Document:

<PAGE>   1
                                                                     EXHIBIT 4.3

                                                                  CONFORMED COPY

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                            364-DAY CREDIT AGREEMENT

                                   dated as of

                               September 11, 2000

                                      among

                        THE DUN & BRADSTREET CORPORATION
                       (to be renamed Moody's Corporation)

                     The Borrowing Subsidiaries Party Hereto

                            The Lenders Party Hereto

                            THE CHASE MANHATTAN BANK,
                            as Administrative Agent,

                                 CITIBANK, N.A.,
                              as Syndication Agent,

                                       and

                              THE BANK OF NEW YORK,
                             as Documentation Agent

              $80,000,000 REVOLVING CREDIT AND COMPETITIVE ADVANCE
                                    FACILITY

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<PAGE>   2
                                TABLE OF CONTENTS

                             ----------------------

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                                    ARTICLE 1
                                   DEFINITIONS

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SECTION 1.01.  Defined Terms...................................................................    1
SECTION 1.02.  Classification of Loans and Borrowings..........................................   18
SECTION 1.03.  Terms Generally.................................................................   18
SECTION 1.04.  Accounting Terms; GAAP..........................................................   19

                                            ARTICLE 2
                                           THE CREDITS

SECTION 2.01.  Commitments.....................................................................   19
SECTION 2.02.  Loans and Borrowings............................................................   20
SECTION 2.03.  Requests for Revolving Borrowings...............................................   21
SECTION 2.04.  Competitive Bid Procedure.......................................................   21
SECTION 2.05.  Intentionally Omitted...........................................................   24
SECTION 2.06.  Funding of Borrowings...........................................................   24
SECTION 2.07.  Interest Elections..............................................................   25
SECTION 2.08.  Termination, Reduction and Increase of Commitments..............................   26
SECTION 2.09.  Repayment of Loans; Evidence of Debt............................................   28
SECTION 2.10.  Prepayment of Loans.............................................................   29
SECTION 2.11.  Fees............................................................................   29
SECTION 2.12.  Interest........................................................................   30
SECTION 2.13.  Alternate Rate of Interest......................................................   31
SECTION 2.14.  Increased Costs.................................................................   32
SECTION 2.15.  Break Funding Payments..........................................................   33
SECTION 2.16.  Taxes...........................................................................   34
SECTION 2.17.  Payments Generally; Pro Rata Treatment; Sharing of Set-offs ....................   36
SECTION 2.18.  Mitigation Obligations; Replacement of Lenders..................................   37
SECTION 2.19.  Borrowing Subsidiaries..........................................................   38

                                    ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

SECTION 3.01.  Organization; Powers............................................................   39
SECTION 3.02.  Authorization; Enforceability...................................................   39
SECTION 3.03.  Governmental Approvals; No Conflicts............................................   40
SECTION 3.04.  Financial Condition; No Material Adverse Change.................................   40
SECTION 3.05.  Properties......................................................................   41
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SECTION 3.06.  Litigation and Environmental Matters............................................   41
SECTION 3.07.  Compliance with Laws and Agreements.............................................   42
SECTION 3.08.  Investment and Holding Company Status...........................................   42
SECTION 3.09.  Taxes...........................................................................   42
SECTION 3.10.  ERISA...........................................................................   42
SECTION 3.11.  Disclosure......................................................................   43
SECTION 3.12.  Subsidiaries....................................................................   43
SECTION 3.13.  Use of Proceeds.................................................................   43
SECTION 3.14.  Solvency........................................................................   43
SECTION 3.15.  Representation and Warranties Related to New D&b and the Spin-off...............   44

                                    ARTICLE 4
                                   CONDITIONS

SECTION 4.01.  Effective Date..................................................................   45
SECTION 4.02.  Each Credit Event...............................................................   47
SECTION 4.03.  Each Borrowing Subsidiary Credit Event..........................................   47

                                    ARTICLE 5
                              AFFIRMATIVE COVENANTS

SECTION 5.01.  Financial Statements and Other Information......................................   48
SECTION 5.02.  Notices of Material Events......................................................   49
SECTION 5.03.  Existence; Conduct of Business..................................................   50
SECTION 5.04.  Payment of Obligations..........................................................   50
SECTION 5.05.  Maintenance of Properties; Insurance............................................   50
SECTION 5.06.  Books and Records; Inspection Rights............................................   51
SECTION 5.07.  Compliance with Laws............................................................   51
SECTION 5.08.  Use of Proceeds.................................................................   51

                                    ARTICLE 6
                               NEGATIVE COVENANTS

SECTION 6.01.  Liens...........................................................................   51
SECTION 6.02.  Fundamental Changes.............................................................   53
SECTION 6.03.  Transactions with Affiliates....................................................   54
SECTION 6.04.  Sale and Lease-Back Transactions................................................   54
SECTION 6.05.  Total Debt to EBITDA Ratio......................................................   55
SECTION 6.06.  Interest Coverage Ratio.........................................................   55
SECTION 6.07.  Amendment of Spin-off Documents.................................................   55
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<PAGE>   4
                                    ARTICLE 7
                                EVENTS OF DEFAULT

                                    ARTICLE 8
                            THE ADMINISTRATIVE AGENT

                                    ARTICLE 9
                                    GUARANTEE

                                   ARTICLE 10
                                  MISCELLANEOUS

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SECTION 10.01.  Notices........................................................................   63
SECTION 10.02.  Waivers; Amendments............................................................   64
SECTION 10.03.  Expenses; Indemnity; Damage Waiver.............................................   65
SECTION 10.04.  Successors and Assigns.........................................................   66
SECTION 10.05.  Survival.......................................................................   70
SECTION 10.06.  Counterparts; Integration; Effectiveness.......................................   70
SECTION 10.07.  Severability...................................................................   71
SECTION 10.08.  Right of Setoff................................................................   71
SECTION 10.09.  Governing Law; Jurisdiction; Consent to Service of Process.....................   71
SECTION 10.10.  Waiver of Jury Trial...........................................................   72
SECTION 10.11.  Headings.......................................................................   72
SECTION 10.12.  Confidentiality................................................................   73
SECTION 10.13.  Interest Rate Limitation.......................................................   73
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                                        1
<PAGE>   5
SCHEDULES:

