Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

DATED 25 NOVEMBER 2019 

 
 ISSUER 

MOODY’S CORPORATION 

PAYING AGENT 
 ELAVON
FINANCIAL SERVICES DAC, UK BRANCH 
 TRANSFER AGENT 

U.S. BANK NATIONAL ASSOCIATION 

REGISTRAR 
 U.S. BANK
NATIONAL ASSOCIATION 
 - AND - 

TRUSTEE 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 AGENCY AGREEMENT 

relating to Notes issued under a prospectus dated February 24, 2017, as 

supplemented by a prospectus supplement dated November 14, 2019 

 THIS AGREEMENT is made on November 25, 2019 

BETWEEN: 
  

	 	(1)	 MOODY’S CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware,
having its principal office at 7 World Trade Center at 250 Greenwich Street, New York, New York 10007, United States of America, (the “Issuer”); 

 

	 	(2)	 ELAVON FINANCIAL SERVICES DAC, a limited liability company registered in Ireland with the Companies
Registration Office (registered number 418442), with its registered office at Building 8, Cherrywood Business Park, Loughlinstown, Dublin 18, D18 W319, Ireland acting through its UK Branch (registered number BR009373) from its offices at Fifth
Floor, 125 Old Broad Street, London EC2N 1AR, United Kingdom, as Paying Agent (the “Paying Agent” which expression shall include any successor paying agent appointed in accordance with this Agreement); 

 

	 	(3)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with an office at 100 Wall Street, New York, NY 10005, United States of America as Transfer Agent (the “Transfer Agent” which expression shall include any successor transfer agent appointed in accordance with this
Agreement); 

  

	 	(4)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with an office at 100 Wall Street, New York, NY 10005, United States of America as Registrar (the “Registrar” which expression shall include any successor registrar appointed in accordance with this Agreement); and

  

	 	(5)	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and in good standing under the
laws of the United States of America as Trustee (the “Trustee”). 

 WHEREAS: 

 

	 	(A)	 The Issuer has agreed to issue €750,000,000 aggregate principal amount of 0.950% senior notes due on 2030
(the “Notes”). 

  

	 	(B)	 The Notes are to be constituted by an Indenture, dated as of August 19, 2010, by and among the Issuer, as
issuer, and the Trustee, as trustee, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth
Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture and the Tenth Supplemental Indenture (the “Indenture”), as set out in Appendix 1. 

 

	 	(C)	 The Issuer hereby appoints the Paying Agent, the Transfer Agent and the Registrar in accordance with the terms
of this Agreement and the Indenture. 

 IT IS AGREED: 

 

	1.	 INTERPRETATION 

 

	1.1	 Unless the context otherwise requires: 

 

	1.2	 References in this Agreement to the payment of principal or interest in respect of any Note shall be deemed to
include any additional amounts which may become payable in respect thereof pursuant to the Notes and the Indenture. 

  
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	1.3	 All references in this Agreement to an agreement, instrument or other document (including this Agreement, the
Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied, supplemented or novated from time to time. 

 

	1.4	 Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties
to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. 

 

	2.	 APPOINTMENT OF THE REGISTRAR

  

	2.1	 Pursuant to Section 2.12 of the Tenth Supplemental Indenture, the Issuer has initially appointed the
Registrar to act at its specified office as registrar in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture.

  

	2.2	 On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct copy of
the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal amount of Notes held by each holder of Notes. 

  

	2.3	 The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of the register
of Notes maintained by it as soon as reasonably practicable following any transfer or exchange of any Notes, and promptly on request therefor by the Paying Agent. 

 

	2.4	 The Paying Agent shall be entitled to treat as conclusive the most recent copy of the register provided to it
by the Registrar in accordance with this Agreement. 

  

	3.	 APPOINTMENT OF THE TRANSFER
AGENT 

  

	3.1	 Pursuant to Section 2.12 of the Tenth Supplemental Indenture, the Issuer has initially appointed the
Transfer Agent to act as Transfer Agent for the purposes specified in this Agreement, the Indenture and the Notes, including, inter alia, completing, authenticating, holding and delivering Notes, upon the terms and subject to the conditions
specified herein, the Indenture and in the Notes, and the Transfer Agent hereby accepts such appointment. 

