Document:

exv10w1

Exhibit 10.1

 

 

GUARANTY AGREEMENT

dated as of

October 1, 2008

among

WILLIS NORTH AMERICA INC.,

WILLIS GROUP HOLDINGS LIMITED,

THE OTHER GUARANTORS

IDENTIFIED HEREIN

and

BANK OF AMERICA, N.A.,

as Administrative Agent

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I Definitions
	 	 	1	 
	SECTION 1.01. Credit Agreement
	 	 	1	 
	SECTION 1.02. Other Defined Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II The Guaranty
	 	 	2	 
	SECTION 2.01. Guaranty
	 	 	2	 
	SECTION 2.02. Guarantee of Payment
	 	 	2	 
	SECTION 2.03. No Limitations
	 	 	2	 
	SECTION 2.04. Reinstatement
	 	 	3	 
	SECTION 2.05. Agreement To Pay; Subrogation
	 	 	3	 
	SECTION 2.06. Information
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III Indemnity, Subrogation and Subordination
	 	 	4	 
	SECTION 3.01. Indemnity and Subrogation
	 	 	4	 
	SECTION 3.02. Contribution and Subrogation
	 	 	4	 
	SECTION 3.03. Subordination.
	 	 	5	 
	 
	 	 	 	 
	ARTICLE IV Miscellaneous
	 	 	5	 
	SECTION 4.01. Notices
	 	 	5	 
	SECTION 4.02. Waivers; Amendment
	 	 	5	 
	SECTION 4.03. Administrative Agent’s Fees and Expenses; Indemnification
	 	 	5	 
	SECTION 4.04. Successors and Assigns
	 	 	6	 
	SECTION 4.05. Survival of Agreement
	 	 	6	 
	SECTION 4.06. Counterparts; Effectiveness; Several Agreement
	 	 	6	 
	SECTION 4.07. Severability
	 	 	7	 
	SECTION 4.08. Right of Set-Off
	 	 	7	 
	SECTION 4.09. Governing Law; Jurisdiction; Consent to Service of Process
	 	 	7	 
	SECTION 4.10. WAIVER OF JURY TRIAL
	 	 	8	 
	SECTION 4.11. Headings
	 	 	9	 
	SECTION 4.12. Termination
	 	 	9	 
	SECTION 4.13. Additional Guarantors
	 	 	9	 

	 	 	 
	Exhibits
	Exhibit A
	 	Form of Supplement

 

 

     GUARANTY AGREEMENT (this “Guaranty Agreement”) dated as of October 1, 2008, among
WILLIS NORTH AMERICA INC. (the “Borrower”), WILLIS GROUP HOLDINGS LIMITED (the
“Parent”), the other Guarantors (as defined below) and BANK OF AMERICA, N.A., as
Administrative Agent (the “Administrative Agent”).

     Reference is made to the Credit Agreement dated as of the date hereof (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the
Borrower, the Parent, the Lenders party thereto and the Administrative Agent. The Lenders have
agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit
Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other
things, the execution and delivery of this Guaranty Agreement. The Parent and the other Guarantors
are affiliates of the Borrower, will derive substantial benefits from the extension of credit to
the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Guaranty
Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto
agree as follows:

ARTICLE I

Definitions

     SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Guaranty Agreement
and not otherwise defined herein have the meanings specified in the Credit Agreement.

     (b) The rules of construction specified in Section 1.02 of the Credit Agreement also apply
to this Guaranty Agreement.

     SECTION 1.02. Other Defined Terms. As used in this Guaranty Agreement, the following
terms have the meanings specified below:

     “Administrative Agent” has the meaning assigned to such term in the preliminary
statement of this Guaranty Agreement.

     “Borrower” has the meaning assigned to such term in the preliminary statement of this
Guaranty Agreement.

     “Credit Agreement” has the meaning assigned to such term in the preliminary statement
of this Guaranty Agreement.

     “Guaranty Agreement” has the meaning assigned to such term in the preliminary
statement of this Guaranty Agreement.

     “Guaranteed Parties” means (a) the Lenders, (b) the Administrative Agent, (c) the
Swing Line Lender, (d) the beneficiaries of each indemnification obligation undertaken by any Loan
Party under any Loan Document and (e) the successors and assigns of each of the foregoing.

 

 

     “Guarantors” means the Parent, each of its Subsidiaries identified on Schedule 1.01(b)
of the Credit Agreement and each Subsidiary that, at the Parent’s election, becomes a party to this
Guaranty Agreement as a Guarantor after the Closing Date.