Schedule 1        --       Pro Forma Financial Statements
Schedule 2.01     --       Commitments
Schedule 3.06     --       Disclosed Matters
Schedule 3.12     --       Subsidiaries
Schedule 6.01     --       Existing Liens

EXHIBITS:

Exhibit A         --       Form of Assignment and Acceptance
Exhibit B-1       --       Form of Opinion of Company's Counsel
Exhibit B-2       --       Form of Opinion of Simpson Thacher & Bartlett
Exhibit C         --       Form of Opinion of Borrowing Subsidiary's Counsel
Exhibit D         --       Form of Borrowing Subsidiary Agreement
Exhibit E         --       Form of Borrowing Subsidiary Termination
Exhibit F         --       Form of Statement Relating to Tax Status
Exhibit G         --       Form of Assumption Agreement

                                       iii
<PAGE>   6
         CREDIT AGREEMENT dated as of September 11, 2000, among THE DUN &
BRADSTREET CORPORATION (to be renamed Moody's Corporation), the BORROWING
SUBSIDIARIES party hereto, the LENDERS party hereto, THE CHASE MANHATTAN BANK,
as Administrative Agent, CITIBANK, N.A., as Syndication Agent, and THE BANK OF
NEW YORK, as Documentation Agent.

         The parties hereto agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

         SECTION 1.01.  Defined Terms.  As used in this Agreement, the following
terms have the meanings specified below:

         "ABR", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Alternate Base Rate.

         "Acceptable Insurer" means (i) Lloyd's of London, so long as it is
rated at least 3 crowns by Standard & Poor's Rating Services, a division of The
McGraw- Hill Companies, Inc., (ii) an insurance company having an A.M. Best
rating of "A" or better and being in a financial size category of IX or larger
(as such category is defined on the date hereof) or (iii) an insurance company
otherwise reasonably acceptable to the Administrative Agent.

         "Administrative Agent" means The Chase Manhattan Bank, in its capacity
as administrative agent for the Lenders hereunder.

         "Administrative Questionnaire" means an Administrative Questionnaire in
a form supplied by the Administrative Agent.

         "Affiliate" means, with respect to a specified Person, another Person
that directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified. No SPC of
any Lender shall be an Affiliate of such Lender.

         "Aggregate Utilization Percentage" means, on any date, the percentage
equal to a fraction, the numerator of which is the aggregate principal amount of
the Revolving Credit Exposures of all Lenders and the denominator of which is
the aggregate amount of Commitments on such date of determination; provided
that, if any Revolving Credit Exposures remain outstanding and the Commitments

<PAGE>   7
shall have been terminated, the Aggregate Utilization Percentage on and after
such date shall be deemed to be in excess of 33%.

         "Alternate Base Rate" means, for any day, a rate per annum equal to the
greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate
Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate
shall be effective from and including the effective date of such change in the
Prime Rate or the Federal Funds Effective Rate, respectively.

         "Applicable Percentage" means, with respect to any Lender, the
percentage of the total Commitments represented by such Lender's Commitment. If
the Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any assignments.

         "Applicable Rate" means, for any day, (i) with respect to any
Eurodollar Revolving Loan, a rate per annum of 0.305%, and (ii) with respect to
the facility fees payable pursuant to Section 2.11, a rate per annum of 0.07%.

         "Assignment and Acceptance" means an assignment and acceptance entered
into by a Lender and an assignee (with the consent of any party whose consent is
required by Section 10.04), and accepted by the Administrative Agent, in the
form of Exhibit A or any other form approved by the Administrative Agent.

         "Assumption Agreement" has the meaning set forth in Section 2.08(d).

         "Board" means the Board of Governors of the Federal Reserve System of
the United States of America.

         "Borrower" means the Company or any Borrowing Subsidiary.

         "Borrowing" means (a) Revolving Loans of the same Type made, converted
or continued on the same date and, in the case of Eurodollar Loans, as to which
a single Interest Period is in effect or (b) a Competitive Loan or group of
Competitive Loans of the same Type made on the same date and as to which a
single Interest Period is in effect.

         "Borrowing Date" means any Business Day specified in a notice pursuant
to Section 2.03 or 2.04 as a date on which the relevant Borrower requests Loans
to be made hereunder.

         "Borrowing Request" means a request for a Revolving Borrowing in
accordance with Section 2.03.

                                        2
<PAGE>   8
         "Borrowing Subsidiary" means, at any time, any Subsidiary of the
Company designated as a Borrowing Subsidiary by the Company pursuant to Section
2.19 that has not ceased to be a Borrowing Subsidiary pursuant to such Section
or Article 7.

         "Borrowing Subsidiary Agreement" means a Borrowing Subsidiary Agreement
substantially in the form of Exhibit D.

         "Borrowing Subsidiary Termination" means a Borrowing Subsidiary
Termination substantially in the form of Exhibit E.

         "Business Day" means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by law
to remain closed; provided that when used in connection with a Eurodollar Loan,
the term "Business Day" shall also exclude any day on which banks are not open
for dealings in dollar deposits in the London interbank market.

         "Capital Lease Obligations" of any Person means the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance
with GAAP.

         "Change in Control" means (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the
meaning of the Securities Exchange Act of 1934 and the rules of the Securities
and Exchange Commission thereunder as in effect on the date hereof), of shares
representing more than 30% of the aggregate ordinary voting power represented by
the issued and outstanding capital stock of the Company; or (b) occupation of a
majority of the seats (other than vacant seats) on the board of directors of the
Company by Persons who were not (i) nominated by the board of directors of the
Company, (ii) appointed in connection with the Spin-off or (iii) appointed by
directors so nominated or appointed.

