Document:

Exhibit
10.2

 

Execution Version

 

COMMERCIAL
PACKAGING SERVICES AGREEMENT

 

(ferumoxytol
IV)

 

This Agreement is made as of
this 29th day of May 2009 (“Effective Date”),
by and between AMAG Pharmaceuticals, Inc., a
Delaware corporation with a place of business at 100 Hayden Avenue, Lexington,
MA 02421 (“AMAG”) and Catalent
Pharma Solutions, LLC, a Delaware limited liability company, by and
through its Packaging Services group with an office at 3001 Red Lion Road,
Philadelphia, Pennsylvania (“Catalent”).

 

RECITALS

 

A.                                    Catalent provides packaging and related
services to the pharmaceutical industry; and

 

B.                                    AMAG is a pharmaceutical company that
manufactures, markets, and sells pharmaceutical products; and

 

C.                                    AMAG desires to engage Catalent to
provide certain services to AMAG in connection with the packaging of AMAG’s
Product (as defined below) and Catalent desires to provide such services
pursuant to the terms and conditions set forth in this Agreement.

 

THEREFORE, in
consideration of the mutual covenants, terms and conditions set forth below,
the parties agree as follows:

 

ARTICLE 1

DEFINITIONS

 

The following terms have the following
meanings in this Agreement:

 

1.1                               “Affiliate(s)”
means, with respect to AMAG or any third party, any corporation, firm,
partnership or other entity that controls, is controlled by or is under common
control with such entity; and with respect to Catalent, any corporation, firm,
partnership or other entity controlled, directly or indirectly, by Catalent
Pharma Solutions, Inc.  For purposes
of this definition, “control” shall mean the ownership of at least 50% of the
voting share capital of entity or any other comparable equity or ownership
interest.

 

1.2                               “AMAG-Supplied Materials”
means any Product, active pharmaceutical ingredient, bulk drug, drug in primary
packaging or other components to be supplied by AMAG to Catalent for Catalent’s
provision of the Packaging.

 

1.3                               “Applicable Laws”
means all laws, ordinances, rules and regulations within the Territory
applicable to the Packaging of the Product or any aspect thereof and the
obligations of Catalent or AMAG, as the context requires under this Agreement,
including, without limitation, (A) all applicable federal, state and local
laws and regulations of each Territory, (B) the U.S.

 

1

 

Federal Food, Drug and Cosmetic Act, and (C) the
Good Manufacturing Practices (“GMPs”)
promulgated by the Regulatory Authorities, as amended from time to time, as
applicable to the Packaging.

 

1.4                               “Batch” means a
specific quantity of a Product or Packaged Product, as applicable, comprising a
number of units of Product or Packaged Product, as applicable, mutually agreed
upon by the parties in writing that (i) is intended to have uniform
character and quality within specified limits, and (ii) is processed
according to the master batch record during the same cycle of production.

 

1.5                               “Confidential Information”
has the meaning set forth in Section 9.2.

 

1.6                               “Contract Year”
means the twelve (12) month period commencing on the Effective Date and
successive twelve (12) month periods commencing on the anniversary(ies) of the
Effective Date during the term of this Agreement.

 

1.7                               “Delivery Date”
means the date set forth in the relevant Purchase Order on which Catalent must
supply AMAG with Packaged Products, when accepted by Catalent pursuant to Section 4.3.

 

1.8                               “Facility” means
Catalent’s facility at 3001 Red Lion Road, Philadelphia, Pennsylvania, or such
other facilities as agreed upon in writing by the parties.

 

1.9                               “FDA” means the
United States Food and Drug Administration, and any successor agency thereto.

 

1.10                        “Package(d)/Packaging”
means the packaging of the Product pursuant to the Specifications.

 

1.11                        “Packaged Product”
means the Product once Packaged.

 

1.12                        “Product(s)”
means certain ferumoxytol products to be supplied by AMAG in vials, which are
more fully described in the Specifications.

 

1.13                        “Purchase Order”
means a written document issued by AMAG to Catalent in accordance with Article 4
hereof, authorizing Catalent’s performance of Packaging and other related
services pursuant to the terms of this Agreement.

 

1.14                        “Regulatory Authority”
means any governmental regulatory authority within a Territory involved in
regulating any aspect of the development, manufacture, market approval, sale,
distribution, packaging or use of the Product.

 

1.15                        “Specifications”
means the specifications for the Packaging set forth in Exhibit A
attached to and incorporated in this Agreement, which shall become a part of
this Agreement.

 

1.16                        “Territory”
means the United States of America and any other country which the parties
agree to add to this definition of Territory in an amendment to this Agreement.

 

2

 

ARTICLE 2

SCOPE

 

2.1                               Catalent agrees to Package the Product at
the Facility and AMAG agrees to purchase and pay for the Packaging, in each
case in accordance with the terms and conditions set forth in this Agreement.

 

ARTICLE 3

PRICING AND PAYMENT TERMS

 

3.1                               Price.  The fees to be paid to Catalent for the
Packaging of the Product shall be as set forth in Exhibit B
attached to and incorporated in this Agreement (“Price”).

 

3.2                               Price Adjustment. 
The Price is subject to adjustment [***], effective [***], upon thirty
(30) days written notice from Catalent to AMAG. 
All price increases for raw materials, labor, utilities and components
shall be passed through to AMAG.  Upon
request, Catalent shall provide reasonable supporting documentation for such
increases.  However, no such increase
will exceed [***] since the last such adjustment.

 

3.3                               Payment. 
Catalent shall invoice AMAG upon completion of Packaging and AMAG shall
make full payment for Packaged Product tendered for delivery in accordance with
Section 3.6 (except for amounts subject to any bona fide dispute) in US
dollars via wire transfer to Catalent, no later than thirty (30) days from the
date of such invoice.  If AMAG has not
made payment in full of any undisputed amounts by the expiration of such thirty
(30) day period, Catalent may, at its option elect to: (i) charge a late
payment fee on such unpaid amount equal to one and a half percent (1.5%) per
month of such unpaid amount; or (ii) suspend any further deliveries
hereunder until such invoice is paid in full.

 

3.4                               Advance Payment. 
If at any time, AMAG failed to make timely payment in full of all
undisputed amounts for two (2) consecutive invoices, Catalent shall have
the right to require payment in advance before making any further shipment of
the Packaged Products.  If AMAG shall fail,
within a reasonable time, to make such payment in advance, or if AMAG shall
fail to make payment when due, Catalent shall have the right, at its option, to
suspend any further deliveries hereunder until such default is corrected,
without thereby releasing AMAG from its payment obligations under this
Agreement.

 

3.5                               Taxes. 
Any tax (other than Catalent’s income or franchise taxes), however
denominated and measured, imposed upon the Product or upon its manufacture,
Packaging, production, storage, inventory, sale, distribution, transportation,
delivery, use or consumption and on any AMAG owned tooling and equipment are
the responsibility of AMAG, and AMAG shall reimburse Catalent for any such
taxes, duties or other expenses paid by Catalent and for which documentation is
provided to AMAG.

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH
OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED.

 

3

 

3.6                               Deliveries; Shipping. 
AMAG will be solely responsible for ensuring that all Product and
AMAG-Supplied Materials are delivered to Catalent’s Facility in a timely manner
by a carrier obtained by AMAG.  All
Packaged Product shall be delivered by Catalent to AMAG FCA (Incoterms 2000) the Facility and Catalent will use
reasonable efforts to cooperate with the delivery of Product to AMAG, its
designee or common carrier.  The common
carrier shall be selected by AMAG, and title and risk of loss of the Packaged
Product shall pass to AMAG upon delivery by Catalent FCA (Incoterms
2000) at the Facility. 
Catalent will provide AMAG with a copy of the batch record for each
Batch of Packaged Product delivered under this Agreement.

 

3.7                               Failure to Take Delivery.  If
AMAG fails to take delivery of an order of Packaged Product on the scheduled
Delivery Date, then Catalent will store such quantities of Packaged Product in
accordance with AMAG’s written instructions and will bill AMAG on the first of
each month thereafter for reasonable administration and storage costs for such
quantities at Catalent’s then-current, standard rates.  For any such quantity of undelivered Packaged
Product, AMAG agrees that: (A) AMAG has made a fixed commitment to
purchase such Packaging and Packaging components, (B) risk of ownership
for such Packaged Product shall be borne by AMAG, (C) such Packaged
Product shall be on a bill and hold basis for legitimate business purposes; (D) if
no delivery date is determined at the time of billing, Catalent shall have the
right to ship the Packaged Product to AMAG within two (2) months after
billing, and (E) AMAG shall be responsible for any decrease in market
value of such Packaged Product that relates to factors and circumstances
outside of Catalent’s control.  Within
five (5) days following a written request from Catalent, AMAG shall
provide Catalent with a letter confirming items (A) through (E) of
this Section for each Batch of undelivered Packaged Product.

 

ARTICLE 4

FORECAST, PURCHASE AND SUPPLY

 

4.1                               Purchase and Supply. 
During the term of this Agreement and subject to Section 4.4 of
this Article 4, AMAG shall purchase and Catalent shall supply such
quantities of Packaged Product as shall be set forth on Purchase Orders issued
by AMAG to Catalent under this Agreement.

 

4.2                               Forecasts. 
Not later than ten (10) days after the receipt of market approval
for a Product to be packaged hereunder, and thereafter on the first day of each
calendar month during the term of this Agreement, AMAG shall provide Catalent
with a written twelve (12) month rolling forecast (commencing with the
immediately following month) of the quantity of Packaged Product which AMAG
expects to require from Catalent during each of the next twelve (12) months (“Forecast”).  The first
three (3) months of the Forecast shall be firm and binding upon the
parties (“Firm  Commitment”),
and the following nine (9) months shall constitute non-binding good faith
estimates.  Each Forecast shall include (i) the
requested Delivery Dates for the Packaged Product within the Firm Commitment, (ii) the
quantity of Packaged Product to be delivered and (iii) the lot numbers to
be applied to such Packaged Product.

 

4.3                               Purchase Order. 
AMAG shall submit Purchase Orders for the Firm Commitment at least sixty
(60) days prior to the requested Delivery Date. 
Purchase Order quantities may be requested, which are not equivalent to
the Batch sizes specified in Exhibit B,
but will be subject to batch change over charges as specified in Exhibit B. 
Within ten (10) days

 

4

 

of receipt of a Purchase Order, Catalent shall confirm
acceptance of such Purchase Order in writing. 
Catalent may not reject any Purchase Order that does not (i) exceed
the then-current Firm-Commitment, (ii) materially shorten the delivery or
performance schedule for Packaging, or (iii) materially alter the
Specifications or Packaging, and may not unreasonably reject any other Purchase
Order.  Catalent’s confirmation shall, as
applicable, also confirm the Delivery Date or specify alternate Delivery Dates.

 

4.4                               Orders Greater than Forecast. 
Catalent shall use its commercially reasonable efforts within its
existing capacity to supply the quantity of Packaged Product ordered as set
forth on the relevant Purchase Order, regardless of the quantity forecast by
AMAG subject to the capacity limitations of Catalent’s Packaging equipment and
the Facility.

 

4.5                               Amendment of Purchase Orders. 
Catalent shall use commercially reasonable efforts to accommodate a
request by AMAG to amend a Purchase Order to increase or decrease the quantity
of Packaged Product to be delivered, provided, however, that the foregoing shall
not affect or diminish AMAG’s liability under the Firm Commitment.  In the event such amendment causes an
increase in Catalent’s cost to perform the Packaging, the Price shall be
increased to reflect such increased cost. 
Catalent shall notify AMAG of such cost increase promptly after Catalent’s
receipt from AMAG of the amended Purchase Order, and the increase in such
prices shall be effective for the first lot of Product Packaged after the
implementation date of such amendment.

 

4.6                               Terms of Agreement Govern. 
No modification or amendment to this Agreement shall be effected by or
result from the receipt, acceptance, signing or acknowledgement of any party’s
purchase orders, Catalent quotations, invoices, shipping documents or other
business forms containing terms or conditions in addition to or different from
the terms and conditions set forth in this Agreement, including but not limited
to the payment and shipping terms.  The
terms of this Agreement shall supersede any provision in any Purchase Order or
other document that is in addition to or inconsistent with the terms of this
Agreement.

 

4.7                               Changes to Specifications. 
Should AMAG desire to change the Specifications, AMAG may propose a
written amendment to this Agreement reflecting the desired changes.  In such case, Catalent will provide AMAG with
any proposed changes in the price or the timing of Packaging occasioned by the
change in the Specifications.  Such
amendment will be binding on the parties only if approved by both parties in
writing, and will reflect any such changes in the price or the timing of
Packaging.

 

ARTICLE 5

MATERIALS

 

5.1                               Supply of Product. 
AMAG shall supply to Catalent in accordance with Section 3.6 the
Product in quantities sufficient to meet the requirements set forth in accepted
Purchase Orders no later than fifteen (15) days before the scheduled Packaging
date.  Catalent shall use the Product
solely and exclusively for Packaging under this Agreement.

 

5.2                               Packaging Components. 
Catalent shall be responsible for procuring, inspecting and releasing
adequate Packaging components as necessary to meet Purchase Orders submitted

 

5

 

by AMAG hereunder, unless otherwise agreed to by the
parties in writing.  In certain
instances, AMAG may require a specific supplier to be used for Packaging
components.  In such event, the supplier
shall be specified in the Specifications, and AMAG shall be responsible for the
timeliness, quantity and quality of supply of such Packaging components.

 

5.3                               Reimbursement for Materials. 
In the event of (A) a Specification change for any reason, (B) termination
or expiration of this Agreement, or (C) obsolescence of any Packaging
component, AMAG shall bear the cost of any unused Packaging components, plus a
markup equal to [***] of Catalent’s [***] cost of such Packaging components for
waste, material handling and administration fees, provided that Catalent
purchased such Packaging components in quantities consistent with AMAG’s most
recent Firm Commitment.

 

ARTICLE 6

REGULATORY

 

6.1                               Regulatory Authority Inspection. 
Catalent hereby agrees to advise AMAG promptly of any proposed or
unannounced inspection of the Product(s), Packaged Products or Packaging
process or procedures by any Regulatory Authority and shall, promptly provide a
report of the results of the inspection to AMAG.

 

6.2                               AMAG Technical Representative. 
During the term of this Agreement, AMAG shall have the right to have one
or more technical representatives present in the area of the Facility where the
Packaging is being conducted during the Packaging process to (i) review
the Packaging process; (ii) review any relevant records in connection with
such Packaging process and assess its compliance with cGMP and the
Specifications; and (iii) discuss any related issues with Catalent’s
management personnel.  AMAG’s technical
representatives, when on-site (including during any inspection conducted
pursuant to Section 6.1), shall comply with Catalent’s rules and
regulations.

 

6.3                               Audit; Reporting. 
AMAG shall have the right during normal business hours, and upon at
least ten (10) business days written notice to Catalent, to inspect and
audit in a reasonable manner those portions of the Facility in which Packaging
is conducted in order to ensure Catalent’s compliance with its obligations
under this Agreement.  Not later than
three (3) business days following the end of each calendar month, Catalent
shall deliver to AMAG a written report (or provide AMAG with automated access
to such information) in a form and manner reasonably acceptable to the parties,
detailing shipping and inventory information for the AMAG Supplied Materials
and the Packaged Product to include a summary of inventory held by Catalent as
of the close of such calendar month, shipments received and made by Catalent
during such month and any Packaged Product held by Catalent on a “bill and hold”
basis.

 

6.4                               Product Information. 
AMAG, at its expense, shall furnish Catalent with all available health,
safety and environmental information concerning the Product to be Packaged by
Catalent hereunder, including without limitation, material safety data sheets.

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2
PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

6

 

6.5                               Product Loss. 
Catalent shall store, handle and use the Product and other AMAG Supplied
Materials in accordance with this Agreement and the terms of the Quality
Agreement and shall use commercially reasonable efforts to minimize waste and
loss of the Product and AMAG-Supplied Materials in the Packaging.  Subject to the foregoing, Catalent will not
be liable for any defects in or losses of Packaged Product in each case to the
extent caused by any Product or AMAG-Supplied Materials.  Notwithstanding, Catalent and AMAG agree that
Catalent may experience certain ordinary and normal manufacturing losses of
AMAG-Supplied Materials, Product or Packaged Product in Packaging the Product
in accordance with the terms of this Agreement in an amount not to exceed [***]
of the total Product Packaged during a Contract Year (the “Acceptable
Manufacturing  Loss”).  Catalent shall provide AMAG with a written
report of any Acceptable Manufacturing Loss incurred in connection with the
Packaging of each Batch promptly following the delivery of such Batch.  AMAG acknowledges that Catalent may reduce the
quantity of Packaged Product in a Batch to be delivered pursuant to a Purchase
Order issued under this Agreement to the extent of any Acceptable Manufacturing
Loss actually incurred for such Batch and to the extent such reduction does not
exceed the Acceptable Manufacturing Loss for Batches then-Packaged, and that
such reduction will not be a breach of Section 4.1 of this Agreement.  Subject to the limitation of Article 12
and any amounts within the Acceptable Manufacturing Loss, Catalent also shall
be responsible for the Replacement Cost (as defined in Exhibit D)
of Product and AMAG-Supplied Materials to the extent of any damage, loss, theft
or destruction while on Catalent’s premises, and not later than thirty (30)
days following the end of each Contract Year, Catalent shall provide AMAG with
a detailed accounting of any Acceptable Manufacturing Loss actually incurred
during such Contract Year together with a payment representing the Replacement
Cost for the losses of Product or AMAG-Supplied Materials, if any, that in the
aggregate exceed the Acceptable Manufacturing Loss for such Contract Year (any
such payment under this Section 6.5, a “Product
Loss  Payment”).

 

6.6                               Regulatory Compliance. 
AMAG shall be solely responsible for all permits and licenses required
by any Regulatory Authority with respect to the Product and the Packaging under
this Agreement, including any product licenses, applications and amendments in
connection therewith.  Catalent shall be
responsible to maintain all permits and licenses required by any Regulatory
Authority with respect to the Facility. 
The parties shall enter into a Quality Agreement in the form attached
hereto as Exhibit C contemporaneously with
this Agreement.  In the event of a
conflict between any of the provisions of this Agreement and the Quality
Agreement with respect to quality-related activities, including compliance with
cGMP, the provisions of the Quality Agreement shall govern.  In the event of a conflict between any of the
provisions of this Agreement and the Quality Agreement with respect to any
commercial matters, including but not limited to allocation of risk, liability
and financial responsibility, the provisions of this Agreement shall
govern.  During the term, Catalent shall
assist AMAG with all regulatory matters relating to Packaging under this
Agreement, at AMAG’s request and at AMAG’s expense.  Each party intends and shall cooperate to
satisfy all Applicable Laws relating to Packaging under this Agreement.

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR
WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2
PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

7

 

ARTICLE 7

TESTING; SAMPLES

 

7.1                               Sampling and Testing of Packaged
Products.  AMAG is responsible for all sampling and
testing of the Packaged Products to assure that the Packaged Products are in
conformity in all material respects with the Specifications.  AMAG, upon receipt of Packaged Products from
Catalent, shall have ten (10) days to inspect or otherwise evaluate such
Packaged Products.  Any Packaged Product
that is not rejected by AMAG within thirty (30) days of receipt from Catalent
shall be deemed to have been accepted by AMAG. 
In the event AMAG rejects such delivery, AMAG shall send to Catalent,
via overnight delivery service or certified mail, return receipt requested,
within three (3) days of discovery of the defect, a notice of rejection
along with samples of the rejected Packaged Products.  In the event Catalent agrees with AMAG’s
rejection of the Packaged Product Catalent, at its expense, shall repackage
such Product in accordance with Section 7.2.  If Catalent does not agree with AMAG’s
determination that the Packaged Products are non-conforming, the rejected
Packaged Products shall be submitted to a mutually acceptable third party
testing laboratory, which shall determine whether such Products at the time of
delivery did conform to the Specifications and were manufactured in accordance
with the terms of this Agreement and the Quality Agreement.  The parties agree that such testing
laboratory’s determination shall be final and the costs of such testing shall
be paid by the non-prevailing party.

 

7.2                               Replacement of Defective Packaged
Products.  Subject to the terms of this Agreement
(including Section 7.1 and Article 12), at the written request of
AMAG, Catalent shall replace, at its sole expense the Packaging for all
defective Packaged Products above the Acceptable Manufacturing Loss that do not
comply with the representations and warranties of Catalent set forth in Section 8.1.  In the event that Catalent is required to
replace such defective Packaged Products, such replacement shall include (i) providing
and bearing the cost for all services necessary to replace all defective
Packaged Products and (ii) the Packaging components necessary to Package
replacement Packaged Product, and (iii) [***] for the production of such
replacement Packaged Product.  Such
replacement Packaged Product shall be delivered by Catalent to AMAG as soon as
reasonably possible but in no event later than the delivery date for the next
subsequent Batch of Packaged Product to be delivered by Catalent.  THE REPLACEMENT BY CATALENT OF ANY DEFECTIVE
PACKAGED PRODUCT IN ACCORDANCE WITH THE TERMS OF SECTION 7.2 SHALL BE AMAG’S
EXCLUSIVE REMEDY UNDER THIS AGREEMENT FOR DEFECTIVE PACKAGED PRODUCT AND IS IN
LIEU OF ANY OTHER WARRANTY, EXPRESS OR IMPLIED, AS TO SUCH DEFECTIVE PACKAGED
PRODUCTS.

 

ARTICLE 8

REPRESENTATIONS AND WARRANTIES

 

8.1                               Catalent. 
Catalent represents and warrants to AMAG that:

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2
PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

8

 

A.                                    The Packaging and Packaged Products
provided hereunder at the time of delivery (i) shall comply with the
Specifications, the Quality Agreement and Applicable Laws, (ii) will not
be adulterated or misbranded within the meaning of the United States Food, Drug
and Cosmetic Act, and (iii) not be articles that, under the provisions of
such Act, may not be introduced into interstate commerce;

 

B.                                    Catalent will render the Packaging in
accordance with high professional standards, and that the Packaging will be completed
in conformance with the terms of this Agreement, the Quality Agreement and any
Purchase Order issued hereunder;

 

C.                                    Catalent will not perform the Packaging
using any employee that has been debarred by a Regulatory Authority, or, to the
best of its knowledge, is the subject of debarment proceedings by a Regulatory
Authority.

 

8.2                               AMAG. 
AMAG represents and warrants to Catalent that:

 

A.                                    The Product and any other AMAG-Supplied
Materials (i) shall comply with all applicable Specifications, (ii) shall
have been produced and delivered in compliance with Applicable Laws and the
Quality Agreement, and (iii) in particular, the artwork and label supplied
by AMAG shall have been reviewed and approved by AMAG and will comply with
Applicable Laws;

 

B.                                    It has (or shall have, prior to Catalent’s
delivery to AMAG) obtained all permits, licenses or authorizations from any
applicable Regulatory Authority necessary or required for the sale, marketing
or entering into commerce of any Product and Packaged Product;

 

C.                                    It has all necessary authority and right,
title and interest in and to any patents, inventions and developments related
to the Products and the Packaging of the Products.

 

D.                                    Unless otherwise agreed by the parties in
writing, AMAG has (1) provided all complete and accurate scientific data,
safe handling instructions, health and environmental information and material
safety data sheets regarding the Product and regarding the Packaging and AMAG’s
written requirements for the Packaging, (2) provided Catalent with
complete and accurate information necessary to develop the scope of work, and
estimated or fixed costs for the Packaging, (3) reviewed and approved all
Specifications, and (4) if applicable, prepared all submissions regarding
the Packaging to Regulatory Authorities.

 

E.                                      AMAG shall comply with all Applicable
Laws applicable to AMAG’s performance under this Agreement and to the
subsequent transport, use, sale, storage, and disposal of the Packaged Product.

 

8.3                               Mutual.  Each party hereby represents and warrants to
the other party that:

 

A.                                    Existence and Power. 
Such party (1) is duly organized, validly existing and in good
standing under the laws of the state in which it is organized, (2) has the
power and authority and the legal right to own and operate its property and
assets, and to carry on its business as it is now being conducted, and (3) is
in compliance with all requirements of 

 

9

 

Applicable Laws, except
to the extent that any noncompliance would not materially adversely affect such
party’s ability to perform its obligations under the Agreement;

 

B.                                    Authorization and Enforcement of
Obligations.  Such party (1) has the power and
authority and the legal right to enter into this Agreement and to perform its
obligations hereunder and (2) has taken all necessary action on its part
to authorize the execution and delivery of this Agreement and the performance
of its obligations hereunder.

 

C.                                    Execution and Delivery. 
This Agreement has been duly executed and delivered on behalf of such
party, and constitutes a legal, valid, binding obligation, enforceable against
such party in accordance with its terms;

 

D.                                    No Consents. 
All necessary consents, approvals and authorizations of all Regulatory
Authorities and other persons required to be obtained by such party in
connection with the Agreement have been obtained; and

 

E.                                      No Conflict. 
The execution and delivery of this Agreement and the performance of such
party’s obligations hereunder (1) do not conflict with or violate any
requirement of Applicable Laws; and (2) do not materially conflict with,
or constitute a material default or require any consent under, any contractual
obligation of such party.

 

8.4                               Limitations. 
THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS ARTICLE 8 ARE THE
SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES MADE BY EACH PARTY TO THE
OTHER AND NEITHER PARTY MAKES ANY OTHER REPRESENTATIONS, WARRANTIES OR
GUARANTEES OF ANY KIND WHATSOEVER, INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR
PURPOSE.

 

ARTICLE 9

CONFIDENTIALITY AND NON-USE

 

9.1                               Mutual Obligation; Permitted
Disclosures.

 

A.                                    Catalent and AMAG agree that they shall
not use the other party’s Confidential Information (defined below) except as
necessary for the receiving party to perform its obligations under this
Agreement or disclose the other party’s Confidential Information to any third
party without the prior written consent of the other party except as required
by law, regulation or court or administrative order; provided, however, that
prior to making any such legally required disclosure, the party making such
disclosure shall give the other party as much prior notice of the requirement
for and contents of such disclosure as is practicable under the circumstances.

 

B.                                    Notwithstanding the terms of Section 9.1(A),
each party may disclose the other party’s Confidential Information to any of
its Affiliates that (i) need to know such Confidential Information for the
purpose of performing under this Agreement, (ii) are advised of the
contents of this Article, and (iii) agree to be bound by the terms of this
Article.  Further, AMAG may disclose the
terms of this Agreement to existing or potential acquirors, merger 

 

10

 

candidates,
collaborators, or other financial institutions or investors provided that (a) AMAG
will ensure that any such recipient is subject to a confidentiality agreement
having terms at least as restrictive as those contained herein, and (b) that
AMAG remains as guarantor for the recipient’s performance.

 

C.                                    Notwithstanding the terms of Section 9.1(A),
each party may disclose Confidential Information of the other party to the
extent such disclosure (i) is required by an order of a court or other
government agency, (ii) is required to comply with applicable governmental
regulations (including as may be required in any filings made with the U.S.
Securities and Exchange Commission or any other securities regulatory authority
in any country or jurisdiction), or (iii) is required to comply with the
regulations of any securities exchange on which securities of such party are
traded; provided, that if a party is required to make any such disclosures of
the other party’s Confidential Information it will give reasonable advance
notice to the other party sufficient to allow such other party to seek
confidential treatment of such Confidential Information.

 

9.2                               Definition.  As
used in this Agreement, the term “Confidential Information”
includes all such information furnished by Catalent or AMAG, or any of their
respective representatives or Affiliates, to the other or its representatives
or Affiliates, whether furnished before, on or after the date of this Agreement
and furnished in any form, including but not limited to written, verbal,
visual, electronic or in any other media or manner.  Confidential Information includes all
proprietary technologies, know-how, trade secrets, discoveries, inventions and
any other intellectual property (whether or not patented), analyses,
compilations, business or technical information and other materials prepared by
either party, or any of their respective representatives, containing or based
in whole or in part on any such information furnished by the other party or its
representatives.  Confidential
Information also includes the existence of this Agreement and its terms (which
shall be deemed to be the Confidential Information of each party).

 

9.3                               Exclusions.  Notwithstanding Section 9.2, Confidential
Information does not include information that (A) is or becomes generally
available to the public or within the industry to which such information
relates other than as a result of a breach of this Agreement, or (B) is
already known by the receiving party at the time of disclosure as evidenced by
the receiving party’s written records, or (C) becomes available to the
receiving party on a non-confidential basis from a source that is entitled to
disclose it on a non-confidential basis, or (D) was or is independently
developed by or for the receiving party without reference to the Confidential
Information, as evidenced by the receiving party’s written records.

 

9.4                               No Implied License. 
The receiving party shall obtain no right of any kind or license under
any patent application or patent by reason of this Agreement.  All Confidential Information shall remain the
sole property of the party disclosing such information or data.

 

9.5                               Return of Confidential
Information.  Upon expiration or termination of this
Agreement, the receiving party shall, upon request, promptly (but in any case
within thirty (30) days) return all such information, including any copies
thereof, and cease its use or, at the request of the disclosing party, shall
promptly destroy the same and certify such destruction to 

 

11

 

the disclosing party;
except for a single copy thereof, which may be retained for the sole purpose of
determining the scope of the obligations incurred under this Agreement.

 

9.6                               Survival. 
The obligations of this Article 9 shall terminate five (5) years
from the expiration or termination of this Agreement.

 

ARTICLE
10

TERM AND TERMINATION

 

10.1                        Term.  The term of this Agreement, unless sooner
terminated as provided below, shall begin on the Effective Date and shall
continue in effect for a period of [***] (the “Initial
Term”). 
Thereafter, this Agreement will renew automatically for successive [***]
periods (each, a “Renewal  Term”), unless either party provides written notice of its
desire not to renew not less than [***] prior to the end of the Initial Term or
then-current Renewal Term, as applicable.

 

10.2                        Termination.  Either party shall have the right to
immediately terminate this Agreement if (A) the other party files a
petition in bankruptcy, or enters into an agreement with its creditors, or
applies for or consents to the appointment of a receiver or trustee, or makes
an assignment for the benefit of creditors, or suffers or permits the entry of
any order adjudicating it to be bankrupt or insolvent and such order is not
discharged within thirty (30) days; or (B) if the other party materially
breaches any of the provisions of this Agreement, and such breach is not cured
within thirty (30) days after the giving of written notice.  Additionally, AMAG may terminate this
Agreement for any or no reason with ninety (90) days’ prior written notice to
Catalent.

 

10.3                        Effect of Termination.  Expiration or termination of this Agreement
shall be without prejudice to any rights or obligations that accrued to the
benefit of either party prior to such expiration or termination.  In the event of any termination, Catalent
shall promptly return (A) any remaining inventory of materials received
from AMAG or AMAG’s suppliers, (B) all packaging components paid for by
AMAG, (C) all remaining inventories of the Product; and (D) any other
Product or material being stored for AMAG, to AMAG at AMAG’s expense.  Catalent shall have no obligation to return
the foregoing until all outstanding undisputed invoices sent by Catalent to
AMAG have been paid in full.  AMAG shall
also be required to pay, at the applicable price set forth in the relevant
Purchase Order for completed but not yet shipped Packaged Products, Packaged
Products in process and Packaged Products shipped but not yet invoiced.  In the event AMAG breaches or terminates this
Agreement or any Purchase Order, (other than as a result of a breach by
Catalent), AMAG shall also be required to pay Catalent for its direct cost of
all materials purchased by Catalent for Packaging plus an administrative fee of
fifteen percent (15%) of such amount. 
AMAG shall specify the location in the continental United States to
which delivery, at AMAG’s expense, of the foregoing is to be made.  Confidential Information exchanged between
AMAG and Catalent shall be promptly returned upon termination of the Agreement.

 

[***] INDICATES MATERIAL
THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.
ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED.

 

12

 

ARTICLE
11

INDEMNIFICATION

 

11.1                        Indemnification by Catalent.  Catalent shall indemnify and hold harmless
AMAG, its Affiliates, and their respective directors, officers, employees and
agents (“AMAG  Indemnitees”)
from and against any and all suits, claims, losses, demands, liabilities,
damages, costs and expenses (including reasonable attorneys’ fees) in
connection with any suit, demand or action by any third party (“Losses”) to the extent arising out of or resulting from (A) any
breach of its representations, warranties or obligations set forth in this
Agreement; (B) any negligence or willful misconduct by Catalent or (C) any
actual or alleged infringement or violation of any patent, trade secret,
copyright, trademark or other proprietary rights provided by Catalent to
perform the Packaging; except, in each case, to the extent that any of the
foregoing arises out of or results from any claim for which AMAG is obligated
to indemnify any Catalent Indemnitee under Section 11.2.

 

11.2                        Indemnification by AMAG.  AMAG shall indemnify and hold harmless
Catalent, its Affiliates, and their respective directors, officers, employees
and agents (“Catalent  Indemnitees”)
from and against all Losses to the extent arising out of or resulting from (A) any
breach of its representations, warranties or obligations set forth in this
Agreement; (B) any manufacture, shipping, sale, promotion, distribution,
use of or exposure to the Product, Packaged Product or any materials supplied
by AMAG, including, without limitation, product liability or strict liability; (C) AMAG’s
exercise of control over the Packaging to the extent that AMAG’s instructions
or directions violate Applicable Law; (D) any negligence or willful
misconduct by AMAG (including by AMAG’s technical representatives at the
Facility); except, in each case, to the extent that any of the foregoing arises
out of or results from any claim for which Catalent is obligated to indemnify
any AMAG Indemnitee under Section 11.1.

