Document:

Note Purchase Agreement, dated September 7, 2007

 Exhibit 4.1 
  

  
  
  
  
  
  
  
  
  
 MOODY’S CORPORATION 
  
 $300,000,000 
  
 6.06% Series 2007-1 Senior Unsecured Notes due 2017 
  
 $500,000,000 Shelf Amount 
  
 Senior Unsecured Notes Issuable in Series 
  
  

 NOTE PURCHASE AGREEMENT 
  

  
  
  
  
  
 Dated as of
September 7, 2007 
  
  
  
  
  
  
  
  
  
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	PAGE
			
	1.	  	AUTHORIZATION OF NOTES.	  	1
				
		  	1.1	  	AMOUNT; ESTABLISHMENT OF SERIES.	  	1
				
		  	1.2	  	LEGEND.	  	2
			
	2.	  	SALE AND PURCHASE OF NOTES.	  	2
			
	3.	  	CLOSING.	  	2
			
	4.	  	CONDITIONS TO CLOSING.	  	3
				
		  	4.1	  	REPRESENTATIONS AND WARRANTIES.	  	3
				
		  	4.2	  	PERFORMANCE; NO DEFAULT.	  	3
				
		  	4.3	  	COMPLIANCE CERTIFICATES.	  	3
				
		  	4.4	  	OPINIONS OF COUNSEL.	  	3
				
		  	4.5	  	PURCHASE PERMITTED BY APPLICABLE LAW, ETC.	  	3
				
		  	4.6	  	SALE OF OTHER NOTES.	  	4
				
		  	4.7	  	PAYMENT OF SPECIAL COUNSEL FEES.	  	4
				
		  	4.8	  	PRIVATE PLACEMENT NUMBER.	  	4
				
		  	4.9	  	CHANGES IN CORPORATE STRUCTURE.	  	4
				
		  	4.10	  	PROCEEDINGS AND DOCUMENTS.	  	4
			
	5.	  	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.	  	4
				
		  	5.1	  	ORGANIZATION; POWER AND AUTHORITY.	  	4
				
		  	5.2	  	AUTHORIZATION, ETC.	  	5
				
		  	5.3	  	DISCLOSURE.	  	5
				
		  	5.4	  	ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES.	  	5
				
		  	5.5	  	FINANCIAL STATEMENTS.	  	5
				
		  	5.6	  	COMPLIANCE WITH LAWS, OTHER INSTRUMENTS, ETC.	  	6
				
		  	5.7	  	GOVERNMENTAL AUTHORIZATIONS, ETC.	  	6
				
		  	5.8	  	LITIGATION; OBSERVANCE OF STATUTES AND ORDERS.	  	6
				
		  	5.9	  	TAXES.	  	6
				
		  	5.10	  	TITLE TO PROPERTY; LEASES.	  	6
				
		  	5.11	  	LICENSES, PERMITS, ETC.	  	7
				
		  	5.12	  	COMPLIANCE WITH ERISA.	  	7
				
		  	5.13	  	PRIVATE OFFERING BY THE COMPANY.	  	7
				
		  	5.14	  	USE OF PROCEEDS; MARGIN REGULATIONS.	  	8
				
		  	5.15	  	EXISTING INDEBTEDNESS.	  	8
				
		  	5.16	  	FOREIGN ASSETS CONTROL REGULATIONS, ETC.	  	8
				
		  	5.17	  	STATUS UNDER CERTAIN STATUTES.	  	8

  

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	6.	    	REPRESENTATIONS OF THE PURCHASERS.	 	8
				
		    	6.1	  	PURCHASE FOR INVESTMENT.	 	8
				
		    	6.2	  	ACCREDITED INVESTOR.	 	9
				
		    	6.3	  	SOURCE OF FUNDS.	 	9
			
	7.	    	INFORMATION AS TO COMPANY.	 	10
				
		    	7.1	  	FINANCIAL AND BUSINESS INFORMATION.	 	10
				
		    	7.2	  	OFFICER’S CERTIFICATE.	 	12
				
		    	7.3	  	INSPECTION.	 	12
			
	8.	    	PREPAYMENT OF THE NOTES.	 	13
				
		    	8.1	  	MATURITY.	 	13
				
		    	8.2	  	OPTIONAL PREPAYMENTS WITH MAKE-WHOLE AMOUNT.	 	13
				
		    	8.3	  	PREPAYMENT IN CONNECTION WITH A CHANGE OF CONTROL EVENT.	 	13
				
		    	8.4	  	ALLOCATION OF PARTIAL PREPAYMENTS.	 	13
				
		    	8.5	  	MATURITY; SURRENDER, ETC.	 	13
				
		    	8.6	  	PURCHASE OF NOTES.	 	14
				
		    	8.7	  	MAKE-WHOLE AMOUNT.	 	14
			
	9.	    	AFFIRMATIVE COVENANTS.	 	15
				
		    	9.1	  	COMPLIANCE WITH LAW.	 	15
				
		    	9.2	  	INSURANCE.	 	15
				
		    	9.3	  	MAINTENANCE OF PROPERTIES.	 	15
				
		    	9.4	  	PAYMENT OF TAXES.	 	16
				
		    	9.5	  	CORPORATE EXISTENCE, ETC.	 	16
				
		    	9.6	  	SUBSIDIARY GUARANTORS.	 	16
			
	10.	    	NEGATIVE COVENANTS.	 	16
				
		    	10.1	  	TRANSACTIONS WITH AFFILIATES.	 	16
				
		    	10.2	  	MERGER, CONSOLIDATION, ETC.	 	17
				
		    	10.3	  	DISPOSITION OF ASSETS.	 	17
				
		    	10.4	  	LIMITATION ON LIENS.	 	18
				
		    	10.5	  	LIMITATION ON SALE AND LEASEBACK TRANSACTIONS.	 	19
				
		    	10.6	  	TERRORISM SANCTIONS REGULATIONS.	 	19
				
		    	10.7	  	TOTAL DEBT TO EBITDA RATIO.	 	20
			
	11.	    	EVENTS OF DEFAULT.	 	20
			
	12.	    	REMEDIES ON DEFAULT, ETC.	 	21
				
		    	12.1	  	ACCELERATION.	 	21
				
		    	12.2	  	OTHER REMEDIES.	 	22
				
		    	12.3	  	RESCISSION.	 	22
				
		    	12.4	  	NO WAIVERS OR ELECTION OF REMEDIES, EXPENSES, ETC.	 	22

  

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	13.	    	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.	 	22
				
		    	13.1	  	REGISTRATION OF NOTES.	 	22
				
		    	13.2	  	TRANSFER AND EXCHANGE OF NOTES.	 	23
				
		    	13.3	  	REPLACEMENT OF NOTES.	 	23
			
	14.	    	PAYMENTS ON NOTES.	 	23
				
		    	14.1	  	PLACE OF PAYMENT.	 	23
				
		    	14.2	  	HOME OFFICE PAYMENT.	 	24
			
	15.	    	EXPENSES, ETC.	 	24
				
		    	15.1	  	TRANSACTION EXPENSES.	 	24
				
		    	15.2	  	SURVIVAL.	 	24
			
	16.	    	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.	 	24
			
	17.	    	AMENDMENT AND WAIVER.	 	25
				
		    	17.1	  	REQUIREMENTS.	 	25
				
		    	17.2	  	SOLICITATION OF HOLDERS OF NOTES.	 	25
				
		    	17.3	  	BINDING EFFECT, ETC.	 	25
				
		    	17.4	  	NOTES HELD BY COMPANY, ETC.	 	25
			
	18.	    	NOTICES.	 	26
			
	19.	    	REPRODUCTION OF DOCUMENTS.	 	26
			
	20.	    	CONFIDENTIAL INFORMATION.	 	26
			
	21.	    	SUBSTITUTION OF PURCHASER.	 	27
			
	22.	    	MISCELLANEOUS.	 	27
				
		    	22.1	  	SUCCESSORS AND ASSIGNS.	 	27
				
		    	22.2	  	PAYMENTS DUE ON NON-BUSINESS DAYS.	 	27
				
		    	22.3	  	SEVERABILITY.	 	27
				
		    	22.4	  	CONSTRUCTION.	 	28
				
		    	22.5	  	COUNTERPARTS.	 	28
				
		    	22.6	  	GOVERNING LAW.	 	28

  

					
			
	SCHEDULE A	  	–	  	Information Relating to Purchasers Signatory to the Note Purchaser Agreement
			
	SCHEDULE B	  	–	  	Defined Terms
			
	SCHEDULE 4.9	  	–	  	Changes in Corporate Structure
			
	SCHEDULE 5.3	  	–	  	Disclosure Materials
			
	SCHEDULE 5.4	  	–	  	Subsidiaries of the Company and Ownership of Subsidiary Stock
			
	SCHEDULE 5.5	  	–	  	Financial Statements
			
	SCHEDULE 5.8	  	–	  	Certain Litigation

  

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	SCHEDULE 5.11	  	–	  	Licenses, Permits, etc.
			
	SCHEDULE 5.14	  	–	  	Use of Proceeds
			
	SCHEDULE 5.15	  	–	  	Outstanding Indebtedness
			
	EXHIBIT 1.1(a)	  	–	  	Form of Series 2007-1 Note
			
	EXHIBIT 1.1(b)	  	–	  	Form of Supplement
			
	EXHIBIT 4.4(a)	  	–	  	Form of Opinion of Special Counsel to Company
			
	EXHIBIT 4.4(b)	  	–	  	Form of Opinion of Special Counsel to Purchasers
			
	EXHIBIT 4.11	  	–	  	Form of Subsidiary Guarantee

  

 iv 

 MOODY’S CORPORATION 
 7 World Trade Center 
 250 Greenwich Street 
 New York, New York 10007 
 $300,000,000 
 6.06% Series 2007-1 Senior Unsecured Notes due 2017 
 $500,000,000 Shelf Amount 
 Senior Unsecured Notes Issuable in Series 
 As of September 7, 2007 
 TO THE PURCHASERS WHOSE NAMES APPEAR IN THE ACCEPTANCE FORM AT THE END
HEREOF: 
 Ladies and Gentlemen: 
 MOODY’S
CORPORATION, a Delaware corporation (the “Company”), agrees with each of the purchasers whose names appear in the acceptance form at the end hereof (each, a “Purchaser” and, collectively, the “Purchasers”) as follows:

  

	1.	AUTHORIZATION OF NOTES. 

  

	 	1.1	AMOUNT; ESTABLISHMENT OF SERIES. 

 The Company will
authorize the issue and sale of $300,000,000 aggregate principal amount of its 6.06% Series 2007-1 Senior Unsecured Notes due 2017 (the “Series 2007-1 Notes”) pursuant to this Agreement. The Company may, from time to time until
September 7, 2012, in its sole discretion but subject to the terms hereof, authorize the issue and sale of one or more additional series of Notes (each a “Series” of Notes) in an aggregate principal amount of up to $500,000,000 (which
amount is in addition to the $300,000,000 aggregate principal amount of Series 2007-1 Notes) under the provisions of this Agreement pursuant to a Supplement (as defined herein). As used herein, the term “Notes” includes the Series 2007-1
Notes and any Series of additional Notes, and any other Notes issued in substitution therefor pursuant to Section 13. The Series 2007-1 Notes shall be substantially in the form set out in Exhibit 1.1(a), with such changes therefrom, if any, as
may be approved by each Purchaser and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an
Exhibit attached to this Agreement. 
 Each Series of Notes, other than the Series 2007-1 Notes, will be issued pursuant to a supplement to
this Agreement (a “Supplement”), such Supplement substantially in the form of Exhibit 1.1(b), and will be subject to the following terms and conditions: 
 (a) the designation of each Series of Notes shall distinguish the Notes of one Series from the Notes of all other Series; 
 (b) the Notes of each Series shall rank pari passu with each other Series of the Notes and at least pari passu with the Company’s other outstanding Indebtedness, except for such Indebtedness which
is preferred as a result of being secured (but then only to the extent of such security) or by operation of bankruptcy, insolvency or similar laws of general application; 
 (c) each Series of Notes shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates, be subject to such
prepayments on the dates and with the Make-Whole Amounts, if any, as are provided in the Supplement under which such Notes are issued, and shall have such additional or different conditions precedent to closing and such additional or different
representations and warranties or other terms and provisions as shall be specified in such Supplement; 
  

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 (d) any additional covenants, Defaults, Events of Defaults, rights or similar provisions that are added
by a Supplement for the benefit of the Series of Notes to be issued pursuant to such Supplement shall apply to all outstanding Notes, whether or not the Supplement so provides, and shall be deemed to be a part of, and contained in, this Agreement;
and 
 (e) except to the extent provided in Subsection (c) above, all of the provisions of this Agreement shall apply to the Notes of
each Series. 
 The Purchasers of the Series 2007-1 Notes are under no obligation to purchase any subsequent Series of Notes. 
 Payment of the principal of, Make-Whole Amount (if any) and interest on the Notes shall be guaranteed by the Subsidiary Guarantors as contemplated by
Section 9.6 and as provided in the Subsidiary Guarantees. 
  

	 	1.2	LEGEND. 

 Subject to the next succeeding paragraph, each
Note shall bear a legend substantially as follows (until such time as the Company shall reasonably agree that such legend or any portion thereof is no longer necessary or advisable): 
 THIS NOTE HAS BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR UNDER
STATE SECURITIES LAWS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS (A) REGISTERED OR EXEMPT FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND (B) THE
CONDITIONS CONTAINED IN THE NOTE PURCHASE AGREEMENT ARE SATISFIED. 
 If at any time any holder of a Note shall surrender such Note for
registration of transfer or exchange pursuant to Section 13.2, and shall concurrently provide the Company with a legal opinion of counsel to such holder (which may be in-house counsel), in form and substance reasonably satisfactory to the
Company, to the effect that such Note may at such time be transferred by such holder (to a Person not an Affiliate (as defined in Rule 144 under the Securities Act) of the Company and who has not been an Affiliate of the Company during the preceding
three months) pursuant to the requirements of paragraph (k) of Rule 144 under the Securities Act, the new Note or Notes to be executed and delivered as provided in Section 13.2 shall not contain the legend specified above. 
  

	2.	SALE AND PURCHASE OF NOTES. 

 Subject to the terms and
conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, the Series 2007-1 Notes in the principal amount specified opposite such
Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the
performance or non-performance of any obligation by any other Purchaser hereunder. 
  

	3.	CLOSING. 

 The sale and purchase of the Series 2007-1 Notes
to be purchased by each Purchaser shall occur at the offices of Milbank, Tweed, Hadley & McCloy LLP, One Chase Manhattan Plaza, New York, New York 10005, at 10:00 a.m., New York City time, at a closing (the “Closing”) on
September 7, 2007. At the Closing the Company will deliver to each Purchaser the Series 2007-1 Notes to be purchased by such Purchaser in the form of a single 

  

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Series 2007-1 Note (or such greater number of Series 2007-1 Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the
Closing and registered in such Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by
wire transfer of immediately available funds for the account of Moody’s Corporation to account number 323233244 at JP Morgan Chase Bank, N.A. in New York, New York, ABA #021-000-021. If at the Closing the Company shall fail to tender such
Series 2007-1 Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at such Purchaser’s
election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
  

	4.	CONDITIONS TO CLOSING. 

 Each Purchaser’s obligation
to purchase and pay for the Series 2007-1 Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 
  

	 	4.1	REPRESENTATIONS AND WARRANTIES. 

 The representations and
warranties of the Company in this Agreement shall be correct when made and at the time of the Closing. 
  

	 	4.2	PERFORMANCE; NO DEFAULT. 

 The Company shall have performed
and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and sale of the Series 2007-1 Notes (and the application of
the proceeds thereof as contemplated by Schedule 5.14) no Default or Event of Default shall have occurred and be continuing. 
  

	 	4.3	COMPLIANCE CERTIFICATES. 

 (a) Officer’s Certificate.
The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled. 
 (b) Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or any Assistant Secretary, dated
the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Series 2007-1 Notes and this Agreement. 
  

	 	4.4	OPINIONS OF COUNSEL. 

 Such Purchaser shall have received
opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Skadden, Arps, Slate, Meagher & Flom LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and
covering such other matters incident to the transactions contemplated hereby as such Purchaser or the Purchasers’ counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and
(b) from Milbank, Tweed, Hadley & McCloy LLP, the Purchasers’ special New York counsel in connection with such transactions, substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to such
transactions as such Purchaser may reasonably request. 
  

	 	4.5	PURCHASE PERMITTED BY APPLICABLE LAW, ETC. 

 On the date of
the Closing such Purchaser’s purchase of Series 2007-1 Notes shall (i) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as 

  

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Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the
particular investment, (ii) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (iii) not subject such Purchaser to any tax, penalty
or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate from the Company
certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
  

	 	4.6	SALE OF OTHER NOTES. 

 Contemporaneously with the Closing
the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Series 2007-1 Notes to be purchased by it at the Closing as specified in Schedule A. 
  

	 	4.7	PAYMENT OF SPECIAL COUNSEL FEES. 

 Without limiting the
provisions of Section 15.1, the Company shall have paid on or before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such
counsel rendered to the Company at least one Business Day prior to the Closing. 
  

	 	4.8	PRIVATE PLACEMENT NUMBER. 

 A Private Placement number
issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners) shall have been obtained. 
  

