Document:

Exhibit 4.1

 

 

 

THE INTERPUBLIC GROUP OF COMPANIES, INC.

 

and

 

SUNTRUST BANK

 

Trustee

 

 

First Supplemental Indenture

 

Dated as of November 18, 2004

 

to the Senior
Debt Indenture dated as of November 12, 2004

 

 

 

Creating a series of Securities designated

 

5.40% Notes Due 2009

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1

  	
  1

  
	
  DEFINITIONS
  AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
  1

  
	
  Section 1.01

  	
  Provisions of the Base Indenture

  	
  1

  
	
  Section 1.02.

  	
  Definitions

  	
  2

  
	
   

  	
   

  
	
  ARTICLE 2

  	
  5

  
	
  GENERAL TERMS
  AND CONDITIONS OF THE NOTES

  	
  5

  
	
  Section 2.01.

  	
  Creation of Series; Establishment of Form

  	
  5

  
	
  Section 2.02.

  	
  Optional Redemption by the Company

  	
  6

  
	
  Section 2.03.

  	
  Payment of Principal or Interest

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  8

  
	
  GLOBAL
  SECURITIES

  	
  8

  
	
  Section 3.01

  	
  Form

  	
  8

  
	
  Section 3.02.

  	
  Transfer

  	
  8

  
	
  Section 3.03.

  	
  Notes in Certificated Form

  	
  8

  
	
   

  	
   

  
	
  ARTICLE 4

  	
  9

  
	
  RANKING

  	
  9

  
	
  Section 4.01.

  	
  Senior in Right of Payment

  	
  9

  
	
   

  	
   

  
	
  ARTICLE 5

  	
  10

  
	
  MISCELLANEOUS

  	
  10

  
	
  Section 5.01.

  	
  Integral Part

  	
  10

  
	
  Section 5.02.

  	
  Adoption, Ratification and Confirmation

  	
  10

  
	
  Section 5.03.

  	
  Counterparts

  	
  10

  
	
  Section 5.04.

  	
  Governing Law

  	
  10

  
	
  Section 5.05.

  	
  Conflict of Any Provision of Indenture
  with Trust Indenture Act

  	
  10

  
	
  Section 5.06.

  	
  Effect of Headings

  	
  10

  
	
  Section 5.07.

  	
  Severability of Provisions

  	
  10

  
	
  Section 5.08.

  	
  Successors and Assigns

  	
  10

  
	
  Section 5.09.

  	
  Benefit of Indenture

  	
  10

  
	
  Section 5.10.

  	
  Acceptance by Trustee

  	
  10

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Notes

  	
  A-F-1

  

 

i

 

FIRST
SUPPLEMENTAL INDENTURE, dated as of November 18, 2004, between THE INTERPUBLIC GROUP OF COMPANIES, INC., a
Delaware corporation (the “Company”) and SUNTRUST BANK, a Georgia banking corporation,
as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Senior Debt
Indenture, dated as of November 12,
2004 (the “Base Indenture”), providing for the issuance from time to
time of its senior unsecured debentures, notes or other evidences of
indebtedness (the “Securities”), to be issued in one or more series as
provided in the Base Indenture;

 

WHEREAS,
Section 9.01(7) of the Base Indenture provides that the Company and the Trustee
may from time to time enter into one or more indentures supplemental thereto to
establish the form or terms of Securities of a new series;

 

WHEREAS,
Section 3.01 of the Base Indenture provides that the Company may enter
into supplemental indentures to establish the terms and provisions of a series
of Securities issued pursuant to the Base Indenture;

 

WHEREAS,
the Company, pursuant to the foregoing authority, proposes in and by this First
Supplemental Indenture (the “Supplemental Indenture” and, together with
the Base Indenture, the “Indenture”) to supplement the Base Indenture in
so far as it will apply only to a series of Securities to be known as the
Company’s “5.40% Notes due 2009” (the “Notes”) issued hereunder (and not
to any other series);

 

WHEREAS,
the Company has duly authorized the execution and delivery of this Supplemental
Indenture to establish the Notes as a series of Securities under the Base
Indenture and to provide for, among other things, the issuance of and the form
and terms of the Notes for purposes of the Notes and the Holders thereof; and

 

WHEREAS,
all things necessary have been done to make the Notes, when executed by the
Company and authenticated and delivered hereunder and duly issued by the
Company, the valid obligations of the Company, and to make this Supplemental
Indenture a valid agreement of the Company, in accordance with their and its
terms.

 

NOW,
THEREFORE, for and in consideration of the premises and the purchase and
acceptance of the Notes by the Holders thereof, it is mutually covenanted and
agreed, for the equal and ratable benefit of the Holders of the Notes, as
follows:

 

ARTICLE 1

DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION

 

SECTION
1.01.                 Provisions of the Base Indenture.

 

Except insofar as herein otherwise expressly provided,
all the definitions, provisions, terms and conditions of the Base Indenture
shall remain in full force and effect. 
The Base Indenture, as amended and supplemented by this Supplemental
Indenture, is in all respects

 

 

ratified and confirmed, and the Base Indenture and this Supplemental
Indenture shall be read, taken and considered as one and the same instrument
for all purposes and every Holder of Notes authenticated and delivered under
the Base Indenture shall be bound hereby.

 

SECTION
1.02.                 Definitions.  For all purposes of the Indenture relating to
the series of Securities (consisting of the Notes) created hereby, except as
otherwise expressly provided or unless the subject matter or context otherwise
requires:

 

(1)  unless the context
otherwise requires, any reference to an “Article” or a “Section” refers to an
Article or Section, as the case may be, of this Supplemental Indenture;

 

(2)  the terms defined in
this Article have the meanings assigned to them in this Article and include the
plural as well as the singular;

 

(3)  each capitalized term
that is used in this Supplemental Indenture but not defined herein shall have
the meaning specified in the Base Indenture;

 

(4)  all other terms used herein which are defined
in the Trust Indenture Act, either directly or by reference therein, or defined
by the rules of the Securities and Exchange Commission and not otherwise
defined herein, have the meanings assigned to them therein;

 

(5)  all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance
with GAAP;

 

(6)  the word “including”
(and with correlative meaning “include”) means including, without limiting the
generality of, any description preceding such term; and

 

(7)  the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to the Indenture as a whole and not to
any particular Article, Section or other subdivision.

 

“Affiliate” of any specified Person means any
other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Authenticating Agent” means any Person
authorized by the Trustee to act on behalf of the Trustee to authenticate
Notes.

 

“Base Indenture” has the meaning provided in
the recitals.

 

“Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
in New York, New York are authorized or obligated by law or executive order to
close.

 

“Company” has the meaning provided in the
recitals.

 

2

 

“Company Order” or “Company Request”
means a written order or request signed in the name of the Company by any two
Officers, at least one of whom must be its Chairman of the Board, its
President, its Chief Financial Officer, its Chief Accounting Officer, its
Treasurer, an Assistant Treasurer or its Controller, and delivered to the
Trustee.

 

“Corporate Trust Office” means the office of
the Trustee at which at any particular time its corporate trust business shall
be principally administered, which office at the date hereof is located at 25
Park Place, 24th Floor, Atlanta, Georgia 30303-2900; Attn: Corporate
Trust Division.

 

“Default” means any event which is, or after
notice or passage of time or both would be, an Event of Default.

 

“Defaulted Interest” has the meaning specified
in Section 2.03(3)(b).

 

“Depositary” shall mean the Depository Trust Company
or any successor thereto.

 

“Dollars” and “$” means the lawful money
of the United States of America.

 

“GAAP” means such accounting principles as are
generally accepted in the United States of America on the date or time of any
computation required hereunder.

 

“Global Securities” means with respect to the
Notes issued hereunder, a global note which is executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction, all in accordance with this Supplemental Indenture,
which shall be registered in the name of the Depositary or its nominee and
which shall represent, and shall be denominated in an amount equal to the
aggregate Principal Amount of, all of the outstanding Notes or any portion
thereof.

 

“Holder” means a Person in whose name a Note is
registered in the Security Register.

 

“Indenture” has the meaning provided in the
recitals.

 

“Interest Payment Date” means May 15 and
November 15 of each year.

 

“Maturity” means the date on which the
principal of the Notes becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by call for redemption or otherwise.

 

“Notes” has the meaning provided in the
recitals.

 

“Officers’ Certificate”
means a certificate signed by any two Officers of the Company, at least one of
whom must be its Chairman of the Board, its President, its Chief Financial
Officer, its Chief Accounting Officer, its Treasurer or its Controller, and
delivered to the Trustee.

 

3

 

“Opinion of Counsel”
means a written opinion of counsel, who may be an employee of, or counsel for,
the Company, and who shall be reasonably acceptable to the Trustee.

 

“Paying Agent” means any
Person authorized by the Company to pay the principal or interest on any Notes
on behalf of the Company.  The Company or
a Subsidiary or an Affiliate of the Company may act as Paying Agent with
respect to any Notes issued hereunder.

 

“Person” means any
individual, corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

 

“Predecessor Security” of
any particular Security means every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security and, for
the purposes of this definition, any Security authenticated and delivered under
Section 4.01 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Principal”, “Principal Amount” or “principal”
of a Note means the principal of the Note.

 

“Redemption Date” when used with respect to any
Note to be redeemed, means the date fixed for such redemption by or pursuant to
this Supplemental Indenture.

 

“Redemption Price” when used with respect to
any Note to be redeemed, means the price at which it is to be redeemed pursuant
to this Supplemental Indenture.

 

“Regular Record Date” means May 1 or November 1
(whether or not a Business Day).

 

“Securities” has the meaning specified in the
recitals.

 

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

 

“Stated Maturity” means November 15, 2009.

 

“Supplemental Indenture” has the meaning
provided in the recitals.