 

11.3                        Indemnification Procedures.  All indemnification obligations in this
Agreement are conditioned upon the party seeking indemnification: (A) promptly
notifying the indemnifying party of any claim or liability of which the party
seeking indemnification becomes aware (including a copy of any related
complaint, summons, notice or other instrument); provided, however, that failure
to provide such notice within a reasonable period of time shall not relieve the
indemnifying party of any of its obligations hereunder except to the extent the
indemnifying party is prejudiced by such failure; (B) granting the
indemnifying party the right, at such indemnifying party’s election, to conduct
and control the defense of such claim or proceeding; (C) cooperating with
the indemnifying party in the defense of any such claim or liability (at the
indemnifying party’s expense); and (D) not compromising or settling any
claim or liability without prior written consent of the indemnifying party.

 

ARTICLE
12

LIMITATION OF LIABILITY

 

12.1                        (a)                                  IN NO EVENT SHALL CATALENT’S LIABILITY
FOR ANY CLAIMS, LOSS, DESTRUCTION, DAMAGE, COSTS, OR EXPENSES OF PRODUCT OR OTHER
AMAG-SUPPLIED MATERIALS UNDER THIS AGREEMENT (ABOVE THE 

 

13

 

ACCEPTABLE MANUFACTURING
LOSS) EXCEED [***] DURING ANY [***], PROVIDED THAT THE FOREGOING LIMITATION
SHALL NOT APPLY TO ANY SUCH LOSSES ARISING FROM CATALENT’S GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT; AND

 

(b)                                  IN NO EVENT SHALL CATALENT’S TOTAL
LIABILITY UNDER THIS AGREEMENT DURING [***] EXCEED [***] DURING THE [***]
PERIOD PRECEDING THE INCIDENT(S) GIVING RISE TO THE APPLICABLE LOSSES,
PROVIDED THAT THE FOREGOING LIMITATION SHALL NOT APPLY TO ANY LOSSES ARISING
FROM CATALENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

12.2                        NOTWITHSTANDING SECTION 12.1, IN NO
EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR
CONSEQUENTIAL LOSSES, DAMAGES, COSTS OR EXPENSES OF ANY NATURE WHATSOEVER,
INCLUDING WITHOUT LIMITATION, LOSS OF REVENUES, PROFITS, DATA OR USE, WHETHER
IN CONTRACT OR TORT OR BASED ON A WARRANTY, EVEN IF THE OTHER PARTY HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

ARTICLE
13

INSURANCE

 

13.1                        Catalent Insurance. 
Catalent shall, at its own cost and expense, obtain and maintain in full
force and effect the following insurance during the term of this Agreement:

 

A.                                    Commercial General Liability insurance
with a per-occurrence limit of not less than $1,000,000;

 

B.                                    Products and Completed Operations
Liability insurance with a per-occurrence limit of not less than $5,000,000;

 

C.                                    Workers’ Compensation and Employer’s
Liability insurance, with statutory limits for Workers’ Compensation and
Employer’s Liability limits of $1,000,000 per accident; and

 

D.                                    Professional Services Errors &
Omissions Liability insurance with per-claim and aggregate limits of not less
than $1,000,000.

 

The
parties hereby acknowledge and agree that Catalent may self-insure all or any
portion of the required insurance.  In
the event that any of the required policies of insurance are written on a
claims-made basis, then such policies shall be maintained during the entire
term of this Agreement and for a period of not less than three (3) years
following the expiration or termination of this Agreement.  Catalent shall furnish to AMAG a certificate
of insurance or 

 

[***] INDICATES MATERIAL
THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.
ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED.

 

14

 

other
evidence of the required insurance and additional insured status as soon as
practicable after the Effective Date and within thirty (30) days after renewal
of such policies.  Each insurance policy
which is required under this Agreement, other than self-insurance, shall be
obtained from an insurance carrier with an A.M. Best rating of at least
A-VII.

 

13.2                        AMAG Insurance.  AMAG shall, at its own cost and expense,
obtain and maintain in full force and effect the following insurance during the
term of this Agreement:

 

A.                                    General Liability Insurance with a per
occurrence limit of not less than $1,000,000;

 

B.                                    Products and Completed Operations
Liability Insurance (including coverage for Products used in clinical trials)
with a per occurrence limit of not less than $10,000,000; and

 

C.                                    Workers’ Compensation and Employers
Liability insurance, with statutory limits for Workers’ Compensation and
Employer’s Liability limits of $1,000,000 per accident.

 

D.                                    All risk Property Insurance, including
transit coverage, in an amount equal to the manufacturing cost, covering AMAG’s
property while it is at Catalent’s facilities or in transit to or from Catalent’s
facilities.

 

AMAG
shall maintain levels of insurance sufficient to meet its obligations under
this Agreement.  In the event that any of
the required policies of insurance are written on a claims-made basis, then
such policies shall be maintained during the entire term of this Agreement and
for a period of not less than three (3) years following the expiration or
termination of this Agreement.  AMAG
shall obtain a waiver from any insurance carrier with whom AMAG carries
Property Insurance releasing its subrogation rights against Catalent.  AMAG shall not have any obligation to first
seek reimbursement for any property claim or portion thereof from its insurance
carrier for any amount payable by Catalent under this Agreement due to the
negligence or willful misconduct of Catalent or material breach by Catalent
resulting in a property claim, provided that AMAG will not be entitled to
recover from Catalent any loss that could be recovered from AMAG’s Property
Insurance policy to the extent of the coverage available.  Further, AMAG will refund to Catalent any and
all amounts paid by Catalent pursuant to this Agreement which are subsequently
recovered under AMAG’s Property Insurance policy.  AMAG shall obtain a waiver from any insurance
carrier with whom AMAG carries Workers’ Compensation insurance releasing its
subrogation rights against Catalent. 
Catalent Pharma Solutions, Inc. and its Affiliates shall be named
as additional insureds under the Products and Completed Operations Liability
and General Liability insurance policies with respect to the products and
completed operations outlined in this Agreement.  AMAG shall furnish certificates of insurance
evidencing the required insurance policies and additional insured status to
Catalent as soon as practicable after the Effective Date and within thirty (30)
days after renewal of such policies.  Each
insurance policy that is required under this Agreement shall be obtained from
an insurance carrier with an A.M. Best rating of at least A-VII.  AMAG will provide Catalent prompt advance
written notice of cancellation or non-renewal of any of the polices enumerated
in (A) through (D) of this Section.

 

15

 

ARTICLE
14

INTELLECTUAL PROPERTY

 

14.1                        Definitions.  For the purposes hereof, “AMAG IP”
means all intellectual property and embodiments thereof owned by or licensed to
AMAG as of the date hereof or developed by AMAG other than in connection with
this Agreement.  “Catalent IP”
means all intellectual property and embodiments thereof owned by or licensed to
Catalent as of the date hereof or developed by Catalent other than in
connection with this Agreement.  “Invention” means any intellectual property developed by
either party (whether solely or jointly) during the term of this Agreement in
connection with the performance of this Agreement, “API
Inventions” means any Invention that related exclusively to the AMAG
IP or AMAG’s Product or API, and “Process Inventions”
means any Invention, other than an API Invention, that relates exclusively to
the Catalent IP or relates to developing, formulating, manufacturing, filling,
processing, packaging, analyzing or testing pharmaceutical products generally.

 

14.2                        Catalent IP; Process Inventions.  All Catalent IP and Process Inventions shall
be owned solely by Catalent.  AMAG agrees
to assign and does hereby assign to Catalent all of AMAG’s right, title and
interest in and to such Process Inventions. 
Catalent hereby grants to AMAG a [***] license under the Process
Inventions to use, sell, offer for sale, and import the Products.  No right to the Catalent IP is granted to
AMAG under this Agreement.

 

14.3                        Other Inventions.  All Inventions other than Process Inventions
(including without limitation the API Inventions), if any, shall be owned
solely by AMAG.  Catalent agrees to
assign and does hereby assign to AMAG all of Catalent’s right, title and
interest in and to such Inventions.  No
right to the AMAG IP is granted to Catalent under this Agreement except AMAG
hereby grants to Catalent a non-exclusive, non-transferable, royalty-free
license to use AMAG IP and any API Inventions solely to the extent necessary
for Catalent to perform its obligations under this Agreement at the Facility.

 

14.4                        Further Actions.  The parties shall cooperate to achieve the
allocation of rights to Inventions anticipated herein and each party shall be
solely responsible for costs associated with the protection of its intellectual
property.

 

ARTICLE
15

NOTICE

 

All
notices and other communications hereunder shall be in writing and shall be
deemed given: (A) when delivered personally; (B) when delivered by
facsimile transmission (receipt verified); (C) when received or refused,
if mailed by registered or certified mail (return receipt requested), postage
prepaid; or (D) when delivered if sent by express courier service, to the
parties at the following addresses (or at such other address for a party as
shall be specified by like notice; provided, that notices of a change of
address shall be effective only upon receipt thereof):

 

[***] INDICATES MATERIAL
THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.
ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED.

 

16

 

	
  To AMAG:

  	
   

  	
  AMAG
  Pharmaceuticals, Inc.

  
	
   

  	
   

  	
  100 Hayden Avenue

  
	
   

  	
   

  	
  Lexington, MA 02421

  
	
   

  	
   

  	
  Attn: General Counsel

  
	
   

  	
   

  	
  Facsimile: (617)-812-7661

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  AMAG
  Pharmaceuticals, Inc.

  
	
   

  	
   

  	
  61 Mooney Street

  
	
   

  	
   

  	
  Cambridge, MA 02138

  
	
   

  	
   

  	
  Attn: Material Control Manager

  
	
   

  	
   

  	
  Facsimile: (617) 649-1614

  
	
   

  	
   

  	
   

  
	
  To Catalent:

  	
   

  	
  Catalent Pharma Solutions,
  LLC

  
	
   

  	
   

  	
  Packaging Services

  
	
   

  	
   

  	
  3001 Red Lion Road

  
	
   

  	
   

  	
  Philadelphia, PA 19114

  
	
   

  	
   

  	
  Attn: President, Packaging

  
	
   

  	
   

  	
  Facsimile: (215) 613-3000

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Catalent Pharma Solutions,
  LLC

  
	
   

  	
   

  	
  14 Schoolhouse Road

  
	
   

  	
   

  	
  Somerset, NJ 08873

  
	
   

  	
   

  	
  Attn: General Counsel

  
	
   

  	
   

  	
  Facsimile: (732) 537-6491

  

 

ARTICLE
16

MISCELLANEOUS

 

16.1                        Entire Agreement; Amendments. 
This Agreement, the Exhibits and any amendments thereto constitute the
entire understanding between the parties and supersede any contracts,
agreements or understanding (oral or written) of the parties with respect to
the subject matter hereof.  No term of
this Agreement may be amended except upon written agreement of both parties,
unless otherwise provided in this Agreement.

 

16.2                        Captions.  The captions in this Agreement are for
convenience only and are not to be interpreted or construed as a substantive
part of this Agreement

 

16.3                        Further Assurances.  The parties agree to execute, acknowledge and
deliver such further instruments and to take all such other incidental acts as
may be reasonably necessary or appropriate to carry out the purpose and intent
of this Agreement.

 

16.4                        No Waiver. 
Failure by either party to insist upon strict compliance with any term
of this Agreement in any one or more instances shall not be deemed to be a
waiver of its rights to insist upon such strict compliance with respect to any
subsequent failure.

 

16.5                        Severability.  If
any term of this Agreement is declared invalid or unenforceable by a court or
other body of competent jurisdiction, the remaining terms of this Agreement
shall continue in full force and effect.

 

17

 

16.6                        Independent Contractors.  The relationship of the parties is that of independent
contractors, and neither party shall incur any debts or make any commitments
for the other party except to the extent expressly provided in this
Agreement.  Nothing in this Agreement is
intended to create or shall be construed as creating between the parties the
relationship of joint ventures, co-partners, employer/employee or principal and
agent.

 

16.7                        Successors and Assigns.  This Agreement shall be binding upon and inure
to the benefit of the parties, their successors and permitted assigns.  Neither party may assign this Agreement, in
whole or in part, without the prior written consent of the other party, except
that either party may, without the other party’s consent, assign this Agreement
to an Affiliate or to a successor to substantially all of the business or
assets of the assigning company.  For the
avoidance of doubt, this Agreement may be assigned or transferred in the event
of a change in control of a party, whether by merger, stock or asset sale or other
transaction.

 

16.8                        Governing Law.  This Agreement shall be governed by and
construed under the laws of the State of New Jersey, excluding its conflicts of
law provisions.  The United
Nations Convention on Contracts for the International Sale of Goods shall not
apply to this Agreement.

 

16.9                        Alternative Dispute Resolution.  If
any dispute, controversy or disagreement (“Dispute”)
arises between the parties, such Dispute shall be presented to the respective
presidents or senior executives of Catalent and AMAG for their consideration
and resolution.  If such parties cannot
reach a resolution of the Dispute within twenty (20) days, then such Dispute
shall be resolved by binding alternative dispute resolution in accordance with
the then existing commercial arbitration rules of CPR Institute for
Dispute Resolution, 366 Madison Avenue, New York, NY 10017.  Arbitration shall be conducted in the
jurisdiction of the defendant party. 
Notwithstanding anything in this Section 16.9, each party shall
have the right to seek injunctive or other equitable relief from a court of
competent jurisdiction that may be necessary to avoid irreparable harm,
maintain the status quo or preserve the subject matter of the arbitration.

 

16.10                 Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.  Any photocopy, facsimile or electronic
reproduction of the executed Agreement shall constitute an original.

 

16.11                 Publicity.  Neither party will make any press release or
other public disclosure regarding this Agreement or the transactions
contemplated hereby without the other party’s express prior written consent,
except as required under Applicable Laws or by any governmental agency or by
the rules of any stock exchange on which the securities of the disclosing
party are listed, in which case the party required to make the press release or
public disclosure shall use commercially reasonable efforts to obtain the
approval of the other party as to the form, nature and extent of the press
release or public disclosure prior to issuing the press release or making the
public disclosure.

 

16.12                 Survival.  The rights and obligations of the parties
shall continue under Articles 9 (Confidentiality), 11 (Indemnification)
(including the terms of Article 8 solely as applicable to any claim under Article 11),
12 (Limitation of Liability), 13 (Insurance), to the extent expressly 

 

18

 

stated therein, 14 (Intellectual Property), 15
(Notice), 16 (Miscellaneous) and Sections 7.1 (as to Packaged Product delivered
prior to such termination date) and 10.3 (Effect of Termination),
notwithstanding expiration or termination of this Agreement.

 

16.13                 Guaranty.  In
consideration of the covenants and rights granted under this Agreement and to
induce AMAG to enter into this Agreement, Calatent Pharma Solutions, Inc.
(“CPS”) hereby unconditionally guarantees
in favor of AMAG the full payment by Catalent of [***] obligations of Catalent
[***] due (if any) from Catalent under [***] of this Agreement, subject to the
terms and limitations of this Agreement (including Article 12) (the “Guaranty”).  The
Guaranty shall be enforceable against CPS [***].  CPS understands and acknowledges that its
obligations under this Section 16.13 are its absolute and independent
obligations as primary obligor.  The
Guaranty is an absolute and continuing guaranty and shall be binding upon and
enforceable against CPS, subject to the underlying defenses (including but not
limited to the validity or enforceability of the obligation hereunder or of any
term of this Agreement), affirmative defenses, counterclaims, offsets,
Limitations of Liability and other rights of Catalent, but without regard to (i) any
merger or consolidation of Catalent or any of its Affiliates or CPS into or
with any other corporation or entity, (ii) any change in the ownership of
CPS; or (iii) any bankruptcy or insolvency of Catalent or its Affiliates.

 

16.14                 Force Majeure.  Except as to payments required under this
Agreement, neither party shall be liable in damages for, nor shall this
Agreement be terminable or cancelable by reason of, any delay or default in
such party’s performance hereunder if such default or delay is caused by events
beyond such party’s reasonable control including, but not limited to, acts of
God, regulation or law or other action or failure to act of any government or
agency thereof, war or insurrection, civil commotion, destruction of production
facilities or materials by earthquake, fire, flood or storm, labor
disturbances, epidemic, or failure of suppliers, public utilities or common
carriers; provided however, that the party seeking relief hereunder shall
immediately notify the other party of such cause(s) beyond such party’s
reasonable control.  The party that may
invoke this section shall use all reasonable endeavors to reinstate its ongoing
obligations to the other.  If the cause(s) shall
continue unabated for sixty (60) days, then both parties shall meet to discuss
and negotiate in good faith what modifications to this Agreement should result
from this force majeure.

 

[SIGNATURE
PAGE FOLLOWS]

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH
OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED.

 

19

 

IN
WITNESS WHEREOF, AMAG and Catalent have executed this Agreement as
of the date first set forth above.

 

	
  AMAG PHARMACEUTICALS, INC.

  	
   

  	
  CATALENT PHARMA SOLUTIONS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/David Arkowitz

  	
   

  	
  By:

  	
  /s/Benoit Cossart

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  David Arkowitz

  	
   

  	
  Name:

  	
  Benoit Cossart

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  CFO/CBO

  	
   

  	
  Title:

  	
  VPAM

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Guarantor (solely for purposes
  of Section 16.13):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CATALENT PHARMA SOLUTIONS, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David Heyens

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  David Heyens

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Group President Packaging
  Services

  	
   

  	
   

  

 

[SIGNATURE PAGE TO COMMERCIAL
PACKAGING SERVICES AGREEMENT]

 

20

 

AMAG and CATALENT

Comml Packaging of
Ferumoxytol

May 29,
2009

 

Exhibit A

 

Specifications

 

1 – Assembly in One (1) Count Cartons:

 

·      Primary

 

·      Place vial on labeler. Apply label and code with lot number and
expiration date.

·      Pack into WIP container for further packout.

 

·      Secondary

 

·      Place vial on labeler. Apply label and code with lot number and
expiration date.

·      Hand load one (1) labeled vial and one (1) insert per
carton.

·      Code carton with lot number and expiration date.

·      Pack one hundred (100) cartons per shipper and label shipper

 

2 – Assembly in Ten (10) Count Cartons:

 

·      Primary

 

·      Place vial on labeler. Apply label and code with lot number and
expiration date.

·      Pack into WIP container for further packout.

 

·      Secondary

 

·      Hand form carton.

·      Assemble egg crate partition and place inside carton.

·      Load ten (10) labeled vials and two (2) inserts per
carton

·      Code carton with lot number and expiration date.

·      Pack ten (10) cartons per shipper and label.

 

3 –Drawings:

 

·      Primary

 

·      All labels and related packaging to conform with cartoon and
label drawings attached to this Exhibit A.

 

Ten (10) pages of
drawings to follow.

[Remainder of exhibit contains 10
graphic drawings.]

 

21

 

AMAG and CATALENT

Comml Packaging of
Ferumoxytol

May 29, 2009

 

Exhibit B

 

Price

 

Pricing
Matrix to Exhibit B — AMAG/Catalent Packing Services Agreement

 

	
  Product

  	
   

  	
  Anticipated

  Standard

  Batch Size

  of Product

  	
   

  	
  Production

  Campaign

  	
   

  	
  Price per

  Vial

  for

  One (1)

  Count

  Cartons

  	
   

  	
  Batch

  change-over

  charge

  (Applies for

  each Batch

  used in a

  Production

  Campaign)

  	
   

  	
  Price per Vial

  for

  Ten (10)

  Count

  Cartons

  	
   

  	
  Batch

  change-over

  charge

  (Applies for each

  Batch used in a

  Production

  Campaign)

  
	
  5ml vials

  	
   

  	
  [***] vials

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  Quoted
  Separately

  	
   

  	
  Quoted
  Separately

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  Quoted
  Separately

  	
   

  	
  Quoted
  Separately

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10ml vials

  	
   

  	
  [***] vials

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  Quoted
  Separately

  	
   

  	
  Quoted
  Separately

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  Quoted
  Separately

  	
   

  	
  Quoted
  Separately

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20ml vials

  	
   

  	
  [***] vials

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  	
   

  	
  Not Applicable

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  Quoted
  Separately

  	
   

  	
  Quoted
  Separately

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  
	
   

  	
   

  	
   

  	
   

  	
  [***] - [***] vials

  	
   

  	
  Quoted
  Separately

  	
   

  	
  Quoted
  Separately

  	
   

  	
  $[***]

  	
   

  	
  $[***]

  

 

The
capitalized terms in this Exhibit B Pricing Exhibit which are not
otherwise defined herein shall have their respective meanings set forth in the
Commercial Packaging and Services Agreement.

 

[***] INDICATES
MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED.

 

22

 

PRICING
KEY:

 

“Batch
Size” represents the number of vials within a Batch during one cycle of
production.

 

“Batch
Change-Over Charge” represents the charge for clean-up and set-up of the
Catalent production room for each new additional Batch processed during a
Production Campaign.

 

“Production
Campaign” represents the number of vials from a Batch Size under a Purchase
Order.

 

“Vials”
(“vial(s)”) represent the units of Product.

 

EXAMPLE
1:

 

Purchase Order A:  [***] 5ml
Vials — 1 Count Cartons

 

Product
= 5ml Vial

 

Production
Campaign = [***] vials (Comprised of [***] vials from Batch 1 and [***] vials
from Batch 2)

 

Price
per Vials @ 1 Count Cartons = $[***]

 

Batch
Change Over Charge:

 

Batch 1 = Not Applicable

 

Batch 2 = $[***] (new Batch under same Production Campaign as Batch 1)*

 

*Note — no further Batch Change
Over Charge applicable to Batch 2 unless and until a new Purchase Order is
issued for more than [***] vials which would require
fulfillment using a new Batch of Product.

 

	
  Total Charges Purchase Order A:

  
	
   

  
	
  Production Charge = $[***] ($[***] per x [***])

  
	
   

  
	
  Change Over Charge = $[***]

  
	
   

  
	
  Net = $[***]

  

 

The above example is presented for illustrative purposes only

 

[***] INDICATES
MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED.

 

24

 

EXAMPLE
2:

 

Purchase Order B:  [***] 20ml Vials — 10 Count Cartons

 

Product
= 20ml Vial

 

Production
Campaign = [***] vials (Comprised of 6 separate Batches (1-6) of [***] vials
each)

 

Price
per Vials @ 10 Count Cartons = $[***]

 

Batch
Change Over Charge: $[***] (comprised of $[***] x 5 additional Batches
under Production Campaign)

 

Batch 1 = Not Applicable

 

Batches 2-6 = $[***]/each

 

	
  Total Charges Purchase Order B:

  
	
   

  
	
  Production Charge = $[***] ($[***] x [***] vials)

  
	
   

  
	
  Change Over Charge = $[***]

  
	
   

  
	
  Net = $[***]

  

 

The above example is presented for illustrative purposes only

 

[***] INDICATES
MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED.

 

25

 

EXAMPLE
3:

 

Purchase Order C:

 

[***]:  5ml
Vials — [***] 1 Count Cartons;

 

10ml Vials [***] 10 Count Cartons

 

Product
= 5ml and 10ml Vials

 

Production
Campaign = [***] vials  5ml 1 count
cartons; [***] vials 10ml 10 count cartons

 

Price
per 5ml Vials @ 1 Count Cartons = $[***]

 

Price
per 10ml Vials @ 10 Count Cartons = $[***]

 

Batch
Change Over Charge: $[***] (comprised of $[***] x 1 additional 10ml Batch
under Production Campaign)

 

5ml vials @ 1 count cartons — Batch 1 = Not Applicable

 

10ml vials @ 10 count cartons —

 

Batch 1 (1 count) = Not Applicable

 

Batch 1 (10 count) = Not Applicable

 

Batch 2 (10 count) = $[***]/each

 

	
  Total Charges Purchase Order C:

  
	
   

  
	
  Production Charge = $[***]

  
	
   

  
	
  $[***] ($[***] x [***] vials)

  
	
   

  
	
  $[***] ($[***] x [***])

  
	
   

  
	
  Change Over Charge = $[***]

  
	
   

  
	
  Net = $[***]

  

 

The above example is presented for illustrative purposes only

 

[***] INDICATES
MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED.

 

26

 

Additional cost items:

·                  Validation- No
charge if Catalent’s standard validation is used.  For custom validation needs, cost will be
determined based on customer requirements.

·                  Project
Management and Engineering- Standard Project Management and Engineering will be
provided at no charge.

·                  Dedicated
Customer Service team will be provided to manage your account.

·                  Tooling-additional
(if needed).  Tooling will be invoiced as
follows: 50% upon receipt of order, and balance of 50% at receipt of tooling.

·                  Note: No
tooling needed for Newman Labeler

·                  Carton prep and
plate- $[***] per color per carton

·                  Carton dies-
$[***] each die

·                  Insert and
labels prep and plate-$[***] per color per label

·                  Label dies-
$[***] each label size

·                  Label Plates -
$[***] per label

 

All
amounts are expressed in USD

 

All
pricing set forth above is based on expectations of total annual volume of
[***] vials.  While there are no
guaranteed minimums, if the annual aggregate volume of vials ordered falls
below [***] vials at any point the parties will meet to negotiate in good faith
any volume-related price adjustments as the parties may mutually agree in
writing.

 

[***] INDICATES MATERIAL
THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.
ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED.

 

27

 

AMAG and CATALENT

Comml Packaging of
Ferumoxytol

May 29, 2009

 

Exhibit C

 

Date:  06 APR 2009

 

QUALITY
AGREEMENT

 

Quality Agreement
for the Product/Service:

 

This document
constitutes the Quality Agreement (“Agreement”) between Catalent Pharma
Solutions, LLC (“Catalent”) and AMAG Pharmaceuticals, Inc. (“Client”) for
commercial packing services (“Packaging Services”) as set forth in the
Commercial Packaging Services Agreement between Catalent and Client (“Packaging
Services Agreement”).

 

This Agreement
defines the individual responsibilities of the Catalent and Client.  Specifically, this Agreement defines which
party is responsible for the cGMP aspects of packaging, storage and release, as
applicable.  Furthermore, this Agreement
specifies the way in which the batches will be released to ensure compliance
with the approved product specifications.

 

This Agreement is
composed of a detailed checklist (see “Responsibilities” list below) of the
activities associated with contract packaging, storage, release, distribution
and certain other regulatory requirements. 
Responsibility for each activity is assigned to either Catalent or to
Client in the appropriate tick box.  In
the event of a conflict between any provisions of the Quality Agreement and
Packaging Services Agreement, with respect to quality-related activities,
including compliance with cGMP, the provisions of the Quality Agreement shall
govern.  In the event of a conflict
between any of the provisions of the Packaging Services Agreement and the
Quality Agreement with respect to any commercial matters, including but not
limited to allocation of risk, liability and financial responsibility, the
provisions of this Packaging Services Agreement shall govern.  The term of this Agreement shall be
concurrent with the term of the Packaging Services Agreement as defined
therein.

 

	
  Catalent Pharma Solutions, LLC

  14 Schoolhouse Road

  Somerset, NJ 08873

  through its Packaging Services Group

  located at 3001 Red Lion Road

  Philadelphia, PA 19114

  	
  AMAG Pharmaceuticals, Inc.

  100 Hayden Avenue

  Lexington, MA 02421

  

 

	
  /s/ Gregory Lane

  	
   

  	
  /s/ Kevin D. Giles

  
	
  Quality Head

  	
   

  	
  Quality Head

  
	
   

  	
   

  	
   

  
	
  /s/ Dir, Quality Assurance

  	
   

  	
  /s/ Sr. Dir QA

  
	
  Name and Title

  	
   

  	
  Name and Title

  
	
   

  	
   

  	
   

  
	
  /s/ Gregory Lane 06 APR 09

  	
   

  	
  /s/ Kevin Giles 08 APR 2009

  
	
  Signature/Date

  	
   

  	
  Signature/Date

  
	
   

  	
   

  	
   

  
	
  Name/Title/Signature/Date

  	
   

  	
  Name/Title/Signature/Date

  

 

28

 

For purposes of
this Quality Agreement, the following definitions shall apply:

 

A.                                  “API” shall mean the active
pharmaceutical ingredient used in the manufacture of the Product as identified
in the Specifications.

 

B.                                    “Applicable Laws” means all laws,
ordinances, rules and regulations within the Territory applicable to the
Processing of the Product and the obligations of Packaging Services or
Customer, as the context requires, including, without limitation, (i) all
applicable federal, state and local laws and regulations of each Territory; (ii) the
U.S. Federal Food, Drug and Cosmetic Act, and (iii) the “GMPs.”  Applicable Laws shall also include all laws,
ordinances, rules and regulations applicable in Territories added to this
Quality Agreement after the Effective Date of this Agreement, solely to the
extent Client or its designee has provided written copies of such laws to
Packaging Services prior to Packaging Services’ Processing Product under this Quality
Agreement for such additional Territories added after the Effective Date.  Copies of all laws shall be in the English
language.

 

C.                                    “Facility” means the Packaging Services
facility located at:

 

3001 Red Lion Road

Philadelphia, PA 19114

 

D.                                   “FDA” shall mean the United States Food
and Drug Administration, and any successor entity thereto.

 

E.                                     “GMPs” mean the current Good
Manufacturing Practices for Finished Pharmaceuticals promulgated by the FDA, as
amended from time to time.  GMPs shall
also include good manufacturing practice regulations promulgated by a
Regulatory Authority in a Territory added to this Agreement after the Effective
Date of this Agreement, solely to the extent Client or its designee has
provided written copies of such regulations to Packaging Services prior to
Packaging Services’ Processing Product under this Quality Agreement for such
additional Territories added after the Effective Date.  Copies of all laws shall be in the English
language.

 

F.                                     “Marketing Application” shall mean an application
for marketing authorization which has not yet been approved by the FDA or other
Regulatory Authority, including without limitation, FDA New Drug Application,
FDA Abbreviated New Drug Application, and other similar marketing applications
promulgated by Regulatory Authorities.

 

G.                                    “Marketing Authorizations” shall mean any
approved application for marketing authorization including without limitation,
FDA New Drug Application, FDA Abbreviated New Drug Application, and other
similar marketing applications promulgated by Regulatory Authorities.

 

H.                                   “Process” or “Processing” means the
sterile compounding, filling, producing and/or packaging of the Raw Materials
into Product in accordance with the Specifications and the terms and conditions
set forth in the Packaging Services Agreement and this Quality Agreement.

 

29

 

I.                                        “Product” shall mean the Product
identified on the first page of this Quality Agreement.

 

J.                                       “Regulatory Authority” shall mean the FDA
and any other Regulatory Authority within a Territory involved in regulating
any aspect of the development, manufacture, market approval, sale,
distribution, packaging or use of the Product.

 

K.                                   “Specifications” means the procedures,
requirements, standards, quality control testing, other data and scope of
services set forth in the Packaging Services Agreement.

 

L.                                     “Standard Operating Procedures” shall
mean the standard operating procedures in effect at Catalent which have been
approved by Catalent’s Quality Assurance department and which are applicable to
the Processing.

 

M.                                “Territories” shall mean the Unites
States of America and any other country which the parties agree in writing to
add to this Quality Agreement from time to time.

 

	
   

  	
   

  	
  Responsibilities

  	
   

  	
  Catalent

  	
   

  	
  Client

  
	
  1

  	
   

  	
  COMPLIANCE REQUIREMENT

  	
   

  	
   

  	
   

  	
   

  
	
  1.1

  	
   

  	
  Package and hold the product(s) in accordance with all
  applicable FDA requirements and/or applicable regulatory agencies

  	
   

  	
  X

  	
   

  	
   

  
	
  1.2

  	
   

  	
  Welcome Client audits at mutually agreed upon times of relevant
  premises, procedures and documentation as well as inspections by Regulatory
  Authorities

  	
   

  	
  X

  	
   

  	
   

  
	
  1.3

  	
   

  	
  Refrain from subcontracting any of the work to a third party without
  Client’s prior written approval.

  	
   

  	
  X

  	
   

  	
  X

  
	
  1.4

  	
   

  	
  Provide information in support of regulatory requirements in
  accordance with the terms of the applicable Service Agreement.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.5

  	
   

  	
  Notify Client and obtain prior written approval as applicable of any
  proposed changes to the facilities, equipment, materials or testing that
  directly impacts the Packaging Services

  	
   

  	
  X

  	
   

  	
  X

  
	
  1.6

  	
   

  	
  Provide copies of any FDA Form 483, Warning Letter or other
  official communication from applicable regulatory agencies directly relating
  to the Packaging Services, Product or the facilities used to package or hold
  the Product within 5 business days of receipt as well as all subsequent
  responses

  	
   

  	
  X

  	
   

  	
   

  
	
  1.7

  	
   

  	
  Notify Catalent within 48 hours of any recall and/or confirmed
  stability failure of the Product that might be attributed to the packaging of
  the product.

  	
   

  	
   

  	
   

  	
  X

  
	
  1.8

  	
   

  	
  Notify Client within 48 hours of any applicable regulatory agency
  request for product samples, batch records, notice of inspections for any
  products supplied to Client and provide Client with daily summary reports of
  applicable aspects of inspection.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.9

  	
   

  	
  Warrant that it is not debarred under the U.S. Generic Drug
  Enforcement Act of 1992 and will not knowingly employ or use the services of
  any individual who is debarred or who has engaged in activities that could
  lead to being debarred.

  	
   

  	
  X

  	
   

  	
  X

  

 

30

 

	
   

  	
   

  	
  Responsibilities

  	
   

  	
  Catalent

  	
   

  	
  Client

  
	
  1.10

  	
   

  	
  Perform and maintain validations relevant to the Packaging Services
  in accordance with cGMP requirements and Catalent requirements, including
  process and cleaning validations.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.11

  	
   

  	
  Mutually agree upon and approve all product specific protocols and
  validations.

  	
   

  	
  X

  	
   

  	
  X

  
	
  1.12

  	
   

  	
  Conduct operations in compliance with applicable environmental,
  occupational health and safety laws and regulations.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.13

  	
   

  	
  Assist Client in the investigation and resolution of medical and
  non-medical product complaints related to the Packaging Services within
  thirty days.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.14

  	
   

  	
  Notify Client immediately of any requests for information, notices of
  violations or other communication from any government agency relating to
  environmental, occupational health and safety compliance, to the extent it
  directly impacts the Packaging Services.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.15

  	
   

  	
  Notify Client immediately of any incident affecting compliance with
  environmental, occupational health and safety laws, to the extent they
  directly impact the Packaging Services.