	 	4.9	CHANGES IN CORPORATE STRUCTURE. 

 Except as specified in
Schedule 4.9, the Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation and shall not have succeeded to all or any substantial part of the liabilities of any other entity, at any time
following the date of the most recent financial statements referred to in Schedule 5.5. 
  

	 	4.10	PROCEEDINGS AND DOCUMENTS. 

 All corporate and other
proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and the Purchasers’ special counsel, and such Purchaser and
such special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
  

	5.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

 The
Company represents and warrants to each Purchaser that: 
  

	 	5.1	ORGANIZATION; POWER AND AUTHORITY. 

 The Company is a
corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power
and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof
and thereof. 
  

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	 	5.2	AUTHORIZATION, ETC. 

 This Agreement and the Notes have
been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  

	 	5.3	DISCLOSURE. 

 The Company, through its agents, Banc of
America Securities LLC, J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC, has delivered or made available to each Purchaser copies of the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and the
Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 (collectively, the “Exchange Act Reports”). Except as disclosed in Schedule 5.3, this Agreement, the Exchange Act Reports, the documents, certificates or
other writings identified in Schedule 5.3 and the financial statements listed in Schedule 5.5, taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made. Except (i) as disclosed in one of the Exchange Act Reports, (ii) as expressly described in Schedule 5.3, or in one of the documents, certificates or other writings
identified therein or (iii) as disclosed in the financial statements listed in Schedule 5.5, since December 31, 2006, there has been no change in the financial condition, operations, business or properties of the Company or any of its
Subsidiaries except changes that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. 
  

	 	5.4	ORGANIZATION AND OWNERSHIP OF SHARES OF SUBSIDIARIES. 

 (a) Schedule 5.4 is (except as noted therein) a complete and correct list of the Company’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its organization, the percentage of shares of each
class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary, and whether, as of the date of the Closing, such Subsidiary shall be a Subsidiary Guarantor. 
 (b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company
and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4). 
 (c) Each Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which
the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease
the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact. 
  

	 	5.5	FINANCIAL STATEMENTS. 

 The Company has delivered to each
Purchaser copies of the consolidated financial statements of the Company included in the Exchange Act Reports and listed on Schedule 5.5. All of said financial statements fairly present in all material respects the combined financial position of the
Company as of the respective dates thereof and the combined results of its operations and cash flows for the respective periods so specified in conformity with GAAP (subject, in the case of any interim financial statements, to normal year-end
adjustments). 
  

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	 	5.6	COMPLIANCE WITH LAWS, OTHER INSTRUMENTS, ETC. 

 The
execution, delivery and performance by the Company of this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company
or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other Material agreement or instrument to which the Company or any Subsidiary is bound or by which the
Company or any Subsidiary or any of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator
or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary. 
  

	 	5.7	GOVERNMENTAL AUTHORIZATIONS, ETC. 

 No consent, approval or
authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes. 
  

	 	5.8	LITIGATION; OBSERVANCE OF STATUTES AND ORDERS. 

 (a)
Except as disclosed in Schedule 5.8, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court
or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
 (b) Neither the Company nor any Subsidiary is in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority
or is in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to
have a Material Adverse Effect. 
  

	 	5.9	TAXES. 

 The Company and its Subsidiaries have filed all
income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have
become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not individually or in the aggregate Material or (ii) the amount, applicability or validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. 
  

	 	5.10	TITLE TO PROPERTY; LEASES. 

 The Company and its
Subsidiaries have good and sufficient title to their respective Material properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company
or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and Liens that, individually or in
the aggregate, would not have a Material Adverse Effect. All leases that the Company or any Subsidiary is party to as lessee and that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all
material respects. 
  

 6 

	 	5.11	LICENSES, PERMITS, ETC. 

 Except as disclosed in Schedule
5.11, the Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, service marks, trademarks and trade names, or rights thereto, that are Material, without known conflict with the rights of
others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect. 
  

	 	5.12	COMPLIANCE WITH ERISA. 

 (a) The Company and each ERISA
Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Neither the
Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in Section 3 of ERISA), and no event, transaction
or condition has occurred or exists that would reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company
or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to Section 401(a)(29) or 412 of the Code, other than such liabilities or Liens as would not be individually or in the
aggregate Material. 
 (b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans),
determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current
value of the assets of such Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the
meaning specified in section 3 of ERISA. 
 (c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not
subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 
 (d) The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board Statement No. 106,
without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries is not Material. 
 (e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with
which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such
Purchaser’s representation in Section 6.3 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by the Purchasers. 
  

	 	5.13	PRIVATE OFFERING BY THE COMPANY. 

 Neither the Company nor
anyone acting on its behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and not
more than 75 other Accredited Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of
the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 
  

 7 

	 	5.14	USE OF PROCEEDS; MARGIN REGULATIONS. 

 The Company will
apply the proceeds of the sale of the Notes as set forth in Schedule 5.14. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning
of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said
Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 5% of the value of the consolidated assets of the Company and its Subsidiaries and the
Company does not have any present intention that margin stock will constitute more than 5% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings
assigned to them in said Regulation U. 
  

	 	5.15	EXISTING INDEBTEDNESS. 

 Except as described therein,
Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of August 31, 2007, since which date there has been no Material change in the amounts, interest rates, sinking funds,
installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any
Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary the outstanding principal amount of which exceeds $5,000,000 that would permit (or that with notice or
the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 
  

	 	5.16	FOREIGN ASSETS CONTROL REGULATIONS, ETC. 

 (a) Neither the
sale of the Notes by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) or any enabling legislation or executive order relating thereto. 
 (b) Neither the Company nor any Subsidiary
(i) is a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) engages in any dealings or transactions
with any such Person. The Company and its Subsidiaries are in compliance, in all material respects, with the USA Patriot Act. 
 (c) No part
of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else
acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the
Company. 
  

	 	5.17	STATUS UNDER CERTAIN STATUTES. 

 Neither the Company nor
any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act, as amended, or the Federal Power Act, as amended. 
  

	6.	REPRESENTATIONS OF THE PURCHASERS. 

  

	 	6.1	PURCHASE FOR INVESTMENT. 

 Each Purchaser represents that
such Purchaser is purchasing the Notes for its own account or for one or more separate accounts maintained by it or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the
disposition of such Purchaser’s or their property shall at all times be 

  

 8 

 
within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold
only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not
required to register the Notes. Each Purchaser further represents and warrants that such Purchaser (a) will not sell, transfer or otherwise dispose of the Notes or any interest therein except in a transaction exempt from or not subject to the
registration requirements of the Securities Act, (b) was given the opportunity to access such information regarding the Company as such Purchaser has requested and (c) was provided with the Exchange Act Reports and the information listed
in Schedule 5.3. Each Purchaser acknowledges that, subject to the provisions of Section 1.2 hereof, the Notes will bear a restrictive legend substantially in the form of Exhibit 1.1(a), in the case of a Series 2007-1 Note, or of Annex A to
Exhibit 1.1(b), in the case of a Note of any other Series. 
  

	 	6.2	ACCREDITED INVESTOR. 

 Each Purchaser represents that such
Purchaser is an Accredited Investor acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others are also Accredited Investors). 
  

	 	6.3	SOURCE OF FUNDS. 

 Each Purchaser represents that at least
one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 
 (a) the Source is an “insurance company general account” (as the term is defined in PTE 95-60 (issued July 12, 1995)) in respect of which
the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on
behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as
defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual
Statement filed with such Purchaser’s state of domicile; or 
 (b) the Source is a separate account that is maintained solely in
connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or
beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or 
 (c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 (issued January 29, 1990), or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 (issued
July 12, 1991) and, except as disclosed by such Purchaser to the Company in writing pursuant to this paragraph (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than
10% of all assets allocated to such pooled separate account or collective investment fund; or 
 (d) the Source constitutes assets of an
“investment fund” (within the meaning of Part V of the QPAM Exemption) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s
assets that are included in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Section V(c)(1) of the QPAM Exemption) of
such employer or by the same employee organization and managed by such QPAM, exceed 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person
controlling or controlled by the QPAM (applying the definition of “control” in Section V(e) of the QPAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such QPAM and (ii) the names of all employee
benefit plans whose assets are included in such investment fund have been disclosed to the Company in writing pursuant to this paragraph (d); or 
  

 9 

 (e) the Source constitutes assets of a “plan(s)” (within the meaning of Section IV of PTE
96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are
satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Section IV(h) of the INHAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such
INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this paragraph (e); or 
 (f) the Source is a governmental plan; or 
 (g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this paragraph (g); or

 (h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.3, the terms “employee benefit plan”, “governmental plan”, and “separate account” shall have the respective
meanings assigned to such terms in Section 3 of ERISA. 
  

	7.	INFORMATION AS TO COMPANY. 

  

	 	7.1	FINANCIAL AND BUSINESS INFORMATION. 

 The Company shall
deliver to each holder of Notes that is an Institutional Investor: 
 (a) Quarterly Statements – within 60 days after the end of each
quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and 
 (ii) consolidated statements of operations and cash flows of the Company and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such
quarter, setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and
certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments,
provided that delivery within the time period specified above of copies of the Company’s Quarterly Report on Form 10-Q (“Form 10-Q”) prepared in compliance with the requirements therefor and filed with the Securities and
Exchange Commission shall be deemed to satisfy the requirements of this Section 7.1(a), provided, further, that the Company shall be deemed to have made such delivery of such Form 10-Q if it shall have timely made such Form 10-Q
available on “EDGAR” and on its home page on the worldwide web (at the date of this Agreement located at: www.moodys.com) and shall have given each Purchaser prior notice of such availability on EDGAR and on its home page in connection
with each delivery (such availability and notice thereof being referred to as “Electronic Delivery”); 
 (b) Annual Statements
– within 120 days after the end of each fiscal year of the Company, duplicate copies of; 
  

 10 

 (i) a consolidated balance sheet of the Company and its Subsidiaries, as at the end of
such year, and 
 (ii) consolidated statements of operations, shareholders’ equity and cash flows of the Company and its
Subsidiaries, for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent certified public
accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash
flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a
reasonable basis for such opinion in the circumstances, provided that the delivery within the time period specified above of the Company’s Annual Report on Form 10-K (“Form 10-K”) for such fiscal year (together with the
Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the
requirements of this Section 7.1(b), provided, further, that the Company shall be deemed to have made such delivery of such Form 10-K if it shall have timely made Electronic Delivery thereof; 
 (c) SEC and Other Reports – upon the request of any such holder after being notified by the Company of any of the following (and the Company hereby
agrees to promptly notify each holder of a Note of any of the following), one copy of (i) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to public securities holders generally, and
(ii) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such holder), and each final prospectus and all amendments thereto filed by the Company or any
Subsidiary with the Securities and Exchange Commission; 
 (d) Notice of Default or Event of Default – promptly, and in any event
within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with
respect thereto; 
 (e) ERISA Matters – promptly, and in any event within five days after a Responsible Officer becoming aware of any
of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto: 
 (i) with respect to any Plan, any reportable event, as defined in section 4043(b) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the taking by the
PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA
Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 
 (iii) any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the
Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability
or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; 
 (f) Supplements to Agreement – in the event that any additional Series of Notes is to be issued under this Agreement (whether or not an initial Purchaser hereunder is a purchaser thereof), promptly, and in any event within fifteen
Business Days after execution and delivery thereof, a true and complete copy of the Supplement pursuant to which such Notes are to be, or were, issued; and 
  

 11 

 (g) Requested Information – with reasonable promptness, (i) such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to
time may be reasonably requested by any such holder of Notes and (ii) to the extent requested by a Purchaser in writing, copies of the documents electronically delivered under Sections 7.1(a)(ii) and 7.1(b)(ii) to such Purchaser. 
  

	 	7.2	OFFICER’S CERTIFICATE. 

 Each set of financial
statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) hereof shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such
financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes): 
 (a) Covenant Compliance
– the information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Sections 10.3, 10.4, 10.5 and 10.7 as of the end of the quarterly or annual period covered by the
statements then being furnished and as of any other applicable dates of determination (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be,
permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and 
 (b) Event of
Default – a statement that such officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning
of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or an
Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the
nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. 
  

	 	7.3	INSPECTION. 

 The Company shall permit the representatives
of each holder of Notes that is an Institutional Investor: 
 (a) No Default – if no Default or Event of Default then exists, at the
expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s officers, and,
with the consent of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and

 (b) Default – if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any of the offices or
properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their
respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be
requested. 
  

 12 

	8.	PREPAYMENT OF THE NOTES. 

  

	 	8.1	MATURITY. 

 As provided therein, the entire unpaid
principal amount of the Series 2007-1 Notes shall be due and payable on September 7, 2017. 
  

	 	8.2	OPTIONAL PREPAYMENTS WITH MAKE-WHOLE AMOUNT. 

 The Company
may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, the Notes of any Series, in an amount not less than 10% of the aggregate principal amount of the Notes of such Series to be prepaid then
outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount of each Note of the Series to be prepaid then
outstanding. The Company will give each holder of Notes of the Series to be prepaid written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment.
Each such notice shall specify such date, the aggregate principal amount of the Notes of the Series to be prepaid on such date, the principal amount of each Note of the Series to be prepaid held by such holder (determined in accordance with
Section 8.4), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in
connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes
of the Series to be prepaid a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 
  

	 	8.3	PREPAYMENT IN CONNECTION WITH A CHANGE OF CONTROL EVENT. 

 Promptly and in any event within five Business Days after the occurrence of a Change of Control Event, the Company will give written notice thereof to each holder of a Note, which notice shall (a) refer specifically to this
Section 8.3 and describe the Change of Control Event in reasonable detail (including the Persons party thereto), (b) specify a Business Day not less than 30 days and not more than 45 days after the date of such notice (the “Control
Prepayment Date”) and specify the Control Response Date (as defined below) and (c) offer to prepay on the Control Prepayment Date all of the Notes of such holder, at 100% of the principal amount thereof, together with interest accrued and
unpaid thereon to the Control Prepayment Date. Each holder of a Note shall notify the Company of such holder’s acceptance or rejection of such offer by giving written notice of such acceptance or rejection to the Company on a date at least 10
days prior to the Control Prepayment Date (such date 10 days prior to the Control Prepayment Date being the “Control Response Date”), and the Company shall prepay on the Control Prepayment Date all Notes held by each holder that has
accepted such offer in accordance with this Section 8.3 at a price in respect of each such Note held by such holder equal to 100% of the principal amount thereof, together with interest accrued and unpaid thereon to the Control Prepayment Date,
but in no event will payment of any Make-Whole Amount or other premium be required; provided, however, that the failure by the holder of any Note to respond to such offer or to accept an offer as to all of the Notes held by the holder
in writing on or before the Control Response Date shall be deemed to be a rejection of such offer. 
  

	 	8.4	ALLOCATION OF PARTIAL PREPAYMENTS. 

 In the case of each
partial prepayment of the Notes pursuant to Section 8.2, the principal amount of the Notes of the Series to be prepaid shall be allocated among all of the Notes of such Series at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof not theretofore called for prepayment. 
  

	 	8.5	MATURITY; SURRENDER, ETC. 

 In the case of each prepayment
of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and, in the
case of any prepayment pursuant to Section 8.2, the applicable Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole
Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid
principal amount of any Note. 
  

 13 

	 	8.6	PURCHASE OF NOTES. 

 The Company will not and will not
permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any Series except (a) upon the payment or prepayment of Notes of the same Series in accordance with the terms of this
Agreement and such Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes of a particular Series at the time outstanding upon the same terms and conditions. Any such offer shall
provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least twenty Business Days. If the holders of more than 50% of the principal amount of the Notes of
the Series to be purchased then outstanding accept such offer, the Company shall promptly notify the remaining holders of Notes of the same Series of such fact and the expiration date for the acceptance by holders of Notes of such Series of such
offer shall be extended by the number of days necessary to give each such remaining holder at least five Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate
pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 
  

	 	8.7	MAKE-WHOLE AMOUNT. 

 The term “MAKE-WHOLE AMOUNT”
means, with respect to any Series 2007-1 Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal,
provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount with respect to the Series 2007-1 Notes, the following terms have the following meanings: 
 “CALLED PRINCIPAL” means, with respect to any Series 2007-1 Note, the principal of such Note that is to be prepaid pursuant to Section 8.2
or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 “DISCOUNTED
VALUE” means, with respect to the Called Principal of any Series 2007-1 Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement
Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Series 2007-1 Notes is payable) equal to the Reinvestment Yield
with respect to such Called Principal. 
 “REINVESTMENT YIELD” means, with respect to the Called Principal of any Series 2007-1
Note, 0.50% over the yield to maturity implied by (i) the yields reported, as of 10:00 A.M. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
Bloomberg Financial Markets “Page PX1” (or such other display on the Bloomberg Financial Market Service having the same information if Page PX1 is replaced) for the most recently issued, actively traded on-the-run benchmark U.S. Treasury
securities having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable, the
Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in U.S. Federal Reserve Statistical
Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. Such implied yield
will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the most recently issued, actively
traded on-the-run benchmark U.S. Treasury security with the maturity closest to and greater than the Remaining Average Life and (2) the most recently issued, actively traded on-the-run benchmark U.S. Treasury security with the maturity closest
to and less than the Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 
  

 14 

 “REMAINING AVERAGE LIFE” means, with respect to any Called Principal, the number of years
(calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such
Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

 “REMAINING SCHEDULED PAYMENTS” means, with respect to the Called Principal of any Series 2007-1 Note, all payments of such
Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is
not a date on which interest payments are due to be made under the terms of the Series 2007-1 Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and
required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1. 
 “SETTLEMENT DATE” means, with respect to the
Called Principal of any Series 2007-1 Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

  

	9.	AFFIRMATIVE COVENANTS. 

 The Company covenants that so long
as any of the Notes are outstanding: 
  

	 	9.1	COMPLIANCE WITH LAW. 

 The Company will and will cause each
of its Subsidiaries to comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all
licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that
non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not reasonably be expected,
individually or in the aggregate, to have a materially adverse effect on the business, operations, affairs, financial condition, properties or assets of the Company and its Subsidiaries taken as a whole. 
  

