Document:

exv10w32

Exhibit 10.32

ABCS (2004) 1001

Loan Agreement

Agricultural Bank of China

 

 

Loan Agreement

Contract No.:11101200900000889

Borrower (full name): Duoyuan Digital Printing Technology Industries (China) Co. Ltd.

Lender (full name): Agricultural Bank of China, Chongwen District Branch 

This Agreement is entered into by consensus of two parties under relevant national laws and
regulations.

Item 1 Borrowing

	1.	 	Borrowing type: short term current capital 
	 
	2.	 	Usage: purchase of raw material 
	 
	3.	 	Currency and amount(capitalized): RMB 20,000,000 
	 
	4.	 	Term

	 	(1)	 	See the table below.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Granting	 	maturity
	Y	 	M	 	D	 	Amount	 	Y	 	M	 	D	 	Amount
	 	2009	 	 	 	7	 	 	 	24	 	 	RMB20,000,000
	 	 	2010	 	 	 	7	 	 	 	23	 	 	RMB20,000,000

(The exhibits added as there is not enough space to fill should be a part of the Agreement.)

	 	(2)	 	The record in the loan notes prevails when the borrowing amount, granting date,
mature date recorded in the Agreement are inconsistent with those in the loan notes. The
loan notes are a part of the Agreement, and shall be of equal validity.
	 
	 	(3)	 	Where the borrowing currency is foreign currency, the borrower should duly return
interest with the same currency.

	5.	 	Interest rate

The interest rate of RMB loan should be determined according to the method 2:

	 	(1)	 	floating rate

	 	 	The interest rate is      \     %     \      (higher/lower) than the rate base, with
annual rate up to      \     %. The rate base for the less than 5-year (including 5-year)
loan is the benchmark rate issued by PBOC in the period; the rate base for over 5-year loan is
the benchmark rate issued by PBOC plus      \      %.
	 
	 	 	The rate adjustment is made every ___months. In the event that PBOC adjusts its benchmark
rate of RMB loan, beginning on the loan corresponding day of the first month in the period
after the rate adjustment, the lender will determine new interest rate based on the adjusted
benchmark rate and the calculation method described above, without any notice to borrower.
When the adjustment date is the same as the granting date or the loan

 

 

	 	 	corresponding day of the first month in the period, new rate should be determined on the
benchmark rate adjustment day. Where there is no loan corresponding day, the last day of the
month should be deemed loan corresponding day.

	 	(2)	 	fixed rate

	 	 	The interest rate is 10% higher (higher/lower) than the rate base, with
annual rate up to 5.841% till the maturity day. The rate base for the less than 5-year
(including 5-year) loan is the benchmark rate issued by PBOC in the period; the rate base for
over 5-year loan is the benchmark rate issued by PBOC plus      \      %.
	 
	 	 	The rate of foreign currency loan is determined according to the       \      :

	 	(1)	 	interest rate floating every      \     months, comprised of the interest margin
of      \      months      \     (LIBOR/HIBOR) +_     \     %. LIBOR/HIBOR is
London/Hong Kong interbank offered rate issued by Reuters to accrue the interest of 2
business days.
	 
	 	(2)	 	Annual rate      \     % till the maturity day.
	 
	 	(3)	 	Other method      \     

	6.	 	interest expiry

Under the Agreement, the loan interest is paid quarterly with the expiry day on
20th of the last month every quarter. The borrower must pay interest on the
expiry day. If the last maturity day of the corpus is not the expiry day, the outstanding interest
should be paid with the corpus (daily interest rate=monthly interest rate/30).

Item 2 the lender is entitled not to provide loan if the following requirements are not met:

	1.	 	The borrower should open a primary account at the borrower.
	 
	2.	 	As required by the lender, the borrower should provide relevant documents and materials, as
well as handle relevant procedures.
	 
	3.	 	If it’s foreign currency loan, the borrower has gone through related approval, registration
and other legal procedures according to relevant regulations.
	 
	4.	 	If there is mortgage or guarantee, related registration and/or such legal procedures as
insurance have been handled as required by lender, and the guarantee and insurance keep valid.
Where there is guarantee under the loan, the guarantee contract has been signed and valid.

Item 3 Rights and Obligations of the Lender

1. The lender is entitled to acknowledge the borrower’s production and operation, financial
activities, inventory and usage of loan, and require the borrower to regularly provide such
documents, materials and information as financial statements.

2. If adverse actions or situations occurred on the side of borrower that can affect the safety of
loan including, but not limited to what have been listed under Item 7,8 and 10 under Section 4,
then the lender can stop distributing the loan or collect the loan in advance.

3. According to this agreement, if the principal, interest, compound interest and other expenses
payable by borrower are collected or collected in advance, lender can directly withhold from any accounts of borrower.

 

 

4. When the amounts paid by borrower can not pay off the payables under this agreement, lender can
use this amounts to pay principal, interest, penalty interest or expense.

5. If borrower can not perform its obligation of repayment, lender can disclose publicly the action
of breach by borrower.

6. According to the agreement, lender should distribute the loan at full value on schedule.

Section 4 Rights and Obligations with Borrower

	1.	 	Borrower is titled to get and use the loan in accordance with the agreement.
	 
	2.	 	By using the account described in the section 2, borrower can settle the accounts and make
deposit related to the loan.
	 
	3.	 	If the loan is foreign currency loan under this agreement, then borrower should get relevant
approval and carry on registration and other legal procedures related to this loan.
	 
	4.	 	Borrower should repay the principle and interest on time. If renewal is required, then
borrower should submit written application to lender 15 days before expiration date. If
approved, then an agreement to renew the loan should be entered.
	 
	5.	 	Borrower should use this loan in the way provided by the agreement and it’s not allowed to be
misappropriated or diverted.
	 
	6.	 	It should provide the lender with true, complete and efficient financial statement or other
relevant materials and information monthly and actively cooperate with lender to examine the
its operation, financial activates and the use of this loan.
	 
	7.	 	If the borrower executes the following actions including contraction, lease, reforming to
stock company, joint operation, consolidation, merger, division, joint venture, assets
transfer, suspending business for rectification, application to dissolution, application to
bankruptcy and other actions that cause the change in the creditor’s right and liability, it
should notify the lender in advance. After approved, it can carry out the responsibility of
payment or pay off in advance, and no actions listed above otherwise can be executed.
	 
