Document:

Prepared by R.R. Donnelley Financial -- Insurance Agreement

Table of Contents

 
 
 INSURANCE AGREEMENT

  
 among 
  
 AMBAC ASSURANCE CORPORATION 
 as Insurer, 
  
 MONY HOLDINGS, LLC 
 as Issuer, 
  
 THE MONY GROUP INC. 
 for the limited purposes set forth herein, 

 
 MONY LIFE INSURANCE COMPANY 
 for the
limited purposes set forth herein 
  
 and 
  
 BANK ONE TRUST COMPANY, N.A. 
 as Indenture Trustee 
  
 MONY Holdings, LLC 
 $300,000,000 Series A
Floating Rate Insured Notes 
 due January 21, 2017 
 Additional
Floating Rate Insured Notes 
 Additional Fixed Rate Insured Notes 
  
 Dated as of April 30, 2002 
  
 

Table of Contents

 (This Table of Contents is for convenience of reference only and shall not be deemed to be a part of this Insurance
Agreement. All capitalized terms used in this Insurance Agreement and not otherwise defined shall have the meanings set forth in Article I of this Insurance Agreement.) 
  
 
TABLE OF CONTENTS 
  
 
	  	  	  	  	 Page
 

	 
	  	  	 ARTICLE I
 	  	  
	 
	  	  	 DEFINITIONS
 	  	  
	 
	 Section 1.01
 	  	 
Definitions 
 	  	 2
 
	 
	  	  	 ARTICLE II
 	  	  
	 
	  	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS
 	  	  
	 
	 Section 2.01
 	  	 
Representations and Warranties of the Issuer 
 	  	 8
 
	 Section 2.02
 	  	 
Affirmative Covenants of the Issuer 
 	  	 15
 
	 Section 2.03
 	  	 
Negative Covenants of the Issuer 
 	  	 21
 
	 Section 2.04
 	  	 
Representations and Warranties of MONY Group 
 	  	 23
 
	 Section 2.05
 	  	 
Affirmative Covenants of MONY Group 
 	  	 24
 
	 Section 2.06
 	  	 
Negative Covenants of MONY Group 
 	  	 25
 
	 Section 2.07
 	  	 
Representations and Warranties of MONY Life 
 	  	 25
 
	 Section 2.08
 	  	 
Affirmative Covenants of MONY Life 
 	  	 27
 
	 Section 2.09
 	  	 
Negative Covenants of MONY Life 
 	  	 29
 
	 
	  	  	 ARTICLE III
 	  	  
	 
	  	  	 THE POLICY; REIMBURSEMENT; SUBROGATION
 	  	  
	 
	 Section 3.01
 	  	 
Issuance of the Initial Policies 
 	  	 30
 
	 Section 3.02
 	  	 
Issuance of the Subsequent Note Policies 
 	  	 32
 
	 Section 3.03
 	  	 
Payment of Fees and Premium. 
 	  	 35
 
	 Section 3.04
 	  	 
Reimbursement and Additional Payment Obligation 
 	  	 37
 
	 Section 3.05
 	  	 
Indemnification; Limitation of Liability 
 	  	 38
 
	 Section 3.06
 	  	 
Payment Procedure 
 	  	 41
 
	 Section 3.07
 	  	 
Subrogation 
 	  	 41
 
	 
	  	  	 ARTICLE IV
 	  	  
	 
	  	  	 FURTHER AGREEMENTS
 	  	  
	 
	 Section 4.01
 	  	 
Effective Date; Term of the Insurance Agreement 
 	  	 41
 
	 Section 4.02
 	  	 
Obligations to be Performed in Accordance with this Insurance Agreement 
 	  	 42
 
	 Section 4.03
 	  	 
Assignments; Reinsurance; Third-Party Rights 
 	  	 43
 
	 Section 4.04
 	  	 
Liability of the Insurer 
 	  	 44
 

 
 

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	 Section 4.05
 	  	 
Parties To Join in Enforcement Action 
 	  	 44
 
	 
	  	  	 ARTICLE V
 	  	  
	 
	  	  	 DEFAULTS; REMEDIES
 	  	  
	 
	 Section 5.01
 	  	 
Events of Default 
 	  	 44
 
	 Section 5.02
 	  	 
Remedies; No Remedy Exclusive 
 	  	 45
 
	 Section 5.03
 	  	 
Waivers 
 	  	 46
 
	 
	  	  	 ARTICLE VI
 	  	  
	 
	  	  	 MISCELLANEOUS
 	  	  
	 
	 Section 6.01
 	  	 
Amendment, Etc. 
 	  	 47
 
	 Section 6.02
 	  	 
Notices 
 	  	 47
 
	 Section 6.03
 	  	 
Severability 
 	  	 48
 
	 Section 6.04
 	  	 
Governing Law 
 	  	 48
 
	 Section 6.05
 	  	 
Consent to Jurisdiction 
 	  	 48
 
	 Section 6.06
 	  	 
Consent of the Insurer 
 	  	 49
 
	 Section 6.07
 	  	 
Counterparts 
 	  	 49
 
	 Section 6.08
 	  	 
Headings 
 	  	 49
 
	 Section 6.09
 	  	 
Trial by Jury Waived 
 	  	 49
 
	 Section 6.10
 	  	 
Limited Liability 
 	  	 50
 
	 Section 6.11
 	  	 
Entire Agreement 
 	  	 50
 
	 Section 6.12
 	  	 
Further Assurances and Corrective Instruments 
 	  	 50
 

 
 

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 INSURANCE AGREEMENT 
  
 INSURANCE AGREEMENT (this “Insurance Agreement”), dated as of April 30, 2002, by and among AMBAC ASSURANCE CORPORATION, as the insurer (together with its successors and permitted
assigns, the “Insurer”), MONY HOLDINGS, LLC, as the issuer (the “Issuer”), THE MONY GROUP INC., solely for the limited purposes set forth herein (“MONY Group”), MONY LIFE INSURANCE COMPANY, solely
for the limited purposes set forth herein (“MONY Life”), and Bank One Trust Company, N.A., as indenture trustee under the Indenture (the “Indenture Trustee”). 
  

WHEREAS, the Issuer has requested that Insurer issue a financial guaranty insurance policy unconditionally and irrevocably guaranteeing payments of the principal
(excluding any Redemption Premium) of and interest on the Notes in accordance with their original payment schedule upon the terms and subject to the conditions provided herein (the “Initial Note Policy”); 
  
 WHEREAS, the Issuer has also requested that Insurer issue a financial guaranty insurance policy unconditionally and irrevocably
guaranteeing net payments due from the Issuer on the Swap Agreement in accordance with the original payment schedule set forth therein (excluding any Termination Payment) entered into by the Issuer in connection with the issuance of the Notes (the
“Swap Policy”, and together with the Initial Note Policy, the “Initial Policies”); 
  
 WHEREAS, the Issuer has also requested that Insurer issue one or more financial guaranty insurance policies unconditionally and irrevocably guaranteeing payments on the principal (excluding any Redemption Premium) of and interest on
the Additional Notes in accordance with their original payment schedule upon the terms and subject to the conditions provided herein (the “Subsequent Note Policies” and together with the Initial Note Policy, the “Note
Policies”); 
  
 WHEREAS, the parties hereto desire to specify the conditions precedent in consideration for
the Insurer’s issuance of the Initial Policies and the Subsequent Note Policies, the payment of premium in respect of the Initial Policies and the Subsequent Note Policies, the indemnity and reimbursement to be provided by the Issuer and MONY
Life in respect of amounts paid by the Insurer under the Initial Policies and the Subsequent Note Policies or otherwise and certain other matters; and 
  
 WHEREAS, the Issuer, MONY Group and MONY Life have undertaken certain obligations in consideration for the Insurer’s issuance of the Initial Policies; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 

Table of Contents

  
 ARTICLE I 
  
 DEFINITIONS 
  
 
Section 1.01    Definitions.    The terms defined in this Article I shall have the meanings provided herein for all purposes of this Insurance Agreement, unless the
context clearly requires otherwise, in both singular and plural form, as appropriate. Unless the context clearly requires otherwise, all capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the
Indenture. All words used herein shall be construed to be of such gender or number as the circumstances require. All references to an “agreement” shall be deemed to include any amendments, modifications or supplements to such agreement
made in accordance with the terms thereof. This “Insurance Agreement” shall mean this Insurance Agreement as a whole and as the same may, from time to time hereafter, be amended, supplemented or modified. The words
“herein,” “hereby,” “hereof,” “hereto,” “hereinabove” and “hereinbelow,” and words of similar import refer to this Insurance Agreement as a whole and not to any particular paragraph, clause
or other subdivision hereof, unless otherwise specifically noted. Any references to “include,” “includes” or “including” or similar terms shall be deemed to be followed by the words “without limitation.”

  
 “Accumulated Funding Deficiency” has the meaning provided in Section 412 of the Code and Section
302 of ERISA, whether or not waived. 
  
 “Additional Notes” means Additional Floating Rate Notes and
Additional Fixed Rate Notes issued by the Issuer under the Indenture from time to time. 
  
 “Affiliate” means, with respect to any Person, any other Person who directly or indirectly controls, is controlled by or is under common control with such Person. The term “control,” for the purposes of
this definition, means the power to direct or cause the direction of the management or policies of the controlled Person. 
  
 “Agreement Relating to the Insurer” means any clause or section of a Transaction Document or any Subsequent Transaction Document which grants a right to, or provides for a right of, the Insurer or otherwise requires
that the Insurer receive notice of a certain event, or requires the Insurer’s consent with respect to certain events (including every clause or section using the term “Insurer Condition”). 
  
 “Authorized Officer” has the meaning set forth in the Indenture. 
  

“Business Day” means any day other than a Saturday, a Sunday or a day on which the Insurer or banking institutions in New York City or in the city in
which the corporate trust office of the Indenture Trustee under the Indenture is located are authorized or obligated by law or executive order to close. 
  
 “CBB Tax Agreement” has the meaning set forth in the Indenture. 
  
 “Closed Block” has the meaning set forth in the Indenture. 
 

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 “Code” means the Internal Revenue Code of 1986, including, unless the context otherwise requires, the
rules and regulations thereunder, as amended from time to time. 
  
 “Collateral” means the
collateral pledged to the Indenture Trustee under the Indenture. 
  
 “Commission” means the
Securities and Exchange Commission or any successor agency, corporation or instrumentality of the United States to which the duties and powers of the Securities and Exchange Commission are transferred. 
  
 “Commonly Controlled Entity” means the Issuer, MONY Group or MONY Life, as the case may be, and each entity, whether or
not incorporated, which is affiliated with any of the foregoing pursuant to Section 414(b), (c), (m) or (o) of the Code. 
  
 “Controlling Party” means the party having the right to control any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Notes and
Additional Notes as determined by Section 6.14 of the Indenture. 
  
 “Consents” has the meaning set
forth in Section 2.01(g)(i) hereof. 
  
 “Counterpart” means the swap counterparty under the
Swap Agreement, its successors and permitted assigns. 
  
 “DSCA—Subaccount CBB” has the meaning
set forth in the Indenture. 
  
 “Date of Issuance” means the date on which each of the Initial
Policies is issued as specified therein. 
  
 “Default” means any event which results, or which with
the giving of notice or the lapse of time or both would result, in an Event of Default. 
  
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended. 
  
 “Event of Default” means
any event of default specified in Section 5.01 hereof. 
  
 “Exchange Act” means the
Securities Exchange Act of 1934, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Filings” has the meaning set forth in Section 2.01(g)(i) hereof. 
  
 “GAAP” means United States generally accepted accounting principles. 
 

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 “Indemnitee” has the meaning set forth in Section 3.05(a)
hereof. 
  
 “Indemnifying Party” has the meaning set forth in Section 3.05(b) hereof.

  
 “Indenture” means the Indenture dated the date hereof among the Issuer, MONY Group, the Insurer
and the Indenture Trustee, relating to the Notes and the Additional Notes. 
  
 “Indenture Trustee”
means Bank One Trust Company, N.A., as indenture trustee under the Indenture, and any successor to the Indenture Trustee under the Indenture. 
  
 “Initial Closing” means the date on which the Initial Policies are issued. 
  
 “Initial Note Policy” has the meaning set forth in the recitals to this Agreement. 
  
 “Initial Policies” has the meaning set forth in the recitals to this Agreement. 
  
 “Initial Purchasers” means the initial purchasers under the Purchase Agreement. 
  
 “Initial Purchasers Information” has the meaning set forth in Section 3.05(a)(i) hereof. 
  
 “Insurer” means Ambac Assurance Corporation, and its successors and permitted assigns. 
  
 “Insurer Information” has the meaning set forth in Section 3.05(a)(i) hereof. 
  
 “Issuer” means MONY Holdings, LLC, and its successors and permitted assigns. 
  
 “Investment Company Act” means the Investment Company Act of 1940, including, unless the context otherwise requires, the rules and regulations thereunder, as amended. 

 
 “Investment Policy Statement” means the Investment Policy Statement for the Surplus and Related Assets
attached to the Indenture as Exhibit D thereto. 
  
 “Late Payment Rate” means the prime lending rate
of interest announced from time to time by Citibank, N.A., plus 2% per annum. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over a year of 360 days. In no event shall the Late Payment Rate exceed the
maximum rate permissible under any applicable law limiting interest rates. 
 

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 “LLG&M” has the meaning set forth in Section 3.03(a).

  
 “Liabilities” has the meaning set forth in Section 3.05(a) hereof. 

 
 “Liquidated Damages” has the meaning set forth in the Registration Rights Agreement. 
  
 “Material Adverse Effect” means a material adverse effect on (i) the business, financial condition, results of operations
or properties of the Issuer, MONY Life and their respective subsidiaries, considered as a whole, (ii) the Collateral, (iii) the first priority perfected security interest of the Secured Parties in the Collateral, (iv) the ability of the Controlling
Party to liquidate, or foreclose against, the Collateral other than a change caused by an act or omission of the Insurer, (v) the ability of MONY Group, the Issuer or MONY Life to perform its obligations under any of Transaction Documents or
Subsequent Transaction Documents to which it is a party or (vi) the practical realization by the Insurer of any of the benefits or security afforded under the Transaction Documents or Subsequent Transaction Documents other than a change caused by an
act or omission of the Insurer. 
  
 “MONY Group” means The MONY Group Inc., a Delaware corporation,
its successors and permitted assigns. 
  
 “MONY Life” means MONY Life Insurance Company, a New York
stock life insurance company, its successors and permitted assigns. 
  
 “Moody’s” means
Moody’s Investors Service, Inc., and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally
recognized rating agency designated by the Insurer with stature reasonably comparable to that of Moody’s. 
  
 “Multiemployer Plan” means a multiemployer plan (within the meaning of Section 4001(x)(3) of ERISA) in respect of which a Commonly Controlled Entity makes contributions or has liability. 
  
 “Note Policies” has the meaning set forth in the recitals hereto. 
  

“Noteholder” means any Person having an interest in a Note. 
  
 “Notes” means the $300,000,000 Series A Floating Rate Insured Notes due January 21, 2017 issued by the Issuer pursuant to the Indenture and insured pursuant to the Initial Note Policy.

  
 “OB Tax Agreement” has the meaning set forth in the Indenture. 
  
 “Offering Document” means the preliminary Offering Circular dated April 15, 2002 in respect of the Notes together with
the final Offering Circular dated April 24, 2002 in respect of the Notes, and any amendment or supplement thereto, and any 
 

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 preliminary or final offering circular or similar document with respect to the offering of Additional
Notes. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor agency,
corporation or instrumentality of the United States to which the duties and powers of the Pension Benefit Guaranty Corporation are transferred. 
  
 “Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or owner trust, limited liability company, partnership or
other organization or entity (whether governmental or private). 
  
 “Plan” means any pension plan
(other than a Multiemployer Plan) covered by Title IV of ERISA, which is maintained by a Commonly Controlled Entity or in respect of which a Commonly Controlled Entity has liability. 
  
 “Policy” means any of the Initial Note Policy, a Subsequent Note Policy or the Swap Policy. 
  
 “Premium” has the meaning set forth in Section 3.03(c)(i) hereof. 
  
 “Purchase Agreement” means the purchase agreement dated April 24, 2002 among the Initial Purchasers, the Issuer and MONY Life with respect to the offer and
sale of the Notes, as the same may be amended from time to time. 
  
 “Rating Agencies” means
Moody’s and S&P and any other nationally recognized rating agency in the event that such other agency is a substitute for S&P and/or Moody’s in the event that S&P and/or Moody’s is no longer rating the Notes or the
Additional Notes. 
  
 “Redemption Premium” means, with respect to any Note, the amount, if any, by
which the Redemption Price exceeds 100% of the outstanding principal amount of such Note. 
  
 “Redemption
Price” has the meaning set forth in the Indenture. 
  
 “Registration Rights Agreement”
means the Exchange and Registration Rights Agreement dated as of the date hereof among the Issuer, the Initial Purchasers and MONY Life. 
  
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto, and, if such division shall for any reason no longer perform the
functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized rating agency designated by the Insurer with stature reasonably comparable to that of S&P. 
  
 “Secured Parties” has the meaning set forth in the Indenture. 
 

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 “Securities Act” means the Securities Act of 1933, including,
unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Subsequent Closing Date” means, with respect to any Additional Notes, the date on which any Subsequent Note Policies are issued. 
  
 “Subsequent Note Policies” has the meaning set forth in the recitals to this Agreement. 
  
 “Subsequent Transaction Documents” means the Transaction Documents, as the same may be amended, supplemented or modified in connection with the issuance of
any Additional Notes. 
  
 “Surplus and Related Assets” has the meaning set forth in the Indenture.

  
 “Swap Agreement” has the meaning set forth in the Indenture. 
  
 “Swap Policy” has the meaning set forth in the recitals to this Agreement. 
  
 “Tax Agreements” means the CBB Tax Agreement and the OB Tax Agreement. 
  
 “Termination Payment” has the meaning set forth in the Swap Agreement. 
  
 “Term of the Policy” has, with respect to any Policy, the meaning set forth in such Policy. 
  
 “Transaction” means the transactions contemplated by the Transaction Documents and the Subsequent Transaction Documents,
including the transactions described in the Offering Document. 
  
 “Transaction Documents” means
this Insurance Agreement, the Indenture, the Notes, the Purchase Agreement, the Tax Agreements, the Swap Agreement and the Registration Rights Agreement. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time.

  
 “Unpaid Premium” shall be calculated as provided in Section 3.03(c)(ii) hereof.

 

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 ARTICLE II 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 
Section 2.01    Representations and Warranties of the Issuer.    The Issuer represents and warrants as follows: 
  
 (a)    Organization; Power and Authority; Membership Interests. 
  
 (i)  The Issuer has been duly organized and is validly existing as a limited liability company in good standing under the laws of the State of
Delaware; 
  
 (ii)  The Issuer has the power and authority (limited liability company and
other) to own its properties and conduct its business as described in the Offering Document, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in
which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure of the Issuer to be so qualified and in good standing would not, in each case, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; 
  
 (iii)  Each subsidiary of MONY Life:

  
 (A) has been duly incorporated or formed and is validly existing as a corporation, partnership or
limited liability company, as the case may be, in good standing under the laws of its jurisdiction of incorporation with the power (whether corporate, partnership or limited liability company, as the case may be) and authority to own its properties
and conduct its business as described in the Offering Document; and 
  
 (B) is duly qualified to do
business as a foreign corporation, partnership or limited liability company, as the case may be, for the transaction of business and is in good standing under the laws of each other jurisdiction in which its ownership or lease of property or the
conduct of its business requires such qualification, 
  
 except, in each case, where the failure of any such
subsidiary to be so qualified and in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and 
  
 (iv)  All of the issued membership interests of the Issuer have been duly and validly authorized and issued and are fully paid and non-assessable;
all shares of capital stock of MONY Life have been duly and validly authorized and issued, are fully paid and non-assessable and are directly owned by the Issuer, free and clear of all liens, encumbrances, equities or claims; and all of the issued
shares of capital stock, membership interests or partnership interests of each of the subsidiaries of MONY Life have been duly and validly authorized and issued, are

 

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fully paid and non-assessable and are owned directly or indirectly by MONY Life (except for Financial Marketing Agency, Inc. and MONY Benefits Management Corp., at least 90% of the capital stock
of each of which is owned by MONY Life), as applicable, free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances, equities or claims as would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. 
  
 (b)    Offering
Circular.    The preliminary Offering Circular dated April 15, 2002 in respect of the Notes and the final Offering Circular dated April 24, 2002 in respect of the Notes and any amendments or supplements thereto did not and
will not and each preliminary and final offering circular or similar offering document in respect of any Additional Notes will not, as of their respective dates, contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in writing to the Issuer or MONY Life by the Insurer, any Initial Purchaser or any future initial purchaser, underwriter or dealer with respect to Additional Notes expressly for use therein.