     “Obligations” means (a) the due and punctual payment by the Borrower of (i) the
principal of and interest (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or
more dates set for prepayment or otherwise, and (ii) all other monetary obligations of the Borrower
to any of the Guaranteed Parties under the Credit Agreement and each of the other Loan Documents,
including obligations to pay fees, expense reimbursement obligations and indemnification
obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due
and punctual payment of all the obligations of each other Loan Party under or pursuant to this
Guaranty Agreement and each of the other Loan Documents.

     “Non-Parent Guarantors” means each Guarantor that does not wholly-own (directly or
indirectly) the Borrower.

     “Parent” has the meaning assigned to such term in the preliminary statement of this
Guaranty Agreement.

     “Parent Guarantors” means each Guarantor that wholly-owns (directly or indirectly) the
Borrower.

ARTICLE II

The Guaranty

     SECTION 2.01. Guaranty. Each Guarantor unconditionally guarantees, jointly with the
other Guarantors and severally, as a primary obligor and not merely as a surety, the due and
punctual payment and performance of the Obligations. Each of the Guarantors further agrees that
the Obligations may be extended or renewed, in whole or in part, without notice to or further
assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or
renewal of any Obligation. Each of the Guarantors waives presentment to, demand of payment from
and protest to the Borrower or any other Loan Party of any of the Obligations, and also waives
notice of acceptance of its guarantee and notice of protest for nonpayment.

     SECTION 2.02. Guarantee of Payment. Each of the Guarantors further agrees that its
guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives
any right to require that any resort be had by the Guaranteed Parties to any balance of any deposit
account or credit on the books of any Guaranteed Party in favor of the Borrower or any other
Person.

     SECTION 2.03. No Limitations. (a) Except for termination of a Guarantor’s obligations
hereunder as expressly provided in Section 4.12, the obligations of each Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination

2

 

for any reason, including any claim of waiver, release, surrender, alteration or compromise,
and shall not be subject to any defense or set-off, counterclaim, recoupment or termination
whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or
otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor
hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of any
Guaranteed Party to assert any claim or demand or to enforce any right or remedy under the
provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or
modification of, or any release from any of the terms or provisions of, any Loan Document or any
other agreement, including with respect to any other Guarantor under this Guaranty Agreement; (iii)
the release of any security held by any Guaranteed Party for any of the Obligations; (iv) any
default, failure or delay, willful or otherwise, in the performance of the Obligations; or (v) any
other act or omission that may or might in any manner or to any extent vary the risk of any
Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other
than the indefeasible payment in full in cash of all the Obligations). Each Guarantor expressly
authorizes the Guaranteed Parties to take and hold security for the payment and performance of the
Obligations, to exchange, waive or release any or all such security (with or without
consideration), to enforce or apply such security and direct the order and manner of any sale
thereof in their sole discretion or to release or substitute any one or more other guarantors or
obligors upon or in respect of the Obligations, all without affecting the obligations of any
Guarantor hereunder.

     (b) To the fullest extent permitted by applicable law, each Guarantor waives any defense
based on or arising out of any defense of the Borrower or any other Loan Party or the
unenforceability of the Obligations or any part thereof from any cause, or the cessation from any
cause of the liability of the Borrower or any other Loan Party, other than the indefeasible
payment in full in cash of all the Obligations. The Guaranteed Parties may, at their election,
foreclose on any security held by one or more of them by one or more judicial or nonjudicial
sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any
part of the Obligations, make any other accommodation with the Parent, the Borrower or any other
Loan Party or exercise any other right or remedy available to them against the Parent, the
Borrower or any other Loan Party, without affecting or impairing in any way the liability of any
Guarantor hereunder except to the extent the Obligations have been fully and indefeasibly paid in
full in cash. To the fullest extent permitted by applicable law, each Guarantor waives any
defense arising out of any such election even though such election operates, pursuant to
applicable law, to impair or to extinguish any right of reimbursement or subrogation or other
right or remedy of such Guarantor against the Parent, the Borrower or any other Loan Party, as
the case may be, or any security.

     SECTION 2.04. Reinstatement. Each of the Guarantors agrees that its guarantee
hereunder shall continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any
Guaranteed Party upon the bankruptcy or reorganization of the Borrower, any other Loan Party or
otherwise.

