Document:

Purchase Agreement, dated June 16, 2004

 Exhibit 10.30 
  
 Execution Copy 
  
 PURCHASE AGREEMENT 
  
 WPP FINANCE (UK) 
  
 U.S.$650,000,000 
 5.875% Notes Due 2014 
  
 Fully and Unconditionally Guaranteed by 
  
 WPP GROUP PLC 
  
 June 16, 2004 
  
 Barclays Capital Inc. 
 200 Park Avenue 
 New York, New York 10166 
  
 Citigroup Global Markets Inc. 
 390 Greenwich Street 
 New York, New York 10013 
  
 Wachovia Capital
Markets, LLC 
 One Wachovia Center, TW-7 
 301 South College
Street 
 Charlotte, North Carolina 28288 
  
 As for themselves and as Representatives of the other several Initial Purchasers listed on Schedule I hereto 
  
 Ladies and Gentlemen: 
  
 WPP Finance (UK), an unlimited liability company incorporated in England and Wales (the “Issuer”), proposes to issue and sell to the several
parties named in Schedule I hereto (the “Initial Purchasers”), for whom you (the “Representatives”) are acting as representatives, U.S.$650,000,000 principal amount of its 5.875% Notes Due 2014 (the “Notes”). The Notes
will be fully and unconditionally guaranteed (the “Guarantees”) by WPP Group plc, a public limited company incorporated in England and Wales (the “Company”). The Notes and the Guarantees are referred to collectively as the
“Securities.” 
  
 The Securities are to be issued under
an indenture (the “Base Indenture”), to be dated as of the Closing Date (as defined below), among the Issuer, the Company and Citibank, 

  

 
N.A., as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture dated as of the Closing Date (the Base Indenture as so
supplemented being referred to as the “Indenture”), The Securities will have the benefit of a registration rights agreement (the “Registration Rights Agreement”), to be dated as of the Closing Date, among the Issuer, the Company
and the Initial Purchasers, pursuant to which the Issuer and the Company will agree to register the Securities or substantially identical notes and guarantees under the Securities Act of 1933, as amended (including the rules and regulations
thereunder, the “Act”), subject to the terms and conditions therein specified. To the extent there are no additional parties listed on Schedule I other than you, the term Representatives as used herein shall mean you as the Initial
Purchasers, and the terms Representatives and Initial Purchasers shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement shall include the feminine and masculine wherever appropriate. Certain terms
used herein are defined in Section 19 hereof. 
  
 The sale of the
Notes to the Initial Purchasers will be made without registration of the Securities under the Act in reliance upon exemptions from the registration requirements of the Act. 
  
 In connection with the sale of the Notes, the Issuer and the Company have prepared a preliminary offering memorandum, dated
June 15, 2004 (as amended or supplemented at the date thereof, including any and all exhibits thereto, and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final offering memorandum, dated June 16,
2004 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by reference therein, the “Final Memorandum”). Each of the Preliminary Memorandum and the Final Memorandum sets
forth certain information concerning the Issuer, the Company and the Securities. The Issuer and the Company hereby confirm that they have authorized the use of the Preliminary Memorandum and the Final Memorandum, and any amendment or supplement
thereto, in connection with the offer and sale of the Notes by the Initial Purchasers. Unless stated to the contrary, any references herein to the terms “amend,” “amendment” or “supplement” with respect to the Final
Memorandum shall be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time that is incorporated by reference therein. 
  
 1. Representations and Warranties. The Issuer and the Company jointly and severally represent and warrant to each
Initial Purchaser as of the date hereof and as of the Closing Date as set forth below in this Section 1. 
  
 (a) The Preliminary Memorandum, at the date thereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Execution Time and on the Closing Date the Final Memorandum did not and will not (and any amendment or supplement thereto, at the
date thereof and at the Closing Date, will not) contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that neither the Issuer nor the Company makes any representation or warranty as to the information contained in or omitted from the Preliminary Memorandum or the Final Memorandum, or any amendment or
supplement thereto, in reliance 

  

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upon and in conformity with information furnished in writing to the Issuer or the Company by or on behalf of the Initial Purchasers through the
Representatives specifically for inclusion therein. 
  
 (b) The
documents incorporated or deemed to be incorporated by reference in the Preliminary Memorandum or the Final Memorandum, at the time they were or hereafter are filed with the Securities and Exchange Commission (the “Commission”), complied
and will comply in all material respects with the requirements of the Securities Exchange Act of 1934, as amended (including the rules and regulations thereunder, the “Exchange Act”) and the rules and regulations of the Commission
thereunder, and, when read together with the other information in the Preliminary Memorandum or the Final Memorandum at the date thereof and at the Closing Time, did not and will not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading. 
  
 (c) Deloitte & Touche LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report
with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the Final Memorandum, are independent public accountants with respect to the Issuer and the Company within the meaning of the Act.

  
 (d) The financial statements included in the Final Memorandum,
together with the related schedules and notes, present fairly the financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of profit and loss, cash flows, recognized gains and losses, and changes
in shareholders’ funds of the Company and its consolidated subsidiaries for the periods specified; said financial statements have been prepared in conformity with the Companies Act 1985 and generally accepted accounting principles in the United
Kingdom (“UK GAAP”) applied on a consistent basis throughout the periods involved. The supporting schedules, if any, included in the Final Memorandum present fairly in accordance with the Companies Act 1985 and UK GAAP the information
required to be stated therein. The selected financial data and the summary financial information included in the Final Memorandum present fairly the information shown therein and have been compiled on a basis consistent with that of the audited
financial statements included in the Final Memorandum 
  
 (e)
Since the respective dates as of which information is given in the Final Memorandum, except as otherwise stated therein, (A) there has been no change or development (i) that could reasonably be expected to have a material adverse effect on the
performance of this Agreement, the Registration Rights Agreement or the Indenture, or the consummation of any of the transactions contemplated hereby or (ii) could reasonably be expected to have a material adverse effect on the financial condition,
earnings, business or properties of the Issuer, the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (any such change or development being referred to as a “Material
Adverse Effect”), (B) there have been no transactions entered into by the Issuer or the Company and its subsidiaries, other than those in the ordinary course of business, which are material with respect to the Issuer or the Company and its
subsidiaries taken as a whole, and (C) except for regular interim and final dividends on the equity ordinary shares of 10p each, of the Company (the “Ordinary Shares”) in amounts per share that are consistent with past practice, there has

  

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been no dividend or distribution of any kind declared, paid or made by either the Issuer or the Company on any class of its share capital or stock.

  
 (f) Each of the Issuer and the Company is duly incorporated
and is validly existing as a corporation under the laws of England and Wales and each has full corporate power and authority to own, lease and operate its properties and to conduct its business as now conducted and as described in the Final
Memorandum and to enter into and perform its obligations under this Agreement; and each of the Issuer and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such
qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. 
  
 (g) Each subsidiary of the Company (each a “subsidiary” and,
collectively, the “subsidiaries”) has been duly incorporated or organized and is validly existing as a corporation or company in good standing under the laws of the jurisdiction of its incorporation or organization, has corporate or entity
power and authority to own, lease and operate its properties and to conduct its business as now conducted and as described in the Final Memorandum and is duly qualified as a foreign corporation or company to transact business and is in good standing
in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material
Adverse Effect; all of the issued and outstanding share capital or stock of each such subsidiary has been duly authorized and validly issued, is fully paid and non-assessable; all of the issued and outstanding share capital or stock of each such
subsidiary owned by the Company, directly or through subsidiaries, is owned free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity except (i) as otherwise disclosed in the Final Memorandum, or (ii) where (A)
the failure to be duly authorized, validly issued, fully paid and non-assessable, or (B) the existence of a security interest, mortgage, pledge, lien, encumbrance, claim or equity, would not result in a Material Adverse Effect. None of the
outstanding share capital or stock of any subsidiary was issued in violation of the preemptive or similar rights of any securityholder of such subsidiary except where such violation would not have a Material Adverse Effect. 
  
 (h) The issued share capital and stock of the Issuer and the Company have
been duly authorized and validly issued and are fully paid and non-assessable; none of the issued share capital or stock of the Company or the Issuer was issued in violation of the preemptive or other similar rights of any securityholder of the
Issuer or the Company. 
  
 (i) This Agreement has been duly
authorized, executed and delivered by each of the Issuer and the Company. 
  
 (j) The Registration Rights Agreement has been duly authorized by each of the Issuer and the Company and, when duly executed and delivered by the Issuer, the Company and the Initial Purchasers, will constitute a valid
and binding agreement of the Issuer and the Company, enforceable against the Issuer and the Company in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally, (ii) as enforceability of any indemnification or 

  

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contribution provision may be limited under the federal and state securities laws, and (iii) that the remedy of specific performance and injunctive and other
forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. 
  
 (k) The Indenture has been duly authorized by each of the Issuer and the Company and, when duly executed and delivered by the Issuer, the Company and the
Trustee, will constitute a valid and binding agreement of the Issuer and the Company, enforceable against the Issuer and the Company in accordance with its terms, except (i) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought. 
  
 (l) The
Notes have been duly authorized and, at the Closing Time, will have been duly executed by the Issuer and, when authenticated, issued and delivered in the manner provided for in the Indenture and delivered against payment of the purchase price
therefor as provided in this Agreement, will constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, except (i) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally and (ii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought, and will be in the form contemplated by, and entitled to the benefits of, the Indenture. 
  
 (m) The Guarantees have been duly authorized and, at the Closing Time, will have been duly executed by the Company and, when the Notes have been
authenticated, issued and delivered in the manner provided in the Indenture and delivered against payment of the purchase price therefor as provided in this Agreement will constitute a valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, except as (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally and (ii) that the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought, and will be in the form contemplated by, and entitled to
the benefits of, the Indenture. 
  
