Document:

exv4w2

Exhibit 4.2

 

TRINITY ACQUISITION PLC

Issuer

WILLIS GROUP HOLDINGS LIMITED

Old Holdings

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

New Holdings

WILLIS NETHERLANDS HOLDINGS B.V.

New Guarantor

WILLIS INVESTMENT UK HOLDINGS LIMITED

TA I LIMITED

TA II LIMITED

TA III LIMITED

TA IV LIMITED

WILLIS GROUP LIMITED

WILLIS NORTH AMERICA INC.

the Existing Guarantors

and

THE BANK OF NEW YORK MELLON

Trustee

 

Second Supplemental Indenture

Dated as of December 31, 2009

to the

Indenture

Dated as of March 6, 2009

 

 

     Supplemental Indenture (this “Supplemental Indenture”), dated December 31, 2009, among
TRINITY ACQUISITION PLC (the “Issuer”), WILLIS GROUP HOLDINGS LIMITED (“Old Holdings”),
WILLIS INVESTMENT UK HOLDINGS LIMITED, TA I LIMITED, TA II LIMITED, TA III LIMITED, TA IV LIMITED,
WILLIS GROUP LIMITED and WILLIS NORTH AMERICA INC. (the “Existing Guarantors”), and WILLIS
GROUP HOLDINGS PUBLIC LIMITED COMPANY (“New Holdings”) and WILLIS NETHERLANDS HOLDINGS B.V.
(“New Guarantor” and together with New Holdings, the “Guaranteeing Entities”) and
THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”).

W I T N E S S E T H

     WHEREAS, each of the Issuer, Old Holdings and the Guarantors (as defined in the Indenture
referred to below) has heretofore executed and delivered to the Trustee an indenture, dated as of
March 6, 2009, and supplemented by the First Supplemental Indenture, dated as of November 18, 2009
(together, the “Indenture”), providing for the issuance of $500,000,000 aggregate principal
amount of 12.875% Senior Notes due 2016 (the “Notes”);

     WHEREAS, Section 9.02(a) of the Indenture provides that the Issuer, the Guarantors and
the Trustee may amend or supplement certain provisions of the Indenture, the Notes and the
Guarantees with the consent of the Required Holders voting as a single class and upon the delivery
of certain documentation to the Trustee;

     WHEREAS, Section 10.06 of the Indenture provides that a Guarantee by a Guarantor shall
be automatically and unconditionally released and discharged upon a transfer of all or
substantially all of the assets of such Guarantor, which transfer is made in compliance with the
applicable provisions of the Indenture;

     WHEREAS, the Indenture provides that, under certain circumstances, the Guaranteeing Entities
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Entities shall unconditionally guarantee all of the Issuer’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and

     WHEREAS, 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 parties mutually covenant and agree
as follows:

     (1) Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     (2) Amendments to Indenture. Subject to the conditions set forth in Article
9, the Indenture is amended as set forth in this Section 2.

(a) Section 1.01, the definition of “Change of Control” is amended by
inserting a new paragraph after clause (6), that states as follows:

 

 

“Notwithstanding the foregoing, a transfer of all or substantially all of the
assets of Holdings to a Person which expressly assumes the obligations of Holdings
under the Notes and the Indenture for the purpose of effecting a Redomestication as
permitted by Section 5.03 of this Indenture shall not be considered a
Change of Control.

(b) Section 1.01, the definition of “Officer” is amended by replacing it,
in its entirety, with the following:

“means the chairman of the board, the chief executive officer, the chief financial
officer, the chief responsible officer, the chief operating officer, the president,
any executive vice president, senior vice president or vice president, the
treasurer, the secretary or (in respect of any Person organized under the laws of
England and Wales, Ireland or the Netherlands) a director or member of the sealing
committee.”

(c) Section 1.01 is amended, by adding the following definitions:

“New Guarantor” means Willis Netherlands Holdings B.V., after assuming the
obligations of a Guarantor under the Indenture pursuant to the Second Supplemental
Indenture to this Indenture, and any successor thereto pursuant to the applicable
provisions of this Indenture.