     SECTION 2.05. Agreement To Pay; Subrogation. In furtherance of the foregoing and not
in limitation of any other right that the Administrative Agent or any other

3

 

Guaranteed Party has at law or in equity against any Guarantor by virtue hereof, upon the
failure of the Borrower or any other Loan Party to pay any Obligation when and as the same shall
become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each
Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative
Agent for distribution to the applicable Guaranteed Parties in cash the amount of such unpaid
Obligation. Upon payment by any Guarantor of any sums to the Administrative Agent as provided
above, all rights of such Guarantor against the Borrower or any other Loan Party arising as a
result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise
shall in all respects be subject to Article III.

     SECTION 2.06. Information. Each Guarantor assumes all responsibility for being and
keeping itself informed of the Borrower’s and each other Loan Party’s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and
the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and
agrees that none of the Guaranteed Parties will have any duty to advise such Guarantor of
information known to it or any of them regarding such circumstances or risks.

ARTICLE III

Indemnity, Subrogation and Subordination

     SECTION 3.01. Indemnity and Subrogation. In addition to all such rights of indemnity
and subrogation as the Guarantors may have under applicable law (but subject to Section 3.03), the
Borrower agrees that in the event a payment of an Obligation shall be made by any Guarantor under
this Guaranty Agreement, the Borrower shall indemnify such Guarantor for the full amount of such
payment and such Guarantor shall be subrogated to the rights of the Person to whom such payment
shall have been made to the extent of such payment.

     SECTION 3.02. Contribution and Subrogation. (a) Each Non-Parent Guarantor (a
“Contributing Party”) agrees (subject to Section 3.03) that, in the event a payment shall
be made by any other Non-Parent Guarantor hereunder in respect of any Obligation and such other
Guarantor (the “Claiming Party”) shall not have been fully indemnified by the Borrower as
provided in Section 3.01, the Contributing Party shall indemnify the Claiming Party in an amount
equal to the amount of such payment, multiplied by a fraction of which the numerator shall be the
net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate
net worth of all the Non-Parent Guarantors on the date hereof (or, in the case of any Non-Parent
Guarantor becoming a party hereto pursuant to Section 4.13, the date of the supplement hereto
executed and delivered by such Non-Parent Guarantor). Any Contributing Party making any payment to
a Claiming Party pursuant to this Section 3.02 shall be subrogated to the rights of such Claiming
Party under Section 3.01 to the extent of such payment.

     (b) Notwithstanding anything to the contrary contained herein, the parties hereto acknowledge
and agree that each Non-Parent Guarantor shall have a right of reimbursement and indemnity from
each Parent Guarantor (to the extent such Non-Parent Guarantor is a wholly-owned Subsidiary of such
Parent Guarantor) for any amount paid by such Non-Parent Guarantor in lieu of a right of
contribution between such Non-Parent Guarantor and such Parent Guarantor.

4

 

     SECTION 3.03. Subordination. (a) Notwithstanding any provision of this Guaranty Agreement to
the contrary, all rights of the Guarantors under Sections 3.01 and 3.02 and all other rights of
indemnity, contribution or subrogation under applicable law or otherwise shall be fully
subordinated to the indefeasible payment in full in cash of the Obligations. No failure on the
part of the Borrower or any Guarantor to make the payments required by Sections 3.01 and 3.02 (or
any other payments required under applicable law or otherwise) shall in any respect limit the
obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each
Guarantor shall remain liable for the full amount of the obligations of such Guarantor hereunder.

     (b) Each Guarantor hereby agrees that all Indebtedness and other monetary obligations owed by
it to any other Guarantor or any other Subsidiary shall be fully subordinated to the indefeasible
payment in full in cash of the Obligations.

ARTICLE IV

Miscellaneous

     SECTION 4.01. Notices. All communications and notices hereunder shall (except as
otherwise expressly permitted herein) be in writing and given as provided in Section 10.02 of the
Credit Agreement. All communications and notices hereunder to any Guarantor shall be given to it
in care of the Borrower as provided in Section 10.02 of the Credit Agreement.

     SECTION 4.02. Waivers; Amendment. (a) No failure or delay by the Administrative Agent
or any Lender in exercising any right or power hereunder or under any other Loan Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other
or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are
cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Guaranty Agreement or consent to any departure by any Loan Party
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of
this Section 4.02, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making
of a Loan shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent or any Lender may have had notice or knowledge of such Default at the time.
No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or
further notice or demand in similar or other circumstances.