	8.	 	Besides the actions above, when the following situations such as cessation, out of business,
cancellation of registration, license revoked, the actions of breaking law by legal
representative or main responsible person , involving in material litigation or arbitration,
severe difficulty in production and operation, the financial conditions deteriorate, borrower
should notify the lender in written and carry out the measures approved by lender to protect
the creditor’s right.
	 
	9.	 	If borrower provide security for other debt or it pledges and mortgages its main assets to
the third party, which will impact its ability to repay the loan under this agreement, then it
should notify the lender in advance and get the approval from the lender.
	 
	10.	 	Borrower and its investors are prohibited to make capital flight, assets transfer or equity
transfer arbitrarily to escape the liability to lender.
	 
	11.	 	If there are some changes in the name of borrower, legal representative, domicile, operation
scope etc, then it should notify lender in advance.
	 
	12.	 	If the sponsor of the borrower is in the following situations such as cessation, out of
business, cancellation of registration, license revoked bankruptcy and operation loss, the
loss of security ability partially or totally, or the impairment of the things mortgaged or
pledged, then borrower should provide on time other security measures approved by lender.

 

 

	13.	 	Borrower should take care of the expense for attorney service, insurance, transportation,
assessment, registration, keeping, appraisal and notarization under this agreement.

Section 5 Repayment in advance

After
approved by lender, the borrower can make repayment in advance. The 2 method is
used to calculate the interest for the portion of being repaid ahead of time.

	1.	 	According to the loan terms and executive interest under this agreement, the interest will be
calculated.
	 
	2.	 	According to the actual loan term, 0% higher than the executive interest under this
agreement will be used to calculate the interest.

Section 6 Liability for breach of contract

	1.	 	If the lender fails to distribute the loan at full value on schedule under this agreement and
it causes loss for borrower, then liquid damage should be paid to borrower according to how
much is covered due to breach of contract and how many days delayed. The calculation for
liquid damage is in line with the interest for the overdue loan at the same period,
	 
	2.	 	If borrower fails to repay the principal within the terms under this agreement, it should pay
the penalty interest with 50% higher than the executive interest until the
principal and interest are paid off. During the overdue period, if the loan is in RMB, and the
benchmark lending interest enacted by China People Bank goes up, then penalty interest should
go up accordingly since the adjustment date of benchmark interest.
	 
	3.	 	If borrower fails to use the loan in the way provided in the agreement, lender will charge
penalty interest 100% higher than the lending interest since the date of the
inappropriate use for the portion that is used under breach of the contract.
	 
	4.	 	As for the accrued interest payable, lender will charge the compound interest according the
provisions by China People Bank.

The accrued interest payable includes accrued interest payable arisen in the loan term( penalty
interest for breach use included) and accrued interest payable arisen after loan is overdue(
overdue penalty interest and penalty interest for breach use included).As for The accrued interest
payable arisen in the loan term, the compound interest will be calculated according to the
executive interest, and it will be calculated according to overdue lending interest since the
expiration date of this loan, as well as referring to overdue lending interest for accrued interest
payable of overdue loan.

5. If borrower violates the obligation under this agreement, then lender is titled to require
borrower to correct its breach action within limited period and stop distributing loan, collect the
load that has been distributed in advance and take other measures to protect its asset.

6. If any sponsor under this agreement violates the obligation under security agreement, lender is
titled to stop distributing loan to borrower, collect the load that has been distributed in advance
and take other measures to protect its asset.

7. If it is borrower that cause lender to adopt litigation or arbitration to achieve its creditor’s
right,

 

 

then borrower should assume the attorney fee, travel fee and other relevant fee to achieve
creditor’s fee.

Section 7 Security for the loan

The  mortgage   is adopted to secure the loan under this agreement, and the security
loan will be entered separately. If the maximum amount security method is adopted, the number of
the security agreement is
                    o

Section 8 Disputes Resolution

If any disputes arise during the execution of this agreement, then the two parties can negotiated,
and also they can deal with it according to the                     method below.

	1.	 	Litigation. It is governed by the people court in the lender’s domicile.
	 
	2.	 	Arbitration. Submit     /     ( the full name of arbitration organization) and carry
out arbitration according to the arbitration rules.

During litigation or arbitration, the terms not involving into disputes still need to be performed.

Section 9 Other Items

	 	 	 
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Section 10 The effectiveness of this agreement.

The agreement will take effect since signed or sealed by two parties.

Section 11 The numbers of the agreement

This
agreement has 4 _identical copies with each
copy held by the two parties,
the sponsor, and the competent registration authority, which have the same effectiveness.

Section 12 Note

Lender has asked borrower to have a comprehensive and accurate understanding to the terms in this
agreement and made the relevant explanation per request by borrower. The two parties have the same
understanding for this agreement.

Borrower:
Duoyuan Digital Press Technology Industries (China) Co. Ltd.

Legal representative or authorized agent

Lender:
Chonwen Branch, China Agriculture Bank

Responsible person or authorized agent

 

 

Date entered: July 24, 2009

Place
entered: Beijing Chonwen Branch, China Agriculture Bankexv4w1

Exhibit 4.1

 

WILLIS NORTH AMERICA INC.,

Issuer

WILLIS GROUP HOLDINGS LIMITED

WILLIS INVESTMENT UK HOLDINGS LIMITED

TA I LIMITED

TA II LIMITED

TA III LIMITED

TRINITY ACQUISITION PLC

TA IV LIMITED

WILLIS GROUP LIMITED,

Guarantors

and

THE BANK OF NEW YORK MELLON

(as successor to JPMORGAN CHASE BANK, N.A.)

Trustee

 

Fourth Supplemental Indenture

Dated as of September 29, 2009

to the Indenture dated as of July 1, 2005

 

Creating one series of Securities designated

7.0% Senior Notes Due 2019

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I

	7.0% SENIOR NOTES DUE 2019

	 
	 	 	 	 	 	 
	SECTION 1.01.

	 	Creation of Series; Establishment of Form
	 	 	2	 
	SECTION 1.02.