  	
   

  	
  X

  	
   

  	
   

  
	
  1.16

  	
   

  	
  Pull samples when requested for stability testing as defined in the
  approved Master Packaging Instructions.

  	
   

  	
  X

  	
   

  	
  X

  
	
  1.17

  	
   

  	
  Issue and follow-up on FDA Field Alerts (commercial stability testing
  only). Client will notify Catalent of the decision to initiate a regulatory
  action prior to notification to the agency whenever possible.

  	
   

  	
   

  	
   

  	
  X

  
	
  1.18

  	
   

  	
  Perform the following responsibilities with regard to Complaints
  relating to Product or Packaging Services

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Collection and logging

  	
   

  	
  X

  	
   

  	
  X

  
	
   

  	
   

  	
  Investigation

  	
   

  	
  X

  	
   

  	
  X

  
	
   

  	
   

  	
  Issue of reports and
  follow-up corrective action

  	
   

  	
  X

  	
   

  	
  X

  
	
   

  	
   

  	
  Communicates decision to
  recall product to Catalent

  	
   

  	
   

  	
   

  	
  X

  
	
   

  	
   

  	
  Responsible for
  notification to appropriate regulatory agencies

  	
   

  	
   

  	
   

  	
  X

  
	
   

  	
   

  	
  Responsible for management
  of product recall

  	
   

  	
   

  	
   

  	
  X

  
	
   

  	
   

  	
  Responsible for
  reconciliation of returned product

  	
   

  	
   

  	
   

  	
  X

  
	
  1.19

  	
   

  	
  Perform the following responsibilities to Regulatory Authorities

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acts as liaison with regulatory authorities with respect to the
  product(s).

  	
   

  	
   

  	
   

  	
  X

  
	
   

  	
   

  	
  Maintains relevant safety/hazard and handling data, if applicable.

  	
   

  	
  X

  	
   

  	
  X

  
	
   

  	
   

  	
  Liaison with health and safety authorities

  	
   

  	
  X

  	
   

  	
  X

  
	
   

  	
   

  	
  Liaison with environmental protection authorities (pollution
  prevention)

  	
   

  	
  X

  	
   

  	
  X

  
	
  2

  	
   

  	
  PACKAGING

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Draft the Master Packaging Instructions (MPI) for product(s) in
  accordance with the product specifications and/or Client instructions.
  Catalent will receive Client approval of the MPI from at least one Client
  Quality representative.

  	
   

  	
  X

  	
   

  	
  X

  

 

31

 

	
   

  	
   

  	
  Responsibilities

  	
   

  	
  Catalent

  	
   

  	
  Client

  
	
  2.2

  	
   

  	
  Review and approve executed Packaging Instructions

  	
   

  	
   

  	
   

  	
  X

  
	
  2.3

  	
   

  	
  Utilize specification(s) developed for the product.

  	
   

  	
  X

  	
   

  	
   

  
	
  2.4

  	
   

  	
  Responsible for batch identification system for packaging product.

  	
   

  	
   

  	
   

  	
  X

  
	
  2.5

  	
   

  	
  Responsible for qualification and approval of packaging components.

  	
   

  	
   

  	
   

  	
  X

  
	
  2.6

  	
   

  	
  Responsible for approval of packaging component Suppliers.
  Responsibility will be assigned based upon who is selecting the supplier for
  use.

  	
   

  	
  X

  	
   

  	
  X

  
	
  2.7

  	
   

  	
  Responsible for maintenance of procurement, storage, sampling and
  testing and release of the packaging components.

  	
   

  	
  X

  	
   

  	
  X

  
	
  2.8

  	
   

  	
  Responsible for retaining reference samples of labeling, and
  packaging components, for at least (1) year beyond expiration date
  assigned to the batch.

  	
   

  	
  X

  	
   

  	
   

  
	
  2.9

  	
   

  	
  Responsible to perform maintenance, qualification and validation of
  the facility, equipment and processes associated with the packaging of the
  product.

  	
   

  	
  X

  	
   

  	
   

  
	
  2.10

  	
   

  	
  Responsible to perform sampling and release of packaged product to
  the Client in accordance with the Product specification and to supply a
  Certificate of Release to Client.

  	
   

  	
  X

  	
   

  	
   

  
	
  2.11

  	
   

  	
  Responsible for investigation, resolution and documentation of all
  events not conforming to approved MPI or Specifications. All such
  investigations shall be recorded and approved within thirty days unless
  Catalent notifies Client that such investigation will exceed thirty days.

  	
   

  	
  X

  	
   

  	
   

  
	
  2.12

  	
   

  	
  Maintain batch records for the minimum period required by applicable
  laws and supply a copy of such batch records to Client on at time of release.

  	
   

  	
  X

  	
   

  	
   

  
	
  2.13

  	
   

  	
  Validation batch production and testing records shall be kept for the
  minimum period required by applicable laws.

  	
   

  	
  X

  	
   

  	
   

  
	
  3

  	
   

  	
  STORAGE AND TRANSPORTATION OF BULK PRODUCT AND
  WASTE DISPOSAL

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Store bulk product up to time of shipment to Client.

  	
   

  	
  X

  	
   

  	
   

  
	
  3.2

  	
   

  	
  Store bulk product prior to shipment under conditions as defined by
  the customer and agreed to by Catalent

  	
   

  	
  X

  	
   

  	
   

  
	
  3.3

  	
   

  	
  Arrange for transportation of bulk product to Client or designated third
  party under appropriate conditions. Catalent will provide carriers unless
  otherwise designated by the Client

  	
   

  	
  X

  	
   

  	
  X

  
	
  3.4

  	
   

  	
  Provide for customs formalities and freight forwarding.

  	
   

  	
   

  	
   

  	
  X

  
	
  3.5

  	
   

  	
  Disposal of product waste and any special waste related to the manufacturing
  and testing process for the product

  	
   

  	
  X

  	
   

  	
   

  
	
  3.6

  	
   

  	
  Insurance for transportation of product

  	
   

  	
   

  	
   

  	
  X

  
	
  4

  	
   

  	
  DOCUMENTATION

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  Provide complete batch documentation.

  	
   

  	
  X

  	
   

  	
   

  

 

32

 

	
   

  	
   

  	
  Responsibilities

  	
   

  	
  Catalent

  	
   

  	
  Client

  
	
  4.2

  	
   

  	
  Reconciliation and accountability for all labeling and specified
  packaging components as required by the MPI after all critical process steps.
  Any reconciliation outside pre-established limits must be investigated and a
  copy of the investigation included in the batch record.

  	
   

  	
  X

  	
   

  	
   

  

 

 

33

 

AMAG and CATALENT

Comml Packaging of
Ferumoxytol

May 29, 2009

 

Exhibit D

 

Replacement Costs

 

The
Replacement Cost for Product or AMAG-Supplied Materials (see Sections 6.5, 7.2
or 12.1) will be equal to either: (i) if manufactured by AMAG, AMAG’s
direct and indirect manufacturing cost, or (ii) if not manufactured by
AMAG, AMAG’s actual acquisition cost.  In
each case, AMAG will supply supporting documentation for such Replacement Cost.

 

34Exhibit 4.1

 

EXECUTION VERSION

 

 

TRUST DEED

 

 

DATED 1 JULY 2009

 

 

AON FINANCIAL SERVICES LUXEMBOURG
S.A

 

and

 

AON CORPORATION

 

and

 

BNY CORPORATE TRUSTEE SERVICES
LIMITED

 

constituting

 

€500,000,000

6.25 per cent. Guaranteed Notes due July 2014

 

 

ALLEN
& OVERY LLP

 

LONDON

45385-00225
ICM:7139352.17

 

 

CONTENTS

 

	
   

  	
   

  	
  Page

  
	
  Clause

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions

  	
  3

  
	
  2.

  	
  Covenant to Repay and to
  Pay Interest on the Notes

  	
  9

  
	
  3.

  	
  Form and Issue of
  Notes and Coupons

  	
  11

  
	
  4.

  	
  Fees, Duties and Taxes

  	
  12

  
	
  5.

  	
  Covenant of Compliance

  	
  12

  
	
  6.

  	
  Cancellation of Notes and
  Records

  	
  13

  
	
  7.

  	
  Guarantee

  	
  14

  
	
  8.

  	
  Enforcement

  	
  16

  
	
  9.

  	
  Action, Proceedings and
  Indemnification

  	
  16

  
	
  10.

  	
  Application of Moneys

  	
  16

  
	
  11.

  	
  Notice of Payments

  	
  17

  
	
  12.

  	
  Investment by Trustee

  	
  17

  
	
  13.

  	
  Partial Payments

  	
  17

  
	
  14.

  	
  Covenants by the Issuer
  and the Guarantor

  	
  18

  
	
  15.

  	
  Remuneration and
  Indemnification of Trustee

  	
  21

  
	
  16.

  	
  Supplement to Trustee Acts

  	
  23

  
	
  17.

  	
  Trustee’s Liability

  	
  28

  
	
  18.

  	
  Trustee Contracting with
  the Issuer and the Guarantor

  	
  28

  
	
  19.

  	
  Waiver, Authorisation and
  Determination

  	
  29

  
	
  20.

  	
  Holder of Definitive Note
  Assumed to be Couponholder

  	
  30

  
	
  21.

  	
  Substitution

  	
  30

  
	
  22.

  	
  Currency Indemnity

  	
  31

  
	
  23.

  	
  New Trustee

  	
  32

  
	
  24.

  	
  Trustee’s Retirement and
  Removal

  	
  33

  
	
  25.

  	
  Trustee’s Powers to be
  Additional

  	
  33

  
	
  26.

  	
  Notices

  	
  33

  
	
  27.

  	
  Governing Law

  	
  34

  
	
  28.

  	
  Submission to Jurisdiction

  	
  34

  
	
  29.

  	
  Counterparts

  	
  35

  
	
  30.

  	
  Contracts (Rights of Third
  Parties) Act 1999

  	
  35

  
	
   

  	
   

  	
   

  
	
  Schedule

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Form of Global Notes

  	
  36

  
	
   

  	
  Part 1

  	
  Form of Temporary
  Global Note

  	
  36

  
	
   

  	
  Part 2

  	
  Form of Permanent
  Global Note

  	
  41

  
	
  2.

  	
  Form of Definitive
  Note and Coupon

  	
  46

  
	
   

  	
  Part 1

  	
  Form of Definitive
  Note

  	
  46

  
	
   

  	
  Part 2

  	
  Conditions of the Notes

  	
  50

  
	
  3.

  	
  Provisions for Meetings of
  Noteholders

  	
  65

  
	
  4.

  	
  Form of Authorised
  Signatories’ Certificate

  	
  74

  
	
   

  	
   

  	
   

  
	
  Signatories

  	
  75

  

 

 

THIS TRUST DEED is made on 1 July 2009

 

BETWEEN:

 

(1)                                  AON FINANCIAL SERVICES LUXEMBOURG S.A., a public limited liability company (société anonyme), incorporated under the
laws of the Grand Duchy of Luxembourg, having its registered office at 19, rue
de Bitbourg, BP593, L-1273, Grand Duchy of Luxembourg and registered with the
Luxembourg trade and companies register under number B146352 (the Issuer);

 

(2)                                  AON CORPORATION, a company incorporated in the State of Delaware, USA, whose principal
business office is at 200 East Randolph Street, Chicago, Illinois 60601, USA
(the Guarantor);  and

 

(3)                                  BNY CORPORATE TRUSTEE SERVICES LIMITED, a company incorporated under the laws of England and
Wales, whose registered office is at 40th Floor, One Canada Square, London E14
5AL (the Trustee, which expression
shall, wherever the context so admits, include such company and all other
persons or companies for the time being the trustee or trustees of these
presents) as trustee for the Noteholders and Couponholders (each as defined
below).

 

WHEREAS:

 

(A)                              By a resolution of the board of directors of the
Issuer passed on 25 May, 2009 the Issuer has resolved to issue €500,000,000
6.25 per cent. Guaranteed Notes due July 2014 to be constituted by this
Trust Deed.

 

(B)                                By a resolution of the board of directors of the
Guarantor passed on 15 May, 2009 the Guarantor has agreed to guarantee the said
Notes and to enter into certain covenants as set out in this Trust Deed.

 

(C)                                The said Notes in definitive form will be in bearer
form with Coupons attached.

 

(D)                               The Trustee has agreed to act as trustee of these
presents for the benefit of the Noteholders and Couponholders upon and subject
to the terms and conditions of these presents.

 

NOW THIS TRUST DEED WITNESSES AND IT IS AGREED AND DECLARED as follows:

 

1.                                      DEFINITIONS

 

1.1                                 In these presents unless there is anything in the
subject or context inconsistent therewith the following expressions shall have
the following meanings:

 

Agency Agreement means the agreement appointing the initial Paying Agents in relation to
the Notes and any other agreement for the time being in force appointing
Successor paying agents in relation to the Notes, or in connection with their
duties, the terms of which have previously been approved in writing by the
Trustee, together with any agreement for the time being in force amending or
modifying with the prior written approval of the Trustee any of the aforesaid
agreements in relation to the Notes;

 

Appointee means any attorney, manager, agent, delegate, nominee, custodian or
other person appointed by the Trustee under these presents;

 

3

 

Auditors means the statutory auditor (“commissaire
aux comptes”) of the Issuer or the independent auditors for the time
being of the Guarantor (as the case may be) or, in the event of their being
unable or unwilling promptly to carry out any action requested of them pursuant
to the provisions of these presents, such other firm of accountants or such
financial advisors as may be nominated or approved by the Trustee for the purposes
of these presents;

 

Authorised Signatory means any person who (a) is a director of the Issuer or a
director, the chief executive officer, the chief financial officer, the general
counsel, any vice president, including any executive or senior vice president
or the treasurer of the Guarantor (as the case may be) or (b) has been
notified by the Issuer or the Guarantor (as the case may be) in writing to the
Trustee as being duly authorised to sign documents and to do other acts and
things on behalf of the Issuer or the Guarantor (as the case may be) for the
purposes of this Trust Deed;

 

Change  of  Control
has the meaning given to it in Condition 7.3;

 

Change  of  Control
Event has the meaning given to it
in Condition 7.3;

 

Clearstream, Luxembourg means Clearstream Banking, société anonyme;

 

Companies Act 1915 means  the Luxembourg act
dated 10 August 1915 on commercial companies, as amended;

 

Conditions means the Conditions in the form set out in Schedule 2 as the same may
from time to time be modified in accordance with these presents and any
reference in these presents to a particular specified Condition or paragraph of
a Condition shall in relation to the Notes be construed accordingly;

 

Couponholders means the several persons who are for the time being holders of the
Coupons;

 

Coupons
means the bearer interest coupons appertaining to the Notes in definitive form
or, as the context may require, a specific number thereof and includes any
replacements for Coupons issued pursuant to Condition 12 (Replacement of Notes and Coupons);

 

Euroclear means Euroclear Bank S.A./N.V.;

 

Event of Default means any of the conditions, events or acts provided in Condition 10 (Events of Default) to be events upon the
happening of which the Notes would, subject only to notice by the Trustee as
therein provided, become immediately due and repayable;

 

Extraordinary Resolution has the meaning set out in paragraph 1 of Schedule 3;

 

FSMA
means the Financial Services and Markets Act 2000;

 

Global Note means the Temporary Global Note and/or the Permanent Global Note, as
the context may require;

 

Investment Grade Rating has the meaning given to it in Condition 7.3;

 

Liability means any loss, damage, cost, charge, claim, demand, expense, judgment,
action, proceeding or other liability whatsoever (including, without
limitation, in respect of taxes, duties, levies, imposts and other charges) and
including any value added tax or similar tax charged or chargeable in respect
thereof and legal fees and expenses on a full indemnity basis;

 

4

 

Luxembourg means the Grand Duchy of Luxembourg;

 

Noteholders means the several persons who are for the time being holders of the
Notes save that, for so long as such Notes or any part thereof are represented
by a Global Note deposited with a common safekeeper for Euroclear and
Clearstream, Luxembourg or, in respect of Notes in definitive form held in an
account with Euroclear or Clearstream, Luxembourg, each person who is for the
time being shown in the records of Euroclear or Clearstream, Luxembourg (other
than Clearstream, Luxembourg, if Clearstream, Luxembourg shall be an
accountholder of Euroclear, and Euroclear, if Euroclear shall be an
accountholder of Clearstream, Luxembourg) as the holder of a particular principal
amount of the Notes shall be deemed to be the holder of such principal amount
of such Notes (and the holder of the relevant Global Note shall be deemed not
to be the holder) for all purposes of these presents other than with respect to
the payment of principal or interest on such principal amount of such Notes,
the rights to which shall be vested, as against the Issuer and the Trustee,
solely in such common safekeeper and for which purpose such common safekeeper
shall be deemed to be the holder of such principal amount of such Notes in
accordance with and subject to its terms and the provisions of these presents;
and the words holder and holders and related expressions shall
(where appropriate) be construed accordingly;

 

Notes
means the notes in bearer form comprising the said €500,000,000 6.25 per cent.
Guaranteed Notes due July 2014 of the Issuer hereby constituted or the
principal amount thereof for the time being outstanding or, as the context may
require, a specific number thereof and includes any replacements for Notes
issued pursuant to Condition 12 (Replacement
of Notes and Coupons) and (except for the purposes of Clause 3) the
Temporary Global Note and the Permanent Global Note;

 

outstanding means, in relation to the Notes, all the Notes issued other than:

 

(a)                                  those Notes which have been redeemed pursuant to these
presents;

 

(b)                                 those Notes in respect of which the date for
redemption in accordance with the Conditions has occurred and the redemption
moneys (including all interest payable thereon) have been duly paid to the
Trustee or to the Principal Paying Agent, as applicable, in the manner provided
in the Agency Agreement (and where appropriate notice to that effect has been
given to the Noteholders in accordance with Condition 13 (Notices)) and remain available for payment
against presentation of the relevant Notes and/or Coupons;

 

(c)                                  those Notes which have been purchased and cancelled in
accordance with Condition 7 (Redemption
and Purchase);

 

(d)                                 those Notes which have become void under Condition 9 (Prescription);

 

(e)                                  those mutilated or defaced Notes which have been
surrendered and cancelled and in respect of which replacements have been issued
pursuant to Condition 12 (Replacement of
Notes and Coupons);

 

(f)                                    (for the purpose only of ascertaining the principal
amount of the Notes outstanding and without prejudice to the status for any
other purpose of the relevant Notes) those Notes which are alleged to have been
lost, stolen or destroyed and in respect of which replacements have been issued
pursuant to Condition 12 (Replacement of
Notes and Coupons); and

 

5

 

(g)                                 any Global Note to the extent that it shall have been
exchanged for another Global Note in respect of the Notes or for the Notes in
definitive form pursuant to its provisions;

 

PROVIDED
THAT for each of the following purposes, namely:

 

(i)                                     the right to attend and vote at any meeting of the
Noteholders or any of them, an Extraordinary Resolution in writing or an
Ordinary Resolution in writing as envisaged by paragraph 1 of Schedule 3 and
any direction or request by the holders of the Notes;

 

(ii)                                  the determination of how many and which Notes are for
the time being outstanding for the purposes of subclause 9.1, Conditions 11 (Enforcement) and 15 (Meetings of Noteholders, Modification, Waiver,
Authorisation and Determination) and paragraphs 5, 8 and 10 of
Schedule 3;

 

(iii)                               any discretion, power or authority (whether contained
in these presents or vested by operation of law) which the Trustee is required,
expressly or impliedly, to exercise in or by reference to the interests of the
Noteholders or any of them; and

 

(iv)                              the determination by the Trustee whether any event,
circumstance, matter or thing is, in its opinion, materially prejudicial to the
interests of the Noteholders or any of them,

 

those
Notes (if any) which are for the time being held by or on behalf of or for the
benefit of the Issuer, the Guarantor, any other Subsidiary of the Guarantor,
any holding company of the Guarantor or any other Subsidiary of any such
holding company, in each case as beneficial owner, shall (unless and until
ceasing to be so held) be deemed not to remain outstanding;

 

Paying Agents means the several institutions (including where the context permits the
Principal Paying Agent) at their respective specified offices initially
appointed as paying agents in relation to the Notes by the Issuer and the
Guarantor pursuant to the Agency Agreement and/or, if applicable, any Successor
paying agents in relation to the Notes;

 

Permanent Global Note means the permanent global note in respect of the Notes to be issued
pursuant to Clause 3.3 in the form or substantially in the form set out in
Schedule 1;

 

Potential Event of Default means any condition, event or act which, with the
lapse of time and/or the issue, making or giving of any notice, certification,
declaration, demand, determination and/or request and/or the taking of any
similar action and/or the fulfilment of any similar condition, would constitute
an Event of Default;

 

Principal Paying Agent means the institution at its specified office initially appointed as
principal paying agent in relation to the Notes by the Issuer and the Guarantor
pursuant to the Agency Agreement or, if applicable, any Successor principal
paying agent in relation to the Notes;

 

Rating  Agencies has the meaning given to it in
Condition 7.3;

 

Rating Event has the meaning given to it in Condition 7.3;

 

Relevant Date has the meaning set out in Condition 8 (Taxation);

 

6

 

repay, redeem and pay shall each include both the others and cognate expressions
shall be construed accordingly;

 

Significant Subsidiary has the meaning given to it in Condition 10 (Events of Default);

 

Subsidiary has the meaning given to it in Condition 10 (Events of Default);

 

Successor means, in relation to the Principal Paying Agent and the other Paying
Agents, any successor to any one or more of them in relation to the Notes which
shall become such pursuant to the provisions of these presents, the Agency
Agreement and/or such other or further principal paying agent and/or paying
agents (as the case may be) in relation to the Notes as may (with the prior
approval of, and on terms previously approved by, the Trustee in writing) from time
to time be appointed as such, and/or, if applicable, such other or further
specified offices (in the former case being within the same place as those for
which they are substituted) as may from time to time be nominated, in each case
by the Issuer and, if applicable, the Guarantor, and (except in the case of the
initial appointments and specified offices made under and specified in the
Conditions and/or the Agency Agreement, as the case may be) notice of whose
appointment or, as the case may be, nomination has been given to the
Noteholders pursuant to subclause 14(l) in accordance with Condition
13 (Notices);

 

Temporary Global Note means the temporary global note in respect of the Notes to be issued
pursuant to Clause 3.1 in the form or substantially in the form set out in
Schedule 1;

 

the Luxembourg Stock Exchange means the Luxembourg Stock Exchange or any successor
thereto;

 

these presents means this Trust Deed and the Schedules and any trust deed supplemental
hereto and the Schedules (if any) thereto and the Notes, the Coupons and the
Conditions, all as from time to time modified in accordance with the provisions
herein or therein contained;

 

Trust Corporation means a corporation entitled by rules made under the Public
Trustee Act 1906 or entitled pursuant to any other comparable legislation
applicable to a trustee in any other jurisdiction to carry out the functions of
a custodian trustee;

 

Trustee Acts means the Trustee Act 1925 and the Trustee Act 2000;

 

words
denoting the singular shall include the plural and vice versa;

 

words
denoting one gender only shall include the other genders; and

 

words
denoting persons only shall include firms and corporations and vice versa.

 

1.2         (a)                                     All references in these presents to principal and/or
interest in respect of the Notes or to any moneys payable by the Issuer and/or
the Guarantor under these presents shall be deemed to include a reference to
any additional amounts which may be payable under Condition 8 (Taxation) or, if applicable, under any
undertaking or covenant given pursuant to subclause 14(n) or subclause
21.1(b)(ii).

 

(b)                                 All references in these presents to U.S. dollars, dollars or the sign $
shall be construed as references to the lawful currency for the time being of
the United States of America and all references in these presents to euro or the sign €
shall be construed as references to the currency introduced at the start of the
third stage of European economic and monetary union pursuant to the Treaty
establishing the

 

7

 

European Community as amended by the Treaty on
European Union and as amended by the Treaty of Amsterdam.

 

(c)                                  All references in these presents to any statute or any
provision of any statute shall be deemed also to refer to any statutory
modification or re-enactment thereof or any statutory instrument, order or
regulation made thereunder or under any such modification or re-enactment.

 

(d)                                 All references in these presents to guarantees or to
an obligation being guaranteed shall be deemed to include respectively
references to indemnities or to an indemnity being given in respect thereof.

 

(e)                                  All references in these presents to any action, remedy
or method of proceeding for the enforcement of the rights of creditors shall be
deemed to include, in respect of any jurisdiction other than England,
references to such action, remedy or method of proceeding for the enforcement
of the rights of creditors available or appropriate in such jurisdiction as
shall most nearly approximate to such action, remedy or method of proceeding
described or referred to in these presents.

 

(f)                                    All references in these presents to taking proceedings
against the Issuer and/or the Guarantor shall be deemed to include references
to proving in the winding up of the Issuer and/or the Guarantor (as the case
may be).

 

(g)                                 Unless the context otherwise requires words or
expressions used in these presents shall bear the same meanings as in the
Companies Act 1985 and, in respect of the Issuer, as in the Companies Act 1915.

 

(h)                                 In this Trust Deed references to Schedules, clauses,
subclauses, paragraphs and subparagraphs shall be construed as references to
the Schedules to this Trust Deed and to the clauses, subclauses, paragraphs and
subparagraphs of this Trust Deed respectively.

 

(i)                                     In these presents tables of contents and clause
headings are included for ease of reference and shall not affect the
construction of these presents.

 

(j)                                     All references in these presents to Notes being listed or having
a listing shall, in relation to the Luxembourg Stock Exchange, be
construed to mean that such Notes have been admitted to the official list of
the Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchange’s
Euro MTF Market and all references in these presents to listing or listed shall include references to quotation and quoted,
respectively.

 

(k)                                  Any references to the records of Euroclear and
Clearstream, Luxembourg shall be to the records that each of Euroclear and
Clearstream, Luxembourg holds for its customers which reflects the amount of
such customers’ interests in the Notes.

 

(l)                                     If at any relevant time the Notes are rated by less
than three Rating Agencies, a Rating Event shall be deemed to have occurred for
the purposes of these presents if the rating on the Notes is lowered by at
least one of the Rating Agencies and the Notes are rated below an Investment
Grade Rating by one of the Rating Agencies in any case on any day during the
period (which period will be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating
Agencies) commencing 60 days prior to the earlier of (i) the first public
notice of the occurrence of a Change of Control or (ii) the first

 

8

 

public
notice of the Guarantor’s intention to effect a Change of Control, and ending
60 days following consummation of such Change of Control.

 

2.                                      COVENANT TO
REPAY AND TO PAY INTEREST ON THE NOTES

 

2.1                                 Subject to Condition 17 (Further Issues) and Clause 2.4 below, the aggregate
principal amount of the Notes is limited to €500,000,000.

 

2.2                                 The Issuer covenants with the Trustee that it will, in
accordance with these presents, on the due date for the final maturity of the
Notes provided for in the Conditions, or on such earlier date as the same or
any part thereof may become due and repayable thereunder, pay or procure to be
paid unconditionally to or to the order of the Trustee in euro in immediately
available funds the principal amount of the Notes repayable on that date and
shall in the meantime and until such date (both before and after any judgment
or other order of a court of competent jurisdiction) pay or procure to be paid
unconditionally to or to the order of the Trustee as aforesaid interest (which
shall accrue from day to day) on the principal amount of the Notes at the rate
of 6.25 per cent. per annum payable annually in arrear on 1 July, the first
such payment (representing a full year’s interest) to be made on 1 July 2010
PROVIDED THAT:

 

(a)                                  every payment of principal or interest in respect of
the Notes to or to the account of the Principal Paying Agent in the manner
provided in the Agency Agreement shall operate in satisfaction pro tanto of the relative covenant by the
Issuer in this clause except to the extent that there is default in the
subsequent payment thereof in accordance with the Conditions to the Noteholders
or Couponholders (as the case may be);

 

(b)                                 in any case where payment of principal is not made to
the Trustee or the Principal Paying Agent on or before the due date, interest
shall continue to accrue on the principal amount of the Notes (both before and
after any judgment or other order of a court of competent jurisdiction) at the
rate aforesaid (or, if higher, the rate of interest on judgment debts for the
time being provided by English law) up to and including the date which the
Trustee determines to be the date on and after which payment is to be made to
the Noteholders in respect thereof as stated in a notice given to the
Noteholders in accordance with Condition 13 (Notices)
(such date to be not later than 30 days after the day on which the whole of
such principal amount, together with an amount equal to the interest which has
accrued and is to accrue pursuant to this proviso up to and including that
date, has been received by the Trustee or the Principal Paying Agent); and

 

(c)                                  in any case where payment of the whole or any part of
the principal amount of any Note is improperly withheld or refused upon due
presentation thereof (other than in circumstances contemplated by proviso (b) above)
interest shall accrue on that principal amount payment of which has been so
withheld or refused (both before and after any judgment or other order of a
court of competent jurisdiction) at the rate aforesaid (or, if higher, the rate
of interest on judgment debts for the time being provided by English law) from
and including the date of such withholding or refusal up to and including the
date on which, upon further presentation of the relevant Note, payment of the
full amount (including interest as aforesaid) in euro payable in respect of
such Note is made or (if earlier) the seventh day after notice is given to the
relevant Noteholder (in accordance with Condition 13 (Notices)) that the full amount (including
interest as aforesaid) in euro payable in respect of such Note is available for
payment, provided that, upon further presentation thereof being duly made, such
payment is made.

 

9

 

The
Trustee will hold the benefit of this covenant on trust for the Noteholders and
the Couponholders and itself in accordance with these presents.

 

TRUSTEE’S REQUIREMENTS REGARDING PAYING AGENTS

 

2.3                                 At any time after an Event of Default or a Potential Event
of Default shall have occurred or if there is failure to make payment of any
amount in respect of any Note when due or the Trustee shall have received any
money which it proposes to pay under clause 10 to the Noteholders and/or
Couponholders, the Trustee may:

 

(a)                                  by notice in writing to the Issuer, the Guarantor, the
Principal Paying Agent and the other Paying Agents require the Principal Paying
Agent and the other Paying Agents pursuant to the Agency Agreement:

 

(i)                                     to act thereafter as Principal Paying Agent and Paying
Agents respectively of the Trustee in relation to payments to be made by or on
behalf of the Trustee under the provisions of these presents mutatis mutandis on the terms provided in
the Agency Agreement (save that the Trustee’s liability under any provisions
thereof for the indemnification, remuneration and payment of out-of-pocket
expenses of the Paying Agents shall be limited to the amounts for the time
being held by the Trustee on the trusts of these presents relating to the Notes
and available for such purpose) and thereafter to hold all Notes and Coupons
and all sums, documents and records held by them in respect of Notes and
Coupons on behalf of the Trustee; or

 

(ii)                                  to deliver up all Notes and Coupons and all sums,
documents and records held by them in respect of Notes and Coupons to the
Trustee or as the Trustee shall direct in such notice provided that such notice
shall be deemed not to apply to any documents or records which the relative
Paying Agent is obliged not to release by any law or regulation; and/or

 

(b)                                 by notice in writing to the Issuer and the Guarantor
require each of them to make all subsequent payments in respect of the Notes
and Coupons to or to the order of the Trustee and not to the Principal Paying
Agent; with effect from the issue of any such notice to the Issuer and the
Guarantor and until such notice is withdrawn proviso (a) to subclause 2.2
of this clause relating to the Notes shall cease to have effect.

 

FURTHER ISSUES

 

2.4          (a)                                 The Issuer shall be at liberty from time to time (but
subject always to the provisions of these presents) without the consent of the
Noteholders or Couponholders to create and issue further notes or bonds
(whether in bearer or registered form) either (i) ranking pari passu in all respects (or in all
respects save for the first payment of interest thereon), and so that the same
shall be consolidated and form a single series with the Notes and/or the
further notes or bonds of any series or (ii) upon such terms as to
ranking, interest, conversion, redemption and otherwise as the Issuer may at
the time of issue thereof determine.

 

(b)                                 Any further notes which are to be created and issued
pursuant to the provisions of paragraph 2.4(a) above so as to form a
single series with the Notes shall be constituted by a trust deed supplemental
to this Trust Deed and any other further notes or bonds which are to be created
and issued pursuant to the provisions of paragraph 2.4(a) above shall be
constituted by a separate trust deed.  In
any such case the Issuer and the Guarantor shall prior to the issue of any
further notes or bonds to be

 

10

 

so
constituted execute and deliver to the Trustee a trust deed (supplemental to
this Trust Deed if in relation to the issue of further notes to be consolidated
and form a single series with the Notes) (in relation to which all applicable
stamp duties or other documentation fees, duties or taxes have been paid and,
if applicable, duly stamped or denoted accordingly) containing a covenant by
the Issuer in the form mutatis mutandis of
subclause 2.2 in relation to the principal and interest in respect of such
further notes or bonds and such other provisions (whether or not corresponding
to any of the provisions contained in this Trust Deed) as the Trustee shall
require including making such consequential modifications to this Trust Deed as
the Trustee shall require in order to give effect to such issue of further
notes or bonds.

 

(c)                                  A memorandum of every such supplemental trust deed (in
relation to the issue of further notes to be consolidated and form a single
series with the Notes) shall be endorsed by the Trustee on this Trust Deed and
by the Issuer and the Guarantor on their duplicates of this Trust Deed.

 

(d)                                 Whenever it is proposed to create and issue any
further notes or bonds the Issuer shall give to the Trustee not less than 7
days’ notice in writing of its intention so to do stating the amount of further
notes or bonds proposed to be created and issued.