 (n) Neither the Issuer, the
Company nor any of its subsidiaries are (i) in violation of their respective memoranda and articles of association, charters or by-laws or (ii) in violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory
body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer or any of its subsidiaries or any of its or their properties or (iii) in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which the Issuer, the Company or any of its subsidiaries are a party or by
which they or any of them may be bound, or to which any of the property or assets of the Issuer, the Company or any subsidiary thereof is subject (collectively, “Agreements and Instruments”) except, in the case of clause (i) as it relates
to subsidiaries, and in the case of 

  

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clause (ii) or (iii), for such violations or defaults that would not result in a Material Adverse Effect; and the execution, delivery and performance of this
Agreement, the Registration Rights Agreement, the Indenture, the Notes and the Guarantees and the consummation of the transactions contemplated herein and in the Final Memorandum (including the issuance and sale of the Notes and the use of the
proceeds from the sale of the Notes as described in the Final Memorandum under the caption “Use of Proceeds”) and compliance by the Issuer and the Company with their obligations hereunder and under the Registration Rights Agreement, the
Indenture, the Notes and the Guarantees do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default or Repayment Event (as defined below) under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or assets of the Issuer, the Company or any subsidiary thereof pursuant to, the Agreements and Instruments (except for such conflicts, breaches or defaults or liens, charges
or encumbrances that would not result in a Material Adverse Effect and except for any Repayment Event described under the caption “Use of Proceeds” in the Final Memorandum), nor will such action result in any violation of the provisions of
the respective memoranda and articles of association, charters or by-laws of the Issuer, the Company or any subsidiary thereof or any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, government
instrumentality or court, domestic or foreign, having jurisdiction over the Issuer, the Company or any subsidiary thereof or any of their assets, properties or operations (except for such violations that would not result in a Material Adverse
Effect). As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right, with or without the
giving or notice or the passage of time, to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Issuer, the Company or any subsidiary thereof. 
  
 (o) No labor dispute with the employees of the Issuer, the Company or any subsidiary thereof exists or, to the knowledge of
the Issuer or the Company, is imminent, and neither the Issuer nor the Company is aware of any existing or imminent labor disturbance by the employees of any of their respective principal suppliers, manufacturers, customers or contractors, which, in
either case, may reasonably be expected to result in a Material Adverse Effect. 
  
 (p) There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the Issuer and the Company,
threatened, against or affecting the Issuer, the Company or any subsidiary thereof, which is required to be disclosed in the Final Memorandum (other than as disclosed therein), or which might reasonably be expected to result in a Material Adverse
Effect, or which might reasonably be expected to materially and adversely affect the properties or assets thereof or the consummation of the transactions contemplated in this Agreement, the Registration Rights Agreement or the Indenture or the
performance by the Issuer and the Company of their obligations hereunder or thereunder; the aggregate of all pending legal or governmental proceedings to which the Issuer, the Company or any subsidiary thereof is a party or of which any of their
respective property or assets is the subject which are not described in the Final Memorandum, including ordinary routine litigation incidental to the business, could not reasonably be expected to result in a Material Adverse Effect. 
  

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 (q) The Issuer, the Company and its subsidiaries own or possess, or can acquire on reasonable terms,
adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or
other intellectual property (collectively, “Intellectual Property”) necessary to carry on the business now operated by them, and neither the Issuer, the Company nor any of its subsidiaries have received any notice or are otherwise aware of
any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of the Issuer or the
Company or any of its subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in a Material Adverse Effect.

  
 (r) The Issuer, the Company and any subsidiaries thereof
possess such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies necessary to conduct the business
now operated by them (except for such permits, licenses, approvals, consents and other authorizations which the failure to obtain would not result in a Material Adverse Effect); the Issuer and the Company and its subsidiaries are in compliance with
the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except
when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect; and neither the Issuer nor the Company or any of its subsidiaries have received
any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

  
 (s) The Issuer, the Company and any subsidiaries thereof each
has good and marketable title to all real property owned by the Issuer, the Company or such subsidiaries and good title to all other properties owned by any of them, in each case, free and clear of all mortgages, pledges, liens, security interests,
claims, restrictions or encumbrances of any kind except such as (a) are described in the Final Memorandum or (b) do not, singly or in the aggregate have a Material Adverse Effect; and all of the leases and subleases material to the business of the
Issuer and the Company and its subsidiaries, considered as one enterprise, and under which the Issuer or the Company or any of its subsidiaries holds properties described in the Final Memorandum, are in full force and effect, and neither the Issuer
nor the Company or any subsidiary have any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Issuer, the Company or any subsidiary under any of the leases or subleases mentioned above, or
affecting or questioning the rights of the Issuer, the Company or such subsidiary of the continued possession of the leased or subleased premises under any such lease or sublease. 
  
 (t) Except as described in the Final Memorandum and except as would not, singly or in the aggregate, result in a Material
Adverse Effect, (A) neither the Issuer nor the Company or any of its subsidiaries are in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or 

  

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administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of
human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release
of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”), (B) the Issuer and the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable Environmental
Laws and are each in compliance with their requirements, (C) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or
proceedings relating to any Environmental Laws against the Issuer or the Company or any of its subsidiaries and (D) there are no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or
an action, suit or proceeding by any private party or governmental body or agency, against or affecting the Issuer, the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws. 
  
 (u) No filing with, or authorization, approval, consent, license, order,
registration, qualification or decree of, any court or governmental authority, body or agency is necessary or required in connection with the transactions contemplated herein, in the Indenture or in the Registration Rights Agreement, except such as
may be required under the blue sky laws of any jurisdiction in which the Notes are offered and sold and, in the case of the Registration Rights Agreement, such as will be obtained under the Act and the Trust Indenture Act of 1939, as amended
(including the rules and regulations thereunder, the “Trust Indenture Act”). 
  
 (v) The Company is in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations of the Commission adopted pursuant thereto as such rules and
regulations currently apply to the Company (collectively, the “Sarbanes-Oxley Act”). There is and has been no failure on the part of any of the Company’s officers or directors, in their capacities as such, to comply with any
applicable provisions of the Sarbanes-Oxley Act. 
  
 (w) Except as
described in the Final Memorandum, no ad valorem stamp duty, stamp duty reserve tax or other similar tax or duty are payable under applicable laws or regulations of the United Kingdom (i) in connection with the creation or original issuance and sale
of the Notes or the Guarantees, (ii) with respect to the execution, delivery and performance of this Agreement, the Registration Rights Agreement or the Indenture, or (iii) with respect to any payments made to the Initial Purchasers pursuant to this
Agreement. 
  
 (x) Except as described in the Final Memorandum,
payments made by the Issuer under the Notes or the Company under the Guarantees to holders will not be subject to any withholdings or similar charges for or on account of taxation under the laws of the United Kingdom. 
  
 (y) Each of the Issuer and the Company has the power to submit and pursuant
to Section 14 of this Agreement has legally, validly, effectively and irrevocably submitted, to the 

  

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nonexclusive jurisdiction of any federal or state court in the State of New York, County of New York, and has the power to designate, appoint and empower and
pursuant to Section 14 of this Agreement has legally, validly, effectively and irrevocably designated, appointed and empowered an agent for service of process in any suit or proceeding based on or arising under this Agreement in any federal or state
court in the State of New York. 
  
 (z) No subsidiary of the
Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary’s share capital or stock, from repaying to the Company any loans or advances to such
subsidiary from the Company or from transferring any of such subsidiary’s property or assets to the Company or any other subsidiary of the Company, except as described in or contemplated in the Final Memorandum (exclusive of any amendment or
supplement thereto) and except as could not be reasonably be expected to affect the ability of the Issuer or the Company to make payments on the Securities or otherwise to have a Material Adverse Effect. 
  
 (aa) Neither the Issuer, the Company, any of their respective subsidiaries
nor any person acting on behalf of any of them, other than the Initial Purchasers to the extent that they might be regarded as acting on behalf of the Issuer or the Company, has taken, directly or indirectly, any action which has constituted, or
which might be reasonably expected to cause or result in, stabilization or manipulation of the price of any security of the Issuer or the Company. Neither the Issuer nor the Company has taken any action or omitted to take any action (such as issuing
any press release relating to any Notes without an appropriate legend) which may restrict or otherwise affect the ability of any of the Initial Purchasers (or anyone acting on their behalf) to undertake any of the activities permitted by the price
stabilization rules of the Financial Services Authority in accordance with such rules. 
  
 (bb) None of the Issuer, the Company, its subsidiaries or, to the knowledge of the Issuer, any director, officer, agent, employee or affiliate (having the meaning specified in Rule 501(b) of Regulation D under the
Act, “Affiliate”) of the Issuer or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such Persons of Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the
payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office, in contravention of the FCPA except for such violations as would not have a Material Adverse Effect; and the Issuer and the Company and, to the knowledge of the Company, its subsidiaries and Affiliates have
conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith, except for such
non-compliance as would not have a Material Adverse Effect. 
  
 (cc) None of the Issuer, the Company, their Affiliates, or any person acting on their behalf has: (i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Act) in connection with
any offer or sale of the Notes or (ii) engaged in any directed selling efforts (within the meaning of Regulation S under the Act 

  

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(“Regulation S”) with respect to the Notes. Each of the Issuer and the Company is a “foreign issuer” (as defined in Regulation S) and
there is no substantial U.S. market interest (as defined in Regulation S) in its debt securities of either the Issuer or the Company. 
  
 (dd) The Notes and the Guarantees satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 
  
 (ee) No registration under the Act of the Securities is required for the
offer and sale of the Notes to or by the Initial Purchasers in the manner contemplated herein and in the Final Memorandum. 
  
 (ff) Neither the Company nor the Issuer is, and after giving effect to the offering and sale of the Notes and the application of the proceeds thereof as
described in the Final Memorandum neither of them will be, an “investment company” as defined in the Investment Company Act of 1940, as amended (including the rules and regulations thereunder, the “Investment Company Act”),
without taking account of any exemption arising out of the number of holders of the Company’s or the Issuer’s securities. 
  
 (gg) The Company is subject to and in full compliance with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act as such
requirements currently apply to “foreign private issuers” as defined in Rule 3b-4 under the Exchange Act. 
  
 Any certificate signed by any officer of the Issuer or the Company and delivered to the Representatives or counsel for the Initial Purchasers in connection with the
offering of the Notes shall be deemed a representation and warranty by the Issuer or the Company, as to matters covered thereby, to each Initial Purchaser. 
  