         "Change in Law" means (a) the adoption of any law, rule or regulation
after the date of this Agreement, (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any Governmental Authority
after the date of this Agreement or (c) compliance by any Lender (or, for
purposes of Section 2.14(c), by any lending office of such Lender or by such
Lender's holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or
issued after the date of this Agreement.

                                        3
<PAGE>   9
         "Class", when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans
or Competitive Loans.

         "Code" means the Internal Revenue Code of 1986, as amended from time to
time.

         "Commitment" means, with respect to each Lender, the commitment of such
Lender to make Revolving Loans expressed as an amount representing the maximum
aggregate amount of such Lender's Revolving Credit Exposure hereunder, as such
commitment may be (a) reduced or increased from time to time pursuant to Section
2.08 and (b) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 10.04. The initial amount of each Lender's
Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance
pursuant to which such Lender shall have assumed its Commitment, as applicable.
The initial aggregate amount of the Commitments is $80,000,000.

         "Company" means The Dun & Bradstreet Corporation, a Delaware
corporation (which will be renamed Moody's Corporation in connection with the
Spin-off), and its successors.

         "Competitive Bid" means an offer by a Lender to make a Competitive Loan
in accordance with Section 2.04.

         "Competitive Bid Rate" means, with respect to any Competitive Bid, the
Margin or the Fixed Rate, as applicable, offered by the Lender making such
Competitive Bid.

         "Competitive Bid Request" means a request for Competitive Bids in
accordance with Section 2.04.

         "Competitive Loan" means a Loan made pursuant to Section 2.04.

         "Competitive Loan Exposure" means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender's Competitive
Loans at such time.

         "Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise.
"Controlling" and "Controlled" have meanings correlative thereto.

                                        4
<PAGE>   10
         "Default" means any event or condition which constitutes an Event of
Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

         "Designated Subsidiary" means (i) Moody's Investor's Services, Inc., a
Delaware corporation, and (ii) any other Subsidiary designated as a "Designated
Subsidiary" by the Company.

         "Disclosed Matters" means the actions, suits and proceedings and the
environmental matters disclosed in Schedule 3.06.

         "Distribution Agreement" means the Distribution Agreement between New
D&B and the Company, substantially in the form set forth as Exhibit 10.1 to the
Information Statement.

         "dollars" or "$" refers to lawful money of the United States of
America.

         "Domestic Borrowing Subsidiary" means any Borrowing Subsidiary
organized under the laws of any jurisdiction in the United States.

         "EBITDA" means, for any period, the consolidated net income of the
Company and its consolidated Subsidiaries for such period plus, to the extent
deducted in computing such consolidated net income for such period, the sum
(without duplication) of (a) income tax expense, (b) Interest Expense, (c)
depreciation and amortization expense, (d) extraordinary losses and (e)
transaction costs recorded in the fiscal year 2000 as a result of the Spin-off
in an aggregate amount not to exceed $30,000,000, and minus, to the extent added
in computing such consolidated net income for such period the sum (without
duplication) of extraordinary gains. "EBITDA" for any fiscal quarter ended prior
to September 30, 2000 shall be determined on the basis of the pro forma
statements of operations of the Company set forth on Schedule 1 and "EBITDA" for
any other fiscal quarter ended prior to the Spin-off Date or during which the
Spin-off Date occurs shall be determined on the basis of the financial
statements for such fiscal quarter delivered by the Company to the Lenders
pursuant to Section 5.01(a) or (b) and prepared in accordance therewith and
calculated as if the Spin-off had occurred on the first day of such fiscal
quarter.

         "Effective Date" means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 10.02).

         "Environmental Laws" means all laws, rules, regulations, codes,
ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority,
relating in any way to the environment, preservation or reclamation of natural
resources, the management, release or threatened release of any Hazardous
Material.

                                        5
<PAGE>   11
         "Environmental Liability" means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of the Company or any Subsidiary directly or
indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to any of the
foregoing.

         "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time.

         "ERISA Affiliate" means any trade or business (whether or not
incorporated) that, together with the Company, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for purposes of Section 302
of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code.

         "ERISA Event" means (a) any "reportable event", as defined in Section
4043 of ERISA or the regulations issued thereunder with respect to a Plan (other
than an event for which the 30-day notice period is waived); (b) the existence
with respect to any Plan of an "accumulated funding deficiency" (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the
filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an
application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any
liability under Title IV of ERISA with respect to the termination of any Plan;
(e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or
Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the
Company or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the
receipt by the Company or any ERISA Affiliate of any notice, or the receipt by
any Multiemployer Plan from the Company or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

         "Eurodollar", when used in reference to any Loan or Borrowing, refers
to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the LIBO Rate.

         "Event of Default" has the meaning assigned to such term in Article 7.

                                        6
<PAGE>   12
         "Excluded Taxes" means, with respect to the Administrative Agent, any
Lender or any other recipient of any payment to be made by or on account of any
obligation of any Borrower hereunder, (a) income or franchise taxes imposed on
(or measured by) its net income (including branch profits or similar taxes)
imposed as a result of a present or former connection between such Lender or the
Administrative Agent and the Governmental Authority imposing such tax (other
than any such connection arising solely from such Lender or the Administrative
Agent having executed, delivered or performed its obligations or received a
payment under, or enforced, this Agreement) and (b) in the case of a Foreign
Lender, any withholding tax that is imposed on amounts payable to such Foreign
Lender to the extent they are in effect and would apply as of the date such
Foreign Lender becomes a party to this Agreement or designates a new lending
office (including withholding taxes that would be imposed on payments made by a
Borrowing Subsidiary the Relevant Jurisdiction with respect to which is the
United Kingdom, regardless of whether the Company has designated such a
Borrowing Subsidiary) (other than with respect to any Foreign Lender that is a
Foreign Lender with respect to any Borrowing Subsidiary that is designated after
the date of this Agreement (other than a Borrowing Subsidiary the Relevant
Jurisdiction with respect to which is United Kingdom), or that is attributable
to such Foreign Lender's failure to comply with Section 2.16(e), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive
additional amounts from the applicable Borrower with respect to such withholding
tax pursuant to Section 2.16(a).