  
 (c)    Due Authorization and Validity of Transaction
Documents.    Each Transaction Document to which the Issuer is a party has been, and each Subsequent Transaction Document to which the Issuer is a party will have been when executed and delivered, duly authorized by all
necessary limited liability company action on the part of the Issuer and has been or will have been duly executed and delivered by the Issuer. Assuming due authorization, execution and delivery thereof by the other parties thereto, each such
Transaction Document constitutes, and each Subsequent Transaction Document will constitute, a valid and legally binding obligation of the Issuer, enforceable in accordance with its terms, subject to bankruptcy, insolvency, rehabilitation, fraudulent
conveyance, reorganization, moratorium or similar laws, relating to creditors’ rights, public policy limiting the right to indemnification for violations of securities laws and general principles of equity; and the Indenture conforms in all
material respects to the descriptions thereof in the Offering Document. 
  
 (d)    No Material
Adverse Effect. 
  
 (i)  None of the Issuer, MONY Life or any subsidiary of MONY Life
has sustained since December 31, 2001 any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance (excluding, for the avoidance of doubt, any insurance underwriting losses of MONY
Life or its subsidiaries), or from any labor dispute or court or governmental action, order or decree, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
  
 (ii)  Except as set forth or contemplated in the Offering Document, there has been no change to the business,
results of operations, assets or financial condition of the Closed Block from the descriptions thereof contained in the
 
 

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Offering Document, except as would not, individually or in the aggregate reasonably be expected to have a Material Adverse Effect; 
  
 (iii)  Since the respective dates as of which information is given in the Offering Document, there has not been any material decrease in the
capital or surplus of MONY Life, any decrease in the owner’s equity of the Issuer or any material increase in the consolidated long-term debt of the Issuer or MONY Life, or any material adverse change, or any development involving a prospective
material adverse change, in or affecting the business, financial position, results of operations or owner’s equity of the Issuer, MONY Life and their subsidiaries, considered as a whole, in each case other than as set forth or contemplated in
the Offering Document. 
  
 (e)    Non-contravention.    None of the
execution, delivery or compliance with any of the Transaction Documents or Subsequent Transaction Documents to which the Issuer is a party will conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Issuer is a party or by which the Issuer, MONY Group or any subsidiary of the Issuer is bound or to which any of the property or
assets of the Issuer, MONY Group or any such subsidiary is subject, except for any such conflict, breach, violation or default as would not reasonably be expected to have a Material Adverse Effect, and will not result in any violation of the
provisions of the certificate of formation and limited liability company agreement of the Issuer or the Amended and Restated Certificate of Incorporation or Amended and Restated By-laws of MONY Group or any subsidiary of the Issuer or any statute or
any order, rule or regulation of any court or insurance regulatory agency or other governmental agency or body having jurisdiction over the Issuer, MONY Group or any such subsidiary or any of their properties, except to the extent such conflict,
breach, default or violation would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 (f)    No Proceedings.    There are no legal or governmental proceedings pending or, to the knowledge of the Issuer, threatened against the Issuer or any of its subsidiaries,
specifically challenging or contesting the sale of the Notes pursuant to the Purchase Agreement and the Indenture or which are reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. 
  
 (g)    Consents and Filings. 
  
 (i)  All consents, licenses, authorizations, approvals, orders, certificates, permits, registrations and qualifications (collectively, the
“Consents”), and all filings and declarations (collectively, the “Filings”) of or with any court, insurance regulatory agency or governmental agency or body required to be obtained or made by it to own, lease,
license and use its properties and assets and to conduct its business or required in connection with the issuance and sale by the Issuer of the Notes or the entry into and the compliance by the Issuer, MONY Group and MONY Life with the Transaction
Documents, or the 
 

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consummation of the transactions contemplated hereby or thereby, have been made or obtained, except in each case as would not have a Material Adverse Effect; 
  
 (ii)  Each of the Issuer, MONY Life and any subsidiary of MONY Life is in compliance with all applicable laws,
rules, regulations, orders and similar requirements, including in connection with registrations or memberships in self-regulatory organizations, except for any non-compliance which would not reasonably be expected to have a Material Adverse Effect;
and 
  
 (iii)  All Consents and Filings described in (i) above are in full force and effect
and none of the Issuer, MONY Life nor any subsidiary of MONY Life has received written notice of any event, inquiry, investigation or proceeding that would reasonably be expected to result in the suspension, revocation or limitation of any such
Consent or otherwise impose any limitation on the conduct of the business of the Issuer, MONY Life or any such subsidiary; except, in each case, where the failure to be in full force and effect or any such suspension, revocation or limitation would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and to the knowledge of the Issuer, there is no sustainable basis for any such revocation, suspension or limitation, except a revocation or limitation
which would not reasonably be expected to have a Material Adverse Effect. 
  
 (h)    Investment Company.    None of the Issuer, MONY Life nor any subsidiary of MONY Life other than Enterprise Accumulation Trust and MONY Series Funds is or, after giving effect to
the offering and sale of the Notes and the Additional Notes, the application of the proceeds of the Notes and the Additional Notes and the consummation of the other transactions contemplated by the Offering Document will be, an “investment
company”, as defined pursuant to the Investment Company Act. 
  
 (i)    Title to
Property.    Each of the Issuer, MONY Life and any subsidiary of MONY Life has good and marketable title in fee simple to all real property, if any, and good and marketable title to all personal property owned by it, in each
case free and clear of all liens, encumbrances and defects except such as are described in the Offering Document or such as would not have, individually or in the aggregate, a Material Adverse Effect on the Issuer; and any real property and
buildings held under lease by the Issuer, MONY Life and any such subsidiary are held by them under valid, subsisting and enforceable leases with such exceptions as would not have, individually or in the aggregate, a Material Adverse Effect.

  
 (j)    Financial Statements.    The audited GAAP consolidated
financial statements of MONY Life set forth in the Offering Document present fairly in all material respects the financial position, results of operations and cash flows of MONY Life as of and for the periods indicated therein in accordance with
GAAP, consistently applied, throughout the periods involved except for any normal year-end adjustments and except as described therein. In addition, the audited statutory basis financial statements of MONY Life set forth in the Offering Document
present fairly in all material respects 
 

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 the statutory financial position, results of operations and cash flows of MONY Life as of and for the
periods indicated therein in accordance with statutory accounting practices prescribed or permitted by the New York State Insurance Department. 
  
 (k)    No General Solicitation.    No form of general solicitation or general advertising was used by the Issuer or its Affiliates in connection with the
offer or sale of the Notes. Assuming the accuracy of the representations and warranties of the Initial Purchasers in the Purchase Agreement, no registration of the Notes pursuant to the provisions of the Securities Act will be required for the
offer, sale or issuance of the Notes; provided, that the Issuer will not offer, sell or issue the Notes, either directly or through agents, in a manner such that the Notes would be required to be registered pursuant to the provisions of the
Securities Act. Any offering of Additional Notes will be conducted in accordance with the registration requirements of the Securities Act or pursuant to one or more exemptions from such requirements. 
  
 (l)    Due Diligence.    All written information provided or made available to the Insurer
by the Issuer, MONY Life or their representatives (including, but not limited to, documents made available to Ambac in any “data room”) relating to (i) the operations or the financial condition of the Issuer, MONY Life and any subsidiary
of MONY Life; (ii) the Closed Block, in each case on or as of the dates on which such information was made available (as amended, supplemented or superseded by the Offering Document), did not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements made, in the context in which made, not materially false or misleading; and (iii) all financial projections that have been prepared by the Issuer or MONY Life
in connection with the negotiation of this Insurance Agreement have been prepared in good faith based upon reasonable assumptions (it being understood that such projections are subject to significant uncertainties and contingencies, many of which
are beyond the Issuer’s or MONY Life’s control, and that no assurance can be given that such projections will be realized). 
  
 (m)    Invested Assets of Closed Block.    The invested assets of the Closed Block as of December 31, 2001, on a statutory basis, are as set forth in the table entitled
“Closed Block Invested Assets” on page 119 of the final Offering Circular dated April 24, 2002, in respect of the Notes. 
  
 (n)    Accuracy of Statements.    The statements set forth in the final Offering Circular dated April 24, 2002 relating to the Notes under the caption “Description of the
Notes”, insofar as they purport to constitute a summary of the terms of the Notes, and under the captions “MONY Holdings”, “Business—Supervision and Regulation” and “Summary of Certain Documents—Tax
Agreements”, insofar as they purport to describe the provisions of the laws and documents referred to therein, are, and any statements of similar scope in each offering document in respect of Additional Notes will be, accurate and complete in
all material respects. 
  
 (o)    No Prohibition on Dividends.    To
the best of the Issuer’s and MONY Life’s knowledge, no insurance regulatory authority or body has issued any order 
 

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 or decree impairing, restricting or prohibiting the payment of dividends by MONY Life to the Issuer; and to the best of the Issuer’s and
MONY Life’s knowledge, no insurance regulatory authority or body has issued any order or decree impairing, restricting or prohibiting the payment of dividends to its parent by any subsidiary of MONY Life that is required to be organized or
licensed as an insurance company or reinsurance company in its jurisdiction of incorporation, except for any such order or decree as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, it being
understood and acknowledged by the Insurer that MONY Life and its insurance subsidiaries are subject to restrictions on their ability to pay dividends imposed by applicable law. 
  
 (p)    Accountants.    PricewaterhouseCoopers LLP, who have certified the consolidated financial statements of MONY Life and
its subsidiaries, are independent public accountants as required by the Exchange Act and the rules and regulations of the Commission thereunder. 
  
 (q)    No Violation of Governing Documents.    Neither the Issuer nor MONY Group nor MONY Life nor any of MONY Life’s subsidiaries is in violation of
its Certificate of Formation, Limited Liability Company Agreement, certificate of incorporation, by-laws or other organizational documents or instruments or in default in the performance or observance of any obligation, agreement, covenant or
condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, which violation or default would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 (r)    Pro
Forma Financial Statements.    The pro forma condensed financial statements and the related notes thereto set forth in the Offering Document have been compiled on the pro forma basis described therein and, in the opinion of
MONY Life, the assumptions used in the preparation thereof were reasonable at the time made and the adjustments used therein are based upon good faith estimates and assumptions believed by MONY Life to be reasonable at the time made. 

 
 (s)    Title to Collateral.    The Issuer will own the Collateral as of the
Initial Closing and any Subsequent Closing Date, free and clear of all liens, encumbrances and defects, and the Indenture will create as security for the Notes and any Additional Notes a valid security interest in the Collateral in favor of the
Indenture Trustee for the benefit of the Insurer, the Swap Counterparty and the holders of the Notes. 
  
 (t)    Taxes.    The Issuer has and each of its subsidiaries have filed all federal and state tax returns which are required to be filed and paid all taxes, including any assessments
received by it, to the extent that such taxes have become due, except to the extent being contested in good faith and adequately reserved for in accordance with GAAP except where the failure to pay such taxes would not be reasonably expected to have
a Material Adverse Effect. 
 

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 (u)    ERISA.    Neither the
Issuer nor any Commonly Controlled Entity has (i) any material Accumulated Funding Deficiency, whether or not waived, (ii) failed to make any contribution or payment to any Plan, or made any amendment to any Plan, which has resulted, or could
reasonably be expected to result, in the imposition of a lien or the posting of a bond or other security under Section 302(f) of ERISA or Section 401(a)(29) of the Code, (iii) incurred, or is reasonably likely to incur, any material liability under
Title IV of ERISA (other than a liability to the PBGC for premiums under Section 4007 of ERISA) or (iv) violated any provision of ERISA, that individually or in the aggregate, can reasonably be expected to result in a Material Adverse Effect.
Neither the Issuer nor any Commonly Controlled Entity is obligated to contribute to a Multiemployer Plan. 
  
 (v)    Special Purpose Entity. 
  
 (i)  The
capital of the Issuer is adequate for the business and undertakings of the Issuer. 
  
 (ii)  The Issuer is not engaged in any business transactions with MONY Group unrelated to the Transaction. 
  
 (iii)  The Issuer has, and will continue to have, assets other than assets contributed by MONY Group. 
  
 (iv)  The Issuer’s funds and assets are not, and will not be, commingled with those of MONY Group. 
  
 (v)  The Issuer shall maintain (A) correct and complete books and records of account, and (B) minutes of the
meetings and other proceedings of its members. 
  
 (vi)  The Issuer is solvent and will not
be rendered insolvent by the Transaction and, after giving effect to the Transaction, the Issuer will not be left with an unreasonably small amount of capital with which to engage in its business nor will the Issuer have intended to incur, or
believe that it has incurred, debts beyond its ability to pay such debts as they mature. The Issuer does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver,
liquidator, conservator, trustee or similar official in respect of the Issuer or any of its assets. 
  
 (vii)  All the outstanding membership interests of the Issuer are owned by MONY Group. 
  
 (viii)  Prior to the date hereof, the Issuer has not entered into any material transactions or conducted any business unrelated to the Transaction other than its formation. 
  
 (w)    No Other Credit Enhancement.    The Issuer has not entered into any credit
enhancement facility other than the Initial Note Policy. 
 

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 (x)    Surplus and Related
Assets.    The Surplus and Related Assets comply with the Investment Policy Statement. The Closed Block is managed and administered in accordance in all material respects with the Plan of Reorganization of The Mutual Life
Insurance Company of New York, which became effective on November 16, 1998, including the exhibits and schedules thereto, and all applicable statutes, rules, regulations and orders. 
  
 
Section 2.02    Affirmative Covenants of the Issuer.    The Issuer hereby agrees that during the term of this Insurance Agreement, unless the Insurer shall otherwise expressly
consent in writing or unless there exists an Insurer Default: 
  
 (a)    Compliance With Agreements and Applicable Laws.    The Issuer shall comply with its obligations under the Transaction Documents. Each Agreement Relating to the Insurer of the
Issuer shall be performed by the Issuer in accordance with its terms for the benefit of the Insurer. Without limiting the generality of the foregoing, the provisions of Article Nine and Article Eleven of the Indenture are incorporated herein by
reference, and such provisions shall remain in effect in accordance with Section 4.01 hereof notwithstanding any prior termination of the Indenture or defeasance of the Notes or any Additional Notes. The Issuer shall comply with all material
requirements of any law, rule or regulation applicable to it. 
  
 (b)    Corporate Existence; Separateness.    The Issuer shall maintain its existence and shall at all times continue to be duly organized under the laws of its jurisdiction of
organization and duly qualified and duly authorized (as described in Section 2.01(a) hereof) and shall conduct its business in all material respects in accordance with the terms of Delaware law and in all respects in accordance with its
certificate of formation and limited liability company agreement. The Issuer shall observe all limited liability company formalities appropriate for a Delaware limited liability company. 
  
 (c)    Financial Statements; Accountants’ Reports; Other Information. 
  

(i)  The Issuer shall keep or cause to be kept in reasonable detail books and records of account of its assets and business, including, but
not limited to, books and records relating to the Transaction. 
  
 (ii)  The Issuer shall
furnish or caused to be furnished to the Insurer: 
  
 (A)  promptly upon receipt thereof,
copies of any reports submitted to the Issuer by its independent accountants in connection with any examination of the financial statements of the Issuer; 
  
 (B)  promptly after the filing or sending thereof, if applicable, copies of all proxy statements, financial statements, reports, and registration
statements which the Issuer files with, or delivers to, the Commission or any other federal government agency, authority or body which supervises the issuance of securities by the Issuer or any national securities exchange; 
 

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 (C)  promptly upon receipt thereof, copies of all
schedules, financial statements or other similar reports, notices, opinions, certificates, or other items delivered to or by the Issuer pursuant to the terms of the Transaction Documents (including copies of each item required to be delivered to the
Indenture Trustee pursuant to Section 8.04 of the Indenture) and, promptly upon request, such other information as may be reasonably requested by the Insurer. 
  
 (d)    Compliance Certificate.    The Issuer shall deliver to the Insurer concurrently with the delivery of
the financial statements required pursuant to Section 8.04 of the Indenture, a certificate signed on behalf of the Issuer by an Authorized Officer of the Issuer: 
  
 (i)  stating that a review of the Issuer’s performance under the Transaction Documents during such period has been made under such
officer’s supervision; 
  
 (ii)  setting forth the information required under Section
8.04 of the Indenture; 
  
 (iii)  stating that to the best of such officer’s knowledge
following reasonable inquiry, no Default or Event of Default has occurred; provided, that if a Default or Event of Default has occurred and is continuing, such certificate shall specify the nature thereof and, if the Issuer has a right to
cure pursuant to Section 5.01 hereof, specify in reasonable detail the steps, if any, being taken by the Issuer to cure such Default or Event of Default or to otherwise comply with the terms of the agreement to which such Default or Event of
Default relates; provided, further, that the Issuer shall update such certificate to the Insurer promptly upon any material change in the steps last reported until such Default or Event of Default is no longer continuing; and 

 
 (iv)  certifying that the attached financial reports submitted in accordance with Section
2.02(c)(ii) hereof, as applicable, are complete and correct in all material respects and present fairly the financial condition and results of operations of the Issuer as of the dates and for the periods indicated, in accordance with GAAP
consistently applied (subject as to interim statements to normal year-end adjustments). 
  
 (e)    Access to Records; Discussions With Officers and Accountants.    The Issuer shall, upon the reasonable request of the Insurer and as often as the Insurer may reasonably request,
permit the Insurer or its authorized agents: 
  
 (i)  to inspect the properties, books and
records of the Issuer as they may relate to the Notes, Additional Notes, the Collateral, the obligations of MONY Group, the Issuer and MONY Life under the Transaction Documents, any Subsequent Transaction Documents, and the Transaction, upon
reasonable advance notice to the Issuer (which shall not be less than 48 hours); provided, that 
 

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 no such notice to the Issuer shall be required if a Default or Event of Default has occurred and is continuing;

  
 (ii)  to discuss the affairs, finances and accounts of the Issuer with any Authorized
Officer or other relevant officers of the Issuer; and 
  
 (iii)  to discuss the affairs,
finances and accounts of the Issuer with the Issuer’s independent accountants; provided, that an officer of the Issuer shall have the right to be present during such discussions. 
  
 Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of the Issuer. The books
and records of the Issuer will be maintained at the address of the Issuer designated herein for receipt of notices, unless it shall otherwise advise the parties hereto in writing. The Insurer shall keep confidential all private and proprietary
information of Issuer arising from such inspections and discussions, and any other information delivered to the Issuer pursuant hereto or any other Transaction Document for a period of three years following the receipt of such information except to
the extent permitted in writing by the Issuer, required by law or any legal process or to the extent such information is otherwise or becomes publicly available other than through a breach of this provision by the Insurer and except that the Insurer
shall be permitted to disclose such information to Affiliates of the Insurer (with the Insurer being responsible for any failure of such Affiliate to comply with the provisions of this Section 2.02(e)), regulatory agencies, ratings agencies
and reinsurers. 
  
  
 (f)    Notice of
Material Events.    The Issuer shall be obligated promptly to inform the Insurer in writing of the occurrence of any of the following of which the Issuer has knowledge or notice: 
  
 (i)  the submission of any claim or the initiation of or the specific intent to initiate (but only if the Issuer
has knowledge of such specific intent) any legal process, litigation or administrative or judicial investigation, or rule making or disciplinary proceeding by or against the Issuer, MONY Group or MONY Life that could reasonably be expected to result
in a Material Adverse Effect, or the commencement of any proceeding or the formal promulgation or publication of any proposed or final rule which could reasonably be expected to result in a Material Adverse Effect; 
  
 (ii)  any change in the location of the Issuer’s, MONY Group’s or MONY Life’s principal place of
business, any change in the jurisdiction of organization of any of the Issuer, MONY Group or MONY Life, any change in the organizational form of any of the Issuer, MONY Group or MONY Life, or any change in the location of the Issuer’s books and
records; 
  
 (iii)  the occurrence of any Default or Event of Default; 

 
 (iv)  the commencement of any proceedings by or against the Issuer, MONY Group or MONY Life under any
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liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have
been, or may be, appointed or requested for the Issuer, MONY Group or MONY Life or any of its or their assets; 
  
 (v)  the receipt of notice that (A) the Issuer, MONY Group or MONY Life is being placed under regulatory supervision, (B) any license, permit, charter, registration or approval necessary for the conduct of the
Issuer’s, MONY Group’s or MONY Life’s business has been, is to be or could reasonably be expected to be suspended or revoked which could reasonably be expected to result in a Material Adverse Effect, or (C) the Issuer, MONY Group or
MONY Life is to cease and desist any practice, procedure or policy employed by the Issuer, MONY Group or MONY Life in the conduct of its business, and such suspension, revocation or cessation could reasonably be expected to result in a Material
Adverse Effect; 
  
 (vi)  the receipt of notice of (A) the assertion by any taxing
authority of any lien, charge, claim, order, encumbrance or penalty against the Issuer based upon the Issuer’s failure to pay any tax, assessment, charge or fee with respect to the Collateral, or failure to defend any action, if such failure to
pay or defend may be reasonably expected to adversely affect the priority or enforceability of the security interest in the Collateral created by the Indenture or (B) that any withholding taxes are to be imposed on the Collateral that the Issuer
reasonably determines may not have been taken into account in the initial fair market valuation of such Collateral; or 
  
 (vii)  the incurrence of any Lien or Liability by MONY Life of the type described in Section 2.03(l) hereof. 
  