 

“Trustee” has the meaning provided in the
recitals and, subject to the provisions of Article 6 of the Base Indenture, any
successor to that person.

 

4

 

ARTICLE 2

GENERAL TERMS AND CONDITONS OF THE NOTES

 

SECTION
2.01.                 Creation of Series; Establishment of Form.  In accordance with Section 3.01 of the Base
Indenture, there is hereby created a series of Securities under the Indenture
entitled “5.40% Notes Due 2009”.

 

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

 

(2)  The Trustee shall authenticate or deliver the
Notes for original issue in an initial aggregate principal amount of
$250,000,000 upon a Company Order for the authentication and delivery of the
Notes.  The Company may from time to time
issue additional Notes in accordance with Section 3.01 of the Base
Indenture.  The Notes issued originally
hereunder, together with any additional Notes subsequently issued, shall be
treated as a single class for purposes of the Indenture.

 

(3)  The aggregate Principal Amount of the Notes
shall be due and payable at the Stated Maturity unless earlier repaid in
accordance with this Supplemental Indenture. 
The Stated Maturity of the Notes shall be November 15, 2009.

 

(4)  The outstanding Principal Amount of the Notes
shall bear interest at the rate of 5.40% per annum, from November 18, 2004 or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for, as the case may be, payable semiannually in arrears on May
15 and November 15 of each year, commencing on May 15, 2005, and at Maturity,
to the Persons in whose names the Notes are registered at the close of business
on the Regular Record Date, until the principal thereof is paid or made
available for payment.  Interest on the
Notes will be computed on the basis of a 360-day year or twelve 30-day months.

 

(5)  If any Interest Payment Date, Redemption Date
or Maturity date is not a Business Day, the payment of principal or and
interest, as applicable, will be made on the next succeeding Business Day.  No interest will accrue on the amount so
payable for the period from such Interest Payment Date, Redemption Date or
Maturity date, as the case may be, to the next succeeding business day.

 

(6)  All amounts payable in connection with the
Notes shall be denominated and payable in the lawful currency of the United
States.

 

(7)  The Notes shall be payable and may be
presented for registration of transfer and exchange, without service charge, at
the office of the Company maintained for such purpose in the State of New York,
City of New York, Borough of Manhattan, which shall initially be the office or
agency of the Trustee.

 

(8)  The Company may appoint and change any Paying
Agent, Security Registrar or co-registrar without notice, other than notice to
the Trustee, except that the Company will maintain at least one Paying Agent in
the State of New York, City of New York, Borough of Manhattan. The Company
shall enter into an appropriate agency agreement with any agent not a party to
the Indenture.  The agreement shall
implement the provisions of the Indenture that relate to such

 

5

 

agent.  The Company shall give prompt written notice
to the Trustee of the name and address of any such agent and any change in the
address of such agent.  If the Company
fails to maintain a Paying Agent, Security Registrar and/or agent for service
of notices and demands, the Trustee shall act as such Paying Agent, Security
Registrar or agent for service of notices and demands.  The Company may remove any Paying Agent or
Security Registrar upon written notice to such Paying Agent or Security
Registrar and the Trustee; provided that
no such removal shall become effective until (i) the acceptance of an
appointment by a successor Paying Agent or Security Registrar as evidenced by
an appropriate agency agreement entered into by the Company and such successor
and delivered to the Trustee or (ii) notification to the Trustee that the
Trustee shall serve as such Paying Agent or Security Registrar until the appointment
of a successor agent in accordance with clause (i) of this proviso.  The Company or any of its Subsidiaries or any
of their Affiliates may act as Paying Agent, Security Registrar or
co-registrar.

 

(9)  Article 12 of the Base Indenture shall have
no force or effect in respect of, or application to, the Notes.

 

(10)                            The
Indenture is hereby amended, with respect to the Notes only, by replacing the
words, “other than the Securities of such series” with the words “other than
the 5.40% Notes due 2009” in paragraph (5) of Section 5.01.

 

SECTION
2.02.                 Optional Redemption by the Company.

 

(1)  Right to Redeem; Notice to Trustee and
Paying Agent.  The Company, at its
option, may redeem the Notes in accordance with the provisions of paragraphs 5
and 6 of the Notes.  If the Company
elects to redeem Notes pursuant to paragraph 5 of the Notes, it shall notify
the Trustee and Paying Agent in writing of the Redemption Date, the Principal
Amount of Notes to be redeemed, the Redemption Price and the amount of interest
(if any) payable on the Redemption Date. 
The Company shall give the notice to the Trustee and Paying Agent
provided for in this Section 2.02(1) at least 30 days but not more than 60 days
before the Redemption Date.

 

(2)  Less Than All Outstanding Notes to Be Redeemed.  If less than all of the outstanding Notes are
to be redeemed, the Paying Agent shall select the Notes to be redeemed in
Principal Amounts of $2,000 or integral multiples thereof.  In the case that the Paying Agent shall
select the Notes to be redeemed, the Paying Agent may effectuate such selection
by lot, pro rata, or by any other method that the Paying Agent considers fair
and appropriate.

 

(3)  Notice of Redemption. At least 30 days
but not more than 60 days before a Redemption Date, the Company shall mail or
cause to be mailed a notice of redemption by first-class mail to the Trustee,
the Paying Agent and each Holder of Notes to be redeemed at such Holder’s
address as it appears on the Note register.

 

The notice shall identify the Notes to be redeemed and
shall state:

 

(a)                                  the Redemption Date;

 

(b)                                 the Redemption Price and, to the extent known at the time of
such notice, the amount of interest (if any) payable on the Redemption Date;

 

6

 

(c)                                  the name and address of the Paying Agent;

 

(d)                                 that Notes called for redemption must be presented and
surrendered to the Paying Agent to collect the Redemption Price and interest,
if any;

 

(e)                                  that,
unless the Company defaults in making payment of such Redemption Price,
interest on the Notes called for redemption will cease to accrue on and after
the Redemption Date, and the only remaining right of the Holder will be to
receive payment of the Redemption Price upon presentation and surrender to the
Paying Agent of the Notes;

 

(f)                                    if fewer than all the outstanding Notes are to be redeemed,
the certificate number and the Principal Amount of the particular Notes to be
redeemed; and

 

(g)                                 the CUSIP and ISIN number or numbers for the Notes called
for redemption.

 

At the Company’s request, the Paying Agent shall give
the notice of redemption in the Company’s name and at the Company’s expense.

 

(4)  Effect of Notice of Redemption.  Once notice of redemption is mailed, Notes
called for redemption become due and payable on the Redemption Date and at the
Redemption Price.  Upon presentation and
surrender to the Paying Agent, Notes called for redemption shall be paid at the
Redemption Price.

 

(5)  Sinking Fund.  There shall be no sinking fund provided for
the Notes.

 

(6)  Deposit of Redemption Price.  On or before 10:00 a.m. (New York City time)
on the Redemption Date, the Company shall deposit with the Paying Agent (or, if
the Company or a Subsidiary or an Affiliate of the Company is acting as the
Paying Agent, shall segregate and hold in trust) an amount of money sufficient
to pay the aggregate Redemption Price of, and any accrued and unpaid interest
(if any) with respect to, all the Notes to be redeemed on that date other than
the Notes or portions thereof called for redemption which on or prior thereto
have been delivered by the Company to the Security Registrar for
cancellation.  If such money is then held
by the Company or a Subsidiary or an Affiliate in trust and is not required for
such purpose, it shall be discharged from such trust.

 

SECTION
2.03.                 Payment of Principal or Interest.

 

(1)  Payments.  Payments of principal and interest on the
Notes shall be made in the manner provided for in the Notes.

 

(2)  Holder Lists.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of Holders.  If the
Trustee is not the Security Registrar, the Company shall furnish, or cause the
Security Registrar to furnish, to the Trustee, in writing at least five
Business Days before each Interest Payment Date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders.

 

7

 

(3)  Payment of Interest; Interest Rights
Preserved.

 

(a)                                  Semiannual
interest on any Notes that is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name
such Notes are registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such
purpose. Each installment of semiannual interest on any Notes shall be paid in
same-day funds by transfer to an account maintained by the payee located inside
the United States.

 

(b)                                 Except
as otherwise specified with respect to the Notes, any semiannual interest on
any Notes that is payable, but is not punctually paid or duly provided for,
within 30 days following any applicable payment date (herein called “Defaulted
Interest”, which term shall include any accrued and unpaid interest that
has accrued on such defaulted amount in accordance with paragraph 1 of the
Notes), shall forthwith cease to be payable to the registered Holder thereof on
the relevant Regular Record Date, by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided for in the Notes.

 

(c)                                  Subject
to the foregoing provisions of this Section 2.03 and Section 3.05 of the Base
Indenture, Notes delivered under this Supplemental Indenture upon registration
of transfer of or in exchange for or in lieu of any other Notes shall carry the
rights to semiannual interest accrued and unpaid, and to accrue interest, which
were carried by such other Notes.

 

ARTICLE 3

 

GLOBAL SECURITIES

 

SECTION
3.01.                 Form.  The Notes shall initially be issued in the form of one or more
Global Securities.  The Company shall
execute and the Trustee or the Authenticating Agent shall authenticate and
deliver such Global Security or Securities in the manner provided for in
Article 2 of the Indenture.

 

SECTION
3.02.                 Transfer.  Notwithstanding
any other provisions herein, unless the terms of a Global Security expressly
permit such Global Security to be exchanged in whole or in part for  Notes in certificated form, a Global Security
may be transferred, in whole but not in part and in the manner provided in
Section 3.05 of the Base Indenture, only to a nominee of the Depositary for
such Global Security, or to the Depositary, or a successor Depositary for such
Global Security selected or approved by the Company, or to a nominee of such
successor Depositary.