         "Existing Credit Agreements" means (i) the Multi-Year Revolving Credit
and Competitive Advance Facility dated as of June 9, 1998 among the Company, the
borrowing subsidiaries party thereto, the lenders party thereto, The Chase
Manhattan Bank, as administrative agent, Citibank, N.A., as syndication agent,
and Morgan Guaranty Trust Company of New York, as documentation agent, and (ii)
the 364-Day Revolving Credit and Competitive Advance Facility dated as of June
9, 1998 and amended and restated as of June 2, 2000 among the Company, the
borrowing subsidiaries party thereto, the lenders party thereto, The Chase
Manhattan Bank, as administrative agent, Citibank, N.A., as syndication agent,
and The Bank of New York, as documentation agent, each as in effect immediately
prior to the Effective Date.

         "Federal Funds Effective Rate" means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the

                                        7
<PAGE>   13
Administrative Agent from three Federal funds brokers of recognized standing
selected by it.

         "Financial Officer" of any Person means the chief financial officer,
principal accounting officer, treasurer or controller of such Person.

         "Fixed Rate" means, with respect to any Competitive Loan (other than a
Eurodollar Competitive Loan), the fixed rate of interest per annum specified by
the Lender making such Competitive Loan in its related Competitive Bid.

         "Fixed Rate Loan" means a Competitive Loan bearing interest at a Fixed
Rate.

         "Foreign Lender" means, with respect to any Loan, any Lender making
such Loan that is organized under the laws of a jurisdiction other than the
Relevant Jurisdiction.

         "GAAP" means generally accepted accounting principles in the
United States of America.

         "Governmental Authority" means the government of the United States of
America, any other nation or any political subdivision thereof, whether state or
local, and any agency, authority, instrumentality, regulatory body, court,
central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to
government.

         "Guarantee" of or by any Person (the "guarantor") means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic
effect of guaranteeing any Indebtedness of any other Person (the "primary
obligor"), whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness or other obligation or
to purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation
of the payment thereof, (c) to maintain working capital, equity capital or any
other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of guaranty
issued to support such Indebtedness or obligation; provided, that the term
Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business.

         "Hazardous Materials" means all explosive or radioactive substances or
wastes and all hazardous or toxic substances, wastes or other pollutants,
including petroleum or petroleum distillates, asbestos or asbestos containing
materials,

                                        8
<PAGE>   14
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law.

         "Hedging Agreement" means any interest rate protection agreement,
foreign currency exchange agreement, commodity price protection agreement or
other interest or currency exchange rate or commodity price hedging arrangement.

         "Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person, (d) all obligations of
such Person in respect of the deferred purchase price of property or services
(excluding current accounts payable incurred in the ordinary course of
business), (e) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing unconditional right to be secured by) any Lien
on property owned or acquired by such Person, whether or not the Indebtedness
secured thereby has been assumed (the amount of any Indebtedness resulting from
this clause (e) shall be equal to the lesser of (i) the amount secured by such
Lien and (ii) the fair market value of the property subject to such Lien as
determined in good faith by such Person), (f) all Guarantees by such Person of
Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h)
all obligations, contingent or otherwise, of such Person as an account party in
respect of letters of credit and letters of guaranty issued by banks or other
financial institutions and (i) all obligations, contingent or otherwise, of such
Person in respect of bankers' acceptances created for the account of such
Person. The Indebtedness of any Person shall include the Indebtedness of any
other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such
Person's ownership interest in or other relationship with such entity, except to
the extent the terms of such Indebtedness provide that such Person is not liable
therefor.

         "Indemnified Taxes" means Taxes other than Excluded Taxes.

         "Information Memorandum" means the Confidential Information Memorandum
dated August, 2000 relating to the Company and the Transactions.

         "Information Statement" means the Preliminary Information Statement of
New D&B and the Company dated June 27, 2000, as amended by Form 10/A-1 dated
August 17, 2000, and as further amended or supplemented from time to time;
provided that no such further material amendment or supplement of any term
thereof shall be effective for purposes of references thereto in this Agreement
unless approved in writing by the Required Lenders.

                                        9
<PAGE>   15
         "Interest Coverage Ratio" means, for any period, the ratio of (a)
EBITDA for such period to (b) Interest Expense for such period.

         "Interest Election Request" means a request by the relevant Borrower to
convert or continue a Revolving Borrowing in accordance with Section 2.07.

         "Interest Expense" means, for any period, (x) the interest expense of
the Company and its consolidated Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP and including (i) the amortization of
debt discounts to the extent included in interest expense in accordance with
GAAP, (ii) the amortization of all fees (including fees with respect to Hedging
Agreements) payable in connection with the incurrence of Indebtedness to the
extent included in interest expense in accordance with GAAP, and (iii) the
portion of any rents payable under capital leases allocable to interest expense
in accordance with GAAP minus (y) the interest income of the Company and its
consolidated Subsidiaries for such period determined on a consolidated basis in
accordance with GAAP. "Interest Expense" for any fiscal quarter ended prior to
September 30, 2000 shall be determined on the basis of the pro forma financial
statements of the Company set forth on Schedule 1 and "Interest Expense" for any
other fiscal quarter ended prior to the Spin-off Date or during which the
Spin-off Date occurs shall be determined on the basis of the financial
statements for such fiscal quarter delivered by the Company to the Lenders
pursuant to Section 5.01(a) or (b) and prepared in accordance therewith and
calculated as if the Spin-off had occurred on the first day of such fiscal
quarter.