 (g)    Financing Statements and Further Assurances.    The Issuer shall at its own expense promptly take, or
cause to be taken, such actions as may be necessary or desirable, in the reasonable judgment and at the request of the Insurer, (i) to create and maintain the lien of the Indenture as a valid and perfected security interest covering the Collateral,
and (ii) to preserve and protect fully the perfected security interest of the Indenture Trustee on behalf of the Noteholders and the Insurer in, and all rights of the Indenture Trustee on behalf of the Noteholders and the Insurer with respect to,
the Collateral, including the execution and filing of all instruments necessary to be kept and filed in such manner and in such places as may be required by law to preserve, protect and perfect fully the security interest of the Indenture Trustee on
behalf of the Noteholders and the Insurer with respect to the Collateral, and to take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Indenture, the Purchase Agreement, the Tax
Agreements, this Insurance Agreement and the Notes and any Additional Notes. The Issuer agrees to cooperate with S&P and Moody’s pursuant to their reasonable requests in connection with any review of the Transaction that may be undertaken
by S&P or Moody’s after the date hereof and, subject to the provisions this Insurance Agreement, to provide all information reasonably requested by S&P or Moody’s. 
 

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 (h)    Maintenance of
Licenses.    The Issuer, or any successors thereof, and MONY Life and any of its subsidiaries shall maintain all licenses, permits, charters and registrations which are material to the conduct of their business. 

 
 (i)    Redemption of Notes.    Upon a redemption or other
payment of all of the Notes or the Additional Notes, as the case may be, and the expiration of the Term of the Policy as set forth therein, the Issuer shall cause the surrender of the Initial Note Policy or the Subsequent Note Policy, as the case
may be, to the Insurer for cancellation. 
  
 (j)    Disclosure Document.

  
 (i)  Each Offering Document delivered with respect to the Notes and Additional Notes
shall contain the following statement at the end of the section of the Offering Document entitled “Bond Insurance—Terms of the Insurance Policy—General”: “THE INSURANCE PROVIDED BY THE POLICY IS NOT COVERED BY THE
PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.” 
  
 (ii)  Each Offering Document delivered with respect to the Notes and the Additional Notes which includes financial statements of the Insurer prepared in accordance with GAAP shall include the following statement immediately
preceding such financial statements: “THE NEW YORK STATE INSURANCE DEPARTMENT RECOGNIZES ONLY STATUTORY ACCOUNTING PRACTICES FOR DETERMINING AND REPORTING THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF AN INSURANCE COMPANY, FOR
DETERMINING ITS SOLVENCY UNDER THE NEW YORK INSURANCE LAW, AND FOR DETERMINING WHETHER ITS FINANCIAL CONDITION WARRANTS THE PAYMENT OF A DIVIDEND TO ITS STOCKHOLDERS. NO CONSIDERATION IS GIVEN BY THE NEW YORK STATE INSURANCE DEPARTMENT TO FINANCIAL
STATEMENTS PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN MAKING SUCH DETERMINATIONS.” 
  
 (k)    Closing Documents.    The Issuer shall provide or cause to be provided to the Insurer or its representatives an executed original copy of each document executed in
connection with the Transaction within 30 days of the Initial Closing or, with respect to any issuance of Additional Notes, within 30 days of any Subsequent Closing Date. 
  
 (l)    Use of Proceeds.    The Issuer shall apply its funds in accordance with the Indenture. 

 
 (m)    ERISA.    The Issuer shall give, or shall cause to be
given, to the Insurer prompt notice of each of the following events of which the Issuer has knowledge (but in no event more than 30 days after the earlier of the occurrence of the event or the 
 

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Issuer learning of the existence of a reasonable probability that the event will occur): (i) when a Plan has a material Accumulated Funding Deficiency, (ii) when a Commonly Controlled Entity
becomes obligated to make a material contribution to any Multiemployer Plan, (iii) any action by a Commonly Controlled Entity to terminate any Plan so as to incur any material liability to the PBGC or under Title IV of ERISA, or when circumstances
otherwise exist which could reasonably be expected to result in any Commonly Controlled Entity incurring any such material liability and (iv) any action by the PBGC to terminate or appoint a trustee to administer a Plan. In addition, the Issuer
shall promptly (but in no case more than 30 days following issuance or receipt by the Commonly Controlled Entity) provide, or cause to be provided, to the Insurer a copy of all material correspondence between a Commonly Controlled Entity and the
PBGC or Internal Revenue Service relating to any of the events described in the preceding sentence or the underfunded status, termination or possible termination of a Plan. 
  
 (n)    Exemption from Investment Company Registration.    The Issuer shall take all actions necessary so as
to be exempt from registration under the Investment Company Act. 
  
 (o)    Exemption from Securities Act Registration.    The Issuer shall take all actions within its reasonable control necessary so as to exempt the initial sale of the Notes and the
Additional Notes from registration under the Securities Act and under any applicable securities laws of any state of the United States. 
  
 (p)    Maintenance of Interest.    The Issuer will use its best efforts to cause any necessary recordings or filings to be made with respect to the
Collateral. 
  
 (q)    Organizational
Documents.    The Issuer agrees to operate in a manner consistent with the terms of its certificate of formation and limited liability company agreement and applicable Delaware law relating to limited liability companies
organized in Delaware. 
  
 (r)    Indenture
Trustee.    The Issuer shall, at the reasonable request of the Insurer (so long as it is the Controlling Party), exercise its right pursuant to Section 7.10 of the Indenture to remove the Indenture Trustee. The Issuer shall
not remove the Indenture Trustee without the prior written consent of the Insurer (so long as it is the Controlling Party). 
  
 (s)    Rating Agency Communications.    The Issuer shall keep the Insurer informed of all (if any) material written or oral communications (including any
single material communication and any series or group of communications which are, in the aggregate, material) between the Issuer and Moody’s or S&P regarding the Notes, the Additional Notes, the Transaction or the Closed Block Business.

  
 (t)    Taxes.    The Issuer shall give the Insurer
notice of the written assertion by any taxing authority of any lien, charge, encumbrance or penalty against the Issuer based upon the Issuer’s failure to pay any tax, assessment, charge or fee with respect to the Collateral, or failure to
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 adversely affects or could reasonably be expected to have an adverse effect on the priority or enforceability of the security interest in the
Collateral created by the Indenture. 
  
 
Section 2.03    Negative Covenants of the Issuer.    The Issuer hereby agrees that during the term of the Insurance Agreement, unless the Insurer shall otherwise expressly
consent in writing or unless there is an Insurer Default: 
  
 (a)    Impairment of Rights.    The Issuer shall not take any action, or fail to take any action, if such action or failure to take action could reasonably be expected to interfere in
any material respect with the enforcement of any rights of the Insurer and the Indenture Trustee under the Indenture, and the Issuer fails to cease such action or take the action omitted, as necessary to avoid such potential effect within 10 days of
the Issuer’s knowledge of such potential effect. The Issuer shall give notice in writing to the Indenture Trustee and the Insurer promptly upon becoming aware of the occurrence of any circumstance that might reasonably be expected to constitute
an Event of Default or Default, and such notice shall contain a description of the facts, circumstances or events that might reasonably be expected to constitute such Event of Default or Default; provided, that in connection with such notice,
the Issuer may disclaim in good faith any admission that such circumstance does constitute an Event of Default or Default. The Issuer shall furnish to the Insurer all information requested by it that is reasonably necessary to determine compliance
with this paragraph. 
  
 (b)    Waiver, Amendments,
Etc.    The Issuer shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the terms, provisions or conditions of the Transaction Documents or any Subsequent Transaction Document that
affects the Insurer without the prior written consent of the Insurer. 
  
 (c)    Marketing Materials.    The Issuer shall not include any material relating to the Insurer or describing the terms of the Initial Policies or this Insurance Agreement in any
marketing materials used by or on behalf of Issuer in connection with the offering and sale of the Notes or the Additional Notes unless such material has been approved in writing by the Insurer prior to its inclusion in such marketing materials. If
after the initial inclusion in any marketing materials of any information described in the prior sentence, the Insurer shall advise the Issuer that the material relating to the Insurer is no longer accurate or is misleading and should be changed in
any material respect, the Issuer shall promptly amend, or cause to be amended, the marketing materials to reflect such advice. The Insurer shall respond, as promptly as reasonably possible under the circumstances, to any request for approval
pursuant to this Section 2.03(c) and such approval shall not be unreasonably withheld or delayed. The Insurer hereby approves such material in the preliminary Offering Circular dated April 15, 2002, in the final Offering Circular dated April
24, 2002 and in the Bloomberg L.P. “road show” presentation in connection with the marketing of the Notes. 
  
 (d)    Restriction on Business.    The Issuer shall not engage in any business or activity other than those permitted under the Indenture and shall not otherwise violate any
provision of Section 11.06 of the Indenture. 
 

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 (e)    Mergers.    Except as otherwise provided in the Indenture, the Issuer shall not consolidate with or merge with or into any other Person or convey or transfer its properties and
assets substantially as an entirety to any Person. 
  
 (f)    Liquidation;
Insolvency.    The Issuer shall not dissolve or liquidate, in whole or in part, or, prior to the date that is one year and one day after payment in full of all amounts payable in respect of the Notes or the Additional Notes
and any of its obligations to the Insurer or the Indenture Trustee, institute proceedings to be adjudicated a bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against it, or file a petition seeking or
consenting to reorganization or relief under any applicable law relating to bankruptcy or insolvency, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of it or a substantial part of
its property, or make any assignment for the benefit of its creditors, or admit in writing its inability to pay its debts generally as they become due, or take any corporate action in furtherance of any such or any similar action; provided,
that the foregoing shall not prohibit any liquidation of the Issuer’s, MONY Group’s or MONY Life’s assets in accordance with the terms of the Indenture, the Notes, the Additional Notes, this Insurance Agreement or the organizational
documents of such entities. 
  
 (g)    Amendments to Organizational
Documents.    The Issuer shall not amend, supplement or otherwise modify its certificate of formation or limited liability company agreement (or permit any of the foregoing), or fail to abide by the restrictions contained
therein, in any way that conflicts with, or otherwise alters in any way, the Issuer’s obligations under the Transaction Documents or any Subsequent Transaction Documents. 
  
 (h)    Repurchase of Shares; Distributions.    The Issuer shall not repurchase any of its membership
interests nor make any distributions to its members, including, without limitation, any declaration or distribution of dividends, except as directed or permitted by the terms of the Indenture. 
  

(i)    Issuance of Membership Interest.    The Issuer shall not issue any securities convertible into or
exchangeable for, or any options, warrants or other rights to acquire, any membership interests of the Issuer. 
  
 (j)    ERISA.    The Issuer shall not, and shall ensure that each Commonly Controlled Entity shall not: 
  
 (i)  terminate any Plan so as to incur any material liability to the PBGC; 
  
 (ii)  fail to pay to any Plan any contribution which it is obligated to pay under the terms of such Plan, if such failure would cause such plan to
have any material Accumulated Funding Deficiency, whether or not waived; or 
  
 (iii)  allow or suffer to exist any event or condition, which presents a reasonable risk of termination by the PBGC of any Plan, to the extent that the 
 

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occurrence or nonoccurrence of such event or condition is within the control of it or any Commonly Controlled Entity, which termination would reasonably be expected to have a Material Adverse
Effect. 
  
 (k)    No Other Credit Enhancement.    The
Issuer shall not enter into any credit enhancement facility with respect to any Notes or Additional Notes without the prior written consent of the Insurer. 
  
 (l)    Use of Assets of Closed Block Business.    The Issuer shall cause MONY Life (i) to not create or
permit to exist any Liens on assets of the Closed Block or Surplus and Related Assets other than Permitted Liens and (ii) to not otherwise utilize (by transfer or otherwise) such assets or cash flows from such assets to repay indebtedness for money
borrowed or liabilities of MONY Life, (x) attributable to or for the express benefit of the Ongoing Businesses of MONY Life except for the payment of Administrative Payments and investment management fees relating to the management of assets in the
Closed Block and the Surplus and Related Assets or (y) unless inconsistent with applicable law and regulation, arising from conduct or events occurring prior to the date of the Initial Closing. 
  

(m)    Other Activities.    The Issuer shall not institute against, or join any other person in
instituting against, MONY Group any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law, for one year and a day after the expiration of the term of this Insurance
Agreement; provided, that the foregoing shall not prohibit any action after the filing of any involuntary petition or other institution of any such proceedings by another Person. 
  
 
Section 2.04    Representations and Warranties of MONY Group.    MONY Group represents and warrants as follows: 
  
 (a)    Organization, Power and Authority. 
  
 (i)  MONY Group has been organized and is validly existing as a corporation in good standing under the laws of the State of Delaware.

  
 (ii)  MONY Group has the power and authority (corporate and other) to own its
properties and conduct its business, as defined in the Offering Document and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which its ownership or
lease of property or the conduct of its business requires such qualification, except where the failure of MONY group to be so qualified and in good standing would not, in each case, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
  
 (b)    Due Authorization and Validity of
Transaction Documents.    Each Transaction Document to which MONY Group is a party has been, and each Subsequent Transaction Document to which MONY Group is a party will have been, when executed and delivered, duly authorized
by all necessary corporate action on the part of MONY

 

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Group and has been or will have been duly executed and delivered by MONY Group. Assuming due authorization, execution and delivery thereof by the other parties thereto, each such Transaction
Document constitutes, and each Subsequent Transaction Document will constitute, a valid and legally binding obligation of MONY Group, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar laws, relating to creditors’ rights, public policy limiting the right to indemnification for violations of securities laws and general principles of equity, and the Indenture conforms in all material respects to the
descriptions thereof in the Offering Document. 
  
 (c)    Representations and
Warranties in the Transaction Documents.    Each of the representations and warranties of MONY Group contained in the Transaction Documents to which it is a party is true and correct, and MONY Group hereby makes each such
representation and warranty to, and for the benefit of, the Insurer as if the same were set forth in full herein. MONY Group acknowledges that such representations and warranties are made herein for the benefit of the Insurer and the Insurer is
relying thereon in entering into this Insurance Agreement and the Initial Policies. 
  
 (d)    Non-contravention.    None of the execution, delivery or compliance with any of the Transaction Documents or Subsequent Transaction Documents to which MONY Group is a party will
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which MONY Group is a party or by which
MONY Group is bound or to which any of the property or assets of MONY Group is subject, except for any such conflict, breach, violation or default as would not reasonably be expected to have a Material Adverse Effect, and will not result in any
violation of the provisions of the Amended and Restated Certificate of Incorporation or Amended and Restated By-laws of MONY Group or any statute or any order, rule or regulation of any court or insurance regulatory agency or other governmental
agency or body having jurisdiction over MONY Group or any of its properties, except to the extent such conflict, breach, default or violation would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

  
 (e)    Compliance With Securities Laws.    MONY
Group is not, and, after giving effect to the issuance and sale of the Notes or the Additional Notes, and the application of the proceeds of the Notes or the Additional Notes, will not be an “investment company” as defined pursuant to the
Investment Company Act. 
  
 
Section 2.05    Affirmative Covenants of MONY Group.    MONY Group hereby agrees that during the term of this Insurance Agreement, unless the Insurer shall otherwise expressly
consent in writing and unless there exists an Insurer Default, MONY Group shall comply with its obligations under the Transaction Documents and any Subsequent Transaction Documents. Each Agreement Relating to the Insurer of MONY Group shall be
performed by MONY Group in accordance with its terms for the benefit of the Insurer. Without limiting the generality of the foregoing, the provisions of Article Eleven of the Indenture applicable to MONY Group are incorporated by reference herein
and such provisions shall remain in effect in accordance with Section 4.01 hereof

 

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notwithstanding any prior termination of the Indenture or defeasance of the Notes or Additional Notes. MONY Group shall comply with all material requirements of any law, rule or regulation
applicable to it. 
  
 
Section 2.06    Negative Covenants of MONY Group.    MONY Group hereby agrees that during the term of the Insurance Agreement, unless the Insurer shall otherwise expressly
consent in writing or unless there exists an Insurer Default: 
  
 (a)    Impairment of Rights.    MONY Group shall not take any action, or fail to take any action, if such action or failure to take action could reasonably be expected to interfere in
any material respect with the enforcement of any rights of the Insurer and the Indenture Trustee under the Indenture, and MONY Group fails to cease such action or take the action omitted, as necessary to avoid such potential effect within 10 days of
MONY Group’s knowledge of such potential effect. MONY Group shall give notice in writing to the Indenture Trustee and the Insurer promptly upon becoming aware of the occurrence of any circumstance that might reasonably be expected to constitute
an Event of Default or Default, and such notice shall contain a description of the facts, circumstances or events that might reasonably be expected to constitute such Event of Default or Default; provided, that in connection with such notice,
MONY Group may disclaim in good faith any admission that such circumstance does constitute an Event of Default or Default. MONY Group shall furnish to the Insurer all information requested by it that is reasonably necessary to determine compliance
with this paragraph. 
  
 (b)    Waiver, Amendments,
Etc.    MONY Group shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the terms, provisions or conditions of the Transaction Documents or any Subsequent Transaction Documents that
affect the Insurer without the prior written consent of the Insurer. 
  
 (c)    Issuance of Membership Interest.    MONY Group shall not cause or permit the Issuer to issue any securities convertible into or exchangeable for, or any options, warrants or other
rights to acquire, any membership interests of the Issuer. 
  
 (d)  Other
Activities.    MONY Group shall not institute against, or join any other person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under
any bankruptcy or similar law, for one year and a day after the expiration of the Term of the Insurance Agreement; provided, that the foregoing shall not prohibit any action after the filing of any involuntary petition or other institution of
any such proceedings by any other Person. 
  
 
Section 2.07    Representations and Warranties of MONY Life.    MONY Life represents and warrants as follows: 
  
 (a)  Organization; Power and Authority. 
  
 (i)  MONY Life has been duly organized and is validly existing as a corporation in good standing under the laws of the State of New York; and

 

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 (ii)  MONY Life has the power and authority (corporate
and other) to own its properties and conduct its business, as described in the Offering Document, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction
in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure of MONY Life to be so qualified and in good standing would not, in each case, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
  
 (b)    Due
Authorization and Validity of Transaction Documents.    Each Transaction Document to which MONY Life is a party has been, and each Subsequent Transaction Document to which MONY Life is a party will have been, when executed
and delivered, duly authorized by all necessary corporate action on the part of MONY Life and has been or will have been duly executed and delivered by MONY Life. Assuming due authorization, execution and delivery thereof by the other parties
thereto, each such Transaction Document constitutes, and each Subsequent Transaction Document will constitute, a valid and legally binding obligation of MONY Life, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
rehabilitation, fraudulent conveyance, reorganization, moratorium or similar laws relating to creditors’ rights, public policy limiting the right to indemnification for violations of securities laws and general principles of equity, and the
Indenture conforms in all material respects to the descriptions thereof in the Offering Document. 
  
 (c)    Representations and Warranties in the Transaction Documents.    Each of the representations and warranties of MONY Life contained in the Transaction Documents to which MONY Life
is a party is true and correct, and MONY Life hereby makes each such representation and warranty to, and for the benefit of, the Insurer as if the same were set forth in full herein. MONY Life acknowledges that such representations and warranties
are made herein for the benefit of the Insurer and the Insurer is relying thereon in entering into this Insurance Agreement and the Initial Policies. 
  
 (d)    Non-contravention.    None of the execution, delivery or compliance with any of the Transaction
Documents or Subsequent Transaction Documents to which MONY Life is a party will conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which MONY Life is a party or by which MONY Life is bound or to which any of the property or assets of MONY Life is subject, except for any such conflict, breach, violation or default as would not
reasonably be expected to have a Material Adverse Effect, and will not result in any violation of the provisions of the Amended and Restated Charter or Amended and Restated By-laws of MONY Life or any statute or any order, rule or regulation of any
court or insurance regulatory agency or other governmental agency or body having jurisdiction over MONY Life or any of its properties, except to the extent such conflict, breach, default or violation would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 

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 (e)    Compliance With Securities
Laws.    MONY Life is not, and, after giving effect to the issuance and sale of the Notes or the Additional Notes, and the application of the proceeds of the Notes or the Additional Notes, will not be an “investment
company” as defined pursuant to the Investment Company Act. 
  
 (f)    Compliance with Applicable Law; Insurance Operations. 
  