“New Holdings” means Willis Group Holdings Public Limited Company, after
assuming the obligations of Old Holdings under the Indenture pursuant to the Second
Supplemental Indenture to this Indenture, and any successor thereto pursuant to the
applicable provisions of this Indenture.

“Old Holdings” means Willis Group Holdings Limited.

“Redomestication” means a series of transactions pursuant to which (a)
New Holdings shall become the publicly held indirect parent of the Issuer in lieu
of Old Holdings, (b) New Guarantor shall become a wholly-owned direct subsidiary of
New Holdings, (c) after giving effect thereto (i) New Holdings and New Guarantor
shall collectively own substantially all of the assets owned by Old Holdings prior
to any such transactions and (ii) the Issuer shall be a wholly owned, indirect
Subsidiary of New Holdings and New Guarantor and (d) after the consummation of the
transactions contemplated by clauses (a), (b) and (c)
above, Old Holdings may be liquidated or dissolved and cease to exist. The
Redomestication shall be deemed to have been consummated on the date on which New
Holdings and/or New Guarantor shall collectively own substantially all of the
assets (including all indirect Equity Interests in the Issuer) owned by Old
Holdings immediately prior to the transactions referred to in this definition and
New Holdings is the publicly held indirect parent company of the Issuer in lieu of
Old Holdings.

(d) Section 5.01(a)(ii) is amended by adding the following phrase
immediately before the semicolon at the end thereof:

“, unless such obligation is retained by the Designated Obligor”.

 

 

(e) A new Section 5.03 is added to the Indenture to read as follows:

     “Section 5.03 Successor Holdings Pursuant to Redomestication.

     For the avoidance of doubt and notwithstanding anything to the contrary
contained in this Indenture, including in clauses (i), (iii), (iv) and (vi) of
Section 5.01 and in Section 5.02, (a) effective upon the transfer of all or
substantially all of the assets of Old Holdings to New Holdings, pursuant to the
Redomestication, (i) New Holdings shall automatically become “Holdings” for all
purposes under this Indenture, and any other documents delivered in connection
herewith and (ii) Old Holdings shall cease to be a Guarantor or to have any
obligations under the Notes and this Indenture and (b) effective upon the transfer
of all or substantially all of the assets of New Holdings to New Guarantor,
pursuant to the Redomestication, (i) New Guarantor shall automatically become a
“Designated Obligor” for all purposes under this Indenture, and any other documents
delivered in connection herewith and (ii) New Holdings shall continue to be
“Holdings” for all purposes under this Indenture, and any other documents delivered
in connection herewith.”

(f) Section 10.03 is amended by striking the first paragraph of the section
and replacing it entirely with the following:

“To evidence its Guarantee set forth in Section 10.01 hereof, each
Guarantor hereby agrees that this Indenture shall be executed on behalf of such
Guarantor by its chairman of the board, chief executive officer, chief financial
officer, chief responsible officer, chief operating officer, president, any
executive vice president, senior vice president, vice president or assistant vice
president or (in respect of any Person organized or incorporated under the laws of
England and Wales, Ireland or the Netherlands) a director or member of the sealing
committee.”

     (3) Agreement to Assume Obligations and to Guarantee. The Guaranteeing Entities
hereby agree as follows:

(a) Pursuant to Section 5.01(a)(ii) and Section 5.03 of the
Indenture, as hereby amended, upon Old Holdings’ transfer of all or substantially
all of its properties and assets to New Holdings, New Holdings expressly assumes
the obligations of Old Holdings under the Notes and the Indenture.

(b) Pursuant to Section 5.01(a)(ii) of the Indenture, as hereby amended,
upon New Holdings’ transfer of all or substantially all of its properties and
assets to New Guarantor, New Guarantor expressly assumes a Guarantee under the
Notes and the Indenture, and New Holdings retains all of the obligations it assumed
from Old Holdings under the Notes and the Indenture.

(c) Pursuant to Section 5.01(b), Section 5.03, and Section
10.06 of the Indenture, as hereby amended, upon transfer of all or
substantially all of its properties and assets, Old Holdings shall cease to have
any obligations under the Notes and the Indenture and shall be automatically and
unconditionally released and discharged from its Guarantee.