	 	Definitions
	 	 	3	 
	SECTION 1.03.

	 	Payment of Principal and Interest
	 	 	5	 
	SECTION 1.04.

	 	Global Securities
	 	 	5	 
	SECTION 1.05.

	 	Redemption
	 	 	6	 
	SECTION 1.06.

	 	Additional Covenants
	 	 	7	 
	SECTION 1.07.

	 	Interest Rate Adjustment
	 	 	8	 
	SECTION 1.08.

	 	Additional Amounts
	 	 	9	 
	SECTION 1.09.

	 	Events of Default
	 	 	10	 
	SECTION 1.10.

	 	Notice of Defaults
	 	 	11	 
	SECTION 1.11.

	 	Legal Defeasance and Discharge and Covenant Defeasance
	 	 	12	 
	ARTICLE II

	MISCELLANEOUS PROVISIONS

	 
	 	 	 	 	 	 
	SECTION 2.01.

	 	Integral Part
	 	 	12	 
	SECTION 2.02.

	 	Adoption, Ratification and Confirmation
	 	 	12	 
	SECTION 2.03.

	 	Counterparts
	 	 	12	 
	SECTION 2.04.

	 	Governing Law
	 	 	12	 
	SECTION 2.05.

	 	Conflict with Trust Indenture Act
	 	 	12	 
	SECTION 2.06.

	 	Effect of Headings and Table of Contents
	 	 	12	 
	SECTION 2.07.

	 	Separability Clause
	 	 	12	 
	SECTION 2.08.

	 	Successors and Assigns
	 	 	13	 
	SECTION 2.09.

	 	Benefit of Indenture
	 	 	13	 
	SECTION 2.10.

	 	The Trustee
	 	 	13	 
	EXHIBIT A A-1	 	 	 	 

i

 

          FOURTH SUPPLEMENTAL INDENTURE, dated as of September 29, 2009, between WILLIS NORTH AMERICA
INC., a Delaware corporation (the “Issuer”), WILLIS GROUP HOLDINGS LIMITED, a company organized and
existing under the laws of Bermuda (the “Parent Guarantor”), TA I LIMITED, a company organized and
existing under the laws of England and Wales, TA II LIMITED, a company organized and existing under
the laws of England and Wales, TA III LIMITED, a company organized and existing under the laws of
England and Wales, TRINITY ACQUISITION PLC, a company organized and existing under the laws of
England and Wales, TA IV LIMITED, a company organized and existing under the laws of England and
Wales, and WILLIS GROUP LIMITED, a company organized and existing under the laws of England and
Wales (collectively, including the Parent Guarantor, the “Original Guarantors”) and WILLIS
INVESTMENT UK HOLDINGS LIMITED, a company organized and existing under the laws of England and
Wales (together with the Original Guarantors, the “Guarantors”) and THE BANK OF NEW YORK MELLON
(formerly known as THE BANK OF NEW YORK) (as successor to JPMORGAN CHASE BANK, N.A.), a New York banking corporation, as trustee
(the “Trustee”).

RECITALS OF THE ISSUER AND THE GUARANTORS

          WHEREAS, the Issuer and the Original Guarantors have heretofore executed and delivered to the
Trustee an Indenture, dated as of July 1, 2005 (the “Original Indenture”), as supplemented by the
First Supplemental Indenture dated July 1, 2005, (the “First Supplemental Indenture”), the Second
Supplemental Indenture dated as of March 28, 2007, (the “Second Supplemental Indenture”) and the
Third Supplemental Indenture dated as of October 1, 2008 (entered into between the Issuer, the
Guarantors and the Trustee) (the “Third Supplemental Indenture” and together with the Original
Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, the “Existing
Indenture”) providing for the issuance from time to time of its unsecured senior debentures, notes
or other evidences of Indebtedness (the “Securities”), to be issued in one or more series as
provided in the Original Indenture;

          WHEREAS, Section 10.01 of the Original Indenture provides that the Issuer, each Guarantor and
the Trustee may from time to time enter into one or more indentures supplemental thereto to
establish a new series of Securities and add certain provisions to the Original Indenture;

          WHEREAS, Section 3.01 of the Original Indenture provides that the Issuer may enter into one or
more indentures supplemental thereto to establish the form and terms of a series of Securities
issued pursuant to the Original Indenture;

          WHEREAS, the Issuer, pursuant to the foregoing authority, proposes in and by this Fourth
Supplemental Indenture (the “Supplemental Indenture” and, together with the Original Indenture, the
“Indenture”) to supplement the Original Indenture insofar as it will apply only to the one series
of securities to be known as the Issuer’s

 

 

“7.0% Senior Notes due 2019” (the “Notes”) issued hereunder (and not to any other series);

          WHEREAS, the Issuer and the Guarantors have duly authorized the execution and delivery of this
Supplemental Indenture; and

          WHEREAS, all things necessary have been done to make this Supplemental Indenture a valid
agreement of the Issuer and the Guarantors, in accordance with its terms and the terms of the
Original Indenture.

          NOW, THEREFORE, for and in consideration of the premises and the covenants and agreements
contained herein, and for other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

ARTICLE I

7.0% Senior Notes due 2019

          SECTION 1.01. Creation of Series; Establishment of Form.

     7.0% Senior Notes due 2019

          (1) There is hereby established a new series of Securities under the Indenture entitled “7.0%
Senior Notes due 2019”.

          (2) The form of the Notes, including the form of the certificate of authentication, is
attached hereto as Exhibit A.

          (3) The Trustee shall authenticate and deliver the Notes for original issue in an aggregate
principal amount of $300,000,000 upon an Issuer Order for the authentication and delivery of the
Notes. The Issuer may from time to time issue additional Notes in accordance with Sections 3.01
and 10.01 of the Original Indenture. Any additional Notes subsequently issued shall not be limited
by the aggregate principal amount of this Supplemental Indenture. The Notes issued originally
hereunder, together with any additional Notes subsequently issued, shall be treated as a single
series for purposes of the Indenture.

          (4) The Notes shall be issued in registered form without coupons.

          (5) The Notes shall not have a sinking fund.

          (6) The principal of the Notes shall be due on September 29, 2019.