	 	9.2	INSURANCE. 

 The Company will and will cause each of its
Subsidiaries to maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including
deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

 

	 	9.3	MAINTENANCE OF PROPERTIES. 

 The Company will and will
cause each of its Subsidiaries to maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection
therewith may be properly conducted at all times, provided that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in
the conduct of its business and the Company has concluded that such discontinuance would not, individually or in the aggregate, have a materially adverse effect on the business, operations, affairs, financial condition, properties or assets of the
Company and its Subsidiaries taken as a whole. 
  

 15 

	 	9.4	PAYMENT OF TAXES. 

 The Company will and will cause each of
its Subsidiaries to file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies
payable by any of them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax or assessment if (i) the
amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with
GAAP on the books of the Company or such Subsidiary or (ii) the nonpayment of all such taxes and assessments in the aggregate would not reasonably be expected to have a materially adverse effect on the business, operations, affairs, financial
condition, properties or assets of the Company and its Subsidiaries taken as a whole. 
  

	 	9.5	CORPORATE EXISTENCE, ETC. 

 Subject to Section 10.2,
the Company will at all times preserve and keep in full force and effect its corporate existence, and the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries and all rights and
franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect the corporate existence of any Subsidiary or any such right or franchise
would not, individually or in the aggregate, have a materially adverse effect on the business, operations, affairs, financial condition, properties or assets of the Company and its Subsidiaries taken as a whole. 
  

	 	9.6	SUBSIDIARY GUARANTORS. 

 (a) The Company will ensure that
each Subsidiary that as of the date of Closing or at any time thereafter has outstanding any Indebtedness under, or any Guaranty with respect to any Indebtedness of the Company or any of its Subsidiaries outstanding under, the Credit Facility or the
Loan Agreement (or is otherwise a co-obligor or jointly liable with respect to any such Indebtedness) is or will become a Subsidiary Guarantor. 
 (b) Upon notice by the Company to each holder of a Note (which notice shall contain a certification by the Company as to the matters specified in clauses (x) and (y) below), a Subsidiary Guarantor shall cease to be a Subsidiary
Guarantor and shall be released from its obligations under its Subsidiary Guarantee if (x) such Subsidiary Guarantor shall not have outstanding any Indebtedness under, or any Guaranty with respect to any Indebtedness of the Company or any of
its Subsidiaries outstanding under, the Credit Facility or the Loan Agreement (and shall not otherwise be a co-obligor or jointly liable with respect to any such other Indebtedness) and (y) both immediately before and after giving effect to
such release no Default or Event of Default shall have occurred and be continuing. If a Subsidiary again incurs any Indebtedness under, or guarantees any Indebtedness of the Company or any of its Subsidiaries outstanding under, the Credit Facility
or the Loan Agreement (or otherwise becomes a co-obligor or jointly liable with respect to any such Indebtedness), then the Company will cause such Subsidiary to become a Subsidiary Guarantor in accordance with the provisions of Subsection
(a) above. 
  

	10.	NEGATIVE COVENANTS. 

 The Company covenants that so long as
any of the Notes are outstanding: 
  

	 	10.1	TRANSACTIONS WITH AFFILIATES. 

 The Company will not and
will not permit any Subsidiary to enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of
any service) with any Affiliate (other than the Company or another Subsidiary), except pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the
Company or such Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. 
  

 16 

	 	10.2	MERGER, CONSOLIDATION, ETC. 

 The Company shall not
consolidate with or merge with any other corporation or convey, transfer or lease substantially all of its assets in a single transaction or series of transactions to any Person unless: 
 (a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease substantially
all of the assets of the Company, as the case may be, shall be a solvent corporation organized and existing under the laws of the United States or any State thereof (including the District of Columbia), and, if the Company is not such corporation,
such corporation shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes; and 
 (b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing. No such conveyance,
transfer or lease of substantially all of the assets of the Company shall have the effect of releasing the Company or any successor corporation that shall theretofore have become such in the manner prescribed in this Section 10.2 from its
liability under this Agreement or the Notes. 
  

	 	10.3	DISPOSITION OF ASSETS. 

 The Company will not and will not
permit any Subsidiary to, directly or indirectly, make any sale, transfer, lease (as lessor), loan or other disposition of any property or assets (an “Asset Sale”) other than: 
 (a) Asset Sales in the ordinary course of business; 
 (b) Asset Sales by a Subsidiary to the Company or to a Wholly-Owned Subsidiary; 
 (c) Non-Recourse Asset
Sales of accounts receivable of the Company or any Subsidiary on commercially reasonable terms for cash or other highly liquid investments; and 
 (d) other Asset Sales, provided that 
 (i) immediately after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing, and 
 (ii) the portion of EBITDA generated by property or assets disposed of
in such proposed Asset Sale and the portion of EBITDA generated by property or assets disposed of in all other Asset Sales not permitted by clause (a), (b) or (c) above during the immediately preceding twelve-month period does not exceed
20% of EBITDA, calculated using figures as of the last day of the immediately preceding twelve-month period; and, provided further, that for purposes of this clause (ii), there shall be excluded from the calculation of the portion of EBITDA
generated by property or assets disposed of during any twelve-month period any Asset Sale if and to the extent that an amount equal to the net proceeds realized upon such Asset Sale is applied or has been applied by the Company or such Subsidiary,
as the case may be, within one year’s time before or after the effective date of such Asset Sale (but in all events, without duplication), (1) to reinvest in assets used in the business of the Company or its Subsidiaries, (2) to
purchase the capital stock of any Person that, as a result of such capital stock purchase, becomes a Subsidiary, (3) to repay Tax Legacy Liabilities or (4) to repay Indebtedness (including any optional prepayment of the Notes pursuant to
Section 8.2) which is not subordinated in right of payment to the Notes. 
 For purposes of this Section 10.3, any stock of a
Subsidiary that is the subject of an Asset Sale shall be valued at the portion of EBITDA generated by the assets of such Subsidiary multiplied by a fraction, the numerator of which is the aggregate number of shares of stock of such Subsidiary
disposed of in such Asset Sale and the denominator of which is the aggregate number of shares of stock of such Subsidiary outstanding immediately prior to such Asset Sale. 
  

 17 

	 	10.4	LIMITATION ON LIENS. 

 The Company will not and will not
permit any Subsidiary to create, assume, incur or suffer to exist any Lien upon or with respect to any property, whether now owned or hereafter acquired, securing any Indebtedness or other obligation, provided that nothing in this covenant
shall prohibit: 
 (a) Liens in respect of property of the Company or any Subsidiary existing on the date of this Agreement and described in
Schedule 5.15; 
 (b) Liens in respect of the acquisition of property as follows: 
 (i) Liens covering property acquired by the Company or any Subsidiary, which Liens are created at the time of such acquisition or within
180 days thereafter, to secure Indebtedness assumed or incurred to finance all or any part of the purchase price of such property, provided that the aggregate principal amount of Indebtedness secured by all such Liens shall not exceed the
cost of such property and any improvements then being financed; 
 (ii) in the case of any Person that after the date of this
Agreement becomes a Subsidiary or is consolidated with or merged with or into the Company or any Subsidiary or sells, leases or otherwise disposes of all or substantially all of its property to the Company or such Subsidiary, Liens existing at the
time such Person becomes a Subsidiary or is so consolidated or merged or effects such sale, lease or other disposition of property (and not incurred in anticipation thereof); or 
 (iii) in the case of any property acquired by the Company or any Subsidiary after the date of this Agreement, Liens existing on such
property at the time of acquisition thereof (and not incurred in anticipation thereof), whether or not the Indebtedness secured thereby is assumed by the Company or such Subsidiary; provided that in any such case no such Lien shall extend to
or cover any other property of the Company or such Subsidiary, as the case may be; 
 (c) Liens created by a Subsidiary in favor of the
Company securing Indebtedness owed by such Subsidiary to the Company; 
 (d) Liens on property sold or transferred pursuant to a Sale and
Leaseback Transaction permitted under Section 10.5; 
 (e) Liens resulting from any judgment rendered by a court of competent
jurisdiction, the appeal of which the Company or a Subsidiary is prosecuting on a timely basis in good faith by appropriate proceedings and for which the Company or a Subsidiary, as applicable, has established adequate reserves on its books in
accordance with GAAP; 
 (f) Liens for taxes or other governmental charges or levies not yet due and payable; 
 (g) Liens arising by operation of law in the ordinary course of business of the Company and its Subsidiaries, which Liens secure obligations (other than
Indebtedness) not more than 60 days overdue, including, without limitation, landlords’ liens and statutory liens of carriers, warehousemen, mechanics, materialmen and vendors; 
 (h) Liens incurred or deposits made in the ordinary course of business of the Company and its Subsidiaries (i) in connection with workers’
compensation, unemployment insurance and other types of social security or (ii) to secure (or obtain letters of credit that secure) surety and appeal bonds, the performance of tenders, statutory obligations, bids, leases, performance bonds,
purchase contracts and other similar obligations; 
 (i) minor encumbrances, covenants, easements or reservations for rights-of way,
utilities and other similar purposes, or zoning and other restrictions as to the use of real properties, any and all of which are necessary for the conduct of the activities of the Company and its Subsidiaries or which customarily exist 

  

 18 

 
on properties of companies engaged in similar activities and similarly situated and which do not in any event materially impair the use or diminish the value
of any of such properties as used in the operation of the business of the Company and its Subsidiaries; 
 (j) Liens not otherwise permitted
by clauses (a) through (i) above to secure Indebtedness or other obligations of the Company or any of its Subsidiaries, provided that, immediately after giving effect thereto, the sum (without duplication) of: 
 (1) the aggregate amount of Indebtedness and other obligations of the Company and its Subsidiaries secured by Liens pursuant to this
clause (j), including (without duplication) all renewals, extensions and replacements thereof permitted by clause (k) below; and 
 (2) the aggregate unpaid principal amount of Attributable Debt of the Company and its Subsidiaries related to all Sale and Leaseback Transactions entered into after the date of Closing in accordance with the
provisions of Section 10.5 (except for any such Attributable Debt related to any Sale and Leaseback Transaction involving the property located at 99 Church St. (as defined in Section 10.5), which shall not be subject to Section 10.5),

 shall not exceed 25% of Permitted Indebtedness; and 
 (k) Liens renewing, extending or replacing any Lien permitted under clauses (a) through (j) above, provided that, 
  

	 	1.	the principal amount of Indebtedness or other obligations secured by any such Lien at the time of such renewal, extension or replacement is not increased; and 	 

  

	 	2.	any such renewed, extended or replaced Lien shall only extend to that property which was the subject of such Lien immediately prior to such renewal, extension or replacement.
	 

  

	 	10.5	LIMITATION ON SALE AND LEASEBACK TRANSACTIONS. 

 The
Company will not and will not permit any Subsidiary to, directly or indirectly, make any sale, transfer, lease, loan or other disposition of any asset on terms whereby the asset owned at the time of such sale, transfer, lease, loan or other
disposition is then or thereafter leased by the Company or any such Subsidiary (as lessee) (a “Sale and Leaseback Transaction”), unless after giving effect to such Sale and Leaseback Transaction the sum (without duplication) of:

 (a) the aggregate principal amount of Indebtedness and other obligations of the Company and its Subsidiaries secured by all Liens
permitted by Section 10.4(j); plus 
 (b) the aggregate unpaid principal amount of Attributable Debt of the Company and its
Subsidiaries related to all Sale and Leaseback Transactions entered into after the date of Closing in accordance with the provisions of this Section 10.5, shall not exceed 25% of Permitted Indebtedness. 
 Any Sale and Leaseback Transaction involving the property located at 99 Church Street, New York, New York, 10007 (“99 Church St.”), shall not
be subject to this Section 10.5. 
  

	 	10.6	TERRORISM SANCTIONS REGULATIONS. 

 The Company will not and
will not permit any Subsidiary to (a) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or
(b) knowingly engage in any dealings or transactions with any such Person. 
  

 19 

	 	10.7	TOTAL DEBT TO EBITDA RATIO. 

 The Company will not permit
the Total Debt to EBITDA Ratio to exceed 4.0 to 1.0 at the end of any fiscal quarter of the Company. 
  

	11.	EVENTS OF DEFAULT. 

 An “Event of Default” shall
exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Company defaults in the payment of any principal
or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or 
 (c) the Company defaults in the performance of or compliance with any term contained in (1) Section 10.2 or 10.7 or (2) Sections 10.1 or
10.3 through 10.6, inclusive, and such default under this sub-clause (2) is not remedied within 10 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written
notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (c) of Section 11); or 
 (d) the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in paragraphs (a),
(b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such
default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of Section 11); or 
 (e) any representation or warranty made in writing by or on behalf of the Company or any Subsidiary Guarantor or by any officer of the Company or any
Subsidiary Guarantor in this Agreement or in any Subsidiary Guarantee or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made; or

 (f) (i) the Company or any Significant Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any
principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $50,000,000 beyond any period of grace provided with respect thereto, (ii) the Company or any
Significant Subsidiary is in default in the compliance with any financial covenant contained in any instrument of Indebtedness in an aggregate outstanding principal amount of at least $50,000,000 (or of any mortgage, indenture or other agreement
relating thereto) beyond any period of grace provided with respect thereto or (iii) the Company or any Significant Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate
outstanding principal amount of at least $50,000,000 or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been
declared due and payable before its stated maturity or before its regularly scheduled dates of payment; or 
 (g) the Company or any
Significant Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or
reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the
benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent
or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
  

 20 

 (h) a court or governmental authority of competent jurisdiction enters an order appointing, without
consent by the Company or any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or
approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the
Company or any of its Significant Subsidiaries, or any such petition shall be filed against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within 60 days; or 
 (i) a final judgment or judgments for the payment of money aggregating in excess of $50,000,000 are rendered against one or more of the Company and its
Significant Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 
 (j) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such
standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have
instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) the
aggregate “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed $25,000,000, (iv) the Company or any ERISA
Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate
withdraws from any Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or
any Subsidiary thereunder, and any such event or events described in clauses (i) through (vi) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect; or

 (k) any Subsidiary Guarantee shall cease to be in full force and effect (other than as contemplated by Section 9.6(b)) or any
Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guarantee. 
 As used in Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  

	12.	REMEDIES ON DEFAULT, ETC. 

  

	 	12.1	ACCELERATION. 

 (a) If an Event of Default with respect to
the Company described in paragraph (g) or (h) of Section 11 (other than an Event of Default described in clause (i) of paragraph (g) or described in clause (vi) of paragraph (g) by virtue of the fact that such
clause encompasses clause (i) of paragraph (g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due
and payable. 
 (c) If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is continuing,
any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable.

  

 21 

 Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon and (y) the Make-Whole Amount determined in respect of such principal amount (to the full
extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree,
that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event
that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 
  

	 	12.2	OTHER REMEDIES. 

 If any Default or Event of Default has
occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of
such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof,
or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 
  

	 	12.3	RESCISSION. 

 At any time after any Notes have been
declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all
overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any,
and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such
declaration, have been cured or have been waived pursuant to Section 17, and (c) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this
Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 
  

	 	12.4	NO WAIVERS OR ELECTION OF REMEDIES, EXPENSES, ETC. 

 No
course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred
by this Agreement or by any Note upon any holder thereof or by any Subsidiary Guarantee shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.
Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or
collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. 
  

	13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

  

	 	13.1	REGISTRATION OF NOTES. 

 The Company shall keep at its
principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall
be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall
not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered
holders of Notes. 
  

 22 

	 	13.2	TRANSFER AND EXCHANGE OF NOTES. 

 Upon surrender of any
Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or
accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each
transferee of such Note or part thereof) within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same Series (as requested by the holder
thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of
Exhibit 1.1(a), in the case of a surrendered Series 2007-1 Note, or Annex A to the applicable Supplement, in the case of a surrendered Note of any other Series. Each such new Note shall be dated and bear interest from the date to which interest
shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect
of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a
denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in Sections 6.1, 6.2 and 6.3. The Company shall not be
required to register the transfer of any Note to any Person (other than a transfer by holder of a Note to its nominee not involving a change of beneficial ownership of such Note) unless the Company receives (i) from the proposed transferee a
representation reasonably satisfactory to the Company that the representations and warranties set forth in Sections 6.1, 6.2 and 6.3 are true with respect to such transferee and (ii) in the case of any transfer in which the Note will be
registered in the name of a nominee, the name of the beneficial owner of the Note and confirmation that such nominee is permitted to transfer such Note only with the consent of the beneficial owner. 
 The Notes have not been registered under the Securities Act or under the securities laws of any state and may not be transferred or resold unless
registered under the Securities Act and all applicable state securities laws or unless an exemption from the requirement for such registration is available. 
  