 

 

(d) Pursuant to Section 5.01(a)(v), the Guaranteeing Entities along with
all Guarantors named in the Indenture, hereby agree to jointly and severally,
absolutely and unconditionally guarantee to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of the Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that:

     (i) the principal of and interest and Additional Amounts, if any, premium, if
any, on the Notes will be promptly paid in full when due, whether at maturity, by
acceleration, demand, redemption or otherwise, and interest on the overdue
principal of and interest on the Notes, if any, if lawful, and all other
obligations of the Issuer to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof
and thereof; and

     (ii) in case of any extension of time of payment or renewal of any Notes or
any of such other obligations, that same obligations 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. Failing payment when due
of any amount so guaranteed or any performance so guaranteed for whatever reason,
the Guarantors and each Guaranteeing Entity shall be jointly and severally
obligated to pay the same immediately. This is a guarantee of payment and not a
guarantee of collection.

(e) The obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against
the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor.

(f) The following is hereby waived: any defense arising by reason of any
disability or other defense of the Issuer or any Guaranteeing Entity, or the
cessation from any cause whatsoever (including any act or omission of any Obligor)
of the liability of the Issuer; (ii) any defense based on any claim that any
Guaranteeing Entity obligations exceed or are more burdensome than those of the
Issuer; (iii) the benefit of any statute of limitations affecting any Guaranteeing
Entity’s liability hereunder; (iv) any right to proceed against the Issuer, proceed
against or exhaust any security for the Obligations under the Financing Documents,
or pursue any other remedy in the power of any Obligor whatsoever; (v) any benefit
of and any right to participate in any security now or hereafter held by any
Obligor; and (vi) to the fullest extent permitted by law, any and all other
defenses or benefits that may be derived from or afforded by applicable law
limiting the liability of or exonerating guarantors or sureties. Each Guaranteeing
Entity expressly waives all setoffs and counterclaims and all presentments, demands
for payment or performance, notices of nonpayment or nonperformance, protests,
notices of protest, notices of dishonor and all other notices or demands of any
kind or nature whatsoever with respect to the Obligations under the Financing
Documents, and all notices of acceptance of the

 

 

Guarantee or of the existence, creation or incurrence of new or additional
Obligations under the Financing Documents.

(g) This Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes, the Indenture and this Supplemental Indenture,
and each Guaranteeing Entity accepts all obligations of a Guarantor under the
Indenture.

(h) If any Holder or the Trustee is required by any court or otherwise to return to
the Issuer, the Guarantors (including any Guaranteeing Entity), or any custodian,
trustee, liquidator or other similar official acting in relation to either the
Issuer or the Guarantors, any amount paid either to the Trustee or such Holder,
this Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

(i) Neither Guaranteeing Entity shall be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until
payment in full of all obligations guaranteed hereby.

(j) As between the Guaranteeing Entities, on the one hand, and the Holders and the
Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby
may be accelerated as provided in Article 6 of the Indenture for the
purposes of this Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (y) in the event of any declaration of acceleration of such obligations
as provided in Article 6 of the Indenture, such obligations (whether or not
due and payable) shall forthwith become due and payable by any Guaranteeing Entity
for the purpose of this Guarantee.

(k) Each Guaranteeing Entity shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under this Guarantee.

(l) Pursuant to Section 10.02 of the Indenture, after giving effect to all
other contingent and fixed liabilities that are relevant under any applicable
Bankruptcy Law or fraudulent conveyance laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other Guarantor
under Article 10 of the Indenture, this new Guarantee shall be limited to
the maximum amount permissible such that the obligations of such Guaranteeing
Entity under this Guarantee will not constitute a fraudulent transfer or
conveyance.

(m) This Guarantee shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Issuer for liquidation,
reorganization, should the Issuer become insolvent or make an assignment for the
benefit of creditors or should a receiver or trustee be appointed for all or any
significant part of the Issuer’s assets, and shall, to the fullest extent permitted
by law, continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Notes are, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any
obligee

 

 

on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent
transfer” or otherwise, all as though such payment or performance had not been
made. In the event that any payment or any part thereof, is rescinded, reduced,
restored or returned, the Note shall, to the fullest extent permitted by law, be
reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

(n) In case any provision of this Guarantee 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.