  

	4.	 APPOINTMENT OF PAYING
AGENT  

  

	4.1	 Pursuant to Section 2.12 of the Tenth Supplemental Indenture, the Issuer has initially appointed the
Paying Agent to act at its specified office as paying agent in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the
Indenture. 

  

	4.2	 The Paying Agent is appointed hereunder for the purposes of: 

 

	 	(a)	 paying sums due on the Notes referred to in Section 6.01 of the Indenture; and 

 

	 	(b)	 otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture.

  

	5.	 PAYMENT 

Subject always to the Indenture and, in particular, any restrictions on the Issuer following delivery of a notice of an Event of Default: 

 

	 	(a)	 The Issuer shall, not later than 10.00 am (London time) on the Business Day prior to which any payment in
respect of the Notes becomes due, pay to such account of the Paying Agent as the Paying Agent shall specify in Euros in immediately 

  
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available funds on each due date for the payment of principal and/or interest and/or other amounts referred to in Article 2 of the Indenture in respect of the Notes, an amount sufficient
(together with any funds then held by the Paying Agent and available for the purpose) to pay all principal and interest and/or other amounts referred to in Article 2 of the Indenture due in respect of the Notes on such date; provided that if any
such date is not a Business Day such payment shall be made on the next succeeding date which is a Business Day. As used in this Agreement, “Business Day” shall have the meaning as set
forth in the Indenture. 

  

	 	(b)	 The Issuer hereby authorises and directs the Paying Agent from funds so paid to the Paying Agent to make
payment of all amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the provisions of this Agreement. If any payment provided for in clause 5(a) is after the date specified therein but otherwise in accordance with
the provisions of this Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by the Paying Agent of such payment. 

 

	 	(c)	 If the Paying Agent has not, on the date on which any payment is due to be made to the Paying Agent pursuant to
clause 5(a), received the full amount payable in respect thereof on such date but receives such full amount later, together with accrued interest (if any) in accordance with the Indenture, it shall forthwith so notify the Issuer and the Trustee.
Unless and until the full amount of any such principal or interest payment has been made to it, the Paying Agent will not be bound to make such payments. 

  

	 	(d)	 Without prejudice to clause 5(b), if the Paying Agent pays out on or after the due date therefor (other than as
a result of its own gross negligence or wilful misconduct) to persons entitled thereto, or becomes liable to pay out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment by the
Issuer has been or will be made, the Issuer shall on demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from (and including) the date on which it is paid out to (but excluding) the date of
reimbursement at the rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum. 

 

	 	(e)	 Payment of only part of the amount payable in respect of a Note may only be made at the discretion of the
relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes permitted by the Indenture). If at any time a Paying Agent makes a partial payment in respect of any Note presented to it, it shall inform the
Registrar of the same such that the Registrar may record the same on the register of Notes. 

  

	6.	 REPAYMENT 

Any sums paid by, or by arrangement with the Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be
repaid to the Issuer unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed by the Issuer or any other subsidiary of the Issuer and cancelled, but in any of these events the Paying Agent shall
(provided that all other amounts due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been payable on the relevant Notes
together with any fees previously paid to the Paying Agent in respect of such Notes. Notwithstanding the foregoing, the Paying Agent shall not be obliged to make any repayment to the Issuer so long as any amounts which under this Agreement should
have been paid to or to the order of the Paying Agent by the Issuer shall remain unpaid. The Paying Agent shall not, however, be otherwise required or entitled to repay any sums properly received by it under this Agreement. 

  
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	7.	 PREPAYMENT; NOTICE OF WITHHOLDING
OR DEDUCTION 

  

	7.1	 The Issuer shall provide to the Paying Agent a copy of all notices of prepayment delivered under the Indenture
in respect of the Notes that it serves on the holders of the Notes including, without limitation, details of the date(s) on which such prepayments in respect of the Notes are to be made, all amounts required to be paid by the Issuer in respect
thereof in accordance with the Indenture and the manner in which such prepayment will be effected. 