	 	13.3	REPLACEMENT OF NOTES. 

 Upon receipt by the Company of
evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and
such loss, theft, destruction or mutilation), and 
 (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to
it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $10,000,000 in excess of the outstanding principal amount of such Note, such
Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender
and cancellation thereof, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same Series, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or
mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
  

	14.	PAYMENTS ON NOTES. 

  

	 	14.1	PLACE OF PAYMENT. 

 Subject to Section 14.2, payments
of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of JP Morgan Chase Bank, N.A. in such jurisdiction. The Company may at any time, by notice to
each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

  

 23 

	 	14.2	HOME OFFICE PAYMENT. 

 So long as any Purchaser or any
nominee of such Purchaser shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any,
and interest by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in
writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of
any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to
Section 14.1. Prior to any sale or other disposition of any Note held by any Purchaser or any nominee of such Purchaser, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to
which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the
direct or indirect transferee of any Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 
  

	15.	EXPENSES, ETC. 

  

	 	15.1	TRANSACTION EXPENSES. 

 Whether or not the transactions
contemplated hereby are consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers
and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes or any Subsidiary Guarantee (whether or not such amendment, waiver or
consent becomes effective), including, without limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or any Subsidiary Guarantee
or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes or any Subsidiary Guarantee, or by reason of being a holder of any Note, and (b) the costs and
expenses, including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the
Notes. The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses if any, of brokers and finders (other than those retained by such Purchaser or other
holder). 
  

	 	15.2	SURVIVAL. 

 The obligations of the Company under this
Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement. 
  

	16.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 

 All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by each Purchaser of any Note or portion thereof or interest therein and the payment of
any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument
delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the 

  

 24 

 
preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof. 
  

	17.	AMENDMENT AND WAIVER. 

  

	 	17.1	REQUIREMENTS. 

 This Agreement and the Notes may be
amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of
any of the provisions of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may,
without the written consent of the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of
principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to
consent to any such amendment or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20. Notwithstanding anything to the contrary contained herein, the Company may enter into any Supplement providing for the issuance of one or
more additional Series of Notes consistent with Section 1.1 hereof without obtaining the consent of any holder of any other Series of Notes. 
  

	 	17.2	SOLICITATION OF HOLDERS OF NOTES. 

 (a) Solicitation. The
Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and
considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected
pursuant to the provisions of this Section 17 to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes. 
 (b) Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest,
fee or otherwise, or grant any security, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes or any waiver or amendment of any of the terms and provisions hereof unless such remuneration is
concurrently paid, or security is concurrently granted, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. 
  

	 	17.3	BINDING EFFECT, ETC. 

 Any amendment or waiver consented to
as provided in this Section 17 applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or
waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the
holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this
Agreement as it may from time to time be amended or supplemented. 
  

	 	17.4	NOTES HELD BY COMPANY, ETC. 

 Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the
taking of any action provided herein or in the Notes to be 

  

 25 

 
taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly
owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 
  

	18.	NOTICES. 

 All notices and communications provided for
hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return
receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 
 (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address as such Purchaser or nominee shall have specified to the
Company in writing, 
 (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have
specified to the Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth at the beginning
hereof to the attention of the Chief Financial Officer of the Company, with copies to the General Counsel and the Corporate Controller of the Company, or at such other address as the Company shall have specified to the holder of each Note in
writing. Notices under this Section 18 will be deemed given only when actually received. 
  

	19.	REPRODUCTION OF DOCUMENTS. 

 This Agreement and all
documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial
statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital or other similar process and such Purchaser may destroy any
original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or
not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.
This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such
reproduction. 
  

	20.	CONFIDENTIAL INFORMATION. 

 For the purposes of this
Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is
proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential information of the Company or such Subsidiary, provided that such term does not include
information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any person acting on such
Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are
otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to
such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) such Purchaser’s directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by such Purchaser’s Notes), (ii) such Purchaser’s financial advisors and other professional 

  

 26 

 
advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (iii) any other
holder of any Note, (iv) any Institutional Investor to which such Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 20), (v) any Person from which such Purchaser offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the National Association of Insurance Commissioners or any similar
organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate
(w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or
(z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies
under such Purchaser’s Notes or this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this
Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to
this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20. 
  

	21.	SUBSTITUTION OF PURCHASER. 

 Each Purchaser shall have the
right to substitute any one of such Purchaser’s Affiliates as the purchaser of the Notes that such Purchaser has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such
Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such
notice, any reference to such Purchaser in this Agreement (other than in this Section 21) shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a purchaser hereunder
and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement
(other than in this Section 21) shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this
Agreement. 
  

	22.	MISCELLANEOUS. 

  

	 	22.1	SUCCESSORS AND ASSIGNS. 

 All covenants and other
agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or
not. 
  

	 	22.2	PAYMENTS DUE ON NON-BUSINESS DAYS. 

 Anything in this
Agreement or the Notes to the contrary notwithstanding, any payment of principal of or Make-whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the
additional days elapsed in the computation of the interest payable on such next succeeding Business Day. 
  

	 	22.3	SEVERABILITY. 

 Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 27 

	 	22.4	CONSTRUCTION. 

 Each covenant contained herein shall be
construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any
other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

 

	 	22.5	COUNTERPARTS. 

 This Agreement may be executed in any
number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties
hereto. 
  

	 	22.6	GOVERNING LAW. 

 This Agreement shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York. 
 * * * * * 
  

 28 

 If you are in agreement with the foregoing, please sign the form of agreement on the accompanying
counterpart of this Agreement and return it to the Company, whereupon the foregoing shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	MOODY’S CORPORATION
		
	By:	 	 /s/ John J. Goggins

		 	Name: John J. Goggins
		 	Title: Senior Vice President and General Counsel

  

			
	 The foregoing is hereby
 agreed to as of the
 date thereof.

	
	CONNECTICUT GENERAL LIFE INSURANCE COMPANY
	 By: CIGNA Investments, Inc. (authorized agent)

		
	By:	 	 /s/ Deborah B. Wiacek

		 	Name: Deborah B. Wiacek
		 	Title: Managing Director
	
	CIGNA LIFE INSURANCE COMPANY OF NEW YORK
	By: CIGNA Investments, Inc. (authorized agent)
		
	By:	 	 /s/ Deborah B. Wiacek

		 	Name: Deborah B. Wiacek
		 	Title: Managing Director
	
	LIFE INSURANCE COMPANY OF NORTH AMERICA
	By: CIGNA Investments, Inc. (authorized agent)
		
	By:	 	 /s/ Deborah B. Wiacek

		 	Name: Deborah B. Wiacek
		 	Title: Managing Director
	
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Brian Keating

		 	Name: Brian Keating
		 	Title: Managing Director
	
	STATE FARM LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Donald E. Heltner

		 	Name: Donald E. Heltner
		 	Title: Vice President, Fixed Income
		
	By:	 	 /s/ Jeffrey T. Attwood

		 	Name: Jeffrey T. Attwood
		 	Title: Investment Officer

  

 Note Purchase Agreement 

			
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Carol Robertson

		 	Name: Carol Robertson, CFA
		 	Title: Senior Portfolio Manager
	
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By:	 	 /s/ Alan D. Onstad

		 	Name: Alan D. Onstad
		 	Title: Associate Portfolio Manager
	
	ASSURITY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Victor Weber

		 	Name: Victor Weber
		 	Title: Senior Director – Investments
	
	THE UNION CENTRAL LIFE INSURANCE COMPANY
	By: Summit Investment Advisors, Inc., as Agent
		
	By:	 	 /s/ Andrew S. White

		 	Name: Andrew S. White
		 	Title: Managing Director – Private Placements
	
	AMERITAS LIFE INSURANCE CORP.
	By: Summit Investment Advisors, Inc., as Agent
		
	By:	 	 /s/ Andrew S. White

		 	Name: Andrew S. White
		 	Title: Managing Director – Private Placements
	
	ACACIA LIFE INSURANCE COMPANY
	By: Summit Investment Advisors, Inc., as Agent
		
	By:	 	 /s/ Andrew S. White

		 	Name: Andrew S. White
		 	Title: Managing Director – Private Placements
	
	ACACIA LIFE INSURANCE COMPANY – CLOSED BLOCK
	By: Summit Investment Advisors, Inc., as Agent
		
	By:	 	 /s/ Andrew S. White

		 	Name: Andrew S. White
		 	Title: Managing Director – Private Placements
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Paul L. Meiring

		 	Name: Paul L. Meiring
		 	Title: Vice President

  

 Note Purchase Agreement 

			
	 UNIVERSAL PRUDENTIAL ARIZONA
   REINSURANCE COMPANY

	
	By: Prudential Investment Management, Inc.,
	  as investment manager

		
	By:	 	 /s/ Paul L. Meiring

		 	Name: Paul L. Meiring
		 	Title: Vice President
	
	 PRUDENTIAL RETIREMENT INSURANCE
   AND ANNUITY COMPANY

	
	By: Prudential Investment Management, Inc.,
	  as investment manager

		
	By:	 	 /s/ Paul L. Meiring

		 	Name: Paul L. Meiring
		 	Title: Vice President
	
	MEDICA HEALTH PLANS
		
	By:	 	 Prudential Private Placement Investors, L.P.
 (as
Investment Advisor)

		
	By:	 	 Prudential Private Placement Investors, Inc.
 (as its
General Partner)

		
	By:	 	 /s/ Paul L. Meiring

		 	Name: Paul L. Meiring
		 	Title: Vice President
	
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

		
	By:	 	 /s/ Jerome R. Baier

		 	Name: Jerome R. Baier
		 	Title: Its Authorized Representative
	
	AMERUS LIFE INSURANCE COMPANY
	AMERICAN INVESTORS LIFE INSURANCE COMPANY
	AVIVA LIFE INSURANCE COMPANY
		
	By:	 	 Aviva Capital Management, Inc.,
 its authorized
attorney-in-fact

		
	By:	 	 /s/ Roger D. Fors

		 	Name: Roger D. Fors
		 	Title: VP – Private Placements
	
	GENWORTH MORTGAGE INSURANCE CORPORATION
		
	By:	 	 /s/ John R. Endres

		 	Name: John R. Endres
		 	Title: Investment Officer

  

 Note Purchase Agreement 

			
	AMERICAN FAMILY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Phillip Hannifan

		 	Name: Phillip Hannifan
		 	Title: Investment Director

  

 Note Purchase Agreement 

 SCHEDULE B 
 DEFINED TERMS 
 As used herein, the following terms have the respective meanings set forth below or set
forth in the Section hereof following such term: 
 “ACCREDITED INVESTOR” means an accredited investor as defined in Rule 501(a)(1),
(2), (3) or (7) of the Securities Act. 
 “AFFILIATE” means, at any time, and with respect to any Person, any other
Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person. As used in this definition, “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an
“Affiliate” is a reference to an Affiliate of the Company. 
 “ANTI-TERRORISM ORDER” means Executive Order
No. 13,224 of September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended. 
 “ASSET SALE” is defined in Section 10.3. 
 “ATTRIBUTABLE DEBT” means, as to any particular lease relating to a Sale and Leaseback Transaction, the total amount of rent (discounted semiannually from the respective due dates thereof at the interest
rate implicit in such lease) required to be paid by the lessee under such lease during the remaining term thereof. The amount of rent required to be paid under any such lease for any such period shall be (a) the total amount of rent payable by
the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, utilities, operating and labor costs and similar charges plus (b) without duplication, any
guaranteed residual value in respect of such lease to the extent such guaranty would be included in Indebtedness in accordance with GAAP. 
 “BUSINESS DAY” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed. 
 “CAPITAL LEASE” means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset
and the incurrence of a liability in accordance with GAAP. 
 “CHANGE OF CONTROL” means (a) the acquisition of ownership,
directly or indirectly, legally or beneficially, by any Person or group (within the meaning of the Exchange Act and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), of shares representing more than 30%
of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the Company (or such greater percentage up to 50% as may be contained in the corresponding definition in the Credit Facility at such time); or
(b) occupation of a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who were not (i) nominated by, or whose nomination was not approved by, the board of directors of the Company or
(ii) appointed by directors so nominated or appointed. Notwithstanding the foregoing, no “Change of Control” shall occur as the result of an acquisition of shares of common stock by the Company which, by reducing the number of shares
outstanding, increases the proportionate number of shares beneficially owned by such Person or group to more than 30% of the shares of common stock outstanding (or such greater percentage as set forth above, so long as such percentage is not greater
than 50%). 
 “CHANGE OF CONTROL EVENT” shall be deemed to have occurred at any time that (a) a Change of Control shall have
occurred and (b) within 90 days after such Change of Control, the Notes are not rated at least (i) BBB+ by Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, or any successor thereof or (ii) an
equivalent to such rating by a credit rating agency that is recognized as a Nationally Recognized Statistical Rating Organization by the Securities and Exchange Commission (other than the Company or any Affiliate thereof). 
  

 B-1 

 “CLOSING” is defined in Section 3. 
 “CODE” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to
time. 
 “COMPANY” means Moody’s Corporation, a Delaware corporation, or any successor thereto that shall have become such in
the manner prescribed in Section 10.2. 
 “CONFIDENTIAL INFORMATION” is defined in Section 20. 
 “CONSOLIDATED NET INCOME” means, for any period, the net income (or loss) of the Company and its Subsidiaries for such period, as determined on
a consolidated basis in accordance with GAAP, but excluding: 
 (a) any net income of any Person if such Person is not a Subsidiary, except
that equity in the net income of any such Person for such period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person as a dividend or other distribution (subject, in the case of a
dividend or other distribution to a Subsidiary, to the limitation contained in clause (c) below); 
 (b) any net income of any Person
acquired in a pooling of interests transaction for any period prior to the date of such acquisition; 
 (c) any net income of any Subsidiary
if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Subsidiary, directly or indirectly, to the Company, except that equity in the net income of any such Subsidiary
for such period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Subsidiary during such period as a dividend or other distribution (subject, in the case of a dividend or other distribution
to another Subsidiary, to the limitation contained in this clause (c)); 
 (d) any gain or loss realized upon the sale or other disposition
of any property, plant or equipment (including pursuant to any sale-leaseback arrangement) which is not sold or otherwise disposed of in the ordinary course of business and any gain or loss realized upon the sale or other disposition of any capital
stock of any Person; and 
 (e) other extraordinary items, as determined in accordance with GAAP. 
 “CREDIT FACILITY” means the Five-Year Credit Agreement, dated as of September 1, 2004, among the Company, certain Subsidiaries party
thereto, the lenders party thereto, JP Morgan Chase Bank, as Administrative Agent, Citibank, N.A. as Syndication Agent, and The Bank of New York, as Documentation Agent, as in effect from time to time, and any extension, renewal, refunding,
replacement or refinancing thereof. 
 “DEFAULT” means an event or condition the occurrence or existence of which would, with the
lapse of time or the giving of notice or both, become an Event of Default. 
 “DEFAULT RATE” means that rate of interest that is
the greater of (i) 2% per annum above the rate of interest stated in clause (a) of the first paragraph of the Notes or (ii) 2% over the rate of interest publicly announced by Citibank, N.A. in New York, New York as its
“base” or “prime” rate. 
 “EBITDA” means, for any period, the Consolidated Net Income of the Company and its
Subsidiaries for such period, plus (A) to the extent deducted in computing Consolidated Net Income for such period, an amount equal to (calculated without duplication) (i) income tax expense, plus (ii) Interest Expense, plus
(iii) depreciation and amortization expense, plus (iv) extraordinary losses, minus (B) to the extent included in computing Consolidated Net Income for such period, extraordinary gains, all as determined in accordance with GAAP.

  

 B-2 

 “ELECTRONIC DELIVERY” is defined in Section 7.1(a). 
 “ENVIRONMENTAL LAWS” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders,
decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including but not limited to those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA AFFILIATE” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414(b) or (c) of the Code. 
 “EVENT OF DEFAULT” is defined in Section 11. 
 “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended. 
 “EXCHANGE ACT
REPORTS” is defined in Section 5.3. 
 “FORM 10-K” is defined in Section 7.1(b). 
 “FORM 10-Q is defined in Section 7.1(a). 
 “GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America. 
 “GOVERNMENTAL AUTHORITY” means (a) the government of (i) the United States of America or any State or other political subdivision thereof or (ii) any jurisdiction in which the Company or any Subsidiary conducts all
or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or (b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any
such government. 
 “GUARANTY” means, with respect to any Person, any obligation (except the endorsement in the ordinary course of
business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including (without
limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 
 (a) to purchase such indebtedness or
obligation or any property constituting security therefor; 
 (b) to advance or supply funds (i) for the purchase or payment of such
indebtedness or obligation, or (ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such
indebtedness or obligation; 
 (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner
of such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 
 (d) otherwise
to assure the owner of such indebtedness or obligation against loss in respect thereof. 
 In any computation of the indebtedness or other liabilities of the
obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 
  

 B-3 

 “HOLDER” means, with respect to any Note, the Person in whose name such Note is registered in
the register maintained by the Company pursuant to Section 13.1. 
 “INDEBTEDNESS” with respect to any Person means, at any
time, without duplication, 
 (a) its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable
Preferred Stock; 
 (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable
arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 
 (c) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases; 
 (d) all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise
become liable for such liabilities); 
 (e) all its liabilities in respect of letters of credit or instruments serving a similar function
issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); 
 (f) Swaps of such Person; and 
 (g) any Guaranty of such Person with respect to liabilities of a type described in any of clauses
(a) through (f) hereof. 
 “INSTITUTIONAL INVESTOR” means (a) any original purchaser of a Note, (b) any holder
of Notes holding more than 5% of the aggregate principal amount of the Notes then outstanding, and (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance
company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form. 
 “INTEREST
EXPENSE” means, for any period, the sum (without duplication) of the following (in each case determined on a consolidated basis in accordance with GAAP): (a) all interest in respect of Indebtedness of the Company and its Subsidiaries
(including imputed interest on Capital Leases) deducted in determining Consolidated Net Income for such period and (b) all debt discount and expense amortized or required to be amortized in the determination of Consolidated Net Income for such
period. 
 “LIEN” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or
any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person (including
in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 
 “LOAN AGREEMENT” means the
Interim Loan Agreement, dated as of August 8, 2007, among the Company, certain Subsidiaries party thereto, the lenders party thereto, JP Morgan Chase Bank, N.A., as a Lender and as Administrative Agent, Bank of America, N.A., as a Lender and as
Syndication Agent, and Wachovia Bank, N.A., as a Lender and as Documentation Agent, as in effect from time to time, and any extension, renewal, refunding, replacement or refinancing thereof. 
 “MAKE-WHOLE AMOUNT” is defined in Section 8.7. 
 “MATERIAL” means material in relation to the business, operations, affairs, financial condition, assets, or properties of the Company and its Subsidiaries taken as a whole. 
  