 2. Purchase and Sale; Delivery and Payment. Subject to the terms and conditions and in reliance upon the representations and warranties herein set
forth, the Issuer agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Issuer, at a purchase price of 99.142% of the principal amount thereof, plus accrued interest, if any,
from June 23, 2004 to the Closing Date, the principal amount of Notes set forth opposite such Initial Purchaser’s name in Schedule I hereto. 
  
 Delivery of and payment for the Notes shall be made at 10:00 A.M., New York City time, on June 23, 2004, or at such time on such later date not more than
three Business Days after the foregoing date as the Representatives shall designate, which date and time may be postponed by agreement among the Representatives, the Issuer and the Company or as provided in Section 9 hereof (such date and time of
delivery and payment for the Notes being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representatives for the respective accounts of the several Initial Purchasers against payment by the several
Initial Purchasers through the Representatives of the purchase price thereof to or upon the order of the Issuer or the Company by wire transfer payable in same-day funds to the account specified by the Issuer or the Company. Delivery of the
Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise instruct. 
  

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 3. Offering by Initial Purchasers. (a) Each Initial Purchaser acknowledges that the Securities
have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S, “U.S. Persons”), except pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the Act. 
  
 (b) Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with the Issuer and the Company that: 
  
 (i) it has not offered or sold, and will not offer or sell, any Notes within the United States or to, or for
the account or benefit of, U.S. Persons, (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering except: 
  
 (A) to those it reasonably believes to be “qualified
institutional buyers” (as defined in Rule 144A under the Act) or 
  
 (B) in accordance with Rule 903 of Regulation S; 
  
 (ii) neither it nor any person acting on its behalf has made or will make offers or sales of the Notes in the United States by means of
any form of general solicitation or general advertising (within the meaning of Regulation D under the Act) in the United States; 
  
 (iii) in connection with each sale pursuant to Section 3(b)(i)(A), it has taken or will take reasonable steps to ensure that the purchaser
of such Notes is aware that such sale is being made in reliance on Rule 144A; 
  
 (iv) neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Notes;

  
 (v) it has not entered and will not enter
into any contractual arrangement with any distributor (within the meaning of Regulation S) with respect to the distribution of the Notes, except with its affiliates or with the prior written consent of the Issuer; 
  
 (vi) it and they have complied and will comply with the
offering restrictions requirement of Regulation S; 
  

 11 

 (vii) at or prior to the confirmation of sale of Notes (other than a sale of Notes
pursuant to Section 3(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes from it during the distribution compliance period (within the
meaning of Regulation S) a confirmation or notice to substantially the following effect: 
  
 “The securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Act”) and may not be offered or sold within the United States or to, or for the account or benefit of,
U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering, except in either case in accordance with Regulation S or Rule
144A under the Act. Terms used in this paragraph have the meanings given to them by Regulation S.” 
  
 (viii) it has not offered or sold and, prior to the date that is six months after the date of issuance of the Notes, will not offer or
sell any Notes to persons in the United Kingdom except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses or otherwise in
circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995; 
  
 (ix) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it from the Issuer or the Guarantor in connection with the issue or sale of any Notes in circumstances in which
section 21(1) of the FSMA does not apply to the Issuer or the Company; 
  
 (x) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom; and 
  
 (xi) it is an “accredited investor” (as defined in
Rule 501(a) of Regulation D under the Act). 
  
 4.
Expenses. The Issuer or, failing the Issuer, the Company agrees to pay the costs and expenses relating to the following matters: (i) the costs and expenses relating to the preparation of the Indenture and the Registration Rights Agreement,
the issuance of the Securities and the fees of the Trustee; (ii) the costs and expenses relating to the preparation, printing or reproduction of the Preliminary Memorandum and the Final Memorandum and each amendment or supplement to either of them;
(iii) the costs and expenses relating to the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Preliminary Memorandum and the Final Memorandum, and all
amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Notes; (iv) the costs and expenses relating to the preparation, printing, authentication, issuance and
delivery of certificates for the Securities; (v) any ad valorem stamp duty, stamp duty reserve tax or similar issuance, registration or transfer taxes or duties in connection with the original issuance and sale of the Notes; (vi) the costs and
expenses relating to the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Notes; (vii) the costs and
expenses relating to any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several states specified pursuant to Section 5(d) (including filing fees and the reasonable fees and expenses of
counsel for the Initial Purchasers relating to such registration and qualification); (viii) all costs and 

  

 12 

 
expenses relating to the rating of the Notes by Moody’s Investors Services Inc. and Standard & Poor’s Ratings Service; (ix) the transportation
and other expenses incurred by or on behalf of the representatives of the Issuer and the Company in connection with presentations to prospective purchasers of the Notes; (x) the costs and expenses of listing the Notes on the Luxembourg Stock
Exchange including the fees and expenses of the Company’s listing agent; (xi) the costs and expenses relating to marketing materials including any electronic “roadshow” and graphic art materials; (xii) the fees and expenses of the
Issuer’s and the Company’s accountants and the fees and expenses of counsel (including local and special counsel) for the Issuer and the Company; (xiii) the costs and expenses associated with the performance by the Issuer and the Company
of their obligations under the Registration Rights Agreement (including SEC filing fees, legal and accounting fees and expenses, fees and expenses of the exchange offer depositary and costs and expenses relating to the printing and distribution of
related prospectuses); and (xiv) all other costs and expenses incident to the performance by the Issuer of its obligations hereunder. 
  
 It is understood, however, that except as provided in this Section 4 and in Section 8 hereof, the Initial Purchasers will pay all of their own costs and
expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities by them and, unless otherwise agreed with the Issuer or the Company in writing, any advertising expenses relating to the offer of the Notes. 

 
 5. Agreements. The Issuer and the Company agree with each Initial
Purchaser that: 
  
 (a) The Issuer and the Company will furnish to
each Initial Purchaser and to counsel for the Initial Purchasers, without charge, during the period referred to in paragraph (c) below, as many copies of the Final Memorandum and the amendments and supplements, if any, thereto as they may reasonably
request. 
  
 (b) The Issuer and the Company will not amend or
supplement the Final Memorandum, other than by filing documents under the Exchange Act that are incorporated by reference therein, without the prior written consent of the Representatives; provided, however, that, prior to the
completion of the distribution of the Notes by the Initial Purchasers (as determined by the Initial Purchasers), the Company will not file any document under the Exchange Act that is incorporated by reference in the Final Memorandum unless, prior to
such proposed filing, the Company has furnished the Representatives with a copy of such document for their review and the Representatives have not reasonably objected to the filing of such document. The Company will promptly advise the
Representatives when any document filed under the Exchange Act that is incorporated by reference in the Final Memorandum shall have been filed with the Commission. 
  
 (c) If at any time prior to the completion of the sale of the Notes by the Initial Purchasers (as determined by the
Representatives), the Issuer and the Company become aware that any event has occurred as a result of which the Final Memorandum, as then amended or 

  

 13 

 
supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or if it should be necessary to amend or supplement the Final Memorandum to comply with applicable law, the Issuer and the Company will promptly (i) notify the Representatives of any
such event; (ii) subject to the requirements of paragraph (b) of this Section 5, prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Final Memorandum
to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such quantities as they may reasonably request. 
  
 (d) The Issuer and the Company will use their best efforts to arrange, if necessary, for the qualification of the Securities for sale by the Initial
Purchasers under the laws of such jurisdictions as the Representatives may designate and will maintain such qualifications in effect so long as required for the sale of the Securities; provided that in no event shall the Issuer or the Company
be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, in any jurisdiction where it is not now so subject, except as expressly
contemplated by this Agreement, the Indenture and the Registration Rights Agreement. The Issuer and the Company will promptly advise the Representatives of the receipt by the Issuer or the Company of any notification with respect to the suspension
of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
  
 (e) The Issuer and the Company will not, and will not permit any of their Affiliates to, resell any Notes that have been acquired by any of them. 

  
 (f) None of the Issuer, the Company, their Affiliates, or any
person acting on their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act. 
  
 (g) None of the Issuer, the Company, their Affiliates, or any person acting
on its or their behalf will engage in any form of general solicitation or general advertising (within the meaning of Regulation D under the Act) in connection with any offer or sale of the Securities in the United States. 
  
 (h) So long as any of the Securities are “restricted securities”
within the meaning of Rule 144(a)(3) under the Act, the Issuer and the Company will, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act or it is not exempt from such reporting requirements
pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request of such
holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders, from time to time
of such restricted securities. 
  

 14 

 (i) None of the Issuer, the Company, their Affiliates, or any person acting on its or their behalf will
engage in any directed selling efforts with respect to the Securities; and each of them will comply with any applicable offering restrictions under Regulation S. Terms used in this paragraph have the meanings given to them by Regulation S.

  
 (j) The Issuer and the Company will cooperate with the
Representatives and use its best efforts to permit the Notes to be eligible for clearance and settlement through The Depository Trust Company. 
  
 (k) The Issuer and the Company will not for a period of 30 days following the Execution Time, without the prior written consent of the Representatives,
offer, sell or contract to sell, or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Issuer, the Company or any of their Affiliates or any person in privity with the Issuer, the Company or any of their Affiliates), directly or indirectly, or announce the offering of, any debt securities issued or
guaranteed by the Issuer or the Company other than the Securities hereunder. 
  
 (l) Neither the Issuer nor the Company will take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected to cause or result, under the Exchange Act or otherwise,
in stabilization or manipulation of the price of any security of the Issuer or the Company to facilitate the sale or resale of the Notes. 
  
 (m) The Company will, for a period of twelve months following the Execution Time, furnish to the Representatives all reports or other communications
(financial or other) generally made available to stockholders, and deliver such reports and communications to the Representatives as soon as they are available, unless such documents are furnished to or filed with the Commission or any securities
exchange on which any class of securities of the Company is listed and generally made available to the public. 
  