          (7) Subject to Section 1.07 of this Supplemental Indenture, the outstanding principal amount
of the Notes shall bear interest at the rate of 7.0% per annum, from September 29, 2009 or from the
most recent Interest Payment Date (as

2

 

defined below) to which interest has been paid or duly provided for, as the case may be,
payable semi-annually in arrears on March 15 and September 15 (each, an “Interest Payment Date”),
commencing on March 15, 2010, to the Persons in whose names the Notes are registered at the close
of business on the Regular Record Date (as defined in Section 1.02) for such interest and at the
Stated Maturity of the Notes, until the principal thereof is paid or made available for payment.
Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day
months. Any such interest due on an Interest Payment Date that is not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and may
either be paid to the Person or Persons in whose name the Notes are registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee (“Special Record Date”), notice whereof shall be given to Holders of the Notes not less
than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange, if any, on which the
Notes may be listed, and upon such notice as may be required by any such exchange, all as more
fully provided in the Original Indenture.

          (8) The Notes shall be issued in denominations of $2,000 or any integral multiple of $1,000 in
excess thereof.

          (9) The Notes due shall be redeemable, in whole at any time or in part from time to time, at
the option of the Issuer on any date (a “Redemption Date”), at a Redemption Price equal to the
greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest thereon (exclusive of
interest accrued to such Redemption Date) discounted to such Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis
points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to
such Redemption Date.

          SECTION 1.02. Definitions. The following defined terms used herein shall, unless the context
otherwise requires, have the meanings specified below. Each capitalized term that is used in this
Supplemental Indenture but not defined herein shall have the meaning specified in the Original
Indenture.

          “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to
be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of the Notes.

          “Comparable Treasury Price” means, with respect to any Redemption Date for the Notes, (1) the
average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment
Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such
quotations.

3

 

          “Depositary” means The Depository Trust Company or any successor thereto.

          “Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer
appoints to act as the Independent Investment Banker from time to time.

          “Interest Payment Date” means March 15 and September 15 of each year.

          “Reference Treasury Dealer” means (1) each of Banc of America Securities LLC and J.P. Morgan
Securities Inc. and their respective successors; provided, however, that if any of the foregoing
ceases to be a primary dealer of U.S. government securities in the United States (a “Primary
Treasury Dealer”), the Issuer shall substitute another Primary Treasury Dealer and (2) any other
Primary Treasury Dealers selected by the Issuer.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m. New York City time on the third (3rd) Business Day preceding such
Redemption Date.

          “Regular Record Date” means, with respect to each Interest Payment Date, the close of business
on the respective March 1 and September 1 (whether or not a Business Day) prior to such Interest
Payment Date.

          “Security Register” means the register, in such office as the Issuer shall keep at the
Corporate Trust Office of the Trustee or in any office or agency to be maintained by the Issuer in
accordance with Section 3.05 of the Original Indenture, in which the Issuer shall, subject to such
reasonable regulations as it may prescribe, provide for the registration of Securities and of
registration of transfers of Securities.

          “Treasury Rate” means, with respect to any Redemption Date, (a) the yield, under the heading
that represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15 (519)” or any successor publication that is
published weekly by the Board of Governors of the Federal Reserve System and that establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three (3) months before or after the remaining term of the Notes, yields for
the two published maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or (b) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semi-annual equivalent yield to

4

 

maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such Redemption Date. The Treasury Rate shall be calculated on the third (3rd) Business
Day preceding the Redemption Date.

          SECTION 1.03. Payment of Principal and Interest.

          (1) If any Interest Payment Date, Redemption Date or the Stated Maturity of the Notes is not a
Business Day, the payment of principal, premium, if any, or interest, as applicable, will be made
on the next succeeding Business Day. No interest will accrue on the amount so payable for the
period from such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to
the next succeeding Business Day. “Business Day” means each Monday, Tuesday, Wednesday, Thursday
and Friday which is not a day on which banking institutions in New York, New York are authorized or
obligated by law or executive order to close.

          (2) Payments of principal of, premium, if any, and interest on the Notes represented by a
Global Security shall be made by wire transfer of immediately available funds to the Holder of such
Global Security; provided, however, that in the case of payments of principal and premium, if any,
such Global Security is first surrendered to the Paying Agent. If any of the Notes are no longer
represented by a Global Security, (i) payments of principal, premium, if any, and interest due at
the Stated Maturity or on a Redemption Date, if any, (except, in the case of interest, where the
Redemption Date is an Interest Payment Date) shall be made at the office of the Paying Agent upon
surrender of such Notes to the Paying Agent and (ii) payments of interest shall be made, at the
option of the Issuer, subject to such surrender where applicable, (A) by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (B)
by wire transfer at such place and to such account at a banking institution in the United States as
may be designated in writing to the Trustee at least sixteen (16) days prior to the date for
payment by the Person entitled thereto.

          (3) The Trustee shall initially serve as the Paying Agent with respect to the Notes, with the
Place of Payment initially being the Corporate Trust Office.

          SECTION 1.04. Global Securities. The Notes shall initially be issued in the form of one or
more Global Securities registered in the name of a nominee of the Depositary. Except under the
limited circumstances described below, Notes represented by such Global Security or Global
Securities shall not be exchangeable for, and shall not otherwise be issuable as, Notes in
definitive form. The Global Securities described above 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 to a successor Depositary or its nominee or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary,
unless and until the Notes are exchanged in whole or in part for Notes in definitive form.

5

 

          Subject to the procedures of the Depositary, a Global Security shall be exchangeable for the
Notes registered in the names of Persons other than the Depositary or its nominee only if (i) the
Depositary notifies the Trustee and the Issuer that it is no longer willing or able to properly
discharge its responsibilities as a Depositary for such Global Security and no qualified successor
Depositary shall have been appointed by the Issuer within ninety (90) days of receipt by the Issuer
of such notification, or if at any time the Depositary ceases to be a clearing agency registered
under the Exchange Act at a time when the Depositary is required to be so registered to act as such
Depositary and no qualified successor Depositary shall have been appointed by the Issuer within
ninety (90) days after it becomes aware of such cessation, (ii) the Issuer executes and delivers to
the Trustee an Issuer Order stating that the Issuer elects to terminate the book-entry system
through the Depositary, or (iii) there shall have occurred and be continuing an Event of Default
with respect to the Global Security. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for the Notes as provided in the Original Indenture.