 B-4 

 “MATERIAL ADVERSE EFFECT” means a material adverse effect on (a) the business, operations,
affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or (c) the validity or enforceability
of this Agreement or the Notes. 
 “MULTIEMPLOYER PLAN” means any Plan that is a “multiemployer plan” (as such term is
defined in section 4001(a)(3) of ERISA). 
 “NON-RECOURSE” means, in connection with any Asset Sale, an Asset Sale that does not
result in, contemplate at any time, or otherwise expressly permit, the taking of security in, or the grant of any lien or other encumbrance on or against, any property or assets of the Company or any Subsidiary. 
 “NOTES” is defined in Section 1. 
 “OFFICER’S CERTIFICATE” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto. 
 “PERSON” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, or a
government or agency or political subdivision thereof. 
 “PERMITTED INDEBTEDNESS” means, at any date, an amount equal to four
times EBITDA for the period of the four consecutive fiscal quarters ended on, or most recently prior to, such date. 
 “PLAN” means
an “employee benefit plan” (as defined in section 3(3) of ERISA) that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required
to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 
 “PREFERRED STOCK” means any class of capital stock of a corporation that is preferred over any other class of capital stock of such corporation as to the payment of dividends or the payment of any amount upon liquidation or
dissolution of such corporation. 
 “PROPERTY” or “PROPERTIES” means, unless otherwise specifically limited, real or
personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” means a Prohibited Transaction Exemption issued
by the Department of Labor. 
 “PURCHASER” is defined in the first paragraph of this Agreement. 
 “QPAM EXEMPTION” means Prohibited Transaction Class Exemption 84-14 issued by the United States Department of Labor. 
 “REQUIRED HOLDERS” means, at any time, the holders of greater than 50% in principal amount of the Notes at the time outstanding (exclusive of
Notes then owned by the Company or any of its Affiliates). 
 “RESPONSIBLE OFFICER” means any Senior Financial Officer and any
other officer of the Company with responsibility for the administration of the relevant portion of this agreement. 
 “SALE AND
LEASEBACK TRANSACTION” is defined in Section 10.5. 
 “SECURITIES ACT” means the Securities Act of 1933, as amended from
time to time. 
  

 B-5 

 “SENIOR FINANCIAL OFFICER” means the chief financial officer, principal accounting officer,
treasurer or comptroller of the Company. 
 “SERIES” is defined in Section 1.1. 
 “SERIES 2007-1 NOTES” is defined in Section 1.1. 
 “SIGNIFICANT SUBSIDIARY” means at any time any Subsidiary Guarantor and any other Subsidiary that would at such time constitute a “significant subsidiary” (as such term is defined in Regulation S-X
of the Securities and Exchange Commission as in effect on the date of the Closing) of the Company. 
 “SUBSIDIARY” means, as to any
Person, any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group)
ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned
by such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or
more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 
 “SUBSIDIARY GUARANTEE” means a guarantee of a Subsidiary Guarantor of the obligations of the Company under this Agreement and the Notes, substantially in the form of Exhibit 4.11. 
 “SUBSIDIARY GUARANTOR” means (a) as of the date of the Closing those Subsidiaries identified as such on Schedule 5.4, and
(b) thereafter, the Persons referred to in clause (a) and each other Person which from time to time executes and delivers a counterpart of the Subsidiary Guarantee or otherwise enters into a Subsidiary Guarantee (unless such Person shall
be released from its obligations under its Subsidiary Guarantee pursuant to Section 9.6(b)). 
 “SUPPLEMENT” is defined in
Section 1.1. 
 “SWAPS” means, with respect to any Person, payment obligations with respect to interest rate swaps, currency
swaps and similar obligations obligating such Person to make payments, whether periodically or upon the happening of a contingency. For the purposes of this Agreement, the amount of the obligation under any Swap shall be the amount determined in
respect thereof as of the end of the then most recently ended fiscal quarter of such Person, based on the assumption that such Swap had terminated at the end of such fiscal quarter, and in making such determination, if any agreement relating to such
Swap provides for the netting of amounts payable by and to such Person thereunder or if any such agreement provides for the simultaneous payment of amounts by and to such Person, then in each such case, the amount of such obligation shall be the net
amount so determined. 
 “TAX LEGACY LIABILITIES” means all liabilities associated with the matters described in note 10,
Contingencies—Legacy Contingencies, to the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, up to $345,000,000. 
 “TOTAL DEBT” means, at any date, all indebtedness of the Company and its Subsidiaries at such date to the extent such items should be reflected
on the consolidated balance sheet of the Company (excluding any such items which appear only in the notes to such consolidated balance sheet) at such date in accordance with GAAP. 
 “TOTAL DEBT TO EBITDA RATIO” means, at any time, the ratio of (a) Total Debt at such time to (b) EBITDA for the most recent period of
four consecutive fiscal quarters of the Company ended at or prior to such time. Solely for purposes of this definition, if (i) the Company or any of its Subsidiaries shall have completed an acquisition of all or a substantial part of the
assets, or a going concern business or division, of any Person, (ii) the Company shall have merged with any Person during such period or (iii) the Company or any of its Subsidiaries shall have disposed of all or a substantial part of its
assets or a going concern business or division, in each case, EBITDA for the relevant period shall be determined on a pro forma basis as if such acquisition, disposition or merger, and the incurrence of any related Indebtedness, had occurred on the
first day of such period. 
  

 B-6 

 “USA PATRIOT ACT” means United States Public Law 107-56, Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “WHOLLY-OWNED SUBSIDIARY” means, at any time, any Subsidiary of which one hundred percent (100%) of all of the equity interests (except
directors’ qualifying shares) and voting interests thereof are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time. 
  

 B-7 

 EXHIBIT 1.1(a) 
 [FORM OF NOTE] 
 THIS NOTE HAS BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE “ACT”), OR UNDER STATE SECURITIES LAWS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS (A) REGISTERED OR EXEMPT FROM REGISTRATION UNDER THE ACT AND APPLICABLE
STATE SECURITIES LAWS AND (B) THE CONDITIONS CONTAINED IN THE NOTE PURCHASE AGREEMENT ARE SATISFIED. 
 MOODY’S CORPORATION

 6.06% SERIES 2007-1 SENIOR UNSECURED NOTE DUE 2017 
  

					
	 No. [            ]
	 		  	[Date]
	 $[            ]
	 		  	PPN: 615369 A#2

 FOR VALUE RECEIVED, the undersigned, MOODY’S CORPORATION (herein called the
“Company”), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[                    ] DOLLARS (or so much thereof as shall not have been prepaid) on September 7, 2017, with interest (computed on the
basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 6.06% per annum from the date hereof, payable semiannually, on the 7th day of March and September in each year, commencing with the
March 7th or September 7th next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal,
any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a
rate per annum from time to time equal to the greater of (i) 8.06% or (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time to time in New York, New York as its “base” or “prime” rate.

 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United
States of America at the principal office of JP Morgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below. 
 This Note is one of a series of Senior Unsecured Notes (herein called the “Notes”) issued pursuant to the
Note Purchase Agreement, dated as of September 7, 2007 (as from time to time amended and supplemented, the “Note Purchase Agreement”), between the Company and the Purchasers named therein and is entitled to the benefits thereof. Each
holder of this Note will be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to have made the representations set forth in Sections
6.1, 6.2 and 6.3 of the Note Purchase Agreement. 
 Payment of the principal of, and Make-Whole Amount if any, and interest on this Note may
be guaranteed by certain subsidiaries of the Company. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon
surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like
principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of
receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 

 This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on
the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 This Note shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
  

			
	MOODY’S CORPORATION
		
	By:	 	  

	Title:	 	

 EXHIBIT 1.1(b) 
 [FORM OF SUPPLEMENT] 
 SUPPLEMENT TO NOTE PURCHASE AGREEMENT 
 THIS SUPPLEMENT is entered into as of [            ],
[            ] (this “Supplement”) between Moody’s Corporation, a company incorporated under the laws of Delaware (the “Company”) and the Purchasers listed
in the attached Schedule A (the “Purchasers”). 
 RECITALS 
 A. The Company has entered into a Note Purchase Agreement dated as of September 7, 2007 with the purchasers listed in Schedule A thereto [and one or
more supplements or amendments thereto] (as heretofore amended and supplemented, the “Note Purchase Agreement”); and 
 B. The
Company desires to issue and sell, and the Purchasers desire to purchase, an additional Series of Notes (as defined in the Note Purchase Agreement) pursuant to the Note Purchase Agreement and in accordance with the terms set forth below; 

NOW, THEREFORE, the Company and the Purchasers agree as follows: 
 1. Authorization of the New Series of Notes. The Company has authorized the issue and sale of $[            ] aggregate principal amount of
Notes to be designated as its [    ]% Senior Unsecured Notes, Series [            ], due
[            ], [            ] (the “Series [    ] Notes”, such term to include any
such Notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The Series [            ] Notes shall be substantially in the form set out in
Annex A to this Supplement, with such changes therefrom, if any, as may be approved by the Purchasers and the Company. 
 2. Sale and
Purchase of Series [    ] Notes. Subject to the terms and conditions of this Supplement and the Note Purchase Agreement, the Company will issue and sell to each of the Purchasers, and the Purchasers will purchase from the
Company, at the Closing provided for in Section 3, Series [            ] Notes in the principal amount specified opposite their respective names in the attached Schedule A at
the purchase price of 100% of the principal amount thereof. The obligations of the Purchasers hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance by any other
Purchaser hereunder. 
 3. Closing. The sale and purchase of the Series
[            ] Notes to be purchased by each Purchaser shall occur at the offices of [INVESTORS’ COUNSEL, ADDRESS] at
[            ], [            ] time, at a closing (the “Closing”) on
[            ], [            ]. At the Closing the Company will deliver to each Purchaser the Series
[            ] Notes to be purchased by such Purchaser in the form of a single Series [            ] Note (or such
greater number of Series [            ] Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such
Purchaser’s name (or in the name of such Purchaser’s nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately
available funds for the account of Moody’s Corporation to account number [            ] at [            ]
Bank. If at the Closing the Company shall fail to tender such Series [            ] Notes to any Purchaser as provided above in this Section 3, or any of the conditions
specified in Section 4 of the Note Purchase Agreement, as modified or expanded by Section 4 hereof, shall not have been fulfilled to such Purchaser’s reasonable satisfaction, such Purchaser shall, at such Purchaser’s election, be
relieved of all further obligations under this Supplement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 
 4. Conditions to Closing. Each Purchaser’s obligation to purchase and pay for the Series [            ] Notes to be sold to it at the
Closing is subject to the fulfillment to its reasonable satisfaction, prior to or at the Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement, as hereafter modified, and to the following additional conditions: all
references to “Notes” therein shall be deemed to include the Series [            ] Notes, all 

 
references to “Series 2007-1 Notes” in Section 4 shall be deemed to be replaced by reference to the Series
[            ] Notes and the reference to Schedule A in Section 4.6 shall be deemed to be a reference to Schedule A attached hereto. 
 5. Representations and Warranties of the Company. The Company represents and warrants to the Purchasers that each of the representations and
warranties contained in Section 5 of the Note Purchase Agreement is true and correct as of the date hereof (a) except that (i) all references to “Purchaser” therein shall be deemed to refer to the Purchasers hereunder,
(ii) all references to “this Agreement” shall be deemed to refer to the Note Purchase Agreement as supplemented by this Supplement, (iii) all references to “Closing” shall mean as defined in Section 3 above,
(iv) Section 5.15 is subject to the new Schedule 5.15 attached hereto and (v) all references to “Notes” therein shall be deemed to include the Series
[            ] Notes and (b) except for changes to such representations and warranties or the Schedules referred to therein, which changes are set forth in the attached Schedule
5.1. 
 6. Representations of the Purchasers. Each Purchaser confirms to the Company that the representations set forth in
Section 6 of the Note Purchase Agreement are true and correct as to such Purchaser except that all references to “Notes” therein shall be deemed to include the Series
[            ] Notes. 
 7. Prepayment of the Series
[        ] Notes. The Series [            ] Notes are not subject to mandatory prepayment by the Company. Except as otherwise expressly
provided herein, all of the provisions of Section 8 of the Note Purchase Agreement are incorporated by reference herein, except that (a) Section 8.7 will be subject to the changes set forth in the attached Schedule 8.7 and
(b) the date in Section 8.1 shall be deemed to be amended as follows: [            ]. 
 8. Applicability of Note Purchase Agreement. Except as otherwise expressly provided herein (and expressly permitted by the Note Purchase Agreement), all of the provisions of the Note Purchase Agreement are
incorporated by reference herein and shall apply to the Series [            ] Notes as if expressly set forth in this Supplement except that (a) all references to
“Notes” therein shall be deemed to include the Series [            ] Notes, (b) all references to “Series 2007-1 Notes” in Sections 8.1, 8.7 and 19 shall be
deemed to refer to the Series [            ] Notes, (c) all references to “Purchasers” in Sections 14.2, 15.1, 16, 17.1, 18, 19, 20 and 21 shall be deemed to be
replaced by reference to the Purchasers as defined in this Supplement, (d) the reference to “Sections 1, 2, 3, 4, 5, 6 or 21” in Section 17.1(a) shall be amended to refer only to Sections 1, 2, 4, 5, 6 or 21, (e) the
references to “Schedule A” in Sections 14.2 and 18 shall be deemed to be references to Schedule A attached hereto and (f) the reference to the “Closing” in Section 19 shall be deemed to be a reference to the Closing as
defined in this Supplement. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Note Purchase Agreement. 
  

 2 

 IN WITNESS WHEREOF, the Company and the Purchasers have caused this Supplement to be executed and delivered as of the
date set forth above. 
  

			
	 MOODY’S CORPORATION

		
	 By
	 	  

	 Title:
	 	

 [ADD PURCHASER SIGNATURE BLOCKS] 
  

 3 

 ANNEX A 
 [FORM OF NOTE] 
 THIS NOTE HAS BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE “ACT”), OR UNDER STATE SECURITIES LAWS. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS (A) REGISTERED OR EXEMPT FROM REGISTRATION UNDER THE ACT AND APPLICABLE
STATE SECURITIES LAWS AND (B) THE CONDITIONS CONTAINED IN THE NOTE PURCHASE AGREEMENT ARE SATISFIED. 
 MOODY’S CORPORATION

 [    ]% SERIES [    ] SENIOR UNSECURED NOTE DUE [    ] 
  

							
	No. [            ]	  		  		  	[Date]
	$[            ]	  		  		  	PPN: [            ]

 FOR VALUE RECEIVED, the undersigned, MOODY’S CORPORATION (herein called the
“Company”), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ], or registered assigns, the principal sum of
[            ] DOLLARS (or so much thereof as shall not have been prepaid) on [            ],
20[    ], with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of
[            ]% per annum from the date hereof, payable semiannually, on the [            ] day of
[            ] and [            ] in each year, commencing with the
[            ] or [            ] next succeeding the date hereof, until the principal hereof shall have become due
and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase
Agreement and the Supplement referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of
(i) [            ]% or (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time to time in New York, New York as its “base” or
“prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful
money of the United States of America at the principal office of JP Morgan Chase Bank, N.A. in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Purchase Agreement and the Supplement referred to below. 
 This Note is one of a series of Senior Unsecured Notes (herein called the
“Notes”) issued pursuant to the Note Purchase Agreement, dated as of September 7, 2007 (as from time to time amended and supplemented, the “Note Purchase Agreement”), between the Company and the Purchasers named therein, as
supplemented by the Supplement to the Note Purchase Agreement (as from time to time amended, the “Supplement”) between the Company and the Purchasers named therein, and is entitled to the benefits thereof. Each holder of this Note will be
deemed, by its acceptance hereof, (i) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to have made the representations set forth in Sections 6.1, 6.2 and 6.3 of the Note
Purchase Agreement. 
 Payment of the principal of, and Make-Whole Amount if any, and interest on this Note may be guaranteed by certain
subsidiaries of the Company. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for
all other purposes, and the Company will not be affected by any notice to the contrary. 