 (i)  Each of MONY Life and its subsidiaries holds in full force and effect all Consents and has made all Filings necessary for the lawful ownership and use of its properties and assets and the conduct of its businesses
under and pursuant to all applicable statutes, orders, rules and regulations, and there has been no violation of any Consent, nor has MONY Life received written notice asserting any such violation, except for such failures to be in full force and
effect and for such violations, if any, which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 (ii)  Each of MONY Life and its subsidiaries is in compliance with each applicable statute, order, rule and regulation relating to it or any of
its material assets, properties or operations, except where noncompliance with any such statute, order, rule and regulation would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 
 (iii)  Each of MONY Life and its insurance company subsidiaries (i) is an authorized insurer (on
either an admitted or a nonadmitted basis) in each state in which it presently writes insurance for the type of insurance it presently writes in such states and (ii) meets all statutory and regulatory requirements of all insurance regulatory
agencies and other governmental agencies and bodies which have jurisdiction over it to be an authorized insurer on either an admitted or a nonadmitted basis except where the failure to meet such requirements would not be reasonably expected to have
a Material Adverse Effect. 
  
 
Section 2.08    Affirmative Covenants of MONY Life.    The Issuer agrees that it shall cause MONY Life during the term of this Insurance Agreement, unless the Insurer shall
otherwise expressly consent in writing or unless there exists an Insurer Default, to do as follows: 
  
 (a)    Compliance With Agreements and Applicable Laws.    MONY Life shall comply with its obligations under the Transaction Documents and any Subsequent Transaction Documents. MONY Life
shall, and shall cause each of its subsidiaries to, comply with all material requirements of any law, rule or regulation applicable to such entity. 
  
 (b)    Corporate Existence Separateness.    MONY Life shall maintain its corporate existence and shall at all
times continue to be duly organized under the laws of New York and duly qualified and duly authorized (as described in Section 2.07(a) hereof) and shall conduct its business in all material respects in accordance with the terms of New York
law applicable to insurance companies organized in New York and in all

 

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respects in accordance with its Amended and Restated Charter or Amended and Restated By-laws and shall observe all corporate formalities appropriate for a New York life insurance corporation.

  
 (c)    Compliance Certificate.    MONY Life shall
deliver to the Insurer concurrently with the delivery of the financial statements required pursuant to Section 8.04 of the Indenture, a certificate signed by an Authorized Officer of MONY Life: 
  

(i)  stating that a review of the Issuer’s performance under the Transaction Documents during such period has been made under such
officer’s supervision; 
  
 (ii)  setting forth the information required under Section
8.04 of the Indenture; and 
  
 (iii)  stating that to the best of such officer’s
knowledge following reasonable inquiry, no Default or Event of Default has occurred; provided, that if a Default or Event of Default has occurred and is continuing, such certificate shall specify the nature thereof and, if MONY Life has a
right to cure pursuant to Section 5.01 hereof, specify in reasonable detail the steps, if any, being taken by MONY Life to cure such Default or Event of Default or to otherwise comply with the terms of the agreement to which such Default or
Event of Default relates; provided, further, that MONY Life shall update such certificate to the Insurer promptly upon any material change in the steps last reported until such Default or Event of Default is no longer continuing.

  
 (d)    Access to Records; Discussions With Officers and
Accountants.    MONY Life shall, upon the reasonable request of the Insurer, and as often as the Insurer may reasonably request, permit the Insurer or its authorized agents: 
  
 (i)  to inspect the properties, books and records of MONY Life as they may relate to the Notes or the Additional
Notes, the obligations of MONY Life under the Transaction Documents, any Subsequent Transaction Document, MONY Life’s business, and the Transaction, upon reasonable advance notice to MONY Life (which shall not be less than 48 hours);

  
 (ii)  to discuss the affairs, finances and accounts of MONY Life with any relevant
officers of MONY Life; and 
  
 (iii)  to discuss the affairs, finances and accounts of MONY
Life with MONY Life’s independent accountants, provided, that an officer of MONY Life shall have the right to be present during such discussions. 
  
 Such inspections and discussions shall be conducted in accordance with Section 2.02(e) hereof. The books and records of MONY Life will be maintained
at the address of MONY Life designated herein for receipt of notices, unless it shall otherwise advise the parties hereto in writing. 
 

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 (e)    Notice of Material
Events.    MONY Life shall be obligated promptly to inform the Insurer in writing of the occurrence of any of the following of which MONY Life has knowledge or notice: 
  

(i)  the submission of any claim or the initiation of or the specific intent to initiate (but only if MONY Life has knowledge of such
specific intent) any legal process, litigation or administrative or judicial investigation or rule making or disciplinary proceeding by or against MONY Life that could reasonably be expected to have a Material Adverse Effect, or the commencement of
any proceeding or the formal promulgation or publication of any proposed or final rule which could reasonably be excepted to result in a Material Adverse Effect; 
  
 (ii)  the commencement of any proceedings by or against MONY Life under any applicable bankruptcy, reorganization, liquidation, rehabilitation,
insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have been appointed or requested for MONY Life or any of its assets or such an
appointment or request could reasonably be expected; or 
  
 (iii)  the receipt of notice
that (A) MONY Life is being placed under regulatory supervision, (B) any license, permit, charter, registration or approval necessary for the conduct by MONY Life of any of its businesses is to be suspended or revoked which suspension or revocation
could reasonably be expected to have a Material Adverse Effect, or (C) MONY Life is to cease and desist any practice, procedure or policy employed by MONY Life in the conduct of its business, and such suspension, revocation or cessation could
reasonably be expected to result in a Material Adverse Effect. 
  
 
Section 2.09    Negative Covenants of MONY Life.    MONY Life hereby agrees that during the term of the Insurance Agreement, unless the Insurer shall otherwise expressly
consent in writing or unless there exists an Insurer Default: 
  
 (a)    Impairment of Rights.    MONY Life shall not take any action, or fail to take any action, if such action or failure to take action could reasonably be expected to interfere with
the enforcement of any rights under the Transaction Documents or any Subsequent Transaction Documents that are material to the rights, benefits or obligations of the Insurer. 
  
 (b)    Waiver, Amendments, Etc.    MONY Life shall not waive, modify or amend, or consent to any waiver,
modification or amendment of, any of the terms, provisions or conditions of the Transaction Documents or any Subsequent Transaction Documents that affect the Insurer without the prior written consent of the Insurer (which shall not be unreasonably
withheld). 
  
 (c)    Other Activities.    MONY Life
shall not institute against, or join any other person in instituting against, the Issuer or MONY Group any bankruptcy,

 

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 reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any bankruptcy or similar law, for one year and a
day after the expiration of the Term of the Insurance Agreement; provided, that the foregoing shall not prohibit any action after the filing of any involuntary petition or other institution of any such proceedings by another Person.

  
  
 ARTICLE II 
  
 THE POLICY; REIMBURSEMENT; SUBROGATION 
  
 
Section 3.01    Issuance of the Initial Policies.    The Insurer agrees to issue the Initial Policies on the Initial Closing subject to satisfaction of the conditions
precedent set forth below: 
  
 (a)    Filings and
Recording.    The Insurer shall have received evidence reasonably satisfactory to it of the delivery of the Collateral and the filing and/or recording in all necessary jurisdictions (or such filing and/or recording having
been provided for in a manner reasonably satisfactory to the Insurer) of all documents and such appropriate instruments, in form and substance reasonably satisfactory to the Insurer, as may be necessary in the reasonable opinion of the Insurer to
perfect the security interests created by the Indenture, and all taxes, fees and other charges payable in connection with such execution, delivery, recording and filing shall have been paid. The Issuer shall have delivered to the Indenture Trustee
the Collateral and each of the Issuer, MONY Group and MONY Life shall be, as of the Initial Closing, in compliance in all material respects with the terms of the Transaction Documents to which it is a party, and no default or event of default under
any of the Transaction Documents shall have occurred and be continuing. 
  
 (b)    Material Adverse Effect.    The Insurer shall have received a letter from the Issuer stating that, other than as reflected in the Offering Document, since December 31, 2001 there
has been no Material Adverse Effect. 
  
 (c)    Payment of Initial Premium and
Expenses.    The Insurer shall have been paid, by the Issuer, that portion of a nonrefundable Premium payable on the Initial Closing and the Issuer shall have reimbursed or paid directly the other fees and expenses identified
in Section 3.03 hereof as payable at the Initial Closing. 
  
 (d)    Transaction Documents.    Arrangements reasonably satisfactory to the Insurer shall have been made for the delivery of executed counterparts of the Transaction Documents to the
Insurer on or promptly following the Initial Closing. 
  
 (e)    Certified
Documents and Resolutions.    The Insurer shall have received a copy of (i) the Amended and Restated Certificate of Incorporation or Amended and Restated Charter, as applicable, and Amended and Restated By-laws of each of
MONY Group and MONY Life and the certificate of formation and limited liability company agreement of the Issuer and (ii) the resolutions of each of the governing boards, or members (if applicable), of each of MONY Group, the Issuer and MONY Life,

 

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 as required, authorizing the issuance of the Notes and the execution, delivery and performance by each of them of the
Transaction Documents to which it is a party and the transactions contemplated thereby, as applicable to it, certified by the Secretary or an Assistant Secretary (or such other officer, with respect to the Issuer, with the authority to execute such
certificates) of each of MONY Group, the Issuer and MONY Life (which certificate shall state that such Amended and Restated Certificate of Incorporation, Amended and Restated Charter, Amended and Restated By-laws, certificate of formation and
limited liability company agreement, as applicable, and resolutions are in full force and effect without modification on the Initial Closing). 
  
 (f)    Incumbency Certificate.    The Insurer shall have received a certificate of the Secretary or an Assistant Secretary (or such other officer, with
respect to the Issuer, with the authority to execute such certificates) of each of MONY Group, the Issuer or MONY Life certifying the names and signatures of the officers of each of MONY Group, the Issuer or MONY Life authorized to execute and
deliver the Transaction Documents to which it is a party and that shareholder or member, as applicable, consent to the execution and delivery of such documents is not necessary or has been obtained. 
  
 (g)    Representations and Warranties Certificate.    The representations
and warranties of each of MONY Group, the Issuer and MONY Life set forth or incorporated by reference in the Transaction Documents to which it is a party shall be true and correct as of the Initial Closing (or such other dates as are specified in
the Transaction Documents) other than representations and warranties which are expressly given as of a future date, and the Insurer shall have received a certificate of MONY Group, the Issuer and MONY Life executed by appropriate officers of each of
MONY Group, the Issuer or MONY Life to that effect. 
  
 (h)    Opinions of
Counsel.    The Insurer shall have received an executed counterpart of each of the legal opinions of counsel to the Issuer and the Indenture Trustee, addressed to the Insurer or accompanied by a reliance letter in favor of
the Insurer, delivered in connection with the Transaction Documents to which it is a party on the Initial Closing, in each case in form and substance reasonably acceptable to the Insurer and its counsel, including but not limited to the legal
opinion of Dewey Ballantine LLP, as counsel to the Issuer, to the effect that a bankruptcy court of competent jurisdiction would not order the substantive consolidation of MONY Group and the Issuer. 
  
 (i)    Approvals, Etc.    The Insurer shall have received true and correct
copies of all approvals, licenses and consents, if any, including any required approval of the shareholders or members, as applicable, of each of MONY Group, the Issuer and MONY Life required in connection with the Transaction. 

 
 (j)    No Litigation, Etc.    No suit, action or other
proceeding, investigation or injunction, or final judgment relating thereto, shall be pending or (to the knowledge of the Issuer) threatened before any court or governmental agency in which it 
 

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 is sought to restrain or prohibit or to obtain damages or other relief in connection with the Transaction Documents or
the consummation of the Transaction. 
  
 (k)    Legality.    No statute, rule, regulation or order shall have been enacted, entered or deemed applicable by any government or governmental or administrative agency or court that
would make the transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof. 
  
 (l)    Issuance of Ratings. 
  
 (i)  The Issuer shall have received confirmation that the risk secured by the Initial Note Policy constitutes an investment grade risk by S&P and Moody’s and that the Notes, when issued, will be rated at least AAA
by S&P and Aaa by Moody’s. 
  
 (ii)  Each of S&P and Moody’s shall have
rated the Notes as at least A and Baal (without reference to the benefit to be afforded by the Initial Note Policy), respectively. 
  
 (iii)  The financial strength of MONY Life shall not be rated below AA- by S&P, and shall not be rated below A2 by Moody’s, and the unsecured senior debt of MONY Group shall not be
rated below A- by S&P and shall not be rated below Baa2 by Moody’s. 
  
 (m)    List of Assets.    A list of each of the assets included in the Surplus and Related Assets shall have been provided to the Insurer immediately prior to the issuance of the Initial
Policies and such list shall substantially conform with the description of the Surplus and Related Assets as described in Exhibit D to the Indenture. 
  
 (n)    Conform to Documents.    The Insurer and its counsel shall have determined in their reasonable
judgments that all documents, certificates and opinions to be delivered in connection with the Notes conform in all material respects to the terms of the Transaction Documents. 
  
 
Section 3.02    Issuance of the Subsequent Note Policies.    The Insurer agrees to issue the Subsequent Note Policies on any Subsequent Closing Date occurring on or prior to
December 31, 2004, subject to satisfaction of the conditions precedent set forth below: 
  
 (a)    Material Adverse Effect.    The Insurer shall have received a letter from the Issuer stating that, other than as reflected in the Offering Document, since the date of the
immediately preceding issuance of Notes or Additional Notes, as the case may be, there has been no Material Adverse Effect. 
  
 (b)    Payment of Premium and Expenses.    The Insurer shall have been paid, by the Issuer, that portion of a nonrefundable Premium payable on the
Subsequent Closing Date and the Issuer shall have reimbursed or paid directly the other fees and expenses identified in Section 3.03 hereof as payable on such Subsequent Closing. 
 

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 (c)    Transaction
Documents.    Arrangements reasonably satisfactory to the Insurer shall have been made for the delivery of executed counterparts of the Transaction Documents to the Insurer on or promptly following the Subsequent Closing
Date. 
  
 (d)    Certified Documents and
Resolutions.    The Insurer shall have received a copy of (i) the Amended and Restated Certificate of Incorporation or Amended and Restated Charter, as applicable, and Amended and Restated By-laws of each of MONY Group and
MONY Life and the certificate of formation and limited liability company agreement of the Issuer and (ii) the resolutions of each of the governing boards, or members (if applicable), of each of MONY Group, the Issuer and MONY Life, as required,
authorizing the issuance of the Additional Notes and the execution, delivery and performance by each of them of the Subsequent Transaction Documents to which it is a party and the transactions contemplated thereby, as applicable to it, certified by
the Secretary or an Assistant Secretary (or such other officer, with respect to the Issuer, with the authority to execute such certificates) of each of MONY Group, the Issuer and MONY Life (which certificate shall state that such Amended and
Restated Certificate of Incorporation, Amended and Restated Charter, Amended and Restated By-laws, certificate of formation and limited liability company agreement, as applicable, and resolutions are in full force and effect without modification on
the Subsequent Closing Date). 
  
 (e)    Incumbency
Certificate.    The Insurer shall have received a certificate of the Secretary or an Assistant Secretary (or such other officer, with respect to the Issuer, with the authority to execute such certificates) of each of MONY
Group, the Issuer or MONY Life certifying the names and signatures of the officers of each of MONY Group, the Issuer or MONY Life authorized to execute and deliver the Subsequent Transaction Documents to which it is a party and that shareholder or
member, as applicable, consent to the execution and delivery of such documents is not necessary or has been obtained. 
  
 (f)    Representations and Warranties; Certificate.    The representations and warranties of each of MONY Group, the Issuer or MONY Life set forth or incorporated by reference
in the Transaction Documents to which it is a party shall have been true and correct when made or as of a future date (or such other dates as are specified in the Transaction Documents) and, except where the failure of such a representation or
warranty to be true and correct would not have a material adverse effect on the Insurer’s interests with respect to the transactions contemplated hereby, shall be true and correct as of the Subsequent Closing Date and the Insurer shall have
received a certificate of appropriate officers of each of MONY Group, the Issuer or MONY Life to that effect. 
  
 (g)    Opinions of Counsel.    The Insurer shall have received an executed counterpart of each of the legal opinions of counsel to the Issuer and the Indenture Trustee, addressed to the
Insurer or accompanied by a reliance letter in favor of the Insurer, delivered in connection with the Subsequent Transaction Documents to which it 
 

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is a party on the Subsequent Closing Date, in each case in form and substance substantially identical to the opinions referred to in Section 3.01(h) hereof. 
  
 (h)    Approvals, Etc.    The Insurer shall have received true and correct
copies of all approvals, licenses and consents, if any, including any required approval of the shareholders or members, as applicable, of each of MONY Group, the Issuer and MONY Life required in connection with the issuance of the Additional Notes.

  
 (i)    No Litigation, Etc.    No suit, action or
other proceeding, investigation or injunction, or final judgment relating thereto, shall be pending or (to the knowledge of the Issuer) threatened (if reasonably likely to have an adverse result) before any court or governmental agency in which it
is sought to restrain or prohibit or to obtain damages or other relief in connection with the Subsequent Transaction Documents or the consummation of the issuance of the Additional Notes. 
  
 (j)    Legality.    No statute, rule, regulation or order shall have been enacted, entered or deemed
applicable by any government or governmental or administrative agency or court that would make the transactions contemplated by any of the Subsequent Transaction Documents illegal or otherwise prevent the consummation thereof. 

 
 (k)    Issuance of Ratings. 
  

(i)  The Issuer shall have received confirmation that the risk secured by the Additional Notes Policy constitutes an investment grade risk by
S&P and Moody’s and that the Additional Notes, when issued, will be rated at least AAA by S&P and Aaa by Moody’s. 
  
 (ii)  Each of S&P and Moody’s shall have rated the Additional Notes at a ratings level that is no lower than two ratings levels below the financial strength rating assigned by such
service to MONY Life at such time (without reference to the benefit to be afforded by the Additional Notes Policy); for example, without limiting the generality of the foregoing, if the financial strength of MONY Life is rated A+ at the time by
S&P, this subparagraph shall require that the Additional Notes be rated no lower than A- by S&P. 
  
 (iii)  The financial strength of MONY Life shall not be rated below A+ by S&P, and shall not be rated below A3 by Moody’s, and the unsecured senior debt of MONY Group shall not be rated below BBB by S&P and
shall not be rated below Baa3 by Moody’s. 
  
 (l)    No
Default.    No Default or Event of Default shall have occurred and be continuing. 
  
 (m)    Price Cap.    As of any such Subsequent Closing Date, the sum of the (x) Notes Price Cap Amount and (y) the Additional Notes Price Cap Amount and (z) the Proposed Issuance Price
Cap Amount shall not exceed $35,550,000. As used herein: 
 

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 (i)    “Notes Price Can
Amount” means, with respect to the Notes, the product of (A) the aggregate principal amount of the Notes Outstanding on such Subsequent Closing Date and (B) 7.19%. 
  
 (ii)    “Additional Notes Price Cap Amount” means, with respect to all series of Additional Notes Outstanding on such
Subsequent Closing Date, the aggregate, for all such series of Additional Notes, of the product of (A) the aggregate principal amount of such respective series of Additional Notes Outstanding on any Subsequent Closing Date and (B) the sum of (x)
0.75% and (y) if the Additional Notes are Additional Fixed Rate Notes, the annual fixed interest rate in respect of such Additional Fixed Rate Notes, and if the Additional Notes are Additional Floating Rate Notes, the annual fixed interest rate
determined by applying the swaps proposed to hedge the floating interest rate of such Additional Floating Rate Notes. 
  
 (iii)    “Proposed Issuance Price Cap Amount” means, with respect to Additional Notes which are proposed to be issued on such Subsequent Closing Date, the product of (A) the aggregate
principal amount of such Additional Notes proposed to be issued on such Subsequent Closing Date and (B) the sum of (x) 0.75% and (y) if the Additional Notes are Additional Fixed Rate Notes, the annual fixed interest rate in respect of such
Additional Fixed Rate Notes, and if the Additional Notes are Additional Floating Rate Notes, the annual fixed interest rate determined by applying the swaps proposed to hedge the floating interest rate of such Additional Floating Rate Notes.

  
 (n)    Conform to Documents.    The Insurer and
its counsel shall have determined in their reasonable judgments that all documents, certificates and opinions to be delivered in connection with the Additional Notes conform in all material respects to the terms of the Subsequent Transaction
Documents. 
  
 
Section 3.03    Payment of Fees and Premium. 
  
