND BY THE COMPANY’S DETERMINATION OF THE “COMPARABLE YIELD” AND “PROJECTED PAYMENT SCHEDULE,” WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THE NOTES. THE COMPANY AGREES TO PROVIDE PROMPTLY TO
HOLDERS OF NOTES, UPON WRITTEN REQUEST, THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, YIELD TO MATURITY, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE CHIEF FINANCIAL OFFICER OF
THE COMPANY AT THE FOLLOWING ADDRESS: AMERICAN ACHIEVEMENT GROUP HOLDING CORP., 7211 CIRCLE S ROAD, AUSTIN, TEXAS 78745, (512) 444-0571. 
 CUSIP/CINS              
 12.75% Senior PIK Notes due
October 1, 2012 

			
	No.        	  	        $            

 AMERICAN ACHIEVEMENT GROUP HOLDING CORP. 
 promises to pay to CEDE & CO. or registered assigns, 
 the principal sum of
                                        
                             DOLLARS on October 1, 2012. 
 Interest Payment Dates: April 1 and October 1 
 Record Dates: March 15 and September 15 
 Dated:                     ,
             
  

			
	AMERICAN ACHIEVEMENT GROUP HOLDING CORP.
		
	By:	 	  
  

	Name:	 	
	Title:	 	

 This is one of the Notes referred to in the within-mentioned Indenture: 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	    as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

 A2-1 

 [Back of Regulation S Temporary Global Note] 
 12.75% Senior Discount Notes due October 1, 2012 
 THE RIGHTS ATTACHING TO THIS REGULATION S
TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE
SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON. 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE
INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
(4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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. 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT F A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN A TRANSACTION EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS. 
  

 A2-2 

 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 (1) PRINCIPAL; INTEREST. 
 (a) At maturity, the Company will repay the Notes at a repayment price of 103.188% of the aggregate principal amount thereof, plus accrued
and unpaid interest and Special Interest, if any, to the maturity date. 
 (b) Interest on the Notes will accrue at a rate of
12.75% per annum. However, if the Company’s Consolidated Adjusted EBITDA (as defined in the Indenture) (as certified by a certificate delivered to the Trustee from the Company’s chief financial officer) for the four-quarter
period ended February 24, 2007 is less than $77.168 million, the rate at which interest accrues on the Notes will increase by 2.00% per annum commencing on and including February 24, 2007 through the maturity of the Notes.
Additionally, if the Company’s Consolidated Group Leverage Ratio (as defined in the Indenture) (as certified by a certificate delivered to the Trustee from the Company’s chief financial officer) on August 30, 2008 is greater than 5.0
to 1.0, the rate at which interest accrues on the Notes will increase by an additional 2.00% per annum commencing on and including August 30, 2008 through the maturity of the Notes. The first interest payment on the Notes will occur
on October 1, 2006. Through April 1, 2011, interest on the Notes will be payable in the form of Additional Notes semi-annually in arrears on April 1 and September 1. The Company will automatically be deemed to have paid such
interest in kind, and Additional Notes will automatically be deemed issued to each holder of record in an aggregate principal amount equal to the amount of interest and Special Interest, if any, due to such holder of Notes on the applicable interest
payment date. The Company will thereafter promptly cause to be executed and authenticated such Additional Notes in accordance with the Indenture and deliver such Additional Notes to each holder of record (or the trustee or the authenticating agent
in custody of such Persons) or, if otherwise, comply with Section 2.13 of the Indenture. Interest on overdue principal and interest accruing prior to April 1, 2011, accrues at a rate that is 1% per annum higher than the then
applicable interest rate on the Notes in the form of Additional Notes, to the extent lawful. Beginning on October 1, 2011, and thereafter, interest will be payable in cash semi-annually in arrears on April 1 and October 1. Interest on
overdue principal and interest will accrue at a rate that is 1% higher than the then applicable interest rate on the Notes. Interest on the Notes will accrue from the date on which interest was most recently paid or, if no interest has been paid,
from June 12, 2006. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Special
Interest, if any, (without regard to any applicable grace period) at the same rate to the extent lawful. Interest will be computed on the basis of a 360 day year of twelve 30 day months. 
 Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall
not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects be entitled to the same benefits as other Notes under the Indenture. 
 (2) METHOD OF PAYMENT. The Company will pay interest on the Notes
(except defaulted interest) and Special Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the March 15 or September 15 next preceding the interest payment date, even if such Notes are canceled
after such record date and on or before such interest payment 
  