 

3.                                      FORM AND
ISSUE OF NOTES AND COUPONS

 

3.1                                 The Notes shall be represented initially by the
Temporary Global Note which the Issuer shall issue to a safekeeper common to
both Euroclear and Clearstream, Luxembourg on terms that such safekeeper shall
hold the same for the account of the persons who would otherwise be entitled to
receive the Notes in definitive form (Definitive
Notes) (as notified to such safe-keeper by Credit Suisse Securities
(Europe) Limited on behalf of the other Manager of the issue of the Notes) and
the successors in title to such persons as appearing in the records of
Euroclear and Clearstream, Luxembourg for the time being.

 

3.2                                 The Temporary Global Note shall be printed or typed in
the form or substantially in the form set out in Schedule 1 and may be a
facsimile. The Temporary Global Note shall be in the aggregate principal amount
of €500,000,000 and shall be signed (a) manually or in facsimile on behalf
of the Issuer by any two members of the board of directors of the Issuer who at
the time of the issue of the Permanent Global Note are both in office in
accordance with article 84 of the Companies Act 1915, and shall be
authenticated by or on behalf of the Principal Paying Agent and shall be
effectuated by the common safekeeper acting on the instructions of the
Principal Paying Agent. The Temporary Global Note so executed, authenticated
and effectuated shall be a binding and valid obligation of the Issuer and title
thereto shall pass by delivery.

 

3.3                                 The Issuer shall issue the Permanent Global Note in
exchange for the Temporary Global Note in accordance with the provisions
thereof. The Permanent Global Note shall be printed or typed in the form or
substantially in the form set out in Schedule 1 and may be a facsimile.  The Permanent Global Note shall be in the
aggregate principal amount of up to €500,000,000 and shall be signed (a) manually
or in facsimile on behalf of the Issuer by any two members of the board of
directors of the Issuer who at the time of the issue of the Temporary Global
Note are both in office, and shall be authenticated by or on behalf of the
Principal Paying Agent and shall be effectuated by the common safekeeper acting
on the instructions of the Principal Paying Agent. The Permanent Global Note so
executed, authenticated and effectuated shall be a binding and valid obligation
of the Issuer and title thereto shall pass by delivery.

 

11

 

3.4                                 The Issuer shall issue the Definitive Notes (together
with the unmatured Coupons attached) in exchange for the Temporary Global Note
and/or the Permanent Global Note in accordance with the provisions thereof.

 

3.5                                 The Definitive Notes and the Coupons shall be to
bearer in the respective forms or substantially in the respective forms set out
in Schedule 2 and the Definitive Notes shall be issued in the denominations of
€50,000 each (serially numbered) and shall be endorsed with the
Conditions.  Title to the Definitive
Notes and the Coupons shall pass by delivery.

 

3.6                                 The Definitive Notes and the Coupons shall be signed
manually or in facsimile on behalf of the Issuer by any two members of the
board of directors of the Issuer who at the time of the issue of the Definitive
Notes are both in office in accordance with article 84 of the Companies Act
1915 and shall be authenticated by or on behalf of the Principal Paying Agent.

 

3.7                                 The Issuer may use the manual or facsimile signature
of any person who at the date such signature is affixed is a member of the
board of directors of the Issuer as referred to in subclauses 3.2, 3.3 and 3.6
above provided that at the time of issue of the Temporary Global Note, the
Permanent Global Note or any of the Definitive Notes, as the case may be, he is
still so authorised or the holder of such office. The Definitive Notes so
signed and authenticated, and the Coupons so signed, upon execution and
authentication of the relevant Definitive Notes, shall be binding and valid
obligations of the Issuer.

 

4.                                      FEES, DUTIES
AND TAXES

 

The
Issuer will pay any stamp, issue, registration, documentary and other fees,
duties and taxes, including interest and penalties, payable on or in connection
with (a) the execution and delivery of these presents, (b) the
constitution and issue of the Notes and the Coupons and (c) any action
taken by or on behalf of the Trustee or (where permitted under these presents
so to do) any Noteholder or Couponholder to enforce, or to resolve any doubt
concerning, or for any other purpose in relation to, these presents.

 

5.                                      COVENANT OF
COMPLIANCE

 

Each
of the Issuer and the Guarantor severally covenants with the Trustee that it
will comply with and perform and observe all the provisions of these presents
which are expressed to be binding on it. 
The Conditions shall be binding on the Issuer, the Guarantor, the Noteholders
and the Couponholders.  The Trustee shall
be entitled to enforce the obligations of the Issuer and the Guarantor under
the Notes and the Coupons as if the same were set out and contained in the
trust deeds constituting the same, which shall be read and construed as one
document with the Notes and the Coupons. 
The Trustee will hold the benefit of this covenant upon trust for itself
and the Noteholders and the Couponholders according to its and their respective
interests.

 

12

 

6.                                      CANCELLATION
OF NOTES AND RECORDS

 

6.1                                 The Issuer shall procure that all Notes (a) redeemed
or (b) purchased and surrendered for cancellation by or on behalf of the
Issuer, the Guarantor or any other Subsidiary of the Guarantor or (c) which,
being mutilated or defaced, have been surrendered and replaced pursuant to
Condition 12 (Replacement of Notes and
Coupons) or (d) exchanged as provided in these presents
(together in each case with all unmatured Coupons attached thereto or delivered
therewith) and all Coupons paid in accordance with the Conditions or which,
being mutilated or defaced, have been surrendered and replaced pursuant to
Condition 12 (Replacement of Notes and
Coupons) shall forthwith be cancelled by or on behalf of the Issuer
and a certificate stating:

 

(a)                                  the aggregate principal amount of Notes which have
been redeemed and the aggregate amounts in respect of Coupons which have been
paid;

 

(b)                                 the serial numbers of such Notes in definitive form;

 

(c)                                  the total numbers (where applicable, of each
denomination) by maturity date of such Coupons;

 

(d)                                 the aggregate amount of interest paid (and the due
dates of such payments) on Global Notes;

 

(e)                                  the aggregate principal amount of Notes (if any) which
have been purchased by or on behalf of the Issuer, the Guarantor or any other
Subsidiary of the Guarantor and cancelled and the serial numbers of such Notes
in definitive form and the total number (where applicable, of each
denomination) by maturity date of the Coupons attached thereto or surrendered
therewith; and

 

(f)                                    the aggregate principal amounts of Notes and the
aggregate amounts in respect of Coupons which have been so exchanged or
surrendered and replaced and the serial numbers of such Notes in definitive
form and the total number (where applicable, of each denomination) by maturity
date of such Coupons

 

shall
be given to the Trustee by or on behalf of the Issuer as soon as possible and
in any event within four months after the date of any such redemption,
purchase, payment, exchange or replacement (as the case may be). The Trustee
may accept such certificate as conclusive evidence of redemption, purchase,
exchange or replacement pro tanto
of the Notes or payment of interest thereon respectively and of cancellation of
the relative Notes and Coupons.

 

6.2                                 The Issuer shall procure (a) that the Principal
Paying Agent shall keep a full and complete record of all Notes and Coupons
(other than serial numbers of Coupons) and of their redemption, cancellation,
payment or exchange (as the case may be) and of all replacement notes or
coupons issued in substitution for lost, stolen, mutilated, defaced or
destroyed Notes or Coupons and (b) that such records shall be made
available to the Trustee at all reasonable times.

 

13

 

7.                                      GUARANTEE

 

7.1                                 The Guarantor hereby irrevocably and unconditionally,
and notwithstanding the release of any other guarantor or any other person
under the terms of any composition or arrangement with any creditors of the
Issuer or any other Subsidiary of the Guarantor, guarantees to the Trustee:

 

(a)                                  the due and punctual payment in accordance with the
provisions of these presents of the principal of and interest on the Notes and
of any other amounts payable by the Issuer under these presents; and

 

(b)                                 the due and punctual performance and observance by the
Issuer of each of the other provisions of these presents on the Issuer’s part
to be performed or observed.

 

7.2                                 If the Issuer fails for any reason whatsoever
punctually to pay any such principal, interest or other amount, the Guarantor
shall cause each and every such payment to be made as if the Guarantor instead
of the Issuer were expressed to be the primary obligor under these presents and
not merely as surety (but without affecting the nature of the Issuer’s
obligations) with the intent that the holder of the relevant Note or Coupon or
the Trustee (as the case may be) shall receive the same amounts in respect of
principal, interest or such other amount as would have been receivable had such
payments been made by the Issuer.

 

7.3                                 If any payment received by the Trustee or any
Noteholder or Couponholder under the provisions of these presents shall
(whether on the subsequent bankruptcy, insolvency or corporate reorganisation
of the Issuer or, without limitation, on any other event) be avoided or set
aside for any reason, such payment shall not be considered as discharging or
diminishing the liability of the Guarantor and this guarantee shall continue to
apply as if such payment had at all times remained owing by the Issuer and the
Guarantor shall indemnify the Trustee and the Noteholders and/or Couponholders
(as the case may be) in respect thereof PROVIDED THAT the obligations of the
Issuer and/or the Guarantor under this subclause shall, as regards each payment
made to the Trustee or any Noteholder or Couponholder which is avoided or set
aside, be contingent upon such payment being reimbursed to the Issuer or other
persons entitled through the Issuer.

 

7.4                                 The Guarantor hereby agrees that its obligations under
this clause shall be unconditional and that the Guarantor shall be fully liable
irrespective of the validity, regularity, legality or enforceability against
the Issuer of, or of any defence or counter-claim whatsoever available to the
Issuer in relation to, its obligations under these presents, whether or not any
action has been taken to enforce the same or any judgment obtained against the
Issuer, whether or not any of the other provisions of these presents have been
modified, whether or not any time, indulgence, waiver, authorisation or consent
has been granted to the Issuer by or on behalf of the Noteholders or the
Couponholders or the Trustee, whether or not any determination has been made by
the Trustee pursuant to subclause 19.1, whether or not there have been any
dealings or transactions between the Issuer, any of the Noteholders or
Couponholders or the Trustee, whether or not the Issuer has been dissolved,
liquidated, merged, consolidated, bankrupted or has changed its status,
functions, control or ownership, whether or not the Issuer has been prevented
from making payment by foreign exchange provisions applicable at its place of
registration or incorporation and whether or not any other circumstances have
occurred which might otherwise constitute a legal or equitable discharge of or
defence to a guarantor.  Accordingly the
validity of this guarantee shall not be affected by reason of any invalidity,
irregularity, illegality or unenforceability of all or any of the obligations
of the Issuer under these presents and this guarantee shall not be discharged
nor shall the liability of the Guarantor under these presents be affected by
any act, thing or omission or means

 

14

 

whatever
whereby its liability would not have been discharged if it had been the
principal debtor.

 

7.5                                 Without prejudice to the provisions of subclause 9.1
the Trustee may determine from time to time whether or not it will enforce this
guarantee which it may do without making any demand of or taking any
proceedings against the Issuer and may from time to time make any arrangement
or compromise with the Guarantor in relation to this guarantee which the
Trustee may consider expedient in the interests of the Noteholders.

 

7.6                                 The Guarantor waives diligence, presentment, demand of
payment, filing of claims with a court in the event of dissolution,
liquidation, merger or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest or notice with respect to these
presents or the indebtedness evidenced thereby and all demands whatsoever and
covenants that this guarantee shall be a continuing guarantee, shall extend to
the ultimate balance of all sums payable and obligations owed by the Issuer
under these presents, shall not be discharged except by complete performance of
the obligations in these presents and is additional to, and not instead of, any
security or other guarantee or indemnity at any time existing in favour of any
person, whether from the Guarantor or otherwise.

 

7.7                                 If any moneys shall become payable by the Guarantor
under this guarantee the Guarantor shall not, so long as the same remain
unpaid, without the prior written consent of the Trustee:

 

(a)                                  in respect of any amounts paid by it under this
guarantee, exercise any rights of subrogation or contribution or, without
limitation, any other right or remedy which may accrue to it in respect of or
as a result of any such payment; or

 

(b)                                 in respect of any other moneys for the time being due
to the Guarantor by the Issuer, claim payment thereof or exercise any other
right or remedy;

 

(including
in either case claiming the benefit of any security or right of set-off or, on
the liquidation of the Issuer, proving in competition with the Trustee).  If, notwithstanding the foregoing, upon the
bankruptcy, insolvency, liquidation or administration of the Issuer, any
payment or distribution of assets of the Issuer of any kind or character,
whether in cash, property or securities, shall be received by the Guarantor
before payment in full of all amounts payable under these presents shall have
been made to the Noteholders, the Couponholders and the Trustee, such payment
or distribution shall be received by the Guarantor on trust to pay the same
over immediately to the Trustee for application in or towards the payment of
all sums due and unpaid under these presents in accordance with clause 10.

 

7.8                                 Until all amounts which may be or become payable by
the Issuer under these presents have been irrevocably paid in full, the Trustee
may:

 

(a)                                  refrain from applying or enforcing any other moneys,
security or rights held or received by the Trustee in respect of those amounts,
or apply and enforce the same in such manner and order as it sees fit (whether
against those amounts or otherwise), and the Guarantor shall not be entitled to
the benefit of the same; and

 

(b)                                 hold in a suspense account any moneys received from
the Guarantor or on account of the Guarantor’s liability under this guarantee,
without liability to pay interest on those moneys.

 

7.9                                 The obligations of the Guarantor under these presents
constitute direct, unconditional and (subject to the provisions of Condition 4
(Negative Pledge)) unsecured
obligations of the 

 

15

 

Guarantor
and (subject as aforesaid) rank and will rank pari
passu with all other outstanding unsecured and unsubordinated
obligations of the Guarantor, present and future, but, in the event of
insolvency, only to the extent permitted by applicable laws relating to creditors’
rights.

 

8.                                      ENFORCEMENT

 

8.1                                 The Trustee may at any time, at its discretion and
without notice, take such proceedings and/or other steps as it may think fit
against or in relation to each of the Issuer and the Guarantor to enforce their
respective obligations under these presents.

 

8.2                                 Proof that as regards any specified Note or Coupon the
Issuer or the Guarantor (as the case may be) has made default in paying any
amount due in respect of such Note or Coupon shall (unless the contrary be
proved) be sufficient evidence that the same default has been made as regards
all other Notes or Coupons (as the case may be) in respect of which the
relevant amount is due and payable.

 

9.                                      ACTION,
PROCEEDINGS AND INDEMNIFICATION

 

9.1                                 The Trustee shall not be bound to take any action in
relation to these presents (including but not limited to the giving of any
notice pursuant to Condition 10 (Events of
Default) or the taking of any proceedings and/or other steps
mentioned in subclause 8.1) unless respectively directed or requested to do so (a) by
an Extraordinary Resolution or (b) in writing by the holders of at least
one-quarter in principal amount of the Notes then outstanding and in either
case then only if it shall be indemnified and/or secured and/or prefunded to
its satisfaction against all Liabilities to which it may render itself liable
or which it may incur by so doing.

 

9.2                                 Notwithstanding anything else contained in these
presents, the Trustee shall not be required to take any action prior to making
any declaration that the Notes are immediately due and payable (save that it
will procure notice to be given to the Noteholders of any Change of Control
Event or Event of Default of which it has actual knowledge or express notice)
if such action would require the Trustee to incur any expenditure or other
financial liability or risk its own funds (including obtaining any advice which
it might otherwise have thought appropriate to obtain).

 

9.3                                 Only the Trustee may enforce the provisions of these
presents. No Noteholder or Couponholder shall be entitled to proceed directly
against the Issuer or the Guarantor to enforce the performance of any of the
provisions of these presents unless the Trustee having become bound as
aforesaid to take proceedings fails to do so within a reasonable period and
such failure is continuing.

 

10.                               APPLICATION
OF MONEYS

 

All
moneys received by the Trustee under these presents (including any moneys which
represent principal or interest in respect of Notes or Coupons which have
become void under Condition 9 (Prescription))
shall be held by the Trustee upon trust to apply them (subject to clause 12):

 

(a)                                  First, in payment or satisfaction of all amounts then due
and unpaid under clause 15 to the Trustee and/or any Appointee;

 

(b)                                 Secondly, in or towards payment pari passu and rateably of all principal and interest then
due and unpaid in respect of the Notes; and

 

16

 

(c)                                  Thirdly, in payment of the balance (if any) to the Issuer
(without prejudice to, or liability in respect of, any question as to how such
payment to the Issuer shall be dealt with as between the Issuer, the Guarantor
and any other person).

 

Without
prejudice to this clause 10, if the Trustee holds any moneys which represent
principal or interest in respect of Notes which have become void or in respect
of which claims have been prescribed under Condition 9 (Prescription), the Trustee will hold such
moneys on the above trusts.

 

11.                               NOTICE OF
PAYMENTS

 

The
Trustee shall give notice to the Noteholders in accordance with Condition 13 (Notices) of the day fixed for any payment
to them under clause 10. Such payment may be made in accordance with Condition
6 (Payments) and any payment so
made shall be a good discharge to the Trustee.

 

12.                               INVESTMENT BY
TRUSTEE

 

12.1                           If the amount of the moneys at any time available for
the payment of principal and interest in respect of the Notes under Clause 10
is less than 10 per cent. of the nominal amount of the Notes then outstanding,
the Trustee may at its discretion and pending payment invest such moneys in
some or one of the investments hereinafter authorised for such periods as it
may consider expedient with power from time to time at the like discretion to
vary such investments and to accumulate such investments and the resulting
interest and other income derived therefrom. The accumulated investments shall
be applied under clause 10. All interest and other income deriving from such
investments shall be applied first in payment or satisfaction of all amounts
then due and unpaid under clause 15 to the Trustee and/or any Appointee and
otherwise held for the benefit of and paid to the Noteholders or the holders of
the related Coupons, as the case may be.

 

12.2                           Any moneys which under the trusts of these presents
ought to or may be invested by the Trustee may be invested in the name or under
the control of the Trustee in any investments or other assets in any part of
the world whether or not they produce income or by placing the same on deposit
in the name or under the control of the Trustee at such bank or other financial
institution and in such currency as the Trustee may think fit. If that bank or
institution is the Trustee or a subsidiary, holding or associated company of
the Trustee, it need only account for an amount of interest equal to the amount
of interest which would, at then current rates, be payable by it on such a
deposit to an independent customer. The Trustee may at any time vary any such
investments for or into other investments or convert any moneys so deposited
into any other currency and shall not be responsible for any loss resulting
from any such investments or deposits, whether due to depreciation in value,
fluctuations in exchange rates or otherwise.

 

13.                               PARTIAL
PAYMENTS

 

Upon
any payment under clause 10 (other than payment in full against surrender of a
Note or Coupon) the Note or Coupon in respect of which such payment is made
shall be produced to the Trustee or the Paying Agent by or through whom such
payment is made and the Trustee shall or shall cause such Paying Agent to
enface thereon a memorandum of the amount and the date of payment but the
Trustee may in any particular case dispense with such production and enfacement
upon such indemnity being given as it shall think sufficient.

 

17

 

14.                               COVENANTS BY
THE ISSUER AND THE GUARANTOR

 

So
long as any of the Notes remains outstanding (or, in the case of paragraphs
(g), (h), (l), (m), (o) and (q), so long as any of the Notes or Coupons
remains liable to prescription or, in the case of paragraph (n), until the
expiry of a period of 30 days after the Relevant Date in respect of the payment
of principal in respect of all such Notes remaining outstanding at such time)
each of the Issuer and the Guarantor severally covenants with the Trustee that
it shall:

 

(a)                                  give or procure to be given to the Trustee such
opinions, certificates, information and evidence as it shall require and in
such form as it shall require (including without limitation the procurement by
the Issuer or the Guarantor (as the case may be) of all such certificates
called for by the Trustee pursuant to subclause 16(c)) for the purpose of the
discharge or exercise of the duties, trusts, powers, authorities and
discretions vested in it under these presents or by operation of law;

 

(b)                                 cause to be prepared on a quarterly or annual basis
(as applicable) and certified by its Auditors in respect of each annual
financial accounting period accounts in such form as will comply with all
relevant legal and accounting requirements and all requirements for the time
being of the Luxembourg Stock Exchange applicable to a listing on the Euro MTF
market;

 

(c)                                  at all times keep proper books of account and allow
the Trustee and any person appointed by the Trustee to whom the Issuer or the
Guarantor (as the case may be) shall have no reasonable objection free access
to such books of account at all reasonable times during normal business hours;

 

(d)                                 send to the Trustee (in addition to any copies to
which it may be entitled as a holder of any securities of the Issuer or the
Guarantor) two copies in English of every balance sheet, profit and loss
account, report, circular and notice of general meeting and every other
document issued or sent to its shareholders, and every document issued or sent
to holders of securities other than its shareholders (including the
Noteholders) as soon as practicable (but not later than 30 days) after the
issue or publication thereof and (in respect of the Guarantor only) which the Guarantor
is obliged to file with the U.S. Securities and Exchange Commission;

 

(e)                                  forthwith give notice in writing to the Trustee of the
coming into existence of any security interest which would require any security
to be given to the Notes pursuant to Condition 4 (Negative Pledge) or of the occurrence of any Change of
Control Event, Event of Default or any Potential Event of Default;

 

(f)                                    give to the Trustee (i) within ten days after
demand by the Trustee therefore and (ii) (without the necessity for any
such demand) promptly after the publication of its audited accounts in respect
of each financial period commencing with the financial period ended 31
December, 2008 in respect of the Guarantor only, and in respect of the Issuer,
commencing with the financial period ending 31 December 2009 and in any
event not later than 180 days after the end of each such annual financial
period a certificate in or substantially in the form set out in Schedule 4, in
respect of the Issuer or the Guarantor (as the case may be) signed by two
Authorised Signatories of the Issuer or one Authorised Signatory of the
Guarantor (as the case may be) to the effect that as at a date not more than
seven days before delivering such certificate (the certification date) there did not exist and
had not existed since the certification date of the previous certificate (or in
the case of the first such certificate the date hereof) any Change of Control
Event, Event of Default or any Potential Event of Default (or if such exists or
existed specifying the same) and that during the period

 

18

 

from
and including the certification date of the last such certificate (or in the
case of the first such certificate the date hereof) to and including the certification
date of such certificate the Issuer or the Guarantor (as the case may be) has
complied with all its obligations contained in these presents or (if such is
not the case) specifying the respects in which it has not complied;

 

(g)                                 at all times execute and do all such further
documents, acts and things as may be necessary at any time or times in the
opinion of the Trustee to give effect to these presents;

 

(h)                                 at all times maintain Paying Agents in accordance with
the Conditions;

 

(i)                                     procure the Principal Paying Agent to notify the
Trustee forthwith in the event that the Principal Paying Agent does not, on or
before the due date for any payment in respect of the Notes or any of them or
any of the Coupons, receive unconditionally pursuant to the Agency Agreement
payment of the full amount in the requisite currency of the moneys payable on
such due date on all such Notes or Coupons as the case may be;

 

(j)                                     in the event of the unconditional payment to the
Principal Paying Agent or the Trustee of any sum due in respect of the Notes or
any of them or any of the Coupons being made after the due date for payment
thereof forthwith give or procure to be given notice to the relevant
Noteholders in accordance with Condition 13 (Notices)
that such payment has been made;

 

(k)                                  use its best endeavours to maintain the listing of the
Notes on the Euro MTF market of the Luxembourg Stock Exchange or, if it is
unable to do so having used its best endeavours or if the Trustee considers
that the maintenance of such listing is unduly onerous and the Trustee is of
the opinion that to do so would not be materially prejudicial to the interests
of the Noteholders, use its best endeavours to obtain and maintain a quotation
or listing of the Notes on such other stock exchange or exchanges or securities
market or markets which is not regulated market for the purposes of the
Prospectus Directive as the Issuer may (with the prior written approval of the
Trustee) decide and shall also upon obtaining a quotation or listing of the
Notes on such other stock exchange or exchanges or securities market or markets
enter into a trust deed supplemental to this Trust Deed to effect such
consequential amendments to these presents as the Trustee may require or as
shall be requisite to comply with the requirements of any such stock exchange
or securities market;

 

(l)                                     give notice to the Noteholders in accordance with
Condition 13 (Notices) of any
appointment, resignation or removal of any Paying Agent (other than the
appointment of the initial Paying Agents) after having obtained the prior
written approval of the Trustee thereto or any change of any Paying Agent’s
specified office and (except as provided by the Agency Agreement or the
Conditions) at least 30 days prior to such event taking effect; PROVIDED ALWAYS
THAT so long as any of the Notes or Coupons remains liable to prescription in
the case of the termination of the appointment of the Principal Paying Agent no
such termination shall take effect until a new Principal Paying Agent has been
appointed on terms previously approved in writing by the Trustee;

 

(m)                               send to the Trustee, not less than 14 days prior to
which any such notice is to be given, the form of every notice to be given to
the Noteholders in accordance with Condition 13 (Notices) and obtain the prior written approval of the
Trustee to, and promptly give to the Trustee two copies of, the final form of
every notice to be given

 

19

 

to
the Noteholders in accordance with Condition 13 (Notices) (such approval, unless so expressed, not to
constitute approval for the purposes of Section 21 of FSMA of a
communication within the meaning of Section 21 of the FSMA);

 

(n)                                 if payments of principal or interest in respect of the
Notes or the Coupons by the Issuer or the Guarantor shall become subject
generally to the taxing jurisdiction of any territory or any political
sub-division or any authority therein or thereof having power to tax other than
or in addition to the Grand Duchy of Luxembourg or the United States of America
or any such political sub-division or any such authority therein or thereof,
immediately upon becoming aware thereof notify the Trustee of such event and
(unless the Trustee otherwise agrees) enter forthwith into a trust deed
supplemental to this Trust Deed, giving to the Trustee an undertaking or
covenant in form and manner satisfactory to the Trustee in terms corresponding
to the terms of Condition 8 (Taxation)
with the substitution for (or, as the case may be, the addition to) the references
therein to the Grand Duchy of Luxembourg or the United States of America or any
political sub-division or any authority therein or thereof having power to tax
of references to that other or additional territory or any political
sub-division or any authority therein or thereof having power to tax to whose
taxing jurisdiction such payments shall have become subject as aforesaid, such
supplemental trust deed also (where applicable) to modify Condition 7.2 (Redemption and Purchase — Redemption for Taxation
Reasons) so that such Condition shall make reference to the other or
additional territory, any political sub-division and any authority therein or
thereof having power to tax;

 

(o)                                 comply with and perform all its obligations under the
Agency Agreement and use its best endeavours to procure that the Paying Agents
comply with and perform all their respective obligations thereunder and any
notice given by the Trustee pursuant to Clause 2.3(a)(i) and not make any
amendment or modification to such Agreement without the prior written approval
of the Trustee and use all reasonable endeavours to make such amendments to
such Agreement as the Trustee may require;

 

(p)                                 in order to enable the Trustee to ascertain the
principal amount of Notes for the time being outstanding for any of the
purposes referred to in the proviso to the definition of outstanding in Clause 1, deliver to the
Trustee forthwith upon being so requested in writing by the Trustee a
certificate in writing signed by an Authorised Signatory of the Issuer or an
Authorised Signatory of the Guarantor (as appropriate) setting out the total
number and aggregate principal amount of Notes which:

 

(i)                                     up to and including the date of such certificate have
been purchased by the Issuer, the Guarantor or any other Subsidiary of the
Guarantor and cancelled; and

 

(ii)                                  are at the date of such certificate held by, for the
benefit of, or on behalf of, the Issuer, the Guarantor, any other Subsidiary of
the Guarantor, any holding company of the Guarantor or any other Subsidiary of
such holding company;

 

(q)                                 procure its Subsidiaries to comply with all (if any)
applicable provisions of Condition 7 (Redemption
and Purchase);

 

(r)                                    procure that each of the Paying Agents makes available
for inspection by Noteholders and Couponholders at its specified office copies
of these presents, the Agency Agreement and the then latest audited balance
sheets and profit and loss accounts (consolidated if applicable) of the Issuer
and the Guarantor;

 

20

 

(s)                                  give to the Trustee (i) on the date hereof and (ii) at
the same time as sending to it the certificates referred to in paragraph (f) above,
a report by an Authorised Signatory of the Guarantor addressed to the Trustee
(with a form and content satisfactory to the Trustee) listing those
Subsidiaries of the Guarantor which as at the first day on which the then
latest audited consolidated accounts of the Guarantor became available were
Significant Subsidiaries for the purposes of Condition 10 (Events of Default);

 

(t)                                    give to the Trustee, as soon as reasonably practicable
after the acquisition or disposal of any company which thereby becomes or
ceases to be a Significant Subsidiary or after any transfer is made to any
Subsidiary of the Guarantor which thereby becomes a Significant Subsidiary, a
report by an Authorised Signatory of the Guarantor addressed to the Trustee
(with a form and content satisfactory to the Trustee) to such effect;

 

(u)                                 prior to making any modification or amendment or
supplement to these presents, procure the delivery of (a) legal opinion(s) as
to English and any other relevant law, addressed to the Trustee, dated the date
of such modification or amendment or supplement, as the case may be, and in a
form acceptable to the Trustee from legal advisers acceptable to the Trustee;

 

(v)                                 give notice to the Trustee of the proposed redemption
of the Notes at least 5 business days in London prior to the giving of any
notice of redemption in respect of such Notes pursuant to Condition 13 (Notices);

 

(w)                               at all times use all reasonable endeavours to minimise
taxes and any other costs arising in connection with its payment obligations in
respect of the Notes;

 

(x)                                   use all reasonable endeavours to procure that
Euroclear and/or Clearstream, Luxembourg (as the case may be) issue(s) any
record, certificate or other document requested by the Trustee under Clause 16(u) or
otherwise as soon as practicable after such request;

 

(y)                                 procure that the Notes are at all times rated by at
least one Rating Agency.

 

15.                               REMUNERATION
AND INDEMNIFICATION OF TRUSTEE

 

15.1                           The Issuer shall pay to the Trustee remuneration for
its services as trustee as from the date of this Trust Deed, such remuneration
to be at such rate and to be paid on such dates as may from time to time be
agreed between the Issuer and the Trustee. The rate of remuneration in force
from time to time may upon the final redemption of the whole of the Notes be
reduced by such amount as shall be agreed between the Issuer and the Trustee,
such reduced remuneration to be calculated from such date as shall be agreed as
aforesaid.  Such remuneration shall
accrue from day to day and be payable (in priority to payments to the
Noteholders and Couponholders) up to and including the date when, all the Notes
having become due for redemption, the redemption moneys and interest thereon to
the date of redemption have been paid to the Principal Paying Agent or, as the
case may be, the Trustee PROVIDED THAT if upon due presentation of any Note or
Coupon or any cheque payment of the moneys due in respect thereof is improperly
withheld or refused, remuneration will commence again to accrue.

 

15.2                           In the event of the occurrence of an Event of Default
or a Potential Event of Default or the Trustee considering it expedient or
necessary or being requested by the Issuer or the Guarantor to undertake duties
which the Trustee and the Issuer agree to be of an exceptional nature or
otherwise outside the scope of the normal duties of the Trustee under these
presents

 

21

 

the
Issuer shall pay to the Trustee such additional remuneration as shall be agreed
between them.

 

15.3                           The Issuer shall in addition pay to the Trustee an
amount equal to the amount of any value added tax or similar tax chargeable in
respect of its remuneration under these presents.

 

15.4                           In the event of the Trustee and the Issuer failing to
agree:

 

(a)                                  (in a case to which subclause 15.1 above applies) upon
the amount of the remuneration; or

 

(b)                                 (in a case to which subclause 15.2 above applies) upon
whether such duties shall be of an exceptional nature or otherwise outside the
scope of the normal duties of the Trustee under these presents, or upon such
additional remuneration,

 

such
matters shall be determined by a person (acting as an expert and not as an
arbitrator) selected by the Trustee and approved by the Issuer or, failing such
approval, nominated (on the application of the Trustee) by the President for
the time being of The Law Society of England and Wales (the expenses involved
in such nomination and the fees of such person being payable by the Issuer) and
the determination of any such person shall be final and binding upon the
Trustee and the Issuer.

 

15.5                           Without prejudice to the right of indemnity by law
given to trustees, each of the Issuer and the Guarantor shall severally
indemnify the Trustee and every Appointee and keep it or him indemnified
against all Liabilities to which it or he may be or become subject or which may
be incurred by it or him in the preparation and execution or purported
execution of any of its or his trusts, powers, authorities and discretions
under these presents or its or his functions under any such appointment or in
respect of any other matter or thing done or omitted in any way relating to
these presents or any such appointment (including all Liabilities incurred in
disputing or defending any of the foregoing).

 

15.6                           All amounts payable pursuant to subclause 15.5 shall
be payable by the Issuer on the date specified in a demand by the Trustee and
in the case of payments actually made by the Trustee prior to such demand shall
carry interest at the rate of two per cent. per annum above the Base Rate (on
the date on which payment was made by the Trustee) of National Westminster Bank
Plc from the date such demand is made, and in all other cases shall (if not
paid within 30 days after the date of such demand or, if such demand specifies
that payment is to be made on an earlier date, on such earlier date) carry
interest at such rate from such thirtieth day of such other date specified in
such demand.  All remuneration payable to
the Trustee shall carry interest at such rate from the due date therefor.

 

15.7                           The Issuer hereby further undertakes to the Trustee
that all monies payable by the Issuer to the Trustee under this clause shall be
made without set-off, counterclaim, deduction or withholding unless compelled
by law in which event the Issuer will pay such additional amounts as will
result in the receipt by the Trustee of the amounts which would otherwise have
been payable by the Issuer to the Trustee under this clause in the absence of
any such set-off, counterclaim, deduction or withholding.

 

15.8                           Unless otherwise specifically stated in any discharge
of these presents the provisions of this clause shall continue in full force
and effect notwithstanding such discharge.