          SECTION 1.05. Redemption.

          (1) The Issuer shall mail notice of redemption not less than 30 nor more than 60 days prior to
the Redemption Date, to each Holder of the Notes to be redeemed. Notwithstanding Section 12.04 of
the Original Indenture, the notice of redemption with respect to the foregoing redemption need not
set forth the Redemption Price or an estimate thereof, but only the appropriate calculation
thereof. The Issuer shall deliver to the Trustee an Officers’ Certificate setting forth the
Redemption Price with respect to the foregoing redemption no later than two (2) Business Days prior
to the Redemption Date. The Trustee shall have no responsibility for determining said Redemption
Price

          (2) On the Redemption Date, and from and after such date (unless the Issuer shall default in
the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest.

          (3) Section 12.03 (Selection by Trustee of Securities to Be Redeemed) of the Original
Indenture is hereby amended and restated in its entirety as follows:

     If less than all the 7.0% Senior Notes due 2019 (the “Notes”) are to be redeemed, the
particular Notes to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Notes not previously called for
redemption, (i) if the Notes are listed on any securities exchange, in accordance with the
requirements of such exchange or (ii) if the Notes are not so listed, by any method as the
Trustee shall deem fair and appropriate, and which may provide for the selection for
redemption of portions (equal to $1,000 or any integral multiple thereof) of the principal
amount of Notes of a denomination larger than $2,000; provided, however, that Notes
registered in the name of the Issuer shall be excluded from any such selection for
redemption

6

 

until all Notes not so registered shall have been previously selected for redemption.

     The Trustee shall promptly notify the Issuer in writing of the Notes selected for
redemption and, in the case of any Notes selected for partial redemption, the principal
amount thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Notes shall relate, in the case of any Notes
redeemed or to be redeemed only in part, to the portion of the principal amount of such
Notes which has been or is to be redeemed.

          SECTION 1.06. Additional Covenants. The following shall be additional covenants to the
covenants set forth in the Original Indenture for the benefit of the Notes only and shall be
effective only so long as the Notes are outstanding:

          (1) Limitation on Liens. The Parent Guarantor shall not, and shall not permit any of its
Subsidiaries to, directly or indirectly, incur or suffer to exist any Lien, other than a Permitted
Lien (an “Initial Lien”), securing Indebtedness upon any Capital Stock of any Significant
Subsidiary of the Parent Guarantor that is owned, directly or indirectly, by the Parent Guarantor
or any of its Subsidiaries, in each case whether owned at the date of the original issuance of the
Notes or thereafter acquired, or any interest therein or any income or profits therefrom unless it
has made or will make effective provision whereby the Outstanding Notes will be secured by such
Lien equally and ratably with (or prior to) all other Indebtedness of the Parent Guarantor or any
Subsidiary secured by such Lien. Any Lien created for the benefit of the Holders of the Notes
pursuant to the preceding sentence shall provide by its terms that such Lien will be automatically
and unconditionally released and discharged upon release and discharge of the Initial Lien.

          “Permitted Lien” means a Lien on the Capital Stock of a Significant Subsidiary to secure
Indebtedness incurred to finance the purchase price of such Capital Stock; provided that any such
Lien may not extend to any other property of the Parent Guarantor or any other Subsidiary of the
Parent Guarantor; and provided further that such Indebtedness matures within 180 days from the date
such Indebtedness was incurred.

          (2) Limitation on Dispositions of Significant Subsidiaries. The Parent Guarantor shall not,
and shall not permit any of its Subsidiaries to, directly or indirectly, sell, transfer or
otherwise dispose of, and will not permit any Significant Subsidiary to issue, any Capital Stock of
any Significant Subsidiary. Notwithstanding the foregoing limitation, (a) the Parent Guarantor and
its Subsidiaries may sell, transfer or otherwise dispose of, and any Significant Subsidiary may
issue, any such Capital Stock to any Subsidiary of the Parent Guarantor, (b) any Subsidiary of the
Parent Guarantor may sell, transfer or otherwise dispose of, and any Significant Subsidiary may
issue, any such securities to the Parent Guarantor or another Subsidiary of the Parent Guarantor,
(c) the Parent Guarantor and its Subsidiaries may sell, transfer or otherwise dispose of, and any

7

 

Significant Subsidiary may issue, any such Capital Stock if the consideration received is at
least equal to the fair market value (as determined by the board of directors of the Parent
Guarantor acting in good faith) of such Capital Stock, and (d) the Issuer and its Subsidiaries may
sell, transfer or otherwise dispose of, and any Significant Subsidiary may issue, any such
securities if required by law or any regulation or order of any governmental or regulatory
authority. Notwithstanding the foregoing, the Parent Guarantor may merge or consolidate any of its
Significant Subsidiaries into or with another one of its Significant Subsidiaries and may otherwise
convey, transfer or lease its properties and assets pursuant to Article NINE of the Original
Indenture.

          SECTION 1.07. Interest Rate Adjustment. The interest rate payable on the Notes will be
subject to adjustment from time to time if either Moody’s Investors Service, Inc. (“Moody’s”, which
term shall include any successor thereto) or Standard & Poor’s Rating Services, a division of
McGraw-Hill, Inc. (“S&P”, which term shall include any successor thereto and together with Moody’s,
each a “Rating Agency”), downgrades (or subsequently upgrades) the debt rating applicable to the
Notes (a “rating”) as set forth below.