 (a)    Professional Fees.    On the date of the Initial Closing, the Issuer shall pay or reimburse the Insurer, upon presentation of appropriate documentation, for (i) the reasonable
fees and expenses of the Insurer’s counsel in connection with the Notes, LeBoeuf, Lamb, Greene & MacRae, L.L.P. (“LLG&M”), (ii) the reasonable fees and expenses in connection with any review of the Milliman USA analysis
of the Closed Block, not to exceed $125,000 and (iii) other reasonable out of pocket expenses incurred by the Insurer in connection with evaluating and executing the transaction not to exceed $30,000. No later than each Subsequent Closing Date, the
Issuer shall pay or reimburse the Insurer, upon presentation of appropriate documentation, for (i) the reasonable fees of expenses of its counsel incurred in connection with such issuance of Additional Notes, (ii) the reasonable fees and expenses of
outside actuarial consultants incurred in connection with such issuance and (iii) other reasonable out of pocket expenses incurred by the Insurer in connection with such issuance. Such fees and expenses shall be reimbursed irrespective of whether
any such issuance is consummated or the Insurer issues a Subsequent Note Policy in connection therewith. Other than LLG&M, the 
 

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 Insurer’s actuarial consultants, Tillinghast Towers-Perrin, and its regular accountants, KPMG Peat Marwick, the Insurer will consult with
the Issuer prior to hiring any service providers or incurring any out of pocket expenses in excess of $10,000, providing where reasonably practicable the identity of the third party to be hired, a description of the services to be rendered, and an
estimate of the fees to be charged or the reason for the incurrence of the out of pocket expenses. 
  
 (b)    Rating Agency Fees.    The initial fees of S&P and Moody’s with respect to the Notes and the Additional Notes and the transactions contemplated hereby shall be paid by
the Issuer in full on demand. All periodic and subsequent fees of S&P or Moody’s with respect to, and directly allocable to, the Notes and Additional Notes shall be for the account of, and shall be billed to, the Issuer. The fees for any
other rating agency shall be paid by the party requesting such other agency’s rating, unless such other agency is a substitute for S&P or Moody’s in the event that S&P or Moody’s is no longer rating the Notes or the Additional
Notes, in which case the cost for such agency shall be paid by the Issuer. 
  
 (c)    Premium. 
  
 (i)  The Issuer shall be
charged a premium under each Note Policy to be paid to the Insurer out of funds of the Closed Block Business, which shall be calculated based upon the Outstanding principal amount of the Notes or Additional Notes, as the case may be, insured by each
such Note Policy, on an annual basis commencing with the date of issuance of such Notes or Additional Notes (giving effect to such issuance for the purpose of such calculation), and on each anniversary of each such issuance, with the applicable
principal amount being multiplied by the premium rate of 0.75%. The annual premium amount so calculated (the “Premium”) will be fully earned on the date of each such issuance and each such anniversary, and shall be paid in quarterly
installments commencing on the date of such issuance and thereafter on the next three Scheduled Payment Dates for such issuance. 
  
 (ii)  The Insurer shall be entitled to receive the Premium as and when due (i) in the case of Premium due on or before the Initial Closing or any Subsequent Closing Date, directly from the
Issuer, and (ii) in the case of Premium due after the Initial Closing or any Subsequent Closing Date, from the Issuer pursuant to the Indenture as set forth therein. The Premium paid as aforesaid shall be nonrefundable without regard to whether the
Insurer makes any payment under the Initial Policies or any other circumstances relating to the Notes, the Additional Notes or the Swap Agreement or provision being made for payment of the Notes or the Additional Notes prior to maturity. The Issuer
or the Indenture Trustee (with respect to the Indenture Trustee, to the extent the Indenture Trustee is paying the premium on behalf of the Issuer in accordance with the Indenture), as the case may be, shall make all payments of Premium to be made
by them by wire transfer to an account designated from time to time by the Insurer by written notice to the Issuer or the Indenture Trustee, as the case may be. The Premium is hereby deemed fully earned by the Insurer as of the Date of Issuance or
any 
 

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Subsequent Closing Date notwithstanding the fact that it is payable in installments; provided, that in the event the Notes or the Additional Notes become due on an accelerated basis as a
result of a Trigger Event, if any, duly made and paid in accordance with the Indenture), then, at the option of Insurer, the Unpaid Premium shall become immediately due and payable by the Issuer to the Insurer without demand or notice. The
“Unpaid Premium” shall be an amount equal to the Premium that would have been payable from the date of the last periodic payment of Premium until the scheduled final maturity of the last maturing series of the Notes or Additional
Notes if the Notes or Additional Notes outstanding on the date of acceleration had remained outstanding until the scheduled final maturity. 
  
 (d)    Termination Fee.    If the Issuer redeems or defeases the Notes and any Additional Notes as provided in the Indenture, the Issuer shall pay the
Insurer a termination fee in cash equal to (i) the Outstanding principal balance of the Notes and any Additional Notes on the date that the such redemption or defeasance is fully funded as provided in the Indenture multiplied by (ii) a percentage
which shall be 2.25% on the date of the Initial Closing, declining ratably to zero on the third anniversary of the Initial Closing. 
  
 (e)    Commitment Fee.    The Issuer shall pay to the Insurer a commitment fee equal to an annual rate of 0.3% of the difference, on each date as of which such fee is
calculated, between $450,000,000 and the aggregate principal amount of the Notes and any Additional Notes issued on or prior to such date. Such fee shall be calculated as of the date of the Initial Closing, April 21, 2003 and April 21, 2004, and
shall be payable in arrears on a quarterly basis commencing on each such date and thereafter on the next three Scheduled Payment Dates for the Notes. Such fee for the period commencing on April 21, 2004 shall apply only to the period commencing on
such date and ending on December 31, 2004, and shall be reduced proportionately to give effect to such shortened period. No commitment fee hereunder shall be payable with respect to any period after December 31, 2004. 
  
 
Section 3.04    Reimbursement and Additional Payment Obligation.    (a)  In accordance with the priorities established in Section 4.05(l) of the Indenture, the
Insurer shall be entitled to reimbursement for any payment made by the Insurer under any Policy, which reimbursement shall be due and payable on the date that any amount is to be paid pursuant to a form of notice attached as an exhibit to each
Policy, in an amount equal to the amount to be so paid and all amounts previously paid that remain unreimbursed, together with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect of any unreimbursed
amounts representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate. Such payments shall include any payments made by the Insurer on behalf
of, or advanced to, the Issuer, including, without limitation, any amounts payable by the Insurer pursuant to the Notes, Additional Notes, the Swap Agreement or any other Transaction Documents or Subsequent Transaction Documents; and any payments
made by the Insurer as, or in lieu

 

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of, servicing, management, trustee, custodial or administrative fees payable, in the sole discretion of the Insurer, to third parties in connection with the Transaction. 
  
 (b)  The Issuer agrees to pay to the Insurer as follows: any and all advances, loans, charges, fees, costs and expenses that the
Insurer may reasonably pay or incur, including, but not limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) any accounts established to facilitate payments under any Policy to the extent the Insurer has not
been immediately reimbursed on the date that any amount is paid by the Insurer under any Policy, (ii) the administration, enforcement, defense or preservation of any rights in respect of any of the Transaction Documents and Subsequent Transaction
Documents, including defending, monitoring or participating in any litigation or proceeding (including any insolvency or bankruptcy proceeding in respect of the Issuer or MONY Life or any Affiliate thereof) relating to any of the Transaction
Documents and Subsequent Transaction Documents, any party to any of the Transaction Documents and Subsequent Transaction Documents, in its capacity as such a party, or the Transaction, (iii) the foreclosure against, sale or other disposition of any
collateral securing any obligations under any of the Transaction Documents and Subsequent Transaction Documents, or pursuit of any other remedies under any of the Transaction Documents and Subsequent Transaction Documents, to the extent such costs
and expenses are not recovered from such foreclosure, sale or other disposition, (iv) any amendment, waiver or other action with respect to, or related to, any Transaction Document and Subsequent Transaction Documents, whether or not executed or
completed and (v) any review or approval by the Insurer in connection with the delivery of any additional or substitute collateral under any of the Transaction Documents and Subsequent Transaction Documents; or any action taken by the Insurer to
cure an Event of Default (or to mitigate the effect of an Event of Default) under any of the Transaction Documents and Subsequent Transaction Documents. 
  
 (c) The Issuer agrees to pay to the Insurer as follows: interest on any and all amounts described in this Section 3.04 from the date payable or paid by or on behalf of such party until payment
thereof in full, and interest on any and all amounts described in Section 3.03 hereof from the date due until payment thereof in full, in each case, payable to the Insurer at the Late Payment Rate per annum. 
  
 All such amounts are to be immediately due and payable without demand, in full, without any requirement on the part of the Insurer to seek
reimbursement from any other sources of indemnity therefor or to allocate expenses to other transactions benefiting therefrom. 
  
 
Section 3.05    Indemnification; Limitation of Liability.    (a)  In addition to any and all rights of reimbursement, indemnification, subrogation and any other
rights of the Insurer pursuant hereto or under law or equity or under any Transaction Document or Subsequent Transaction Documents, the Issuer and MONY Life, jointly and severally, except with respect to Subsection (vi) of this Section
3.05(a) in which instance MONY Life shall be responsible only for its own breaches or defaults with respect to those Transaction Documents or Subsequent Transaction Documents to which it is a party, agree to pay, and to protect, indemnify and
save harmless, the Insurer and its officers, 
 

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directors, shareholders, employees, agents, and each Person, if any, who controls the Insurer within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (any
such person an “Indemnitee”), from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including, without limitation, reasonable fees and
expenses of attorneys, consultants and auditors and reasonable costs of investigations) or obligations whatsoever (herein collectively referred to as “Liabilities”) incurred by the Indemnitee of any nature arising out of or relating
to the transactions contemplated by the Transaction Documents and Subsequent Transaction Documents by reason of: 
 

  
 (i)  any untrue statement or alleged untrue statement of a material fact contained in the Offering Document or any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein in light of the circumstances under which they were made not misleading, except insofar and only to the extent as such Liabilities arise out of or are based upon any such untrue statement or
omission or allegation thereof based upon information which was furnished, respectively, by the Insurer in writing expressly for use therein (the “Insurer Information”) or by the Initial Purchasers in writing (the “Initial
Purchasers Information”) expressly for use therein; it being understood that, in respect of the Offering Document, the Insurer Information is limited to the information under the caption “Bond Insurance—Description of the
Insurer” and the financial statements of the Insurer incorporated therein by reference. 
  
 (ii)  to the extent not covered by clause (i) above, any act or omission of the Issuer or MONY Life in connection with the offering, issuance, sale or delivery of the Notes or Additional Notes other than by reason of
false or misleading Insurer Information or Initial Purchasers Information; 
  
 (iii)  the
negligence, bad faith, willful misconduct, misfeasance or malfeasance of, or theft committed by, any director, officer, employee or agent of the Issuer or MONY Life in connection with the Transaction; 
  
 (iv)  the violation by the Issuer or MONY Life of any federal or state securities, banking or antitrust laws,
rules or regulations in connection with the issuance, offer, sale, remarketing or delivery of the Notes or Additional Notes or the transactions contemplated by the Transaction Documents and Subsequent Transaction Documents; 
  
 (v)  the violation by the Issuer or MONY Life of any domestic or foreign laws, rules or regulations, or any
judgment, order or decree applicable to it; 
  
 (vi)  the breach by MONY Group, the Issuer
or MONY Life of any of its obligations under this Insurance Agreement or any of the Transaction Documents or Subsequent Transaction Documents or the occurrence, in respect of the Issuer or MONY Life, under any of the Transaction Documents or
Subsequent
 
 

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Transaction Documents of any “event of default” or any event which, with the giving of notice or lapse of time or both, would constitute any “event of default”; and

  
 (vii)  the breach by MONY Group, the Issuer or MONY Life of any representation,
warranty or covenant contained in the Transaction Documents or Subsequent Transaction Documents or in any certificate or report furnished or delivered to the Insurer thereunder. 
  
 (b)  Any Indemnitee which proposes to assert the right to be indemnified under this Section 3.05 will promptly after receipt of notice of commencement of
any action, suit or proceeding against such party in respect of which a claim is to be made against any of the Issuer or MONY Life (each an “Indemnifying Party”) under this Section 3.05, notify the Indemnifying Party of the
commencement of such action, suit or proceeding, enclosing a copy of all papers served; provided, that the failure of an Indemnitee to provide such notice shall relieve the Indemnifying Party of its obligations under this Section 3.05
only to the extent such Indemnifying Party shall have been materially prejudiced by such failure. In case any action, suit or proceeding shall be brought against any Indemnitee and it shall notify the Indemnifying Party of the commencement thereof,
the Indemnifying Party shall assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee, and pay all costs and expenses in connection therewith. An Indemnitee shall have the right to employ separate counsel in any such
action and to participate in the defense thereof at the expense of the Indemnitee; provided, however, that the fees and expenses of such separate counsel shall be at the expense of the Indemnifying Party if (i) the Indemnifying Party has
agreed in writing to pay such fees and expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such action or proceeding and employ counsel reasonably satisfactory to the Insurer in any such action or proceeding or (iii) the
named parties to any such action or proceeding (including any impleaded parties) include both an Indemnitee and the Indemnifying Party, and the Indemnitee shall have been advised by counsel that there may be one or more legal defenses available to
it which are different from or additional to those available to the Indemnifying Party (in which case, if the Indemnitee notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of such Indemnitee, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or
proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys
at any time for the Indemnitees, which firm shall be designated in writing by the Insurer). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without its written consent, but, if settled with its
written consent, or if there be a final judgment for the plaintiff in any such action or proceeding with respect to which the Indemnifying Party shall have received notice in accordance with this Subsection (b), the Indemnifying Party agrees
to indemnify and hold the Indemnitees harmless from and against any loss or liability by reason of such settlement or judgment. 
 

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 (c)  To provide for just and equitable contribution if the
indemnification provided by the Indemnifying Party is determined to be unavailable for any Indemnitee (other than due to application of this Section 3.05), each Indemnifying Party shall contribute to the losses incurred by an Indemnitee on
the basis of the relative fault of the Indemnifying Party, on the one hand, and the Indemnitee, on the other hand. 
  
 (d)  This Section 3.05 shall survive the termination of this Insurance Agreement and shall survive until the statute of limitations has run on any causes of action which give rise to a right of indemnification under
this Section 3.05 and until all suits filed as a result thereof have been finally concluded. 
  
 Section
3.06    Payment Procedure.    All payments to be made to the Insurer under this Insurance Agreement shall be made to the Insurer in lawful currency of the United States of
America in immediately available funds to the account number provided by the Insurer in writing no later than one Business Day prior to the date when due or as the Insurer shall otherwise direct by written notice to the other parties hereto no later
than one Business Day prior to the date when due. In the event that the date of any payment to the Insurer or the expiration of any time period hereunder occurs on a day which is not a Business Day, then such payment or expiration of time period
shall be made or occur on the next succeeding Business Day with the same force and effect as if such payment was made or time period expired on the scheduled date of payment or expiration date. Payments to be made to the Insurer under this Insurance
Agreement shall bear interest at the Late Payment Rate from the date when due to the date paid. 
  
 
Section 3.07    Subrogation.    Subject only to the payment terms set forth in the Indenture (including the payment priorities and limited recourse set forth in such documents
considered together) the parties hereto acknowledge that, in the event that the Insurer makes any payment pursuant to the Initial Policies, the Insurer shall, in addition to any other remedies available to it under the Transaction Documents, any
Subsequent Transaction Documents and/or applicable law, be fully subrogated to the rights of the Noteholders, the Counterparty or other Person to whom such payment is made by the Insurer to any moneys paid or payable to the Noteholders, the
Counterparty, or such other Person as the case may be, pursuant to the Notes, the Additional Notes, the Transaction Documents and the Subsequent Transaction Documents or otherwise. The parties hereto hereby agree to such subrogation and, further
agree to execute such instruments and to take such actions as, in the sole judgment of the Insurer, are necessary to evidence such subrogation and to perfect the rights of the Insurer to receive any moneys paid or payable in respect of the Initial
Policies or Subsequent Note Policies. 
  
 ARTICLE IV 
  
 FURTHER AGREEMENTS 
  
 
Section 4.01    Effective Date; Term of the Insurance Agreement.    This Insurance Agreement shall take effect on the Initial Closing and shall remain in effect until the
later of (a) such time as the Insurer is no longer subject to a claim under either (i) the Initial Policies and the Initial Policies shall have been surrendered to the Insurer

 

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for cancellation and (ii) any Subsequent Note Policies and all Subsequent Note Policies shall have been surrendered to the Insurer for cancellation and (b) all amounts payable to the Insurer by
the Issuer, MONY Group and MONY Life or from any other source under the Transaction Documents and Subsequent Transaction Documents and all amounts payable under the Notes, any Additional Notes and the Swap Agreement have been paid in full;
provided, however, that the provisions of Sections 3.03, 3.04 and 3.05 hereof shall survive any termination of this Insurance Agreement, until the Issuer has been fully released from all obligations to the Insurer under
the Indenture. 
  
 
Section 4.02    Obligations to be Performed in Accordance with this Insurance Agreement     (a)  The obligations of the Issuer, MONY Group and MONY Life hereunder
shall be paid or performed strictly in accordance with this Insurance Agreement under all circumstances irrespective of: 
  
 (i)  any lack of validity or enforceability of, or any amendment or other modifications of, or waiver, with respect to any of the Transaction Documents, Subsequent Transaction Documents, Initial Policies or
Subsequent Note Policies; 
  
 (ii)  any exchange or release of any other obligations
hereunder; 
  
 (iii)  the existence of any claim, setoff, defense, reduction, abatement or
other right which any of the Issuer, MONY Group and MONY Life may have at any time against the Insurer or any other Person; 
  
 (iv)  any document presented in connection with the Initial Policies proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or
inaccurate in any respect; 
  
 (v)  any payment by the Insurer under the Initial Policies
against presentation of a certificate or other document that does not strictly comply with terms of the Initial Policies; 
  
 (vi)  any failure of the Issuer to receive the proceeds from the sale of the Notes or the Additional Notes; 
  
 (vii)  any breach by any of the Issuer, MONY Group and MONY Life of any representation, warranty or covenant contained in any of the Transaction Documents or Subsequent Transaction Documents;
or 
  
 (viii)  any other circumstances, other than payment in full of the obligations under
this Insurance Agreement, the Indenture, the Notes and the Additional Notes which might otherwise constitute a defense available to, or discharge of, any of the Issuer, MONY Group and MONY Life in respect of any Transaction Document or Subsequent
Transaction Document. 
  
 (b)  Each of the Issuer, MONY Group and MONY Life and any their successors and
assigns pursuant to Section 4.03 hereof agree to be bound by this

 

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Insurance Agreement and to the extent permitted by law (i) waive and renounce any and all redemption and exemption rights and the benefit of all valuation and appraisement privileges against the
indebtedness and obligations evidenced by any Transaction Document or any Subsequent Transaction Document or by any extension or renewal thereof; (ii) waive presentment and demand for payment, notices of nonpayment and of dishonor, protest of
dishonor and notice of protest; (iii) waive all notices in connection with the delivery and acceptance hereof and all other notices in connection with the performance, default or enforcement of any payment hereunder, except as required by the
Transaction Documents and Subsequent Transaction Documents; (iv) waive all rights of abatement, diminution, postponement or deduction, or any defense other than payment, or to any right of setoff or recoupment arising out of any breach under any of
the Transaction Documents and Subsequent Transaction Documents, by any party thereto or any beneficiary thereof, or out of any obligation at any time owing to any of the Issuer, MONY Life or MONY Group; (v) agree that its liabilities hereunder
shall, except as otherwise expressly provided in this Section 4.02, be without regard to any setoff, counterclaim or the liability of any other Person for the payment hereof; (vi) agree that any consent, waiver or forbearance hereunder with
respect to an event shall operate only for such event and not for any subsequent event; (vii) consent to any and all extensions of time that may be granted by the Insurer with respect to any payment hereunder or other provisions hereof and to the
release of any security at any time given for any payment hereunder, or any part thereof, with or without substitution, and to the release of any Person or entity liable for any such payment; and (viii) consent to the addition of any and all other
makers, endorsers, guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for any payment hereunder, and agree that the addition of any such obligors or security shall not affect the liability of
the parties hereto for any payment hereunder. 
  
 
Section 4.03    Assignments; Reinsurance; Third-Party Rights.    (a)  This Insurance Agreement shall be a continuing obligation of the parties hereto and shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. None of the Issuer, MONY Group and MONY Life nor the Indenture Trustee may assign its rights under this Insurance Agreement, or
delegate any of its duties hereunder, without the prior written consent of the Insurer. Any assignment made in violation of this Insurance Agreement shall be null and void. 
  
 (b)  The Insurer shall have the right to enter into contracts of reinsurance with respect to the Policies upon such terms and conditions as the Insurer may in its
discretion determine; provided, however, that no such reinsurance agreement or arrangement shall relieve the Insurer of any of its obligations hereunder or under the Initial Policies. 
  