(o) This Guarantee shall be a general unsecured senior obligation of such
Guaranteeing Entity, ranking pari passu with any other future senior Indebtedness
of such Guaranteeing Entity, if any.

(p) Each payment to be made by any Guaranteeing Entity in respect of this Guarantee
shall be made without set-off, counterclaim, reduction or diminution of any kind or
nature.

(q) Each Guaranteeing Entity consents and agree that the Holders may, at any time
and from time to time, without notice or demand, and without affecting the
enforceability or continuing effectiveness hereof: (i) amend, extend, renew,
compromise, discharge, accelerate or otherwise change the time for payment or the
terms of the Obligations under the Financing Documents or any part thereof; and
(ii) release or substitute one or more of any endorsers or other guarantors of any
of the Obligations under the Financing Documents. Without limiting the generality
of the foregoing, the Guarantors consent to the taking of, or failure to take, any
action which might in any manner or to any extent vary the risks of any
Guaranteeing Entity under this Supplemental Indenture or which, but for this
provision, might operate as a discharge of such Guaranteeing Entity.

     (4) Conditions Precedent to Effectiveness. This Guarantee shall become effective upon
the satisfaction of each of the conditions precedent set forth in this Section 3:

(a) The Trustee shall have received evidence of consent of the Required Holders to
amend the Indenture pursuant to Section 9.02(a) of the Indenture along with
the documents described in Section 7.02(b), Section 9.02(a),
Section 9.05 and Section 12.03 of the Indenture.

(b) The Trustee shall have received a certificate of each Guaranteeing Entity,
dated as of the date hereof, as to the authority and signatures of those Persons
authorized to execute, deliver, perform and to act with respect to each instrument,
agreement or other document to be executed in connection with the transactions
contemplated in connection herewith, upon which certificate the Trustee and each
Holder, including each assignee (whether or not it shall have then become a party
hereto), may conclusively rely until it shall have received a further certificate
of each Guaranteeing Entity canceling or amending such prior certificate;

 

 

(c) The Trustee shall have received a copy of the organization documents of each
Guaranteeing Entity, each certified in a manner reasonably satisfactory to the
Trustee, and a copy of the certificate of registration or incorporation, as
applicable, and, if applicable, a certificate of good standing for each
Guaranteeing Entity issued by the appropriate governmental office in its
jurisdiction of organization;

(d) The Trustee shall have received executed counterparts of this Supplemental
Indenture;

(e) The Trustee shall have received a certificate of each Guaranteeing Entity
addressed to the Trustee and the Holders, dated as of the date hereof, in form and
substance reasonably satisfactory to the Trustee, to the effect that, as of such
date all conditions set forth in this Section 4 have been fulfilled;

(f) The Trustee shall have received such other instruments, agreements, legal
opinions addressed to the Trustee and, during any period which is a Holding Period,
the Required Holders (including legal opinions regarding corporate, enforceability
and security matters) as it shall request.

     (5) Execution and Delivery. Each Guaranteeing Entity agrees that the Guarantee shall
remain in full force and effect notwithstanding the absence of the endorsement of any notation of
such Guarantee on the Notes.

     (6) Merger, Consolidation or Sale of All or Substantially All Assets. A Guaranteeing
Entity may not consolidate or merge with or into or wind up into (whether or not the Issuer or
Guaranteeing Entity is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets, in one or more related
transactions, to any Person except as provided in Article 5 of the Indenture.

     (7) Releases. The Guarantees of the Guaranteeing Entities shall be automatically and
unconditionally released and discharged, and no further action by such Guaranteeing Entity, the
Issuer or the Trustee is required for the release of such Guaranteeing Entity’s Guarantee, upon:

(i) (A) any sale, exchange or transfer (by merger or otherwise) of the Capital
Stock of any Guaranteeing Entity (including any sale, exchange or transfer), after
which such Guaranteeing Entity is no longer a Subsidiary of Holdings or all or
substantially all the assets of such Guaranteeing Entity, which sale, exchange or
transfer is made in compliance with the applicable provisions of the Indenture; or

(B) the Issuer exercising its Legal Defeasance option or Covenant Defeasance option
in accordance with Article 8 of the Indenture or the Issuer’s obligations
under the Indenture being discharged in accordance with the terms of the Indenture;
and

(ii) delivery by such Guaranteeing Entity to the Trustee of an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent

 

 

provided for in the Indenture relating to such transaction have been complied with.