 This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on
the terms specified in the Note Purchase Agreement, but not otherwise. 
 If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

 This Note shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
  

			
	MOODY’S CORPORATION
		
	By:	 	  

	Title:License Agreement between Authentidate Holding Corp. and U.S. Postal Service

 Exhibit 10.37 
 This USPS Electronic Postmark License Agreement (the “Agreement” or “License Agreement”) is entered into by and between Authentidate Holding Corp., a corporation organized under the laws of the
State of Delaware, with an address at 300 Connell Drive, Fifth Floor, Berkeley Heights, NJ 07922 (hereinafter “Authentidate”) and the United States Postal Service, an independent establishment of the executive branch of the Government of
the United States of America, 39 U.S.C. § 201, headquartered at 475 L’Enfant Plaza, S.W., Washington, DC 20260, (hereinafter referred to as “USPS” or the “Postal Service”), effective as of August 1,
2007(“Effective Date”). 
 Introduction 
 The United States Postal Service owns certain intellectual property relating to the provision of electronic content integrity and time and date stamp services. This License Agreement concerns the non-exclusive grant
of rights from the Postal Service to Authentidate to utilize this intellectual property according to the terms set forth herein. 
 1. DEFINITIONS 

  

	 	1.1.	“Application Developer (Sub)license Provisions” means 

  

	 	1.1.1.	the (sub)licensing provisions set forth in Exhibit D to be included in any agreement Authentidate enters into with a commercial entity for the purpose of providing individuals
and/or other entities with the ability to indirectly access the EPM Service via software applications and/or services; 

  

	 	1.1.2.	provided, however, that it is not a requirement that Authentidate execute such license agreement by physically signing a written document, but instead may be bound to it by the
licensee’s action of, for example, clicking on a “click-on license”; and 

  

	 	1.1.3.	it is understood that Authentidate may act in the capacity of an application developer; provided that Authentidate agrees to be bound by the terms of such Application Developer
(Sub)license Provisions without the need to execute an agreement. 

  

	 	1.2.	“Applied EPM” means an EPM that has been applied to an electronic file by an End User pursuant to use of the EPM Service. 

  

	 	1.3.	“Approval Process” means the process set forth in Section 6.5 below. 

  

	 	1.4.	“Confidential Information” 

  

	 	1.4.1.	means all non-public information of a Party, including without limitation, information relating to the EPM Service and its use, modification, development, methodology, strategy,
equipment, specifications, engineering, licensing, sales, revenues, financial or other business information, and assessment of the EPM Service as well as any information marked “restricted” or “confidential” and,

  

	 	1.4.2.	does not include information that either Party can establish (a) was in its possession before receipt from the disclosing Party; (b) is or becomes generally known to the
public through no fault of the receiving Party; (c) is received in good faith by the receiving Party from a third party that is not subject to an obligation of confidentiality owed to the disclosing Party; or (d) is independently developed
by the receiving Party without reference to Confidential Information received hereunder. 

  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 

	 	1.5.	“Date of Application” means the date on which an EPM is applied to an electronic file by an End User pursuant to use of the EPM Service. 

  

	 	1.6.	“Electronic Postmark Service” or “EPM Service” means the provision of an electronic content integrity and time and date service (as more fully described in
Exhibit B attached hereto and incorporated herein), which includes the use of rights in USPS IP identified in Exhibit A, including the USPS Marks, and is offered either in a customized set-up or in a publicly-available set-up to the market.

  

	 	1.7.	“End Users” means individuals or entities who are able to directly access the EPM Service as provided by Authentidate (e.g., via client-side Plug-ins); or commercial
entities (including Authentidate) that provide individuals or entities indirect access to the EPM Service via other software applications and services and who are properly licensed by Authentidate according to the terms of the Application Developer
(Sub)license Provisions. 

  

	 	1.8.	“End User (Sub)license Provisions” means the (sub)licensing provisions set forth in Exhibit F to be included in any agreement Authentidate enters into with an End User
prior to an End User being given access to the EPM Service, which agreement must include terms at least as protective of USPS’ rights as provided in this Agreement, provided, however, that it is not a requirement that Authentidate execute an
agreement containing these provisions by physically signing a written document, but instead may be bound to it by the licensee’s action of, for example, clicking on a “click-on license.” It is understood that Authentidate may act in
the capacity of an End User; provided that Authentidate agrees to be bound by the terms of the End User (Sub)license Provisions without the need to execute an agreement. 

  

	 	1.9.	“USPS Intellectual Property Rights” or “USPS IP” mean USPS’ intellectual property relating to the provision of the Electronic Postmark Service, as
specifically defined in Exhibit A. 

  

	 	1.10.	“USPS Marks” or “USPS Trademarks” mean the trademarks Electronic Postmark, USPS Electronic Postmark, and such other trademarks as are identified in Exhibit A.

  

	 	1.11.	USPS Trademark Guidelines” mean the guidelines for use of the USPS Trademarks set forth in Exhibit E. 

 2. RIGHTS GRANTED TO AUTHENTIDATE. 
  

	 	2.1.	Grant: Subject to the terms set forth herein, USPS grants Authentidate, under the USPS Intellectual Property Rights, a non-exclusive, worldwide, terminable license to make, use,
offer for sale, sell, provide, advertise, promote, and market the Electronic Postmark Service using the USPS Trademarks to End Users in consideration for the Fees to be paid by Authentidate 

  

	 	2.2.	Scope: 

  

	 	2.2.1.	This Agreement covers an electronic content integrity and time and date stamping service as described in Exhibit B that falls within the scope of the USPS Intellectual Property
Rights and that is used, provided, advertised, promoted, marketed, distributed, or sold using the USPS Marks identified in Exhibit A. 

  

	 	2.2.2.	Any modifications or alterations to or any improvements or enhancements to the Electronic Postmark Service requires the advanced written approval of the USPS, which approval shall
not be unreasonably withheld or delayed. 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
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	 	2.2.3.	Any advertising, promotion, marketing, distribution or sale of the Electronic Postmark Service not in accordance with Sections 2.1 or 2.2 without USPS approval risks violating USPS
trademark rights, risks violating other USPS Intellectual Property Rights, and constitutes a breach of this License Agreement. 

  

	 	2.2.4.	Use of USPS trademarks in connection with any services or products other than the EPM Services is outside the scope of this License Agreement. 

  

	 	2.3.	USPS Trademarks: The right to use the USPS Trademarks is limited to use only by display on packaging or promotional material and customer-interface documentation for the EPM Service
and in software applications for and electronic files processed by the EPM Service, provided that each use is always in the manner already approved by the USPS pursuant to Article 6. 

  

	 	2.4.	Sub-license: Within the scope of the Grant stated above, Authentidate may grant sub-licenses under the USPS IP and USPS Marks, provided such sub-licenses include Application
Developer (Sub)license Provisions contained in Exhibit D to allow its sublicensees to develop and/or provide applications that incorporate the EPM. Authentidate agrees to enforce the Application Developer (Sub)license Provisions in sublicenses it
executes to the full extent of the law. 

 3. DUTIES AND OBLIGATIONS OF AUTHENTIDATE 
  

	 	3.1.	Authentidate will present a complete EPM Service to prospective customers. A complete EPM Service consists of, at a minimum, the hardware, software, billing systems, transactions,
management reports, archiving, updates, upgrades, and all activities supporting an EPM. 

  

	 	3.2.	Other IP Licenses: Authentidate acknowledges its responsibility to obtain any other intellectual property rights (licenses or ownership other than those detailed in Exhibit A) that
may be required to offer Electronic Postmark Services and will reimburse the Postal Service for any costs and damages the Postal Service may incur as a result of Authentidate’s failure to honor this representation. 

  

	 	3.3.	No Authorization & Consent: Authentidate acknowledges the U.S. Postal Service has not exercised 28 USC 1498 with respect to any Intellectual Property that may concern
this Agreement or that concerns its interactions with Authentidate. 

  

	 	3.4.	Backup Archive and Verification System: Within six (6) months from the Effective Date or later, if agreed to in writing by Authentidate and the USPS, Authentidate shall provide
USPS with a fully operating backup archive and verification system having a capacity and meeting performance standards substantially the same as Authentidate’s primary archive and verification system. Subsequent to Authentidate providing the
USPS with the backup archive and verification system, during the Term Authentidate shall promptly provide to the USPS all updates and upgrades that Authentidate implements in the primary archive and verification system. 

  

	 	3.5.	Authentidate shall maintain and make available to the USPS, quarterly and upon request, complete contact information (name, address, telephone number, email address, etc.) for all
End Users, to the extent that such detailed End User data is available to Authentidate. 

  

	 	3.6.	Authentidate acknowledges the Postal Service’s need to protect its public image, reputation, goodwill, operations and revenues. Therefore, Authentidate shall not knowingly
offer, sell, or facilitate Electronic Postmark Services to any entity that promotes a cause or product that is likely to bring the USPS, its officers, employees, or Board of Governors into public disrepute, scandal or ridicule, or that are
derogatory or detrimental to the interests of USPS, or that harm its goodwill in any manner. 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
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	 	3.7.	Authentidate acknowledges full responsibility for ensuring that End Users understand the USPS’ role in providing EPM Services and agrees to include as one of the End User
(Sub)license Provisions to which each End User must be bound (whether through written agreement, “click-on,” “shrink-wrap,” or the like) in order to receive or use EPM Services, in addition to the provisions set forth in Exhibit
F, the following: 

 “The Electronic Postmark (EPM) is a service offered by <<name of the EPM Service
provider->> under a non-exclusive licensing agreement with the USPS. In this licensing agreement, USPS licenses <<name of the EPM Service provider >>and its licensees the right to provide EPM Services using certain trademarks and
other intellectual property owned by the USPS. As the provider of the services, <<name of the EPM Service provider>> is solely responsible for the performance of the EPM Service offered and for providing the necessary customer support.
<<name of the EPM Service provider>> is also solely responsible for serving as the verifier of any EPMs applied by its customers. The USPS will serve as a backup verifier of any EPM applied by a customer of <<name of the EPM
Service provider>>. The USPS backup verification service for an EPM is assured for the life of the Applied EPM, but in no event for a period greater than seven years from the original Date of Application.” 
  

	 	3.8.	Authentidate acknowledges that as an EPM Service provider it will be solely responsible for product development, operation of its EPM Service in accordance with best industry
standards and practices, marketing and sales, customer support, integration and interoperation of its EPM Service into other systems and other matters relating to its EPM Service, in accordance with Exhibit B. 

  

	 	3.9.	Authentidate will meet with the Postal Service on at least an annual basis to review Authentidate’s use of this License Agreement. Such meeting may also include other
authorized licensees. 

  

	 	3.10.	Authentidate agrees that it will extend, without additional payment or compensation to the USPS, the expiration date of all unused USPS EPMs purchased (including those purchased by,
or assigned to, Authentidate and the USPS) prior to August 1, 2007, to no later than December 31, 2008. Should Authentidate fail to comply with the provisions of Section 3.4, any unused EPMs purchased by or assigned to Authentidate
prior to August 1, 2007 will expire upon such failure. 

 4. DUTIES AND OBLIGATION OF USPS 
  

	 	4.1.	In the event that Authentidate, due to extraordinary events, is unable to fulfill its responsibility of providing verification services for Applied EPMs in accordance with the terms
of this Agreement, the USPS will provide support as a backup verifier for the EPM Service, consistent with the representation required as one of the End User (Sub)license Provisions to customers, as set forth in Section 3.7 above.

 5. FEES 
  

	 	 5.1.
	 Authentidate acknowledges that the USPS requires licensed vendors of Electronic Postmark Services to pay a quarterly
licensing fee to offer USPS branded Electronic Postmark Services. The fee shall be [ * * * *] per calendar quarter for [ * * * * ] Applied EPMs in each calendar quarter (“EPM Threshold”), to be paid on the first day of the first
month of each calendar quarter, and [ * * * * ] for each additional Applied EPM in any given calendar quarter, to be paid by the 25th day of the month
immediately following the close of each calendar quarter (“Fees”). EPMs that were purchased by Authentidate, its End Users, or the Postal Service prior to the Effective Date that are applied after the 

  

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WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
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Effective Date shall not be included within the calculation of Fees payable under this Agreement. The Fees and EPM Threshold shall be appropriately prorated
for any period during which this Agreement is not effective for the entire calendar quarter. 

  

	 	5.2.	Should Authentidate fail to pay any amounts that become due under Section 5.1, Authentidate shall be charged interest daily at the annual rate of three percent (3%) over
the current prime rate (Citibank’s or its predecessor’s rate as accurately published in the Wall Street Journal) or the maximum rate permitted by law, whichever is lower, on each unpaid amount that is not paid within thirty
(30) calendar days from the first day payment becomes due. For payments made by check, the date of payment shall be the date of postmark of the envelope containing the check. For payments by electronic funds transfer, the date of payment
shall be the date payment is received into the account of USPS. 

  

	 	5.3.	Payments for all Fees should be sent to: 

  

	
	USPS Licensing Programs
	PO Box 7247-7087
	Philadelphia, PA 19170-7087

  

			
	Account Name:	  	USPS Licensing Programs
	Routing Number:	  	021000089
	Account Number:	  	40672311

  

	 	5.4.	The USPS reserves the right to change the existing licensing fee structure (as described in Section 5.1 above) under the following conditions: 

  

	 	5.4.1.	if required by regulation or other legal action in accordance with Section 9.5. Any such change will provide for a ninety (90) day notice period, unless such change is
required earlier pursuant to such regulation. 

  

	 	5.4.2.	if the USPS enters into an agreement with another company to participate in providing a USPS EPM. Any such change will provide for a ninety (90) day notice period; provided
that any such change in the licensing fee structure shall be subject to Authentidate being offered a fee structure at least as beneficial to Authentidate as the lowest of the fee structures offered to such other companies. 

 

	 	5.4.3.	by mutual consent of the Parties. 

  

	 	5.5.	The Postal Service will not reimburse Authentidate for any refunds of any payments received by Authentidate for Electronic Postmark Services that Authentidate may chose to offer its
customers. 

 6. INTELLECTUAL PROPERTY 
  

	 	6.1.	Ownership: 

  

	 	6.1.1.	USPS represents that it owns all right, title, and interest in the USPS Intellectual Property Rights. 

  

	 	6.1.2.	Nothing contained herein shall be deemed to convey any title or ownership interest therein to Authentidate. Authentidate receives only the non-exclusive rights expressly granted by
this Agreement. 

  

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	 	6.2.	Trademark Use: Authentidate acknowledges that the USPS Trademarks are trademarks owned solely and exclusively by the USPS and agrees to use the USPS Trademarks only in the form and
manner (with appropriate legends) prescribed by the USPS pursuant to the USPS Trademark Guidelines attached hereto as Exhibit E and approved by USPS. Other than as set forth in Section 6.6, Authentidate agrees not to use any other trademark or
service mark in connection with any of the USPS Trademarks without prior written approval of USPS, which approval shall not be unreasonably withheld or delayed. Authentidate agrees to mark all advertising and other materials that include the USPS
Trademarks with a legend indicating that the USPS Trademarks are the property of the USPS and that they are being used under license from the USPS, together with any other legends or markings that may be required by law. All use of the USPS
Trademarks shall inure to the benefit of the USPS. 

  

	 	6.3.	Quality Control: To assure that the production, appearance, and quality of Authentidate’s services under the USPS Marks are consistent with the USPS’s reputation for high
quality and with the goodwill associated with the USPS’s reputation and the USPS Marks, and to ensure the preservation of the USPS Marks and the USPS’s rights in them, Authentidate agrees to the following: 

  

	 	6.3.1.	EPM Services shall comply with all applicable USPS regulations, and all relevant Federal, state, and local laws, regulations, and ordinances. 

  

	 	6.3.2.	Authentidate will maintain technical performance, process and security standards for the EPM Service hardware and software infrastructure in accordance with USPS ISA process
standards (or equivalent standards) as defined by the USPS. Such technical infrastructure will be consistent with any recurrent certification processes that may be required by the USPS. 

  

	 	6.4.	EPM Service branding: Authentidate agrees that any files processed using the EPM Service will include the USPS Marks which will be viewable when such file is displayed, to the
extent that visual display of such file is possible. The location, selection, and appearance of the USPS Marks on such files will be subject to the USPS’ Trademark Guidelines. 

  

	 	6.5.	Approval Process: To ensure that the appearance of the USPS Marks is appropriate and proper and to facilitate the preservation of the Postal Service’s rights in USPS Marks,
Authentidate agrees to the following: 

  

	 	6.5.1.	Authentidate agrees that it will not use the USPS Marks in a manner that is likely to be viewed as violent, sexually provocative, offensive, obscene, in violation of “hate
crime” laws, or otherwise likely to shock or offend the community or in such a way as to bring the Postal Service, its officers, employees, or Board of Governors, or any other of its trademarks, service marks or logos into public disrepute,
scandal or ridicule, or that derogates from the public image or reflects unfavorably or negatively upon them. 