     (b) Neither this Guaranty Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the
Administrative Agent and the Loan Party or Loan Parties with respect to which such waiver,
amendment or modification is to apply, subject to any consent required in accordance with Section
10.01 of the Credit Agreement.

     SECTION 4.03. Administrative Agent’s Fees and Expenses; Indemnification. (a) The
parties hereto agree that the Administrative Agent shall be entitled to

5

 

reimbursement of its expenses incurred hereunder as provided in Section 10.04 of the Credit
Agreement.

     (b) Without limitation of its indemnification obligations under the other Loan Documents,
each Guarantor jointly and severally agrees to indemnify the Administrative Agent and the other
Indemnitees (as defined in Section 10.04(b) of the Credit Agreement) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses,
including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a result of, the
execution, delivery or performance of this Guaranty Agreement or any claim, litigation,
investigation or proceeding relating to any of the foregoing agreement or instrument contemplated
hereby, whether or not any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee or any of its Related Parties.

     (c) Any such amounts payable as provided hereunder shall be additional Obligations
guaranteed hereunder. The provisions of this Section 4.03 shall remain operative and in full
force and effect regardless of the termination of this Guaranty Agreement or any other Loan
Document, the consummation of the transactions contemplated hereby, the repayment of any of the
Obligations, the invalidity or unenforceability of any term or provision of this Guaranty
Agreement or any other Loan Document, or any investigation made by or on behalf of any Guaranteed
Party. All amounts due under this Section 4.03 shall be payable on written demand therefor.

     SECTION 4.04. Successors and Assigns. Whenever in this Guaranty Agreement any of the
parties hereto is referred to, such reference shall be deemed to include the permitted successors
and assigns of such party; and all covenants, promises and agreements by or on behalf of any
Guarantor or the Administrative Agent that are contained in this Guaranty Agreement shall bind and
inure to the benefit of their respective successors and assigns.

     SECTION 4.05. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Loan Parties in the Loan Documents and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Guaranty Agreement or any
other Loan Document shall be considered to have been relied upon by the Lenders and shall survive
the execution and delivery of the Loan Documents and the making of any Loans, regardless of any
investigation made by any Lender or on its behalf and notwithstanding that the Administrative Agent
or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended under the Credit Agreement, and shall continue in full
force and effect as long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under any Loan Document is outstanding and unpaid and so long as the
Commitments have not expired or terminated.

     SECTION 4.06. Counterparts; Effectiveness; Several Agreement. This Guaranty Agreement
may be executed in counterparts, each of which shall constitute an original but all of which when
taken together shall constitute single contract. Delivery of an executed

6

 

signature page to this Guaranty Agreement by facsimile transmission or other electronic
imaging means shall be as effective as delivery of a manually signed counterpart of this Guaranty
Agreement. This Guaranty Agreement shall become effective as to any Loan Party when a counterpart
hereof executed on behalf of such Loan Party shall have been delivered to the Administrative Agent
and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and
thereafter shall be binding upon such Loan Party and the Administrative Agent and their respective
permitted successors and assigns, and shall inure to the benefit of such Loan Party, the
Administrative Agent and the other Guaranteed Parties and their respective successors and assigns,
except that no Loan Party shall have the right to assign or transfer its rights or obligations
hereunder or any interest herein (and any such assignment or transfer shall be void) except as
expressly contemplated by this Guaranty Agreement or the Credit Agreement. This Guaranty Agreement
shall be construed as a separate agreement with respect to each Loan Party and may be amended,
modified, supplemented, waived or released with respect to any Loan Party without the approval of
any other Loan Party and without affecting the obligations of any other Loan Party hereunder.

     SECTION 4.07. Severability. Any provision of this Guaranty Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the invalid, illegal or unenforceable provisions.

     SECTION 4.08. Right of Set-Off. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of any Guarantor against
any of and all the obligations of such Guarantor then due and owing under this Guaranty Agreement
to such Lender, irrespective of whether or not such Lender shall have made any demand under this
Guaranty Agreement. The rights of each Lender under this Section 4.08 are in addition to other
rights and remedies (including other rights of set-off) which such Lender may have.

     SECTION 4.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Guaranty Agreement shall be construed in accordance with and governed by the law of the State of
New York.