          If the rating from Moody’s is decreased to a rating set forth in the immediately following
table, the interest rate on the Notes will increase from that set forth in section 1.01(7) above by
the percentage set forth opposite that rating:

	 	 	 	 	 
	Rating	 	Percentage	 
	Ba1
	 	 	0.50	%
	Ba2 or below
	 	 	1.00	%

          If the rating from S&P is decreased to a rating set forth in the immediately following table,
the interest rate on the Notes will increase from that set forth in section 1.01(7) above by the
percentage set forth opposite that rating:

	 	 	 	 	 
	Rating	 	Percentage	 
	BB+
	 	 	0.50	%
	BB or below
	 	 	1.00	%

          If, following an interest rate adjustment, Moody’s or S&P subsequently increases or decreases
its rating to any of the threshold ratings set forth above, the interest rate of the Notes will be
increased or decreased such that the interest rate for the Notes equals the interest rate set forth
in section 1.01(7) above plus (1) the interest rate adjustment, if any, then in effect resulting
from an increase or decrease in the other Rating Agency’s rating and (2) the percentage set forth
opposite the applicable rating from the applicable table above for the Rating Agency that increased
or decreased its rating. Each adjustment required by any decrease or increase in a rating set forth
above, whether occasioned by the action of Moody’s or S&P, shall be made independent of any and all
other adjustments. In no event shall (1) the interest rate on the Notes be reduced to below the
interest rate set forth in section 1.01(7) above, and (2) the total increase in

8

 

the interest rate on the Notes exceed 2.00% above the interest rate set forth in section
1.01(7) above. If, following an interest rate adjustment, Moody’s subsequently increases its rating to Baa3 or
higher and S&P increases its rating to BBB- or higher, the interest rate on the Notes will remain
at, or be decreased to, as the case may be, the interest rate set forth in section 1.01(7) above
and no subsequent downgrades in a rating shall result in an adjustment of the interest rate on the
Notes as provided herein.

          If either Moody’s or S&P ceases to provide a rating, any subsequent increase or decrease in
the interest rate on the Notes necessitated by a reduction or increase in the rating by the Rating
Agency continuing to provide the rating shall be twice the percentage set forth in the applicable
table above, and the required ratings increase set forth in the last sentence of the preceding
paragraph shall only apply to the Rating Agency continuing to provide the rating. No adjustments
in the interest rate on the Notes shall be made solely as a result of either Moody’s or S&P (but
not both) ceasing to provide a rating. If both Moody’s and S&P cease to provide a rating, the
interest rate on the Notes will increase to, or remain at, as the case may be, 2.00% above the
interest rate set forth in section 1.01(7) above.

          Any interest rate increase or decrease, as described above, will take effect from the first
day of the Interest Period during which a rating change requires an adjustment in the interest
rate. The term “Interest Period” means the period from and including an Interest Payment Date to
and excluding the next succeeding Interest Payment Date or in connection with the first Interest
Period, the period from and including the original issue date of the Notes to and excluding the
first Interest Payment Date.

          The Issuer will notify the Trustee promptly of any interest rate adjustment.

          SECTION 1.08. Additional Amounts. With respect to any payments made by a Guarantor in respect
of its Guarantee of the Notes that is organized other than under the laws of the United States, any
state thereof or the District of Columbia, the Guarantor will make all payments of principal of,
premium, if any, and interest on (whether on scheduled payment dates or upon acceleration) and the
Redemption Price, if any, payable in respect of any Note without deduction or withholding for or on
account of any present or future tax, duty, levy, import, assessment or governmental charge
(including penalties, interest and other liabilities related thereto) (“Taxes”) imposed or levied
by or on behalf of the jurisdiction of organization of such Guarantor or any political subdivision
thereof or taxing authority therein (“Taxing Jurisdiction”), upon or as a result of such payments,
unless required by law or by the official interpretation or administration thereof.

          To the extent that any such Taxes are so levied or imposed, the Guarantor will pay such
additional amounts (“Additional Amounts”) to a Holder of the Notes in order that every net amount
received by each Holder (including additional amounts), after withholding for or on account of such
Taxes imposed upon or as a result of such

9

 

payment, will not be less than the amount provided for in the Notes to be then due and
payable.

          As used herein and for purposes of the Indenture and the Notes, any reference to the principal
of and interest on the Notes and the Redemption Price, if any, shall be deemed to include a
reference to any related Additional Amounts payable in respect of such amounts.

          SECTION 1.09. Events of Default. Section 6.01 of the Original Indenture setting forth the
“Events of Default” is hereby amended and restated in its entirety as follows:

          “Event of Default,” whenever used herein with respect to the Notes, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary
or involuntary or be affected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body):

     (1) a default in payment of interest (including Additional Amounts) upon any Note when
it becomes due and payable, and continuance of such default for a period of 30 days; or

     (2) a default in the payment of the principal of or premium, if any, on any Note at
its Maturity; or

     (3) a default in the performance, or breach, of any covenant of the Issuer or any
Guarantor (other than a covenant a default whose performance or whose breach is elsewhere
in this Section specifically dealt with or which has been expressly included in the
Indenture solely for the benefit of Securities other than the Notes), and continuance of
such default or breach for a period of 60 days after there has been given, by registered or
certified mail, to the Issuer or any Guarantor by the Trustee or to the Issuer or any
Guarantor and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Notes a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or

     (4) a default under any Indebtedness by the Issuer, any Guarantor or any of their
respective subsidiaries that results in acceleration of the maturity of such Indebtedness,
or failure to pay any such Indebtedness at maturity, in an aggregate amount greater than
$25.0 million or its foreign currency equivalent at the time; or

     (5) the entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Parent Guarantor, the Issuer or any Significant Subsidiary in
an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or
order adjudging the Parent Guarantor, the

10

 

Issuer or any Significant Subsidiary a bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Parent Guarantor, the Issuer or any Significant Subsidiary under any
applicable federal or state law, or appointing a Custodian of the Parent Guarantor, the
Issuer or any Significant Subsidiary or of any substantial part of their property, or
ordering the winding up or liquidation of its affairs, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in effect for a
period of 90 consecutive days; or

     (6) the commencement by the Parent Guarantor, the Issuer or any Significant Subsidiary
of a voluntary case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order
for relief in respect of the Parent Guarantor, or the Issuer or any Significant Subsidiary
in an involuntary case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, or the filing by it of a petition or answer or
consent seeking reorganization or relief under any applicable federal or state law, or the
consent by it to the filing of such petition or to the appointment of or taking possession
by a Custodian of the Issuer or any Significant Subsidiary of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or the
admission by it in writing of its inability to pay its debts generally as they become due,
or the taking of corporate action by the Parent Guarantor, the Issuer or any Significant
Subsidiary in furtherance of any such action, or the taking of any comparable action under
any foreign laws relating to insolvency; or

     (7) any Guarantee shall for any reason cease to be, or shall for any reason be
asserted in writing by any Guarantor not to be, in full force and effect and enforceable in
accordance with its terms.