 

SECTION
3.03.                 Notes in Certificated Form.  (1)  If
at any time the Depositary for a Global Security notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or if
at any time the Depositary for the Notes ceases to be a clearing agency
registered under the Exchange Act or other applicable statute or regulation,
the Company shall appoint a successor Depositary with respect to such Global
Security.  If a successor Depositary for
such Global Security is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the
Company shall execute, and the Trustee or the Authenticating Agent, upon
receipt of a written request by

 

8

 

the
Company for the authentication and delivery of Notes in certificated form in
exchange for such Global Security, shall authenticate and deliver, Notes in
certificated form in an aggregate Principal Amount equal to the outstanding
Principal Amount of the Global Security in exchange for such Global Security.

 

(2)  The Company may at any time and in its sole
discretion determine that the Notes or portion thereof issued or issuable in
the form of one or more Global Securities shall no longer be represented by
such Global Security or Securities.  In such
event the Company shall execute, and the Trustee or the Authenticating Agent,
upon receipt of a written request by the Company for the authentication and
delivery of Notes in certificated form in exchange in whole or in part for such
Global Security, shall authenticate and deliver Notes in certificated form in
an aggregate Principal Amount equal to the outstanding Principal Amount of such
Global Security or Securities representing such series or portion thereof in
exchange for such Global Security or Securities.

 

(3)  If specified by the Company with respect to
Notes issued or issuable in the form of a Global Security, the Depositary for
such Global Security may surrender such Global Security in exchange in whole or
in part for Notes in certificated form on such terms as are acceptable to the
Company and such Depositary.  Thereupon
the Company shall execute, and the Trustee or the Authenticating Agent shall
authenticate and deliver, without service-charge, (a) to each Person specified
by such Depositary a new Note or Notes of any authorized denomination as
requested by such Person in an aggregate principal amount equal to and in
exchange for such Person’s beneficial interest in the Global Security; and (b)
to such Depositary a new Global Security in an authorized denomination equal to
the difference, if any, between the Principal Amount of the surrendered Global
Security and the aggregate Principal Amount of Notes delivered to the Holders
thereof.

 

In any exchange provided for in any of the preceding
three paragraphs, the Company shall execute and the Trustee or the
Authenticating Agent shall authenticate and deliver Notes in certificated form
in authorized denominations.  Upon the
exchange of the entire principal amount of a Global Security for Notes in certificated
form, such Global Security shall be canceled by the Trustee or the Security
Registrar.  Except as provided in the
preceding paragraph, Notes issued in exchange for a Global Security pursuant to
this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee or the Security Registrar. 
The Trustee or the Security Registrar shall deliver such Notes to the
Persons in whose names such Notes are so registered.

 

ARTICLE 4

RANKING

 

SECTION
4.01.                 Senior in Right of Payment.  The Notes shall be direct senior obligations
of the Company and shall rank (a) senior in right of payment to all existing
and future indebtedness that is, by its terms, expressly subordinated in right
of payment to the Notes and (b) pari passu
in right of payment with all other unsecured senior indebtedness of the Company.  The
Notes are not guaranteed.

 

9

 

ARTICLE 5

MISCELLANEOUS

 

SECTION
5.01.                 Integral Part.  This Supplemental Indenture constitutes an
integral part of the Base Indenture with respect to the Notes only.

 

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

 

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

 

SECTION
5.04.                 Governing Law.  THE INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE CONFLICTS OF LAW RULES OF SAID STATE.

 

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

 

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

 

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

 

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

 

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

 

SECTION
5.10.                 Acceptance by Trustee.  The Trustee accepts the amendments to the
Base Indenture effected by this Supplemental Indenture and agrees to execute
the trusts created by the Base Indenture as hereby amended, but only upon the
terms and conditions set forth in this Supplemental Indenture and the Base
Indenture.  Without limiting the
generality of

 

10

 

the foregoing, the Trustee assumes no responsibility
for the correctness of the recitals contained herein, which shall be taken as
the statements of the Company and except as provided in the Indenture the
Trustee shall not be responsible or accountable in any way whatsoever for or
with respect to the validity or execution or sufficiency of this Supplemental
Indenture and the Trustee makes no representation with respect thereto.  All rights, protections, privileges,
indemnities and benefits granted or afforded to the Trustee under the Indenture
shall be deemed incorporated herein by this reference and shall be deemed
applicable to all actions taken, suffered or omitted by the Trustee under this
Supplemental Indenture.

 

11

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, and their respective corporate
seals to be hereunto affixed and attested, all as of the day and year first
above written.

 

	
   

  	
  THE INTERPUBLIC GROUP OF COMPANIES,

  INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/

  	
  Ellen Johnson

  	
   

  	 

	
   

  	
  Name:

  	
  Ellen Johnson

  	 

	
   

  	
  Title:

  	
  Senior Vice President and Treasurer

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  Attest:

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  /s/

  	
  Nicholas J. Camera

  	
   

  	
   

  
	
  Name:

  	
  Nicholas J. Camera

  	
   

  	 

	
  Title:

  	
  Senior Vice President, General Counsel

  and Secretary

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  SUNTRUST BANK

  	 

	
   

  	
  as Trustee

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ 

  	
  George T. Hogan

  	
   

  	 

	
   

  	
  Name:

  	
  George T. Hogan

  	 

	
   

  	
  Title:

  	
  Vice President

  	 

										

 

 

EXHIBIT A

 

[FORM OF FACE OF GLOBAL
SECURITY]

 

THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE INTERPUBLIC GROUP OF
COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS SECURITY OR ANY PORTION HEREOF
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER
THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

A-F-1

 

THE
INTERPUBLIC GROUP OF COMPANIES, INC.

 

5.40% NOTES DUE 2009

 

	
  No. A-1

  	
  CUSIP No.: 460690 AU 4

  
	
   

  	
  ISIN No.: US460690AU47

  

 

The Interpublic Group of Companies, Inc., a
corporation duly organized and existing under the laws of Delaware (herein
called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to ________________ or registered assigns, on November 15, 2009
the principal sum of _________ Dollars ($_______________) and to pay interest
thereon from ___________________ or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semiannually on May 15
and November 15 in each year, commencing May 15, 2005, at the rate of 5.40% per annum, until the principal hereof
is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the May 1 or November 1
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date.

 

Payment of the principal of (and premium, if any) and
interest on this Security will be made at the office or agency of the Company
maintained for that purpose in the State of New York, City of New York, Borough
of Manhattan, in dollars; provided, however, that at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

 

So long as all of the Securities of this series are
represented by Securities in global form, the principal of (and premium, if any)
and interest on this global Security shall be paid in same day funds to the
Depositary, or to such name or entity as is requested by an authorized
representative of the Depositary.  If at
any time the Securities of this series are no longer represented by global
Securities and are issued in definitive certificated form, then the principal
of (and premium, if any) and interest on each certificated Security at Maturity
shall be paid in same day funds to the Holder upon surrender of such
certificated Security at the Corporate Trust Office of the Trustee, or at such
other place or places as may be designated in or pursuant to the Indenture; provided that such certificated Security is surrendered to
the Trustee, or at such other place or places as may be designated in or
pursuant to the Indenture; provided that
such certificated Security is surrendered to the Trustee, acting as Paying
Agent, in time for the Paying Agent to make such payments in such funds in
accordance with its normal

 

A-F-2

 

procedures.  Payments of interest with respect to such
certificated Securities other than at Maturity may, at the option of the
Company, be made by check mailed to the address of the Person entitled thereto
as it appears on the Security Register on the relevant Regular or Special
Record Date or by wire transfer in same day funds to such account as may have
been appropriately designated to the Paying Agent by such Person in writing not
later than such relevant Regular or Special Record Date.

 

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

 

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

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.

 

	
   

  	
  THE INTERPUBLIC GROUP
  OF COMPANIES,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice
  President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Secretary

  

 

 

	
  Dated:    November
  18, 2004

  	
   

  
	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE
  OF

  	
   

  
	
  AUTHENTICATION

  	
   

  
	
   

  	
   

  
	
  This is one of the Notes

  described in the within-

  mentioned Indenture and

  Supplemental Indenture.

  	
   

  
	
   

  	
   

  
	
  SUNTRUST BANK, as
  Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  	
   

  

 

A-F-3

 

[FORM OF REVERSE SIDE OF GLOBAL
SECURITY]

 

THE
INTERPUBLIC GROUP OF COMPANIES, INC.

 

5.40% NOTES
DUE 2009

 

1.                                       INTEREST

 

THE INTERPUBLIC GROUP OF COMPANIES, INC., a Delaware
corporation (the “Company”), promises to pay interest on the outstanding
Principal Amount of this Note at the rate of 5.40% per annum from November 18,
2004 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, until Maturity.  The Company shall pay interest semiannually
in arrears on May 15 and November 15 of each year, commencing on May 15, 2005,
and at Maturity, to the Persons in whose names the Notes are registered at the
close of business on the Regular Record Date, until the principal thereof is
paid or made available for payment. 
Interest on the Notes shall be computed on the basis of a 360-day year
of twelve 30-day months.

 

If any Interest Payment Date, Redemption Date or
Maturity date is not a Business Day, the payment of principal and interest, as
applicable, will be made on the next succeeding Business Day.  No interest will accrue on the amount so
payable for the period from such Interest Payment Date, Redemption Date or
Maturity date, as the case may be, to the date payment is made.

 

2.                                       METHOD
OF PAYMENT

 

Subject to the terms and conditions of the Indenture,
the Company shall make payments in respect of the Notes to the Persons who are
registered Holders of Notes at the close of business on the Business Day
preceding the Redemption Date or Maturity date, as the case may be.  Holders must surrender Notes to a Paying
Agent to collect such payments in respect of the Notes.  The Company shall pay cash amounts in money
of the United States that at the time of payment is legal tender for payment of
public and private debts.  However, the
Company may make such cash payments by check payable in such money.