 

22

 

16.                               SUPPLEMENT TO
TRUSTEE ACTS

 

Section 1
of the Trustee Act 2000 shall not apply to the duties of the Trustee in
relation to the trusts constituted by these presents.  Where there are any inconsistencies between
the Trustee Acts and the provisions of these presents, the provisions of these
presents shall, to the extent allowed by law, prevail and, in the case of any
such inconsistency with the Trustee Act 2000, the provisions of these presents
shall constitute a restriction or exclusion for the purposes of that Act.  The Trustee shall have all the powers
conferred upon trustees by the Trustee Acts and by way of supplement thereto it
is expressly declared as follows:

 

(a)                                  The Trustee may in relation to these presents act on
the advice or opinion of or any information (whether addressed to the Trustee
or not) obtained from any lawyer, valuer, accountant, surveyor, banker, broker,
auctioneer or other expert whether obtained by the Issuer, the Guarantor, the
Trustee or otherwise and shall not be responsible for any Liability occasioned
by so acting.

 

(b)                                 Any such advice, opinion or information may be sent or
obtained by letter, telex, telegram, facsimile transmission, e-mail or cable
and the Trustee shall not be liable for acting on any advice, opinion or
information purporting to be conveyed by any such letter, telex, telegram,
facsimile transmission, e-mail or cable although the same shall contain some
error or shall not be authentic.

 

(c)                                  The Trustee may call for and shall be at liberty to
accept as sufficient evidence of any fact or matter or the expediency of any
transaction or thing a certificate signed by any two Authorised Signatories of
the Issuer and/or by an Authorised Signatory of the Guarantor and the Trustee
shall not be bound in any such case to call for further evidence or be
responsible for any Liability that may be occasioned by it or any other person
acting on such certificate.

 

(d)                                 The Trustee shall be at liberty to hold these presents
and any other documents relating thereto or to deposit them in any part of the
world with any banker or banking company or company whose business includes
undertaking the safe custody of documents or lawyer or firm of lawyers
considered by the Trustee to be of good repute and the Trustee shall not be
responsible for or required to insure against any Liability incurred in
connection with any such holding or deposit and may pay all sums required to be
paid on account of or in respect of any such deposit.

 

(e)                                  The Trustee shall not be responsible for the receipt
or application of the proceeds of the issue of any of the Notes by the Issuer,
the exchange of any Global Note for another Global Note or definitive Notes or
the delivery of any Global Note or definitive Notes to the person(s) entitled
to it or them.

 

(f)                                    The Trustee shall not be bound to give notice to any
person of the execution of any documents comprised or referred to in these
presents or to take any steps to ascertain whether any Change of Control Event,
Event of Default or any Potential Event of Default has happened and, until it
shall have actual knowledge or express notice pursuant to these presents to the
contrary, the Trustee shall be entitled to assume that no Change of Control
Event, Event of Default or Potential Event of Default has happened and that
each of the Issuer and the Guarantor is observing and performing all its
obligations under these presents.

 

(g)                                 Save as expressly otherwise provided in these
presents, the Trustee shall have absolute and uncontrolled discretion as to the
exercise or non-exercise of its trusts, powers, authorities and discretions
under these presents (the exercise or non-exercise

 

23

 

of
which as between the Trustee and the Noteholders and Couponholders shall be
conclusive and binding on the Noteholders and Couponholders) and shall not be
responsible for any Liability which may result from their exercise or
non-exercise and in particular the Trustee shall not be bound to act at the
request or direction of the Noteholders or otherwise under any provision of
these presents or to take at such request or direction or otherwise any other
action under any provision of these presents, without prejudice to the
generality of subclause 9.1, unless it shall first be indemnified to its
satisfaction against all Liabilities to which it may render itself liable or
which it may incur by so doing.

 

(h)                                 The Trustee shall not be liable to any person by
reason of having acted upon any Extraordinary Resolution in writing or any
Extraordinary or other resolution purporting to have been passed at any meeting
of Noteholders in respect whereof minutes have been made and signed or any
direction or request of Noteholders even though subsequent to its acting it may
be found that there was some defect in the constitution of the meeting or the
passing of the resolution or (in the case of an Extraordinary Resolution in
writing, a direction or request) it was not signed by the requisite number of
Noteholders or that for any reason the resolution, direction or request was not
valid or binding upon such Noteholders and the relative Couponholders.

 

(i)                                     The Trustee shall not be liable to any person by
reason of having accepted as valid or not having rejected any Note or Coupon
purporting to be such and subsequently found to be forged or not authentic.

 

(j)                                     Any consent or approval given by the Trustee for the
purposes of these presents may be given on such terms and subject to such
conditions (if any) as the Trustee thinks fit and notwithstanding anything to
the contrary in these presents may be given retrospectively.  The Trustee may give any consent or approval,
exercise any power, authority or discretion or take any similar action (whether
or not such consent, approval, power, authority, discretion or action is
specifically referred to in these presents) if it is satisfied that the
interests of the Noteholders will not be materially prejudiced thereby.  For the avoidance of doubt, the Trustee shall
not have any duty to the Noteholders in relation to such matters other than
that which is contained in the preceding sentence.

 

(k)                                  The Trustee shall not (unless and to the extent
ordered so to do by a court of competent jurisdiction) be required to disclose
to any Noteholder or Couponholder any information (including, without
limitation, information of a confidential, financial or price sensitive nature)
made available to the Trustee by the Issuer or the Guarantor or any other
person in connection with these presents and no Noteholder or Couponholder
shall be entitled to take any action to obtain from the Trustee any such
information.

 

(l)                                     Where it is necessary or desirable for any purpose in
connection with these presents to convert any sum from one currency to another
it shall (unless otherwise provided by these presents or required by law) be
converted at such rate or rates, in accordance with such method and as at such
date for the determination of such rate of exchange, as may be agreed by the
Trustee in consultation with the Issuer or the Guarantor as relevant and any
rate, method and date so agreed shall be binding on the Issuer, the Guarantor,
the Noteholders and the Couponholders.

 

24

 

(m)                               The Trustee may certify that any of the conditions,
events and acts set out in subparagraph (b) of Condition 10.1 (Events of Default) (each of which
conditions, events and acts shall, unless in any case the Trustee in its
absolute discretion shall otherwise determine, for all the purposes of these
presents be deemed to include the circumstances resulting therein and the
consequences resulting therefrom) is in its opinion materially prejudicial to
the interests of the Noteholders and any such certificate shall be conclusive
and binding upon the Issuer, the Guarantor, the Noteholders and the
Couponholders.

 

(n)                                 The Trustee as between itself and the Noteholders and
Couponholders may determine all questions and doubts arising in relation to any
of the provisions of these presents. 
Every such determination, whether or not relating in whole or in part to
the acts or proceedings of the Trustee, shall be conclusive and shall bind the Trustee
and the Noteholders and Couponholders.

 

(o)                                 In connection with the exercise by it of any of its
trusts, powers, authorities and discretions under these presents (including,
without limitation, any modification, waiver, authorisation, determination or
substitution), the Trustee shall have regard to the general interests of the
Noteholders as a class and shall not have regard to any interests arising from
circumstances particular to individual Noteholders or Couponholders (whatever
their number) and, in particular but without limitation, shall not have regard
to the consequences of any such exercise for individual Noteholders or
Couponholders (whatever their number) resulting from their being for any
purpose domiciled or resident in, or otherwise connected with, or subject to
the jurisdiction of, any particular territory or any political sub-division
thereof and the Trustee shall not be entitled to require, nor shall any
Noteholder or Couponholder be entitled to claim, from the Issuer, the
Guarantor, the Trustee or any other person any indemnification or payment in
respect of any tax consequence of any such exercise upon individual Noteholders
or Couponholders except to the extent already provided for in Condition 8 (Taxation) and/or any undertaking given in
addition thereto or in substitution therefor under these presents.

 

(p)                                 Any trustee of these presents being a lawyer,
accountant, broker or other person engaged in any profession or business shall
be entitled to charge and be paid all usual professional and other charges for
business transacted and acts done by him or his firm in connection with the
trusts of these presents and also his proper charges in addition to
disbursements for all other work and business done and all time spent by him or
his firm in connection with matters arising in connection with these presents.

 

(q)                                 The Trustee may whenever it thinks fit (but, (except
where following consultation with the Guarantor (where practicable), (i) the
Trustee considers such appointment to be in the interests of the Noteholders;
or (ii) the delegation is for the purposes of conforming to any legal
requirements, restrictions or conditions in any jurisdiction in which any
particular act or acts is or are to be performed; or (iii) the delegation
is for the purposes of obtaining a judgement in any jurisdiction or the
enforcement in any jurisdiction of either a judgement already obtained or any
of the provisions of this Trust Deed against the Issuer and/or the Guarantor;
or (iv) the Trustee in its absolute discretion determines that such
delegation is necessary or desirable to avoid any actual or potential conflict
of interest) with the consent of the Guarantor, delegate by power of attorney
or otherwise to any person or persons or fluctuating body of persons (whether
being a joint trustee of these presents or not) all or any of its trusts,
powers, authorities and discretions under these presents.  Such delegation may be made upon such terms
(including power to sub-delegate) and subject to such conditions and regulations
as the Trustee may in the interests of the Noteholders think

 

25

 

fit.  The Trustee shall not be under any obligation
to supervise the proceedings or acts of any such delegate or sub-delegate or be
in any way responsible for any Liability incurred by reason of any misconduct
or default on the part of any such delegate or sub-delegate.  The Trustee shall within a reasonable time
after any such delegation or any renewal, extension or termination thereof give
notice thereof to the Issuer and the Guarantor.

 

(r)                                    The Trustee may in the conduct of the trusts of these
presents instead of acting personally employ and pay an agent (whether being a
lawyer or other professional person) to transact or conduct, or concur in
transacting or conducting, any business and to do, or concur in doing, all acts
required to be done in connection with these presents (including the receipt
and payment of money).  The Trustee shall
not be in any way responsible for any Liability incurred by reason of any
misconduct or default on the part of any such agent or be bound to supervise
the proceedings or acts of any such agent.

 

(s)                                  The Trustee may appoint and pay any person to act as a
custodian or nominee on any terms in relation to such assets of the trusts
constituted by these presents as the Trustee may determine, including for the
purpose of depositing with a custodian these presents or any document relating
to the trusts constituted by these presents and the Trustee shall not be
responsible for any Liability incurred by reason of the misconduct, omission or
default on the part of any person appointed by it hereunder or be bound to
supervise the proceedings or acts of such person; the Trustee is not obliged to
appoint a custodian if the Trustee invests in securities payable to bearer.

 

(t)                                    The Trustee shall not be responsible for, nor shall
the Trustee by the execution of this Trust Deed be deemed to make any
representation as to,  the execution, delivery, legality, effectiveness, adequacy, genuineness,
validity, performance, enforceability or admissibility in evidence of these
presents or any other document relating or expressed to be supplemental thereto
and shall not be liable for any failure to obtain any licence, consent or other
authority for the execution, delivery, legality, effectiveness, adequacy,
genuineness, validity, performance, enforceability or admissibility in evidence
of these presents or any other document relating or expressed to be
supplemental thereto.

 

(u)                                 The Trustee may call for and shall rely on any record,
certificate or other document of or to be issued by Euroclear or Clearstream,
Luxembourg in relation to any determination of the nominal amount of Notes
represented by a Global Note standing to the account of any person.  Any such record, certificate or other
document shall be conclusive and binding for all purposes.  Any such record, certificate or other
document may comprise any form of statement or print out of electronic records
provided by the relevant clearing system (including Euroclear’s EUCLID or
Clearstream, Luxembourg’s Cedcom system) in accordance with its usual
procedures and in which the holder of a particular principal amount of Notes is
clearly identified together with the amount of such holding.  The Trustee shall not be liable to any person
by reason of having accepted as valid or not having rejected any such record,
certificate or other document to such effect purporting to be issued by
Euroclear or Clearstream, Luxembourg and subsequently found to be forged or not
authentic.

 

(v)                                 The Trustee shall not be responsible to any person for
failing to request, require or receive any legal opinion relating to the Notes
or for checking or commenting upon the content of any such legal opinion and
shall not be responsible for any Liability incurred thereby.

 

26

 

(w)                               Subject to the requirements, if any, of the Luxembourg
Stock Exchange, any corporation into which the Trustee shall be merged or
converted or with which it shall be consolidated or any company resulting from
any such merger, conversion or consolidation, or any corporation succeeding to
all or substantially all the corporate trust business of the Trustee, shall be
a party hereto and shall be the Trustee under these presents (provided it is a
trust corporation) without executing or filing any paper or document or any
further act on the part of the parties thereto.

 

(x)                                   The Trustee shall not be bound to take any action in
connection with these presents or any obligations arising pursuant thereto,
including, without prejudice to the generality of the foregoing, forming any
opinion or employing any financial adviser, where it is not reasonably
satisfied that the Issuer will be able to indemnify it against all Liabilities
which may be incurred in connection with such action and may demand prior to
taking any such action that there be paid to it in advance such sums as it
reasonably considers (without prejudice to any further demand) shall be
sufficient so to indemnify it and on such demand being made the Issuer shall be
obliged to make payment of all such sums in full.

 

(y)                                 No provision of these presents shall require the
Trustee to do anything which, in its opinion based upon legal advice in the
relevant jurisdiction, (i) may be illegal or contrary to any applicable
law or regulation, (ii) it would not have the power to do in that
jurisdiction by virtue of any applicable law or regulation or if it is
determined by any court or other competent authority in that it does not have
such power, or (iii) cause it to expend or risk its own funds or otherwise
incur any Liability in the performance of any of its duties or in the exercise
of any of its rights, powers or discretions, if it shall have grounds for
believing that repayment of such funds or adequate indemnity, security or
prefunding against such risk or Liability is not assured to it.

 

(z)                                   Unless notified to the contrary, the Trustee shall be
entitled to assume without enquiry (other than requesting a certificate
pursuant to subclause 14(p)) that no Notes are held by, for the benefit of, or
on behalf of, the Issuer, the Guarantor, any other Subsidiary of the Guarantor,
any holding company of the Guarantor or any other Subsidiary of such holding
company.

 

(aa)                            The Trustee shall have no responsibility whatsoever to
the Issuer, the Guarantor, any Noteholder or Couponholder or any other person
for the maintenance of or failure to maintain any rating of any of the Notes by
any rating agency.

 

(bb)                          Any certificate or report of the Auditors of the Guarantor
or any other person called for by or provided to the Trustee (whether or not
addressed to the Trustee) in accordance with or for the purposes of these
presents may be relied upon by the Trustee as sufficient evidence of the facts
stated therein notwithstanding that such certificate or report and/or any
engagement letter or other document entered into by the Trustee in connection
therewith contains a monetary or other limit on the liability of the Auditors
of the Guarantor or such other person in respect thereof and notwithstanding
that the scope and/or basis of such certificate or report may be limited by any
engagement or similar letter or by the terms of the certificate or report
itself.

 

(cc)                            The Trustee shall not be responsible for, or for
investigating any matter which is the subject of, any recital, statement,
representation, warranty or covenant of any person contained in these presents,
or any other agreement or document relating to the

 

27

 

transactions
contemplated in these presents or under such other agreement or document.

 

(dd)                          The Trustee shall not be liable or responsible for any
Liabilities or inconvenience which may result from anything done or omitted to
be done by it in accordance with the provisions of these presents.

 

(ee)                            The Trustee shall not be liable for any error of
judgment made in good faith by responsible officer(s) or employee(s) of
the Trustee, unless the Trustee fails to show the degree of care and diligence
required of it as a trustee.

 

17.                               TRUSTEE’S
LIABILITY

 

Nothing
in these presents shall in any case in which the Trustee has failed to show the
degree of care and diligence required of it as trustee having regard to the
provisions of these presents conferring on it any trusts, powers, authorities
or discretions exempt the Trustee from or indemnify it against any liability
for breach of trust or any other liability which by virtue of any rule of
law would otherwise attach to it in respect of any wilful default, gross
negligence or bad faith of which it may be guilty in relation to its duties
under these presents.

 

18.                               TRUSTEE
CONTRACTING WITH THE ISSUER AND THE GUARANTOR

 

Neither
the Trustee nor any director or officer or holding company, Subsidiary or
associated company of a corporation acting as a trustee under these presents
shall by reason of its or his fiduciary position be in any way precluded from:

 

(a)                                  entering into or being interested in any contract or
financial or other transaction or arrangement with the Issuer or the Guarantor
or any person or body corporate associated with the Issuer or the Guarantor
(including without limitation any contract, transaction or arrangement of a
banking or insurance nature or any contract, transaction or arrangement in
relation to the making of loans or the provision of financial facilities or
financial advice to, or the purchase, placing or underwriting of or the
subscribing or procuring subscriptions for or otherwise acquiring, holding or
dealing with, or acting as paying agent in respect of, the Notes or any other
notes, bonds stocks, shares, debenture stock, debentures or other securities
of, the Issuer or the Guarantor or any person or body corporate associated as
aforesaid); or

 

(b)                                 accepting or holding the trusteeship of any other trust
deed constituting or securing any other securities issued by or relating to the
Issuer or the Guarantor or any such person or body corporate so associated or
any other office of profit under the Issuer or the Guarantor or any such person
or body corporate so associated,

 

and
shall be entitled to exercise and enforce its rights, comply with its
obligations and perform its duties under or in relation to any such contract,
transaction or arrangement as is referred to in (a) above or, as the case
may be, any such trusteeship or office of profit as is referred to in (b) above
without regard to the interests of the Noteholders and notwithstanding that the
same may be contrary or prejudicial to the interests of the Noteholders and
shall not be responsible for any Liability occasioned to the Noteholders
thereby and shall be entitled to retain and shall not be in any way liable to
account for any profit made or share of brokerage or commission or remuneration
or other amount or benefit received thereby or in connection therewith.

 

28

 

Where
any holding company, subsidiary or associated company of the Trustee or any
director or officer of the Trustee acting other than in his capacity as such a
director or officer has any information, the Trustee shall not thereby be
deemed also to have knowledge of such information and, unless it shall have
actual knowledge of such information, shall not be responsible for any loss
suffered by Noteholders resulting from the Trustee’s failing to take such
information into account in acting or refraining from acting under or in
relation to these presents.

 

19.                               WAIVER,
AUTHORISATION AND DETERMINATION

 

19.1                           The Trustee may without the consent or sanction of the
Noteholders and without prejudice to its rights in respect of any subsequent
breach, Event of Default or Potential Event of Default from time to time and at
any time but only if and in so far as in its opinion the interests of the
Noteholders shall not be materially prejudiced thereby waive or authorise any
breach or proposed breach by the Issuer or the Guarantor of any of the
covenants or provisions contained in these presents or determine that any Event
of Default or Potential Event of Default shall not be treated as such for the purposes
of these presents PROVIDED ALWAYS THAT the Trustee shall not exercise any
powers conferred on it by this clause in contravention of any express direction
given by Extraordinary Resolution or by a request under Condition 11 (Enforcement) but so that no such direction
or request shall affect any waiver, authorisation or determination previously
given or made.  Any such waiver,
authorisation or determination may be given or made on such terms and subject
to such conditions (if any) as the Trustee may determine, shall be binding on
the Noteholders and the Couponholders and, if, but only if, the Trustee shall
so require, shall be notified by the Issuer to the Noteholders in accordance
with Condition 13 (Notices) as
soon as practicable thereafter.

 

MODIFICATION

 

19.2                           The Trustee may without the consent or sanction of the
Noteholders or Couponholders at any time and from time to time concur with the
Issuer and the Guarantor in making any modification (a) to these presents
(including, without limitation, the proviso to paragraph 8 of Schedule 3 or any
matters referred to in that proviso) which in the opinion of the Trustee it may
be proper to make PROVIDED THAT the Trustee is of the opinion that such
modification will not be materially prejudicial to the interests of the
Noteholders or (b) to these presents if in the opinion of the Trustee such
modification is of a formal, minor or technical nature or to correct a manifest
error or an error which is, in the opinion of the Trustee, proven. Any such
modification may be made on such terms and subject to such conditions (if any)
as the Trustee may determine, shall be binding upon the Noteholders and the
Couponholders and, unless the Trustee agrees otherwise, shall be notified by
the Issuer to the Noteholders in accordance with Condition 13 (Notices) as soon as practicable
thereafter.

 

BREACH

 

19.3                           Any breach of or failure to comply with any such terms
and conditions as are referred to in subclauses 19.1 and 19.2 shall constitute
a default by the Issuer or the Guarantor (as the case may be) in the
performance or observance of a covenant or provision binding on it under or
pursuant to these presents.

 

29

 

20.                               Holder of
Definitive Note Assumed to be Couponholder

 

20.1                           Wherever in these presents the Trustee is required or
entitled to exercise a power, trust, authority or discretion under these
presents, except as ordered by a court of competent jurisdiction or as required
by applicable law, the Trustee shall, notwithstanding that it may have notice
to the contrary, assume that each Noteholder is the holder of all Coupons
appertaining to each Note in definitive form of which he is the holder.

 

NO NOTICE TO COUPONHOLDERS

 

20.2                           Neither the Trustee nor the Issuer nor the Guarantor
shall be required to give any notice to the Couponholders for any purpose under
these presents and the Couponholders shall be deemed for all purposes to have
notice of the contents of any notice given to the Noteholders in accordance
with Condition 13 (Notices).

 

ENTITLEMENT TO TREAT HOLDER AS
ABSOLUTE OWNER

 

20.3                           The Issuer, the Guarantor, the Trustee and the Paying
Agents may (to the fullest extent permitted by applicable laws) deem and treat
the holder of any Note or of a particular principal amount of the Notes and the
holder of any Coupon as the absolute owner of such Note, principal amount or
Coupon, as the case may be, for all purposes (whether or not such Note,
principal amount or Coupon shall be overdue and notwithstanding any notice of
ownership thereof or of trust or other interest with regard thereto, any notice
of loss or theft thereof or any writing thereon), and the Issuer, the
Guarantor, the Trustee and the Paying Agents shall not be affected by any
notice to the contrary. All payments made to any such holder shall be valid
and, to the extent of the sums so paid, effective to satisfy and discharge the
liability for the moneys payable in respect of such Note, principal amount or
Coupon, as the case may be.

 

21.                               SUBSTITUTION

 

21.1       (a)                                        The Trustee may without the consent of the Noteholders
or Couponholders at any time agree with the Issuer and the Guarantor to the
substitution in place of the Issuer (or of the previous substitute under this
clause) as the principal debtor under these presents of the Guarantor or any
other Subsidiary of the Guarantor (such substituted company being hereinafter
called the New Company) provided
that a trust deed is executed or some other form of undertaking is given by the
New Company in form and manner satisfactory to the Trustee, agreeing to be
bound by the provisions of these presents with any consequential amendments
which the Trustee may deem appropriate as fully as if the New Company had been
named in these presents as the principal debtor in place of the Issuer (or of
the previous substitute under the clause) and provided further that (except
where the New Company is the Guarantor) the Guarantor unconditionally and
irrevocably guarantees all amounts payable under these presents to the
satisfaction of the Trustee.

 

(b)                                 The following further conditions shall apply to (a) above:

 

(i)                                     the Issuer, the Guarantor and the New Company shall
comply with such other requirements as the Trustee may direct in the interests
of the Noteholders;

 

(ii)                                  where the New Company is incorporated, domiciled or
resident in, or subject generally to the taxing jurisdiction of, a territory
other than or in addition to Luxembourg or the United States of America or any
political sub-division or any authority therein or thereof having power to tax,
undertakings or

 

30

 

covenants shall be given by the New Company in
terms corresponding to the provisions of Condition 8 (Taxation) with the substitution for (or,
as the case may be, the addition to) the references to Luxembourg or the United
States of America of references to that other or additional territory in which
the New Company is incorporated, domiciled or resident or to whose taxing
jurisdiction it is subject and (where applicable) Condition 7.2 (Redemption and Purchases – Redemption for Taxation
Reasons) shall be modified accordingly;

 

(iii)                               without prejudice to the rights of reliance of the
Trustee under the immediately following paragraph (iv), the Trustee is
satisfied that the relevant transaction is not materially prejudicial to the
interests of the Noteholders; and

 

(iv)                              if two directors of the New Company (or other officers
acceptable to the Trustee) shall certify that the New Company is solvent both
at the time at which the relevant transaction is proposed to be effected and
immediately thereafter (which certificate the Trustee may rely upon absolutely)
the Trustee shall not be under any duty to have regard to the financial
condition, profits or prospects of the New Company or to compare the same with
those of the Issuer or the previous substitute under this Clause as applicable.

 

21.2                           Any such trust deed or undertaking shall, if so
expressed, operate to release the Issuer or the previous substitute as
aforesaid from all of its obligations as principal debtor under these
presents.  Not later than 14 days after
the execution of such documents and compliance with such requirements, the New
Company shall give notice thereof in a form previously approved by the Trustee
to the Noteholders in the manner provided in Condition 13 (Notices). 
Upon the execution of such documents and compliance with such
requirements, the New Company shall be deemed to be named in these presents as
the principal debtor in place of the Issuer (or in place of the previous
substitute under this clause) under these presents and these presents shall be
deemed to be modified in such manner as shall be necessary to give effect to
the above provisions and, without limitation, references in these presents to
the Issuer shall, unless the context otherwise requires, be deemed to be or
include references to the New Company.

 

22.                               CURRENCY
INDEMNITY

 

Each
of the Issuer and the Guarantor shall severally indemnify the Trustee, every
Appointee, the Noteholders and the Couponholders and keep them indemnified
against:

 

(a)                                  any Liability incurred by any of them arising from the
non-payment by the Issuer or the Guarantor of any amount due to the Trustee or
the Noteholders or Couponholders under these presents by reason of any
variation in the rates of exchange between those used for the purposes of
calculating the amount due under a judgment or order in respect thereof and
those prevailing at the date of actual payment by the Issuer or the Guarantor;
and

 

(b)                                 any deficiency arising or resulting from any variation
in rates of exchange between (i) the date as of which the local currency
equivalent of the amounts due or contingently due under these presents (other
than this clause) is calculated for the purposes of any bankruptcy, insolvency
or liquidation of the Issuer or the Guarantor and (ii) the final date for
ascertaining the amount of claims in such bankruptcy, insolvency or
liquidation.  The amount of such
deficiency shall be deemed not to be reduced by any variation in rates of
exchange occurring between the said final date and the date of

 

31

 

any
distribution of assets in connection with any such bankruptcy, insolvency or
liquidation.

 

The
above indemnities shall constitute obligations of the Issuer and the Guarantor
separate and independent from their obligations under the other provisions of
these presents and shall apply irrespective of any indulgence granted by the
Trustee or the Noteholders or the Couponholders from time to time and shall
continue in full force and effect notwithstanding the judgment or filing of any
proof or proofs in any bankruptcy, insolvency or liquidation of the Issuer or
the Guarantor for a liquidated sum or sums in respect of amounts due under
these presents (other than this clause). 
Any such deficiency as aforesaid shall be deemed to constitute a loss
suffered by the Noteholders and Couponholders and no proof or evidence of any
actual loss shall be required by the Issuer or the Guarantor or their
liquidator or liquidators.

 

23.                               NEW TRUSTEE

 

23.1                           The power to appoint a new trustee of these presents
shall, subject as hereinafter provided, be vested in the Issuer but no person
shall be appointed who shall not previously have been approved by an
Extraordinary Resolution.  One or more
persons may hold office as trustee or trustees of these presents but such
trustee or trustees shall be or include a Trust Corporation.  Whenever there shall be more than two
trustees of these presents the majority of such trustees shall be competent to
execute and exercise all the duties, powers, trusts, authorities and
discretions vested in the Trustee by these presents provided that a Trust
Corporation shall be included in such majority. 
Any appointment of a new trustee of these presents shall as soon as
practicable thereafter be notified by the Issuer to the Principal Paying Agent
and the Noteholders.

 

SEPARATE AND CO-TRUSTEES

 

23.2                           Notwithstanding the provisions of subclause 23.1
above, the Trustee may, upon giving prior notice to the Issuer and the
Guarantor (but without the consent of the Issuer, the Guarantor, the
Noteholders or the Couponholders), appoint any person established or resident
in any jurisdiction (whether a Trust Corporation or not) to act either as a
separate trustee or as a co-trustee jointly with the Trustee:

 

(a)                                  if the Trustee considers such appointment to be in the
interests of the Noteholders;

 

(b)                                 for the purposes of conforming to any legal requirements,
restrictions or conditions in any jurisdiction in which any particular act or
acts is or are to be performed; or

 

(c)                                  for the purposes of obtaining a judgment in any
jurisdiction or the enforcement in any jurisdiction of either a judgment already
obtained or any of the provisions of these presents against the Issuer and/or
the Guarantor.

 

Each
of the Issuer and the Guarantor irrevocably appoints the Trustee to be its
attorney in its name and on its behalf to execute any such instrument of appointment.  Such a person shall (subject always to the
provisions of these presents) have such trusts, powers, authorities and
discretions (not exceeding those conferred on the Trustee by these presents)
and such duties and obligations as shall be conferred or imposed by the
instrument of appointment.  The Trustee
shall have power in like manner to remove any such person.  Such reasonable remuneration as the Trustee
may pay to any such person, together with any attributable Liabilities incurred
by it in performing its function as such separate trustee or co-trustee, shall
for the purposes of these presents be treated as Liabilities incurred by the
Trustee.

 

32

 

24.                               TRUSTEE’S
RETIREMENT AND REMOVAL

 

A
trustee of these presents may retire at any time on giving not less than 60
days’ prior written notice to the Issuer and the Guarantor without giving any
reason and without being responsible for any Liabilities incurred by reason of
such retirement.  The Noteholders may by
Extraordinary Resolution remove any trustee or trustees for the time being of
these presents.  The Issuer and the
Guarantor undertake that in the event of the only trustee of these presents
which is a Trust Corporation (for the avoidance of doubt, disregarding for this
purpose any separate or co-trustee appointed under subclause 23.2) giving
notice under this clause or being removed by Extraordinary Resolution they will
use their best endeavours to procure that a new trustee of these presents being
a Trust Corporation is appointed as soon as reasonably practicable
thereafter.  The retirement or removal of
any such trustee shall not become effective until a successor trustee being a
Trust Corporation is appointed.  If, in
such circumstances, no appointment of such a new trustee has become effective
within 60 days of the date of such notice or Extraordinary Resolution, the
Trustee shall be entitled to appoint a Trust Corporation as trustee of these
presents, but no such appointment shall take effect unless previously approved
by an Extraordinary Resolution.

 

25.                               TRUSTEE’S
POWERS TO BE ADDITIONAL

 

The
powers conferred upon the Trustee by these presents shall be in addition to any
powers which may from time to time be vested in the Trustee by the general law
or as a holder of any of the Notes or Coupons.

 

26.                               NOTICES

 

Any
notice or demand to the Issuer, the Guarantor or the Trustee to be given, made
or served for any purposes under these presents shall be given, made or served
by sending the same by pre-paid post (first class if inland, first class
airmail if overseas) or facsimile transmission or by delivering it by hand as
follows:

 

	
  to
  the Issuer:

  	
  AON
  Financial Services Luxembourg S.A.

  
	
   

  	
  19,
  rue de Bitbourg

  
	
   

  	
  BP593

  
	
   

  	
  L-1273Luxembourg

  
	
   

  	
  Grand
  Duchy of Luxembourg

  
	
   

  	
   

  
	
   

  	
  (Attention:  the Directors)

  
	
   

  	
   

  
	
   

  	
  Facsimile
  No. +352 31 71 74

  
	
   

  	
   

  
	
   

  	
  (Copy
  to the Guarantor)

  
	
   

  	
   

  
	
  to
  the Guarantor:

  	
  Aon
  Corporation

  
	
   

  	
  200
  East Randolph Street

  
	
   

  	
  Chicago

  
	
   

  	
  Illinois
  60601

  
	
   

  	
  USA

  
	
   

  	
   

  
	
   

  	
  (Attention:  Paul Hagy (the Treasurer))

  
	
   

  	
   

  
	
   

  	
  Facsimile
  No. +1 312 381 6060

  

 

33

 

	
  to
  the Trustee:

  	
  BNY
  Corporate Trustee Services Limited

  
	
   

  	
   

  
	
   

  	
  40th Floor

  
	
   

  	
  One
  Canada Square

  
	
   

  	
  London
  E14 5AL

  
	
   

  	
  England

  
	
   

  	
   

  
	
   

  	
  (Attention:  Trustee Administration Manager)

  
	
   

  	
   

  
	
   

  	
  Facsimile
  No. +44  20  7964  2509/2536

  

 

or
to such other address or facsimile number as shall have been notified (in
accordance with this clause) to the other parties hereto and any notice or
demand sent by post as aforesaid shall be deemed to have been given, made or
served two days in the case of inland post or seven days in the case of
overseas post after despatch and any notice or demand sent by facsimile
transmission as aforesaid shall be deemed to have been given, made or served at
the time of despatch provided that in the case of a notice or demand given by
facsimile transmission a confirmation of transmission is received by the
sending party and such notice or demand shall forthwith be confirmed by
post.  The failure of the addressee to
receive such confirmation shall not invalidate the relevant notice or demand
given by facsimile transmission.

 

27.                               GOVERNING LAW

 

These
presents and any non-contractual obligations arising out of or in connection
with them are governed by, and shall be construed in accordance with, English
law.

 

28.                               SUBMISSION TO
JURISDICTION

 

28.1                           Each of the Issuer and the Guarantor irrevocably
agrees for the benefit of the Trustee, the Noteholders and the Couponholders
that the courts of England are to have exclusive jurisdiction to settle any
dispute which may arise out of or in connection with these presents and
accordingly submit to the exclusive jurisdiction of the English courts. Each of
the Issuer and the Guarantor waives any objection to the courts of England on
the grounds that they are an inconvenient or inappropriate forum.  The Trustee, the Noteholders and the
Couponholders may take any suit, action or proceeding arising out of or in
connection with these presents (together referred to as Proceedings) against each of the Issuer and
the Guarantor in any other court of competent jurisdiction and concurrent
Proceedings in any number of jurisdictions.