  

	7.2	 If: 

  

	 	(a)	 the Issuer, in respect of any payment; or 

 

	 	(b)	 the Paying Agent, in respect of any payment of principal of or any premium or interest on the Notes,

 is required to withhold or deduct any amount for or on account of Tax, 

 

	 	(c)	 the Issuer shall give notice thereof to the Paying Agent and the Trustee as soon as it becomes aware of such
requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable it to make such deduction or withholding; and 

  

	 	(d)	 except where such requirement arises as a result of prepayment of the Notes in accordance with the Indenture or
by virtue of the relevant holder failing to satisfy any certification or other requirement in respect of its Notes, the Paying Agent shall give notice thereof to the Issuer and the Trustee as soon as it becomes aware of the requirement to withhold
or deduct. 

  

	8.	 RECORDS 

The Paying Agent shall: 
  

	 	(a)	 keep a full and complete record of all payments made by it in respect of the Notes; and 

 

	 	(b)	 make such records available at all reasonable times to the Issuer and any persons authorised by it, and the
Trustee for inspection and for the taking of copies thereof. 

  

	9.	 FEES AND EXPENSES 

 

	9.1	 The Issuer will pay to the Paying Agent, Transfer Agent and Registrar such fees and expenses in respect of the
Paying Agent, Transfer Agent and Registrar’s services under this Agreement as agreed to in the fee letter dated 01 November 2019, from the Paying Agent, Transfer Agent and Registrar to, and countersigned by the Issuer. 

 

	9.2	 The Issuer will also pay on demand, against presentation of such invoices and receipts as it may reasonably
require, all properly-incurred out-of-pocket expenses (including necessary advertising, facsimile and telex transmission, postage and insurance expenses and, subject to
prior approval by the Issuer as set forth below, the fees and expenses of legal advisers) properly incurred by the Paying Agent, Transfer Agent and Registrar in connection with the services under this Agreement, together with any applicable value
added tax or similar tax properly chargeable thereon. Payment by the Issuer to the Paying Agent, Transfer Agent and Registrar of such properly-incurred out-of-pocket
expenses shall be a good discharge of the obligations of the Issuer in respect thereof. Where the advice of legal counsel is sought by the Paying Agent, Transfer Agent or Registrar, the fees of any such counsel shall be agreed to by the Issuer
(acting reasonably) in advance. 

  
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	10.	 INDEMNITY  

 

	10.1	 The Issuer undertakes to indemnify and hold harmless, the Paying Agent, Transfer Agent, Registrar and each of
its respective directors, officers, employees or agents (each an “Indemnified Party”) on demand by such Indemnified Party against any losses, liabilities, costs, fees, expenses, claims, actions, damages or demands (including, but
not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending the foregoing and the properly incurred fees and expenses of legal advisers) which such Indemnified Party may incur or which may be made against
it, as a result of the exercise of or performance of its powers and duties under this Agreement, except such as may result from its own gross negligence, wilful misconduct or fraud or that of its directors, officers, employees or agents.

  

	10.2	 The indemnity contained in clause 10.1 above shall survive the termination and expiry of this Agreement.

  

	11.	 CONDITIONS OF APPOINTMENT

  

	11.1	 The Paying Agent shall (a) hold all sums received from Issuer in accordance with this Agreement and the
Indenture for payment of principal of or any premium or interest on the Notes in trust for the benefit of Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in this Agreement and the
Indenture; (b) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment of principal of or premium or interest on the Notes; and (c) at any time during the continuance of any
such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held by it in trust for payment in respect of the Notes. 

  

	11.2	 No monies held by the Paying Agent need be segregated except as required by law. 

 

	11.3	 In acting under this Agreement and in connection with the Notes, the Paying Agent, Transfer Agent and Registrar
shall act solely as agent of the Issuer and, save solely in respect of its obligations under clause 11.1 hereof, shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or the Trustee.

  

	11.4	 The Paying Agent, Transfer Agent and Registrar shall be obliged to perform such duties and only such duties as
are specifically set out in this Agreement. No implied duties or obligations shall be read into such document. The Paying Agent, Transfer Agent and Registrar shall not be obliged to perform any duties additional to or different from such duties
resulting from any modification or supplement after the date hereof to any relevant documents (including, without limitation, the Indenture), unless it shall have previously agreed to perform such duties. The Paying Agent, Transfer Agent and
Registrar shall not be under any obligation to take any action hereunder which either party expects, and has thus notified the Issuer in writing, will result in any expense or liability of such Paying Agent, Transfer Agent or Registrar, the payment
of which within a reasonable time is not, in its opinion, assured to it. 