 (n) The Issuer and the Company will comply with all applicable securities and other laws, rules and regulations, including, without limitation, the
Sarbanes-Oxley Act, and use its best efforts to cause the directors and officers of the Issuer and the Company, in their capacities as such, to comply with such laws, rules and regulations, including, without limitation, the provisions of the
Sarbanes-Oxley Act. 
  
 (o) Neither the Issuer nor the Company
will take any action or omit to take any action (such as issuing any press release relating to any Notes without an appropriate legend) which may restrict or otherwise affect the ability of any of the Initial Purchasers (or anyone acting on their
behalf) to undertake any of the activities permitted by the price stabilization rules of the Financial Services Authority in accordance with such rules. 
  
 6. Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase the Notes shall be subject to the
accuracy of the representations and warranties of the Issuer and the Company contained herein at the Execution Time and the Closing Date, to the accuracy of the statements of the Issuer and the Company made in any 

  

 15 

 
certificates pursuant to the provisions hereof, to the performance by the Issuer and the Company of their obligations hereunder and to the following
additional conditions: 
  
 (a) The Issuer and the Company shall
have requested and caused Davis & Gilbert LLP, U.S. counsel for the Issuer and the Company, to furnish to the Representatives its opinion, dated the Closing Date and addressed to the Initial Purchasers, to the effect set forth in Annex A hereto.

  
 (b) The Issuer and the Company shall have requested and caused
Allen & Overy LLP, English counsel for the Issuer and the Company, to furnish to the Representatives its opinion, dated the Closing Date and addressed to the Initial Purchasers Representatives, substantially in the form attached as Annex B
hereto. 
  
 (c) The Representatives shall have received from
Simpson Thacher & Bartlett LLP, U.S. counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Notes, the Indenture, the Registration
Rights Agreement, the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representatives may reasonably require, and the Issuer and the Company shall have furnished to such counsel such documents as
they request for the purpose of enabling them to pass upon such matters. 
  
 (d) The Representatives shall have received from Herbert Smith, English counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the
issuance and sale of the Notes, the Indenture, the Registration Rights Agreement, the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representatives may reasonably require, and the Issuer and the
Company shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. 
  
 (e) At Closing Date, there shall not have been, since the date hereof or since the respective dates as of which information is given in the Final
Memorandum, any material adverse change and no development reasonably likely to cause a prospective material adverse change in the financial condition or in the earnings or business of the Issuer or the Company and its subsidiaries taken as a whole,
whether or not arising in the ordinary course of business, and the Representatives shall have received a certificate executed by each of the chief financial officer and the secretary or other director of the Issuer and the Company, dated as of
Closing Date, to the effect that (i) there has been no such material adverse change, (ii) the representations and warranties in Section 1 hereof are true and correct with the same force and effect as though expressly made at and as of Closing Date,
and (iii) the Issuer and the Company have each complied with all agreements and satisfied all conditions on their respective parts to be performed or satisfied at or prior to Closing Date. 
  
 (f) At the Execution Time, the Company shall have requested and caused
Deloitte & Touche LLP to furnish to the Representatives letters, dated as of the Execution Time, to the effect set forth in Annex C hereto and containing statements and information of the type ordinarily included in accountants’
“comfort letters” to underwriters with respect to the financial statements and certain financial information contained in the Final Memorandum. 
  

 16 

 (g) At Closing Date, the Company shall have requested and caused Deloitte & Touche LLP to furnish to
the Representatives letters, dates as of the Closing Date, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (f) of this Section, except that the specified date referred to shall be a date not more
than three business days prior to Closing Date. 
  
 (h) The Notes
shall be eligible for clearance and settlement through The Depository Trust Company. 
  
 (i) The Luxembourg Stock Exchange shall have agreed to list the Notes, subject only to notice of issuance. 
  
 (j) The Notes shall have been rated Baa2 by Moody’s Investors Services Inc. and BBB+ by Standard & Poor’s Ratings Services and subsequent to
the Execution Time, there shall not have been any decrease in the rating of any of the Company’s debt securities by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the Act) or
any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change. 
  
 (k) Prior to the Closing Date, the Issuer and the Company shall have furnished to the Representatives such further
information, certificates and documents as the Representatives may reasonably request. 
  
 If any of the conditions specified in this Section 6 shall not have been satisfied when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement
shall not be reasonably satisfactory in form and substance to the Representatives and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the
Closing Date by the Representatives. Notice of such cancellation shall be given to the Issuer in writing or by telephone or facsimile confirmed in writing. 
  
 The documents required to be delivered by this Section 6 will be delivered at the office of counsel for the Initial Purchasers, at 425 Lexington Avenue,
New York, New York 10017, on the Closing Date. 
  
 7.
Reimbursement of Expenses. If the sale of the Notes provided for herein is not consummated because any condition to the obligations of the Initial Purchasers set forth in Section 6 hereof is not satisfied, because of any termination pursuant
to Section 10 hereof or because of any refusal, inability or failure on the part of the Issuer or the Company to perform any agreement herein or comply with any provision hereof other than by reason of a default by any of the Initial Purchasers, the
Issuer, or failing the Issuer, the Company will reimburse the Initial Purchasers severally through the Representatives on demand for all expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them in
connection with the proposed purchase and sale of the Notes. 
  
 8. Indemnification and Contribution. (a) The Issuer and the Company, jointly and severally, agree to indemnify and hold harmless each Initial Purchaser, the directors, 

  

 17 

 
officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act
or the Exchange Act (each a “Purchaser Indemnified Person”) against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal
or state or foreign statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in the Preliminary Memorandum, the Final Memorandum or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them
in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuer and the Company will not be liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum, the Final Memorandum, or in any amendment thereof or supplement thereto, in reliance
upon and in conformity with written information furnished to the Issuer or the Company by or on behalf of any Initial Purchaser through the Representatives specifically for inclusion therein; provided, further, however, that with
respect to the Preliminary Memorandum or any amendment or supplement thereto, the foregoing indemnity agreement shall not inure to the benefit of any Purchaser Indemnified Person from whom the person asserting any loss, claim, damage, liability or
expense purchased Securities, if a copy of the Final Memorandum (as then amended or supplemented if the Issuer or the Company shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Purchaser
Indemnified Person to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the Securities to such person, and if the Final Memorandum (as so amended or supplemented) would have cured the
defect giving rise to such loss, claim, damage, liability or expense. This indemnity agreement will be in addition to any liability that the Issuer or the Company may otherwise have. 
  
 (b) Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless the Issuer, the Company, each
of the directors, officers, employees, Affiliates and agents of the Issuer and the Company and each person who controls the Issuer or the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity
from the Issuer and the Company to each Initial Purchaser, but only with reference to written information relating to such Initial Purchaser furnished to the Issuer or the Company by or on behalf of such Initial Purchaser through the Representatives
specifically for inclusion in the Preliminary Memorandum, the Final Memorandum or in any amendment or supplement thereto. This indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise have. The Issuer and the
Company acknowledges that the statements set forth in (1) the first paragraph on page iv, (2) the third and fourth sentences of the paragraph captioned “There may not be a liquid trading market for the notes” under “Risk
Factors,” (3) the second, third and fourth sentences of the second paragraph under “Plan of Distribution,” (4) the fourth, fifth and sixth sentences of the seventh paragraph under “Plan of Distribution,” and (5) the eighth
paragraph under “Plan of Distribution,” in each case, in the Preliminary Memorandum and the 

  

 18 

 
Final Memorandum constitute the only information furnished in writing by or on behalf of the Initial Purchasers for inclusion in the Preliminary Memorandum,
the Final Memorandum or in any amendment or supplement thereto. 
  
 (c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section
8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn
of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent
the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the
indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s
election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the
reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential
defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties
that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding. 
  
 (d) In the event that the
indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Issuer, the Company and the Initial Purchasers severally agree to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Issuer, the
Company and one or more of the Initial Purchasers may be subject in such proportion as is appropriate to reflect the relative benefits received by the Issuer and the Company on the one hand and by the Initial Purchasers on the 

  

 19 

 
other from the offering of the Notes; provided, however, that in no case shall any Initial Purchaser be responsible for any amount in excess of
the purchase discount or commission applicable to the Notes purchased by such Initial Purchaser hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Issuer, the Company and the Initial
Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Issuer and the Company on the one hand and the Initial Purchasers on the other in connection
with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuer and the Company shall be deemed to be equal to the total net proceeds from the offering (before
deducting expenses) received by it, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions. Relative fault shall be determined by reference to, among other things, whether any
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Issuer or the Company on the one hand or the Initial Purchasers on the other, the intent of the
parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Issuer, the Company and the Initial Purchasers agree that it would not be just and equitable if contribution
were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an Initial
Purchaser within the meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each person who controls
the Issuer or the Company within the meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of the Issuer or the Company shall have the same rights to contribution as the Issuer and the Company,
subject in each case to the applicable terms and conditions of this paragraph (d). 
  
 9. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Notes agreed to be purchased by such Initial Purchaser hereunder and such failure to
purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount
of Notes set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Notes set forth opposite the names of all the remaining Initial Purchasers) the Notes which the defaulting Initial Purchaser or Initial
Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Notes which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of
the aggregate principal amount of Notes set forth in Schedule I hereto, the remaining Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Notes, and if such nondefaulting Initial
Purchasers do not purchase all the Notes, this Agreement will terminate without liability to any nondefaulting Initial Purchaser or the Issuer. In the event of a default by any Initial Purchaser as set forth in this Section 9, the Closing Date shall
be postponed for such period, not exceeding five Business Days, as the Representatives shall determine in 

  

 20 

 
order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall
relieve any defaulting Initial Purchaser of its liability, if any, to the Issuer or any nondefaulting Initial Purchaser for damages occasioned by its default hereunder. 
  