 

28.2                           Each of the Issuer and the Guarantor irrevocably and
unconditionally appoints Aon Limited, of 8 Devonshire Square, London, EC2M 4PL
(and in the event of its ceasing so to act will appoint such other person as
the Trustee may approve and as the Issuer and/or the Guarantor (as the case may
be) may nominate in writing to the Trustee for the purpose) to accept service
of process on its behalf in England in respect of any Proceedings. Each of the
Issuer and the Guarantor:

 

(a)                                  agrees to procure that, so long as any of the Notes
remains liable to prescription, there shall be in force an appointment of such
a person approved by the Trustee with an office in London with authority to
accept service as aforesaid;

 

(b)                                 agrees that failure by any such person to give notice
of such service of process to the Issuer or the Guarantor shall not impair the
validity of such service or of any judgment based thereon;

 

34

 

(c)                                  consents to the service of process in respect of any
Proceedings by the airmailing of copies, postage prepaid, to the Issuer or the
Guarantor (as the case may be) in accordance with clause 26; and

 

(d)                                 agrees that nothing in these presents shall affect the
right to serve process in any other manner permitted by law.

 

29.                               COUNTERPARTS

 

This
Trust Deed and any trust deed supplemental hereto may be executed and delivered
in any number of counterparts, all of which, taken together, shall constitute
one and the same deed and any party to this Trust Deed or any trust deed
supplemental hereto may enter into the same by executing and delivering a
counterpart.

 

30.                               CONTRACTS
(RIGHTS OF THIRD PARTIES) ACT 1999

 

A
person who is not a party to these presents has no rights under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of these presents, but
this does not affect any right or remedy of a third party which exists or is
available apart from that Act.

 

IN WITNESS whereof
this Trust Deed has been executed as a deed by the Issuer, the Guarantor and
the Trustee and delivered on the date first stated on page 1.

 

35

 

SCHEDULE 1

 

FORM OF GLOBAL NOTES

 

PART 1

 

FORM OF TEMPORARY GLOBAL
NOTE

 

AON FINANCIAL SERVICES LUXEMBOURG
S.A.

 

(A public limited liability
company (société anonyme), incorporated under the laws of the Grand Duchy of
Luxembourg, having its registered office at 19, rue de Bitbourg, BP593, L-1273,
Luxembourg and registered with the Luxembourg trade and companies register
under number B146352)

 

TEMPORARY GLOBAL NOTE

 

representing

 

€500,000,000

 

6.25 PER CENT. GUARANTEED
NOTES DUE JULY 2014

 

unconditionally and irrevocably guaranteed

as to payment of principal and interest by

 

AON CORPORATION

(Incorporated under the laws
of the State of Delaware, USA)

 

This
Note is a temporary Global Note without interest coupons in respect of a duly
authorised issue of Notes of Aon Financial Services Luxembourg S.A. (the Issuer),  designated
as specified in the title hereof (the Notes),  limited to the aggregate principal amount
of five hundred million euro (€500,000,000) and constituted by a Trust Deed
dated 1 July 2009 (the Trust Deed)
between the Issuer, Aon Corporation as guarantor (the Guarantor) and BNY Corporate Trustee
Services Limited  as trustee (the
trustee for the time being thereof being herein called the Trustee). 
References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 2 to the Trust Deed.  The
aggregate principal amount from time to time of this temporary Global Note
shall be that amount as entered from time to time in the records of both
Euroclear Bank S.A./N.V. (Euroclear)
and Clearstream Banking, société anonyme (Clearstream,
Luxembourg and with Euroclear and any other clearing system
appointed by the Trustee together the relevant
Clearing Systems).

 

1.                                      PROMISE TO PAY

 

Subject
as provided in this temporary Global Note the Issuer promises to pay to the
bearer the principal amount of this temporary Global Note (being at the date
hereof five hundred million euro (€500,000,000)) on 1 July, 2014 (or in whole
or, where applicable, in part on such earlier date as the said principal amount
or part respectively may become repayable in accordance with the Conditions or
the Trust Deed) and to pay interest annually in arrear on each Interest Payment
Date on the principal amount from time to time of this temporary Global Note at
the rate of 6.25 per cent. per annum together with such other amounts (if any)
as may be payable, all subject to and in accordance with the Conditions and the
provisions of the Trust Deed.

 

The
records of the relevant Clearing Systems (which expression in this Global Note
means the records that each relevant Clearing System holds for its customers
which reflect the amount of such customer’s interest in the Notes) shall be
conclusive evidence of the nominal

 

36

 

amount
of Notes represented by this temporary Global Note and, for these purposes, a
statement issued by a relevant Clearing System (which statement shall be made
available to the bearer upon request) stating the nominal amount of Notes
represented by this temporary Global Note at any time shall be conclusive
evidence of the records of the relevant Clearing System at that time.

 

2.                                      EXCHANGE FOR PERMANENT GLOBAL NOTE
AND PURCHASES

 

This
temporary Global Note is exchangeable in whole or in part upon the request of
the bearer for a further global note in respect of up to €500,000,000 aggregate
principal amount of the Notes (the Permanent
Global Note) only on and subject to the terms and conditions set out
below.

 

On
and after 11 August, 2009 (the Exchange Date)
interests in this temporary Global Note may be exchanged in whole or in part at
the specified office of The Bank of New York Mellon acting through its London
Branch (the Principal Paying Agent,
which expression includes any successor) (or such other place as the Trustee
may agree) for interests recorded in the records of the relevant Clearing
Systems in a duly executed, authenticated and effectuated Permanent Global Note
and the Issuer shall procure that interests in the Permanent Global Note shall
be entered pro rata in the
records of the relevant Clearing Systems such that the nominal amount
represented by this temporary Global Note shall be reduced by the principal
amount of this temporary Global Note so exchanged, Provided that if definitive
Notes (together with the Coupons appertaining thereto) have already been issued
in exchange for all the Notes represented for the time being by the Permanent Global
Note, then this temporary Global Note may thereafter be exchanged only for
definitive Notes (together with the Coupons appertaining thereto) and in such
circumstances references herein to the Permanent Global Note shall be construed
accordingly and provided further that the Permanent Global Note shall be issued
and delivered (or, as the case may be, endorsed only if and to the extent that
there shall have been presented to the Issuer a certificate from the relevant
Clearing Systems to the effect that Euroclear or Clearstream, Luxembourg, as
the case may be, has received from or in respect of a person entitled to a
beneficial interest in a particular principal amount of the Notes represented
by this temporary Global Note (as shown by its records) a certificate of non-US
beneficial ownership in the form required by it and, for the avoidance of
doubt, in the form required by the US Treasury Regulations).

 

Any
person who would, but for the provisions of this temporary Global Note, the
Permanent Global Note and the Trust Deed, otherwise be entitled to receive a
definitive Note or definitive Notes shall not be entitled to require the
exchange of an appropriate part of this temporary Global Note for a like part
of the Permanent Global Note unless and until he shall have delivered or caused
to be delivered to Euroclear or Clearstream, Luxembourg a certificate of non-US
beneficial ownership in the form required by it (copies of which form of
certificate will be available at the offices of Euroclear in Brussels and
Clearstream, Luxembourg in Luxembourg and the specified office of each of the
Paying Agents).

 

Upon
(a) any exchange of a part of this temporary Global Note for a like part
of the Permanent Global Note or (b) the purchase by or on behalf of the
Issuer, the Guarantor or any other Subsidiary of the Guarantor and cancellation
of a part of the interests recorded in the records of the relevant Clearing
Systems in this temporary Global Note in accordance with the Conditions, the
Issuer shall procure that the portion of the interests in the principal amount
hereof so exchanged or so purchased and cancelled shall be entered pro rata in the records of the relevant
Clearing Systems.

 

37

 

3.                                      PAYMENTS

 

Until
the entire principal amount of this temporary Global Note has been
extinguished, this temporary Global Note shall in all respects be entitled to
the same benefits as the definitive Notes for the time being represented hereby
and shall be entitled to the benefit of and be bound by the Trust Deed, except
that the holder of this temporary Global Note shall not (unless upon due
presentation of this temporary Global Note for exchange, issue and delivery of
the Permanent Global Note is improperly withheld or refused and such
withholding or refusal is continuing at the relevant payment date) be entitled (a) to
receive any payment of interest on this temporary Global Note except (subject
to (b) below) upon certification as hereinafter provided or (b) on
and after the Exchange Date, to receive any payment on this temporary Global
Note.  Upon any payment of principal or
interest on this temporary Global Note, the Issuer shall procure that the
amount so paid shall be entered pro rata
in the records of the relevant Clearing Systems but any failure to make such
entries shall not affect the discharge referred to in the paragraph after the
next paragraph.

 

Payments
of interest in respect of Notes for the time being represented by this
temporary Global Note shall be made to the bearer only upon presentation to the
Issuer of a certificate from Euroclear or from Clearstream, Luxembourg to the
effect that Euroclear or Clearstream, Luxembourg, as the case may be, has
received from or in respect of a person entitled to a beneficial interest in a
particular principal amount of the Notes represented by this temporary Global
Note (as shown by its records) a certificate of non-US beneficial ownership in
the form required by it and, for the avoidance of doubt, in the form required
by the US Treasury Regulations, and each payment so made will discharge the
Issuer’s obligations in respect thereof. 
Any person who would, but for the provisions of this temporary Global
Note and of the Trust Deed, otherwise be beneficially entitled to a payment of
interest on this temporary Global Note shall not be entitled to require such
payment unless and until he shall have delivered or caused to be delivered to
Euroclear or Clearstream, Luxembourg a certificate of non-US beneficial
ownership in the form required by it (copies of which form of certificate will
be available at the offices of Euroclear in Brussels and Clearstream,
Luxembourg in Luxembourg and the specified office of each of the Paying
Agents).

 

Upon
payment in respect of the Notes represented by this temporary Global Note, the
Issuer shall procure that the amount so paid shall be entered pro rata in the records of the relevant
Clearing Systems, but any failure to make such entries shall not affect the
discharge referred to in the previous paragraph.

 

All
payments of any amounts payable and paid to the bearer of this temporary Global
Note shall be valid and, to the extent of the sums so paid, effectual to
satisfy and discharge the liability for the moneys payable hereon, on the
Permanent Global Note and on the relevant definitive Notes and Coupons.

 

4.                                      ACCOUNTHOLDERS

 

For
so long as all of the Notes are represented by one or both of the Permanent
Global Note and this temporary Global Note and such Global Note (s) is/are
held on behalf of Euroclear and/or Clearstream, Luxembourg, each person who is
for the time being shown in the records of Euroclear or Clearstream, Luxembourg
as the holder of a particular principal amount of such Notes (each an Accountholder) (in which regard any
certificate or other document issued by Euroclear or Clearstream, Luxembourg as
to the principal amount of such Notes standing to the account of any person
shall, in the absence of manifest error, be conclusive and binding for all
purposes) shall be treated as the holder of such principal amount of such Notes
for all purposes (including for the purposes of any quorum requirements of, or
the right to demand a poll at, meetings of the Noteholders) other than with
respect to the payment of

 

38

 

principal
and interest on such Notes, the right to which shall be vested, as against the
Issuer, the Guarantor and the Trustee, solely in the bearer of the relevant
Global Note in accordance with and subject to its terms and the terms of the
Trust Deed.  Each Accountholder must look
solely to Euroclear or Clearstream, Luxembourg, as the case may be, for its
share of each payment made to the bearer of the relevant Global Note.

 

5.                                      NOTICES

 

For
so long as all of the Notes are represented by one or both of the Permanent
Global Note and this temporary Global Note and such Global Note(s) is/are
held on behalf of Euroclear and/or Clearstream, Luxembourg, notices to
Noteholders may be given by delivery of the relevant notice to Euroclear and/or
Clearstream, Luxembourg (as the case may be) for communication to the relative
Accountholders rather than by publication as required by Condition 13 (Notices) provided that, so long as the
Notes are listed on the Euro MTF market of the Luxembourg Stock Exchange and
the rules and regulations of the Euro MTF market of the Luxembourg Stock
Exchange so require, notice will be given by publication on the website of the
Luxembourg Stock Exchange (www.bourse.lu). 
Any such notice shall be deemed to have been given to the Noteholders on
the second day after the day on which such notice is delivered to Euroclear
and/or Clearstream, Luxembourg (as the case may be) as aforesaid.

 

6.                                      PRESCRIPTION

 

Claims
against the Issuer and the Guarantor in respect of principal and interest on
the Notes represented by the Permanent Global Note or this temporary Global
Note will be prescribed after 10 years (in the case of principal) and five
years (in the case of interest) from the Relevant Date (as defined in Condition
8 (Taxation)).

 

7.                                      AUTHENTICATION AND EFFECTUATION

 

This
temporary Global Note shall not be or become valid or obligatory for any
purpose unless and until authenticated by or on behalf of the Principal Paying
Agent and effectuated by the entity appointed as common safekeeper by the
relevant Clearing Systems.

 

8.                                      GOVERNING LAW

 

This
temporary Global Note and any non-contractual obligations arising out of or in
connection with it are governed by, and shall be construed in accordance with,
the laws of England and the Issuer has in the Trust Deed submitted to the
jurisdiction of the courts of England for all purposes in connection with this
temporary Global Note and any non-contractual obligations arising out of or in
connection with it.

 

9.                                      CONTRACTS (RIGHTS OF THIRD PARTIES)
ACT 1999

 

No
rights are conferred on any person under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this temporary Global Note, but this
does not affect any right or remedy of any person which exists or is available
apart from that Act.

 

39

 

IN WITNESS whereof
the Issuer has caused this temporary Global Note to be signed manually or in
facsimile by any two members of the board of directors of the Issuer.

 

AON FINANCIAL SERVICES LUXEMBOURG S.A.

 

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  (Director)

  	
   

  	
   

  	
  (Director)

  

 

Issued
in London, England on 1 July, 2009.

 

Certificate of authentication

 

This
temporary Global Note is duly authenticated without recourse, warranty or
liability.

 

	
   

  	
   

  	
   

  
	
  Duly
  authorised

  	
   

  	
   

  
	
  for
  and on behalf of

  	
   

  	
   

  
	
  The
  Bank of New York Mellon acting through its London Branch

  	
   

  	
   

  
	
  as
  Principal Paying Agent

  	
   

  	
   

  

 

Certificate of Effectuation

 

This
temporary Global Note is duly effectuated without recourse, warranty or
liability.

 

	
   

  	
   

  	
   

  
	
  Clearstream
  Banking, société anonyme

  	
   

  	
   

  
	
  as
  common safekeeper

  	
   

  	
   

  

 

40

 

PART 2

 

FORM OF PERMANENT GLOBAL
NOTE

 

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE
SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL
REVENUE CODE.

 

AON FINANCIAL SERVICES LUXEMBOURG
S.A.

 

(A public limited liability
company (société anonyme), incorporated under the laws of the Grand Duchy of
Luxembourg, having its registered office at 19, rue de Bitbourg, BP593, L-1273,
Luxembourg and registered with the Luxembourg trade and companies register
under number B146352)

 

PERMANENT GLOBAL NOTE

 

representing up to

 

€500,000,000

6.25 PER CENT. GUARANTEED
NOTES DUE JULY 2014

 

unconditionally and irrevocably guaranteed

as to payment of principal and interest by

 

AON CORPORATION

(Incorporated under the laws
of the State of Delaware, USA)

 

This
Note is a permanent Global Note without interest coupons in respect of a duly
authorised issue of Notes of Aon Financial Services Luxembourg S.A. (the Issuer), designated as specified in the
title hereof (the Notes), limited
to the aggregate principal amount of up to five hundred million euro (€500,000,000)
and constituted by a Trust Deed dated 1 July, 2009 (the Trust Deed) between the Issuer, Aon
Corporation as guarantor (the Guarantor)
and BNY Corporate Trustee Services Limited  as
trustee (the trustee for the time being thereof being herein called the Trustee). 
References herein to the Conditions (or to any particular numbered
Condition) shall be to the Conditions (or that particular one of them) set out
in Schedule 2 to the Trust Deed.

 

1.                                      PROMISE TO PAY

 

Subject
as provided in this permanent Global Note the Issuer promises to pay to the
bearer the principal amount of this permanent Global Note on 1 July, 2014 (or
in whole or, where applicable, in part on such earlier date as the said
principal amount or part respectively may become repayable in accordance with
the Conditions or the Trust Deed) and to pay interest annually in arrear on
each Interest Payment Date on the principal amount from time to time of this
permanent Global Note at the rate of 6.25 per cent. per annum together with
such other amounts (if any) as may be payable, all subject to and in accordance
with the Conditions and the provisions of the Trust Deed.

 

The
nominal amount of Notes represented by this permanent Global Note shall be the
aggregate amount from time to time entered in the records of both the relevant
Clearing Systems (as defined below). The records of the relevant Clearing
Systems (which expression in this Global Note means the records that each
relevant Clearing System holds for its customers which reflect the amount of
such customer’s interest in the Notes) shall be conclusive evidence of the
nominal amount of Notes represented by this permanent Global

 

41

 

Note
and, for these purposes, a statement issued by a relevant Clearing System
(which statement shall be made available to the bearer upon request) stating
the nominal amount of Notes represented by this permanent Global Note at any
time shall be conclusive evidence of the records of the relevant Clearing
System at that time.

 

2.                                      EXCHANGE FOR DEFINITIVE NOTES AND
PURCHASES

 

This
permanent Global Note will be exchangeable in whole but not in part (free of
charge to the holder) for definitive Notes only (a) upon the happening of
any of the events defined in the Trust Deed as Events of Default, or (b) if either Euroclear Bank
S.A./N.V. (Euroclear) or
Clearstream Banking, société anonyme (Clearstream,
Luxembourg) (together, the relevant
Clearing Systems) is closed for business for a continuous period of
14 days (other than by reason of holiday, statutory or otherwise) or announces
an intention permanently to cease business or does in fact do so and no
alternative clearing system satisfactory to the Trustee is available, or (c) upon
not less than 60 days’ written notice from the relevant Clearing Systems
(acting on the instructions of any holder of an interest in this Permanent
Global Note) to the Trustee and the Principal Paying Agent as described in the
Trust Deed. Thereupon (in the case of (a), (b) and (c) above) the
holder of this permanent Global Note (acting on the instructions of one or more
of the Accountholders (as defined below)) or the Trustee may give notice to the
Issuer, and (in the case of (b) above) the Issuer may give notice to the
Trustee and the Noteholders, of its intention to exchange this permanent Global
Note for definitive Notes on or after the Exchange Date (as defined below).

 

On
or after the Exchange Date the holder of this permanent Global Note may or, in
the case of (b) above, shall surrender this permanent Global Note to or to
the order of The Bank of New York Mellon acting through its London Branch (the Principal Paying Agent, which expression
includes any successors).  In exchange
for this permanent Global Note the Issuer will deliver, or procure the delivery
of, definitive Notes in bearer form, serially numbered, in the denominations of
€50,000 each with interest coupons (Coupons)
attached on issue in respect of interest which has not already been paid on
this permanent Global Note (in exchange for the whole of this permanent Global
Note).

 

Exchange Date means a day specified in the notice requiring exchange falling not less
than 60 days after that on which such notice is given and on which banks are
open for business in the city in which the specified office of the Principal
Paying Agent is located and (except in the case of (b) above) in the city
in which the relevant clearing system is located.

 

Upon
(a) any exchange of interests recorded in the records of the relevant
Clearing Systems in the temporary global note initially representing the Notes
(the Temporary Global Note) for
interests recorded in the records of the relevant Clearing Systems in this
permanent Global Note or (b) the purchase by or on behalf of the Issuer,
the Guarantor or any other Subsidiary of the Guarantor and cancellation of a
part of this permanent Global Note in accordance with the Conditions, the
Issuer shall procure that the portion of interests in the principal amount
hereof so exchanged or purchased and cancelled shall be entered pro rata in the records of the relevant
Clearing Systems and, upon any such entry being made, the principal amount of
the Notes recorded in the records of the relevant Clearing Systems and
represented by this permanent Global Note shall be reduced by the principal
amount of this permanent Global Note so exchanged or purchased and
cancelled.  Upon the exchange of the
whole of this permanent Global Note for definitive Notes this permanent Global
Note shall be surrendered to or to the order of the Principal Paying Agent and
cancelled and, if the holder of this permanent Global Note requests, returned
to it together with any relevant definitive Notes.

 

42

 

3.                                      PAYMENTS

 

Until
the entire principal amount of this permanent Global Note has been
extinguished, this permanent Global Note shall (subject as hereinafter and in
the Trust Deed provided) in all respects be entitled to the same benefits as
the definitive Notes and shall be entitled to the benefit of and be bound by
the Trust Deed.  Payments of principal
and interest in respect of Notes represented by this permanent Global Note will
be made against presentation and, if no further payment falls to be made in
respect of the Notes, surrender of this permanent Global Note to the order of
the Principal Paying Agent or such other Paying Agent as shall have been
notified to the Noteholders for such purposes.

 

Upon
any payment in respect of the Notes represented by this permanent Global Note,
the Issuer shall procure that the amount so paid shall be entered pro rata in the records of the relevant
Clearing Systems and, upon any such entry being made, the principal amount of
the Notes recorded in the records of the relevant Clearing Systems and
represented by this permanent Global Note shall be reduced by the aggregate
principal amount of such instalment so paid, and each payment so made will
discharge the obligations in respect thereof.

 

All
payments of any amounts payable and paid to the bearer of this permanent Global
Note shall be valid and, to the extent of the sums so paid, effectual to
satisfy and discharge the liability for the moneys payable hereon and on the
relevant definitive Notes and Coupons, and any failure to make entries referred
to above shall not affect such satisfaction and discharge.

 

4.                                      ACCOUNTHOLDERS

 

For
so long as all of the Notes are represented by one or both of the Temporary
Global Note and this permanent Global Note and such Global Note(s) is/are
held on behalf of Euroclear and/or Clearstream, Luxembourg, each person who is
for the time being shown in the records of Euroclear or Clearstream, Luxembourg
as the holder of a particular principal amount of such Notes (each an Accountholder) (in which regard any
certificate or other document issued by Euroclear or Clearstream, Luxembourg as
to the principal amount of such Notes standing to the account of any person
shall, in the absence of manifest error, be conclusive and binding for all
purposes) shall be treated as the holder of such principal amount of such Notes
for all purposes (including for the purposes of any quorum requirements of, or
the right to demand a poll at, meetings of the Noteholders) other than with
respect to the payment of principal and interest on such Notes, the right to which
shall be vested, as against the Issuer, the Guarantor and the Trustee, solely
in the bearer of the relevant Global Note in accordance with and subject to its
terms and the terms of the Trust Deed. 
Each Accountholder must look solely to Euroclear or Clearstream,
Luxembourg, as the case may be, for its share of each payment made to the
bearer of the relevant Global Note.

 

5.                                      NOTICES

 

For
so long as interests in all of the Notes are represented by one or both of the
Temporary Global Note and this permanent Global Note and such Global Note(s) is/are
held on behalf of Euroclear and/or Clearstream, Luxembourg, notices to
Noteholders may be given by delivery of the relevant notice to Euroclear and/or
Clearstream, Luxembourg (as the case may be) for communication to the relative
Accountholders rather than by publication as required by Condition 13 (Notices) provided that, so long as the
Notes are listed on the Euro MTF market of the Luxembourg Stock Exchange and
the rules and regulations of the Euro MTF market of the Luxembourg Stock
Exchange so require, notice will be given by publication on the website of the
Luxembourg Stock Exchange (www.bourse.lu). 
Any such notice shall be deemed to have been given to the Noteholders on
the second day after the day on which such

 

43

 

notice
is delivered to Euroclear and/or Clearstream, Luxembourg (as the case may be)
as aforesaid.

 

6.                                      PRESCRIPTION

 

Claims
against the Issuer and the Guarantor in respect of principal and interest on
the Notes represented by the Temporary Global Note or this permanent Global
Note will be prescribed after 10 years (in the case of principal) and five
years (in the case of interest) from the Relevant Date (as defined in Condition
8 (Taxation)).

 

7.                                      AUTHENTICATION AND EFFECTUATION

 

This
permanent Global Note shall not be or become valid or obligatory for any
purpose unless and until authenticated by or on behalf of the Principal Paying
Agent and effectuated by the entity appointed as common safekeeper by the
relevant Clearing Systems.

 

8.                                      GOVERNING LAW

 

This
permanent Global Note and any non-contractual obligations arising out of or in
connection with it are governed by, and shall be construed in accordance with,
the laws of England and the Issuer has in the Trust Deed submitted to the
jurisdiction of the courts of England for all purposes in connection with this
permanent Global Note and any non-contractual obligations arising out of or in
connection with it.

 

9.                                      CONTRACTS (RIGHTS OF THIRD PARTIES)
ACT 1999

 

No
rights are conferred on any person under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this permanent Global Note, but this
does not affect any right or remedy of any person which exists or is available
apart from that Act.

 

44

 

IN WITNESS
whereof the Issuer has caused this permanent Global Note to be signed manually
or in facsimile by any two members of the board of Directors of the Issuer.

 

AON FINANCIAL SERVICES LUXEMBOURG S.A.

 

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  (Director)

  	
   

  	
   

  	
  (Director)

  

 

Issued
in London, England on 1 July 2009.

 

Certificate of authentication

 

This
permanent Global Note is duly authenticated without recourse, warranty or
liability.

 

	
   

  	
   

  	
   

  
	
  Duly
  authorised

  	
   

  	
   

  
	
  for
  and on behalf of

  	
   

  	
   

  
	
  The
  Bank of New York Mellon acting through its London Branch

  	
   

  	
   

  
	
  as
  Principal Paying Agent

  	
   

  	
   

  

 

Certificate of Effectuation

 

This
permanent Global Note is duly effectuated without recourse, warranty or
liability.

 

	
   

  	
   

  	
   

  
	
  Clearstream
  Banking, société anonyme

  	
   

  	
   

  
	
  as
  common safekeeper

  	
   

  	
   

  

 

45

 

SCHEDULE 2

 

FORM OF DEFINITIVE NOTE
AND COUPON

 

PART 1

 

FORM OF DEFINITIVE NOTE

 

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE
SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL
REVENUE CODE.

 

	
  50,000

  	
   

  	
  XS0437047292

  	
   

  	
  043704729

  	
   

  	
  [Serial
  No.]

  

 

AON FINANCIAL SERVICES LUXEMBOURG
S.A.

 

(A public limited liability
company (société anonyme), incorporated under the laws of the Grand Duchy of
Luxembourg, having its registered office at 19, rue de Bitbourg, BP593, L-1273,
Luxembourg and registered with the Luxembourg trade and companies register
under number B146352)

 

€500,000,000 6.25 PER CENT.
GUARANTEED

NOTES DUE JULY 2014

 

unconditionally and irrevocably guaranteed as
to

payment of principal and interest by

 

AON CORPORATION

(Incorporated under the laws
of the State of Delaware, USA)

 

The
issue of the Notes was authorised by a resolution of the board of directors of
Aon Financial Services Luxembourg S.A. (the Issuer)
passed on 25 May, 2009 and the giving of the guarantee in respect of the Notes
was authorised by a resolution of the board of directors of Aon Corporation
(the Guarantor)  passed on 15 May, 2009.

 

This
Note forms one of a series of Notes constituted by a Trust Deed (the Trust Deed) dated 1 July, 2009
made between the Issuer, the Guarantor and BNY Corporate Trustee Services
Limited  as trustee for the holders
of the Notes and issued as Notes in bearer form in the denomination of €50,000
each with Coupons attached in an aggregate principal amount of €500,000,000.

 

The
Issuer for value received and subject to and in accordance with the Terms and
Conditions (the Conditions)
endorsed hereon hereby promises to pay to the bearer on 1 July, 2014 (or on
such earlier date as the principal sum hereunder mentioned may become repayable
in accordance with the Conditions) the principal sum of:

 

€50,000 (fifty thousand euro)

 

together
with interest on the said principal sum at the rate of 6.25 per cent. per annum
payable annually in arrear on each Interest Payment Date and together with such
other amounts (if any) as may be payable, all subject to and in accordance with
the Conditions and the provisions of the Trust Deed.

 

46

 

Neither
this Note nor the Coupons appertaining hereto shall be or become valid or
obligatory for any purpose unless and until this Note has been authenticated by
or on behalf of the Principal Paying Agent.

 

IN WITNESS whereof
this Note has been executed on behalf of the Issuer.

 

AON FINANCIAL SERVICES LUXEMBOURG S.A.

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Director

  	
   

  	
   

  

 

Dated
as of 1 July, 2009.

 

Issued
in London, England.

 

Certificate of authentication

 

This
Note is duly authenticated without recourse, warranty or liability.

 

	
   

  	
   

  
	
   

  	
   

  
	
  Duly
  authorised

  	
   

  
	
  for
  and on behalf of

  	
   

  
	
  The
  Bank of New York Mellon acting through its London Branch

  	
   

  
	
  as
  Principal Paying Agent

  	
   

  

 

47

 

FORM OF COUPON

 

On
the front:

 

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE
SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL
REVENUE CODE.

 

AON FINANCIAL SERVICES LUXEMBOURG
S.A.

 

€500,000,000

6.25 PER CENT. GUARANTEED
NOTES DUE JULY 2014

 

	
  This
  Coupon is separately

  	
   

  	
  Coupon
  for

  
	
  negotiable,
  payable to bearer,

  	
   

  	
  €3,125.00

  
	
  and
  subject to the

  	
   

  	
  due
  on

  
	
  Conditions
  of the said Notes.

  	
   

  	
  1
  July, 20[10/11/12/13/14]

  

 

This Coupon is payable to bearer subject to
such Conditions, under which it may become void before its due date.

 

AON FINANCIAL SERVICE LUXEMBOURG
LIMITED

 

	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  (Director)

  	
   

  	
   

  	
  (Director)

  

 

	
  [No.]

  	
   

  	
  50,000

  	
   

  	
  XS0437047292

  	
   

  	
  043704729

  	
   

  	
  [Serial
  No.]

  

 

48

 

On
the back:

 

PRINCIPAL PAYING AGENT

 

The Bank of New York Mellon acting through its
London Branch

One Canada Square

London E14 5AL

 

OTHER PAYING AGENT

 

The Bank of New York Mellon (Luxembourg) S.A.

Aerogolf Center — 1A

Hoehenhof

L — 1736 Senningerberg

Luxembourg

 

49

 

PART 2

 

CONDITIONS OF THE NOTES

 

The
€500,000,000 6.25 per cent. Guaranteed Notes due July 2014 (the Notes, which expression shall in these
Conditions, unless the context otherwise requires, include any further notes
issued pursuant to Condition 17 and forming a single series with the Notes) of
Aon Financial Services Luxembourg S.A. (the Issuer)
are constituted by a Trust Deed dated July 1, 2009 (the Trust Deed) made between the Issuer, Aon
Corporation (the Guarantor)
as guarantor and BNY Corporate Trustee Services Limited (the Trustee, which
expression shall include its successor(s)) as trustee for the holders of the
Notes (the Noteholders) and the
holders of the interest coupons appertaining to the Notes (the Couponholders and the Coupons respectively).

 

The
statements in these Conditions include summaries of, and are subject to, the
detailed provisions of and definitions in the Trust Deed.  Copies of the Trust Deed and the Agency
Agreement dated July 1, 2009 (the Agency
Agreement) made between the Issuer, the Guarantor, the initial
Paying Agents and the Trustee are available for inspection during normal
business hours by the Noteholders and the Couponholders at the registered
office for the time being of the Trustee, being at the date of issue of the Notes
at 40th Floor, One Canada Square, London E14 5AL and at the specified office of
each of the Paying Agents.  The
Noteholders and the Couponholders are entitled to the benefit of, are bound by,
and are deemed to have notice of, all the provisions of the Trust Deed and the
Agency Agreement applicable to them.

 

1.                                      FORM, DENOMINATION AND TITLE

 

1.1                               Form and Denomination

 

The
Notes are in bearer form, serially numbered, in the denomination of €50,000
each with Coupons attached on issue.

 

1.2                               Title

 

Title
to the Notes and to the Coupons will pass by delivery.

 

1.3                               Holder Absolute Owner

 

The
Issuer, the Guarantor, any Paying Agent and the Trustee may (to the fullest
extent permitted by applicable laws) deem and treat the bearer of any Note or
Coupon as the absolute owner for all purposes (whether or not the Note or
Coupon shall be overdue and notwithstanding any notice of ownership or writing
on the Note or Coupon or any notice of previous loss or theft of the Note or
Coupon or of any trust or interest therein) and shall not be required to obtain
any proof thereof or as to the identity of such bearer.

 

2.                                      STATUS OF THE NOTES

 

The
Notes and the Coupons are direct, unconditional and (subject to the provisions
of Condition 4) unsecured obligations of the Issuer and (subject as provided
above) rank and will rank pari passu,
without any preference among themselves, with all other outstanding unsecured
and unsubordinated obligations of the Issuer, present and future, but, in the
event of insolvency, only to the extent permitted by applicable laws relating
to creditors’ rights.

 

3.                                      GUARANTEE

 

3.1                               Guarantee

 

The
payment of the principal and interest in respect of the Notes and all other
moneys payable by the Issuer under or pursuant to the Trust Deed has been
unconditionally and irrevocably guaranteed by the Guarantor (the Guarantee) in the Trust Deed.

 

50

 

3.2                               Status of the Guarantee

 

The
obligations of the Guarantor under the Guarantee constitute direct,
unconditional and (subject to the provisions of Condition 4) unsecured
obligations of the Guarantor and (subject as provided above) rank and will rank
pari passu with all other
outstanding unsecured and unsubordinated obligations of the Guarantor, present
and future, but, in the event of insolvency, only to the extent permitted by
applicable laws relating to creditors’ rights.