  

	11.5	 Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent shall be
entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the absolute owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of
ownership, trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to obtain any proof thereof or as to the identity of the bearer or holder. 

 

	11.6	 The Paying Agent, Transfer Agent and Registrar may consult with any legal or other professional advisers (who
may be an employee of or legal adviser to the Issuer) selected by it, at the cost of the Issuer, provided that the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance, and the opinion of such advisers shall be
full and complete protection in respect of any action taken, omitted or suffered hereunder in accordance with the written opinion of such advisers. 

  
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	11.7	 The Paying Agent, Transfer Agent and Registrar shall be protected and shall incur no liability for or in
respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the Issuer or upon any Note, notice, resolution, direction, consent, certificate, affidavit, statement, telex, facsimile transmission or
other document or information from any electronic or other source reasonably believed by it to be genuine and to have been signed or otherwise given or disseminated by the proper party or parties, even if it is subsequently found not to be genuine
or to be incorrect. 

  

	11.8	 The Paying Agent, Transfer Agent and Registrar, whether acting for itself or in any other capacity, will not be
precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any shares or other securities of the Issuer or any of its subsidiaries, holding or associated companies (each a “Connected
Company”), with the same rights as it would have had if it were not acting as Paying Agent or from entering into or being interested in any contracts or transactions with any Connected Company or from acting on, or as depositary, trustee or
agent for, any committee or body of holders of any securities of any Connected Company and will not be liable to account for any profit. 

  

	11.9	 The Paying Agent shall not be required to make any payments to any holder of a Note if under any laws or
regulations affecting the Paying Agent, such payment is not permitted. In the event of any such laws or regulations affecting the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer and the Trustee.

  

	11.10	 The Issuer shall do or cause to be done all such acts, matters and things and shall make available all such
documents as shall be necessary or desirable to enable the Paying Agent, Transfer Agent and Registrar to fully comply with and carry out its respective duties and obligations hereunder. 

 

	11.11	 In no event shall the Paying Agent, Transfer Agent or Registrar or any of its affiliates or any of their
respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability for damages of any kind, including, without limitation, direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise), except to the extent the liability of the Paying Agent, Transfer Agent or Registrar is found in a final non-appealable
judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence, wilful misconduct or fraud of the Paying Agent, Transfer Agent or Registrar or their Agent Parties. 

 

	11.12	 Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Transfer Agent and the
Registrar shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control including, without limitation, (i) any governmental activity (whether de jure or de facto),
act of authority (whether lawful or unlawful), compliance with any governmental or regulatory order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure, requisition, nationalisation or the imposition of
currency or currency control restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or clearing system, interruption, loss or malfunction of utilities, communications or computer services or the
payment or repayment of any cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence of any event in the country in which such cash is held which may affect, limit, prohibit or prevent
the transferability, convertibility, availability, payment or repayment of any cash or sums until such time as such law, regulation or event shall no longer affect, limit, prohibit or prevent such transferability, convertibility, availability,
payment or repayment (and in no event, other than as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited
or prevented by such law, regulation or event or be obliged to pay any penalty 

  
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interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute or any breach of contract by any essential personnel; (iv) any equipment or
transmission failure or failure of applicable banking or financial systems; (v) any war, armed conflict including but not limited to hostile attack, hostilities, or acts of a foreign enemy; (vi) any riot, insurrection, civil commotion or
disorder, mob violence or act of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or any kind of installation, prolonged breakdown of transport, radioactive
contamination, nuclear fusion or fission or electric current; (ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard, earthquake, landslide, tidal wave, flood, damage or destruction by lightning, or
drought); or (x) any other act of God. 

  

	11.13	 Pursuant to and in accordance with the procedures set forth in Article 12 of the Indenture (i) the Issuer
may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Paying Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money and (ii) any
money deposited with the Paying Agent in trust for the payment of the principal of or any premium or interest on the Notes remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the
Issuer on the Issuer’s request and all liability of the Paying Agent with respect to such trust money shall thereupon cease. 