         "Interest Payment Date" means (a) with respect to any ABR Loan, the
last day of each March, June, September and December, (b) with respect to any
Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurodollar Borrowing with an
Interest Period of more than three months' duration, each day prior to the last
day of such Interest Period that occurs at intervals of three months' duration
after the first day of such Interest Period and (c) with respect to any Fixed
Rate Loan, the last day of the Interest Period applicable to the Borrowing of
which such Loan is a part and, in the case of a Fixed Rate Borrowing with an
Interest Period of more than 90 days' duration (unless otherwise specified in
the applicable Competitive Bid Request), each day prior to the last day of such
Interest Period that occurs at intervals of 90 days' duration after the first
day of such Interest Period, and any other dates that are specified in the
applicable Competitive Bid Request as Interest Payment Dates with respect to
such Borrowing.

         "Interest Period" means (a) with respect to any Eurodollar Borrowing,
the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, two, three or
six months thereafter, as the relevant Borrower may elect and (b) with respect
to any Fixed Rate Borrowing, the period (which shall not be less than one day or
more than

                                       10
<PAGE>   16
360 days) commencing on the date of such Borrowing and ending on the date
specified in the applicable Competitive Bid Request; provided, that (i) if any
Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless, in the case
of a Eurodollar Borrowing only, such next succeeding Business Day would fall in
the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (ii) any Interest Period pertaining to a
Eurodollar Borrowing that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of
the last calendar month of such Interest Period. For purposes hereof, the date
of a Borrowing initially shall be the date on which such Borrowing is made and,
in the case of a Revolving Borrowing, thereafter shall be the effective date of
the most recent conversion or continuation of such Borrowing.

         "IRS Ruling" has the meaning set forth in Section 4.01(h).

         "Lenders" means the Persons listed on Schedule 2.01 and any other
Person that shall have become a party hereto pursuant to an Assignment and
Acceptance, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Acceptance.

         "LIBO Rate" means, with respect to any Eurodollar Borrowing for any
Interest Period, the rate appearing on Page 3750 of the Dow Jones Markets
Service (or on any successor or substitute page of such Service, or any
successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as
determined by the Administrative Agent in consultation with the Company from
time to time for purposes of providing quotations of interest rates applicable
to dollar deposits in the London interbank market) at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest
Period, as the rate for dollar deposits with a maturity comparable to such
Interest Period. In the event that such rate is not available at such time for
any reason, then the "LIBO Rate" with respect to such Eurodollar Borrowing for
such Interest Period shall be the rate at which the Administrative Agent is
offered dollar deposits of $5,000,000 and for a maturity comparable to such
Interest Period in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period.

         "Lien" means, with respect to any asset of any Person, (a) any
mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or
security interest in, on or of such asset of any Person, for the purpose of
securing any obligation of such Person or any other Person, and (b) the interest
of a vendor or a lessor under any conditional sale agreement, capital lease or
title retention agreement (or any

                                       11
<PAGE>   17
financing lease having substantially the same economic effect as any of the
foregoing) relating to such asset.

         "Loans" means the loans made by the Lenders to the Borrowers pursuant
to this Agreement.

         "Margin" means, with respect to any Competitive Loan bearing interest
at a rate based on the LIBO Rate, the marginal rate of interest, if any, to be
added to or subtracted from the LIBO Rate to determine the rate of interest
applicable to such Loan, as specified by the Lender making such Loan in its
related Competitive Bid.

         "Material Adverse Effect" means a material adverse effect on (a) the
business, assets, operations or financial condition of the Company and the
Subsidiaries taken as a whole, (b) the ability of the Company to perform any of
its payment obligations under this Agreement or (c) the rights of or benefits
available to the Lenders under this Agreement.

         "Material Indebtedness" means Indebtedness (other than the Loans), or
obligations in respect of one or more Hedging Agreements, of the Company and its
Subsidiaries in an aggregate principal amount exceeding $30,000,000. For
purposes of determining Material Indebtedness, the "principal amount" of the
obligations of the Company or any Subsidiary in respect of any Hedging Agreement
at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Company or such Subsidiary would be required to pay if such
Hedging Agreement were terminated at such time.

         "Material Subsidiary" means any Borrowing Subsidiary and any Subsidiary
(a) the Total Assets of which exceed 10% of the Total Assets of the Company and
its consolidated Subsidiaries as of the end of the most recently completed
fiscal year or (b) the Net Revenue of which exceeds 10% of the Net Revenue of
the Company and its consolidated Subsidiaries as of the end of the most recently
completed fiscal year, provided that (i) any Subsidiary that directly or
indirectly owns a Material Subsidiary shall itself be a Material Subsidiary and
(ii) in the event Subsidiaries that would otherwise not be Material Subsidiaries
shall in the aggregate account for a percentage in excess of 15% of the Total
Assets or 15% of the Net Revenue of the Company and its consolidated
Subsidiaries as of the end of the most recently completed fiscal year, then one
or more of such Subsidiaries designated by the Company (or, if the Company shall
make no designation, one or more of such Subsidiaries in descending order based
on their respective contributions to such determination of Total Assets), shall
be included as Material Subsidiaries to the extent necessary to eliminate such
excess.

                                       12
<PAGE>   18
         "Maturity Date" means the date that falls one year after the Revolver
Termination Date (or, if such date is not a Business Day, the next succeeding
Business Day).

         "Moody's" means Moody's Investors Services, Inc.

         "Moody's Assets" has the meaning set forth in the Distribution
Agreement.

         "Multiemployer Plan" means a multiemployer plan as defined in
Section 4001(a)(3) of ERISA.

         "Net Revenue" means, with respect to any Person for any period, the net
revenue of such Person and its consolidated subsidiaries, determined on a
consolidated basis in accordance with GAAP for such period.

         "New D&B" means The New D&B Corporation, a Delaware corporation (which
will be renamed The Dun & Bradstreet Corporation in connection with the
Spin-off), and its successors.

         "New D&B Assets" has the meaning set forth in the Distribution
Agreement.

         "Obligations" means the obligations of each of the Borrowing
Subsidiaries under this Agreement and the Borrowing Subsidiary Agreements with
respect to the payment of (i) the principal of and interest on the Loans to each
such Borrowing Subsidiary when and as due, whether at maturity, by acceleration,
upon one or more dates set for prepayment or otherwise and (ii) all other
monetary obligations of each of the Borrowing Subsidiaries hereunder and
thereunder.