 (c)  Nothing in this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon any Person, including, particularly, any Noteholder,
other than the Insurer against any of the Issuer, MONY Group or MONY Life and MONY Group, MONY Life and the Issuer against the Insurer, and all the terms, covenants, conditions, promises and agreements contained herein shall be for the sole and
exclusive benefit of the parties hereto and their successors and permitted assigns. Neither

 

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the Indenture Trustee nor any Noteholder shall have any right to payment from any Premiums paid or payable hereunder or under the Indenture or from any other amounts paid by any of the Issuer,
MONY Group or MONY Life pursuant to Section 3.03 or 3.04 hereof. 
  
 
Section 4.04    Liability of the Insurer.    Neither the Insurer nor any of its officers, directors or employees shall be liable or responsible for (a) the use which may be
made of any Policy by the Indenture Trustee or the Counterparty or for any acts or omissions of the Indenture Trustee or the Counterparty in connection therewith; (b) the validity, sufficiency, accuracy or genuineness of documents delivered to the
Insurer or its agent in connection with any claim under any Policy, or of any signatures thereon, even if such documents or signatures should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged (unless an officer
of the Insurer with responsibility for the administration hereof shall have actual knowledge thereof) or (c) any acts or omissions of the Indenture Trustee, or any of the Issuer, MONY Group or MONY Life in connection with the Collateral other than
such acts or omissions that are at the written direction of the Insurer. In furtherance and not in limitation of the foregoing, the Insurer may accept documents that appear on their face to be in order, without responsibility for further
investigation. 
  
 
Section 4.05    Parties To Join in Enforcement Action.    To the extent necessary to enforce any right of the Insurer in or remedy of the Insurer with respect to the
Collateral, the parties hereto agree to join in any action initiated by the Insurer for the protection of such right or exercise of such remedy. 
  
 ARTICLE V 
  
 DEFAULTS; REMEDIES 
  
 
Section 5.01    Events of Default.    The occurrence of any of the following events shall constitute an Event of Default hereunder: 
  
 (a)  the Issuer shall fail to make any payment when due on the Notes, the Additional Notes or under the Swap
Agreement or any demand for payment shall be made under the Initial Policies or the Subsequent Note Policies; 
  
 (b)  any representation or warranty made by any of the Issuer, MONY Group or MONY Life under any of the Transaction Documents and Subsequent Transaction Documents to which any such entity is a party, or in any certificate
or report furnished under any of the Transaction Documents and Subsequent Transaction Documents, shall prove to have been untrue or incorrect when made or as of any other date as of which such representation or warranty is made in any material
respect in a manner materially adverse to the Insurer’s interests or risks; 
  
 (c)  (i) any of the Issuer, MONY Group or MONY Life shall fail to pay when due any amount payable by such entity under any of the Transaction Documents and Subsequent Transaction Documents (after giving effect to any
applicable cure

 

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period) including, with respect to the payment of any Premium, the failure of such payments to be made by the Indenture Trustee when due; (ii) any of the Issuer, MONY Group or MONY Life shall
have formally asserted in writing that any of the Transaction Documents and Subsequent Transaction Documents to which it is a party is not valid and binding on the parties thereto; or (iii) any court, governmental authority or agency having
jurisdiction over any of the parties to any of the Transaction Documents and Subsequent Transaction Documents or any property thereof shall find or rule that any material provision of any of the Transaction Documents and Subsequent Transaction
Documents is not valid and binding on the parties thereto (other than the Insurer); 
  
 (d)  any of the Issuer, MONY Group or MONY Life shall fail to perform or observe any other covenant or agreement contained in any of the Transaction Documents or Subsequent Transaction Documents and such failure shall
continue for a period of 30 days after written notice given to such entity; provided that, if such failure shall be of a nature that it cannot be cured within 30 days, such failure shall not constitute an Event of Default hereunder if within
such 30-day period such entity shall have given notice to the Insurer of corrective action it proposes to take, which corrective action is agreed in writing by the Insurer to be satisfactory and the Issuer, MONY Group or MONY Life shall thereafter
pursue such corrective action diligently until such default is cured; 
  
 (e)  any of the
Issuer, MONY Group or MONY Life shall fail to pay its debts generally as they come due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any
proceeding seeking to adjudicate any of the Issuer, MONY Group or MONY Life insolvent or seeking a liquidation, or shall take advantage of any insolvency act, or shall commence a case or other proceeding naming any of the Issuer, MONY Group or MONY
Life as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against any of the Issuer, MONY Group or MONY Life under the United States Bankruptcy Code or similar law,
domestic or foreign, or any proceeding shall be instituted against any of the Issuer, MONY Group or MONY Life seeking liquidation of such entity’s assets and such entity shall fail to take appropriate action resulting in the withdrawal or
dismissal of such proceeding within 60 days or there shall be appointed or any of the Issuer, MONY Group or MONY Life shall consent to, or acquiesce in, the appointment of a receiver, liquidator, conservator, trustee or similar official in respect
of such entity or the whole or any substantial part of its properties or assets or any of the Issuer, MONY Group or MONY Life shall take any corporate action in furtherance of any of the foregoing; or 
  
 (f)  an “event of default” shall have occurred and be continuing under the Indenture. 

 
 
Section 5.02    Remedies; No Remedy Exclusive.    (a)  Upon the occurrence and during the continuation of an Event of Default, the Insurer may exercise any one or
more of the rights and remedies set forth below (provided, that nothing in this Section 5.02 shall be deemed to modify or limit the rights and remedies that may be exercised under the Indenture): 
 

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 (i)  declare all indebtedness of every type or
description then owed by any of the Issuer, MONY Group or MONY Life to the Insurer to be immediately due and payable, and the same shall thereupon be immediately due and payable; 
  
 (ii)  exercise any rights and remedies available under the Transaction Documents or Subsequent Transaction Documents in its own capacity or in its
capacity as a Controlling Party; or 
  
 (iii)  take whatever action at law or in equity as
may appear necessary or desirable in its judgment to collect the amounts then due to the Insurer under the Transaction Documents or Subsequent Transaction Documents or to enforce the performance of any obligation of the Issuer, MONY Group or MONY
Life under the Transaction Documents or Subsequent Transaction Documents. 
  
 (b)  Unless otherwise
expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under any Transaction Document, any
Subsequent Transaction Document or existing at law or in equity. No delay or failure to exercise any right or power accruing under any Transaction Document or Subsequent Transaction Document upon the occurrence of any Event of Default shall impair
any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Insurer to exercise any remedy reserved to the
Insurer in this Article V, it shall not be necessary to give any notice, other than such notice as may be required in this Article V. 
  
 (c)  If any proceeding has been commenced to enforce any right or remedy under this Insurance Agreement, and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Insurer, then and in every such case the parties hereto shall, subject to any determination in such proceeding, be restored to their respective former positions hereunder, and, thereafter, subject to any determination in
such proceeding, all rights and remedies of the Insurer shall continue as though no such proceeding had been instituted. 
  
 
Section 5.03    Waivers.    The Insurer shall have the right, to be exercised in its complete discretion, to waive any covenant, Default or Event of Default, by a writing
setting forth the terms, conditions and extent of such waiver signed by the Insurer and delivered to the other parties hereto. Any such waiver may only be effected in writing duly executed by the Insurer, and no other course of conduct shall
constitute a waiver of any provision hereof. Unless such writing provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence so waived and not to any other similar event or occurrence which occurs subsequent
to the date of such waiver. 
 

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 ARTICLE VI 
  
 MISCELLANEOUS 
  
 
Section 6.01    Amendment, Etc.    This Insurance Agreement may be amended, modified or terminated only by written instrument or written instruments signed by the parties
hereto. The Issuer agrees to promptly provide a copy of any amendment to this Insurance Agreement to the Indenture Trustee and the Rating Agencies. No act or course of dealing shall be deemed to constitute an amendment, modification or termination
hereof. 
  
 
Section 6.02    Notices.    All demands, notices and other communications to be given hereunder shall be in writing (except as otherwise specifically provided herein) and
shall be mailed by registered mail or express mail or personally delivered or telecopied to the recipient as follows: 
  
 
	 To the Insurer:
 	  	 Ambac Assurance Corporation
 One State Street Plaza
 New York, New York 10004
 Attention: Managing Director, Structured Finance and Credit Derivatives Group
 Telecopier No.: (212) 797-5725
 
	 
	 To the Issuer:
 	  	 MONY Holdings, LLC
 1740 Broadway
 New York, New York 10019
 Attention: General Counsel of MONY Life
 Telecopier No.: (212)
708-2080
 
	 
	 with copy to:
 	  	 Dewey Ballantine LLP
 1301 Avenue of the Americas
 New York, New York 10019
 Attention: Jeff S. Liebmann
 Telecopier No.: (212) 259-6333
 
	 
	 To MONY Group:
 	  	 MONY Group Inc.
 1740 Broadway
 New York, New York 10019
 Attention: General Counsel
 Telecopier No.: (212)
708-2080
 
	 
	 with copy to:
 	  	 Dewey Ballantine LLP
 1301 Avenue of the Americas
 New York, New York 10019
 Attention: Jeff S. Liebmann
 Telecopier No.: (212) 259-6333
 

 
 

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Table of Contents

 
	 
	 To MONY Life:
 	  	 MONY Life Insurance Company 1740 Broadway New York, New York 10019 Attention: General Counsel Telecopier No.: (212) 708-2080
 
	 
	 with copy to:
 	  	 Dewey Ballantine LLP 1301 Avenue of the Americas New York, New York 10019 Attention: Jeff S. Liebmann Telecopier No.: (212) 259-6333
 
	 
	 To the Indenture Trustee:
 	  	 Bank One Trust Company, N.A. 153 West 51st Street New York, NY 10019 Attention: Corporate Trust Administration Telecopier No.: (212) 373-1383
 

 
  
 A party may specify an additional or different address or addresses
by writing mailed or delivered to the other parties as aforesaid. All such notices and other communications shall be effective upon receipt. In each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on
the Initial Policies or any other event with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention
of the General Counsel of the Insurer and shall be marked to indicate “URGENT MATERIAL ENCLOSED.” 
  
 
Section 6.03    Severability.    In the event that any provision of this Insurance Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the
parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is
unavailable or unenforceable shall not affect in any way the ability of such party to pursue any other remedy available to it. 
  
 
Section 6.04    Governing Law.    This Insurance Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflict of laws principles thereof that would require application of the laws of a jurisdiction other than the state of New York. 
  
 
Section 6.05    Consent to Jurisdiction.    (a)  The parties hereto hereby irrevocably submit to the jurisdiction of the United States District Court for the
Southern District of New York and any court in the State of New York located in the City and County of New York, and any appellate court from any thereof, in any action, suit or proceeding brought against it or in connection with any of the
Transaction Documents, Subsequent Transaction Documents or the transactions contemplated thereunder or for recognition or enforcement of any judgment, and the parties hereto hereby irrevocably

 

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and unconditionally agree that all claims in respect of any such action or proceeding may be heard or determined in such New York state court or, to the extent permitted by law, in such federal
court. The parties hereto agree that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by
applicable law, the parties hereto hereby waive and agree not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the
suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Transaction Documents, Subsequent Transaction Documents or the subject matter thereof may not be litigated in or
by such courts. 
  
 (b)  To the extent permitted by applicable law, the parties hereto shall not seek and
hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment. 
  
 (c) Nothing contained in this Insurance Agreement shall limit or affect the right of (i) the Insurer or (ii) the Issuer, MONY Life or MONY Group to serve process in any
manner permitted by law or to start legal proceedings relating to any of the Transaction Documents or Subsequent Transaction Documents against any of the Issuer, MONY Life or MONY Group, or the Insurer, respectively, or their respective property in
the courts of any jurisdiction. 
  
 
Section 6.06     Consent of the Insurer.    In the event that the Insurer’s consent is required under any of the Transaction Documents or Subsequent Transaction
Documents, the determination whether to grant or withhold such consent shall be made by the Insurer in its sole discretion without any implied duty towards any other Person, except as otherwise expressly provided therein. 
  
 
Section 6.07     Counterparts.    This Insurance Agreement may be executed in counterparts by the parties hereto, and all such counterparts shall constitute one and the same
instrument. 
  
 
Section 6.08     Headings.    The headings of Articles and Sections and the Table of Contents contained in this Insurance Agreement are provided for convenience only. They
form no part of this Insurance Agreement and shall not affect its construction or interpretation. Unless otherwise indicated, all references to Articles and Sections in this Insurance Agreement refer to the corresponding Articles and Sections of
this Insurance Agreement. 
  
 
Section 6.09     Trial by Jury Waived.    Each party hereto hereby waives, to the fullest extent permitted by law, any right to a trial by jury in respect of any litigation
arising directly or indirectly out of, under or in connection with any of the Transaction Documents, Subsequent Transaction Documents or any of the transactions contemplated thereunder. Each party hereto (i) certifies that no representative, agent
or attorney of any party hereto has represented, expressly or otherwise, that it would not, in the event of

 

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Table of Contents

 
litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into the Transaction Documents to which it is a party by, among other things, this waiver.

  
 
Section 6.10     Limited Liability.    No recourse under any Transaction Document or Subsequent Transaction Document shall be had against, and no personal liability shall
attach to, any officer, employee, director, Affiliate, shareholder, or member of any party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise in respect of any of the
Transaction Documents or Subsequent Transaction Documents, it being expressly agreed and understood that each Transaction Document is, and each Subsequent Transaction Document will be, solely a corporate or limited liability company obligation of
each party hereto, and that any and all personal liability, either at common law or in equity, or by statute or constitution, of every such officer, employee, director, Affiliate, shareholder or member for breaches by any party hereto of any
obligations under any Transaction Document and Subsequent Transaction Document is hereby expressly waived as a condition of and in consideration for the execution and delivery of this Insurance Agreement. 
  
 
Section 6.11     Entire Agreement.    This Insurance Agreement, the Initial Policies and the other Transaction Documents to which the Insurer is a party or third party
beneficiary set forth the entire agreement between the parties with respect to the subject matter thereof, and this Insurance Agreement supersedes and replaces any agreement or understanding that may have existed between the parties prior to the
date hereof in respect of such subject matter. 
  
 
Section 6.12     Further Assurances and Corrective Instruments.    To the extent permitted by law, each of the Issuer, MONY Group or MONY Life agrees that it will, from time
to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as the Insurer may reasonably request and as may be required in the Insurer’s reasonable
judgment to effectuate the intention of or facilitate the performance of this Insurance Agreement, unless such action would also constitute action that a party would be required to take under Section 3.07 or Section 4.05 hereof, in
which case such action shall be within the Insurer’s discretion as contemplated by such sections. 
  
 [REMAINDER OF PAGE
INTENTIONALLY BLANK; 
 SIGNATURE PAGE FOLLOWS] 
 

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 IN WITNESS WHEREOF, the parties hereto have executed this Insurance Agreement, all as of the day and year first above
written. 
  
 
	 AMBAC ASSURANCE CORPORATION
 
	 
	 By:
 	 	 /s/    MICHAEL SCHOZER
 

	  	 	 Name: Michael Schozer
 Title:  M.D.
 

 
  
 
	 MONY HOLDINGS, LLC
 
	 
	 By:
 	 	 /s/    RICHARD DADDARIO        
 

	  	 	 Name: Richard Daddario
 Title:  Chief Financial
Officer
 

 
  
 
	 THE MONY GROUP INC., solely for the limited purposes set forth herein
 
	 
	 By:
 	 	 /s/    BART SCHWARTZ        
 

	  	 	 Name: Bart Schwartz
 Title:  Senior Vice President and General
Counsel
 

 
  
 
	 MONY LIFE INSURANCE COMPANY, solely for the limited purposes set forth herein
 
	 
	 By:
 	 	 /s/    BART SCHWARTZ         
 

	  	 	 Name: Bart Schwartz
 Title:  Senior Vice President and General
Counsel
 

 
  
 
	 BANK ONE TRUST COMPANY, N.A., as Indenture Trustee
 
	 
	 By:
 	 	 /s/    MICHAEL PINZON        
 

	  	 	 Name: Michael Pinzon
 Title:  Authorized Officer

 
 

 51Prepared by R.R. Donnelley Financial -- Exchange and Registration Rights Agreement

 MONY Holdings, LLC 
  
 Floating Rate Insured Notes due January 21, 2017 
  
 
 
 Exchange and Registration Rights Agreement 
  
 April 30, 2002

  
 Goldman, Sachs & Co., 
 Credit Suisse First Boston Corporation, 
 Salomon Smith Barney Inc., 
 JP Morgan Securities Inc., 
 Advest, Inc.,

 Fleet Securities, Inc. 
  
 c/o Goldman, Sachs & Co. 
 85 Broad Street 
 New York, New York 10004 
  
 Ladies and Gentlemen: 
  
 MONY Holdings, LLC, a Delaware limited liability company (the
“Company”), proposes to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) $300 million principal amount of its Floating Rate Insured Notes due January 21, 2017 (the
“Notes”). As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company and MONY Life Insurance Company, a New York stock life
insurance corporation (“MONY Life”), agree with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Notes (as defined herein) as follows: 
  

1.    Certain Definitions.    For purposes of this Exchange and Registration Rights Agreement, the following terms shall
have the following respective meanings: 
  
 “Agreement” shall mean this Exchange and Registration
Rights Agreement. 
  
 “Base Interest” shall mean the interest that would otherwise accrue on the
Notes under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 
  
 “Broker-dealer” shall mean any broker or dealer registered with the Commission under the Exchange Act. 
  
 “Closing Date” shall mean the date on which the Notes are initially issued. 
  
 “Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the
particular purpose. 

  
  “Effective Time,” in the case of (i) an Exchange Registration,
shall mean the time and date as of which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date
as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
  
 “Electing Holder” shall mean any holder of Registrable Notes that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or
3(d)(iii) hereof. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any
successor thereto, as the same shall be amended from time to time. 
  
 “Exchange Offer” shall have
the meaning assigned thereto in Section 2(a) hereof. 
  
 “Exchange Registration” shall have the
meaning assigned thereto in Section 3(c) hereof. 
  
 “Exchange Registration Statement” shall have
the meaning assigned thereto in Section 2(a) hereof. 
  
 “Exchange Notes” shall have the meaning
assigned thereto in Section 2(a) hereof. 
  
 “Holder” shall mean each of the Purchasers and other
persons who acquire Registrable Notes from time to time (including any successors or assigns), in each case for so long as such person owns any Registrable Notes. 
  
 “Indenture” shall mean the Indenture, dated as of April 30, 2002, among the Company, The MONY Group, Inc. (for the limited purposes set forth therein),
Ambac Assurance Corporation and Bank One Trust Company, N.A., as Trustee, as the same shall be amended from time to time. 
  
 “Notes” shall mean, collectively, the Floating Rate Insured Notes due January 21, 2017 of the Company to be issued and sold to the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to
the Indenture. 
  
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto. 
  
 “Person” shall mean
a corporation, association, partnership, organization, business, individual, government or political subdivision thereof or governmental agency. 
  
 “Purchase Agreement” shall mean the Purchase Agreement, dated as of April 24, 2002, between the Purchasers, the Company and MONY Life Insurance Company relating to the Notes.

  
 “Purchasers” shall mean the Purchasers named in Schedule I to the Purchase Agreement.

  
 “Registrable Notes” shall mean the Notes; provided, however, that a Note shall cease to
be a Registrable Note when (i) in the circumstances contemplated by Section 2(a) hereof, the Note has been exchanged for an Exchange Note in an Exchange Offer as contemplated 
  
 

 2 

 
in Section 2(a) hereof (provided that any Exchange Note that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with resales by
broker-dealers shall be deemed to be a Registrable Note with respect to Sections 5, 6 and 9 until resale of such Registrable Note has been effected within the 180-day period referred to in Section 2(a)); (ii) in the circumstances contemplated by
Section 2(b) hereof, a Shelf Registration Statement registering such Note under the Securities Act has been declared or becomes effective and such Note has been sold or otherwise transferred by the holder thereof pursuant to and in a manner
contemplated by such effective Shelf Registration Statement; (iii) such Note is sold pursuant to Rule 144 under circumstances in which any legend borne by such Security relating to restrictions on transferability thereof, under the Securities Act or
otherwise, is removed by the Company or pursuant to the Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k) of Rule 144; or (v) such Security shall cease to be outstanding. 
  
 “Registration Default” shall have the meaning assigned thereto in Section 2(c) hereof. 
  
 “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
  
 “Resale Period” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company within the meaning of Rule 405, (ii) a
holder who acquires Exchange Notes outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person to participate in the Exchange Offer for the purpose of distributing Exchange Notes
and (iv) a holder that is a broker-dealer, but only with respect to Exchange Notes received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Notes acquired by the broker-dealer directly from the Company. 

 
 “Rule 144,” “Rule 405” and “Rule 415” shall mean, in each case, such rule promulgated
under the Securities Act (or any successor provision), as the same shall be amended from time to time. 
  
 “Securities Act” shall mean the Securities Act of 1933, or any successor thereto, as the same shall be amended from time to time. 
  
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(b) hereof. 
  
 “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b) hereof. 
  