  

	12.	 CHANGES IN PAYING AGENT OR
REGISTRAR AND SPECIFIED OFFICES  

  

	12.1	 The Issuer may at any time vary or terminate the appointment of the Paying Agent, Transfer Agent or the
Registrar and appoint additional or other paying agents or registrars. 

 Any variation or termination shall be made by
giving to the Paying Agent, Transfer Agent or Registrar and (if different) to the paying agent, transfer agent or registrar whose appointment is to be varied or terminated not less than 60 days’ written notice to that effect, which notice shall
expire not less than 30 days before or after any due date for any payment in respect of Notes. 
  

	12.2	 Subject to clause 12.1, and pursuant to Section 2.12(b) of the Tenth Supplemental Indenture, the Paying
Agent, Transfer Agent or Registrar may resign its appointment hereunder at any time by giving to the Issuer not less than 90 days’ written notice to that effect, which notice shall expire not less than 45 days before or after any due date for
any payments in respect of any Notes. 

  

	12.3	 Notwithstanding clauses 12.1 and 12.2 no such termination of the appointment of, or resignation by, the Paying
Agent, Transfer Agent or Registrar shall take effect until a successor has been appointed on terms approved by the Issuer or the Issuer has otherwise approved such resignation without a successor being appointed. 

 

	12.4	 Notwithstanding any other provisions of clause 12.1, the appointment of the Paying Agent, Transfer Agent or
Registrar shall forthwith terminate if at any time such Paying Agent, Transfer Agent or Registrar becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit
of its creditors or consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or suspends
payment thereof, or if a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar official of it or of all or any substantial part of its property is appointed, or if any order of any
court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes charge or 

  
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control of such Paying Agent, Transfer Agent or Registrar or its property or affairs for the purpose of rehabilitation, conservation, administration or liquidation or there occurs any analogous
event under any applicable law. 

  

	12.5	 On the date on which any such termination or resignation takes effect, the Paying Agent, Transfer Agent or
Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by it in respect of the Notes which have become due and payable but which have not been presented for payment; and (ii) deliver to its
successor (or, if none, the Issuer), or as it may direct, all records maintained by it, pursuant hereto. Following such termination or resignation and pending such payment and delivery, the Paying Agent, Transfer Agent or Registrar shall hold such
amounts, records and documents in trust for and subject to the order of its successor or, as the case may be, the Issuer. 

  

	12.6	 Any corporation into which any Paying Agent, Transfer Agent or Registrar may be merged or converted or any
corporation with which such Paying Agent, Transfer Agent or Registrar may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Paying Agent, Transfer Agent or Registrar shall be a party, or any
corporation, including affiliated corporations, to which the Paying Agent, Transfer Agent or Registrar shall sell or otherwise transfer: (a) all or substantially all of its assets or (b) all or substantially all of its corporate trust
business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, be the successor Paying Agent, Transfer Agent or Registrar under this Agreement without any
further formality, and after such effective date all references in this Agreement to such Paying Agent, Transfer Agent or Registrar shall be deemed to be references to such corporation. Notice of any such merger, conversion, consolidation or
transfer shall forthwith be given by the Paying Agent, Transfer Agent or Registrar to the Issuer and the Trustee. 

  

	12.7	 The Paying Agent, Transfer Agent or Registrar may change its specified office to another office in London at
any time by giving to the Issuer and the Trustee not less than 60 days’ prior written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes, and which notice
shall specify the address of the new specified office and the date upon which such change is to take effect. 

  

	13.	 NOTICES 

 

	13.1	 If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before the time of
such publication, send copies of each notice so published to the Paying Agent. 

  

	13.2	 The Paying Agent, Transfer Agent and Registrar shall promptly forward any written notice received by it from
any holders of the Notes to the Issuer and the Trustee. 

  

	14.	 COMMUNICATIONS 

 

	14.1	 For the purposes of this clause, the address of each party at the date of this Agreement shall be the address
set out below (including, where applicable, the details of the facsimile number, the person for whose attention the notice or communication is to be addressed and the email address): 

  
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 the Issuer: 
  

							
	Moody’s Corporation:	  		  		  	
				
	 7 World Trade Center
 at 250 Greenwich
Street
 New York, New York 10007
  

As may be amended from time to time in accordance with this Agreement.
	  		  	 Fax 
 Attention
	  	 : 212-553-0084

: General Counsel

 the Paying Agent: 
  

			
	 Elavon Financial Services DAC, UK Branch

 
 125 Old Broad Street, Fifth Floor

London, EC2N 1AR

United Kingdom
  

As may be amended from time to time in accordance with this Agreement.
	  	  