          SECTION 1.10. Notice of Defaults.

          Section 7.02 (Notice of Defaults) of the Original Indenture is hereby amended and restated in
its entirety as follows:

     Within 60 days after the occurrence of any default hereunder with respect to the
Notes, the Trustee shall transmit by mail to all Holders of Notes, as their names and
addresses appear in the Security Register, notice of such default hereunder known to the
Trustee, unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of, premium, if any, or
interest on any Note or in the payment of any sinking fund or analogous obligation
installment with respect to the Notes, the Trustee shall be protected in withholding such
notice if and so long as the board

11

 

of directors, the executive committee or a trust committee of directors or Responsible
Officers of the Trustee in good faith determines that the withholding of such notice is in
the interest of the Holders of Notes; and provided, further, that in the case of any
default of the character specified in Section 6.01(3) with respect to the Notes, no such
notice to Holders shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section, the term “default” means any event which is, or after notice
or lapse of time or both would become, an Event of Default with respect to the Notes.

          SECTION 1.11. Legal Defeasance and Discharge and Covenant Defeasance. Section 5.03 and
Section 5.04 of the Original Indenture does hereby apply to all of the outstanding Notes.

ARTICLE II

Miscellaneous Provisions

          SECTION 2.01. Integral Part. This Supplemental Indenture constitutes an integral part of the
Original Indenture.

          SECTION 2.02. Adoption, Ratification and Confirmation. The Original Indenture, as
supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted,
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original
Indenture in the manner and to the extent herein and therein provided. The provisions of this
Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Original
Indenture to the extent the Original Indenture is inconsistent herewith.

          SECTION 2.03. Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

          SECTION 2.04. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          SECTION 2.05. Conflict with Trust Indenture Act. If and to the extent that any provision of
the Indenture limits, qualifies or conflicts with a provision required under the terms of the Trust
Indenture Act, the Trust Indenture Act provision shall control.

          SECTION 2.06. Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

12

 

          SECTION 2.07. Separability Clause. In case any provision in the Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

          SECTION 2.08. Successors and Assigns. All covenants and agreements in the Indenture by the
parties hereto shall bind their respective successors and assigns, whether so expressed or not.

          SECTION 2.09. Benefit of Indenture. Nothing in this Supplemental Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto, any Security
Registrar, any Paying Agent, and their successors hereunder, and the Holders of the Notes, any
benefit or any legal or equitable right, remedy or claim hereunder or under the Indenture.

          SECTION 2.10. 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 are made solely by the Issuer and the Guarantors.

13

 

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

	 	 	 	 	 
	 	Willis North America Inc.

 	 
	 	By:  	                  /s/ Donald J. Bailey
 	 
	 	 	Name:  	Donald J. Bailey 	 
	 	 	Title:  	Chief Executive Officer and
President 	 
	 
	 	Willis Group Holdings Limited

 	 
	 	By:  	               /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Chief Financial Officer
	 
	 
	 	willis investment uk holdings limited

 	 
	 	By:  	             /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	TA I Limited

 	 
	 	By:  	                   /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	TA II Limited

 	 
	 	By:  	                   /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	TA III Limited

 	 
	 	By:  	                  /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	Trinity Acquisition Limited

 	 
	 	By:  	               /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	TA IV Limited

 	 
	 	By:  	                   /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	Willis Group Limited

 	 
	 	By:  	                 /s/ Patrick C. Regan
 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	the bank of new york mellon,

as Trustee

 	 
	 	By:  	
/s/ Geovanni Barris
 	 
	 	 	Name:  	Geovanni Barris 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

Exhibit A

[FORM OF FACE OF NOTE]

          THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, THIS SECURITY 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, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

 

WILLIS NORTH AMERICA INC.

7.0% Senior Note due 2019

CUSIP No.: 970648AE1

ISIN No.:US970648AE14

			
	 	 	 
	No.
	 	US$

          WILLIS NORTH AMERICA INC., a corporation duly organized and existing under the laws of
Delaware (herein called the “Issuer”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its
registered assigns, the principal sum of $300,000,000 on September 29, 2019, and to pay interest
thereon from September 29, 2009 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing
March 15, 2010 and at the Stated Maturity of this Note, at the rate of 7.0% per annum (subject to
adjustment as set forth in Section 1.07 of the Fourth Supplemental Indenture), until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be March 1 or September 1
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest due on an Interest Payment Date not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Note is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

          Payment of the principal of (and premium, if any) and interest on this Note will be made at
the office or agency of the Issuer maintained for that purpose in the City and State of New York,
or at such other agency as the Issuer may determine, 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;
provided, however, that at the option of the Issuer payment of interest may be made (subject to
surrender where applicable) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or by wire transfer at such place and to such account
at a banking institution in the United States as may be designated in writing to the Trustee
referred to on the reverse hereof at least sixteen (16) days prior to the date of payment by the
Person entitled thereto. Notwithstanding the foregoing, payment of any amount payable in respect of
a

 

 

Global Security will be made in accordance with the applicable procedures of the Depositary.

          The Trustee shall act as Paying Agent with respect to the Notes of this series.

          Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

          Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed as of the date
first written above.

	 	 	 	 	 
	 	Willis North America Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 

	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Securities of the series designated therein issued under the
within-mentioned Indenture.

	 	 	 	 	 
	Dated: 	THE BANK OF NEW YORK MELLON

as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

2

 

	 	 	 	 	 

[FORM OF REVERSE OF NOTE]

WILLIS NORTH AMERICA INC.