 10. Termination. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by
notice given to the Company prior to delivery of and payment for the Notes, if at any time prior to such time (i) if there has been, since the time of execution of this Agreement or since the respective dates as of which information is given in the
Final Memorandum, any material adverse change and no development reasonably likely to cause a prospective material adverse change in the financial condition or in the earnings or business of the Issuer or the Company and its subsidiaries taken as a
whole, whether or not arising in the ordinary course of business, or (ii) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or
escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the
judgment of the Representatives, impracticable to market the Securities or to enforce contracts for the sale of the Securities, or (iii) if trading in any securities of the Issuer or the Company has been suspended or materially limited by the
Commission or the London Stock Exchange, or if trading generally on the London Stock Exchange, American Stock Exchange or the New York Stock Exchange or in the Nasdaq National Market has been suspended or materially limited, or minimum or maximum
prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by such system or by order of the Commission, the National Association of Securities Dealers, Inc. or any other governmental authority,
or (iv) if a banking moratorium has been declared by either Federal or New York authorities. 
  
 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Issuer, the Company or their officers and of the Initial
Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Issuer, the Company or any of the indemnified persons referred to
in Section 8 hereof, and will survive delivery of and payment for the Notes. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 
  
 12. Notices. All communications hereunder will be in writing and shall be deemed to have been given (a) upon personal
delivery, if delivered by hand, (b) three days after the date of deposit in the mails, postage prepaid, if mailed by certified or registered mail, or (c) the next business day if sent by facsimile transmission (if receipt is electronically
confirmed) or by a prepaid overnight courier service, and in each case at the respective addresses or numbers set forth below or such other address or number as such party may have fixed by notice: 
  
 if to Barclays Capital Inc. at: 
  
 Barclays Capital Inc. 
 200 Park Avenue

 New York, New York 10166 
  

 21 

 Attention: US Transaction Management 
 Fax: 212-412-7680 
 Telephone: 212-412-7606 
  
 if to Citigroup Global Markets Inc. at: 
  
 Citigroup Global Markets Inc. 
 390 Greenwich Street 
 New York, New York 10013 
 Attention: Office of the General Counsel

 Fax: 212-816-5831 
 Telephone: 212-816-7912 
  
 if to Wachovia Capital Markets, LLC at: 
  
 Wachovia Capital Markets, LLC 
 One Wachovia Center, TW-7 
 301 South College Street 
 Charlotte, North Carolina 28288 
 Attention: Head of Investment Grade Debt Syndicate 
 Fax: 704-383-0661 
 Telephone: 704-383-7727 
  
 if to the Issuer or the Company: 
  
 WPP Group plc 
 27 Farm Street 
 London W1J 5RJ 
 England 
 Attention: Group Finance Director 
 Fax:
011-44-20-7493-6819 
 Telephone: 011-44-20-7318-0059 
  
 Copies to: 
  
 Davis & Gilbert LLP 
 1740 Broadway 
 New York, New York 10019 
 Attention: Mitchell W. Karsch 
 Fax: (212) 468-4888 
 Telephone: (212) 468-4860 
  
 and 
  

 22 

 Allen & Overy LLP 
 One
New Change 
 London EC4M 9QQ 
 Attention: Richard Browne

 Fax: 011-44-20-7330-9999 
 Telephone: 011-44-20-7330-3256

  
 13. Successors. This Agreement will inure to the
benefit of and be binding upon the parties hereto and their respective successors and the indemnified persons referred to in Section 8 hereof and their respective successor, and, except as expressly set forth in Section 5(h) hereof, no other person
will have any right or obligation hereunder. 
  
 14.
Jurisdiction. The Issuer and the Company each agrees that any suit, action or proceeding against the Issuer or the Company brought by any Initial Purchaser, the directors, officers, employees and agents of any Initial Purchaser, or by any
person who controls any Initial Purchaser, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any
objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuer and the Company each hereby appoints
CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York 10011 as its authorized agent (the
“Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein that may be instituted in any State or U.S. federal court in The City
of New York and County of New York, by any Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, and expressly accepts the non-exclusive
jurisdiction of any such court in respect of any such suit, action or proceeding. The Issuer and the Company each hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service
of process, and the Issuer and the Company each agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the
Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer or the Company, as the case may be. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by any
Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Initial Purchaser, or by any person who controls any Initial Purchaser, in any court of competent jurisdiction in England. The parties hereto each hereby waive any
right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
  
 15. Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York. 
  
 16. Currency. Each reference in this Agreement to U.S. dollars (the
“relevant currency”), including by use of the symbol “$”, is of the essence. To the fullest extent permitted by law, the obligations of the Issuer and/or the Company in respect of any amount due under this Agreement will,
notwithstanding any payment in any other currency (whether pursuant to a 

  

 23 

 
judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in
accordance with its normal procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the
relevant currency that may be so purchased for any reason falls short of the amount originally due, the Issuer or the Company, as the case may be, will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the
shortfall. Any obligation of the Issuer or the Company not discharged by such payment will, to the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein, will continue in
full force and effect. 
  
 17. Counterparts. This Agreement
may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
  
 18. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
  
 19. Definitions. The terms that follow, when used in this Agreement,
shall have the meanings indicated. 
  
 “Business Day”
shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York or London. 
  
 “Execution Time” shall mean the date and time that this Agreement
is executed and delivered by the parties hereto. 
  

 24 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Issuer and the several Initial Purchasers. 
  

			
	Very truly yours,
	
	WPP FINANCE (UK)
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	WPP GROUP PLC
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 25 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 
  
 Barclays Capital Inc. 
 Citigroup Global Markets Inc. 
 Wachovia Capital Markets, LLC 
  
 As for themselves and as Representatives of the other several Initial Purchasers listed on Schedule I hereto 
  

			
	
	By: Barclays Capital Inc.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	Citigroup Global Markets Inc.
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	Wachovia Capital Markets, LLC
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 26 

 SCHEDULE I 
  

			
	 Initial Purchasers

	  	Principal Amount of
Notes to be Purchased

		
	 Barclays Capital Inc.
	  	U.S.$175,500,000
		
	 Citigroup Global Markets Inc.
	  	175,500,000
		
	 Wachovia Capital Markets, LLC
	  	175,500,000
		
	 HSBC Securities (USA) Inc.
	  	32,500,000
		
	 J. P. Morgan Securities Inc.
	  	32,500,000
		
	 ABN AMRO Incorporated
	  	14,625,000
		
	 BNP Paribas Securities Corp.
	  	14,625,000
		
	 Goldman, Sachs & Co.
	  	14,625,000
		
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	14,625,000
	 	  	

		
	 Total
	  	U.S.$650,000,000
	 	  	

  

 27Registration Rights Agreement, dated as of June 23, 2004

 Exhibit 10.31 
  
 Execution Copy 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 WPP FINANCE (UK) 
  
 5.875% Notes due 2014 
  
 Fully and Unconditionally Guaranteed by 
  
 WPP GROUP PLC 
  
 As of June 23, 2004 
  
 Barclays Capital Inc. 
 200 Park Avenue 
 New York, New York 10166 
  
 Citigroup Global Markets Inc. 
 390 Greenwich
Street 
 New York, New York 10013 
  
 Wachovia Capital Markets, LLC 
 One Wachovia Center, TW-7 
 301 South College Street 
 Charlotte, North Carolina 28288 
  
 For themselves and the other several Initial Purchasers named in Schedule I to the Purchase
Agreement referred to below 
  
 Ladies and Gentlemen: 
  
 WPP Finance (UK) an English unlimited company (the “Issuer”),
proposes to issue and sell to certain purchasers (the “Initial Purchasers”), for whom you (the “Representatives”) are acting as representatives, its 5.875% Notes due 2014 (the “Notes”), which will be fully and
unconditionally guaranteed by WPP Group plc, an English public limited company (the “Company”), upon the terms set forth in the Purchase Agreement among the Issuer, the Company and the Initial Purchasers dated June 16, 2004 (the
“Purchase Agreement”) relating to the initial placement (the “Initial Placement”) of the Notes and the guarantees of the Company (the “Guarantees” and, together with the Notes, the “Securities”). To induce the
Initial Purchasers to enter into the Purchase Agreement and to satisfy a condition to your obligations 

  

 
thereunder, the Issuer and the Company agree with you for your benefit and the benefit of the holders from time to time of the Securities (including the
Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows: 
  
 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used
in this Agreement, the terms set forth below shall have the following meanings: 
  
 “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Additional Interest” shall have the meaning set forth in Section 8 hereof. 
  
 “Affiliate” shall have the meaning specified in Rule 405 under the
Act and the terms “controlling” and “controlled” shall have meanings correlative thereto. 
  
 “Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 
  
 “Business Day” shall mean any day other than a Saturday, a Sunday
or a legal holiday or a day on which banking institutions or trust companies are authorized or required by law or regulation to close in New York City or London. 
  
 “Closing Date” shall mean the date of the first issuance of the Securities. 
  
 “Commission” shall mean the Securities and Exchange Commission.

  
 “Company” shall have the meaning set forth in the
preamble hereto. 
  
 “Deferral Period” shall have the
meaning indicated in Section 4(k)(ii) hereof. 
  
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Exchange Offer Registration Period” shall mean the one-year period following the consummation of the Registered Exchange Offer, exclusive of
any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 
  
 “Exchange Offer Registration Statement” shall mean a registration statement of the Issuer and the Company on an appropriate form under the Act
with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein. 
  
 “Exchanging
Dealer” shall mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that 

  

 2 

 
it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Company or any Affiliate of
the Company) for New Securities. 
  
 “Final Memorandum”
shall mean the offering memorandum, dated June 16, 2003, relating to the Securities, including any and all exhibits thereto and any information incorporated by reference therein as of such date. 
  
 “Guarantees” shall have the meaning set forth in the preamble
hereto. 
  
 “Holder” shall have the meaning set forth in
the preamble hereto. 
  
 “Indenture” shall mean the
Indenture relating to the Securities, dated as of June 23, 2004, among the Issuer, the Company and Citibank N.A., as trustee, as supplemented by the First Supplemental Indenture dated as of June 23, 2004, as the same may be amended from time to time
in accordance with the terms thereof. 
  
 “Initial
Placement” shall have the meaning set forth in the preamble hereto. 
  
 “Initial Purchasers” shall have the meaning set forth in the preamble hereto. 
  
 “Losses” shall have the meaning set forth in Section 6(d) hereof. 
  