  

Fax:          +44 (0)207 365 2577

Attention:    Structured Finance Relationship Management

Email: mbs.relationship.management@usbank.com

 the Transfer Agent: 
  

			
	 U.S. Bank National Association

 
 100 Wall Street, Suite 600

New York, NY 10005

United States of America
  

As may be amended from time to time in accordance with this Agreement.
	  	  

Attention:    Corp Municipal

Email: beverly.freeney@usbank.com

  
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 the Registrar: 
  

			
	 U.S. Bank National Association

 
 100 Wall Street, Suite 600

New York, NY 10005

United States of America
  

As may be amended from time to time in accordance with this Agreement.
	  	  

Attention:    Corp Municipal

Email: beverly.freeney@usbank.com

 the Trustee: 
  

			
	 Wells Fargo Bank, National Association

 
 1 Independent Drive, Suite 620

Jacksonville, Florida 32202

United States of America
  

As may be amended from time to time in accordance with the Indenture and notified by the Issuer to the Paying Agent.
	  	  

Fax     +1
904-351-7259
 Attention:    Corporate Trust Services
– Administrator Moody’s Corp.
 Email:    tina.gonzalez@wellsfargo.com

  

	15.	 AMENDMENTS 

 

	15.1	 For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto.

  

	15.2	 The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture as soon as reasonably
practicable following such amendment taking effect. Where reference is made in this Agreement to the Indenture, such reference shall, for the purposes of the Paying Agent’s rights and obligations under this Agreement only, be deemed to refer to
the most recent version of such document provided to the Paying Agent by the Issuer. 

  

	16.	 TAXES 

The Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution,
delivery, performance and enforcement of this Agreement. 
  

	17.	 GOVERNING LAW AND
JURISDICTION 

  

	17.1	 This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York. 

  

	17.2	 Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the
fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 

  
 10 

	17.3	 Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer agrees, to the fullest extent
permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in clause 17.2 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may
be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

 

	17.4	 THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT.

  

	18.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all of which
when taken together shall constitute a single instrument. 
 AS WITNESS the hands of the parties or
their duly authorised agents the day and year first above written. 

  
 11 

 SIGNATORIES 

 

			
	ISSUER
	
	MOODY’S CORPORATION
		
	By:	 	 /s/ John J. Goggins

		 	John J. Goggins
		 	Executive Vice President and General Counsel

  
 12 

			
	PAYING AGENT
	
	Elavon Financial Services DAC, UK Branch
		
	By:	 	 Michael Leong

	 	 	Michael Leong
	 	 	Authorised Signatory
		
	By:	 	 Chris Hobbs

		 	Chris Hobbs
		 	Authorised Signatory
	
	TRANSFER AGENT
	
	U.S. Bank National Association
		
	By:	 	 Michael Leong

	 	 	Michael Leong
	 	 	Authorised Signatory
		
	By:	 	 Chris Hobbs

		 	Chris Hobbs
		 	Authorised Signatory
	
	REGISTRAR
	
	U.S. Bank National Association
		
	By:	 	 Michael Leong

	 	 	Michael Leong
	 	 	Authorised Signatory
		
	By:	 	 Chris Hobbs

	 	 	Chris Hobbs
	 	 	Authorised Signatory
	
	TRUSTEE
	
	Wells Fargo Bank, National Association
		
	By:	 	 /s/ Gregory S. Clarke

	 	 	Gregory S. Clarke
	 	 	Vice President

  
 13 

 APPENDIX 1 

Indenture 

  
 14Exhibit

EXECUTION VERSION

	
	
	