 A2-3 

 date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest.
Interest and Special Interest, if any, to be paid by the Company in the form of Additional Notes will be mailed to the Holders at their addresses set forth in the register of Holders. The Notes will be payable as to principal, premium and Special
Interest, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, required cash payments of interest and Special Interest, if any,
may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to required cash payments of principal of
and interest, premium and Special Interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 (3)
PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change
any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 (4) INDENTURE. The Company issued the Notes under an Indenture dated as of June 12, 2006 (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. 
 (5) OPTIONAL REDEMPTION. 
 (a) At any time prior to October 1, 2008, the Company may redeem 100% (but not less than 100%) of the then outstanding Notes upon the
occurrence of a Change of Control, upon not less than 30 nor more than 60 days’ notice (but in no event may any such redemption occur more than 90 days after the occurrence of such Change of Control), at a redemption price of 109.563% of the
aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the redemption date. Except pursuant to this subparagraph 5(a), the Notes will not be redeemable at the Company’s option prior to
October 1, 2008. 
 (b) On or after October 1, 2008, the Company may redeem all or a part of the Notes upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable redemption
date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below, subject to the rights of Holders of such Notes on the relevant record date to receive interest on the relevant interest payment date:

  

				
	 Year
	  	Percentage	 
	 2008
	  	109.563	%
	 2009
	  	106.375	%
	 2010 and thereafter
	  	103.188	%

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable redemption date. 
  

 A2-4 

 (6) MANDATORY REDEMPTION.

 The Company is not required to make sinking fund payments with respect to the Notes. 
 In addition to any payments required under this Indenture, if, at any time, the Company receives any cash proceeds from a contribution to
its equity capital, or from the issuance of Capital Stock of the Company (other than any such cash proceeds that are applied against commissions, discounts and other fees and expenses relating to such contribution of issuance, or that are otherwise
received (a) pursuant to any award issued under any employee stock or stock option compensation plan or (b) as a result of the issuance of Capital Stock of the Company to, or a contribution to the equity capital of the Company by, in each
case, the Principals and investment funds controlled by the Principals), the Company will be required to apply such cash proceeds, within 60 days of the receipt thereof, to redeem the maximum amount of Notes (including Additional Notes) redeemable
with such cash proceeds at a redemption price equal to the lesser of (a) 109.563% of the principal amount thereof or (b) the then applicable redemption price of the aggregate principal amount thereof, plus accrued and unpaid interest and
Special Interest, if any, thereon, to the redemption date with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, together with accrued and
unpaid interest and Special Interest, if any, thereon, will be purchased (except that Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other denominations). 
 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date. 
 (7) REPURCHASE AT THE
OPTION OF HOLDER. 
 (a) If there is a Change of Control, the Company will be
required to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof (except that Additional Notes issued in payment of interest
and Special Interest, if any, may be purchased in other denominations)) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any,
thereon to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following any Change of
Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
 (b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within 15 days of each date on which the aggregate amount of Excess Proceeds exceeds $15.0 million, the Company will commence
an offer to all Holders of Notes and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of
assets (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds at
an offer price in cash in an amount equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, thereon in accordance with the procedures set forth in the Indenture. To the extent that the
aggregate amount of Notes and other pari passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not
otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such other pari
passu 
  

 A2-5 

 Indebtedness to be purchased on a pro rata basis. Holders of Notes that are the subject of an
offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes.
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (8)
NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its
registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in
denominations larger than $2,000 in principal amount may be redeemed in part but only in integral multiples of $1,000 in excess thereof, except that (a) Additional Notes issued in payment of interest or Special Interest, if any, may be redeemed
or purchased in other denominations and (b) if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased.

 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 in principal amount and integral multiples of $1,000 in excess thereof (except that Additional Notes issued in payment of interest and Special Interest, if any, may be purchased in other
denominations). The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and
the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding
interest payment date. 
 This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only
(i) on or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2 of the
Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note. 
 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes. 
 (11) AMENDMENT, SUPPLEMENT AND
WAIVER. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event or Default or
compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class
(including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to
(i) cure any ambiguity, defect or inconsistency, (ii) provide for uncertificated Notes in addition to or in place of certificated Notes, (iii) provide for the assumption of the Company’s obligations to Holders of the Notes by a
successor to the Company pursuant to Article 5 of the Indenture, (iv) make any change that would provide any additional 
  