     (b) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the Southern District of
New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Guaranty Agreement or any other Loan Document, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be

7

 

heard and determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Guaranty Agreement or any other Loan
Document shall affect any right that any of the parties hereto, the Swing Line Lender or any
Lender may otherwise have to bring any action or proceeding relating to this Guaranty Agreement
or any other Loan Document against any Guarantor, in the courts of any jurisdiction.

     (c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter have to
the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty
Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section
4.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court.

     (d) The Parent hereby irrevocably appoints Adam G. Ciongoli (c/o Willis North America Inc.,
One World Financial Center, 200 Liberty Street, 7th floor, New York, New York 10281), and the
Borrower hereby appoints CT Corporation, in each case, as its authorized agent in the Borough of
Manhattan of the City of New York upon which process may be served in any such suit or
proceeding, and agrees that service of process upon such agent, and written notice of said
service to the Parent or the Borrower, as applicable, by the person serving the same in the
manner provided for notices in Section 4.01, shall be deemed in every respect effective service
of process upon such party in any such suit or proceeding. The Parent and the Borrower further
agree to take any and all action as may be necessary to maintain such designation and appointment
of such agents in full force and effect from the date hereof until the Commitments have expired
or been terminated and all Obligations shall have been indefeasibly paid in full. Each other
Guarantor irrevocably consents to service of process delivered by hand or overnight courier
service, mailed by certified or registered mail, to Willis North America, Inc., One World
Financial Center, 200 Liberty Street, 7th floor, New York, New York 10281 (Attention: Adam G.
Ciongoli), and the Administrative Agent irrevocably consents to service of process in the manner
provided for notices in Section 4.01. Nothing in this Guaranty Agreement or any other Loan
Document will affect the right of any party to this Guaranty Agreement to serve process in any
other manner permitted by law.

     SECTION 4.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY AGREEMENT, ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE

8

 

BEEN INDUCED TO ENTER INTO THIS GUARANTY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 4.10.

     SECTION 4.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Guaranty Agreement and are not
to affect the construction of, or to be taken into consideration in interpreting, this Guaranty
Agreement.

     SECTION 4.12. Termination. (a) Subject to Section 2.04, this Guaranty Agreement and
the Guarantees made herein shall terminate when all the outstanding Obligations have been
indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit
Agreement.

     (b) A Guarantor (other than the Parent) shall automatically be released from its obligations
hereunder upon the consummation of any transaction permitted by the Credit Agreement as a result
of which such Guarantor ceases to be a Subsidiary of the Parent; provided that the
Required Lenders shall have consented to such transaction (to the extent required by the Credit
Agreement) and the terms of such consent did not provide otherwise.

     SECTION 4.13. Additional Guarantors. Pursuant to the Credit Agreement, the Parent, at
its option, may elect that additional Subsidiaries become Guarantors hereunder after the date
hereof. If the Parent shall elect that any Subsidiary become a Guarantor hereunder, such
Subsidiary shall become a Guarantor hereunder with the same force and effect as if originally named
as a Guarantor herein upon (a) execution and delivery by the Administrative Agent and such
Subsidiary of an instrument in the form of Exhibit A hereto and (b) delivery to the Administrative
Agent of such Organization Documents, resolutions and favorable opinions of counsel or may be
requested by the Administrative Agent in its reasonable discretion, all in form, content and scope
reasonably satisfactory to the Administrative Agent. The execution and delivery of any such
instrument shall not require the consent of any other Loan Party hereunder. The rights and
obligations of each Loan Party hereunder shall remain in full force and effect notwithstanding the
addition of any new Loan Party as a party to this Guaranty Agreement.

[Remainder of page intentionally left blank]

9

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Guaranty Agreement as of the
day and year first above written.

	 	 	 	 	 
	BORROWER:                    	WILLIS NORTH AMERICA, INC.

 	 
	 	By:  	 /s/ Donald J. Bailey	 
	 	 	Name:  	 Donald J. Bailey	 
	 	 	Title:  	 CFO	 
	 
	PARENT GUARANTORS:                                      	 
WILLIS GROUP HOLDINGS LIMITED

 	 
	 	By:  	 /s/ Patrick C. Regan	 
	 	 	Name:  	 Patrick C. Regan	 
	 	 	Title:  	 CFO	 
	 
	 	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	 
	 
	 	TA IV 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	 
	 
	 	WILLIS GROUP LIMITED

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

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

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	 /s/ Aamir Saleem	 
	 	 	Name:  	 Aamir Saleem	 
	 	 	Title:  	 Vice President	 