  

	 	6.5.2.	 Other than as set forth in Section 6.6, Authentidate shall not use or publicly display or distribute any material (hard copy or soft copy) displaying the USPS
Marks (the “Material”) until after the Postal Service has reviewed and approved it in writing, which approval shall not be unreasonably withheld or delayed. Authentidate shall not depart from the approved Materials in any material respect
without the Postal Service’s prior written approval, which approval shall not be unreasonably withheld or delayed. The Postal Service will make best efforts to inform Authentidate of its approval or disapproval in writing within ten
(10) business days of any request from Authentidate. Failure to approve or disapprove within such ten (10) business day period shall always be deemed disapproval. After the ten (10) day period, Authentidate should 

  

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immediately (if desired) resubmit its Material and/or telephone to request an explanation of the disapproval, but in no event will the lack of a response
from the Postal Service ever be taken as approval. 

  

	 	6.5.3.	Authentidate acknowledges that any violation of this Section may result in irreparable harm to the Postal Service, and the Postal Service may be entitled to seek immediate,
preliminary and permanent injunctive relief against the further violation of the Postal Service’s rights, in addition to all other remedies available to it. 

  

	 	6.5.4.	Authentidate shall abide by such other demands, changes, and instructions as issued from time to time as provided to Authentidate in writing by the USPS to maintain the quality of
the USPS Marks. 

  

	 	6.6.	If Authentidate has already received explicit approval in writing from the USPS prior to the Effective Date for a specific use of a USPS Mark, then Authentidate may continue that
use of that USPS Mark for at least one year from the Effective Date. After one year from the Effective Date USPS has the right to raise an objection to such use in writing and to require Authentidate to stop such use, which use shall cease no later
than three months after such written objection. 

  

	 	6.7.	If Authentidate has already been using a USPS Mark in a specific manner—a specific context—since at least one year prior to the Effective Date without objection from the
USPS, then Authentidate may continue that use of that USPS Mark for at least six months from the Effective Date. After six months from the Effective Date USPS has the right to raise an objection to such use in writing and require Authentidate to
stop such use, which use shall cease no later than three months after such written objection. 

 7. REPORTS AND EXAMINATION OF RECORDS 

  

	 	7.1.	Reports: 

  

	 	 7.1.1.
	 Throughout the duration of this Agreement, Authentidate shall submit to the USPS monthly usage reports, and a
consolidated quarterly usage report with each quarterly payment of Fees for excess EPMs, if any, no later than the 25th day of the month immediately
following the close of each calendar month or quarter as applicable. This report should exclude those USPS EPMs which were purchased prior to the Effective Date of this Agreement (as set forth in Section 3.9). The usage reports are to be in the
format included in Exhibit C. 

  

	 	7.1.2.	For the period, starting one month after the Effective Date of this Agreement and ending on December 31, 2008 Authentidate shall also file monthly usage reports for all USPS
EPMs purchased prior to the Effective Date of the Agreement (as set forth in Section 3.9). 

  

	 	7.2.	Examination of Records: 

  

	 	7.2.1.	Records. “Records” includes books, documents, accounting procedures and practices, and other data, regardless of type and regardless of whether such items are in written
form, in the form of computer data, or in any other form that relate specifically to the EPM Services and EPM use. 

  

	 	7.2.2.	Examination. The USPS contracting officer or any authorized representative of the Postal Service, including the Postal Service Office of the Inspector General, will have the right
to examine and audit the supporting records and materials, for the purposes of evaluating: 

  

	 	7.2.2.1.    	compliance by Authentidate with its reporting requirements; and 

  

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	 	7.2.2.2.    	the data reported. 

  

	 	7.2.3.	Availability: Authentidate must maintain and make available, upon request, the records, materials, and other evidence described in this clause, for examination, audit, or
reproduction, until three (3) years after final payment under this Agreement or any longer period required by statute or other clauses in this Agreement. In addition Authentidate must make available records relating to appeals under the claims
and disputes clause or to litigation or the settlement of claims arising under or related to this Agreement. Such records must be made available until such appeals, litigation or claims are finally resolved. 

 8. TERM 
 This Agreement shall remain in effect for a
period of three (3) years from the Effective Date (“Term”). This Agreement may be renewed for additional consecutive one (1) year terms upon written agreement of each of the Parties, where each additional term shall begin
immediately following the prior term. 
 9. TERMINATION 
  

	 	9.1.	Termination for Convenience: This Agreement may be terminated by either Party for convenience, including pursuant to Section 9.5, upon one hundred twenty (120) calendar
days’ prior written notice at no cost to the parties other than the obligations that are deemed to survive. 

  

	 	9.2.	Termination as a Result of Change of Control or Ownership. This Agreement may be terminated by the Postal Service within twenty (20) calendar days from its receipt of
notification from Authentidate pursuant to Section 11. Any termination pursuant to this Section 9.2 shall be effective upon the later of (i) ten (10) business days following written notice of termination from the USPS, or
(ii) a date set by the USPS. Should the USPS fail to deliver notification of termination to Authentidate within twenty (20) calendar days from its receipt of notification from Authentidate pursuant to Section 11, the USPS’ right
to terminate this Agreement pursuant to this Section 9.2 shall be waived. 

  

	 	9.3.	Termination by Mutual Consent: This Agreement may be terminated at any time by the mutual consent of the Parties. 

  

	 	9.4.	Termination for Breach: In the event of a material breach of this Agreement the Party alleging the breach must provide thirty (30) calendar days written notice of the breach.
If the breach is not cured or the allegedly breaching Party is not diligently undertaking to cure the breach within thirty (30) calendar days following such written notice, the Party alleging the breach may terminate this Agreement upon thirty
(30) calendar days written notice following the cure period. 

  

	 	9.5.	The Parties agree and acknowledge that this Agreement shall not be governed by the provisions of the USPS Supplying Practices and Principles or the Contract Disputes Act. In
addition, the Parties waive any and all express or implied remedies, recourse or administrative procedures provided or created thereby. The Parties agree and acknowledge that this is a contractual agreement to pursue a business arrangement and does
not constitute a procurement. This Agreement shall not in any way prohibit any Federal governmental authority, excluding the USPS, from taking or failing to take any action. 

  

	 	9.6.	In the event that: 

  

	 	9.6.1.	 any branch, agency, or independent establishment of the United States Government takes or fails to take any action that would substantially impair the USPS from
offering the services 

  

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contemplated by this Agreement, such substantial impairment shall not deprive the Parties of any rights under this Agreement, including USPS’ rights of
termination in accordance with Article 9; 

  

	 	9.6.2.	the USPS is required by any other branch, agency or independent establishment of the United States Government to terminate or fail to perform its obligations under this Agreement
within a period of fewer than thirty (30) calendar days, the USPS may give a notice of termination pursuant to Section 9.1, which notice (notwithstanding Section 9.1 hereof) shall be effective immediately or at such other time as
specified therein by the USPS; 

  

	 	9.6.3.	either Party is enjoined from proceeding with this Agreement by a court of competent jurisdiction, such Party may give a notice of termination pursuant to Section 9.1 hereof,
which notice (notwithstanding Section 9.1 hereof) shall be effective immediately or at such other time as specified therein by such Party; and 

  

	 	9.6.4.	a notice of termination is given pursuant to either of the two preceding paragraphs; the provisions of Section 9.1 shall apply as if such notice had been given pursuant to such
Section. 

  

	 	9.7.	Effect of Termination: Upon termination of this Agreement for any reason, Authentidate shall: 

  

	 	9.7.1.	immediately cease use of any and all USPS Marks; 

  

	 	9.7.2.	immediately cease use of any and all inventions covered by USPS patents; 

  

	 	9.7.3.	ensure that the USPS has the back-up archive and verification system (referenced in 3.3) fully operational 

  

	 	9.7.4.	remit all fees due to the USPS within thirty (30) calendar days of such termination. 

 10. SURVIVAL 
 Survival: The obligation of confidentiality set forth in this Agreement shall remain in
effect notwithstanding any termination of this Agreement. In addition, the following provisions of this Agreement shall survive the termination of this Agreement: Sections 5, 7, 9.5, 9.7, 10, 12, 13, 14 and 15. 
 11. ASSIGNMENT 
 This Agreement and the rights granted
hereunder are not assignable by Authentidate or by operation of law to any other person, persons, firms, or corporations without the express written approval of USPS, which approval shall not be unreasonably withheld or delayed; provided that any
assignment pursuant to a merger, acquisition, restructuring, change of control, sale of all or substantially all of the stock or assets of Authentidate to which this Agreement relates, or an assignment to an affiliate, parent or subsidiary of
Authentidate shall be allowed and shall not require any approval or consent of the USPS. Authentidate is required to provide written notice to the Postal Service ten (10) calendar days prior to a merger, acquisition, restructuring, change of
control, sale of all or substantially all of the stock or assets of Authentidate to which this Agreement relates, or an assignment to an affiliate, parent or subsidiary of Authentidate. Any information provided by Authentidate pursuant to this
Section 11 shall be deemed Confidential Information of Authentidate. Any assignment that is not allowed hereunder, and that is undertaken without USPS approval, shall be void. 
  

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 12. APPLICABLE LAW, ARBITRATION AND LEGAL COMPLIANCE 
  

	 	12.1.	Applicable Law: This Agreement shall be interpreted in accordance with the federal laws of the United States; provided that should federal law not apply, this Agreement shall be
interpreted in accordance with the laws of the state of New York without giving effect to its choice of law provisions. 

  

	 	12.2.	Dispute Resolution Mechanism: If a dispute arises out of or relates to this Agreement, or the breach thereof, and if the dispute cannot be settled through direct discussions, the
Parties agree first to endeavor to settle the dispute in an amicable manner by negotiation between the parties. If the dispute cannot be settled at that level within thirty (30) calendar days of the start of such negotiations, then the Parties
may by mutual agreement, conduct a non-binding mediation proceeding under such rules and procedures as they may agree upon. Thereafter, any unresolved controversy or claims arising out of or relating to the Agreement, or the breach thereof, may be
brought by a Party in the appropriate judicial forum as further defined herein. 

  

	 	12.3.	Consent to Jurisdiction: With respect to any suit, action or other proceedings relating to the Agreement that has not been resolved by negotiation or mediation (collectively
“Proceedings”), the Parties each irrevocably submits to the exclusive personal jurisdiction of the United States District Court for the District of Columbia and waive any objection that it may have at any time to the laying of venue of any
Proceedings brought in such court, waive any claims that such Proceedings have been brought in an inconvenient forum and further waive the right to object, with respect to such Proceedings, that such court does not have personal jurisdiction over
such Party. 

  

	 	12.4.	Choice of Law: This Agreement shall be governed by and construed in accordance with the federal law of the United States; provided that should federal law not apply, this Agreement
shall be interpreted in accordance with the laws of the state of New York. 

 13. NONDISCLOSURE AND PRIVACY 
  

	 	13.1.	Protection and Use of Confidential Information 

  

	 	13.1.1.	Acknowledgment: Each Party acknowledges that the Confidential Information disclosed hereunder by the disclosing Party constitutes trade secrets and copyrighted work product that are
owned solely and exclusively by the disclosing Party or its licensors. 

  

	 	13.1.2.	Limited Use: Each Party authorizes the other Party to use its Confidential Information solely for the limited purposes authorized by this Agreement. 

  

	 	13.1.3.	Protection: Each Party hereby agrees to take all steps reasonably necessary to maintain and protect the Confidential Information of the other Party in the strictest confidence for
the benefit of the other Party. In addition, each Party shall comply with all specific terms of this Agreement regarding its handling and use of the Confidential Information of the other Party. 

  

	 	 13.1.4.
	 Disclosure: Each Party will not at any time, without the express written permission of the disclosing Party, disclose
the Confidential Information of the disclosing Party or any product containing same directly or indirectly to any third person, except for its employees and agents who have expressly agreed in writing to be bound by confidentiality obligations at
least as restrictive as the terms of this Agreement. Each Party shall at all times remain primarily liable for the conduct of its employees and agents. 

  

	 	13.1.5.	Term of Obligation: Each Party’s obligations with respect to the Confidential Information shall survive termination of this Agreement for three (3) years.

  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 10 

	 	13.2.	Applicability 

  

	 	13.2.1.	Each Party’s duties under this Agreement shall apply to Confidential Information that is disclosed to it by employees, agents, consultants, affiliated persons, affiliated
companies, or any other representatives of the other Party prior to termination of this Agreement. 

  

	 	13.2.2.	Each Party’s duties respecting the other Party’s Confidential Information shall apply to Confidential Information disclosed in writing, orally, in the form of tangible
property, electronically or otherwise, to it by any means, format, or medium. Failure to include a confidentiality notice on any materials disclosed to a Party shall not give rise to an inference that the Confidential Information disclosed is not
confidential; provided that if tangible, it is marked as confidential and if not tangible, the confidential nature of the information is confirmed in writing to the other Party within thirty (30) days of such disclosure, or if the information
by its nature would be understood to be confidential. 

  

	 	13.3.	Judicially Required Disclosure: In the event that a Party is required by judicial or administrative process to disclose Confidential Information, such Party shall promptly notify
the disclosing Party and allow the disclosing Party a reasonable time to oppose such process before making such disclosure. 

  

	 	13.4.	Privacy: As a condition of the authority granted hereunder, Authentidate must adhere to: (1) the Postal Service’s privacy policies, and (2) any privacy policy that
Authentidate publishes to the extent that privacy policy imposes additional or more stringent requirements on Authentidate than applicable law, regulation, or Postal Service policies. 

 14. INDEMNIFICATION AND LIABILITY 
  

	 	14.1.	Authentidate will indemnify the USPS against any third party claims for damages or losses that arise as a result of Authentidate’s provisioning of the Electronic Postmark
Service in such a way as to cause infringement of third party intellectual property rights, which infringement would not otherwise have occurred absent such activities of Authentidate. 

  

	 	14.2.	Neither Party shall be liable to the other Party by reason of any termination, expiration, or non-renewal of this Agreement for loss of prospective profits or anticipated sales of
licenses, or for expenditures, investments, leases, property improvements, or commitments made in connection with or reliance upon this Agreement. 

  

	 	14.3.	Insurance. Authentidate shall at its own expense, during the entire term of this Agreement, keep in full force and effect, policies of insurance meeting or exceeding the following
specifications which shall cover all of the EPM Service: 

 General Liability insurance in a minimum amount of [ * * * * ] and
an Excess Liability policy (umbrella form) with a minimum [ * * * * ] per occurrence limit. 
 Errors or Omissions Liability insurance in a
minimum amount of [ * * * * ] and an Excess Liability policy form with a [ * * * * ] per occurrence limit. Cyberliability insurance in an amount of [ * * * * ] per year with a [ * * * * ] per occurrence limit. The parties may change these limits by
mutual consent. 
 Authentidate will provide the USPS with a Certificate of Insurance within thirty (30) days of the Effective Date of
this Agreement. All Certificates of Insurance shall provide for a thirty (30) day cancellation notice from the insurance carrier. Authentidate shall immediately notify the USPS of any cancellation notice by the insurance carrier 
  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 11 

	 	14.4.	Damages. In the event any Party asserts any claim against any other Party, or its employees, affiliates, successors and/or assigns, for breach of this Agreement or otherwise
relating to this Agreement or the subject matter hereof or the performance of the Parties’ obligations hereunder, the amount of monetary damages that any such Party may claim and receive shall be limited as follows: in the case of a claim
asserted against the USPS, the monetary damages shall be limited to an amount equal to the lesser of (i) the aggregate amount that the USPS has received or is entitled to receive pursuant to Section 5 from August 1, 2007 through and
including the date the claim arises, or (ii) [ * * * * ], and, in the case of a claim asserted against Authentidate, monetary damages shall be limited to an amount equal to the lesser of (i) the aggregate amount Authentidate has received
or is entitled to receive from the sales of USPS EPM from August 1, 2007 through and including the date the claim arises, or (ii) [ * * * * ] (in each case, the “Maximum Damages”). Nothing in this Agreement shall be construed as
an acknowledgment or concession as to the validity of any such claim or the entitlement of any Party to any amount of damages. In no event shall any Party be liable under this Agreement under any theory of tort, contract, strict liability or other
legal or equitable theory for any lost profits or exemplary, punitive, special, incidental, indirect, moral or consequential damages asserted on behalf of any person whether or not a Party to this Agreement, each of which claims is hereby excluded
by agreement of the Parties. 

 15. MISCELLANEOUS 
  

	 	15.1.	Notices: All notices or other communications required or desired to be sent to either Party shall be in writing and sent by Registered Mail or Certified Mail, postage prepaid,
Return Receipt requested, by Express Mail or by facsimile to the address specified below. Either Party may change such address by notice in writing to the other Party. 

  

			
	To USPS:	  	United States Postal Service
		  	Postal Technology Management
		  	475 L’Enfant Plaza NB 4200
		  	Washington, D.C. 20260-2118
		  	Attn:     Dan Lord
		  	Phone:  202-268-4281
		  	Fax:      202-268-4283

  

			
	To Licensee:	  	Authentidate Holding Corp.
		  	300 Connell Drive, Fifth Floor
		  	Berkeley Heights, NJ 07922
		  	Attn:    Chief Executive Officer
		  	Phone: 908-787-1700
		  	Fax:     908-934-9215

  

	 	15.2.	Force Majeure: Neither Party shall be responsible for delays or failure of performance resulting from acts beyond the reasonable control of such Party. Such acts shall include, but
not be limited to, acts of God, strikes, walkouts, riots, acts of war, terrorism, epidemics, failure of suppliers to perform, governmental regulations, power failures, earthquakes, or other disasters. 