 

4.                                      NEGATIVE PLEDGE

 

So
long as any of the Notes remains outstanding the Guarantor will not, directly
or indirectly, create, issue, assume, incur or guarantee any indebtedness for
money borrowed which is secured by a mortgage, pledge, lien, security interest
or other encumbrance of any nature on any of the present or future common stock
of the Issuer or any Significant Subsidiary (as defined in Condition 10.2) (or
any company, other than the Guarantor, having direct or indirect control of the
Issuer or any Significant Subsidiary), which common stock is directly or
indirectly owned by the Guarantor, unless all amounts payable by the Guarantor
under the Notes, the Coupons and the Trust Deed (together with, if the
Guarantor so determines, any other indebtedness for money borrowed of the
Guarantor then existing or thereafter created which is not subordinated to the
Guarantor’s obligations under the Guarantee) shall be secured equally and
ratably with (or, at the option of the Guarantor, prior to) such other secured
indebtedness for money borrowed so long as such indebtedness shall be so secured.

 

5.                                      INTEREST

 

5.1                               Interest Rate and Interest Payment
Dates

 

The
Notes bear interest from and including July 1, 2009 at the rate of
6.25 per cent. per annum, payable annually in arrear on July 1 (each
an Interest Payment Date).  The first payment (representing a full year’s
interest) shall be made on July 1, 2010.

 

5.2                               Interest Accrual

 

Each
Note will cease to bear interest from and including its due date for redemption
unless, upon due presentation, payment of the principal in respect of the Note
is improperly withheld or refused or unless default is otherwise made in
respect of payment, in which event interest shall continue to accrue as
provided in the Trust Deed.

 

5.3                               Calculation of Broken Interest

 

When
interest is required to be calculated in respect of a period of less than a
full year, it shall be calculated on the basis of (a) the actual number of
days in the period from and including the date from which interest begins to
accrue (the Accrual Date) to but
excluding the date on which it falls due divided by (b) the actual number
of days from and including the Accrual Date to but excluding the next following
Interest Payment Date.

 

6.                                      PAYMENTS

 

6.1                               Payments in respect of Notes

 

Payments
of principal and interest in respect of each Note will be made against
presentation and surrender (or, in the case of part payment only, endorsement)
of the Note, except that payments of interest due on an Interest Payment Date
will be made against presentation and surrender (or, in the case of part
payment only, endorsement) of the relevant Coupon, in each case at the
specified office outside the United States of any of the Paying Agents.

 

6.2                               Method of Payment

 

Payments
will be made by credit or transfer to a euro account (or any other account to
which euro may be credited or transferred) specified by the payee or, at the
option of the payee, by euro cheque.

 

51

 

6.3                               Missing Unmatured Coupons

 

Each
Note should be presented for payment together with all relative unmatured Coupons.  Upon the date on which any Note becomes due
and repayable, all unmatured Coupons appertaining to the Note (whether or not
attached) shall become void and no payment shall be made in respect of such
Coupons.

 

6.4                               Payments subject to Applicable Laws

 

Payments
in respect of principal and interest on the Notes are subject in all cases to
any fiscal or other laws and regulations applicable in the place of payment,
but without prejudice to the provisions of Condition 8.

 

6.5                               Payment only on a Presentation Date

 

A
holder shall be entitled to present a Note or Coupon for payment only on a
Presentation Date and shall not, except as provided in Condition 5, be entitled
to any further interest or other payment if a Presentation Date is after the
due date.

 

Presentation Date means a day which (subject to Condition 9):

 

(a)                                  is or falls after the relevant due date;

 

(b)                                 is a Business Day in the place of the specified office
of the Paying Agent at which the Note or Coupon is presented for payment; and

 

(c)                                  in the case of payment by credit or transfer to a euro
account as referred to above, is a TARGET2 Settlement Day.

 

In
this Condition, Business Day
means, in relation to any place, a day on which commercial banks and foreign
exchange markets settle payments and are open for general business (including
dealing in foreign exchange and foreign currency deposits) in that place and TARGET2 Settlement Day means any day on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET2) System is open.

 

6.6                               Initial Paying Agents

 

The
names of the initial Paying Agents and their initial specified offices are set
out at the end of these Conditions.  The
Issuer and the Guarantor reserve the right, subject to the prior written
approval of the Trustee, at any time to vary or terminate the appointment of
any Paying Agent and to appoint additional or other Paying Agents provided
that:

 

(a)                                  there will at all times be a Principal Paying Agent;

 

(b)                                 there will at all times be at least one Paying Agent
(which may be the Principal Paying Agent) having its specified office in a
European city which so long as the Notes are listed on the Luxembourg Stock
Exchange and the rules of the Luxembourg Stock Exchange so require shall
be Luxembourg; and

 

(c)                                  there will at all times be a Paying Agent in a Member
State of the European Union that is not obliged to withhold or deduct tax
pursuant to European Council Directive 2003/48/EC or any law implementing or
complying with, or introduced in order to conform to, such Directive.

 

Notice
of any termination or appointment and of any changes in specified offices will
be given to the Noteholders promptly by the Issuer in accordance with Condition
13.

 

7.                                      REDEMPTION AND PURCHASE

 

7.1                               Redemption at Maturity

 

Unless
previously redeemed or purchased and cancelled as provided below, the Issuer
will redeem the Notes at their principal amount on July 1, 2014.

 

52

 

7.2                               Redemption for Taxation Reasons

 

If
the Issuer satisfies the Trustee immediately before the giving of the notice
referred to below that:

 

(a)                                  as a result of any change in, or amendment to, the
laws or regulations of a Relevant Jurisdiction (as defined in Condition 8), or
any change in the application or official interpretation of the laws or
regulations of a Relevant Jurisdiction, which change or amendment becomes
effective after June 29, 2009, on the next Interest Payment Date either (i) the
Issuer would be required to pay additional amounts as provided or referred to
in Condition 8 or (ii) the Guarantor would be unable for reasons
outside its control to procure payment by the Issuer and in making payment
itself would be required to pay such additional amounts; and

 

(b)                                 the requirement cannot be avoided by the Issuer or, as
the case may be, the Guarantor taking reasonable measures available to it,

 

the
Issuer may at its option, having given not less than 30 nor more than 60 days’
notice to the Noteholders in accordance with Condition 13 (which notice shall
be irrevocable), redeem all the Notes, but not some only, at any time at their
principal amount together with interest accrued to but excluding the date of
redemption, provided that no such notice of redemption shall be given earlier
than 90 days prior to the earliest date on which the Issuer or, as the case may
be, the Guarantor would be required to pay such additional amounts, were a
payment in respect of the Notes then due. 
Prior to the publication of any notice of redemption pursuant to this
paragraph, the Issuer shall deliver to the Trustee a certificate signed by two
Directors of the Issuer or, as the case may be, one Authorised Signatory of the
Guarantor stating that the requirement referred to in (a) above will apply
on the next Interest Payment Date and cannot be avoided by the Issuer or, as
the case may be, the Guarantor taking reasonable measures available to it, and
the Trustee shall be entitled to accept the certificate as sufficient evidence
of the satisfaction of the conditions precedent set out above, in which event it
shall be conclusive and binding on the Noteholders and the Couponholders.

 

7.3                               Redemption upon a Change of Control

 

If a
Change of Control Event occurs, the Issuer will, upon the holder of any Note
giving notice within the Change of Control Put Period to the Issuer as
described below (whether or not prior to the giving of the relevant Change of
Control Notice (as defined below) the Issuer has given notice of redemption
under Condition 7.2), redeem or, at the Issuer’s option, purchase (or procure
the purchase of) such Note on the Change of Control Put Date at the Change of
Control Redemption Amount together (if applicable) with interest accrued to but
excluding the Change of Control Put Date.

 

Promptly
upon the Issuer or the Guarantor becoming aware that a Change of Control Event
has occurred, the Issuer shall give notice (a Change
of Control Notice) to the Trustee and to the Noteholders in
accordance with Condition 13 to that effect.

 

If
75 per cent. or more in principal amount of the Notes outstanding immediately
prior to the Change of Control Put Date are redeemed or, as the case may be,
purchased on the Change of Control Put Date pursuant to this Condition 7.3, the
Issuer may, on giving not less than 30 nor more than 60 days’ notice to the
Noteholders in accordance with Condition 13 (such notice to be given within 30
days of the Change of Control Put Date), redeem or, at the Issuer’s option,
purchase (or procure the purchase of) all but not some only of the remaining
outstanding Notes at their Change of Control Redemption Amount together (if
applicable) with interest accrued to but excluding the date fixed for
redemption or purchase, as the case may be.

 

To
exercise the right to require redemption or purchase of this Note the holder of
this Note must deliver, at the specified office of any Paying Agent at any time
during normal business hours of such Paying Agent falling within the notice
period, a duly completed and signed

 

53

 

notice
of exercise in the form (for the time being current and which may, if this Note
is held through Euroclear Banking S.A./N.V. (Euroclear)
or Clearstream Banking, société anonyme (Clearstream,
Luxembourg), be any form acceptable to Euroclear and Clearstream,
Luxembourg delivered in a manner acceptable to Euroclear and Clearstream,
Luxembourg) obtainable from any specified office of any Paying Agent (a Put Notice) and in which the holder must
specify a bank account (or, if payment is required to be made by cheque, an
address) to which payment is to be made under this Condition 7.3.  The Put Notice must be accompanied by this
Note or evidence satisfactory to the Paying Agent concerned that this Note
will, following delivery of the Put Notice, be held to its order or under its
control.  A Put Notice given by a holder
of any Note shall be irrevocable except where, prior to the Change of Control
Put Date, an Event of Default has occurred and is continuing, in which event
such holder, at its option, may elect by notice to the Issuer to withdraw the
Put Notice.

 

For
the purpose of this Condition 7.3:

 

Change of Control means the occurrence of any of the following:

 

(1)                                  the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the
assets of the Guarantor and the assets of its Subsidiaries, taken as a whole,
to any person, other than the Guarantor or one of its Subsidiaries;

 

(2)                                  the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that
any person becomes the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50 per
cent. of the Guarantor’s outstanding Voting Stock or other Voting Stock into
which the Guarantor’s Voting Stock is reclassified, consolidated, exchanged or
changed, measured by voting power rather than number of shares;

 

(3)                                  the Guarantor consolidates with, or merges with or
into, any person, or any person consolidates with, or merges with or into, the
Guarantor, in any such event pursuant to a transaction in which any of the
Guarantor’s outstanding Voting Stock or the Voting Stock of such other person
is converted into or exchanged for cash, securities or other property, other
than any such transaction where the shares of the Guarantor’s Voting Stock
outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the Voting Stock of the surviving person
or any direct or indirect parent company of the surviving person immediately
after giving effect to such transaction; or

 

(4)                                  the first day on which a majority of the members of
the Guarantor’s board of directors are not Continuing Directors.

 

Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control
under paragraph (2) above if (i) the Guarantor becomes a direct or
indirect wholly-owned subsidiary of another company and (ii) (A) the direct
or indirect holders of the Voting Stock of such other company immediately
following that transaction are substantially the same as the holders of the
Guarantor’s Voting Stock immediately prior to that transaction or (B) the
shares of the Guarantor’s Voting Stock outstanding immediately prior to such
transaction are converted into or exchanged for a majority of the Voting Stock
of such other company immediately after giving effect to such transaction;

 

Change of Control Event means the occurrence of both a Change of Control and a Rating Event;

 

Change of Control Put Date shall be the tenth day after the expiry of the Change
of Control Put Period provided that, if such day is not a Business Day (as
defined in Condition 6.5) in London and a TARGET2 Settlement Day (as so
defined), the Change of Control Put Date

 

54

 

shall
be the next following day which is both a Business Day in London and a TARGET2
Settlement Day;

 

Change of Control Put Period shall be the period of 30 days commencing on the date
that a Change of Control Notice is given;

 

Change of Control Redemption Amount shall mean, in relation to each Note to be redeemed
or purchased pursuant to this Condition 7.3, an amount equal to 100 per
cent. of the principal amount of such Note;

 

Continuing Directors means, as of any date of determination, any member of the Guarantor’s
Board of Directors who (1) was a member of the Guarantor’s Board of
Directors on the date the Notes were initially issued or (2) was nominated
for election, elected or appointed to the Guarantor’s Board of Directors with
the approval of a majority of the Continuing Directors who were members of the
Guarantor’s Board of Directors at the time of the nomination, election or
appointment (either by a specific vote or by approval of the Guarantor’s proxy
statement in which that member was named as a nominee for election as a
director, without objection to the nomination);

 

Exchange Act means the U.S. Securities Exchange Act of 1934, as amended;

 

Fitch
means Fitch Inc. and its successors;

 

Investment Grade Rating means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s, BBB- (or the equivalent) by Standard & Poor’s and BBB- (or
the equivalent) by Fitch, and the equivalent investment grade credit rating
from any replacement rating agency or rating agencies selected by the Guarantor
and approved by the Trustee;

 

Moody’s
means Moody’s Investors Service, Inc. and its successors;

 

person has
the meaning set out in Section 13(d)(3) of the Exchange Act;

 

Rating Agencies means (1) each of Moody’s, Standard & Poor’s and Fitch;
and (2) if any of Moody’s, Standard & Poor’s or Fitch ceases to
rate the Notes or fails to make a rating of the Notes publicly available for
reasons beyond the Guarantor’s control, a “nationally recognized statistical
rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act selected by the Guarantor (as certified by a resolution of its
Board of Directors) and approved by the Trustee as a replacement agency for
Moody’s, Standard & Poor’s or Fitch, or all of them, as the case may
be;

 

Rating Event means the rating on the Notes is lowered by at least two of the three
Rating Agencies and the Notes are rated below an Investment Grade Rating by at
least two of the three Rating Agencies, in any case on any day during the
period (which period will be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the
Rating Agencies) commencing 60 days prior to the earlier of (i) the first
public notice of the occurrence of a Change of Control or (ii) the first
public notice of the Guarantor’s intention to effect a Change of Control, and
ending 60 days following consummation of such Change of Control;

 

Standard & Poor’s means Standard & Poor’s Rating Services, a
division of The McGraw-Hill Companies, Inc., and its successors;

 

Subsidiary has the meaning set out in Condition 10.2; and

 

Voting Stock means, with respect to any specified person as of any date, the capital
stock of that person that is at the time entitled to vote generally in the
election of the board of directors of that person.

 

55

 

7.4                               Purchases

 

The
Issuer, the Guarantor or any of the Guarantor’s other Subsidiaries (as defined
above) may at any time purchase Notes (provided that all unmatured Coupons
appertaining to the Notes are purchased with the Notes) in any manner and at
any price.

 

7.5                               Cancellations

 

All
Notes which are (a) redeemed or (b) purchased by or on behalf of the
Issuer, the Guarantor or any of the Guarantor’s other Subsidiaries will
forthwith be cancelled, together with all relative unmatured Coupons attached
to the Notes or surrendered with the Notes, and accordingly may not be held,
reissued or resold.

 

7.6                               Notices Final

 

Upon
the expiry of any notice as is referred to in paragraph 7.2 above the Issuer
shall be bound to redeem the Notes to which the notice refers in accordance
with the terms of such paragraph.

 

8.                                      TAXATION

 

8.1                               Payment without Withholding

 

All
payments in respect of the Notes by or on behalf of the Issuer or the Guarantor
shall be made without withholding or deduction for, or on account of, any
present or future taxes, duties, assessments or governmental charges of
whatever nature (Taxes) imposed or
levied by or on behalf of either of the Relevant Jurisdictions, unless the
withholding or deduction of the Taxes is required by law.  In that event, the Issuer or, as the case may
be, the Guarantor will pay such additional amounts as may be necessary in order
that the net amounts received by the Noteholders and Couponholders after the
withholding or deduction shall equal the respective amounts which would have
been receivable in respect of the Notes or, as the case may be, Coupons in the
absence of the withholding or deduction; except that no additional amounts
shall be payable in relation to any payment in respect of any Note or Coupon:

 

(a)                                  presented for payment by or on behalf of a holder who
is liable to the Taxes in respect of the Note or Coupon by reason of his having
some connection with either Relevant Jurisdiction other than the mere holding
of the Note or Coupon including, without limitation, by reason of such holder
being considered as:

 

(i)                                     being or having been present or engaged in a trade or
business in the United States of America or having had a permanent
establishment therein; or

 

(ii)                                  having a current or former relationship with the
United States of America, including a relationship as a citizen or resident or
being treated as a resident thereof; or

 

(iii)                               being or having been a personal holding company, a
controlled foreign corporation, a passive foreign investment company, a
corporation that has accumulated earnings to avoid United States of America
federal income tax or a private foundation or other tax-exempt organization; or

 

(iv)                              an actual or constructive 10 per cent. shareholder of
the Issuer as defined in Section 871(h)(3) of the Code; or

 

(b)                                 presented for payment by or on behalf of a holder who
would not be liable or subject to the withholding or deduction by making a
declaration of non-residence or other similar claim for exemption to the
relevant tax authority; or

 

(c)                                  where such withholding or deduction is imposed on a
payment to an individual or a residual entity within the meaning of European
Council Directive 2003/48/EC and is required to be made pursuant to (i) European
Council Directive 2003/48/EC (or any

 

56

 

amendments
thereof) or any law implementing or complying with, or introduced in order to
conform to, such Directive, (ii) the law of December 23, 2005 (as
amended) introducing a 10 per cent. withholding tax as regards Luxembourg
resident individuals and (iii) the agreements on savings income concluded
by the State of Luxembourg with several dependant or associated territories of
the EU (being Jersey, Guernsey, the Isle of Man, the British Virgin Islands,
Montserrat, the Dutch Antilles and Aruba); or

 

(d)                                 presented for payment by or on behalf of a holder who
would have been able to avoid such withholding or deduction by presenting the
relevant Note or Coupon to another Paying Agent in a Member State of the
European Union; or

 

(e)                                  presented for payment more than 30 days after the
Relevant Date (as defined below) except to the extent that a holder would have
been entitled to additional amounts on presenting the same for payment on the
last day of the period of 30 days assuming, whether or not such is in fact the
case, that day to have been a Presentation Date (as defined in Condition 6); or

 

(f)                                    presented for payment by or on behalf of any holder
who is a fiduciary, partnership, limited liability company or other than the
sole beneficial owner of the Note or Coupon, but only to the extent that a
beneficiary or settlor with respect to such fiduciary or a partner or member of
such partnership or limited liability company or a beneficial owner of the Note
or Coupon would not have been entitled to the payment of an additional amount had
such beneficiary, settlor, partner, member or beneficial owner been the holder
of such Note or Coupon; or

 

(g)                                 where such tax, assessment or governmental charge
(including, without limitation, backup withholding tax) would not have been
imposed or withheld but for the failure to comply with certification,
identification, documentation or information reporting requirements concerning
the nationality or connection with the United States of America of a holder or
a beneficial owner of such Note or Coupon, if, without regard to any tax
treaty, such compliance is required by statute or regulation of the United
States of America as a precondition to relief or exemption from such tax,
assessment or governmental charge; or

 

(h)                                 where such tax, assessment or governmental charge
would not have been imposed or withheld but for the presentation by the holder
of the Note or Coupon for payment on a date more than 30 days after the
Relevant Date; or

 

(i)                                     where such withholding or deduction is imposed as a
result of any estate, inheritance, gift, sales, transfer, excise, wealth or
personal property tax or any similar tax, assessment or governmental charge; or

 

(j)                                     where such tax, assessment or governmental charge is (i) payable
otherwise than by deduction or withholding by the Issuer or a Paying Agent from
the payment of the principal of or interest on the Note or Coupon or (ii) required
to be deducted or withheld by any Paying Agent from any such payment if such
payment can be made without such withholding by any other Paying Agent.

 

8.2                               Interpretation

 

In
these Conditions:

 

(a)                                  Relevant Date means the date on which the payment first becomes due
but, if the full amount of the money payable has not been received by the
Principal Paying Agent or the Trustee on or before the due date, it means the
date on which, the full amount of the money having been so received, notice to
that effect has been duly given to the Noteholders by the Issuer in accordance
with Condition 13; and

 

57

 

(b)                                  Relevant Jurisdiction means, in the case of payments by the Issuer, the
Grand Duchy of Luxembourg or any political subdivision or any authority thereof
or therein having power to tax and, in the case of payments by the Guarantor,
the United States of America or any political subdivision or any authority
thereof or therein having power to tax.

 

8.3                               Additional Amounts

 

Any
reference in these Conditions to any amounts in respect of the Notes shall be
deemed also to refer to any additional amounts which may be payable under this
Condition or under any undertakings given in addition to, or in substitution
for, this Condition pursuant to the Trust Deed.

 

9.                                      PRESCRIPTION

 

Notes
and Coupons will become void unless presented for payment within periods of 10
years (in the case of principal) and five years (in the case of interest) from
the Relevant Date in respect of the Notes or, as the case may be, the Coupons,
subject to the provisions of Condition 6.

 

10.                               EVENTS OF DEFAULT

 

10.1                        Events of Default

 

The
Trustee at its discretion may, and if so requested in writing by the holders of
at least one-quarter in principal amount of the Notes then outstanding or if so
directed by an Extraordinary Resolution of the Noteholders shall (subject in
each case to being indemnified to its satisfaction), (but, in the case of the
happening of the event described in subparagraph (b) below, only if the
Trustee shall have certified in writing to the Issuer and the Guarantor that
such event is, in its opinion, materially prejudicial to the interests of the
Noteholders) give notice to the Issuer and the Guarantor that the Notes are,
and they shall accordingly forthwith become, immediately due and repayable at
their principal amount, together with accrued interest as provided in the Trust
Deed, in any of the following events (Events
of Default):

 

(a)                                  if default is made in the payment of any Change of
Control Redemption Amount or interest due in respect of the Notes or any of
them and the default continues for a period of 14 days (in the case of a
payment of Change of Control Redemption Amount) and 30 days (in the case of a
payment of interest); or

 

(b)                                 if the Issuer or the Guarantor fails to perform or
observe any of its other obligations under these Conditions or the Trust Deed
and (except in any case where the Trustee considers the failure to be incapable
of remedy, when no continuation or notice as is hereinafter mentioned will be
required) the failure continues for the period of 90 days (or such longer
period as the Trustee may permit) following the service by the Trustee on the
Issuer or the Guarantor (as the case may be) of notice requiring the same to be
remedied; or

 

(c)                                  if a court having jurisdiction in the premises shall (i) enter
a decree or order for relief in respect of the Issuer in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect (including for the avoidance of doubt, any bankruptcy (faillite), insolvency and judicial
liquidation (liquidation judiciaire)),
or (ii) appoint a receiver, liquidator, custodian, trustee or similar
official of the Issuer (including, for the avoidance of doubt and without
limitation, any commissaire, juge-commissaire, liquidateur or curateur) or for any substantial part of its property, or (iii) order
the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed and in effect for a period of 90 days; or

 

(d)                                 if a court having jurisdiction in the premises shall (i) enter
a decree or order for relief in respect of the Guarantor in an involuntary case
under any applicable bankruptcy,

 

58

 

insolvency
or other similar law now or hereafter in effect, or (ii) appoint a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Guarantor or for any substantial part of its property, or (iii) order
the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed and in effect for a period of 90 days; or

 

(e)                                  if the Issuer (i) shall commence a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect (including, for the avoidance of doubt, bankruptcy (faillite), insolvency, voluntary
liquidation (liquidation volontaire),
composition with creditors (concordat
préventif de faillite), reprieve from payment (sursis de paiement), controlled management
(gestion contrôlée), fraudulent
conveyance (actio pauliana),
general settlement with creditors, reorganisation or similar laws affecting the
rights of creditors generally), or shall consent to the entry of any order for
relief in an involuntary case under any such law, or (ii) shall consent to
the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian or similar official of the Issuer (including, for the
avoidance of doubt and without limitation, any commissaire,
juge-commissaire, liquidateur or curateur) or for a substantial part of its property, or (iii) shall
make any general assignment for the benefit of creditors; or

 

(f)                                    if the Guarantor shall commence a voluntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or shall consent to the entry of any order for relief in an involuntary
case under any such law, or shall consent to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or similar official) of the Guarantor or for a substantial part
of its property, or shall make any general assignment for the benefit of
creditors; or

 

(g)                                 if the Issuer ceases to be a Subsidiary of the
Guarantor; or

 

(h)                                 if the Guarantee ceases to be, or is claimed by the
Issuer or the Guarantor not to be, in full force and effect.

 

10.2                        Interpretation

 

For
the purposes of this Condition and Condition 4:

 

(a)                                  Significant Subsidiary means any Subsidiary of the Guarantor that
constitutes a “significant subsidiary” as defined in Rule 1-02(w) of
Regulation S-X under the U.S. Securities Exchange Act of 1934, as amended; and

 

(b)                                  Subsidiary means any subsidiary as defined in Rule 1-02(x) of
Regulation S-X under the U.S. Securities Exchange Act of 1934, as amended.

 

10.3                        Reports

 

A
report by one Authorised Signatory of the Guarantor whether or not addressed to
the Trustee that in its opinion a Subsidiary of the Guarantor is or is not or
was or was not at any particular time or throughout any specified period a
Significant Subsidiary may be relied upon by the Trustee without further
enquiry or evidence and, if relied upon by the Trustee, shall, in the absence
of manifest error, be conclusive and binding on all parties.

 

11.                               ENFORCEMENT

 

11.1                        Enforcement by the Trustee

 

The
Trustee may at any time, at its discretion and without notice, take such
proceedings against the Issuer and/or the Guarantor as it may think fit to
enforce the provisions of the Trust Deed, the Notes and the Coupons, but it
shall not be bound to take any such proceedings or any other action in relation
to the Trust Deed, the Notes or the Coupons unless (a) it has been so
directed by an Extraordinary Resolution of the Noteholders or so requested in
writing

 

59

 

by the holders of at least one-quarter in
principal amount of the Notes then outstanding and (b) it has been
indemnified to its satisfaction.

 

11.2                        Enforcement by the Noteholders

 

No
Noteholder or Couponholder shall be entitled to proceed directly against the
Issuer or the Guarantor unless the Trustee, having become bound so to proceed,
fails so to do within a reasonable period and the failure shall be continuing.

 

12.                               REPLACEMENT OF NOTES AND COUPONS

 

Should
any Note or Coupon be lost, stolen, mutilated, defaced or destroyed it may be
replaced at the specified office of a Paying Agent in Luxembourg, upon payment
by the claimant of the expenses incurred in connection with the replacement and
on such terms as to evidence and indemnity as the Issuer may reasonably
require.  Mutilated or defaced Notes or
Coupons must be surrendered before replacements will be issued.

 

The
replacement of Notes and Coupons (in bearer form) is, in the case of loss or
theft, subject to the procedure set out in the Luxembourg act dated September 3,
1996 on the involuntary dispossession of bearer securities, as amended (the Involuntary Dispossession Act 1996).

 

13.                               NOTICES

 

Notices to the Noteholders

 

All
notices to the Noteholders will be valid if published in a leading English
language daily newspaper published in London or such other English language
daily newspaper with general circulation in Europe as the Trustee may
approve.  It is expected that such
publication will normally be made in the Financial
Times.  The Issuer shall also
ensure that, so long as the Notes are admitted to trading on the Euro MTF
Market and the rules and regulations of the Luxembourg Stock Exchange
applicable to the Euro MTF Market so require, notices are duly published either
in one daily newspaper published in Luxembourg (which is expected to be the Luxemburger Wort or the Tageblatt) or on the website of the
Luxembourg Stock Exchange (www.bourse.lu).  Any such notice will be deemed to have been
given on the date of the first publication or, where required to be published
in more than one newspaper, on the date of the first publication in all
required newspapers.  If publication as
provided above is not practicable, notice will be given in such other manner,
and shall be deemed to have been given on such date, as the Trustee may
approve.  Couponholders will be deemed
for all purposes to have notice of the contents of any notice given to the
Noteholders in accordance with this paragraph.

 

14.                               SUBSTITUTION

 

The
Trustee may, without the consent of the Noteholders or Couponholders, agree
with the Issuer and the Guarantor to the substitution in place of the Issuer
(or of any previous substitute under this Condition) as the principal debtor
under the Notes, the Coupons and the Trust Deed of the Guarantor or any of its
other Subsidiaries, subject to:

 

(a)                                  except in the case of the substitution of the
Guarantor, the Notes being unconditionally and irrevocably guaranteed by the
Guarantor;

 

(b)                                 the Trustee being satisfied that the interests of the
Noteholders will not be materially prejudiced by the substitution; and

 

(c)                                  certain other conditions set out in the Trust Deed
being complied with.

 

For
the purposes of article 1275 of the Luxembourg civil code, the Noteholders, by
subscribing for, or otherwise acquiring, the Notes, are deemed to have (i) consented
to any substitution of the Issuer effected in accordance with this Condition 14
and Clause 21 of the Trust Deed and to the release of the Issuer from any and
all obligations in respect of the Notes and the Trust Deed; and (ii) accepted
such substitution and the consequences thereof but

 

60

 

provided
always that the exercise by the Trustee of its powers under this
Condition 14 and Clause 21 of the Trust Deed shall remain at its absolute
discretion in accordance with the provisions of the Trust Deed.

 

15.                               MEETINGS OF NOTEHOLDERS,
MODIFICATION, WAIVER, AUTHORISATION AND DETERMINATION

 

15.1                        Meetings of Noteholders

 

The
Trust Deed contains provisions for convening meetings of the Noteholders to
consider any matter affecting their interests, including the modification or
abrogation by Extraordinary Resolution of any of these Conditions or any of the
provisions of the Trust Deed.  The quorum
at any meeting for passing an Extraordinary Resolution will be one or more
persons present holding or representing more than 50 per cent. in
principal amount of the Notes for the time being outstanding, or at any
adjourned such meeting one or more persons present whatever the principal
amount of the Notes held or represented by him or them, except that, at any
meeting the business of which includes the modification or abrogation of
certain of the provisions of these Conditions and certain of the provisions of
the Trust Deed, the necessary quorum for passing an Extraordinary Resolution
will be one or more persons present holding or representing not less than
two-thirds, or at any adjourned such meeting not less than one-third, of the
principal amount of the Notes for the time being outstanding. An Extraordinary
Resolution passed at any meeting of the Noteholders will be binding on all
Noteholders, whether or not they are present at the meeting, and on all
Couponholders.

 

The
provisions of articles 86 to 94-8 of the Luxembourg act dated August 10,
1915 on commercial companies, as amended (the Companies
Act 1915), shall not apply to the Notes and the Coupons.

 

15.2                        Modification, Waiver, Authorisation
and Determination

 

The
Trustee may agree, without the consent of the Noteholders or Couponholders, to
any modification of, or to the waiver or authorisation of any breach or
proposed breach of, any of these Conditions or any of the provisions of the
Trust Deed, or determine, without any such consent as aforesaid, that any Event
of Default or Potential Event of Default (as defined in the Trust Deed) shall
not be treated as such (provided that, in any such case, it is not, in the
opinion of the Trustee, materially prejudicial to the interests of the
Noteholders) or may agree, without any such consent as aforesaid, to any
modification which, in its opinion, is of a formal, minor or technical nature
or to correct a manifest or proven error.

 

15.3                        Trustee to have Regard to Interests
of Noteholders as a Class

 

In
connection with the exercise by it of any of its trusts, powers, authorities
and discretions (including, without limitation, any modification, waiver,
authorisation, determination or substitution), the Trustee shall have regard to
the general interests of the Noteholders as a class but shall not have regard
to any interests arising from circumstances particular to individual
Noteholders or Couponholders (whatever their number) and, in particular but
without limitation, shall not have regard to the consequences of any such
exercise for individual Noteholders or Couponholders (whatever their number)
resulting from their being for any purpose domiciled or resident in, or
otherwise connected with, or subject to the jurisdiction of, any particular
territory or any political sub-division thereof and the Trustee shall not be
entitled to require, nor shall any Noteholder or Couponholder be entitled to
claim, from the Issuer, the Guarantor, the Trustee or any other person any
indemnification or payment in respect of any tax consequence of any such
exercise upon individual Noteholders or Couponholders except to the extent
already provided for in Condition 8 and/or any undertaking given in addition
to, or in substitution for, Condition 8 pursuant to the Trust Deed.

 

61

 

15.4                        Notification to the Noteholders

 

Any
modification, abrogation, waiver, authorisation, determination or substitution
shall be binding on the Noteholders and the Couponholders and, unless the
Trustee agrees otherwise, any modification or substitution shall be notified by
the Issuer to the Noteholders as soon as practicable thereafter in accordance
with Condition 13.

 

16.                               INDEMNIFICATION OF THE TRUSTEE AND
ITS CONTRACTING WITH THE ISSUER AND THE GUARANTOR

 

16.1                        Indemnification of the Trustee

 

The
Trust Deed contains provisions for the indemnification of the Trustee and for
its relief from responsibility, including provisions relieving it from taking
action unless indemnified to its satisfaction.

 

16.2                        Trustee Contracting with the Issuer
and the Guarantor

 

The
Trust Deed also contains provisions pursuant to which the Trustee is entitled, inter alia, (a) to enter into
business transactions with the Issuer and/or the Guarantor and/or any of the
Guarantor’s other Subsidiaries and to act as trustee for the holders of any
other securities issued or guaranteed by, or relating to, the Issuer and/or the
Guarantor and/or any of the Guarantor’s other Subsidiaries, (b) to
exercise and enforce its rights, comply with its obligations and perform its
duties under or in relation to any such transactions or, as the case may be,
any such trusteeship without regard to the interests of, or consequences for,
the Noteholders or Couponholders, and (c) to retain and not be liable to
account for any profit made or any other amount or benefit received thereby or
in connection therewith.