 A2-6 

 rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under
the Indenture of any such Holder, (v) comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, (vi) conform the text of the Indenture or the Notes to any provision of the
“Description of Notes” section of the Company’s Offering Circular dated June 7, 2006, relating to the Initial Notes, to the extent that such provision in that “Description of Notes” section was intended to be a verbatim
recitation of a provision of the Indenture or the Notes or (vii) provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture. 
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default
for 30 days in the payment when due of interest on, or Special Interest, if any, with respect to, the Notes, whether or not prohibited by the subordination provisions of the Indenture or failure to issue any Additional Notes within 30 days after
such interest is deemed paid; (ii) default in the payment when due of the principal of, or premium, if any, on, the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or
otherwise, whether or not prohibited by the subordination provisions of the Indenture, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Sections 4.10, 4.15 or 5.01 of the Indenture; (iv) failure by the
Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other
agreements in the Indenture; (v) default under certain other agreements relating to Indebtedness of the Company at its stated final maturity or which default results in the acceleration of such Indebtedness prior to its express maturity;
(vi) certain final judgments for the payment of money that remain undischarged for a period of 60 days; (vii) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; and (viii) the making of any Parent Restricted Payment by any Parent with the proceeds of an incurrence of
Indebtedness or an issuance of preferred stock. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium or Special Interest, if any,) if it determines
that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any
existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium or Special Interest, if any, on, or the principal of, the Notes. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. 
 (13) TRUSTEE DEALINGS WITH
COMPANY. Subject to certain limitations in the Indenture, the Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and
may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 (14) NO
RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder of the Company, as such, will not have any liability for any obligations of the 

 A2-7 

 Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. 
 (16) 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 right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform
Gifts to Minors Act). 
 (17) ADDITIONAL RIGHTS OF
HOLDERS. In addition to the rights provided to Holders of Notes under the Indenture, Holders of this Regulation S Temporary Global Note will have all the rights set forth in the Registration Rights Agreement dated
as of June 12, 2006, among the Company and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders thereof will have the rights set forth in one or more registration rights agreements, if any, between
the Company and the other parties thereto, relating to rights given by the Company to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 
 (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may 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. 
 (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
 American Achievement Group Holding Corp. 
 7211 Circle S Road 
 Austin, Texas 78745 
 Attention: Chief Financial Officer 
  

 A2-8 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to:_____________________________________________________________________ 
 (Insert
assignee’s legal name) 
 _______________________________________________________________________________________________________ 
 (Insert assignee’s soc. sec. or tax I.D. no.) 
 _______________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________ 
 _______________________________________________________________________________________________________ 
 (Print or type
assignee’s name, address and zip code) 
 and irrevocably appoint____________________________________________________________________________________

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
 Date:                     

  

			
	Your Signature:	 	  

	        (Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                             

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A2-9 

 OPTION OF HOLDER TO ELECT
PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the
Indenture, check the appropriate box below: 
 Section 4.10
                                    Section 4.15 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state
the amount you elect to have purchased: 
 $                     
 Date:                              
  

			
	Your Signature:	 	  

	        (Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	 	  

  
 Signature Guarantee*:
                                        

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A2-10 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE REGULATION S TEMPORARY 
 GLOBAL
NOTE 
 The following exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note,
or exchanges of a part of another other Restricted Global Note for an interest in this Regulation S Temporary Global Note, have been made: 
  

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

  

 A2-11 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 American Achievement Group Holding Corp. 
 7211 Circle S Road 
 Austin, Texas 78745 
 U.S. Bank National Association 
 60 Livingston Avenue, EP-MN-WS3C 

St. Paul, Minnesota 55107 
  

	 	Re:	12.75% Senior PIK Notes due October 1, 2012 

 Reference is hereby made to the Indenture, dated as of June 12, 2006 (the “Indenture”), between American Achievement Group Holding Corp., as issuer (the “Company”), and U.S. Bank National Association,
as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s]
specified in Annex A hereto, in the principal amount of $                     in such Note[s] or interests (the “Transfer”),
to                      (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a
Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 2.  ̈ Check if Transferee will take
delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made
in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the
proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being 
  

 B-1 

 made to a U.S. Person or for the account or benefit of a U.S. Person (other than the Initial Purchasers). Upon
consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the
Regulation S Temporary Global Note, the Regulation S Permanent Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note
or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in
Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies
that (check one): 
 (a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 
 (b)  ̈ such Transfer is being
effected to the Company or a subsidiary thereof; 
 or 
 (c)  ̈ such Transfer is being
effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
 or 
 (d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and
the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a
Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an
Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the
Restricted Definitive Notes and in the Indenture and the Securities Act. 
 4.  ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)  ̈ Check if Transfer is pursuant to Rule
144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of 
  