 “Special Interest” shall have the meaning assigned thereto in Section 2(c) hereof. 
  
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms promulgated thereunder,
all as the same shall be amended from time to time. 
  
 Unless the context otherwise requires, any reference herein
to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision. 
 

 3 

  
 2.    Registration Under the Securities Act.

  
 (a)  Except as set forth in Section 2(b) below, the Company agrees to file under the Securities Act, as
soon as practicable, but no later than 90 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement”, and such offer, the “Exchange
Offer”) any and all of the Notes for a like aggregate principal amount of debt securities issued by the Company, which debt securities are substantially identical to the Notes (and are entitled to the benefits of a trust indenture which is
substantially identical to the Indenture or is the Indenture and which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not
contain provisions for the additional interest contemplated in Section 2(c) below (such new debt securities hereinafter called “Exchange Notes”). The Company and MONY Life agree to use their reasonable best efforts to cause the Exchange
Registration Statement to become effective under the Securities Act as soon as practicable, but no later than 180 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply
with all applicable tender offer rules and regulations under the Exchange Act. The Company and MONY Life further agree to use their reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such
registration statement has become effective, hold the Exchange Offer open for at least 30 days and exchange Exchange Notes for all Registrable Notes that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange
Offer. The Exchange Offer will be deemed to have been “completed” only if the debt securities received by holders (other than Restricted Holders) in the Exchange Offer for Registrable Notes are, upon receipt, transferable by each such
holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer shall be
deemed to have been completed upon the earlier to occur of (i) the Company having exchanged the Exchange Notes for all outstanding Registrable Notes pursuant to the Exchange Offer and (ii) the Company having exchanged, pursuant to the Exchange
Offer, Exchange Notes for all Registrable Notes that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 30 days following the commencement of the Exchange Offer. The
Company and MONY Life agree (x) to include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Notes that is a Broker-dealer (each, a “Broker-Dealer Holder”) and (y) to keep such Exchange
Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Notes are first issued in the Exchange Offer and ending upon the earlier of (1) the expiration of the 180th day after the Exchange Offer has been
completed or (2) such time as such Broker-dealers no longer own any Registrable Notes. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections
6(a), (c), (d) and (e) hereof. 
  
 (b)  If (i) on or prior to the time the Exchange Offer is completed,
existing Commission interpretations are changed such that the debt securities received by holders (other than Restricted Holders) in the Exchange Offer for Registrable Notes are not or would not be, upon receipt, transferable by each such holder
without restriction under the Securities Act, (ii) the Exchange Offer has not been completed within 225 days following the Closing Date or (iii) the Exchange Offer is not available to any holder of the Notes (other than a Restricted Holder), the
Company shall, in lieu of (or, in the case of clause (iii), in addition to)
 
 

 A-4 

 
conducting the Exchange Offer contemplated by Section 2(a), file under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a
“shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Notes, pursuant to Rule 415 or any similar rule that may be adopted by the Commission
(such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and MONY Life agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement to
become or be declared effective no later than 120 days after such Shelf Registration Statement is filed and to keep such Shelf Registration Statement continuously effective for a period ending on the earlier of (1) the second anniversary of the
Effective Time or (2) such time as there are no longer any Registrable Notes outstanding, provided, however, that no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use the
prospectus forming a part thereof for resales of Registrable Notes unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration Statement, promptly upon the request of any holder of Registrable Notes that is
not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable Notes, including, without limitation, any action necessary to identify such holder as
a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this Clause (y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Company in
accordance with Section 3(d)(iii) hereof. The Company and MONY Life further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration
form used by the Company for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, and the Company and MONY Life agree to furnish to each Electing Holder copies of any such supplement
or amendment prior to its being used or promptly following its filing with the Commission. 
  
 (c)  In the
event that (i) the Company has not filed the Exchange Registration Statement or Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii)
such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be declared effective
pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within 60 days after the initial effective date of the Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then
required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Company or shall become subject
to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration
statement filed and declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default
Period”), then, as liquidated damages for such Registration Default (“Liquidated Damages”), subject to the provisions of Section 9(b), in addition to the Base Interest, shall accrue at a per annum rate of 0.25% for the first 90 days
of the Registration Default Period and at a per annum rate of 0.50% thereafter for the remaining portion of the Registration Default Period. 
 

 5 

  
 (d)  The Company and MONY Life shall take all actions reasonably
necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated. 
  
 (e)  Any reference herein to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any
post-effective amendment to a registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. 
  
 3.    Registration Procedures. 
  
 If the Company files a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 
  
 (a)  At or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case may be, the Company shall qualify the Indenture
under the Trust Indenture Act of 1939. 
  
 (b)  In the event that such qualification would
require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
  
 (c)  In connection with the Company’s and MONY Life’s obligations with respect to the registration of Exchange Notes as contemplated by
Section 2(a) (the “Exchange Registration”), if applicable, the Company shall, as soon as practicable (or as otherwise specified): 
  
 (i)  prepare and file with the Commission, as soon as practicable but no later than 90 days after the Closing Date, an Exchange Registration Statement on any form which may be utilized by the
Company and which shall permit the Exchange Offer and resales of Exchange Notes by Broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and use its reasonable best efforts to cause such Exchange Registration
Statement to become effective as soon as practicable thereafter, but no later than 180 days after the Closing Date; 
  
 (ii)  prepare and file with the Commission such amendments and supplements to such Exchange Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of
such Exchange Registration Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange
Registration Statement, and promptly provide each Broker-dealer holding Exchange Notes with such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of
the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, as such Broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange
Notes; 
 

 6 

  
 (iii)  promptly notify each Broker-dealer that has
requested or received copies of the prospectus included in such registration statement, and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or
post-effective amendment has been filed, and, with respect to such Exchange Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or securities
commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of
any stop order suspending the effectiveness of such Exchange Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Company and MONY Life contemplated
by Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company or MONY Life of any notification with respect to the suspension of the qualification of the Exchange Notes for sale in any jurisdiction or, if
known to the Company or MONY Life, the initiation or threatening of any proceeding for such purpose, (F) at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act, that such Exchange Registration
Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the
Commission thereunder, or (G) of the happening of any event or the existence of any fact prior to the end of the Resale Period that requires the Company to make changes in the Exchange Registration Statement, prospectus, prospectus amendment or
supplement or post-effective amendment in order that the Exchange Registration Statement or the prospectus, prospectus amendment or supplement or post-effective amendment do not contain an untrue statement of a material fact nor omit to state a
material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, prospectus amendment or supplement or post-effective amendment, in light of the circumstances under which they were made) not
misleading; 
  
 (iv)  in the event that the Company would be required, pursuant to Section
3(c)(iii)(F) above, to notify any Broker-Dealer Holders holding Exchange Notes, without delay prepare and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to
purchasers of such Exchange Notes during the Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;

  
 (v)  use reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of such Exchange Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
  
 (vi)  use best efforts to (A) register or qualify the Exchange Notes under the securities laws or blue sky laws of such jurisdictions as are contemplated by Section
 
 

 7 

 
2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and
dealings therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable each Broker-Dealer Holder to consummate the disposition thereof in such
jurisdictions; provided, however, that the Company shall not be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this
Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction, (3) make any changes to its certificate of formation, limited liability company agreement, certificate of incorporation, as amended, or bylaws, as amended, or any
agreement between it and its stockholders or (4) become subject to taxation in any jurisdiction; 
  
 (vii)  use reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Exchange Registration, the Exchange Offer
and the offering and sale of Exchange Notes by Broker-Dealer Holders during the Resale Period; 
  
 (viii)  provide a CUSIP number for all Exchange Notes, not later than the applicable Effective Time; and 
  
 (ix)  comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as practicable but no later than eighteen months after
the effective date of such Exchange Registration Statement, an earning statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158 thereunder). 

 
 (d)  In connection with the Company’s and MONY Life’s obligations with respect to the Shelf
Registration, if applicable, the Company shall, as soon as practicable (or as otherwise specified): 
  
 (i)  prepare and file with the Commission, as soon as practicable but in any case within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Company and which
shall register all of the Registrable Notes for resale by the holders thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders and use its reasonable
best efforts to cause such Shelf Registration Statement to become effective as soon as practicable but in any case within the time periods specified in Section 2(b); 
  
 (ii)  not less than 24 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the
holders of Registrable Notes; no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales
of Registrable Notes at any time, unless such holder has returned a completed and signed Notice and Questionnaire to the Company by the deadline for response set forth therein and the Company has received such response; provided, however,
holders of Registrable Notes shall have at least 21 calendar days from the date on
 
 

 8 

 
which the Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire to the Company; 
  

(iii)  after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Notes that is not then an
Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Company shall not be required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such
holder to use the prospectus forming a part thereof for resales of Registrable Notes until after the Company has received a completed and signed Notice and Questionnaire from such holder; 
  
 (iv)  prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included
therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) hereof and as may be required by the applicable rules and regulations of the Commission and the
instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed with the Commission; 

 
 (v)  comply with the provisions of the Securities Act with respect to the disposition of all of the
Registrable Notes covered by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement to the extent such compliance affects the ability of the
Electing Holders to engage in the disposition of the Registrable Notes; 
  
 (vi)  provide
(A) the Electing Holders, (B) the underwriters (which term, for purposes of this Agreement, shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement
agent therefor, (D) counsel for any such underwriter or agent and (E) not more than one counsel for all the Electing Holders the opportunity to participate in the preparation of such Shelf Registration Statement, each prospectus included therein or
filed with the Commission and each amendment or supplement thereto; 
  
 (vii)  for a
reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section 2(b), make available at reasonable times at the Company’s principal place of business or such other reasonable place for
inspection by the persons referred to in Section 3(d)(vi) who shall certify to the Company that they have a current intention to sell the Registrable Notes pursuant to the Shelf Registration such material financial and other information and books
and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary, in the judgment of the respective counsel referred to
in such Section, to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that each such party shall be required to agree in writing to maintain in confidence and not to disclose to any
other person any information or records reasonably designated by
 
 

 9 

 
the Company as being confidential, until such time as (A)such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement or otherwise), or
(B) such person shall be required so to disclose such information pursuant to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such
person shall have given the Company prompt prior written notice of such requirement), or (C) such information is, in the reasonable judgment of the Company and the Electing Holders, required to be set forth in such Shelf Registration Statement or
the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such Shelf Registration Statement, prospectus, amendment or supplement, as the case may be,
complies in all material respects with respect to form with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material fact or omit to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made; 
  
 (viii)  promptly notify each of the Electing Holders, any sales or placement agent therefor and any underwriter thereof (which notification may be
made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf Registration Statement or the prospectus included therein or any prospectus amendment or
supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or
securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement or prospectus or for additional information, (C) of the issuance by the
Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or, if known to the Company or MONY Life, the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and
warranties of the Company contemplated by Section 3(d)(xvii) or Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company of any notification with respect to the suspension of the qualification of the
Registrable Notes for sale in any jurisdiction or, if known to the Company or MONY Life, the initiation or threatening of any proceeding for such purpose, (F) if at any time when a prospectus is required to be delivered under the Securities Act,
that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the
rules and regulations of the Commission thereunder; or (G) of the happening of any event or the existence of any fact prior to the end of the Resale Period that requires the Company to make changes in the Exchange Registration Statement, prospectus,
prospectus amendment or supplement or post-effective amendment in order that the Exchange Registration Statement or the prospectus, prospectus amendment or supplement or post-effective amendment do not contain an untrue statement of a material fact
nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, prospectus
 
 

 10 

 
amendment or supplement or post-effective amendment, in light of the circumstances under which they were made) not misleading; 
  
 (ix)  use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement or any
post-effective amendment thereto at the earliest practicable date; 
  
 (x)  if requested by
any managing underwriter or underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the
Commission and as such managing underwriter or underwriters, such agent or such Electing Holder reasonably specifies should be included therein relating to the terms of the sale of such Registrable Notes, including information with respect to the
principal amount of Registrable Notes being sold by such Electing Holder or agent or to any underwriters, the name and description of such Electing Holder, agent or underwriter, the offering price of such Registrable Notes and any discount,
commission or other compensation payable in respect thereof, the purchase price being paid therefor by such underwriters and with respect to any other terms of the offering of the Registrable Notes to be sold by such Electing Holder or agent or to
such underwriters; and make all required filings of such prospectus supplement or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

 
 (xi)  furnish to each Electing Holder, each placement or sales agent, if any, therefor, each
underwriter, if any, thereof and the respective counsel referred to in Section 3(d)(vi) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration Statement, each such amendment and supplement thereto (in
each case including all exhibits thereto (in the case of an Electing Holder of Registrable Notes, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf Registration Statement (excluding exhibits
thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf Registration Statement (including each
preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, and such other
documents, as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Notes owned by such Electing Holder, offered or sold by such agent or
underwritten by such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Company hereby consents to the use of such prospectus (including such
preliminary and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Company, in connection with the
offering and sale of the Registrable Notes covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 
 

 11 

  
 (xii)  use its reasonable best efforts to (A) register
or qualify the Registrable Notes to be included in such Shelf Registration Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor and underwriter, if
any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf
Registration is required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Electing Holder, agent or underwriter to complete its distribution of Notes pursuant to such Shelf Registration Statement
and (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such Registrable Notes;
provided, however, that the Company shall not be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section
3(d)(xii), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of formation, limited liability company agreement, certificate of incorporation, as amended, or bylaws, as amended, or any
agreement between it and its stockholders or (4) become subject to taxation in any jurisdiction; 
  
 (xiii)  use its reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Shelf Registration or the offering or
sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their Registrable Notes; 
  
 (xiv)  unless any Registrable Notes shall be in book-entry only form, cooperate with the Electing Holders and the managing underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Notes to be sold, which certificates, if so required by any securities exchange upon which any Registrable Notes are listed, shall be penned, lithographed or engraved, or produced by any combination
of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; and, in the case of an underwritten offering, enable such Registrable Notes to be in such denominations and registered in such names as the
managing underwriters may request at least two business days prior to any sale of the Registrable Notes; 
  
 (xv)  provide a CUSIP number for all Registrable Notes, not later than the applicable Effective Time; 
  
 (xvi)  enter into such customary agreements (including if requested one or more underwriting agreements, engagement letters, agency agreements, “best efforts” underwriting
agreements or similar agreements), as appropriate, including customary provisions relating to indemnification and contribution, and take such other actions in connection therewith as any Electing Holders aggregating at least 20% in aggregate
principal amount of the Registrable Notes at the time outstanding shall request in order to reasonably expedite or facilitate the disposition of such Registrable Notes; 
 

 12 

  
 (xvii)  whether or not an agreement of the type
referred to in Section 3(d)(xvi) hereof is entered into and whether or not any portion of the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any other entity, (A) make
such representations and warranties to the Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt
securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf Registration; (B) obtain an opinion of counsel to the Company in customary form and covering such matters, of the type
customarily covered by such an opinion, as the managing underwriters, if any, or as any Electing Holders of at least 25% in aggregate principal amount of the Registrable Notes at the time outstanding may reasonably request, addressed to such
Electing Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the effective date of such Shelf Registration Statement (and if such Shelf Registration Statement contemplates an
underwritten offering of a part or all of the Registrable Notes, dated the date of the closing under the underwriting agreement relating thereto) (it being agreed that the matters to be covered by such opinion shall include those matters covered in
the opinions of counsel to the Company issued at the date of original issuance of the Notes and other opinions in customary form concerning registration of the Notes under the Securities Act, of the type customarily given for similar offerings of
securities registered under the Securities Act); (C) obtain a “comfort” letter or letters from the independent certified public accountants of the Company addressed to the selling Electing Holders, the placement or sales agent, if any,
therefor or the underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement and (ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or
post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus (and, if such Shelf
Registration Statement contemplates an underwritten offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes
unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under the underwriting agreement relating thereto), such letter or
letters to be in customary form and covering such matters of the type customarily covered by letters of such type; (D) deliver such documents and certificates, including officers’ certificates, as may be reasonably requested by any Electing
Holders of at least 25% in aggregate principal amount of the Registrable Notes at the time outstanding or the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy of the representations
and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof and the compliance in all material respects with or satisfaction in all material respects of any agreements or conditions contained in the underwriting
agreement or other agreement entered into by the Company; and (E) undertake such obligations relating to expense reimbursement, indemnification and contribution as are provided in Section 6 hereof; 
 

 13 

  
 (xviii)  notify in writing each holder of Registrable
Notes of any proposal by the Company to amend or waive any provision of this Agreement pursuant to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver
proposed or effected, as the case may be; 
  
 (xix)  in the event that any Broker-dealer
shall underwrite any Registrable Notes or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Conduct Rules (the “Conduct Rules”) of the National
Association of Securities Dealers, Inc. (“NASD”) or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable Notes or as an underwriter, a placement or sales agent or a broker or dealer in
respect thereof, or otherwise, reasonably assist such Broker-dealer in complying with the requirements of such Conduct Rules, including by (A) if such Conduct Rules shall so require, engaging a “qualified independent underwriter” (as
defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement relating to such Registrable Notes, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated
by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Registrable Notes, (B) indemnifying any such qualified independent underwriter to the extent of the
indemnification of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested by such underwriter), and (C) providing such information to such Broker-dealer as may be required in order for such Broker-dealer to
comply with the requirements of the Conduct Rules; and 
  
 (xx)  comply with all applicable
rules and regulations of the Commission, and make generally available to its securityholders as soon as practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earning statement
of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158 thereunder). 
  
 (e)  In the event that the Company would be required, pursuant to Section 3(c)(iii)(F) or 3(d)(viii)(F) above, to notify the Electing Holders, the
placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Company shall, as soon as practicable, prepare and furnish to each of the Electing Holders, to each placement or sales agent, if any, and to each such
underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Notes, such prospectus shall conform in all material respects to the applicable requirements of
the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances under which they were made. Each Electing Holder or Broker-Dealer Holder, as applicable, agrees that upon receipt of any notice from the Company pursuant to Section
3(c)(iii)(F) or 3(d)(viii)(F) hereof, such Electing Holder or Broker-Dealer Holder, as applicable, shall forthwith discontinue the disposition of Registrable Notes pursuant to the Shelf Registration Statement applicable to such Registrable Notes or
Exchange Registration Statement, as applicable, until such Electing Holder or Broker-Dealer Holder, as applicable, shall have received copies of such
 
 

 14 

 
amended or supplemented prospectus, and if so directed by the Company, such Electing Holder or Broker-Dealer Holder, as applicable, shall deliver to the Company (at the Company’s expense)
all copies, other than permanent file copies, then in such Electing Holder’s or Broker-Dealer Holder’s, as applicable, possession of the prospectus covering such Registrable Notes or Exchange Registration Statement, as applicable, at the
time of receipt of such notice. 
  
 (f)  In the event of a Shelf Registration, in addition
to the information required to be provided by each Electing Holder in its Notice Questionnaire, the Company may require such Electing Holder to furnish to the Company such additional information regarding such Electing Holder and such Electing
Holder’s intended method of distribution of Registrable Notes as may be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in
information previously furnished by such Electing Holder to the Company or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a
material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Notes or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of
disposition of such Registrable Notes required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made, and promptly to furnish to the Company any additional
information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Notes, an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made. 
  

(g)  Until the expiration of two years after the Closing Date, the Company and MONY Life will and will not permit any of its
“affiliates” (as defined in Rule 144) to, resell any of the Notes that have been reacquired by any of them except pursuant to an effective registration statement under the Securities Act. 
  
 (h)  Notwithstanding anything to the contrary in this Agreement, including without limitation, Sections 2 and 3
hereof, if outside counsel to the Company (which counsel shall be experienced in securities laws matters) has determined in good faith that (i) the filing of the Shelf Registration Statement or (ii) the compliance by the Company with its disclosure
obligations in connection with the Shelf Registration Statement at any time or in connection with the Exchange Registration Statement during the Resale Period would require the disclosure of information that would be reasonably likely to materially
adversely affect the ability of the Company or any of its affiliates to consummate a transaction significant to MONY Group and its subsidiaries, taken as a whole (whether or not a final decision has been made to undertake such transaction), or
require disclosure of information the Company reasonably determines it cannot disclose at that time without material prejudice to it or its affiliates, then the Company (x) may delay the filing or the effectiveness of the Shelf Registration
Statement (if not then filed or effective, as applicable) and (y) shall not be required to maintain the effectiveness of, or amend or supplement, the Shelf Registration Statement or the Exchange Registration Statement, for a period (a “Deferral
Period”) expiring not later than three business days after the earlier to occur of (A) the date on which such material information is disclosed to the public or ceases to be material or the Company is able to so comply with its disclosure
obligations and commission requirements or (B) 90
 
 

 15 

 
days after the Company notifies the Purchasers and Electing Holders of such determination; provided that aggregate number of days in all Deferral Periods shall not exceed 90 during any
12-month period. 
  