 

3.                                       PAYING
AGENT AND SECURITY REGISTRAR

 

Initially, SunTrust Bank, a national banking
association (the “Trustee”), shall act as Paying Agent and Security Registrar.  The Company may appoint and change any Paying
Agent and Security Registrar or co-registrar without notice, other than notice
to the Trustee except that the Company will maintain at least one Paying Agent
in the State of New York, City of New York, Borough of Manhattan, which shall
initially be an office or agency of the Trustee.  The Company or any of its Subsidiaries or any
of their Affiliates may act as Paying Agent, Security Registrar or
co-registrar.

 

A-R-1

 

4.                                       INDENTURE

 

This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under a Senior Debt Indenture, dated as of
November 12, 2004 (the “Base
Indenture”), as supplemented by the First Supplemental Indenture thereto,
dated as of November 18, 2004
(the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), between the Company and the Trustee.  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  Reference is hereby made to the Indenture for
a statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered.  The terms,
conditions and provisions of the Notes are those stated in the Indenture, those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended, and those set forth in the Notes.

 

The Notes are general unsecured obligations of the
Company issued in an aggregate Principal Amount of $250,000,000.

 

5.                                       OPTIONAL
REDEMPTION

 

No sinking fund is provided for the Notes.  The Notes are redeemable in whole or in part,
at any time at the option of the Company at the Redemption Price, which shall
be equal to the greater of:

 

(i) 100% of the aggregate principal amount of the
Notes to be redeemed; or

 

(ii) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (not including any portion
of such payments of interest accrued as of the Redemption Date) discounted to
the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Adjusted Treasury Rate, plus 25 basis points,
each as calculated by an Independent Investment Banker,

 

plus,
in either of the above cases, accrued and unpaid interest thereon to the
Redemption Date.

 

“Adjusted Treasury Rate” means, with respect to
any Redemption Date:

 

•                  the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Remaining Life, yields for the two
published maturities most closely corresponding to the Comparable Treasury
Issue shall be determined and the Adjusted Treasury Rate shall be interpolated
or extrapolated from such yields on a straight line basis, rounding to the
nearest month); or

 

A-R-2

 

•                  if
such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.

 

The Adjusted Treasury Rate shall be calculated on the
third business day preceding the Redemption Date.

 

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

 

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

 

“Independent Investment Banker” means any
Reference Treasury Dealer appointed by the Trustee after consultation with the
Company.

 

“Reference Treasury Dealer” means:

 

•                  each
of Citigroup Global Markets Inc., UBS Securities LLC and J.P. Morgan Securities
Inc., and their respective successors; provided
that, if any of the foregoing ceases to be a primary U.S. Government securities
dealer in the United States (a “Primary Treasury Dealer”), the Company will
substitute another Primary Treasury Dealer; and

 

•                  any other Primary Treasury Dealer selected by the Company.

 

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

 

With respect to all Notes or portions thereof to be
redeemed as of a Redemption Date, the Holders of such Notes (or portions
thereof) shall be entitled, without duplication, to receive accrued and unpaid
interest (if any) with respect thereto, which interest shall be paid in cash on
the Redemption Date.

 

A-R-3

 

6.                                       NOTICE
OF REDEMPTION AT THE OPTION OF THE COMPANY

 

Notice of redemption at the option of the Company
shall be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at the Holder’s
registered address.  If money sufficient
to pay the Redemption Price of all Notes (or portions thereof) to be redeemed
on the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, on and after such date interest shall cease to accrue on such
Notes or portions thereof.  Notes in
denominations larger than $2,000 may be redeemed in part but only in integral
multiples of $2,000.  On or after the
Redemption Date interest will cease to accrue on Notes or portions thereof
called for redemption.

 

7.                                       RANKING

 

The Notes shall be direct senior obligations of the
Company and shall rank senior in right of payment to all existing and future
indebtedness that is, by its terms, expressly subordinated in right of payment
to the Notes and pari passu in right of payment
with all other unsecured senior indebtedness of the Company.  The
Notes are not guaranteed.

 

8.                                       DEFAULTED
INTEREST

 

Except as otherwise specified with respect to the
Notes, any Defaulted Interest on any Note shall forthwith cease to be payable
to the registered Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest may be paid by the
Company as provided for in Section 3.07 of the Indenture.

 

9.                                       DENOMINATIONS;
TRANSFER; EXCHANGE

 

The Notes are in registered form, without coupons, in
denominations of $2,000 of Principal Amount and multiplies of $2,000.  A Holder may transfer Notes in accordance
with the Indenture.  The Security Registrar
may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture.  The Security
Registrar need not transfer or exchange any Notes selected for redemption
(except, in the case of a Note to be redeemed in part, the portion of the Note
not to be redeemed) for a period of 15 days before any selection of Notes to be
redeemed.

 

10.                                 PERSONS
DEEMED OWNERS

 

The registered Holder of this Note may be treated as
the owner of this Note for all purposes.

 

11.                                 UNCLAIMED
MONEY OR PROPERTY

 

The Trustee and the Paying Agent shall return to the
Company upon written request any money or property held by them for the payment
of any amount with respect to the Notes that remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent,
before being required to make any such return, shall at the expense of the
Company cause to be published once in a newspaper of general circulation in The
City of New York or mail to each such Holder notice that such money or property
remains unclaimed and that, after a date

 

A-R-4

 

specified therein, which shall
not be less than 30 days from the date of such publication or mailing, any
unclaimed money or property then remaining shall be returned to the
Company.  After return to the Company,
Holders entitled to the money or property must look to the Company for payment
as general creditors unless an applicable abandoned property law designates
another Person.

 

12.                                 AMENDMENT;
WAIVER

 

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Notes may be amended with the written
consent of the Holders of at least a majority in aggregate Principal Amount of
the Notes at the time outstanding and (ii) certain defaults or noncompliance
with certain provisions may be waived with the written consent of the Holders
of a majority in aggregate Principal Amount of the Notes at the time
outstanding.  The Indenture or the Notes
may be amended without the consent of any Holders under circumstances set forth
in Section 9.01 of the Base Indenture.

 

13.                                 DEFAULTS
AND REMEDIES

 

If an Event of Default occurs and is continuing, the
Trustee, or the Holders of at least 25% in aggregate Principal Amount of the
Notes at the time outstanding, may declare the outstanding Principal Amount and
any accrued and unpaid interest, of all the Notes to be due and payable
immediately.  Certain events of
bankruptcy or insolvency are Events of Default which shall result in the Notes
being declared due and payable immediately upon the occurrence of such Events
of Default.

 

Events of Default in respect of the Notes are set
forth in Section 5.01 of the Base Indenture. 
Holders may not enforce the Indenture or the Notes except as provided in
the Indenture.  The Trustee may refuse to
enforce the Indenture or the Notes unless it receives reasonable indemnity or
security.  Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate
Principal Amount of the Notes at the time outstanding may direct the Trustee in
its exercise of any trust or power, including the annulment of a declaration of
acceleration.  The Trustee may withhold
from Holders notice of any continuing default (except a default in payment of
amounts specified in clause (i) above) if it determines that withholding notice
is in their interests.

 

14.                                 CONSOLIDATION,
MERGER, AND SALE OF ASSETS

 

In the event of a consolidation, merger, or sale of
assets to convey, transfer or lease of all or substantially all of Company’s
property or assets as described in Section 8.01 of the Base Indenture, the
successor corporation to the Company shall succeed to and be substituted for
the Company, and may exercise the Company’s rights and powers under this
Indenture, and thereafter, except in the case of a lease, the Company shall be
relieved of all obligations and convents under the Indenture and the Notes with
respect to its obligations under this Indenture

 

15.                                 TRUSTEE
AND AGENT DEALINGS WITH THE COMPANY

 

The Trustee, Paying Agent and Security Registrar under
the Indenture, each in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise

 

A-R-5

 

deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the
same rights it would have if it were not Trustee, Paying Agent or Security
Registrar.

 

16.                                 NO
RECOURSE AGAINST OTHERS

 

A director, officer or employee, as such, of the
Company or any subsidiary of the Company or any stockholder as such, of the
Company shall not have any liability for any obligations of the Company under
the Notes or the Supplemental Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation.  By accepting a Note, each Holder waives and
releases all such liability.  The waiver
and release are part of the consideration for the issue of the Notes.

 

17.                                 AUTHENTICATION

 

This Note shall not be valid until an authorized
officer of the Trustee or Authenticating Agent manually signs the Trustee’s
certificate of authentication on the other side of this Note.

 

18.                                 ABBREVIATIONS

 

Customary abbreviations may be used in the name of a
Holder or an assignee, such as TEN COM (=tenants in common), TENANT (=tenants
by the entireties), JT TEN (=joint tenants with right of survivorship and not
as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

 

19.                                 GOVERNING
LAW

 

The Indenture and this Note shall be governed by and
construed in accordance with the laws of the State of New York without regard
to the conflicts of law rules of said state.

 

A-R-6

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below: (I)
or (we) assign and transfer this Security to

 

 

	
   

  	
   

  	
   

  
	
   

  	
  (Insert assignee’s social security or tax I.D.
  number)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Print or type assignee’s
  name, address and zip code)

  	
   

  

 

and irrevocably appoint _________________________________
as agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him.

 

	
  Dated:

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  
	
  (Sign
  exactly as your name appears on the other side of this Security)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature Guaranty:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signatures must be
  guaranteed by an “eligible guarantor institution” meeting the requirements of
  the Transfer Agent, which requirements will include membership or
  participation in STAMP or such other “signature guarantee program” as may be
  determined by the Transfer Agent in addition to, or in substitution for,
  STAMP, all in accordance with the Exchange Act.]

  
	
   

  
	
  Social Security Number or

  
	
  Taxpayer Identification Number:

  	
   

  	
   

  
								

 

A-R-7Exhibit 4.2

 

 

 

THE INTERPUBLIC GROUP OF COMPANIES, INC.