7.0% Senior Note due 2019

          This global security certificate represents one of a duly authorized issue of securities of the Issuer (herein called the
“Notes”), issued and to be issued in one or more series under an Indenture, dated as of July 1,
2005, (herein called the “Original Indenture”), as supplemented by the First Supplemental
Indenture, dated as of July 1, 2005 (herein called the “First Supplemental Indenture”), the Second
Supplemental Indenture, dated as of March 28, 2007 (herein called the “Second Supplemental
Indenture”), the Third Supplemental Indenture, dated as of October 1, 2008 (herein called the
“Third Supplemental Indenture”) and the Fourth Supplemental Indenture, dated as of September 29,
2009 (herein called the “Fourth Supplemental Indenture”) (such Original Indenture, together with
the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental
Indenture and the Fourth Supplemental Indenture, the “Indenture”), between the Issuer, Willis Group
Holdings Limited, TA I Limited, TA II Limited, TA III Limited, Trinity Acquisition Limited, TA IV
Limited, Willis Group Limited and, in the case of the Third Supplemental Indenture, Willis
Investment UK Holdings Limited, (each, a “Guarantor,” and collectively, the “Guarantors”) and The
Bank of New York Mellon (formerly known as The Bank of New York), as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Notes and
of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one
of the series designated on the face hereof.

          With respect to any payments made by a Guarantor that is organized other than under the laws
of the United States, any state thereof or the District of Columbia, the Guarantor will make all
payments of principal of (and premium, if any) and interest on (whether on scheduled payment dates
or upon acceleration) and the Redemption Price, if any, payable in respect of any Note of this
series without deduction or withholding for or on account of any present or future tax, duty, levy,
import, assessment or governmental charge (including penalties, interest and other liabilities
related thereto) (“Taxes”) imposed or levied by or on behalf of the jurisdiction of organization of
such Guarantor or any political subdivision thereof or taxing authority therein (“Taxing
Jurisdiction”), upon or as a result of such payments, unless required by law or by the official
interpretation or administration thereof.

          To the extent that any such Taxes are so levied or imposed, the Guarantor will pay such
additional amounts (“Additional Amounts”, which term shall have the meaning assigned to it in the
Indenture) to a Holder of the Notes of this series in order that every net payment of the principal
of and interest on such Notes and the Redemption Price, if any, payable in respect of such Notes,
after withholding for or on account of

 

 

such Taxes imposed upon or as a result of such payment, will not be less than the amount
provided for in such Notes to be then due and payable.

          Wherever in this Note or the Indenture there is mentioned, in any context, the payment of
principal (and premium, if any), interest or any other amount payable under or with respect to the
Notes of this series, such mention shall be deemed to include mention of the payment of Additional
Amounts to the extent that, in such context additional amounts are, were or would be payable in
respect thereof.

          The Issuer may, from time to time, without notice to or the consent of the Holders of the
Notes, increase the principal amount of the Notes of this series under the Indenture and issue such
increased principal amount (or any portion thereof), in which case any additional Notes of this
series so issued will have the same form and terms (other than the date of issuance and the issue
price and, under certain circumstances, the date from which interest thereon will begin to accrue
and the initial Interest Payment Date), and will carry the same right to receive accrued and unpaid
interest, as the Notes of such series previously issued, and such additional Notes will form a
single series with the previously issued Notes of such series, including for voting purposes.

          No sinking fund is provided for the Notes. The Notes of this series are subject to redemption
upon not less than 30 nor more than 60 days’ notice given as provided in the Indenture, as a whole
at any time, or in part from time to time, at the election of the Issuer, at the Redemption Price,
which shall be equal to the greater of (i) 100% of the principal amount of the Notes of this series
to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to such Redemption Date) discounted
to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 50 basis points, plus, in either case, accrued and unpaid
interest on the principal amount being redeemed to such Redemption Date.

          In the case of any such redemption, the Issuer will also pay accrued and unpaid interest, if
any, to the redemption date.

          The definitions of certain terms used in the paragraph above are listed below.

          “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the Notes of
this series to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.

          “Comparable Treasury Price” means, with respect to any Redemption Date for the Notes of this
series, (1) the average of five Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest Reference

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Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than
five such Reference Treasury Dealer Quotations, the average of all such quotations.

          “Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer
appoints to act as the Independent Investment Banker from time to time.

          “Reference Treasury Dealer” means (1) each of Banc of America Securities LLC and J.P. Morgan
Securities Inc. and their respective successors; provided, however, that if any of the foregoing
ceases to be a primary dealer of U.S. government securities in the United States (a “Primary
Treasury Dealer”), the Issuer shall substitute another Primary Treasury Dealer and (2) any other
Primary Treasury Dealers selected by the Issuer.

          “Reference Treasury Dealer Quotations means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City time, on the third Business Day preceding such Redemption Date.

          “Treasury Rate” means, with respect to any Redemption Date: (a) the yield, under the heading
that represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15 (519)” or any successor publication that is
published weekly by the Board of Governors of the Federal Reserve System and that establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three months before or after the remaining term of the Notes yields for the
two published maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or (b) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

          In the event of redemption of this Note in part only, a new Note or Notes of this series and
of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof.

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          The Issuer shall mail notice of redemption not less than 30 nor more than 60 days prior to the
Redemption Date, to each Holder of Notes of this series to be redeemed, all as provided in the
Indenture.

          The Indenture contains provisions for defeasance at any time of the entire Indebtedness of
this Note or certain restrictive covenants and Events of Default with respect to this Note, in each
case upon compliance with certain conditions set forth in the Indenture.

          If an Event of Default with respect to Notes of this series shall occur and be continuing, the
principal of the Notes of this series may be declared due and payable in the manner and with the
effect provided in the Indenture.

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the Guarantors and the rights of
the Holders of the Notes of each series to be affected under the Indenture at any time by the
Issuer, the Guarantors and the Trustee with the consent of the Holders of not less than a majority
in principal amount of the Notes at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes
of such series, to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

          As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the
Notes of this series, the Holders of not less than a majority in principal amount of the Notes of
this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable
indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Notes of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice,
request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Note for the enforcement of any payment of principal hereof (or premium, if any) or
interest hereon on or after the respective due dates expressed herein.

          No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and

4

 

unconditional, to pay the principal of and any premium and interest on this Note at the times,
place and rate, and in the coin or currency, herein prescribed.

          As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Issuer in any place where the principal of
and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

          The Notes of this series are issuable only in registered form without coupons in denominations
of US $2,000 or any integral multiple of $1,000 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

          No service charge shall be made for any such registration of transfer or exchange, but the
Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

          Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee
and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.

          All terms used in this Note that are not otherwise defined herein shall have the meaning assigned
to them in the Indenture.

5

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