  

	 	15.3.	Headings: The titles and headings of the various articles and sections in this Agreement are intended solely for reference and are not intended for any other purpose whatsoever or
to explain, modify, or place any construction on any of the provisions of this Agreement. 

  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 12 

	 	15.4.	All Amendments in Writing: No supplement, modification, or amendment of this Agreement shall be binding, unless executed in writing by a duly authorized representative of each Party
to this Agreement. 

  

	 	15.5.	Entire Agreement: The Parties have read this Agreement and agree to be bound by its terms, and further agree that it constitutes the complete and entire agreement of the parties and
supersedes all previous communications, oral or written, between them relating to this Agreement and to the subject matter hereof. No representations or statements of any kind made by either Party that are not expressly stated herein shall be
binding on such Party. 

  

									
	Signed for on behalf of	 		 	Signed for on behalf of the
	Authentidate Holding Corp.	 		 	United States Postal Service
			
	 /S/    SUREN
PAI        
	 		 	     NICHOLAS F.
BARRANCA        

	Name	 	Suren Pai	 		 	Name	 	Nicholas F. Barranca
	Title	 	Chief Executive Officer	 		 	Title	 	V.P. Product Development
	Date	 	July 23, 2007	 		 	Date	 	July 26, 2007

  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 13 

 EXHIBIT A 
 USPS Intellectual Property Rights 
 (or “USPS IP”) 
 TRADEMARKS: 
  

	 1.
	 ELECTRONIC POSTMARK® word mark 

 

	 2.
	 EPM® word mark 

  

	 3.
	 USPS ELECTRONIC POSTMARK® word mark

  

	4.	USPS EPMTM word mark 

  

	5.	The Electronic Postmark logo 

 PATENTS:

 The following patents and all other patents relating to EPMs and the EPM Service that are owned by or licensed to the USPS (with rights to
sublicense). 
  

					
	 PAT. NO.
	  	 Title

	1	 	7,159,238	  	Enhanced browser application for service related to the transportation of a message
			
	2	 	7,121,455	  	Systems and methods for electronic postmarking including ancillary data
			
	3	 	6,928,270	  	Wireless communication system and method for deliveries
			
	4	 	6,917,948	  	Systems and methods for providing electronic archiving

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 14 

 EXHIBIT B 
 ELECTRONIC POSTMARK CONTENT INTEGRITY 
 AND TIME AND DATE SERVICE DESCRIPTION 
 The EPM Service shall be a content integrity and time and date stamp service that incorporates the USPS IP identified in Exhibit A. The service shall use
standard cryptographic techniques and auditable time stamps to provide trusted proof of the content of any digital file as of a specific point of time. 
 The EPM Service shall accept and store information describing electronic files for later non-repudiation. The electronic file, which shall remain at the customer location, is run through a cryptographic hash
algorithm, and then time-stamped using a secure auditable time stamping master clock. The hash value, certificate and timestamp shall be stored in a database. After time-stamping, the customer shall be sent a receipt consisting of an electronic
object that incorporates the EPM time stamp and hash code of the hashed file. Later, should the electronic file be the subject of a dispute involving questions as to whether changes have been made to the electronic file, the electronic file can be
subject to a verification transaction in which the electronic file is re-hashed and compared with the original hash value and timestamp retrieved from the database. The EPM Service must comply with at least one of the following time stamping
standards: 
  

	 	•	 	 RFC 3161 

  

	 	•	 	 X9.95 

  

	 	•	 	 UPU S-43 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 15 

 EXHIBIT C 
 USPS—Authentidate (Monthly Report) 
 United States Postal Service 
 Monthly Electronic Postage Mark (EPM) 
 From
Authentidate Holding 
  

					
			
	 Run Date: November 1, 2007
	  		  	(October 1, 2007—October 31, 2007)

  

					
			
	 Industry
	  	 Customer Account
	  	 EPM Usage

			
	Industry 1	  	Customer 1	  	
			
		  	Customer 2	  	
			
		  	Customer 3	  	
			
		  	Customer 4	  	
			
		  	Customer 5	  	
			
		  	Customer 6	  	
		  	 	  	 
			
	 Subtotal Industry 1
	  		  	
			
	Industry 2	  	Customer 1	  	
			
		  	Customer 2	  	
			
		  	Customer 3	  	
			
		  	Customer 4	  	
			
		  	Customer 5	  	
			
		  	Customer 6	  	
		  	 	  	 
			
	 Subtotal Industry 2
	  		  	
			
	 Grand Total Monthly FY 2008
	  		  	
		  		  	 

 Note: Individual customer account numbers are to be specifically identified in this report. 
  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 16 

 EXHIBIT D 
 “Application Developer (Sub)license Provisions” 
 In practice, a different term may be substituted

 for “(Sub)license” or “Sublicensee” 
 A. DEFINITIONS 
  

	 	1)	“Approval Process” means the Approval Process set forth in the section entitled Intellectual Property. 

  

	 	2)	“Electronic Postmark Service” or “EPM Service” means the electronic content integrity and time and date stamp service provided by Authentidate under license from
the USPS to provide USPS EPMs. 

  

	 	3)	“Licensed Rights” means USPS Intellectual Property Rights (defined below) and USPS Marks (aka “USPS Trademarks”) (defined below). 

  

	 	4)	“Software Developer’s Kit” or “SDK” means a software application that is provided by Authentidate to Sublicensee for the purpose of developing software
applications and services that incorporate the EPM Service. 

  

	 	5)	“USPS Intellectual Property Rights” or “USPS IP” mean the rights that Authentidate has licensed from the United States Postal Service relating to the provision
of the Electronic Postmark Service, as specifically defined in Exhibit A. 

  

	 	6)	“USPS Marks” or “USPS Trademarks” mean the trademarks Electronic Postmark, USPS Electronic Postmark, and such other trademarks as are identified in Exhibit A.

 B. RIGHTS GRANTED TO SUBLICENSEE. 
  

	 	1)	Grant: Subject to the terms of this Agreement, Authentidate grants Sublicensee, under the Licensed Rights, a non-exclusive, worldwide, terminable license to develop and/or provide
software applications and services that incorporate the EPM Service and to use, provide, advertise, promote, and market the Electronic Postmark Service using the USPS Trademarks to End Users in consideration for the Fees to be paid to Authentidate.

  

	 	2)	Scope: 

  

	 	a)	This Grant covers an electronic content integrity and time and date stamping service as described in Exhibit B. 

  

	 	b)	Any modifications or alterations to or any improvements or enhancements to the Electronic Postmark Service requires the advanced written approval of Authentidate.

  

	 	c)	Sublicensee shall not modify or alter or attempt to improve or enhance the Electronic Postmark Service. 

  

	 	d)	Any advertising, promotion, marketing, distribution or sale of the Electronic Postmark Service not in accordance with Section D will be in violation of USPS trademark rights, risks
violating other USPS Intellectual Property Rights, and constitutes a breach of this Grant. 

  

	 	e)	Use of USPS Trademarks in connection with any services or products other than the EPM Services is outside the scope of this Grant. 

  

	 	3)	 USPS Trademarks: The right to use the USPS Trademarks is limited to use only by display on packaging or promotional material and customer-interface documentation
for the EPM Service and in 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 17 

	 	 
software applications for and electronic files processed by the EPM Service, provided that each use is always in the manner already approved by the USPS
pursuant to Section D. 

 C. DUTIES AND OBLIGATIONS OF SUBLICENSEE 
  

	 	1)	If a Sublicensee wishes to provide access to the EPM Service to others, then the Sublicensee will make all necessary preparations to do so and submit all uses of USPS Trademarks for
approval to the USPS and not begin providing access until after approval is received from the USPS. 

  

	 	2)	Sublicensee acknowledges the Postal Service’s need to protect its public image, reputation, goodwill, operations and revenues. Therefore, Sublicensee shall not knowingly offer,
sell, or facilitate Electronic Postmark Services to any entity that promotes a cause or product that is likely to bring the USPS, its officers, employees, or Board of Governors into public disrepute, scandal or ridicule, or that are derogatory or
detrimental to the interests of USPS, or that harm its goodwill in any manner. 

 D. INTELLECTUAL PROPERTY 
  

	 	1)	Trademark Use: Sublicensee acknowledges that the USPS Trademarks are trademarks owned solely and exclusively by the USPS and agrees to use the USPS Trademarks only in the form and
manner (with appropriate legends) prescribed by the USPS and approved by USPS. Sublicensee agrees not to use any other trademark or service mark in connection with any of the USPS Trademarks without prior written approval of USPS, which approval
shall not be unreasonably withheld or delayed. Sublicensee agrees to mark all advertising and other materials that include the USPS Trademarks with a legend indicating that the USPS Trademarks are the property of the USPS and that they are being
used under license from the USPS, together with any other legends or markings that may be required by law. All use of the USPS Trademarks shall inure to the benefit of the USPS. 

  

	 	2)	Quality Control: To assure that the production, appearance, and quality of services under the USPS Marks are consistent with the USPS’s reputation for high quality and with the
goodwill associated with the USPS Marks, and to ensure the preservation of the USPS Marks and the rights associated with them, Sublicensee agrees to take no steps to negatively affect: 

  

	 	a)	EPM Services’ compliance with all applicable USPS regulations, and all relevant Federal, state, and local laws, regulations, and ordinances. 

  

	 	b)	Maintaining of the technical performance, process and security standards for the EPM Service hardware and software infrastructure in accordance with USPS ISA process standards (or
equivalent standards) as defined by the USPS. 

  

	 	3)	Approval Process: To ensure that the appearance of the USPS Marks is appropriate and proper and to facilitate the preservation of the Postal Service’s rights in USPS Marks,
Sublicensee agrees to the following: 

  

	 	a)	Sublicensee agrees that it will not use the USPS Marks in a manner that is likely to be viewed as violent, sexually provocative, offensive, obscene, in violation of “hate
crime” laws, or otherwise likely to shock or offend the community or in such a way as to bring the Postal Service, its officers, employees, or Board of Governors, or any other of its trademarks, service marks or logos into public disrepute,
scandal or ridicule, or that derogates from the public image or reflects unfavorably or negatively upon them. 

  

	 	b)	 Sublicensee shall not use or publicly display or distribute any material (hard copy or soft copy) displaying the USPS Marks (the “Material”) unless the
Postal Service has reviewed and 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 18 

	 	 
approved that use of the USPS Marks in writing, which approval shall not be unreasonably withheld or delayed. Sublicensee shall not depart from the approved
Materials in any material respect without the Postal Service’s prior written approval, which approval shall not be unreasonably withheld or delayed. The Postal Service will make best efforts to inform Sublicensee of its approval or disapproval
in writing within ten (10) business days of any request from Sublicensee. Failure to approve or disapprove within such ten (10) business day period shall always be deemed disapproval. After the ten (10) day period, Sublicensee should
immediately (if desired) resubmit its Material and/or telephone to request an explanation of the disapproval, but in no event will the lack of a response from the Postal Service ever be taken as approval. 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 19 

 EXHIBIT E 
 Standard USPS Trademark Guidelines 
 A. TRADEMARK USE GUIDELINES 
 These guidelines shall apply to each of the USPS Marks. This is illustrated below with respect to
the EPM® trademark. 
  

	 1.
	 Use as an adjective and not a noun. Always use the EPM® trademark as an adjective immediately before a noun. 

  

			
	Correct:	  	Use of the EPM® service provides . . . . .
	Incorrect:	  	Use of EPM® provides . . . . .

  

	 2.
	 Do not use in the plural or the possessive. The EPM®
mark is not a noun, and should not be used in the plural. 

  

			
	Correct:	  	All types of electronic messaging can be processed by the EPM® service.
	Incorrect:	  	EPM® can be processed.
	
	The EPM® mark should not be used in the possessive.
		
	Correct:	  	The EPM® service’s benefit is . . . . .
	Incorrect:	  	EPM’s® benefit is . . . . .

  

	3.	Trademark Attribution. 

 Notice of the EPM® mark’s status as a federally registered mark must always accompany the mark. This notice is provided by tagging the mark’s upper
right-hand shoulder with the registration symbol “®” with no space between the mark and the symbol. In the absence of a “®” symbol, a parenthetical notation, such as (R), is acceptable. With respect to USPS Marks that are not federally registered, the symbol TM for trademarks should be used in place of the ® symbol. 
  

	4.	Trademark Legends. 

 Authentidate shall use the following legend at least once in each publication or other document referencing the EPM® trademark: “EPM® is a trademark of the United States Postal Service and is used with permission.” 
 The legend must be legible, reasonably prominent, easily readable, and positioned in a place typical for legal notices, for example, on the back of the title page or at the bottom of one of the first several pages or at the end of the
document or elsewhere with Authentidate’s own legal notices. 
 B. ADDITIONAL TRADEMARK AND COPYRIGHT GUIDELINES 
  

	 	1)	Except as stipulated by this Agreement, use, reproduction, copying, or redistribution of the other Party’s trademarks, copyrighted materials, and/or logos is strictly
prohibited without written permission from the Party owning or controlling such trademarks, copyrighted materials and/or logos. 

  

	 	2)	Neither Party shall use the other Party’s copyrighted material, trademarks, or logos in the following ways: 

  

	 	(a)	in a product name or publication title not owned, controlled or approved by the Party with rights to the copyrighted material, trademarks or logos used; 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 20 

	 	(b)	in, as, or as part of each Party’s own trademarks; 

  

	 	(c)	to identify products or services not owned, controlled or approved by the other Party; 

  

	 	(d)	in a manner likely to cause confusion; and 

  

	 	(e)	in a manner that disparages the other Party. 

  

	 	3)	Each Party’s trademarks may not be used in any manner that expresses or might imply the other Party’s affiliation, sponsorship, endorsement, certification, or approval,
other than as contemplated by this Agreement. 

  

	 	4)	Neither Party shall use the other Party’s trademarks in association with any third party trademarks in a manner that might suggest co-branding with the third party or is
otherwise likely to create confusion as to the source, sponsorship or ownership of either Party’s trademarks, other than as contemplated by this Agreement. 

  

	 	5)	Neither Party’s trademarks may be incorporated into or used as part of any trade name, business name, domain name, product or service name, logo, trade dress, design, slogan,
or other trademark not owned, controlled, or approved by the other Party. This restriction applies whether each Party’s trademark(s) are used alone or are combined with any other symbols, be they words, logos, icons, graphics, photos, slogans,
numbers, or other design elements. 

  

	 	6)	Each Party may use the other Party’s logo only in the forms provided electronically or in hard copy by the owning or controlling Party of such logo. Such logos may not be
altered in any manner, be it in proportion, color, movement, element, etc., or animated, morphed, or otherwise distorted in perspective or dimensional appearance. Any changes in size of a Party’s logo made by the other Party shall retain the
full graphical integrity of the original image. Any use of the other Party’s images on a website shall be of low-resolution and not easily duplicated by other third parties from the Party’s website. 

  

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	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 21 

 EXHIBIT F 
 “End User (Sub)license Provisions” 
 In practice, different terms may be substituted 
 for “End User” and for “(Sub)license” 
 A. DEFINITIONS 
  

	 	1)	“Electronic Postmark Service” or “EPM Service” means the electronic content integrity and time and date stamping service provided by Authentidate under license
from the USPS to provide USPS EPMs. 

  

	 	2)	“Licensed Rights” means USPS Intellectual Property Rights (defined below) and USPS Marks (aka “USPS Trademarks”) (defined below). 

  

	 	3)	“USPS Intellectual Property Rights” or “USPS IP” mean the rights that Authentidate has licensed from the United States Postal Service relating to the provision
of the Electronic Postmark Service, as specifically defined in Exhibit A. 

  

	 	4)	“USPS Marks” or “USPS Trademarks” mean the trademarks Electronic Postmark, USPS Electronic Postmark, and such other trademarks as are identified in Exhibit A.

 B. RIGHTS GRANTED TO END USER. 
  

	 	1)	Grant: Subject to the terms of this Agreement, Authentidate grants End User, under the Licensed Rights, a non-exclusive, worldwide, terminable license only to use the EPM Service
and a non-exclusive, worldwide, terminable limited license to use the USPS Trademarks only as provided by the EPM Service as provided to it by Authentidate or its designee for the purpose for which it is provided, in consideration for the Fees.

  

	 	2)	SCOPE: 

  

	 	a)	In any event, regardless of any statements in any provisions, End User shall have no rights any greater than those stated in the Section above entitled “Grant.” The
following provisions clarify and may lessen, however, the Grant stated above. 

  

	 	b)	End User does not obtain a license or sublicense to use USPS Trademarks pursuant to this agreement for any purpose outside the scope of the EPM Service; Other than as part of the
EPM Service, End User has no right to make any commercial use of the USPS Marks. 

  

	 	c)	It is understood and agreed that the USPS Marks will automatically be privately duplicated and displayed in and/or on electronic files in accordance with system requirements
designed by Authentidate in the course of use of the EPM Service as provide by Authentidate. 

  

	 	d)	End User shall not modify or alter or attempt to improve or enhance the Electronic Postmark Service or any part thereof, including but not limited to the USPS Trademarks, and
possesses no right to do so. 

  

	 	e)	Any use of the Electronic Postmark Service or the USPS Marks not in accordance with this Agreement risks violating USPS trademark rights, risks violating other USPS Intellectual
Property Rights, and constitutes a breach of this Agreement. 

  

 Confidential 
  

	 [*CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED
WITH AN ASTERISK [****], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.] 
 22

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