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT
dated as of April 20, 2018,
among
FREEPORT-MCMORAN INC.,
PT FREEPORT INDONESIA,
FREEPORT-MCMORAN OIL & GAS LLC,
The Lenders Party Hereto,
The Issuing Banks Party Hereto,
JPMORGAN CHASE BANK, N.A.,
as Administrative Agent,
BANK OF AMERICA, N.A.,
as Syndication Agent,
and
BNP PARIBAS,  
CITIBANK, N.A., 
HSBC BANK USA, NATIONAL ASSOCIATION,  
MIZUHO BANK, LTD., 
SUMITOMO MITSUI BANKING CORPORATION, 
THE BANK OF NOVA SCOTIA  
MUFG BANK, LTD. 
and  
BANK OF MONTREAL, CHICAGO BRANCH,
as Co-Documentation Agents,
_____________________________________________________________
JPMORGAN CHASE BANK, N.A., 
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
BNP PARIBAS SECURITIES CORP., 
CITIBANK N.A.,  
HSBC SECURITIES (USA) INC.,  
MIZUHO BANK, LTD.,  
SUMITOMO MITSUI BANKING CORPORATION,  
THE BANK OF NOVA SCOTIA  
MUFG BANK, LTD. 
and  
BANK OF MONTREAL, CHICAGO BRANCH,
as Joint Lead Arrangers and Joint Bookrunners,
_____________________________________________________________
ABN AMRO CAPITAL USA LLC, 
BBVA COMPASS, 
CANADIAN IMPERIAL BANK OF COMMERCE, 
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 
NATIXIS, NEW YORK BRANCH, 
ROYAL BANK OF CANADA, 
SOCIETE GENERALE
and 
U.S. BANK NATIONAL ASSOCIATION 
as Senior Managing Agents

1

SECOND AMENDMENT dated as of November 25, 2019 (this “Amendment”) to the Revolving Credit Agreement dated as of April 20, 2018 (as amended by that certain First Amendment dated as of May 2, 2019, the “Credit Agreement”) among FREEPORT-MCMORAN INC. (“FCX”), PT FREEPORT INDONESIA (“PTFI”) and FREEPORT-MCMORAN OIL & GAS LLC (together with FCX and PTFI, the “Borrowers”), the Lenders from time to time party thereto and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
WHEREAS, the Lenders have agreed to extend credit to the Borrowers under the Credit Agreement on the terms and subject to the conditions set forth therein. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement, as amended hereby.
WHEREAS, the Borrowers have requested that the Credit Agreement be amended (a) to modify for a period of time the maximum Total Leverage Ratio applicable under Section 6.06 of the Credit Agreement and (b) to effect certain other modifications to the provisions of the Credit Agreement, in each case as set forth herein.  
WHEREAS, the Lenders party hereto constituting the Required Lenders under the Credit Agreement and the Administrative Agent are willing to so amend the Credit Agreement on the terms and subject to the conditions hereof. 
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Amendment of the Credit Agreement.  Effective as of the Amendment Effective Date, the Credit Agreement is hereby amended as follows:
(a)  Section 1.01 of the Credit Agreement is hereby amended by revising the definition of “Total Debt” in its entirety as set forth below:
“Total Debt” means, as of any date, the sum as of such date of (a) the aggregate principal amount of Funded Debt of FCX and the Subsidiaries outstanding as of such date, in the amount that would be reflected as a liability on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP, provided, however, that for the avoidance of doubt, Funded Debt shall exclude fair value adjustments under the acquisition method to book balances of Indebtedness, plus (b), without duplication of amounts included in clause (a), the aggregate amount of Attributable Debt of FCX and the Subsidiaries outstanding as of such date, minus (c) the lesser as of such date of (i) (x) if such date is prior to September 30, 2021, $1,250,000,000 and (y) if otherwise, $2,500,000,000 and (ii) the sum of (x) the aggregate amount of Available Domestic Cash and (y) the least of (1) $500,000,000, (2) Unrestricted CV Cash 