 

	 	 	 	 	 

Exhibit A to the

Guaranty Agreement

     SUPPLEMENT NO.___dated as of ___, 20___, to the Guaranty Agreement dated as of October
1, 2008 among WILLIS NORTH AMERICA INC., a Delaware corporation (the “Borrower”), WILLIS
GROUP HOLDINGS LIMITED, an exempted company under the Companies Act 1981 of Bermuda (the
“Parent”), each Subsidiary constituting a “Guarantor” thereunder as of date hereof (each of
the Parent and each such Subsidiary, individually, a “Guarantor” and collectively, the
“Guarantors”) and BANK OF AMERICA, N.A., as Administrative Agent.

     A. Reference is made to the Credit Agreement dated as of October 1, 2008 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the
Borrower, the Parent, the Lenders from time to time party thereto and Bank of America, N.A., as
Administrative Agent.

     B. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement and the Guaranty Agreement referred to therein.

     C. The Guarantors have entered into the Guaranty Agreement in order to induce the Lenders to
make Loans. Section 4.13 of the Guaranty Agreement provides that additional Subsidiaries of the
Parent may become Guarantors under the Guaranty Agreement by execution and delivery of an
instrument in the form of this Supplement. The undersigned Subsidiary (the “New
Subsidiary”) is executing this Supplement to become a Guarantor under the Guaranty Agreement in
order to induce the Lenders to make additional Loans and as consideration for Loans previously
made.

     Accordingly, the Administrative Agent and the New Subsidiary agree as follows:

     SECTION 1. In accordance with Section 4.13 of the Guaranty Agreement, the New Subsidiary by
its signature below becomes a Guarantor under the Guaranty Agreement with the same force and effect
as if originally named therein as a Guarantor, and the New Subsidiary hereby (a) agrees to all the
terms and provisions of the Guaranty Agreement applicable to it as a Guarantor thereunder and (b)
represents and warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct on and as of the date hereof. Each reference to a “Guarantor” in
the Guaranty Agreement shall be deemed to include the New Subsidiary. The Guaranty Agreement is
hereby incorporated herein by reference.

     SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent and the
other Guaranteed Parties that this Supplement has been duly authorized, executed and delivered by
it and constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms.

     SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Supplement shall become effective when the
Administrative Agent shall have received (a) a counterpart of this Supplement

13

 

that bears the signature of the New Subsidiary and the Administrative Agent has executed a
counterpart hereof and (b) such other documents and opinions as the Administrative Agent may have
requested in accordance with Section 4.13 of the Guaranty Agreement. Delivery of an executed
signature page to this Supplement by facsimile transmission or other electronic imaging means shall
be as effective as delivery of a manually signed counterpart of this Supplement.

     SECTION 4. Except as expressly supplemented hereby, the Guaranty Agreement shall remain in
full force and effect.

     SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

     SECTION 6. In case any one or more of the provisions contained in this Supplement should be
held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein and in the Guaranty Agreement shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision in
a particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

     SECTION 7. All communications and notices hereunder shall be in writing and given as provided
in Section 10.02 of the Credit Agreement.

     SECTION 8. The New Subsidiary agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other
charges and disbursements of counsel for the Administrative Agent.

14

 

     IN WITNESS WHEREOF, the New Subsidiary and the Administrative Agent have duly executed this
Supplement to the Guaranty Agreement as of the day and year first above written.

	 	 	 	 	 
	 	[NAME OF NEW SUBSIDIARY],

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

15exv10w2

Exhibit 10.2

SUPPLEMENT TO GUARANTY AGREEMENT

     This SUPPLEMENT TO GUARANTY AGREEMENT (this “Supplement”) is entered into among the
Borrower (defined below), the Administrative Agent (defined below) and the New Guarantor (defined
below) as of December 31, 2009, as a supplement to that certain Guaranty Agreement dated as of
October 1, 2008 (as amended, supplemented or otherwise modified from time to time, the
“Guaranty Agreement”) among WILLIS NORTH AMERICA INC., a Delaware corporation (the
“Borrower”), WILLIS GROUP HOLDINGS LIMITED, an exempted company under the Companies Act
1981 of Bermuda (“WGHL” or, subject to substitution thereof in accordance with Section
10.20 of the Credit Agreement (defined below), the “Parent”), each Subsidiary
constituting a “Guarantor” thereunder as of date hereof (each of WGHL and each such Subsidiary,
individually, a “Guarantor” and collectively, the “Guarantors”) and BANK OF
AMERICA, N.A., as administrative agent (the “Administrative Agent”).