 

17.                               FURTHER ISSUES

 

The
Issuer is at liberty from time to time without the consent of the Noteholders
or Couponholders to create and issue further notes or bonds (whether in bearer
or registered form) either (a) ranking pari passu
in all respects (or in all respects save for the first payment of interest
thereon) and so that the same shall be consolidated and form a single series
with the outstanding notes or bonds of any series (including the Notes) constituted
by the Trust Deed or any supplemental deed or (b) upon such terms as to
ranking, interest, conversion, redemption and otherwise as the Issuer may
determine at the time of the issue.  Any
further notes or bonds which are to form a single series with the outstanding
notes or bonds of any series (including the Notes) shall be constituted by the
Trust Deed or any supplemental deed.  Any
other further notes or bonds shall be constituted by a separate deed to the Trust
Deed.

 

18.                               GOVERNING LAW AND SUBMISSION TO
JURISDICTION

 

18.1                        Governing Law

 

The
Trust Deed (including the Guarantee), the Notes and the Coupons and any
non-contractual obligations arising out of or in connection with them shall be
governed by, and construed in accordance with, English law.

 

18.2                        Jurisdiction of English Courts

 

Each
of the Issuer and the Guarantor has, in the Trust Deed, irrevocably agreed for
the benefit of the Trustee, the Noteholders and the Couponholders that the
courts of England are to have exclusive jurisdiction to settle any dispute,
suit, action or proceeding (together referred to as Proceedings) which may arise out of or in connection with the
Trust Deed, the Notes or the Coupons and any non-contractual obligations which
may arise out of or in connection with the Trust Deed, the Notes or the Coupons
and accordingly has submitted to the exclusive jurisdiction of the English
courts.

 

Each
of the Issuer and the Guarantor has, in the Trust Deed, waived any objection to
the courts of England on the grounds that they are an inconvenient or
inappropriate forum.  The

 

62

 

Trustee,
the Noteholders and the Couponholders may take any Proceedings arising out of
or in connection with the Trust Deed, the Notes or the Coupons and any non-contractual
obligations which may arise out of or in connection with the Trust Deed, the
Notes or the Coupons against the Issuer or the Guarantor in any other court of
competent jurisdiction and concurrent Proceedings in any number of
jurisdictions.

 

18.3                        Appointment of Process Agent

 

Each
of the Issuer and the Guarantor has, in the Trust Deed, irrevocably and
unconditionally appointed Aon Limited at the latter’s office of 8 Devonshire
Square, London EC2M 4PL as its agent for service of process in England in
respect of any Proceedings and has undertaken that in the event of such agent
ceasing so to act it will appoint such other person as the Trustee may approve
as its agent for that purpose.

 

19.                               RIGHTS OF THIRD PARTIES

 

No
rights are conferred on any person under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this Note, but this does not affect
any right or remedy of any person which exists or is available apart from that
Act.

 

63

 

PRINCIPAL PAYING AGENT

 

The Bank of New York Mellon acting through its
London Branch

One Canada Square

London

E14 5AL

 

OTHER PAYING AGENT

 

The Bank of New York Mellon (Luxembourg) S.A.

Aerogolf Center – 1A

Hoehenhof

L – 1736 Senningerberg

Luxembourg

 

and/or
such other or further Principal Paying Agent and other Paying Agents and/or
specified offices as may from time to time be appointed by the Issuer and the
Guarantor with the approval of the Trustee and notice of which has been given
to the Noteholders.

 

64

 

SCHEDULE 3

 

PROVISIONS FOR MEETINGS OF
NOTEHOLDERS

 

1.                                      DEFINITIONS

 

As
used in this Schedule the following expressions shall have the following
meanings unless the context otherwise requires:

 

Block Voting Instruction means an English language document issued by a Paying Agent in which:

 

(a)                                  it is certified that on the date thereof Notes
(whether in definitive form or represented by a Global Note) which are held in
an account with any Clearing System (in each case not being Notes in respect of
which a Voting Certificate has been issued and is outstanding in respect of the
meeting specified in such Block Voting Instruction) have been deposited with
such Paying Agent or (to the satisfaction of such Paying Agent) are held to its
order or under its control or are blocked in an account with a Clearing System
and that no such Notes will cease to be so deposited or held or blocked until
the first to occur of:

 

(i)                                     the conclusion of the meeting specified in such Block
Voting Instruction; and

 

(ii)                                  the surrender to the Paying Agent, not less than 48
Hours before the time for which such meeting is convened, of the receipt issued
by such Paying Agent in respect of each such deposited Note which is to be
released or (as the case may require) the Notes ceasing with the agreement of
the Paying Agent to be held to its order or under its control or so blocked and
the giving of notice by the Paying Agent to the Issuer in accordance with
paragraph 3.1(f) of the necessary amendment to the Block Voting
Instruction;

 

(b)                                 it is certified that each holder of such Notes has
instructed such Paying Agent that the vote(s) attributable to the Notes so
deposited or held or blocked should be cast in a particular way in relation to
the resolution(s) to be put to such meeting and that all such instructions
are, during the period commencing 48 Hours prior to the time for which such
meeting is convened and ending at the conclusion or adjournment thereof,
neither revocable nor capable of amendment;

 

(c)                                  the aggregate principal amount of the Notes so
deposited or held or blocked is listed distinguishing with regard to each such
resolution between those in respect of which instructions have been given that
the votes attributable thereto should be cast in favour of the resolution and
those in respect of which instructions have been so given that the votes
attributable thereto should be cast against the resolution; and

 

(d)                                 one or more persons named in such Block Voting
Instruction (each hereinafter called a proxy)
is or are authorised and instructed by such Paying Agent to cast the votes
attributable to the Notes so listed in accordance with the instructions
referred to in (c) above as set out in such Block Voting Instruction;

 

Clearing System means Euroclear and/or Clearstream, Luxembourg and includes in respect
of any Note any clearing system on behalf of which such Note is held or which
is the bearer or holder of a Note, in either case whether alone or jointly with
any other Clearing System(s).  For the
avoidance of doubt, the provisions of Clause 1.2(g) shall apply to this
definition;

 

65

 

Eligible Person means any one of the following persons who shall be entitled to attend
and vote at a meeting:

 

(a)                                  a holder of a Note in definitive form;

 

(b)                                 a bearer of any Voting Certificate; and

 

(c)                                  a proxy specified in any Block Voting Instruction;

 

Extraordinary Resolution means:

 

(a)                                  a resolution passed at a meeting duly convened and
held in accordance with these presents by a majority consisting of not less
than three-fourths of the Eligible Persons voting thereat upon a show of hands
or, if a poll is duly demanded, by a majority consisting of not less than
three-fourths of the votes cast on such poll; or

 

(b)                                 a resolution in writing signed by or on behalf of the
holders of not less than three fourths in principal amount of the Notes which
resolution may be contained in one document or in several documents in like
form each signed by or on behalf of one or more of the holders;

 

Ordinary Resolution means:

 

(a)                                  a resolution passed at a meeting duly convened and
held in accordance with these presents by a clear majority of the Eligible
Persons voting thereat on a show of hands or, if a poll is duly demanded, by a
simple majority of the votes cast on such poll; or

 

(b)                                 a resolution in writing signed by or on behalf of the
holders of not less than a clear majority in principal amount of the Notes,
which resolution may be contained in one document or in several documents in
like form each signed by or on behalf of one or more of the holders;

 

Voting Certificate means an English language certificate issued by a Paying Agent in which
it is stated:

 

(a)                                  that on the date thereof Notes (whether in definitive
form or represented by a Global Note) which are held in an account with any
Clearing System (in each case not being Notes in respect of which a Block
Voting Instruction has been issued and is outstanding in respect of the meeting
specified in such Voting Certificate) were deposited with such Paying Agent or
(to the satisfaction of such Paying Agent) are held to its order or under its
control or are blocked in an account with a Clearing System and that no such
Notes will cease to be so deposited or held or blocked until the first to occur
of:

 

(i)                                     the conclusion of the meeting specified in such Voting
Certificate; and

 

(ii)                                  the surrender of the Voting Certificate to the Paying
Agent who issued the same; and

 

(b)                                 that the bearer thereof is entitled to attend and vote
at such meeting in respect of the Notes represented by such Voting Certificate;

 

24 Hours means a period of 24 hours including all or part of a day upon which
banks are open for business in both the place where the relevant meeting is to
be held and in each of the

 

66

 

places
where the Paying Agents have their specified offices (disregarding for this
purpose the day upon which such meeting is to be held) and such period shall be
extended by one period or, to the extent necessary, more periods of 24 hours
until there is included as aforesaid all or part of a day upon which banks are
open for business in all of the places as aforesaid; and

 

48 Hours means a period of 48 hours including all or part of two days upon which
banks are open for business both in the place where the relevant meeting is to
be held and in each of the places where the Paying Agents have their specified
offices (disregarding for this purpose the day upon which such meeting is to be
held) and such period shall be extended by one period or, to the extent
necessary, more periods of 24 hours until there is included as aforesaid all or
part of two days upon which banks are open for business in all of the places as
aforesaid.

 

For
the purposes of calculating a period of Clear
Days in relation to a meeting, no account shall be taken of the day
on which the notice of such meeting is given (or, in the case of an adjourned
meeting, the day on which the meeting to be adjourned is held) or the day on
which such meeting is held.

 

All
references in this Schedule to a “meeting” shall, where the context so permits,
include any relevant adjourned meeting.

 

2.                                      EVIDENCE OF ENTITLEMENT TO ATTEND AND
VOTE

 

A
holder of a Note (whether in definitive form or represented by a Global Note)
which is held in an account with any Clearing System may require the issue by a
Paying Agent of Voting Certificates and Block Voting Instructions in accordance
with the terms of paragraph 3.

 

For
the purposes of paragraph 3, the Principal Paying Agent and each Paying Agent
shall be entitled to rely, without further enquiry, on any information or
instructions received from a Clearing System and shall have no liability to any
holder or other person for any loss, damage, cost, claim or other liability
occasioned by its acting in reliance thereon, nor for any failure by a Clearing
System to deliver information or instructions to the Principal Paying Agent or
any Paying Agent.

 

The
holder of any Voting Certificate or the proxies named in any Block Voting
Instruction shall for all purposes in connection with the relevant meeting be
deemed to be the holder of the Notes to which such Voting Certificate or Block
Voting Instruction relates and the Paying Agent with which such Notes have been
deposited or the person holding Notes to the order or under the control of such
Paying Agent or the Clearing System in which such Notes have been blocked shall
be deemed for such purposes not to be the holder of those Notes.

 

3.                                      PROCEDURE FOR ISSUE OF VOTING
CERTIFICATES, BLOCK VOTING INSTRUCTIONS AND PROXIES

 

(A)                               Definitive Notes not held in a
Clearing System - Voting Certificate

 

A
holder of a Note in definitive form which is not held in an account with any
Clearing System (not being a Note in respect of which a Block Voting
Instruction has been issued and is outstanding in respect of the meeting
specified in such Voting Certificate) may obtain a Voting Certificate in
respect of such Note from a Paying Agent subject to such holder having procured
that such Note is deposited with such Paying Agent or (to the satisfaction of
such Paying Agent) is held to its order or under its control upon terms that no
such Note will cease to be so deposited or held until the first to occur of:

 

(a)                                  the conclusion of the meeting specified in such Voting
Certificate; and

 

(b)                                 the surrender of the Voting Certificate to the Paying
Agent who issued the same.

 

67

 

(B)                               Global Notes and definitive Notes
held in a Clearing System - Voting Certificate

 

A
holder of a Note (not being a Note in respect of which instructions have been
given to the Principal Paying Agent in accordance with paragraph 3(D))
represented by a Global Note or which is in definitive form and is held in an
account with any Clearing System may procure the delivery of a Voting
Certificate in respect of such Note by giving notice to the Clearing System
through which such holder’s interest in the Note is held specifying by name a
person (an Identified Person)
(which need not be the holder himself) to collect the Voting Certificate and
attend and vote at the meeting.  The
relevant Voting Certificate will be made available at or shortly prior to the
commencement of the meeting by the Principal Paying Agent against presentation
by such Identified Person of the form of identification previously notified by
such holder to the Clearing System.  The
Clearing System may prescribe forms of identification (including, without
limitation, a passport or driving licence) which it deems appropriate for these
purposes.  Subject to receipt by the
Principal Paying Agent from the Clearing System, no later than 24 Hours prior
to the time for which such meeting is convened, of notification of the
principal amount of the Notes to be represented by any such Voting Certificate
and the form of identification against presentation of which such Voting
Certificate should be released, the Principal Paying Agent shall, without any
obligation to make further enquiry, make available Voting Certificates against
presentation of the form of identification corresponding to that notified.

 

(C)                               Definitive Notes not held in a
Clearing System - Block Voting Instruction

 

A
holder of a Note in definitive form which is not held in an account with any
Clearing System (not being a Note in respect of which a Voting Certificate has
been issued and is outstanding in respect of the meeting specified in such
Block Voting Instruction) may require a Paying Agent to issue a Block Voting
Instruction in respect of such Note by depositing such Note with such Paying
Agent or (to the satisfaction of such Paying Agent) by procuring that, not less
than 48 Hours before the time fixed for the relevant meeting, such Note is held
to the Paying Agent’s order or under its control, in each case on terms that no
such Note will cease to be so deposited or held until the first to occur of:

 

(a)                                  the conclusion of the meeting specified in such Block
Voting Instruction; and

 

(b)                                 the surrender to the Paying Agent, not less than 48
Hours before the time for which such meeting is convened, of the receipt issued
by such Paying Agent in respect of each such deposited or held Note which is to
be released or (as the case may require) the Note or Notes ceasing with the
agreement of the Paying Agent to be held to its order or under its control and
the giving of notice by the Paying Agent to the Issuer in accordance with
paragraph 3(f) hereof of the necessary amendment to the Block Voting
Instruction;

 

and
instructing the Paying Agent that the vote(s) attributable to the Note or
Notes so deposited or held should be cast in a particular way in relation to
the resolution or resolutions to be put to such meeting and that all such
instructions are, during the period commencing 48 Hours prior to the time for
which such meeting is convened and ending at the conclusion or adjournment
thereof, neither revocable nor capable of amendment.

 

(D)                               Global Notes and definitive Notes
held in a Clearing System - Block Voting Instruction

 

A
holder of a Note (not being a Note in respect of which a Voting Certificate has
been issued) represented by a Global Note or which is in definitive form and is
held in an account with any Clearing System may require the Principal Paying
Agent to issue a Block Voting Instruction

 

68

 

in
respect of such Note by first instructing the Clearing System through which
such holder’s interest in the Note is held to procure that the votes
attributable to such Note should be cast at the meeting in a particular way in
relation to the resolution or resolutions to be put to the meeting.  Any such instruction shall be given in
accordance with the rules of the Clearing System then in effect.  Subject to receipt by the Principal Paying
Agent of instructions from the Clearing System, no later than 24 Hours prior to
the time for which such meeting is convened, of notification of the principal
amount of the Notes in respect of which instructions have been given and the
manner in which the votes attributable to such Notes should be cast, the Principal
Paying Agent shall, without any obligation to make further enquiry, appoint a
proxy to attend the meeting and cast votes in accordance with such
instructions.

 

(E)                                 Each Block Voting Instruction, together (if so
requested by the Trustee) with proof satisfactory to the Trustee of its due
execution on behalf of the relevant Paying Agent shall be deposited by the
relevant Paying Agent at such place as the Trustee shall approve not less than
24 Hours before the time appointed for holding the meeting at which the proxy
or proxies named in the Block Voting Instruction proposes to vote, and in
default the Block Voting Instruction shall not be treated as valid unless the
Chairman of the meeting decides otherwise before such meeting proceeds to
business.  A copy of each Block Voting
Instruction shall be deposited with the Trustee before the commencement of the
meeting but the Trustee shall not thereby be obliged to investigate or be
concerned with the validity of or the authority of the proxy or proxies named in
any such Block Voting Instruction.

 

(F)                                 Any vote given in accordance with the terms of a Block
Voting Instruction shall be valid notwithstanding the previous revocation or
amendment of the Block Voting Instruction or of any of the instructions of the
relevant holder or the relevant Clearing System (as the case may be) pursuant
to which it was executed provided that no intimation in writing of such
revocation or amendment has been received from the relevant Paying Agent by the
Issuer at its registered office (or such other place as may have been required
or approved by the Trustee for the purpose) by the time being 24 Hours (in the
case of a Block Voting Instruction) or 48 Hours (in the case of a proxy) before
the time appointed for holding the meeting at which the Block Voting
Instruction is to be used.

 

5.                                      CONVENING OF MEETINGS, QUORUM AND
ADJOURNED MEETINGS

 

The
Issuer, the Guarantor or the Trustee may at any time, and the Issuer shall upon
a requisition in writing in the English language signed by the holders of not
less than ten per cent. in principal amount of the Notes for the time being
outstanding, convene a meeting and if the Issuer makes default for a period of
seven days in convening such a meeting the same may be convened by the Trustee
or the requisitionists.  Whenever the
Issuer or the Guarantor is about to convene any such meeting the Issuer or the
Guarantor, as the case may be, shall forthwith give notice in writing to the
Trustee of the day, time and place thereof and of the nature of the business to
be transacted thereat.  Every such
meeting shall be held at such time and place as the Trustee may appoint or
approve in writing.

 

6.                                       At least 21 Clear Days’ notice specifying the place,
day and hour of meeting shall be given to the holders prior to any meeting in
the manner provided by Condition 13 (Notices).  Such notice, which shall be in the English
language, shall state generally the nature of the business to be transacted at
the meeting thereby convened and, in the case of an Extraordinary Resolution,
shall either specify in such notice the terms of such resolution or state fully
the effect on the holders of such resolution, if passed. Such notice shall
include statements as to the manner in which holders may arrange for Voting
Certificates or Block Voting Instructions to be issued and, if applicable,
appoint proxies. A copy of the notice shall be sent by post to the Trustee
(unless the meeting is convened by the Trustee), to the Issuer (unless the
meeting is convened by the Issuer) and to the Guarantor (unless the meeting is
convened by the Guarantor).

 

69

 

7.                                       A person (who may but need not be a holder) nominated
in writing by the Trustee shall be entitled to take the chair at the relevant
meeting, but if no such nomination is made or if at any meeting the person
nominated shall not be present within 15 minutes after the time appointed for
holding the meeting the holders present shall choose one of their number to be
Chairman, failing which the Issuer may appoint a Chairman.  The Chairman of an adjourned meeting need not
be the same person as was Chairman of the meeting from which the adjournment
took place.

 

8.                                       At any such meeting one or more Eligible Persons
present and holding or representing in the aggregate not less than
one-twentieth of the principal amount of the Notes for the time being
outstanding shall (except for the purpose of passing an Extraordinary
Resolution) form a quorum for the transaction of business (including the
passing of an Ordinary Resolution) and no business (other than the choosing of
a Chairman) shall be transacted at any meeting unless the requisite quorum be
present at the commencement of the relevant business.  The quorum at any such meeting for passing an
Extraordinary Resolution shall (subject as provided below) be one or more
Eligible Persons present and holding or representing in the aggregate more than
50 per cent. in principal amount of the Notes for the time being outstanding
PROVIDED THAT at any meeting the business of which includes any of the
following matters (each of which shall, subject only to subclause 19.2 and clause
21, only be capable of being effected after having been approved by
Extraordinary Resolution) namely:

 

(i)                                     reduction or cancellation of the amount payable or,
where applicable, modification, except where such modification is in the
opinion of the Trustee bound to result in an increase, of the method of
calculating the amount payable or modification of the date of payment or, where
applicable, of the method of calculating the date of payment in respect of any
principal or interest in respect of the Notes;

 

(ii)                                  alteration of the currency in which payments under the
Notes and Coupons are to be made;

 

(iii)                               alteration of the majority required to pass an
Extraordinary Resolution;

 

(iv)                              the sanctioning of any such scheme or proposal or
substitution as is described in paragraphs 19(i) and (j); and

 

(v)                                 alteration of this proviso or the proviso to paragraph
9;

 

the
quorum shall be one or more Eligible Persons present and holding or
representing in the aggregate not less than two-thirds of the principal amount
of the Notes for the time being outstanding.

 

9.                                       If within 15 minutes (or such longer period not
exceeding 30 minutes as the Chairman may decide) after the time appointed for
any such meeting a quorum is not present for the transaction of any particular
business, then, subject and without prejudice to the transaction of the
business (if any) for which a quorum is present, the meeting shall if convened
upon the requisition of holders be dissolved. 
In any other case it shall stand adjourned to the same day in the next
week (or if such day is a public holiday the next succeeding business day) at
the same time and place (except in the case of a meeting at which an
Extraordinary Resolution is to be proposed in which case it shall stand
adjourned for such period, being not less than 13 Clear Days nor more than 42
Clear Days, and to such place as may be appointed by the Chairman either at or
subsequent to such meeting and approved by the Trustee).  If within 15 minutes (or such longer period
not exceeding 30 minutes as the Chairman may decide) after the time appointed
for any adjourned meeting a quorum is not present for the transaction of any
particular business, then, subject and without prejudice to the transaction of
the business

 

70

 

(if any) for which a quorum is present, the
Chairman may either (with the approval of the Trustee) dissolve such meeting or
adjourn the same for such period, being not less than 13 Clear Days (but
without any maximum number of Clear Days), and to such place as may be
appointed by the Chairman either at or subsequent to such adjourned meeting and
approved by the Trustee, and the provisions of this sentence shall apply to all
further adjourned such meetings.

 

10.                                 At any adjourned meeting one or more Eligible Persons
present (whatever the principal amount of the Notes so held or represented by
them) shall (subject as provided below) form a quorum and shall have power to
pass any resolution and to decide upon all matters which could properly have
been dealt with at the meeting from which the adjournment took place had the
requisite quorum been present PROVIDED THAT at any adjourned meeting the quorum
for the transaction of business comprising any of the matters specified in the
proviso to paragraph 8 shall be one or more Eligible Persons present and
holding or representing in the aggregate not less than one-third of the
principal amount of the Notes for the time being outstanding.

 

11.                                 Notice of any adjourned meeting at which an
Extraordinary Resolution is to be submitted shall be given in the same manner
as notice of an original meeting but as if 10 were substituted for 21 Clear
Days in paragraph 4 and such notice shall state the required quorum.  Subject as aforesaid it shall not be
necessary to give any notice of an adjourned meeting.

 

CONDUCT OF BUSINESS AT MEETINGS

 

12.                                 Every question submitted to a meeting shall be decided
in the first instance by a show of hands. 
A poll may be demanded (before or on the declaration of the result of
the show of hands) by the Chairman, the Issuer, the Guarantor, the Trustee or
any Eligible Person (whatever the amount of the Notes so held or represented by
him).

 

13.                                 At any meeting, unless a poll is duly demanded, a
declaration by the Chairman that a resolution has been carried or carried by a
particular majority or lost or not carried by a particular majority shall be
conclusive evidence of the fact without proof of the number or proportion of
the votes recorded in favour of or against such resolution.

 

14.                                 Subject to paragraph 15, if at any such meeting a poll
is so demanded it shall be taken in such manner and, subject as hereinafter
provided, either at once or after an adjournment as the Chairman directs and
the result of such poll shall be deemed to be the resolution of the meeting at
which the poll was demanded as at the date of the taking of the poll.  The demand for a poll shall not prevent the
continuance of the meeting for the transaction of any business other than the
motion on which the poll has been demanded.

 

15.                                 The Chairman may, with the consent of (and shall if
directed by) any such meeting, adjourn the same from time to time and from
place to place; but no business shall be transacted at any adjourned meeting
except business which might lawfully have been transacted at the meeting from
which the adjournment took place.

 

16.                                 Any poll demanded at any such meeting on the election
of a Chairman or on any question of adjournment shall be taken at the meeting
without adjournment.

 

17.                                 Any director or officer of the Trustee, its lawyers
and financial advisors, any director or officer of the Issuer or, as the case
may be, the Guarantor, their lawyers and financial advisors, any director or
officer of any of the Paying Agents and any other person authorised so to do by
the Trustee may attend and speak at any meeting.  Save as aforesaid, no person shall be
entitled to attend and speak nor shall any person be entitled to vote at any
meeting

 

71

 

unless
he is an Eligible Person.  No person
shall be entitled to vote at any meeting in respect of Notes which are deemed
to be not outstanding by virtue of the proviso to the definition of “outstanding”
in clause 1.

 

18.                                 At any meeting:

 

(a)                                  on a show of hands every Eligible Person present shall
have one vote; and

 

(b)                                 on a poll every Eligible Person present shall have one
vote in respect of each €1 or such other amount as the Trustee may in its
absolute discretion stipulate, in principal amount of the Notes held or
represented by such Eligible Person.

 

Without prejudice to the obligations of the
proxies named in any Block Voting Instruction, any Eligible Person entitled to
more than one vote need not use all his votes or cast all the votes to which he
is entitled in the same way.

 

19.                                 The proxies named in any Block Voting Instruction need
not be holders.  Nothing herein shall
prevent any of the proxies named in any Block Voting Instruction from being a
director, officer or representative of or otherwise connected with the Issuer
or the Guarantor.

 

20.                                 A meeting shall in addition to the powers hereinbefore
given have the following powers exercisable only by Extraordinary Resolution
(subject to the provisions relating to quorum contained in paragraphs 8 and 10)
namely:

 

(a)                                  Power to sanction any compromise or arrangement
proposed to be made between the Issuer, the Guarantor, the Trustee, any
Appointee and the holders and Couponholders or any of them.

 

(b)                                 Power to sanction any abrogation, modification,
compromise or arrangement in respect of the rights of the Trustee, any
Appointee, the holders, the Couponholders, the Issuer or the Guarantor against
any other or others of them or against any of their property whether such
rights arise under these presents or otherwise.

 

(c)                                  Power to assent to any modification of the provisions
of these presents which is proposed by the Issuer, the Guarantor, the Trustee or
any holder.

 

(d)                                 Power to give any authority or sanction which under
the provisions of these presents is required to be given by Extraordinary
Resolution.

 

(e)                                  Power to appoint any persons (whether holders or not)
as a committee or committees to represent the interests of the holders and to
confer upon such committee or committees any powers or discretions which the
holders could themselves exercise by Extraordinary Resolution.

 

(f)                                    Power to approve of a person to be appointed a trustee
and power to remove any trustee or trustees for the time being of these
presents.

 

(g)                                 Power to discharge or exonerate the Trustee and/or any
Appointee from all liability in respect of any act or omission for which the
Trustee and/or such Appointee may have become responsible under these presents.

 

(h)                                 Power to authorise the Trustee and/or any Appointee to
concur in and execute and do all such deeds, instruments, acts and things as
may be necessary to carry out and give effect to any Extraordinary Resolution.

 

72

 

(i)                                     Power to sanction any scheme or proposal for the
exchange or sale of the Notes for or the conversion of the Notes into or the
cancellation of the Notes in consideration of shares, stock, notes, bonds,
debentures, debenture stock and/or other obligations and/or securities of the
Issuer or any other company formed or to be formed, or for or into or in
consideration of cash, or partly for or into or in consideration of such
shares, stock, notes, bonds, debentures, debenture stock and/or other
obligations and/or securities as aforesaid and partly for or into or in
consideration of cash.

 

(j)                                     Power to approve the substitution of any entity for
the Issuer and/or the Guarantor (or any previous substitute) as principal debtor
and/or guarantor, as the case may be, under these presents.

 

21.                                 Any resolution passed at a meeting of the holders duly
convened and held in accordance with these presents shall be binding upon all
the holders whether or not present or whether or not represented at such
meeting and whether or not voting and upon all Couponholders and each of them
shall be bound to give effect thereto accordingly and the passing of any such
resolution shall be conclusive evidence that the circumstances justify the
passing thereof.  Notice of the result of
the voting on any resolution duly considered by the holders shall be published
in accordance with Condition 13 (Notices)
by the Issuer within 14 days of such result being known, PROVIDED THAT the
non-publication of such notice shall not invalidate such result.

 

22.                                 Minutes of all resolutions and proceedings at every
meeting shall be made and entered in books to be from time to time provided for
that purpose by the Issuer and any such minutes as aforesaid, if purporting to be
signed by the Chairman of the meeting at which such resolutions were passed or
proceedings transacted, shall be conclusive evidence of the matters therein
contained and, until the contrary is proved, every such meeting in respect of
the proceedings of which minutes have been made shall be deemed to have been
duly held and convened and all resolutions passed or proceedings transacted
thereat to have been duly passed or transacted.

 

23.                                 Subject to all other provisions of these presents the
Trustee may (after consultation with the Issuer and the Guarantor where the
Trustee considers such consultation to be practicable but without the consent
of the Issuer, the Guarantor, the holders or the Couponholders) prescribe such
further or alternative regulations regarding the requisitioning and/or the
holding of meetings and attendance and voting thereat as the Trustee may in its
sole discretion reasonably think fit (including, without limitation, the
substitution for periods of 24 Hours and 48 Hours referred to in this Schedule
of shorter periods).  Such regulations
may, without prejudice to the generality of the foregoing, reflect the
practices and facilities of any relevant Clearing System.  Notice of any such further or alternative
regulations may, at the sole discretion of the Trustee, be given to holders in
accordance with Condition 13 (Notices)
at the time of service of any notice convening a meeting or at such other time
as the Trustee may decide.

 

24.                                 The provisions of articles 86 to 94-8 the
Companies Act 1915  relating to the
meetings of holders of notes shall not apply to the Notes and the Coupons.

 

73

 

SCHEDULE 4

 

FORM OF AUTHORISED
SIGNATORIES’ CERTIFICATE

 

[ON THE HEADED PAPER OF THE [ISSUER/GUARANTOR]]

 

To:                              BNY Corporate Trustee Services Limited

40th Floor

One
Canada Square,

London

E14
5AL

 

[Date]

 

Dear
Sirs

 

Aon
Financial Services Luxembourg S.A. €500,000,000 6.25 per
cent. Guaranteed Notes due July 2014

 

This
certificate is delivered to you in accordance with Clause 14(f) of the
Trust Deed dated 1 July 2009 (the Trust
Deed) and made between Aon Financial Services Luxembourg S.A. (the Issuer), Aon Corporation (the Guarantor) and BNY Corporate Trustee
Services Limited (the Trustee).  All words and expressions defined in the
Trust Deed shall (save as otherwise provided herein or unless the context
otherwise requires) have the same meanings herein.

 

We
hereby certify that, to the best of our knowledge, information and belief
(having made all reasonable enquiries):

 

(a)                                  as at [  ](1),
no Change of Control Event, Event of Default or Potential Event of Default
existed [other than [  ]](2) and no Change of Control Event, Event of
Default or Potential Event of Default had existed at any time since [  ](3) [the certification date (as defined in
the Trust Deed) of the last certificate delivered under Clause 14(f)](4) [other
than [   ]];(5) and

 

(b)                                 from and including [  
](3) [the certification date of the last certificate delivered
under Clause 14(f)](4) to and including [  ](1), [the Issuer/the Guarantor] has complied
in all respects with its obligations under these presents (as defined in the
Trust Deed) [other than [  ]](6).

 

For
and on behalf of

 

[Issuer/Guarantor]

 

 

	
   

  	
   

  	
   

  
	
  Authorised Signatory

  	
   

  	
  [Authorised Signatory](7)

  

 

	
  (1)

  	
  Specify a date not more
  than 7 days before the date of delivery of the certificate.

  
	
  (2)

  	
  If any Event of Default or
  Potential Event of Default did exist, give details; otherwise delete.

  
	
  (3)

  	
  Insert date of Trust Deed
  in respect of the first certificate delivered under Clause
  14(f), otherwise delete.

  
	
  (4)

  	
  Include unless the
  certificate is the first certificate delivered under Clause
  14(f), in which case delete.

  
	
  (5)

  	
  If any Event of Default or
  Potential Event of Default did exist, give details; otherwise delete.

  
	
  (6)

  	
  If the [Issuer/Guarantor]
  has failed to comply with any obligation(s), give details; otherwise delete.

  
	
  (7)

  	
  Delete signature block if
  the certificate is to be delivered by the Guarantor.

  

 

74

 

SIGNATORIES

 

	
  EXECUTED as
  a DEED by

  	
   

  	
  )

  
	
  by
  AON FINANCIAL SERVICES

  	
  /s/
  Denis Regrain

  	
  )

  
	
  LUXEMBOURG S.A.

  	
  Denis
  Regrain

  	
  )

  
	
  acting
  by

  	
   

  	
  )

  
	
  acting
  under the authority

  	
   

  	
  )

  
	
  of
  that company, in the presence of:

  	
   

  	
  )

  

 

 

Witness’s
signature            /s/ Maurice Buyzen

 

Name                                      Maurice
Buyzen

 

Address                                 19, rue de
Bitbourg, BP593, L-1273, Luxembourg

 

 

	
  EXECUTED as
  a DEED by

  	
  /s/
  Paul Hagy

  	
  )

  
	
  AON CORPORATION

  	
  Paul
  Hagy, 

  	
  )

  
	
  acting
  by

  	
  Corporate
  Treasurer

  	
  )

  
	
  acting
  under the authority

  	
   

  	
  )

  
	
  of
  that company, in the presence of:

  	
   

  	
  )

  

 

 

Witness’s signature            /s/ Michele Welsh

 

Name                                      Michele
Welsh

 

Address                                 200
E. Randolph St., Chicago, IL  60601

 

 

	
  EXECUTED
  as a DEED by

  	
   

  	
  )

  
	
  BNY CORPORATE TRUSTEE SERVICES

  	
   

  	
  )

  
	
  LIMITED

  	
   

  	
  )

  
	
  acting
  by two of its lawful Attorneys:

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attorney

  	
   /s/ Melissa Laidley

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attorney

  	
   /s/ Michael Lee

  	
   

  	
   

  
					

 

in
the presence of:

 

 

Witness’s
signature            /s/ Amy Bowley

 

Name                                      Amy Bowley

 

Address                                 The Bank of New
York Mellon, London E14 5AL

 

75

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