2

and (3) the aggregate amount of Indebtedness outstanding of Sociedad Minera Cerro Verde S.A.A.
(b)  Section 6.06 of the Credit Agreement is amended to read in its entirety as set forth below:
“SECTION 6.06. Total Leverage Ratio.  The Borrowers will not permit the Total Leverage Ratio on the last day of any fiscal quarter (i) ending during the period from and including December 31, 2019, through and including June 30, 2021, to exceed 5.25 to 1.00 and (ii) ending on or after September 30, 2021, to exceed 3.75 to 1.00.”
SECTION 2.      Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, each of the Borrowers represents and warrants to the Administrative Agent and the Lenders that:
(a)  (x) the execution, delivery and performance by such Borrower of this Amendment and the performance by such Borrower of the Credit Agreement, as amended by this Amendment, are within such Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action and (y) this Amendment has been duly executed and delivered by such Borrower and, upon the Amendment Effective Date, the Credit Agreement, as amended hereby, will constitute a legal, valid and binding obligation of such Borrower enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally, concepts of reasonableness and general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(b)  the representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects on and as of the Amendment Effective Date, except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier date; and
(c)  no Default has occurred and is continuing on the Amendment Effective Date before or after giving effect to the Amendment; 
SECTION 3.      Effectiveness.  This Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which each of the following conditions has been satisfied:
(a)  The Administrative Agent shall have executed this Amendment and shall have received counterparts hereof duly executed and delivered by each Borrower, Lenders constituting the Required Lenders and the Administrative Agent.
(b)  The Administrative Agent shall have received an officer’s certificate certifying the accuracy of the representations and warranties set forth in Section 2 in form and substance reasonably satisfactory to the Administrative Agent.

3

The Administrative Agent shall notify the Borrowers and the Lenders of the Amendment Effective Date and such notice shall be conclusive and binding.  Notwithstanding the foregoing, this Amendment shall not become effective unless each of the conditions set forth or referred to in this Section 3 has been satisfied at or prior to 5:00 p.m., New York City time, on November 25, 2019 (it being understood that any  such failure of this Amendment to become effective will not affect any rights or obligations of any Person under the Credit Agreement).
SECTION 4.  Expenses.  Each Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent, in each case to the extent provided in Section 9.03(a) of the Credit Agreement.
SECTION 5.  Effect of Amendment.  (a)  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
(b)  On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement, “thereunder”, “thereof” or words of like import referring to the Credit Agreement in any other Loan Document shall be deemed a reference to the Credit Agreement as amended hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
SECTION 6.  Indonesian Translation. This Amendment is executed in a text using the English language and the Indonesian language (as stamped by an Indonesian sworn translator).  Both texts are the same and effective as of the execution of this Amendment.  Each of the parties hereto agrees that if there is any conflict between the English language text and the Indonesian language text of this Amendment, the English language text shall, to the extent permitted by applicable law, prevail.  Each of the parties hereto confirms that it has read and understood the content and consequences of this Amendment and has no objection if the English language text prevails in the event of any such conflict.

4

SECTION 7.  Applicable Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
SECTION 8.  Counterparts; Integration; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 9.  Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first above written.
	
		
	FREEPORT-MCMORAN INC.,

	by  /s/ Kathleen L. Quirk

	 
	 

	 
	Name: Kathleen L. Quirk

	 
	Title: Executive Vice President and Chief Financial Officer

	
		
	PT FREEPORT INDONESIA,

	by  /s/ Robert R. Boyce

	 
	 

	 
	Name: Robert R. Boyce

	 
	Title: Treasurer

	
		
	FREEPORT MCMORAN OIL & GAS LLC,

	by  /s/ Robert R. Boyce

	 
	 

	 
	Name: Robert R. Boyce

	 
	Title: Treasurer

	
		
	JPMORGAN CHASE BANK, N.A., individually, as a Lender and as Administrative Agent,

	by  /s/ James Shender

	 
	 

	 
	Name: James Shender

	 
	Title: Vice President

LENDER SIGNATURE PAGE TO THE
SECOND AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN INC.

	
		
	Name of Lender: Bank of America, N.A.

	By  /s/ Marc Ahlers

	 
	 

	 
	Name: Marc Ahlers

	 
	Title: Director

	
	
	For any Lender requiring a second signature line:

	
		
	Name of Lender:

	By 

	 
	 

	 
	Name: 

	 
	Title: 

LENDER SIGNATURE PAGE TO THE
SECOND AMENDMENT TO THE REVOLVING CREDIT AGREEMENT 
OF FREEPORT-MCMORAN INC.

	
		
	Name of Lender: ____________________

	By  /s/ Consenting Lenders signatures on file with Administrative Agent

	 
	 

	 
	Name: 

	 
	Title:

	
	
	For any Lender requiring a second signature line:

	
		
	Name of Lender: ____________________

	By  /s/ Consenting Lenders signatures on file with Administrative Agent

	 
	 

	 
	Name: 

	 
	Title:

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