 “Majority Holders” shall mean, on any date, Holders of a majority of the aggregate principal amount of Securities
registered under a Registration Statement. 
  
 “Managing
Underwriters” shall mean the investment banker or investment bankers and manager or managers that administer an underwritten offering, if any, under a Registration Statement. 
  
 “NASD Rules” shall mean the Conduct Rules and the By-Laws of the National Association of Securities Dealers, Inc.

  
 “New Securities” shall mean debt securities of the
Issuer and guarantees of the Company identical in all material respects to the Securities and the Guarantees (except that the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under the Indenture. 
  
 “Prospectus” shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto, including any and all exhibits thereto and
any information incorporated by reference therein. 
  
 “Purchase Agreement” shall have the meaning set forth in the preamble hereto. 
  

 3 

 “Registered Exchange Offer” shall mean the proposed offer of the Issuer and the Company to
issue and deliver to the Holders of the Securities that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 

 
 “Registrable Securities” shall mean (i) Securities other than
those that have been (A) registered under a Registration Statement and disposed of in accordance therewith or (B) distributed to the public pursuant to Rule 144 under the Act or any successor rule or regulation thereto that may be adopted by the
Commission and (ii) any New Securities resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act. 
  
 “Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities
or the New Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein), all exhibits thereto
and all material incorporated by reference therein. 
  
 “Securities” shall have the meaning set forth in the preamble hereto. 
  
 “Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 
  
 “Shelf Registration Period” has the meaning set forth in Section 3(b) hereof. 
  
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Issuer and the Company
pursuant to the provisions of Section 3 hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments
and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
  
 “Trustee” shall mean the trustee with respect to the Securities
under the Indenture. 
  
 “Trust Indenture Act” shall
mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “underwriter” shall mean any underwriter of Securities in connection with an offering thereof under a Shelf Registration Statement. 

 
 2. Registered Exchange Offer. (a) The Issuer and the Company shall
prepare and, not later than 90 days following the Closing Date, shall file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Issuer and the Company shall use their best efforts to cause
the Exchange Offer Registration Statement to become effective under the Act within 240 days of the Closing Date. 
  
 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Issuer and the Company shall promptly commence the Registered Exchange Offer,
it being the 

  

 4 

 
objective of such Registered Exchange Offer to enable each Holder electing to exchange Securities for New Securities (assuming that such Holder is not an
Affiliate of the Company, acquires the New Securities in the ordinary course of such Holder’s business, has no arrangements with any person to participate in the distribution of the New Securities and is not prohibited by any law or policy of
the Commission from participating in the Registered Exchange Offer) to trade such New Securities from and after their receipt without any limitations or restrictions under the Act and without material restrictions under the securities laws of a
substantial proportion of the several states of the United States. 
  
 (c) In connection with the Registered Exchange Offer, the Issuer and the Company shall: 
  
 (i) mail or cause to be mailed to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents; 
  
 (ii) keep the Registered Exchange Offer open for not less than 20 Business Days and not more than 30 Business Days after the date notice thereof is mailed to the Holders (or, in each case, longer if required by
applicable law); 
  
 (iii) use their best efforts
to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and amended as required, under the Act to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer
Registration Period; 
  
 (iv) utilize the
services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee or an Affiliate of the Trustee; 
  
 (v) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York
time, on the last Business Day on which the Registered Exchange Offer is open; 
  
 (vi) prior to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to the Commission (A) stating that
the Issuer and the Company are conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), and Morgan Stanley and Co., Inc. (pub. avail. June
5, 1991); and (B) including a representation that the Issuer and the Company have not entered into any arrangement or understanding with any person to distribute the New Securities to be received in the Registered Exchange Offer and that, to the
best of their information and belief, each Holder participating in the Registered Exchange Offer is acquiring the New Securities in the ordinary course of business and has no arrangement or understanding with any person to participate in the
distribution of the New Securities; and 
  
 (vii)
comply in all respects with all applicable laws. 
  

 5 

 (d) As soon as practicable after the close of the Registered Exchange Offer, the Issuer and the Company
shall: 
  
 (i) accept for exchange all Securities
tendered and not validly withdrawn pursuant to the Registered Exchange Offer; 
  
 (ii) deliver to the Trustee for cancellation in accordance with Section 4(r) all Securities so accepted for exchange; and 
  
 (iii) cause the Trustee promptly to authenticate and deliver to each Holder of Securities a principal amount of New Securities equal to
the principal amount of the Securities of such Holder so accepted for exchange. 
  
 (e) Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a distribution of the New Securities (x) could not under Commission
policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in
the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and prospectus delivery requirements of the Act in connection with any secondary resale transaction,
which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of New Securities obtained by such Holder
in exchange for Securities acquired by such Holder directly from the Issuer, the Company or one of their Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Issuer that, at the
time of the consummation of the Registered Exchange Offer: 
  
 (i) any New Securities received by such Holder will be acquired in the ordinary course of business; 
  
 (ii) such Holder will have no arrangement or understanding with any person to participate in the distribution of the Securities or the New
Securities within the meaning of the Act; and 
  
 (iii) such Holder is not an Affiliate of the Issuer or the Company. 
  
 (f) If any Initial Purchaser fails to make such representations or determines that it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any portion
of an unsold allotment, at the request of such Initial Purchaser, the Issuer and the Company shall issue and deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf Registration Statement as contemplated by
Section 3 hereof from such Initial Purchaser, in exchange for such Securities, a like principal amount of New Securities. The Issuer and the Company shall use their best efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for
such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 
  

 6 

 3. Shelf Registration. (a) If (i) due to any change in law or applicable interpretations thereof
by the Commission’s staff, the Issuer and the Company determine upon advice of their outside counsel that they are not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof; or (ii) for any other reason the
Registered Exchange Offer is not consummated within 270 days of the date hereof; (iii) any Initial Purchaser so requests with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that
are held by it following consummation of the Registered Exchange Offer; (iv) any Holder (other than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer; or (v) in the case of any Initial Purchaser that participates
in the Registered Exchange Offer or acquires New Securities pursuant to Section 2(f) hereof, such Initial Purchaser does not receive freely tradeable New Securities in exchange for Securities constituting any portion of an unsold allotment (it being
understood that (x) the requirement that an Initial Purchaser deliver a Prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Act in connection with sales of New Securities acquired in exchange for such
Securities shall result in such New Securities being not “freely tradeable”; and (y) the requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in
exchange for Securities acquired as a result of market-making activities or other trading activities shall not result in such New Securities being not “freely tradeable”), the Issuer and the Company shall effect a Shelf Registration
Statement in accordance with subsection (b) below. 
  
 (b) (i) The
Issuer and the Company shall as promptly as practicable (but in no event more than 90 days after so required or requested pursuant to this Section 3), file with the Commission and shall use their best efforts to cause to be declared effective under
the Act within 240 days after so required or requested, a Shelf Registration Statement relating to the offer and sale of the Securities or the New Securities, as applicable, by the Holders thereof from time to time in accordance with the methods of
distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration
Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder; and provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities
constituting any portion of an unsold allotment, the Issuer and the Company may, if permitted by current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the
information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of their obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein
as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 
  
 (ii) The Issuer and the Company shall use their best efforts to keep the Shelf Registration Statement continuously effective, supplemented
and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period (the “Shelf Registration Period”) from the date the Shelf Registration Statement is declared effective by the
Commission until the earliest of (A) the second anniversary thereof, (B) the date upon which all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement
or (C) the 

  

 7 

 
date upon which the Securities or the New Securities, as applicable, covered by the Shelf Registration Statement become eligible for resale, without regard
to volume, manner of sale or other restrictions contained in Rule 144(k) under the Act. The Issuer and the Company shall be deemed not to have used their best efforts to keep the Shelf Registration Statement effective during the Shelf Registration
Period if they voluntarily take any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities at any time during the Shelf Registration Period, unless such action is (x) required by applicable
law or otherwise undertaken by the Issuer or the Company in good faith and for valid business reasons (not including avoidance of their obligations hereunder), including the acquisition or divestiture of assets, and (y) permitted pursuant to Section
4(k)(ii) hereof. 
  
 (iii) The Issuer and the
Company shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all material
respects with the applicable requirements of the Act; and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of
the Prospectus, in the light of the circumstances under which they were made) not misleading; provided, however, that the Issuer and the Company shall have no responsibility for any information provided by any selling securityholder and contained in
a Shelf Registration Statement. 
  
 4. Additional Registration
Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 
  
 (a) The Issuer and the Company shall: 
  
 (i) furnish to each of the Representatives and to counsel for the Holders, not less than five Business Days
prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein
(including all documents incorporated by reference therein after the initial filing) and shall use their best efforts to reflect in each such document, when so filed with the Commission, such comments as the counsel for the Holders or counsel for
the Representatives reasonably propose; 
  
 (ii)
include the information set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange
Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer 

  

 8 

 
Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 
  
 (iii) if requested by an Initial Purchaser, include the
information required by Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus contained in the Exchange Offer Registration Statement or Shelf Registration Statement; and 
  
 (iv) in the case of a Shelf Registration Statement, include the names of the Holders that propose to sell
Securities pursuant to the Shelf Registration Statement as selling security holders. 
  
 (b) The Issuer and the Company shall ensure that: 
  
 (i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto
complies in all material respects with the Act; and 
  
 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; provided, however, that the Issuer and the Company shall have no responsibility for any information provided by any selling securityholder and contained in a Shelf Registration Statement. 
  
 (c) The Issuer and the Company shall advise the Representatives, the Holders
of Securities covered by any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Issuer and the Company a telephone or facsimile number and address for notices,
and, if requested by any Representative or any such Holder or Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until
the Issuer and the Company shall have remedied the basis for such suspension): 
  
 (i) when a Registration Statement and any amendment thereto has been filed with the Commission and when the Registration Statement or any
post-effective amendment thereto has become effective; 
  
 (ii) of any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional information; 
  

(iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution
or threatening of any proceeding for that purpose; 
  
 (iv) of the receipt by the Issuer and the Company of any notification with respect to the suspension of the qualification of the securities included 

  

 9 

 
therein for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; and 
  
 (v) of the happening of any event that requires any change
in the Registration Statement or the Prospectus so that, as of such date, they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading.  
  