 

and

 

SUNTRUST BANK

 

Trustee

 

 

Second Supplemental Indenture

 

Dated as of November 18, 2004

 

to the Senior
Debt Indenture dated as of November 12, 2004

 

 

 

Creating a series of Securities designated

 

6.25% Notes Due 2014

 

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE 1

  	
  1

  
	
  DEFINITIONS
  AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
  1

  
	
  Section 1.01

  	
  Provisions of the Base Indenture

  	
  1

  
	
  Section 1.02.

  	
  Definitions

  	
  2

  
	
   

  	
   

  
	
  ARTICLE 2

  	
  5

  
	
  GENERAL TERMS
  AND CONDITIONS OF THE NOTES

  	
  5

  
	
  Section 2.01.

  	
  Creation of Series; Establishment of Form

  	
  5

  
	
  Section 2.02.

  	
  Optional Redemption by the Company

  	
  5

  
	
  Section 2.03.

  	
  Payment of Principal or Interest

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  8

  
	
  GLOBAL
  SECURITIES

  	
  8

  
	
  Section 3.01

  	
  Form

  	
  8

  
	
  Section 3.02.

  	
  Transfer

  	
  8

  
	
  Section 3.03.

  	
  Notes in Certificated Form

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
  9

  
	
  RANKING

  	
  9

  
	
  Section 4.01.

  	
  Senior in Right of Payment

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
  10

  
	
  MISCELLANEOUS

  	
  10

  
	
  Section 5.01.

  	
  Integral Part

  	
  10

  
	
  Section 5.02.

  	
  Adoption, Ratification and Confirmation

  	
  10

  
	
  Section 5.03.

  	
  Counterparts

  	
  10

  
	
  Section 5.04.

  	
  Governing Law

  	
  10

  
	
  Section 5.05.

  	
  Conflict of Any Provision of Indenture
  with Trust Indenture Act

  	
  10

  
	
  Section 5.06.

  	
  Effect of Headings

  	
  10

  
	
  Section 5.07.

  	
  Severability of Provisions

  	
  10

  
	
  Section 5.08.

  	
  Successors and Assigns

  	
  10

  
	
  Section 5.09.

  	
  Benefit of Indenture

  	
  10

  
	
  Section 5.10.

  	
  Acceptance by Trustee

  	
  10

  
	
  EXHIBIT A

  	
  Form of Notes

  	
  A-F-1

  

 

i

 

SECOND
SUPPLEMENTAL INDENTURE, dated as of November 18, 2004, between THE INTERPUBLIC GROUP OF COMPANIES, INC., a
Delaware corporation (the “Company”) and SUNTRUST BANK, a Georgia banking
corporation, as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Senior Debt
Indenture, dated as of November 12,
2004 (the “Base Indenture”), providing for the issuance from time to
time of its senior unsecured debentures, notes or other evidences of
indebtedness (the “Securities”), to be issued in one or more series as
provided in the Base Indenture;

 

WHEREAS,
Section 9.01(7) of the Base Indenture provides that the Company and the
Trustee may from time to time enter into one or more indentures supplemental
thereto to establish the form or terms of Securities of a new series;

 

WHEREAS,
Section 3.01 of the Base Indenture provides that the Company may enter
into supplemental indentures to establish the terms and provisions of a series
of Securities issued pursuant to the Base Indenture;

 

WHEREAS,
the Company, pursuant to the foregoing authority, proposes in and by this
Second Supplemental Indenture (the “Supplemental Indenture” and, together
with the Base Indenture, the “Indenture”) to supplement the Base
Indenture in so far as it will apply only to a series of Securities to be known
as the Company’s “6.25% Notes due 2014” (the “Notes”) issued hereunder
(and not to any other series);

 

WHEREAS,
the Company has duly authorized the execution and delivery of this Supplemental
Indenture to establish the Notes as a series of Securities under the Base
Indenture and to provide for, among other things, the issuance of and the form
and terms of the Notes for purposes of the Notes and the Holders thereof; and

 

WHEREAS,
all things necessary have been done to make the Notes, when executed by the
Company and authenticated and delivered hereunder and duly issued by the
Company, the valid obligations of the Company, and to make this Supplemental
Indenture a valid agreement of the Company, in accordance with their and its
terms.

 

NOW,
THEREFORE, for and in consideration of the premises and the purchase and
acceptance of the Notes by the Holders thereof, it is mutually covenanted and
agreed, for the equal and ratable benefit of the Holders of the Notes, as
follows:

 

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

SECTION
1.01.                 Provisions of the Base Indenture.

 

Except insofar as herein otherwise expressly provided,
all the definitions, provisions, terms and conditions of the Base Indenture
shall remain in full force and effect. 
The Base Indenture, as amended and supplemented by this Supplemental Indenture,
is in all respects

 

 

ratified and confirmed, and the Base Indenture and this Supplemental
Indenture shall be read, taken and considered as one and the same instrument for
all purposes and every Holder of Notes authenticated and delivered under the
Base Indenture shall be bound hereby.

 

SECTION
1.02.                 Definitions.  For all purposes of the Indenture relating to
the series of Securities (consisting of the Notes) created hereby, except as
otherwise expressly provided or unless the subject matter or context otherwise
requires:

 

(1)  unless the context
otherwise requires, any reference to an “Article” or a “Section” refers to an
Article or Section, as the case may be, of this Supplemental Indenture;

 

(2)  the terms defined in
this Article have the meanings assigned to them in this Article and include the
plural as well as the singular;

 

(3)  each capitalized
term that is used in this Supplemental Indenture but not defined herein shall
have the meaning specified in the Base Indenture;

 

(4)  all other terms used herein which are defined
in the Trust Indenture Act, either directly or by reference therein, or defined
by the rules of the Securities and Exchange Commission and not otherwise
defined herein, have the meanings assigned to them therein;

 

(5)  all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance
with GAAP;

 

(6)  the word “including”
(and with correlative meaning “include”) means including, without limiting the
generality of, any description preceding such term; and

 

(7)  the words “herein,” “hereof” and “hereunder”
and other words of similar import refer to the Indenture as a whole and not to
any particular Article, Section or other subdivision.

 

“Affiliate” of any specified Person means any
other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Authenticating Agent” means any Person
authorized by the Trustee to act on behalf of the Trustee to authenticate
Notes.

 

“Base Indenture” has the meaning provided in
the recitals.

 

“Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
in New York, New York are authorized or obligated by law or executive order to
close.

 

“Company” has the meaning provided in the
recitals.

 

2

 

“Company Order” or “Company Request”
means a written order or request signed in the name of the Company by any two
Officers, at least one of whom must be its Chairman of the Board, its
President, its Chief Financial Officer, its Chief Accounting Officer, its
Treasurer, an Assistant Treasurer or its Controller, and delivered to the
Trustee.

 

“Corporate Trust Office” means the office of
the Trustee at which at any particular time its corporate trust business shall
be principally administered, which office at the date hereof is located at 25
Park Place, 24th Floor, Atlanta, Georgia 30303-2900; Attn: Corporate
Trust Division.

 

“Default” means any event which is, or after
notice or passage of time or both would be, an Event of Default.

 

“Defaulted Interest” has the meaning specified
in Section 2.03(3)(b).

 

“Depositary” shall mean the Depository Trust
Company or any successor thereto.

 

“Dollars” and “$” means the lawful money
of the United States of America.

 

“GAAP” means such accounting principles as are
generally accepted in the United States of America on the date or time of any
computation required hereunder.

 

“Global Securities” means with respect to the
Notes issued hereunder, a global note which is executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instruction, all in accordance with this Supplemental Indenture,
which shall be registered in the name of the Depositary or its nominee and
which shall represent, and shall be denominated in an amount equal to the
aggregate Principal Amount of, all of the outstanding Notes or any portion
thereof.

 

“Holder” means a Person in whose name a Note is
registered in the Security Register.

 

“Indenture” has the meaning provided in the
recitals.

 

“Interest Payment Date” means May 15 and
November 15 of each year.

 

“Maturity” means the date on which the
principal of the Notes becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by call for redemption or otherwise.

 

“Notes” has the meaning provided in the
recitals.

 

“Officers’ Certificate”
means a certificate signed by any two Officers of the Company, at least one of
whom must be its Chairman of the Board, its President, its Chief Financial
Officer, its Chief Accounting Officer, its Treasurer or its Controller, and
delivered to the Trustee.

 

3

 

“Opinion of Counsel”
means a written opinion of counsel, who may be an employee of, or counsel for,
the Company, and who shall be reasonably acceptable to the Trustee.

 

“Paying Agent” means any
Person authorized by the Company to pay the principal or interest on any Notes
on behalf of the Company.  The Company or
a Subsidiary or an Affiliate of the Company may act as Paying Agent with
respect to any Notes issued hereunder.

 

“Person” means any
individual, corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

 

“Predecessor Security” of
any particular Security means every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security and, for
the purposes of this definition, any Security authenticated and delivered under
Section 4.01 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Principal”, “Principal Amount” or “principal”
of a Note means the principal of the Note.

 

“Redemption Date” when used with respect to any
Note to be redeemed, means the date fixed for such redemption by or pursuant to
this Supplemental Indenture.

 

“Redemption Price” when used with respect to
any Note to be redeemed, means the price at which it is to be redeemed pursuant
to this Supplemental Indenture.

 

“Regular Record Date” means May 1 or November 1
(whether or not a Business Day).

 

“Securities” has the meaning specified in the
recitals.

 

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

 

“Stated Maturity” means November 15, 2014.

 

“Supplemental Indenture” has the meaning
provided in the recitals.

 

“Trustee” has the meaning provided in the
recitals and, subject to the provisions of Article 6 of the Base Indenture, any
successor to that person.