         "Other Credit Agreement" means the Five-Year Revolving Credit and
Competitive Advance Facility dated as of September 11, 2000 among the Company,
the borrowing subsidiaries party thereto, the lenders party thereto, The Chase
Manhattan Bank, as administrative agent, Citibank, N.A., as syndication agent,
and The Bank of New York, as documentation agent, as amended from time to time.

         "Other Taxes" means any and all present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies arising
from any payment made hereunder or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement.

                                       13
<PAGE>   19
         "PBGC" means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions.

         "Permitted Encumbrances" means:

                  (a) Liens imposed by law for taxes that are not yet delinquent
         or are being contested in compliance with Section 5.04;

                  (b) carriers', warehousemen's, mechanics', materialmen's,
         landlords', repairmen's and other like Liens imposed by law, arising in
         the ordinary course of business and securing obligations that are not
         overdue by more than 60 days or are being contested in compliance with
         Section 5.04;

                  (c) pledges and deposits made in the ordinary course of
         business in compliance with workers' compensation, unemployment
         insurance and other social security laws or regulations;

                  (d) deposits to secure the performance of bids, trade
         contracts, leases, statutory obligations, surety and appeal bonds,
         performance bonds and other obligations of a like nature, in each case
         in the ordinary course of business and deposits securing liabilities to
         insurance carriers under insurance or self-insurance arrangements; and

                  (e) easements, zoning restrictions, rights-of-way and similar
         encumbrances on real property imposed by law or arising in the ordinary
         course of business that do not secure any monetary obligations and do
         not materially detract from the value of the affected property or
         interfere with the ordinary conduct of business of the Company or any
         Subsidiary;

provided that the term "Permitted Encumbrances" shall not include any Lien
securing Indebtedness.

         "Person" means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

         "Plan" means any employee pension benefit plan (other than a
Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Company or
any ERISA Affiliate is (or, if such plan were terminated, would under Section
4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of
ERISA.

                                       14
<PAGE>   20
         "Prime Rate" means the rate of interest per annum publicly announced
from time to time by The Chase Manhattan Bank as its prime rate in effect at its
principal office in New York City; each change in the Prime Rate shall be
effective from and including the date such change is publicly announced as being
effective.

         "Register" has the meaning set forth in Section 10.04.

         "Related Parties" means, with respect to any specified Person, such
Person's Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person's Affiliates.

         "Relevant Jurisdiction" means (i) in the case of any Loan to the
Company or any Domestic Borrowing Subsidiary, the United States of America, and
(ii) in the case of any Loan to any other Borrowing Subsidiary, the jurisdiction
imposing (or having the power to impose) withholding tax on payments by such
Borrowing Subsidiary under this Agreement.

         "Required Lenders" means, at any time, Lenders having Revolving Credit
Exposures and unused Commitments representing at least 51% of the sum of the
total Revolving Credit Exposures and unused Commitments at such time; provided
that, for purposes of declaring the Loans to be due and payable pursuant to
Article 7, and for all purposes after the Loans become due and payable pursuant
to Article 7 or the Commitments expire or terminate, the total Competitive Loan
Exposures of the Lenders shall be included in their respective Revolving Credit
Exposures in determining the Required Lenders.

         "Revolver Termination Date" means the date that is 364 days after the
date hereof.

         "Revolving Credit Exposure" means, with respect to any Lender at any
time, the sum of the outstanding principal amount of such Lender's Revolving
Loans.

         "Revolving Loan" means a Loan made pursuant to Section 2.03.

         "Revolving Period" means the period from and including the Effective
Date to but excluding the earlier of (i) the Revolver Termination Date and (ii)
the date of termination of the Commitments pursuant to Section 2.08 or Article
7.

         "SPC" has the meaning set forth in Section 10.04(h).

         "Spin-off" means all of the transactions contemplated by the
Information Statement and Article II of the Distribution Agreement to be
consummated on or prior to the Distribution Date (as defined therein), including
without limitation (i)

                                       15
<PAGE>   21
the transfer by the Company to New D&B of all of the Company's and its
subsidiaries' right, title and interest in the New D&B Assets, (ii) the transfer
by New D&B and its subsidiaries to the Company and its subsidiaries of all of
New D&B's and its subsidiaries' right, title and interest in the Moody's Assets,
(iii) the execution, delivery and performance by each party thereto of each
Spin-off Document (other than the Information Statement) and (iv) the
Distribution (as defined in the Distribution Agreement).

         "Spin-off Date" means the date of consummation of the Spin-off.

         "Spin-off Documents" means (i) the Information Statement, (ii) the
Distribution Agreement and (iii) each Ancillary Agreement (as defined in the
Distribution Agreement) substantially in the form provided to the Lenders on
August 31, 2000.

         "Statutory Reserve Rate" means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the relevant Lender is subject, for
eurocurrency funding (currently referred to as "Eurodollar Liabilities" in
Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Lender under such Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in any reserve percentage.

         "subsidiary" means, with respect to any Person (the "parent") at any
date, any corporation, limited liability company, partnership, association or
other entity the accounts of which would be consolidated with those of the
parent in the parent's consolidated financial statements if such financial
statements were prepared in accordance with GAAP as of such date, as well as any
other corporation, limited liability company, partnership, association or other
entity of which securities or other ownership interests representing more than
50% of the equity or more than 50% of the ordinary voting power or, in the case
of a partnership, more than 50% of the general partnership interests are, as of
such date, owned, controlled or held by the parent or one or more subsidiaries
of the parent or by the parent and one or more subsidiaries of the parent.

         "Subsidiary" means any subsidiary of the Company.

         "Successor Corporation" has the meaning set forth in Section 6.02(c).

                                       16
<PAGE>   22
         "Taxes" means any and all present or future taxes, levies, imposts,
duties, deductions, charges or withholdings imposed by any Governmental
Authority.