 (d) The Issuer and the Company shall use
their best efforts to prevent the issuance of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as possible the
withdrawal thereof. 
  
 (e) The Issuer and the Company shall
furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated therein by
reference, and, if the Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
  
 (f) The Issuer and the Company shall, during the Shelf Registration Period, deliver to each Holder of Securities covered by any Shelf Registration
Statement, without charge, as many copies of the Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Issuer and the
Company consent to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the Prospectus, or any amendment or supplement
thereto, included in the Shelf Registration Statement. 
  
 (g) The
Issuer and the Company shall furnish to each Exchanging Dealer which so requests, without charge, at least one conformed copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including all material incorporated
by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
  
 (h) The Issuer and the Company shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a
Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as any such person may reasonably request. The
Issuer and the Company consent to the use of the Prospectus or any amendment or supplement thereto by any Initial Purchaser, any Exchanging Dealer and any such other person that may be required to deliver a Prospectus following the Registered
Exchange Offer in connection with the offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement. 
  

 10 

 (i) Prior to the Registered Exchange Offer or any other offering of Securities pursuant to any
Registration Statement, the Issuer and the Company shall arrange, if necessary, for the registration or qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Holder shall reasonably request and
shall maintain such qualification in effect so long as required; provided that in no event shall the Issuer or the Company be obligated to qualify to do business in any jurisdiction where it is not then so qualified or to take any action that would
subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such jurisdiction where it is not then so subject.

  
 (j) The Issuer and the Company shall cooperate with the
Holders of Securities to facilitate the timely preparation and delivery of certificates representing New Securities or Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations
and registered in such names as Holders may request. 
  
 (k) (i)
Upon the occurrence of any event contemplated by subsections (c)(ii) through (v) above, the Issuer and the Company shall promptly (or within the time period provided for by clause (ii) hereof, if applicable) prepare a post-effective amendment to the
applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to Initial Purchasers of the securities included therein, the Prospectus will not include
an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In such circumstances,
the period of effectiveness of the Exchange Offer Registration Statement provided for in Section 2 shall be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section 4(c) to and including
the date when the Initial Purchasers, the Holders of the Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section. 
  
 (ii) Upon the occurrence or existence of any pending corporate development or any other material event that,
in the reasonable judgment of the Issuer and the Company, makes it appropriate to suspend the availability of a Shelf Registration Statement and the related Prospectus, the Issuer and the Company shall give notice (without notice of the nature or
details of such events) to the Holders that the availability of the Shelf Registration is suspended and, upon actual receipt of any such notice, each Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such
Holder’s receipt of copies of the supplemented or amended Prospectus provided for in Section 3(i) hereof, or until it is advised in writing by the Issuer and the Company that the Prospectus may be used, and has received copies of any additional
or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The period during which the availability of the Shelf Registration and any Prospectus is suspended (the “Deferral Period”) shall not
exceed 45 days in any three-month period or 90 days in any twelve-month period. In no event shall the Issuer or the Company indicate to any Holder the particulars of the corporate development or other material event unless and until the 

  

 11 

 
Prospectus has been publicly amended or supplemented to address the development or event. 
  
 (l) Not later than the effective date of any Registration Statement, the Issuer and the Company shall provide a CUSIP number
for the Securities or the New Securities, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Securities or New Securities, in a form eligible for deposit with The Depository
Trust Issuer. 
  
 (m) The Company shall comply with all applicable
rules and regulations of the Commission and shall make generally available to its security holders an earnings statement satisfying the provisions of Section 11(a) of the Act as soon as practicable after the effective date of the applicable
Registration Statement and in any event no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective
date of the applicable Registration Statement. 
  
 (n) The Issuer
and the Company shall cause the Indenture to be qualified under the Trust Indenture Act in a timely manner. 
  
 (o) The Issuer and the Company may require each Holder of Securities to be sold pursuant to any Shelf Registration Statement to furnish to the Issuer and
the Company such information regarding the Holder and the distribution of such Securities as the Issuer and the Company may from time to time reasonably require for inclusion in such Registration Statement. The Issuer and the Company may exclude
from such Shelf Registration Statement the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
  
 (p) In the case of any Shelf Registration Statement, the Issuer and the Company shall enter into customary agreements
(including, if requested, an underwriting agreement in customary form) and take all other appropriate actions in order to expedite or facilitate the registration or the disposition of the Securities, and in connection therewith, if an underwriting
agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 6 hereof. 
  
 (q) In the case of any Shelf Registration Statement, the Company and Issuer shall: 
  
 (i) make reasonably available for inspection by the Holders of Securities to be registered thereunder, any
underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records and pertinent corporate
documents of the Company and its subsidiaries but only if such persons execute a written confidentiality agreement with respect to such records and documents and agree to return such documents upon completion of their due diligence review thereof;

  

 12 

 (ii) cause the officers, directors, employees, accountants and auditors of the Issuer and
the Company to supply all relevant information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations but
only if such persons execute a written confidentiality agreement with respect to such records and documents and agree to return such documents upon completion of their due diligence review thereof; 
  
 (iii) make such representations and warranties to the
Holders of Securities registered thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set
forth in the Purchase Agreement; 
  
 (iv) obtain
opinions of counsel to the Issuer and the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the
underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and Managing Underwriters; 
  
 (v) obtain “comfort” letters and updates thereof
from the independent certified public accountants of the Issuer and the Company (and, if necessary, any other independent certified public accountants of any other subsidiary of the Company or of any business acquired by the Company for which
financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of
the type customarily covered in “comfort” letters in connection with primary underwritten offerings; and 
  
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders or the Managing Underwriters, if any,
including those to evidence compliance with Section 4(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 
  
 The actions set forth in clauses (iii), (iv), (v) and (vi) of this paragraph (q) shall be performed at (A) the effectiveness of such
Registration Statement and each post-effective amendment thereto; and (B) each closing under any underwriting or similar agreement as and to the extent required thereunder. 
  
 (r) If a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the Issuer and the
Company (or to such other person as directed by the Issuer and the Company) in exchange for the New Securities, the Issuer and the Company shall mark, or caused to be marked, on the Securities so exchanged that such Securities are being 

  

 13 

 
cancelled in exchange for the New Securities. In no event shall the Securities be marked as paid or otherwise satisfied. 
  
 (s) The Issuer and the Company shall use their best efforts if the Securities
have been rated prior to the initial sale of such Securities, to confirm such ratings will apply to the Securities or the New Securities, as the case may be, covered by a Registration Statement. 
  
 (t) In the event that any Broker-Dealer shall underwrite any Securities or
participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the NASD Rules) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent
or a broker or dealer in respect thereof, or otherwise, the Issuer and the Company shall assist such Broker-Dealer in complying with the NASD Rules. 
  
 (u) The Issuer and the Company shall use their best efforts to take all other steps necessary to effect the registration of the Securities or the New
Securities, as the case may be, covered by a Registration Statement. 
  
 5. Registration Expenses. The Issuer, or failing the Issuer, Company shall bear all expenses incurred in connection with the performance of its obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration
Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel (which shall initially be Simpson Thacher & Bartlett LLP, but which may be another nationally recognized law firm experienced in
securities matters designated by the Majority Holders) to act as counsel for the Holders in connection therewith. 
  
 6. Indemnification and Contribution. (a) The Issuer and the Company, jointly and severally, agree to indemnify and hold harmless each Holder of
Securities or New Securities, as the case may be, covered by any Registration Statement, each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer, the directors, officers,
employees, Affiliates and agents of each such Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder, Initial Purchaser or Exchanging Dealer (each a “Purchaser Indemnified Person”) within the meaning of
either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation,
at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made) not misleading, and agrees to
reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that
neither the Company nor the Issuer will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or 

  

 14 

 
is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with
written information furnished to the Issuer or the Company by or on behalf of the party claiming indemnification specifically for inclusion therein; provided, further, however, that with respect to any preliminary Prospectus or any
amendment or supplement thereto, the foregoing indemnity agreement shall not inure to the benefit of any Purchaser Indemnified Person from whom the person asserting any loss, claim, damage, liability or expense purchased Securities or New
Securities, if a copy of the Prospectus (as then amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Purchaser Indemnified Person to such person, if required
by law so to have been delivered, at or prior to the written confirmation of the sale of the Securities or New Securities, as the case may be, to such person, and if the Prospectus (as so amended or supplemented) would have cured the defect giving
rise to such loss, claim, damage, liability or expense. This indemnity agreement shall be in addition to any liability that the Issuer or the Company may otherwise have. 
  
 The Issuer and the Company also, jointly and severally, agree to indemnify as provided in this Section 6(a) or contribute as
provided in Section 6(d) hereof to Losses of each underwriter, if any, of Securities or New Securities, as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees, Affiliates or agents and each person
who controls such underwriter on substantially the same basis as that of the indemnification of the Initial Purchasers and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement
reflecting such agreement, as provided in Section 4(p) hereof. 
  
 (b) Each Holder of securities covered by a Registration Statement (including each Initial Purchaser that is a Holder, in such capacity) severally and not jointly agrees to indemnify and hold harmless the Issuer and the Company, the
directors, officers, employees, Affiliates and agents of the Issuer and the Company and each person who controls the Issuer or the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from
the Issuer and the Company to each such Holder, but only with reference to written information relating to such Holder furnished to the Issuer or the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in
the foregoing indemnity. This indemnity agreement will be in addition to any liability that any such Holder may otherwise have. 
  