 B-2 

 the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (b)  ̈ Check if Transfer is Pursuant to
Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)  ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements
of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                     
  

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 
 (a)  ̈ a beneficial interest in the: 
 (i)  ̈ 144A Global Note (CUSIP                 ), or 
 (ii)  ̈ Regulation S Global Note
(CUSIP                 ), or 
 (iii)
 ̈ IAI Global Note (CUSIP                 ); or

 (b)  ̈ a Restricted
Definitive Note. 
  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE]

 (a)  ̈ a beneficial
interest in the: 
 (i)  ̈ 144A Global Note (CUSIP                 ), or 
 (ii)  ̈ Regulation S Global Note (CUSIP
                ), or 
 (iii)
 ̈ IAI Global Note (CUSIP                 ); or

 (iv)  ̈
Unrestricted Global Note (CUSIP                 ); or 
 (b)  ̈ a Restricted Definitive Note; or 
 (c)  ̈ an Unrestricted Definitive
Note, 
 in accordance with the terms of the Indenture. 
  

 B-4 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 American Achievement Group Holding Corp. 
 7211 Circle S Road 
 Austin, Texas 78745 
 U.S. Bank National Association 
 60 Livingston Avenue, EP-MN-WS3C 

St. Paul, Minnesota 55107 
  

	 	Re:	12.75% Senior Discount Notes due October 1, 2012 

 (CUSIP                 ) 
 Reference is
hereby made to the Indenture, dated as of June 12, 2006 (the “Indenture”), between American Achievement Group Holding Corp., as issuer (the “Company”), and U.S. Bank National Association, as trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of $                    in such Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of
the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in
an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States. 
 (c)  ̈ Check if
Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for 
  

 C-1 

 a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for
a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the
Securities Act. 
 (b)  ̈ Check if
Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,
 ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
  

 C-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
		 	  
 [Insert Name of
Transferor]

		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                             
  

 C-3 

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 American Achievement Group Holding Corp. 
 7211 Circle S Road 
 Austin, Texas 78745 
 U.S. Bank National Association 
 60 Livingston Avenue, EP-MN-WS3C 
 St. Paul, Minnesota 55107 
 Re: 12.75% Senior PIK Notes due October 1, 2012 
 Reference is hereby made to the Indenture, dated as of June 12, 2006 (the “Indenture”), between American Achievement Group Holding Corp., as issuer (the “Company”), and U.S. Bank
National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 In
connection with our proposed purchase of $             aggregate principal amount of: 
 (a)  ̈ a beneficial interest in a Global Note, or 
 (b)  ̈ a Definitive Note, 
 we confirm that: 
 1. We understand that any
subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any
interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following
sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof,
(B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer,
furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or
(F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements
of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other 
  

 D-1 

 EXHIBIT D 
 information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.

 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under
the Securities Act) and 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 and any accounts for which we are acting are each able to bear
the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. 
  

			
	  
 [Insert Name of
Accredited Investor]

		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:
                             
  

 D-2 

 EXHIBIT E 
 [FORM OF NOTATION OF GUARANTEE] 
 For value received, each Guaranteeing Subsidiary (which term includes any
successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of June 12, 2006, as supplemented by the Supplemental
Indenture dates as of             , (the “Indenture”) between American Achievement Group Holding Corp., (the “Company”) and U.S. Bank National
Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium and Special Interest, if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the
due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of
the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. 
 Capitalized terms used but not defined herein have the meanings given
to them in the Indenture. 
  

			
	GUARANTEEING SUBDIDARY
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 E-1 

 EXHIBIT F 
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            , among                     (the “Guaranteeing
Subsidiary”), a subsidiary of American Achievement Group Holding Corp. (or its permitted successor), a Delaware corporation (the “Company”), the Company and U.S. Bank National Association, as trustee under the Indenture
referred to below (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of June 12, 2006
providing for the issuance of 12.75% Senior PIK Notes due October 1, 2012 (the “Notes”); 
 WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable
benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture. 
 2. AGREEMENT TO
GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture. 
 3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the 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. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 F-1 

 EXHIBIT F 
 5. 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. 
 6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the
construction hereof. 
 7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 
  

 F-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
 Dated:
                    , 20     
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	AMERICAN ACHIEVEMENT GROUP HOLDING CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 F-3

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