     (8) No Recourse Against Others. No director, officer, employee, incorporator or
stockholder of any Guaranteeing Entity shall have any liability for any obligations of the Issuer
or the Guarantors (including such Guaranteeing Entity) under the Notes, any 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 by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes.

     (9) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     (10) 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.

     (11) Effect of Headings. The section headings herein are for convenience only and
shall not affect the construction hereof.

     (12) 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 Entities
and the other parties hereto.

     (13) Subrogation. Each Guaranteeing Entity shall be subrogated to all rights of
Holders of Notes against the Issuer in respect of any amounts paid by such Guaranteeing Entity
pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture;
provided that, if an Event of Default has occurred and is continuing, such Guaranteeing
Entity shall not be entitled to enforce or receive any payments arising out of, or based upon, such
right of subrogation until all amounts then due and payable by the Issuer under the Indenture or
the Notes shall have been paid in full.

     (14) Benefits Acknowledged. Each Guaranteeing Entity’s Guarantee is subject to the
terms and conditions set forth in the Indenture. The Guaranteeing Entity acknowledges that it will
receive direct and indirect benefits from the financing arrangements contemplated by the Indenture
and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this
Guarantee are knowingly made in contemplation of such benefits.

     (15) Successors. All agreements of each Guaranteeing Entity in this Supplemental
Indenture shall bind its successors, except as otherwise provided in Section 3(n) hereof or
elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental
Indenture shall bind its successors.

     (16) Notice of Transfers. The Guaranteeing Entities shall give the Trustee prompt
written notice of Old Holdings’ transfer of all or substantially all of its properties and

 

 

assets to New Holdings and of New Holdings’ transfer of all or substantially all of its
properties and assets to New Guarantor promptly after each such transfer.

 

 

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

	 	 	 	 	 
	 	

TRINITY ACQUISITION PLC

 	 
	 	By:  	/s/ Patrick C. Regan 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Director 	 
	 
	 	WILLIS GROUP HOLDINGS LIMITED

 	 
	 	By:  	/s/ Patrick C. Regan 	 
	 	 	Name:  	Patrick C. Regan 	 
	 	 	Title:  	Chief Financial Officer and Group Chief
Operating Officer 	 
	 
	 	WILLIS INVESTMENT UK HOLDINGS LIMITED

TA I LIMITED

TA II LIMITED

TA III LIMITED

TA IV LIMITED

WILLIS GROUP LIMITED

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

[Signature page to the Second Supplemental Indenture]

 

 

WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY

	 	 	 
	PRESENT when the common seal of
	 	 
	WILLIS GROUP HOLDINGS
	 	 
	 

	 	/s/ Patrick C. Regan 
	PUBLIC LIMITED COMPANY
	 	DIRECTOR/ MEMBER OF SEALING COMMITTEE
	was affixed to this Deed:-

	 	 
	 
	 	 
	 

	 	/s/ Adam G. Ciongoli
	 
	 	DIRECTOR/ MEMBER OF SEALING COMMITTEE

	 	 	 
	Witness’s signature: 
	 	/s/ David Molloy 
	Name: 
	 	David Molloy
	Address: 
	 	Earlsfort Terrace, Dublin 2 
	Occupation: 
	 	Solicitor 

[Signature page to the Second Supplemental Indenture]

 

 

	 	 	 	 	 
	 	WILLIS NETHERLANDS HOLDINGS B.V.

 	 
	 	By:  	/s/ A. C. Konijnendijk	 
	 	 	Name:  	A. C. Konijnendijk 	 
	 	 	Title:  	Managing Director A 	 
	 

[Signature page to the Second Supplemental Indenture]

 

 

	 	 	 	 	 
	 	

WILLIS NORTH AMERICA INC. 