 (i)  The Company will give prompt written notice, in the manner
prescribed by Section 9(c) hereof, to each Purchaser and Electing Holder of each Deferral Period. Each holder, by his acceptance of any Registrable Notes, agrees that upon receipt of such notice of a Deferral Period (i) it will forthwith discontinue
disposition of Registrable Notes pursuant to the Shelf Registration Statement or the Exchange Registration Statement, and (ii) it will not deliver any prospectus forming a part of the Shelf Registration Statement or the Exchange Registration
Statement in connection with any sale of Registrable Notes, as applicable until such holder’s receipt of copies of the supplemented or amended prospectus provided for in clause (e) above, or until it is advised in writing by the Company that
the prospectus forming part of the Shelf Registration Statement or the Exchange Registration Statement may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such
prospectus. 
  
 (j)  The Company and MONY Life will have no liability for failing to
perform any obligations it may have pursuant to Sections 2 and 3 of this Agreement during any Deferral Period; provided that if pursuant to Section 2(c) hereof Liquidated Damages are accruing at the commencement of a Deferral Period or a
Registration Default occurs during a Deferral Period, Liquidated Damages shall continue to accrue until the Registration Default giving rise to the accrual of Liquidated Damages shall have been cured. 
  
 4.    Registration Expenses. 
  
 The Company and MONY Life agree to bear and to pay or cause to be paid promptly all expenses incident to the Company’s and MONY Life’s performance of or
compliance with this Agreement, including (a) all Commission and any NASD registration, filing and review fees and reasonable expenses including fees and disbursements of one counsel for the placement or sales agent or underwriters in connection
with such registration, filing and review, (b) all reasonable fees and expenses in connection with the qualification of the Notes for offering and sale under the State securities and blue sky laws referred to in Section 3(d)(xii) hereof and
determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate, including any fees and disbursements of one counsel for the Electing Holders or underwriters
in connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each prospectus included
therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Notes for delivery and the expenses of printing or producing any underwriting agreements, agreements among
underwriters, selling agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Notes to be disposed of (including certificates representing the Notes), (d) messenger,
telephone and delivery expenses relating to the offering, sale or delivery of Notes and the preparation of documents referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for
the Trustee and of any collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s officers and employees performing legal or accounting duties), (g) fees, disbursements and expenses ofcounsel and
independent certified public accountants of the Company and MONY Life (including the expenses of any
 
 

 16 

 
opinions or “comfort” letters required by or incident to such performance and compliance), (h) fees, disbursements and expenses of any “qualified independent underwriter”
engaged pursuant to Section 3(d)(xix) hereof, (i) reasonable fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in
aggregate principal amount of the Registrable Notes held by Electing Holders (which counsel shall be reasonably satisfactory to the Company), (j) any fees charged by securities rating services for rating the Notes, and (k) fees, expenses and
disbursements of any other persons, including special experts, retained by the Company in connection with such registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or
paid by any holder of Registrable Notes or any placement or sales agent therefor or underwriter thereof, the Company and MONY Life shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly
after receipt of an invoice therefor. Notwithstanding the foregoing, the holders of the Registrable Notes being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such
Registrable Notes and the fees and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts specifically referred to above. 
  
 5.    Representations and Warranties. 
  
 The Company and MONY Life represent and warrant to, and agree with, each Purchaser and each of the holders from time to time of Registrable Notes that: 

 
 (a)  Each registration statement covering Registrable Notes and each prospectus (including any
preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any such registration statement or prospectus, when it becomes effective or is filed with
the Commission, as the case may be, and, in the case of an underwritten offering of Registrable Notes, at the time of the closing under the underwriting agreement relating thereto, will conform in all material respects to the requirements of the
Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances when they were made; and at all times subsequent to the Effective Time when a prospectus would be required to be delivered under the Securities Act, other than from (i) such time as a
notice has been given to holders of Registrable Notes pursuant to Section 3(d)(viii)(F) or Section 3(c)(iii)(F) hereof until (ii) such time as the Company furnishes an amended or supplemented prospectus pursuant to Section 3(e) or Section 3(c)(iv)
hereof, each such registration statement, and each prospectus (including any summary prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then amended or supplemented, will conform in all material respects
to the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; provided, however, that this representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Notes expressly for use therein. 
 

 17 

  
 (b)  Any documents incorporated by reference in any
prospectus referred to in Section 5(a) hereof, when they become or became effective or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein not
misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company or MONY Life by a holder of
Registrable Notes expressly for use therein. 
  
 (c)  The compliance by the Company and
MONY with all of the provisions of this Agreement and the consummation of the transactions herein contemplated will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement or other agreement to which the Company or MONY Life and any of their respective significant subsidiaries (as such term is defined in Rule 1-02(w) of Regulation S-X of the Commission) of the Company is a party or by
which the Company or any significant subsidiary of the Company is bound or to which any of the property or assets of the Company or any significant subsidiary of the Company is subject, nor will such action result in any violation of the provisions
of the certificate of formation, or limited liability company agreement, of the Company or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any significant subsidiary of
the Company or any of their properties; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the consummation by the Company of the transactions
contemplated by this Agreement, except the registration under the Securities Act of the Notes, qualification of the Indenture under the Trust Indenture Act and such consents, approvals, authorizations, registrations or qualifications as may be
required under state securities, insurance securities or blue sky laws in connection with the offering and distribution of the Notes; provided that the representations and warranties contained in this Section 5(c) will not apply to the extent
that such conflict, default, violation, breach or lack of consent would not have a material adverse effect on the Company and its subsidiaries taken as a whole and not affect the validity, performance or consummation of the transactions contemplated
by this Agreement. 
  
 (d)  This Agreement has been duly authorized, executed and delivered
by the Company and MONY Life. 
  
 6.    Indemnification. 
  
 (a)  Indemnification by the Company and MONY Life.    The Company and MONY Life, jointly and
severally, will indemnify and hold harmless each of the holders of Registrable Notes included in an Exchange Registration Statement, each of the Electing Holders of Registrable Notes included in a Shelf Registration Statement and each person who
participates as a placement or sales agent or as an underwriter in any offering or sale of such Registrable Notes against any losses, claims, damages or liabilities, joint or several, to which such holder, agent or underwriter may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange
Registration Statement or Shelf Registration
 
 

 18 

 
Statement, as the case may be, under which such Registrable Notes were registered under the Securities Act, or any preliminary, final or summary prospectus contained therein or furnished by the
Company or MONY Life to any such holder, Electing Holder, agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse such holder, such Electing Holder, such agent and such underwriter for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however, that the Company and MONY Life shall not be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in
conformity with written information furnished to the Company or MONY Life by such person expressly for use therein. 
  
 (b)  Indemnification by the Holders and any Agents and Underwriters.    The Company and MONY Life may require, as a condition to including any Registrable Notes in any registration statement filed
pursuant to Section 2(b) hereof and to entering into any underwriting agreement with respect thereto, that the Company or MONY Life shall have received an agreement reasonably satisfactory to it from the Electing Holder of such Registrable Notes and
from each underwriter named in any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Company and MONY Life, and all other holders of Registrable Notes, against any losses, claims, damages or liabilities
to which the Company, MONY Life or such other holders of Registrable Notes may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Company or MONY Life to any such Electing Holder,
agent or underwriter, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or
MONY Life by such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Company or MONY Life for any legal or other expenses reasonably incurred by the Company or MONY Life in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds
to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Notes pursuant to such registration. 
  
 (c)  Notices of Claims, Etc.    Promptly after receipt by an indemnified party under subsection (a) or (b) above of written notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but
the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any 
 

 19 

 
indemnified party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be brought against any indemnified party and
it shall notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party (which shall not be unreasonably withheld or delayed), be counsel to the indemnifying party), and, after
notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in
each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement
or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or
potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d)  Contribution.    If for any reason the indemnification provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by
pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this
Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the amount by which the
dollar amount of the proceeds received by such holder from the sale of any Registrable Notes (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which
 
 

 20 

 
the total price at which the Registrable Notes underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Notes
registered or underwritten, as the case may be, by them and not joint. 
  
 (e)  The obligations of the
Company and MONY Life under this Section 6 shall be in addition to any liability which the Company or MONY Life may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, agent and
underwriter and each person, if any, who controls any holder, agent or underwriter within the meaning of the Securities Act; and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any
liability which the respective holder, agent or underwriter may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company and MONY Life and each person who controls the Company or MONY Life.

  
 7.    Underwritten Offerings. 
  

(a)  Selection of Underwriters.    If any of the Registrable Notes covered by the Shelf Registration are to be sold pursuant to an
underwritten offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of the Registrable Notes to be included in such offering, provided that such
designated managing underwriter or underwriters is or are reasonably acceptable to the Company. 
  
 (b)  Participation by Holders.    Each holder of Registrable Notes hereby agrees with each other such holder that no such holder may participate in any underwritten offering hereunder unless such
holder (i) agrees to sell such holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 8.    Rule 144. 
  
 The Company and MONY
Life covenant to the holders of Registrable Notes that to the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including
the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the rules and regulations adopted by the Commission thereunder, and shall take such
further action as any holder of Registrable Notes may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Notes without registration under the Securities Act within the limitations of the
exemption provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Notes in
connection with that
 
 

 21 

 
holder’s sale pursuant to Rule 144, the Company shall deliver to such holder a written statement as to whether it has complied with such requirements. 
  
 9.    Miscellaneous. 
  
 (a)  No Inconsistent Agreements.    The Company represents, warrants, covenants and agrees that it has not granted, and shall not grant, registration rights with
respect to Registrable Notes or any other securities which would be inconsistent with the terms contained in this Agreement. 
  
 (b)  Specific Performance.    The parties hereto acknowledge that there would be no adequate remedy at law if the Company or MONY Life fails to perform any of their obligations hereunder and that
the Purchasers and the holders from time to time of the Registrable Notes may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders, in addition to any other remedy to which they may be entitled at law
or in equity, shall be entitled to compel specific performance of the obligations of the Company or MONY Life under this Agreement in accordance with the terms and conditions of this Agreement. 
  

(c)  Notices.    All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall
be deemed to have been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Company,
to it at 1740 Broadway, New York, New York 10019; attn: General Counsel of MONY Life, copy to Dewey Ballantine LLP, attn: Jonathan L. Freedman, and if to a holder, to the address of such holder set forth in the security register or other records of
the Company, or to such other address as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
  
 (d)  Parties in Interest.    All the terms and provisions of this Agreement shall be binding upon,
shall inure to the benefit of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Notes and the respective successors and assigns of the parties hereto and such holders. In the event that any
transferee of any holder of Registrable Notes shall acquire Registrable Notes, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a
beneficiary hereof for all purposes and such Registrable Notes shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Notes such transferee shall be entitled to receive the benefits of, and be
conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of this Agreement. If the Company or MONY Life shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the
Registrable Notes subject to all of the applicable terms hereof. 
  
 (e)  Survival.    The respective indemnities, agreements, representations, warranties and each other provision set forth in this Agreement or made pursuant hereto shall remain in full force and
effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Notes, any director, officer or partner of such holder, any agent or underwriter or any director, officer or partner
thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the
 
 

 22 

 
Registrable Notes pursuant to the Purchase Agreement and the transfer and registration of Registrable Notes by such holder and the consummation of an Exchange Offer. 
  
 (f)  Governing Law.    This Agreement shall be governed by and construed in accordance with
the laws of the State of New York without regard to the conflicts of laws rules of such state. 
  
 (g)  Headings.    The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall not
affect in any way the meaning or interpretation of this Agreement. 
  
 (h)  Entire Agreement;
Amendments.    This Agreement and the other writings referred to herein (including the Indenture and the form of Notes) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties
with respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be
waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Company, MONY Life and the holders of at least a majority in aggregate principal amount of the
Registrable Notes at the time outstanding. Each holder of any Registrable Notes at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any notice, writing or marking
indicating such amendment or waiver appears on such Registrable Notes or is delivered to such holder. 
  
 (i)  Inspection.    For so long as this Agreement shall be in effect, this Agreement and a complete list of the names and addresses of all the holders of Registrable Notes shall be made available
for inspection and copying on any business day during normal business hours by any holder of Registrable Notes for proper purposes only (which shall include any purpose related to the rights of the holders of Registrable Notes under the Notes, the
Indenture and this Agreement) at the offices of the Company at the address thereof set forth in Section 9(c) above and at the office of the Trustee under the Indenture. 
  
 (j)  Counterparts.    This agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original,
but all such respective counterparts shall together constitute one and the same instrument. 
 

 23 

  
 If the foregoing is in accordance with your understanding, please sign and return
to us four counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement between each of the Purchasers, the Company and MONY Life. It is
understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Company and MONY Life for examination upon
request, but without warranty on your part as to the authority of the signers thereof. 
  
  
 
	 Very truly yours,
 
	 
	 MONY HOLDINGS, LLC
 
	 
	 By:
 	 	 /s/    RICHARD DADDARIO        
 

	  	 	 Name:  Richard Daddario
 Title:    Chief Financial Officer
 

 
  
 
	 MONY LIFE INSURANCE COMPANY
 
	 
	 By:
 	 	 /s/    BART SCHWARTZ         
 

	  	 	 Name:  Bart Schwartz
 Title:    Senior Vice President and
              General Counsel
 

 
  
 Accepted as of the date hereof: 
 Goldman, Sachs & Co., 
 Credit Suisse
First Boston Corporation, 
 Advest, Inc., 
 Salomon Smith Barney Inc., 
 JP Morgan Securities Inc., 
 Fleet Securities, Inc. 
  
 
	 
	 By:
 	 	 /s/    GOLDMAN, SACHS & CO.        

	  	 	                         (Goldman,
Sachs & Co.)
 

 
  
 

 Exhibit A 
  
 MONY Holdings, LLC 
  
 INSTRUCTION TO DTC PARTICIPANTS 
  

(Date of Mailing) 
  
 URGENT—IMMEDIATE
ATTENTION REQUESTED 
  
 DEADLINE FOR RESPONSE: [DATE] * 
  
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in the MONY Holdings, LLC (the
“Company”) Floating Rate Insured Notes due January 21, 2017 (the “Notes”) are held. 
  
 The
Company is in the process of registering the Notes under the Securities Act of 1933 for resale by the beneficial owners thereof. In order to have their Notes included in the registration statement, beneficial owners must complete and return the
enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 
  
 It is important that
beneficial owners of the Notes receive a copy of the enclosed materials as soon as possible as their rights to have the Notes included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For
Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Notes through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact
the General Counsel of MONY Life Insurance Company, 1740 Broadway, New York, New York 10019; tel. 212-708-2000. 
 

	*
	 
	At least 21 calendar days from date of mailing. 
 

 

 A-1 

 MONY Holdings, LLC 
  
 Notice of Registration Statement 
  
 and 
  
 Selling Securityholder Questionnaire 
  
 (Date)

  
 Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange and Registration
Rights Agreement”) between MONY Holdings, LLC (the “Company”), MONY Life Insurance Company and the Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Company has filed with the United States
Securities and Exchange Commission (the “Commission”) a registration statement on Form [            ] (the “Shelf Registration Statement”) for the registration and
resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Company’s Floating Rate Insured Notes due January 21, 2017 (the “Notes”). A copy of the Exchange and Registration Rights
Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement. 
  
 Each beneficial owner of Registrable Notes is entitled to have the Registrable Notes beneficially owned by it included in the Shelf Registration Statement. In order to have
Registrable Notes included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Company’s
counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Notes who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling
securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Notes. 
  
 Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of Registrable Notes
are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. 
 

 A-2 

 ELECTION 
  
 The undersigned holder (the “Selling Securityholder”) of Registrable Notes hereby elects to include in the Shelf Registration Statement the Registrable Notes beneficially owned by it and listed below in Item (3). The
undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Notes by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
  
 Upon any sale of Registrable Notes pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Company and Trustee the
Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement. 
  
 The Selling Securityholder hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 
 

 A-3 

 QUESTIONNAIRE 
  
 
	 
	 (1)(a)
 	 	 Full  Legal Name of Selling Securityholder:
  
 

	 
	      (b)
 	 	 Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Notes Listed in Item (3) below:
  
 

	 
	      (c)
 

 	 	 Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Notes Listed in Item (3) below are
Held:
  
 

	 
	 (2)    
 	 	 Address for Notices to Selling Securityholder:
  
 

	 
	  	 	 

	 
	  	 	 

	 
	  	 	 Telephone: 
 
	  	 	 

	 
	  	 	 Fax:                
 
	  	 	 

	 
	  	 	 Contact Person:  
 
	  	 	 

	 
	 (3)    
 	 	 Beneficial Ownership of Notes:  
 
	 
	  	 	 Except as set forth below in this Item (3), the undersigned does not beneficially own any Notes.
 
	 
	      (a)
 

 

 

 	 	 Principal amount of Registrable Notes beneficially owned:
  
 
 
 CUSIP No(s). of such Registrable Notes:   

 
 

	 
	      (b)
 

 

 

 	 	 Principal amount of Notes other than Registrable Notes beneficially owned:   
  
 
 
 CUSIP No(s). of such other
Notes:   
  
 

	 
	      (c)
 

 

 	 	 Principal amount of Registrable Notes which the undersigned wishes to be included in the Shelf Registration Statement:

  
 
CUSIP No(s). of such Registrable Notes to be included
in the Shelf Registration Statement:   
  
 

	 
	 (4)    
 	 	 Beneficial Ownership of Other Securities of the Company:
 
	 
	  	 	 Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of
the Company, other than the Notes listed above in Item (3).
 
	 
	  	 	 State any exceptions here:
 

 

	 	

  
  
  
 

 A-4 

  

	(5)
	 
	Relationships with the Company: 
 

  

	
	 
	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has
held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 
 

  

	   
	 
	State any exceptions here: 
 

  
  

	(6)
	 
	Plan of Distribution: 
 

  

	
	 
	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Notes listed above in Item (3) only as follows (if at
all): Such Registrable Notes may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Registrable Notes may be sold in one or more transactions at fixed
prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national
securities exchange or quotation service on which the Registered Notes may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter
market, or (iv) through the writing of options. In connection with sales of the Registrable Notes or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the
Registrable Notes in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Notes short and deliver Registrable Notes to close out such short positions, or loan or pledge Registrable Notes to
broker-dealers that in turn may sell such securities. 
 

  

	   
	 
	State any exceptions here: 
 

  
  
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the Exchange
Act and the rules and regulations thereunder, particularly Regulation M. 
  
 In the event that the Selling
Securityholder transfers all or any portion of the Registrable Notes listed in Item (3) above after the date on which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the
transfer of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration Rights Agreement. 
  
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and
related Prospectus. The Selling Securityholder understands that such information will be relied upon by the Company in connection with the preparation of the Shelf Registration Statement and related Prospectus. 
  
 In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and Registration Rights Agreement to
provide such information as may be required by law for
 
 

 A-5 

 
inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or
air courier guaranteeing overnight delivery as follows: 
  
 
	 (i)     To the Company:
 	  	  
	  	  	 1740 Broadway
 New York, NY 10019
 Attn:    General Counsel of MONY
              Life Insurance Company
 
	 
	 (ii)    With a copy to:
 	  	  
	  	  	 Dewey Ballantine LLP
 1301 Avenue of the Americas
 New York, NY 10019
 Attn: Jonathan L. Freedman
 

 
  
 Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company’s counsel, the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the
respective successors, heirs, personal representatives, and assigns of the Company and the Selling Securityholder (with respect to the Registrable Notes beneficially owned by such Selling Securityholder and listed in Item (3) above. This Agreement
shall be governed in all respects by the laws of the State of New York without regard to the conflicts of laws rules of such state. 
 

 A-6 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent. 
  
 Dated:
                                        
                                        
               
  
                                      
                                        
                                        
                                        
                                        
                                 
 Selling Securityholder 
 (Print/type full
legal name of beneficial owner of Registrable Notes) 
  
 By:                                     
                                        
                                        
                                        
                                        
                         
 Name: 
 Title: 
  
 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT: 
  
 Dewey Ballantine LLP 
 1301 Avenue of the Americas 
 New York, NY 10019 
 Attn: Jonathan L. Freedman 
 

 A-7 

 Exhibit B 
  
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
  
 Bank One Trust Company,
N.A. 
 153 West 51st Street 
 New York, NY 10019 
  
 Attention: Trust Officer 
  

	 	Re:
	 
	MONY Holdings, LLC (the “Company”) 
 

	 	   
	 
	Floating Rate Insured Notes due January 21, 2017 
 

  
 Dear Sirs: 
  
 Please
be advised that                          has transferred
$                     aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form
[    ] (File No. 333-            ) filed by the Company. 
  
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as a “Selling
Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such owner’s name. 
  
 Dated: 
  
 
	 Very truly yours,
 
	 
	  	 	 

	  	 	 (Name)
 
	 
	 By:
 	 	 

	  	 	 (Authorized Signature)
 

 
 

 B-1

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