 (c) Promptly after receipt by an indemnified party under this Section 6 or notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from
liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event,
relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of
the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees
and expenses of 

  

 15 

 
any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth
below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an
action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying
party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such
settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 
  
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section is unavailable to or insufficient to
hold harmless an indemnified party for any reason, then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending any loss, claim, liability, damage or action) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative
benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case
shall any Initial Purchaser be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the Security that was exchangeable into such
New Security, as set forth in the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such underwriter under the Registration
Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as
any other relevant equitable considerations. Benefits received by the Issuer and the Company shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Final Memorandum. Benefits
received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and 

  

 16 

 
commissions as set forth on the cover page of the Final Memorandum, and benefits received by any other Holders shall be deemed to be equal to the value of
receiving Securities or New Securities, as applicable, registered under the Act. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus
forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other
method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each person who controls a Holder within the meaning of either the Act or the Exchange Act and each
director, officer, employee and agent of such Holder shall have the same rights to contribution as such Holder, and each person who controls the Issuer or the Company within the meaning of either the Act or the Exchange Act, each officer of the
Issuer or the Company who shall have signed the Registration Statement and officer, director, employee, Affiliate and agent of the Issuer or the Company shall have the same rights to contribution as the Issuer and the Company, subject in each case
to the applicable terms and conditions of this paragraph (d). 
  
 (e) The provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Issuer or the Company or any of the indemnified persons referred to in this Section 6, and
will survive the sale by a Holder of securities covered by a Registration Statement. 
  
 7. Underwritten Registrations. (a) If any of the Securities or New Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing
Underwriters shall be selected by the Majority Holders. 
  
 (b) No
person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to sell such person’s Securities or New Securities, as the case may be, on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve such arrangements; and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements. 
  

 17 

 8. Registration Defaults. If any of the following events shall occur, then the Issuer and the
Company shall pay additional interest as liquidated damages (“Additional Interest”) to the Holders of Securities in respect of the Securities as follows: 
  
 (a) if any Registration Statement required by this Agreement is not filed with the Commission on or prior to the date
specified for such filing in this Agreement, then Additional Interest shall accrue on the Registrable Securities at a rate of 0.25% per annum; or 
  
 (b) if any Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the date by which best efforts are
to be used to cause such effectiveness under this Agreement, then commencing on the day after such specified date, Additional Interest shall accrue on the Registrable Securities at a rate of 0.25% per annum; or 
  
 (c) if any Registration Statement required by this Agreement has been
declared effective but ceases to be effective at any time at which it is required to be effective under this Agreement, then commencing on the day the Registration Statement ceases to be effective, Additional Interest shall accrue on the Registrable
Securities at a rate of 0.25% per annum; or 
  
 (d) if the
Exchange Offer is not completed on or prior to the date by which the Exchange Offer is scheduled to be completed, then commencing on the day after such specified date, Additional Interest shall accrue on the Registrable Securities at a rate of 0.25%
per annum. 
  
 provided, however, that (1) upon the filing of the
Registration Statement (in the case of paragraph (a) above), (2) upon the effectiveness of the Registration Statement (in the case of paragraph (b) above), (3) upon the effectiveness of the Registration Statement which had ceased to remain effective
(in the case of paragraph (c) above), or (4) upon the completion of the Exchange Offer (in the case of paragraph (d) above), Additional Interest shall cease to accrue. 
  
 9. No Inconsistent Agreements. Neither the Company nor the Issuer has entered into, and each of them agrees not to
enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 
  
 10. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the Issuer and the Company have obtained the written consent of the Holders of a majority of the aggregate principal amount of the Registrable Securities
outstanding; provided that, with respect to any matter that directly or indirectly adversely affects the rights of any Initial Purchaser hereunder, the Issuer and the Company shall obtain the written consent of each such Initial Purchaser
against which such amendment, qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect to Section 8 hereof shall be effective as
against any Holder of Registered Securities unless consented to in writing by such Holder; and provided, further, that the provisions of this Section 10 may not be amended, qualified, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, unless the Issuer and the Company have obtained the written consent of the Initial Purchasers and each Holder. Notwithstanding the foregoing (except the foregoing provisos), a waiver or
consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not
directly or 

  

 18 

 
indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of Securities or New Securities, as the case may
be, being sold rather than registered under such Registration Statement. 
  
 11. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight
delivery: 
  
 (a) if to a Holder, at the most current address
given by such holder to the Issuer and the Company in accordance with the provisions of this Section 11, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture; 

 
 (b) if to the Representatives, initially at the addresses set forth in the
Purchase Agreement; and 
  
 (c) if to the Issuer or the Company,
initially at the address set forth in the Purchase Agreement. 
  
 All such notices and communications shall be in writing and shall be deemed to have been given (a) upon personal delivery, if delivered by hand, (b) three days after the date of deposit in the mails, postage prepaid, if mailed by certified
or registered mail, or (c) the next business day if sent by facsimile transmission (if receipt is electronically confirmed) or by a prepaid overnight courier service. 
  
 The Initial Purchasers or the Issuer and the Company by notice to the other parties may designate additional or different
addresses for subsequent notices or communications. 
  
 12.
Remedies. Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the Indenture or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to
specific performance of its rights under this Agreement. The Issuer and the Company agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree
to waive in any action for specific performance the defense that a remedy at law would be adequate. 
  
 13. Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective successors and assigns,
including, without the need for an express assignment or any consent by the Issuer or the Company thereto, subsequent Holders of Securities and the New Securities, and the indemnified persons referred to in Section 6 hereof. The Issuer and the
Company hereby agree to extend the benefits of this Agreement to any Holder of Securities and the New Securities (other than with respect to a Security or New Security, a Holder (other than an Initial Purchaser) who has purchased such Security or
New Security pursuant to an effective Registration Statement or, with respect to such Security or New Security subsequent Holders thereof (provided that this exclusion shall not prejudice the right of any Holder to receive any accrued additional
interest)), and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
  

 19 

 14. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall
constitute an original and all of which together shall constitute one and the same agreement. 
  
 15. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
  
 16. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. The parties hereto each
hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
  
 17. Jurisdiction. Each of the Issuer and the Company agrees that any suit, action or proceeding against the Issuer or the Company brought by any
Holder or Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Holder or Initial Purchaser, or by any person who controls any Holder or Initial Purchaser, arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably
submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer and the Company hereby appoints CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York 10011 as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted in any State or U.S. federal court in The City of New York and County of New York, by any Holder or Initial Purchaser, the directors,
officers, employees, Affiliates and agents of any Holder or Initial Purchaser, or by any person who controls any Holder or Initial Purchaser, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action
or proceeding. Each of the Issuer and the Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and agrees to take any and all action, including the
filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer or
the Company, as the case may be. Each of the Issuer and the Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and
appointment in full force and effect so long as any of the Securities shall be outstanding. To the extent that the Issuer or the Company may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of this Agreement, to the fullest extent permitted by law.
Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by any Holder or Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Holder or Initial Purchaser, or by any
person who controls any Holder or Initial Purchaser, in any court of competent jurisdiction in England. 
  

 20 

 18. Severability. In the event that any one of more of the provisions contained herein, or the
application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall
not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
  
 19. Securities Held by the Company, etc. Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by the Company or its Affiliates (other than subsequent Holders of Securities or New Securities if such subsequent Holders are
deemed to be Affiliates solely by reason of their holdings of such Securities or New Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  

 21 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Issuer, the Company and the several Initial Purchasers. 
  

					
	 Very truly yours,

	
	 WPP FINANCE (UK)

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 Paul W.G. Richardson

	 	 	 Title:
	 	 Director

	
	 WPP GROUP PLC

			
	 By:
	 	 	 	 
	 	 	 Name:
	 	 Paul W.G. Richardson

	 	 	 Title:
	 	 Group Finance Director

  

 22 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 
  
 Barclays Capital Inc. 
 Citigroup Global Markets Inc. 
 Wachovia Capital Markets, LLC 
  
 For themselves and the other several Initial Purchasers named in Schedule I to the Purchase Agreement. 
  

			
	 Barclays Capital Inc.

		
	By	 	 
	 	 	Name:
	 	 	Title:
	
	 Citigroup Global Markets Inc.

		
	By	 	 
	 	 	Name:
	 	 	Title:
	
	 Wachovia Capital Markets, LLC

		
	By	 	 
	 	 	Name:
	 	 	Title:

  

 23 

 ANNEX A 
  
 Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the
Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities received in exchange for securities where such securities were acquired by such broker-dealer
as a result of market-making activities or other trading activities. The company has agreed that, starting on the expiration date of the exchange offer and ending on the close of business one year after the expiration date, it will make this
prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution”. 
  

 A-1 

 ANNEX B 
  
 Each broker-dealer that receives new securities for its own account in exchange for securities, where such securities were acquired by such broker-dealer
as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such new securities. See “Plan of Distribution”. 
  

 B-1 

 ANNEX C 
  
 PLAN OF DISTRIBUTION 
  
 Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new securities. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities received in exchange for securities where such
securities were acquired as a result of market-making activities or other trading activities. The company and the guarantor have agreed that, starting on the expiration date and ending on the close of business one year after the expiration date,
they will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until
                                , 20    , all dealers
effecting transactions in the new securities may be required to deliver a prospectus. 
  
 The company and the guarantor will not receive any proceeds from any sale of new securities by brokers-dealers. New securities received by broker-dealers for their own account pursuant to the Exchange Offer may be
sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the new securities or a combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from
any such broker-dealer and/or the purchasers of any such new securities. Any broker-dealer that resells new securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a
distribution of such new securities may be deemed to be an “underwriter” within the meaning of the Act and any profit of any such resale of new securities and any commissions or concessions received by any such persons may be deemed to be
underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning
of the Act. 
  
 For a period of one year after the expiration
date, the company will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The company and the guarantor have agreed to
pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the holder of the securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the securities (including any
broker-dealers) against certain liabilities, including liabilities under the Act. 
  
 [If applicable, add information required by Regulation S-K Items 507 and/or 508.] 
  

 C-1 

 ANNEX D 
  
 Rider A 
  
 PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 
  

			
	 Name:
	 	 
	 Address:
	 	 
	 	 	 

  
 Rider B 
  
 If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the
New Securities in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a distribution of the New
Securities. If the undersigned is a Broker-Dealer that will receive New Securities for its own account in exchange for Securities, it represents that the Securities to be exchange for New Securities were acquired by it as a result of market-making
activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit
that it is an “underwriter” within the meaning of the Act.

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