     A. Reference is made to the Credit Agreement dated as of October 1, 2008 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the
Borrower, the Parent, the Lenders from time to time party thereto and the Administrative Agent.

     B. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement and the Guaranty Agreement, as applicable.

     C. The Guarantors have entered into the Guaranty Agreement in order to induce the Lenders to
make Loans. In accordance with the terms of the Credit Agreement and as consideration for Loans
thereunder, WILLIS GROUP HOLDINGS PUBLIC LIMITED COMPANY, a company incorporated under the laws of
Ireland having company number 475616 (the “New Guarantor”), is required to execute this
Supplement to become a Guarantor under the Guaranty Agreement and to acknowledge its role as the
successor Parent under the Credit Agreement and the other Loan Documents upon the occurrence of the
Parent Effective Date (defined below).

     D. The New Guarantor will derive substantial benefits from the extension of credit to the
Borrower pursuant to the Credit Agreement and is willing to execute and deliver this Supplement as
consideration for Loans thereunder.

     Accordingly, the Borrower, the Administrative Agent and the New Guarantor hereby agree as
follows:

     SECTION 1. As of the date hereof, the New Guarantor by its execution of this Supplement shall
become a Guarantor under the Guaranty Agreement and the other Loan Documents with the same force
and effect as if originally named therein as a Guarantor, and the New Guarantor hereby (a) agrees
to all the terms and provisions of the Guaranty Agreement and the other Loan Documents applicable
to it as a Guarantor thereunder and (b) represents and warrants that the representations and
warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof.
Each reference to a “Guarantor” in the Guaranty

 

 

Agreement and the other Loan Documents shall be deemed to include the New Guarantor. The
Guaranty Agreement is hereby incorporated herein by reference.

     SECTION 2. As provided in Section 10.20 of the Credit Agreement, on the date on which
the New Guarantor shall own, directly or indirectly, any Equity Interests in the Borrower and shall
be the publicly held indirect parent company of the Borrower in lieu of WGHL (the “Parent
Effective Date”), the New Guarantor shall automatically become “the Parent” under the Credit
Agreement and the other Loan Documents, in substitution for WGHL as the predecessor Parent, with
the same force and effect as if originally named therein as the Parent. As of the Parent Effective
Date, the New Guarantor (a) acknowledges and agrees that it shall accede to and shall be the Parent
under the Credit Agreement, and shall be subject to all the terms and provisions of the Credit
Agreement and the other Loan Documents applicable to the Parent, and (b) represents and warrants
that the representations and warranties made by the New Guarantor as Parent thereunder are true and
correct. As of the Parent Effective Date, each reference to the “Parent” in the Guaranty Agreement
and the other Loan Documents shall be deemed to reference the New Guarantor. The Borrower agrees
to provide the Administrative Agent prompt written notice as to the Parent Effective Date.

     SECTION 3. By their respective execution hereof, each of the Borrower and the New Guarantor
represents and warrants that (a) none of the execution, delivery and performance by the New
Guarantor of this Supplement, or the performance by the New Guarantor of its obligations and duties
under the Guaranty Agreement, constitutes financial assistance for the purposes of Section 60 of
the Companies Act, 1963 (as amended) (Ireland) (“Section 60”) or contravenes Section 60,
and (b) none of the proceeds of the facilities made available by the Lenders pursuant to the Credit
Agreement have been or will be used in any way which would constitute the giving of financial
assistance or which would result in the Credit Agreement, this Supplement, the Guaranty Agreement
or any other Loan Document, or any transactions hereunder or thereunder, contravening Section 60.

     SECTION 4. The New Guarantor represents and warrants to the Administrative Agent and the other
Guaranteed Parties that this Supplement has been duly authorized, executed and delivered by it and
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its
terms.

     SECTION 5. This Supplement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Supplement shall become effective when the
Administrative Agent shall have received (a) one or more counterparts of this Supplement that bear
the signature of the Borrower and the New Guarantor, and the Administrative Agent has executed a
counterpart hereof, and (b) such documents of the types referred to in clauses (iii), (iv) and (v)
of Section 4.01(a) of the Credit Agreement (including opinions of local counsel in relevant
jurisdictions for the New Guarantor) as the Administrative Agent may have requested in accordance
with the Guaranty Agreement or the Credit Agreement. Delivery of an executed signature page to
this Supplement by facsimile transmission or other electronic imaging means shall be as effective
as delivery of a manually signed counterpart of this Supplement.