 	 
	 	By:  	/s/ Donald J Bailey 	 
	 	 	Name:  	Donald J Bailey 	 
	 	 	Title:  	Chief Executive Officer and President 	 
	 

[Signature page to the Second Supplemental Indenture]

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee

 	 
	 	By:  	/s/ Timothy E. Burke 	 
	 	 	Name:  	Timothy E. Burke 	 
	 	 	Title:  	Vice President 	 
	 

[Signature page to the Second Supplemental Indenture]exv4w3

Exhibit 4.3

 

TRINITY ACQUISITION PLC

Issuer

WILLIS GROUP HOLDINGS LIMITED

Holdings

WILLIS INVESTMENT UK HOLDINGS LIMITED

TA I LIMITED

TA II LIMITED

TA III LIMITED

TA IV LIMITED

WILLIS GROUP LIMITED

WILLIS NORTH AMERICA INC.

the Other Guarantors

and

THE BANK OF NEW YORK MELLON

Trustee

 

First Supplemental Indenture

Dated as of November 18, 2009

to the

Indenture

Dated as of March 6, 2009

     Supplemental Indenture (this “First Supplemental Indenture”), dated as of November 18,
2009, among TRINITY ACQUISITION PLC (the “Issuer”), WILLIS INVESTMENT UK HOLDINGS LIMITED,
TA I LIMITED, TA II LIMITED, TA III LIMITED, TA IV LIMITED, WILLIS GROUP LIMITED and WILLIS NORTH
AMERICA INC. (the “Other Guarantors”), and WILLIS GROUP HOLDINGS LIMITED
(“Holdings”) and THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”).

W I T N E S S E T H

     WHEREAS, each of the Issuer, Holdings and the Other Guarantors has heretofore executed
and delivered to the Trustee an indenture (the “Base Indenture”), dated as of March 6,
2009, providing for the issuance of $500,000,000.00 aggregate principal amount of 12.875% Senior
Notes due 2016 (the “Notes”) (the “Indenture”);

     WHEREAS, Section 9.02(a) of the Indenture provides that the Issuer, the Guarantors and
the Trustee may amend or supplement certain provisions of the Indenture, the Notes and the
Guarantees with the consent of the Required Holders voting as a single class and upon the delivery
of certain documentation to the Trustee; and

 

 

     WHEREAS, the Trustee is authorized to execute and deliver this First Supplemental Indenture.

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
as follows:

     (1) Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     (2) Amendments to Indenture. Subject to the conditions set forth in Article
9, the Indenture is amended as set forth in this Section 2.

(a) Section 1.01, the definition of “Asset Sale” is amended by adding
clause (m), to clause (2) thereof, as follows:

“the disposition by Holdings or any Subsidiary, of Equity Interests or other
interests (i) in Gras Savoye pursuant to the Gras Savoye Transactions, (ii) in
Topco to members of management of Topco under contractual arrangements entered into
in connection with the Gras Savoye Transactions, and (iii) in Topco for fair market
value in connection with the exercise by the other shareholders of Topco of their
drag along rights under contractual arrangements entered into in connection with
the Gras Savoye Transactions; provided that Holdings uses the net cash proceeds
from such dispositions in the manner required by Section 4.10(b), (c) and (d) of
the Indenture, as if such net cash proceeds were Net Proceeds.”

(b) Section 1.01, is amended by adding the following definition:

“Gras Savoye” means Gras Savoye & Cie.

(c) Section 1.01, is amended by adding the following definition:

“Gras Savoye Transactions” means the transactions relating to the disposition by
Holdings and any of its Subsidiaries of all of the Equity Interests or other
interests in Gras Savoye to Topco, or an affiliate thereof, for consideration
consisting of cash, notes issued by Topco or an affiliate thereof or Equity
Interests in Topco, or any combination of the foregoing, pursuant to the Purchase
Agreement and the Shareholders’ Agreement.