 

4

 

ARTICLE 2

GENERAL TERMS AND CONDITONS OF THE NOTES

 

SECTION
2.01.                 Creation of Series; Establishment of Form.  In accordance with Section 3.01 of the Base
Indenture, there is hereby created a series of Securities under the Indenture
entitled “6.25% Notes Due 2014”.

 

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

 

(2)  The Trustee shall authenticate or deliver the
Notes for original issue in an initial aggregate principal amount of
$350,000,000 upon a Company Order for the authentication and delivery of the
Notes.  The Company may from time to time
issue additional Notes in accordance with Section 3.01 of the Base
Indenture.  The Notes issued originally
hereunder, together with any additional Notes subsequently issued, shall be
treated as a single class for purposes of the Indenture.

 

(3)  The aggregate Principal Amount of the Notes shall
be due and payable at the Stated Maturity unless earlier repaid in accordance
with this Supplemental Indenture.  The
Stated Maturity of the Notes shall be November 15, 2014.

 

(4)  The outstanding Principal Amount of the Notes
shall bear interest at the rate of 6.25% per annum, from November 18, 2004 or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for, as the case may be, payable semiannually in arrears on May
15 and November 15 of each year, commencing on May 15, 2005, and at Maturity,
to the Persons in whose names the Notes are registered at the close of business
on the Regular Record Date, until the principal thereof is paid or made
available for payment.  Interest on the
Notes will be computed on the basis of a 360-day year or twelve 30-day months.

 

(5)  If any Interest Payment Date, Redemption Date
or Maturity date is not a Business Day, the payment of principal or and
interest, as applicable, will be made on the next succeeding Business Day.  No interest will accrue on the amount so
payable for the period from such Interest Payment Date, Redemption Date or
Maturity date, as the case may be, to the next succeeding business day.

 

(6)  All amounts payable in connection with the
Notes shall be denominated and payable in the lawful currency of the United
States.

 

(7)  The Notes shall be payable and may be
presented for registration of transfer and exchange, without service charge, at
the office of the Company maintained for such purpose in the State of New York,
City of New York, Borough of Manhattan, which shall initially be the office or
agency of the Trustee.

 

(8)  The Company may appoint and change any Paying
Agent, Security Registrar or co-registrar without notice, other than notice to
the Trustee, except that the Company will maintain at least one Paying Agent in
the State of New York, City of New York, Borough of Manhattan. The Company
shall enter into an appropriate agency agreement with any agent not a party to
the Indenture.  The agreement shall implement
the provisions of the Indenture that relate to such

 

5

 

agent.  The Company shall give prompt written notice
to the Trustee of the name and address of any such agent and any change in the
address of such agent.  If the Company
fails to maintain a Paying Agent, Security Registrar and/or agent for service
of notices and demands, the Trustee shall act as such Paying Agent, Security
Registrar or agent for service of notices and demands.  The Company may remove any Paying Agent or
Security Registrar upon written notice to such Paying Agent or Security
Registrar and the Trustee; provided that
no such removal shall become effective until (i) the acceptance of an
appointment by a successor Paying Agent or Security Registrar as evidenced by
an appropriate agency agreement entered into by the Company and such successor
and delivered to the Trustee or (ii) notification to the Trustee that the
Trustee shall serve as such Paying Agent or Security Registrar until the appointment
of a successor agent in accordance with clause (i) of this proviso.  The Company or any of its Subsidiaries or any
of their Affiliates may act as Paying Agent, Security Registrar or
co-registrar.

 

(9)  Article 12 of the Base Indenture shall have no
force or effect in respect of, or application to, the Notes.

 

(10)                            The
Indenture is hereby amended, with respect to the Notes only, by replacing the
words, “other than the Securities of such series” with the words “other than
the 6.25% Notes due 2014” in paragraph (5) of Section 5.01.

 

SECTION
2.02.                 Optional Redemption by the Company.

 

(1)  Right to Redeem; Notice to Trustee and
Paying Agent.  The Company, at its
option, may redeem the Notes in accordance with the provisions of paragraphs 5
and 6 of the Notes.  If the Company
elects to redeem Notes pursuant to paragraph 5 of the Notes, it shall notify
the Trustee and Paying Agent in writing of the Redemption Date, the Principal
Amount of Notes to be redeemed, the Redemption Price and the amount of interest
(if any) payable on the Redemption Date. 
The Company shall give the notice to the Trustee and Paying Agent
provided for in this Section 2.02(1) at least 30 days but not more than 60 days
before the Redemption Date.

 

(2)  Less Than All Outstanding Notes to Be
Redeemed.  If less than all of the
outstanding Notes are to be redeemed, the Paying Agent shall select the Notes
to be redeemed in Principal Amounts of $2,000 or integral multiples
thereof.  In the case that the Paying
Agent shall select the Notes to be redeemed, the Paying Agent may effectuate
such selection by lot, pro rata, or by any other method that the Paying Agent
considers fair and appropriate.

 

(3)  Notice of Redemption. At least 30 days
but not more than 60 days before a Redemption Date, the Company shall mail or
cause to be mailed a notice of redemption by first-class mail to the Trustee,
the Paying Agent and each Holder of Notes to be redeemed at such Holder’s
address as it appears on the Note register.

 

The notice shall identify the Notes to be redeemed and
shall state:

 

(a)                                  the Redemption Date;

 

(b)                                 the Redemption Price and, to the extent known at the time of
such notice, the amount of interest (if any) payable on the Redemption Date;

 

6

 

(c)                                  the name and address of the Paying Agent;

 

(d)                                 that Notes called for redemption must be presented and
surrendered to the Paying Agent to collect the Redemption Price and interest,
if any;

 

(e)                                  that,
unless the Company defaults in making payment of such Redemption Price,
interest on the Notes called for redemption will cease to accrue on and after
the Redemption Date, and the only remaining right of the Holder will be to
receive payment of the Redemption Price upon presentation and surrender to the
Paying Agent of the Notes;

 

(f)                                    if fewer than all the outstanding Notes are to be redeemed,
the certificate number and the Principal Amount of the particular Notes to be
redeemed; and

 

(g)                                 the CUSIP and ISIN number or numbers for the Notes called
for redemption.

 

At the Company’s request, the Paying Agent shall give
the notice of redemption in the Company’s name and at the Company’s expense.

 

(4)  Effect of Notice of Redemption.  Once notice of redemption is mailed, Notes
called for redemption become due and payable on the Redemption Date and at the
Redemption Price.  Upon presentation and
surrender to the Paying Agent, Notes called for redemption shall be paid at the
Redemption Price.

 

(5)  Sinking Fund.  There shall be no sinking fund provided for
the Notes.

 

(6)  Deposit of Redemption Price.  On or before 10:00 a.m. (New York City time)
on the Redemption Date, the Company shall deposit with the Paying Agent (or, if
the Company or a Subsidiary or an Affiliate of the Company is acting as the
Paying Agent, shall segregate and hold in trust) an amount of money sufficient
to pay the aggregate Redemption Price of, and any accrued and unpaid interest
(if any) with respect to, all the Notes to be redeemed on that date other than
the Notes or portions thereof called for redemption which on or prior thereto
have been delivered by the Company to the Security Registrar for
cancellation.  If such money is then held
by the Company or a Subsidiary or an Affiliate in trust and is not required for
such purpose, it shall be discharged from such trust.

 

SECTION
2.03.                 Payment of Principal or Interest.

 

(1)  Payments.  Payments of principal and interest on the
Notes shall be made in the manner provided for in the Notes.

 

(2)  Holder Lists.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of Holders.  If the
Trustee is not the Security Registrar, the Company shall furnish, or cause the
Security Registrar to furnish, to the Trustee, in writing at least five
Business Days before each Interest Payment Date and at such other times as the
Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders.

 

7

 

(3)  Payment of Interest; Interest Rights
Preserved.

 

(a)                                  Semiannual
interest on any Notes that is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name such
Notes are registered at the close of business on the Regular Record Date for
such interest at the office or agency of the Company maintained for such
purpose. Each installment of semiannual interest on any Notes shall be paid in
same-day funds by transfer to an account maintained by the payee located inside
the United States.

 

(b)                                 Except
as otherwise specified with respect to the Notes, any semiannual interest on
any Notes that is payable, but is not punctually paid or duly provided for,
within 30 days following any applicable payment date (herein called “Defaulted
Interest”, which term shall include any accrued and unpaid interest that
has accrued on such defaulted amount in accordance with paragraph 1 of the
Notes), shall forthwith cease to be payable to the registered Holder thereof on
the relevant Regular Record Date, by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided for in the Notes.

 

(c)                                  Subject
to the foregoing provisions of this Section 2.03 and Section 3.05 of the Base
Indenture, Notes delivered under this Supplemental Indenture upon registration
of transfer of or in exchange for or in lieu of any other Notes shall carry the
rights to semiannual interest accrued and unpaid, and to accrue interest, which
were carried by such other Notes.

 

ARTICLE 3

 

GLOBAL SECURITIES

 

SECTION
3.01.                 Form.  The Notes shall initially be issued in the form of one or more
Global Securities.  The Company shall
execute and the Trustee or the Authenticating Agent shall authenticate and
deliver such Global Security or Securities in the manner provided for in
Article 2 of the Indenture.

 

SECTION
3.02.                 Transfer.  Notwithstanding
any other provisions herein, unless the terms of a Global Security expressly
permit such Global Security to be exchanged in whole or in part for  Notes in certificated form, a Global Security
may be transferred, in whole but not in part and in the manner provided in
Section 3.05 of the Base Indenture, only to a nominee of the Depositary for
such Global Security, or to the Depositary, or a successor Depositary for such
Global Security selected or approved by the Company, or to a nominee of such
successor Depositary.