2

 

     SECTION 6. As supplemented hereby, the Guaranty Agreement shall remain in full force and
effect.

     SECTION 7. Notwithstanding anything to the contrary contained in this Supplement, the Guaranty
Agreement or the Loan Documents, in the event that the guarantee obligations expressed to be
assumed by the New Guarantor pursuant to this Supplement, the Guaranty Agreement and the Loan
Documents are held to constitute unlawful financial assistance within the meaning of Section 60
(such obligations the “Financial Assistance Guaranty Obligations”), such Financial Assistance
Guaranty Obligations, to the extent that they are voidable or unenforceable under Irish law, shall
be deemed not to form part of the obligations assumed by the New Guarantor pursuant to this
Supplement, the Guaranty Agreement and the Loan Documents. Each of the Borrower, the New Guarantor
and the Administrative Agent hereby agrees and acknowledges that the enforceability and validity of
the remainder of the obligations assumed by the New Guarantor pursuant to this Supplement, the
Guaranty Agreement, or the Loan Documents, or any of them, shall not be affected by the Financial
Assistance Guaranty Obligations being rendered voidable or unenforceable, and this Supplement, the
Guaranty Agreement and the Loan Documents shall be construed accordingly.

     SECTION 8. The guarantees and indemnities granted by the New Guarantor under this Supplement,
the Guaranty Agreement and the Loan Documents shall only apply to the extent that the Borrower or
such other Guarantor is a subsidiary of the New Guarantor. As of the Parent Effective Date, the
New Guarantor and the Borrower represent, warrant and consent that the New Guarantor is a holding
company of the Borrower and each other Guarantor. For the purposes of this Section 8 the
terms “holding company” and “subsidiary” shall have the meanings given to them in Section 155 of
the Companies Act, 1963 (as amended) (Ireland).

     SECTION 9. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

     SECTION 10. Without prejudice to Section 7 above, in case any one or more of the provisions
contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein, in the Guaranty
Agreement and/or in the Credit Agreement or any other Loan Document shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a particular provision in
a particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

     SECTION 11. All communications and notices hereunder shall be in writing and given as provided
in Section 10.02 of the Credit Agreement.

     SECTION 12. The Borrower and the New Guarantor agree to reimburse the Administrative Agent for
its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable
fees, other charges and disbursements of counsel for the Administrative Agent.

     SECTION 13. Set forth on Schedule 1 hereto are the New Guarantor’s true and correct
(a) unique identification number that has been issued by its jurisdiction of organization and the
name of such jurisdiction and (b) mailing address.

3

 

     IN WITNESS WHEREOF, the Borrower, the New Guarantor and the Administrative Agent have duly
executed this Supplement to Guaranty Agreement as of the day and year first above written.

	 	 	 	 	 
	WILLIS NORTH AMERICA INC., as the Borrower

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

GIVEN under the common seal of

WILLIS GROUP HOLDINGS

PUBLIC LIMITED COMPANY:-

/s/ Patrick C. Regan

MEMBER OF THE SEALING COMMITTEE

	 	 	 	 	 
	  	 /s/ David Malloy	 	 
	 	  	 Solicitor	 	 
	 	  	 Arthur Cox	 	 
	 

/s/ Adam G. Ciongoli 

SECRETARY/ MEMBER OF THE SEALING COMMITTEE

BANK OF AMERICA, N.A.,

as Administrative Agent

	 	 	 	 	 
	 	 	 
	By  	 /s/ Aamir Saleem	 	 
	 	Name:  	 Aamir Saleem	 	 
	 	Title:  	 Vice President	 	 
	 

Willis North America, Inc.

Supplement to Guaranty Agreement

Signature Pages

 

 

SCHEDULE 1

TO

SUPPLEMENT TO GUARANTY AGREEMENT

(Willis Group Holdings plc)

	 	 	 	 	 	 	 
	 	 	 	 	Jurisdiction of	 	 
	Company name	 	Company number	 	incorporation	 	Registered address
	WILLIS GROUP 

HOLDINGS PUBLIC 

LIMITED COMPANY

	 	475616
	 	Ireland
	 	Grand Mill Quay

Barrow Street

Dublin 4

Ireland

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