(d) Section 1.01, the definition of “Permitted Investments” is amended by
deleting the following language in clause (5) upon the completion of the
Gras Savoye Transactions:

“(a)” and “and (b) in Gras Savoye & Cie, France, pursuant to “put” agreements and
“call” agreements in place on the Issue Date (without any amendment or modification
of any such agreement that would increase the required amount or price of such
Investment or would otherwise be materially adverse to the to the interests of the
Holders)”

2

 

and by adding clause (12), which states as follows:

“Investments in Topco acquired or made pursuant to the Gras Savoye
Transactions.”

(e) Section 1.01 the definition of “Permitted Liens” is amended by adding
clause (10), which states as follows:

“Liens on Investments in Topco granted in connection with and as contemplated
by the Gras Savoye Transactions.”

(f) Section 1.01, is amended by adding the following definition:

     “Purchase Agreement” means the Investment and Share Purchase Agreement, dated
as of November 18, 2009, by and among Astorg Partners, certain Funds managed by
Astorg Partners S.p.A., Soleil S.p.A., Alcee S.p.A., Willis Europe B.V., other
sellers identified therein, Maera S.A., Mr. Pierre Simon and PRPHI Srl. and
attached to the First Supplemental Indenture to this Indenture, dated as of
November 18, 2009, as Exhibit A.

(g) Section 1.01, is amended by adding the following definition:

     “Shareholders’ Agreement” means the Shareholders’ Agreement with respect to
Soleil S.p.A., substantially in the form attached to the First Supplemental
Indenture, to this Indenture, dated as of November 18, 2009, as Exhibit B.

(h) Section 1.01, is amended by adding the following definition:

“Topco” means any entity that following the consummation of the Gras Savoye
Transactions is owned in part by Holdings or any Subsidiary and shall hold,
directly or indirectly, Equity Interests in Gras Savoye.

(i) Section 4.07, is amended by adding clause (x), which states as follows:

“any Indebtedness of Holdings or any Subsidiary arising solely as a result of the
Permitted Lien referred to in clause (10) of the definition of Permitted
Liens in Section 1.01 of the Indenture.”

     (3) Conditions Precedent to Effectiveness. This First Supplemental Indenture shall
become effective upon the satisfaction of each of the conditions precedent set forth in this
Section 3:

(a) The Trustee shall have received evidence of consent of the Required Holders to
amend the Indenture pursuant to Section 9.02(a) of the Indenture along with
the documents described in Section 7.02(b), Section 9.02(a),
Section 9.05 and Section 12.03 of the Indenture;

3

 

(b) The Trustee shall have received executed counterparts of this First
Supplemental Indenture from all of the parties hereto, and the documents
identified; and

(c) The Gras Savoye Transactions completed on the date hereof shall have occurred
in accordance with the terms and conditions of the Purchase Agreement and the
Shareholders’ Agreement, as evidenced by an Officer’s Certificate delivered to the
Trustee on the date hereof.

     (4) Execution and Delivery. Each of the undersigned agrees that the First
Supplemental Indenture shall remain in full force and effect notwithstanding the absence of the
endorsement of any notation of such Supplemental Indenture on the Notes.

     (5) Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     (6) Counterparts. The parties may sign any number of copies of this First
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

     (7) Effect of Headings. The section headings herein are for convenience only and
shall not affect the construction hereof.

     (8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this First Supplemental Indenture or for or in respect
of the recitals contained herein, all of which recitals are made solely by the other parties
hereto.

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

	 	 	 	 	 
	 	TRINITY ACQUISITION PLC

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	Patrick C. Regan	 
	 	 	Title:  	Director	 
	 
	 	WILLIS GROUP HOLDINGS LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	Patrick C. Regan	 
	 	 	Title:  	Chief Financial Officer and Group Chief Operating Officer	 
	 
	 	WILLIS INVESTMENT UK HOLDINGS LIMITED

TA I LIMITED

TA II LIMITED

TA III LIMITED

TA IV LIMITED

WILLIS GROUP LIMITED

WILLIS NORTH AMERICA INC.

 	 
	 	By:  	 /s/ Derek Smyth	 
	 	 	Name:  	Derek Smyth	 
	 	 	Title:  	Chief Financial Officer	 

5

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee

 	 
	 	By:  	 /s/ Kimberly Agard	 
	 	 	Name:  	 Kimberly Agard	 
	 	 	Title:  	 Vice President	 

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