 

SECTION
3.03.                 Notes in Certificated Form.  (1)  If
at any time the Depositary for a Global Security notifies the Company that it
is unwilling or unable to continue as Depositary for such Global Security or if
at any time the Depositary for the Notes ceases to be a clearing agency
registered under the Exchange Act or other applicable statute or regulation,
the Company shall appoint a successor Depositary with respect to such Global
Security.  If a successor Depositary for
such Global Security is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the
Company shall execute, and the Trustee or the Authenticating Agent, upon
receipt of a written request by

 

8

 

the
Company for the authentication and delivery of Notes in certificated form in
exchange for such Global Security, shall authenticate and deliver, Notes in
certificated form in an aggregate Principal Amount equal to the outstanding
Principal Amount of the Global Security in exchange for such Global Security.

 

(2)  The Company may at any time and in its sole
discretion determine that the Notes or portion thereof issued or issuable in
the form of one or more Global Securities shall no longer be represented by
such Global Security or Securities.  In
such event the Company shall execute, and the Trustee or the Authenticating
Agent, upon receipt of a written request by the Company for the authentication
and delivery of Notes in certificated form in exchange in whole or in part for
such Global Security, shall authenticate and deliver Notes in certificated form
in an aggregate Principal Amount equal to the outstanding Principal Amount of
such Global Security or Securities representing such series or portion thereof
in exchange for such Global Security or Securities.

 

(3)  If specified by the Company with respect to
Notes issued or issuable in the form of a Global Security, the Depositary for
such Global Security may surrender such Global Security in exchange in whole or
in part for Notes in certificated form on such terms as are acceptable to the
Company and such Depositary.  Thereupon
the Company shall execute, and the Trustee or the Authenticating Agent shall
authenticate and deliver, without service-charge, (a) to each Person specified
by such Depositary a new Note or Notes of any authorized denomination as
requested by such Person in an aggregate principal amount equal to and in
exchange for such Person’s beneficial interest in the Global Security; and (b)
to such Depositary a new Global Security in an authorized denomination equal to
the difference, if any, between the Principal Amount of the surrendered Global
Security and the aggregate Principal Amount of Notes delivered to the Holders
thereof.

 

In any exchange provided for in any of the preceding three
paragraphs, the Company shall execute and the Trustee or the Authenticating
Agent shall authenticate and deliver Notes in certificated form in authorized
denominations.  Upon the exchange of the
entire principal amount of a Global Security for Notes in certificated form,
such Global Security shall be canceled by the Trustee or the Security
Registrar.  Except as provided in the
preceding paragraph, Notes issued in exchange for a Global Security pursuant to
this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee or the Security Registrar. 
The Trustee or the Security Registrar shall deliver such Notes to the
Persons in whose names such Notes are so registered.

 

ARTICLE 4

 

RANKING

 

SECTION
4.01.                 Senior in Right of Payment.  The Notes shall be direct senior obligations
of the Company and shall rank (a) senior in right of payment to all existing
and future indebtedness that is, by its terms, expressly subordinated in right
of payment to the Notes and (b) pari passu
in right of payment with all other unsecured senior indebtedness of the Company.  The
Notes are not guaranteed.

 

9

 

ARTICLE 5

 

MISCELLANEOUS

 

SECTION
5.01.                 Integral Part.  This Supplemental Indenture constitutes an
integral part of the Base Indenture with respect to the Notes only.

 

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

 

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

 

SECTION
5.04.                 Governing Law.  THE INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE CONFLICTS OF LAW RULES OF SAID STATE.

 

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

 

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

 

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

 

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

 

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

 

SECTION
5.10.                 Acceptance by Trustee.  The Trustee accepts the amendments to the
Base Indenture effected by this Supplemental Indenture and agrees to execute
the trusts created by the Base Indenture as hereby amended, but only upon the
terms and conditions set forth in this Supplemental Indenture and the Base
Indenture.  Without limiting the
generality of

 

10

 

the foregoing, the Trustee assumes no responsibility
for the correctness of the recitals contained herein, which shall be taken as
the statements of the Company and except as provided in the Indenture the
Trustee shall not be responsible or accountable in any way whatsoever for or
with respect to the validity or execution or sufficiency of this Supplemental
Indenture and the Trustee makes no representation with respect thereto.  All rights, protections, privileges,
indemnities and benefits granted or afforded to the Trustee under the Indenture
shall be deemed incorporated herein by this reference and shall be deemed
applicable to all actions taken, suffered or omitted by the Trustee under this
Supplemental Indenture.

 

11

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, and their respective corporate
seals to be hereunto affixed and attested, all as of the day and year first
above written.

 

	
   

  	
  THE INTERPUBLIC GROUP OF COMPANIES,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  Ellen Johnson

  	
   

  
	
   

  	
  Name:

  	
  Ellen Johnson

  
	
   

  	
  Title:

  	
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/

  	
  Nicholas J. Camera

  	
   

  	
   

  
	
  Name:

  	
  Nicholas J. Camera

  	
   

  
	
  Title:

  	
  Senior Vice President, General Counsel

  and Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SUNTRUST BANK

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  	
  George T. Hogan

  	
   

  
	
   

  	
  Name:

  	
  George T. Hogan

  
	
   

  	
  Title:

  	
  Vice President

  
									

 

 

EXHIBIT A

 

[FORM OF FACE OF GLOBAL
SECURITY]

 

THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN
WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE INTERPUBLIC GROUP OF
COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS SECURITY OR ANY PORTION HEREOF
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN
THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

A-F-1

 

THE
INTERPUBLIC GROUP OF COMPANIES, INC.

 

6.25% NOTES DUE 2014

 

	
  No. A-1

  	
  CUSIP No.: 460690 AV 2

  
	
   

  	
  ISIN No.: US460690AV20

  

 

The Interpublic Group of Companies, Inc., a
corporation duly organized and existing under the laws of Delaware (herein
called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to ________________ or registered assigns, on November 15, 2014
the principal sum of _________ Dollars ($____________) and to pay interest
thereon from ________________ or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semiannually on May 15 and
November 15 in each year, commencing May 15, 2005, at the rate of 6.25% per annum, until the principal hereof
is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the May 1 or November 1
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date.

 

Payment of the principal of (and premium, if any) and
interest on this Security will be made at the office or agency of the Company
maintained for that purpose in the State of New York, City of New York, Borough
of Manhattan, in dollars; provided, however, that at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

 

So long as all of the Securities of this series are
represented by Securities in global form, the principal of (and premium, if any)
and interest on this global Security shall be paid in same day funds to the
Depositary, or to such name or entity as is requested by an authorized
representative of the Depositary.  If at
any time the Securities of this series are no longer represented by global
Securities and are issued in definitive certificated form, then the principal
of (and premium, if any) and interest on each certificated Security at Maturity
shall be paid in same day funds to the Holder upon surrender of such
certificated Security at the Corporate Trust Office of the Trustee, or at such
other place or places as may be designated in or pursuant to the Indenture; provided that such certificated Security is surrendered to
the Trustee, or at such other place or places as may be designated in or
pursuant to the Indenture; provided that
such certificated Security is surrendered to the Trustee, acting as Paying
Agent, in time for the Paying Agent to make such payments in such funds in
accordance with its normal

 

A-F-2

 

procedures.  Payments of interest with respect to such
certificated Securities other than at Maturity may, at the option of the
Company, be made by check mailed to the address of the Person entitled thereto
as it appears on the Security Register on the relevant Regular or Special
Record Date or by wire transfer in same day funds to such account as may have
been appropriately designated to the Paying Agent by such Person in writing not
later than such relevant Regular or Special Record Date.

 

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

 

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

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.

 

	
   

  	
  THE INTERPUBLIC GROUP
  OF COMPANIES,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Senior Vice
  President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Secretary

  

 

	
  Dated:             November
  18, 2004

  	
   

  
	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE
  OF

  	
   

  
	
  AUTHENTICATION

  	
   

  
	
   

  	
   

  
	
  This is one of the Notes

  described in the within-

  mentioned Indenture and

  Supplemental Indenture.

  	
   

  
	
   

  	
   

  
	
  SUNTRUST BANK, as
  Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  	
   

  

 

A-F-3

 

[FORM OF REVERSE SIDE OF GLOBAL
SECURITY]

 

THE
INTERPUBLIC GROUP OF COMPANIES, INC.

 

6.25% NOTES
DUE 2014

 

1.                                       INTEREST

 

THE INTERPUBLIC GROUP OF COMPANIES, INC., a Delaware
corporation (the “Company”), promises to pay interest on the outstanding
Principal Amount of this Note at the rate of 6.25% per annum from November 18,
2004 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, until Maturity.  The Company shall pay interest semiannually
in arrears on May 15 and November 15 of each year, commencing on May 15, 2005,
and at Maturity, to the Persons in whose names the Notes are registered at the
close of business on the Regular Record Date, until the principal thereof is
paid or made available for payment. 
Interest on the Notes shall be computed on the basis of a 360-day year
of twelve 30-day months.

 

If any Interest Payment Date, Redemption Date or
Maturity date is not a Business Day, the payment of principal and interest, as
applicable, will be made on the next succeeding Business Day.  No interest will accrue on the amount so
payable for the period from such Interest Payment Date, Redemption Date or
Maturity date, as the case may be, to the date payment is made.

 

2.                                       METHOD
OF PAYMENT

 

Subject to the terms and conditions of the Indenture,
the Company shall make payments in respect of the Notes to the Persons who are
registered Holders of Notes at the close of business on the Business Day
preceding the Redemption Date or Maturity date, as the case may be.  Holders must surrender Notes to a Paying
Agent to collect such payments in respect of the Notes.  The Company shall pay cash amounts in money
of the United States that at the time of payment is legal tender for payment of
public and private debts.  However, the
Company may make such cash payments by check payable in such money.

 

3.                                       PAYING
AGENT AND SECURITY REGISTRAR

 

Initially, SunTrust Bank, a national banking
association (the “Trustee”), shall act as Paying Agent and Security
Registrar.  The Company may appoint and
change any Paying Agent and Security Registrar or co-registrar without notice,
other than notice to the Trustee except that the Company will maintain at least
one Paying Agent in the State of New York, City of New York, Borough of
Manhattan, which shall initially be an office or agency of the Trustee.  The Company or any of its Subsidiaries or any
of their Affiliates may act as Paying Agent, Security Registrar or
co-registrar.

 

A-R-1

 

4.                                       INDENTURE

 

This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under a Senior Debt Indenture, dated as of
November 12, 2004 (the “Base
Indenture”), as supplemented by the Second Supplemental Indenture thereto,
dated as of November 18, 2004
(the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), between the Company and the Trustee.  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  Reference is hereby made to the Indenture for
a statement of the respective rights thereunder of the Company, the Trustee and
the Holders of the Notes and the terms upon which the Notes are to be
authenticated and delivered.  The terms,
conditions and provisions of the Notes are those stated in the Indenture, those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended,
and those set forth in the Notes.

 

The Notes are general unsecured obligations of the
Company issued in an aggregate Principal Amount of $350,000,000.

 

5.                                       OPTIONAL
REDEMPTION

 

No sinking fund is provided for the Notes.  The Notes are redeemable in whole or in part,
at any time at the option of the Company at the Redemption Price, which shall
be equal to the greater of:

 

(i) 100% of the aggregate principal amount of the
Notes to be redeemed; or

 

(ii) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (not including any portion
of such payments of interest accrued as of the Redemption Date) discounted to
the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Adjusted Treasury Rate, plus 30 basis points,
each as calculated by an Independent Investment Banker,

 

plus,
in either of the above cases, accrued and unpaid interest thereon to the
Redemption Date.

 

“Adjusted Treasury Rate” means, with respect to
any Redemption Date:

 

•                  the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Remaining Life, yields for the two
published maturities most closely corresponding to the Comparable Treasury
Issue shall be determined and the Adjusted Treasury Rate shall be interpolated
or extrapolated from such yields on a straight line basis, rounding to the
nearest month); or

 

A-R-2

 

•                  if
such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.

 

The Adjusted Treasury Rate shall be calculated on the
third business day preceding the Redemption Date.

 

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

 

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

 

“Independent Investment Banker” means any
Reference Treasury Dealer appointed by the Trustee after consultation with the
Company.

 

“Reference Treasury Dealer” means:

 

•                  each
of Citigroup Global Markets Inc., UBS Securities LLC and J.P. Morgan Securities
Inc., and their respective successors; provided
that, if any of the foregoing ceases to be a primary U.S. Government securities
dealer in the United States (a “Primary Treasury Dealer”), the Company will
substitute another Primary Treasury Dealer; and

 

•                  any other Primary Treasury Dealer selected by the Company.

 

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

 

With respect to all Notes or portions thereof to be
redeemed as of a Redemption Date, the Holders of such Notes (or portions
thereof) shall be entitled, without duplication, to receive accrued and unpaid
interest (if any) with respect thereto, which interest shall be paid in cash on
the Redemption Date.

 

A-R-3

 

6.                                       NOTICE
OF REDEMPTION AT THE OPTION OF THE COMPANY

 

Notice of redemption at the option of the Company
shall be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at the Holder’s
registered address.  If money sufficient
to pay the Redemption Price of all Notes (or portions thereof) to be redeemed
on the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, on and after such date interest shall cease to accrue on such
Notes or portions thereof.  Notes in
denominations larger than $2,000 may be redeemed in part but only in integral
multiples of $2,000.  On or after the
Redemption Date interest will cease to accrue on Notes or portions thereof
called for redemption.

 

7.                                       RANKING

 

The Notes shall be direct senior obligations of the
Company and shall rank senior in right of payment to all existing and future
indebtedness that is, by its terms, expressly subordinated in right of payment
to the Notes and pari passu in right of payment
with all other unsecured senior indebtedness of the Company.  The
Notes are not guaranteed.

 

8.                                       DEFAULTED
INTEREST

 

Except as otherwise specified with respect to the
Notes, any Defaulted Interest on any Note shall forthwith cease to be payable
to the registered Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest may be paid by the
Company as provided for in Section 3.07 of the Indenture.

 

9.                                       DENOMINATIONS;
TRANSFER; EXCHANGE

 

The Notes are in registered form, without coupons, in
denominations of $2,000 of Principal Amount and multiplies of $2,000.  A Holder may transfer Notes in accordance
with the Indenture.  The Security
Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.  The
Security Registrar need not transfer or exchange any Notes selected for
redemption (except, in the case of a Note to be redeemed in part, the portion
of the Note not to be redeemed) for a period of 15 days before any selection of
Notes to be redeemed.

 

10.                                 PERSONS
DEEMED OWNERS

 

The registered Holder of this Note may be treated as
the owner of this Note for all purposes.

 

11.                                 UNCLAIMED
MONEY OR PROPERTY

 

The Trustee and the Paying Agent shall return to the
Company upon written request any money or property held by them for the payment
of any amount with respect to the Notes that remains unclaimed for two years; provided, however, that the Trustee or such Paying Agent,
before being required to make any such return, shall at the expense of the
Company cause to be published once in a newspaper of general circulation in The
City of New York or mail to each such Holder notice that such money or property
remains unclaimed and that, after a date

 

A-R-4

 

specified therein, which shall
not be less than 30 days from the date of such publication or mailing, any
unclaimed money or property then remaining shall be returned to the
Company.  After return to the Company,
Holders entitled to the money or property must look to the Company for payment
as general creditors unless an applicable abandoned property law designates
another Person.

 

12.                                 AMENDMENT;
WAIVER

 

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Notes may be amended with the written
consent of the Holders of at least a majority in aggregate Principal Amount of
the Notes at the time outstanding and (ii) certain defaults or noncompliance
with certain provisions may be waived with the written consent of the Holders
of a majority in aggregate Principal Amount of the Notes at the time
outstanding.  The Indenture or the Notes
may be amended without the consent of any Holders under circumstances set forth
in Section 9.01 of the Base Indenture.

 

13.                                 DEFAULTS
AND REMEDIES

 

If an Event of Default occurs and is continuing, the
Trustee, or the Holders of at least 25% in aggregate Principal Amount of the
Notes at the time outstanding, may declare the outstanding Principal Amount and
any accrued and unpaid interest, of all the Notes to be due and payable
immediately.  Certain events of
bankruptcy or insolvency are Events of Default which shall result in the Notes
being declared due and payable immediately upon the occurrence of such Events
of Default.

 

Events of Default in respect of the Notes are set
forth in Section 5.01 of the Base Indenture. 
Holders may not enforce the Indenture or the Notes except as provided in
the Indenture.  The Trustee may refuse to
enforce the Indenture or the Notes unless it receives reasonable indemnity or
security.  Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate
Principal Amount of the Notes at the time outstanding may direct the Trustee in
its exercise of any trust or power, including the annulment of a declaration of
acceleration.  The Trustee may withhold
from Holders notice of any continuing default (except a default in payment of
amounts specified in clause (i) above) if it determines that withholding notice
is in their interests.

 

14.                                 CONSOLIDATION,
MERGER, AND SALE OF ASSETS

 

In the event of a consolidation, merger, or sale of
assets to convey, transfer or lease of all or substantially all of Company’s
property or assets as described in Section 8.01 of the Base Indenture, the
successor corporation to the Company shall succeed to and be substituted for
the Company, and may exercise the Company’s rights and powers under this
Indenture, and thereafter, except in the case of a lease, the Company shall be
relieved of all obligations and convents under the Indenture and the Notes with
respect to its obligations under this Indenture

 

15.                                 TRUSTEE
AND AGENT DEALINGS WITH THE COMPANY

 

The Trustee, Paying Agent and Security Registrar under
the Indenture, each in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise

 

A-R-5

 

deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the
same rights it would have if it were not Trustee, Paying Agent or Security
Registrar.

 

16.                                 NO
RECOURSE AGAINST OTHERS

 

A director, officer or employee, as such, of the
Company or any subsidiary of the Company or any stockholder as such, of the
Company shall not have any liability for any obligations of the Company under
the Notes or the Supplemental Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation.  By accepting a Note, each Holder waives and
releases all such liability.  The waiver
and release are part of the consideration for the issue of the Notes.

 

17.                                 AUTHENTICATION

 

This Note shall not be valid until an authorized
officer of the Trustee or Authenticating Agent manually signs the Trustee’s
certificate of authentication on the other side of this Note.

 

18.                                 ABBREVIATIONS

 

Customary abbreviations may be used in the name of a
Holder or an assignee, such as TEN COM (=tenants in common), TENANT (=tenants
by the entireties), JT TEN (=joint tenants with right of survivorship and not
as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

 

19.                                 GOVERNING
LAW

 

The Indenture and this Note shall be governed by and
construed in accordance with the laws of the State of New York without regard
to the conflicts of law rules of said state.

 

A-R-6

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below: (I)
or (we) assign and transfer this Security to

 

	
   

  	
   

  	
   

  
	
   

  	
  (Insert assignee’s social security or tax I.D.
  number)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Print or type assignee’s
  name, address and zip code)

  	
   

  

 

and irrevocably appoint ____________________________
as agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him.

 

	
  Dated:

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  
	
  (Sign exactly as your
  name appears on the other side of this Security)

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature Guaranty:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signatures must be
  guaranteed by an “eligible guarantor institution” meeting the requirements of
  the Transfer Agent, which requirements will include membership or
  participation in STAMP or such other “signature guarantee program” as may be
  determined by the Transfer Agent in addition to, or in substitution for,
  STAMP, all in accordance with the Exchange Act.]

  
	
   

  
	
  Social Security Number or

  
	
  Taxpayer Identification Number:

  	
   

  	
   

  
								

 

A-R-7

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