         "Total Assets" means, at any date as to any Person, the total assets of
such Person and its consolidated subsidiaries at such date, determined on a
consolidated basis in accordance with GAAP.

         "Total Debt" means, at any date all indebtedness of the Company and its
consolidated Subsidiaries at such date to the extent such items should be
reflected on the consolidated balance sheet of the Company (excluding any such
items which appear only in the notes to such consolidated balance sheet) at such
date in accordance with GAAP.

         "Total Debt to EBITDA Ratio" means, at any time, the ratio of (a) Total
Debt at such time to (b) EBITDA for the most recent period of four consecutive
fiscal quarters of the Company ended at or prior to such time. Solely for
purposes of this definition, (i) if the Company or any of its consolidated
subsidiaries shall have completed an acquisition of all or a substantial part of
the assets, or a going concern business or division, of any Person, or (ii) if
the Company shall have merged with any Person during such period or (iii) the
Company or any of its consolidated subsidiaries shall have disposed of all or a
substantial part of its assets or a going concern business or division, in each
case, EBITDA for the relevant period shall be determined on a pro forma basis as
if such acquisition, disposition or merger, and the incurrence of any related
Indebtedness, had occurred on the first day of such period.

         "Transactions" means the execution, delivery and performance by the
Borrowers of this Agreement and the Borrowing Subsidiary Agreements, the
borrowing of Loans, the use of the proceeds thereof described in Section 3.13
and the Spin-off.

         "Type", when used in reference to any Loan or Borrowing, refers to
whether the rate of interest on such Loan, or on the Loans comprising such
Borrowing, is determined by reference to the LIBO Rate, the Alternate Base Rate
or, in the case of a Competitive Loan or Borrowing, the LIBO Rate or a Fixed
Rate.

         "Withdrawal Liability" means liability to a Multiemployer Plan as a
result of a complete or partial withdrawal from such Multiemployer Plan, as such
terms are defined in Part I of Subtitle E of Title IV of ERISA.

         SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of
this Agreement, Loans may be classified and referred to by Class (e.g., a
"Revolving Loan") or by Type (e.g., a "Eurodollar Loan") or by Class and Type
(e.g., a "Eurodollar Revolving Loan").  Borrowings also may be classified and

                                       17
<PAGE>   23
referred to by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a
"Eurodollar Borrowing") or by Class and Type (e.g., a "Eurodollar Revolving
Borrowing").

         SECTION 1.03. Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and "including" shall
be deemed to be followed by the phrase "without limitation". The word "will"
shall be construed to have the same meaning and effect as the word "shall".
Unless the context requires otherwise (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person's successors and
assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words
"asset" and "property" shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

         SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly
provided herein, all terms of an accounting or financial nature shall be
construed in accordance with GAAP, as in effect from time to time; provided
that, if the Company notifies the Administrative Agent that the Company requests
an amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the
operation of such provision (or if the Administrative Agent notifies the Company
that the Required Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or after such
change in GAAP or in the application thereof, then such provision shall be
interpreted on the basis of GAAP as in effect and applied immediately before
such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith.

                                       18
<PAGE>   24
                                    ARTICLE 2
                                   THE CREDITS

         SECTION 2.01. Commitments. Subject to the terms and conditions set
forth herein, each Lender, severally and not jointly, agrees to make Revolving
Loans, denominated in dollars, to any Borrower from time to time during the
Revolving Period in an aggregate principal amount that will not result in (a)
such Lender's Revolving Credit Exposure exceeding such Lender's Commitment or
(b) the sum of the total Revolving Credit Exposures plus the total Competitive
Loan Exposures exceeding the total Commitments. Within the foregoing limits and
subject to the terms and conditions set forth herein, the Borrowers may borrow,
prepay and reborrow Revolving Loans.

         SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be
made as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their respective Commitments. Each Competitive Loan
shall be made in accordance with the procedures set forth in Section 2.04. The
failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder; provided that the
Commitments and Competitive Bids of the Lenders are several and no Lender shall
be responsible for any other Lender's failure to make Loans as required.

         (b) Subject to Section 2.13, (i) each Revolving Borrowing shall be
comprised entirely of ABR Loans or Eurodollar Loans as the applicable Borrower
may request in accordance herewith and (ii) each Competitive Borrowing shall be
comprised entirely of Eurodollar Competitive Loans or Fixed Rate Loans as the
applicable Borrower may request in accordance herewith. Each Lender at its
option may make any Eurodollar Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that (i) any exercise of
such option shall not affect the obligation of any Borrower to repay such Loan
in accordance with the terms of this Agreement and (ii) unless any Borrower
shall request that an Affiliate of a Lender make a Loan, a Lender may not
recover for any increased costs under Sections 2.14 or 2.16 incurred solely as a
result of an Affiliate of such Lender, rather than such Lender, making a Loan,
if, without economic disadvantage to, and consistent with the policies and
practices of, such Lender, such Loan could have been made in a manner that would
have avoided such increased costs under Section 2.14 or 2.16.

         (c) At the commencement of each Interest Period for any Eurodollar
Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $1,000,000 and not less than $5,000,000. At the time that
each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $5,000,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is
equal to the entire unused balance of the total Commitments. Each Competitive

                                       19
<PAGE>   25
Borrowing shall be in an aggregate amount that is an integral multiple of
$1,000,000 and not less than $5,000,000. Borrowings of more than one Type and
Class may be outstanding at the same time; provided that there shall not at any
time be more than a total of ten Eurodollar Revolving Borrowings outstanding.

         (d) Notwithstanding any other provision of this Agreement, no Borrower
shall be entitled to request, or to elect to convert or continue, any Borrowing
if the Interest Period requested with respect thereto would end after the
Maturity Date.

         SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving
Borrowing, a Borrower shall notify the Administrative Agent of such request by
telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m.,
New York City time, three Business Days before the date of the proposed
Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New
York City time, on the same day as the proposed Borrowing. Each such telephonic
Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Borrowing Request
in a form approved by the Administrative Agent and signed by the applicable
Borrower. Each such telephonic and written Borrowing Request shall specify the
following information in compliance with Section 2.02:

                  (i) the aggregate amount of the requested Borrowing;

                  (ii) the date of such Borrowing, which shall be a Business
         Day;

                  (iii) whether such Borrowing is to be an ABR Borrowing or a
         Eurodollar Borrowing;

                  (iv) in the case of a Eurodollar Borrowing, the initial
         Interest Period to be applicable thereto, which shall be a period
         contemplated by the definition of the term "Interest Period"; and

          (v) the location and number of the relevant Borrower's account to
         which funds are to be disbursed, which shall comply with the
         requirements of Section 2.06.

If no election as to the Type of Revolving Borrowing is specified, then the
requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period
is specified with respect to any requested Eurodollar Revolving Borrowing, then
the relevant Borrower shall be deemed to have selected an Interest Period of one
month's duration. Promptly following receipt of a Borrowing Request in
accordance with this Section, the Administrative Agent shall advise each Lender
of the details thereof and of the amount of such Lender's Loan to be made as
part of the requested Borrowing.

                                       20
<PAGE>   26
         SECTION 2.04. Competitive Bid Procedure. (a) Subject to the terms and
conditions set forth herein, from time to time during the Revolving Period any
Borrower may request Competitive Bids and may (but shall not have any obligation
to) accept Competitive Bids and borrow Competitive Loans; provided that the sum
of the total Revolving Credit Exposures plus the total Competitive Loan
Exposures at any time shall not exceed the total Commitments. To request
Competitive Bids, a Borrower shall notify the Administrative Agent of such
request by telephone, in the case of a Eurodollar Borrowing, not later than
11:00 a.m., New York City time, four Business Days before the date of the
proposed Borrowing and, in the case of a Fixed Rate Borrowing, not later than
10:00 a.m., New York City time, one Business Day before the date of the proposed
Borrowing; provided that the Borrowers may submit jointly up to (but not more
than) three Competitive Bid Requests on the same day, but a Competitive Bid
Request shall not be made within five Business Days after the date of any
previous Competitive Bid Request, unless any and all such previous Competitive
Bid Requests shall have been withdrawn or all Competitive Bids received in
response thereto rejected. Each such telephonic Competitive Bid Request shall be
confirmed promptly by hand delivery or telecopy to the Administrative Agent of a
written Competitive Bid Request in a form approved by the Administrative Agent
and signed by the applicable Borrower. Each such telephonic and written
Competitive Bid Request shall specify the following information in compliance
with Section 2.02:

                  (i) the aggregate amount of the requested Borrowing;

                  (ii) the date of such Borrowing, which shall be a Business
         Day;

                  (iii) whether such Borrowing is to be a Eurodollar Borrowing
         or a Fixed Rate Borrowing;

                  (iv) the Interest Period to be applicable to such Borrowing,
         which shall be a period contemplated by the definition of the term
         "Interest Period"; and

                  (v) the location and number of the relevant Borrower's account
         to which funds are to be disbursed, which shall comply with the
         requirements of Section 2.06.

Promptly following receipt of a Competitive Bid Request in accordance with this
Section, the Administrative Agent shall notify the Lenders of the details
thereof by telecopy, inviting the Lenders to submit Competitive Bids.

         (b) Each Lender may (but shall not have any obligation to) make one or
more Competitive Bids to any Borrower in response to a Competitive Bid Request.
Each Competitive Bid by a Lender must be in a form reasonably

                                       21
<PAGE>   27
approved by the Administrative Agent and must be received by the Administrative
Agent by telecopy, in the case of a Eurodollar Competitive Borrowing, not later
than 9:30 a.m., New York City time, three Business Days before the proposed date
of such Competitive Borrowing, and in the case of a Fixed Rate Borrowing, not
later than 9:30 a.m., New York City time, on the proposed date of such
Competitive Borrowing. Competitive Bids that do not conform substantially to the
form approved by the Administrative Agent may be rejected by the Administrative
Agent, and the Administrative Agent shall notify the applicable Lender as
promptly as practicable. Each Competitive Bid shall specify (i) the principal
amount (which may equal the entire principal amount of the Competitive Borrowing
requested by the applicable Borrower) of the Competitive Loan or Loans that the
Lender is willing to make, (ii) the Competitive Bid Rate or Rates at which the
Lender is prepared to make such Loan or Loans (expressed as a percentage rate
per annum in the form of a decimal to no more than four decimal places) and
(iii) the Interest Period applicable to each such Loan and the last day thereof.

         (c) The Administrative Agent shall promptly notify the relevant
Borrower by telecopy of the Competitive Bid Rate and the principal amount
specified in each Competitive Bid and the identity of the Lender that shall have
made such Competitive Bid.

         (d) Subject only to the provisions of this paragraph, a Borrower may
accept or reject any Competitive Bid. The relevant Borrower shall notify the
Administrative Agent by telephone, confirmed by telecopy in a form reasonably
approved by the Administrative Agent, whether and to what extent it has decided
to accept or reject each Competitive Bid, in the case of a Eurodollar
Competitive Borrowing, not later than 10:30 a.m., New York City time, three
Business Days before the date of the proposed Competitive Borrowing, and in the
case of a Fixed Rate Borrowing, not later than 10:30 a.m., New York City time,
on the proposed date of the Competitive Borrowing; provided that (i) the failure
of such Borrower to give such notice shall be deemed to be a rejection of each
Competitive Bid, (ii) such Borrower shall not accept a Competitive Bid made at a
particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made
at a lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive
Bids accepted by such Borrower shall not exceed the aggregate amount of the
requested Competitive Borrowing specified in the related Competitive Bid
Request, (iv) to the extent necessary to comply with clause (iii) above, such
Borrower may accept Competitive Bids at the same Competitive Bid Rate in part,
which acceptance, in the case of multiple Competitive Bids at such Competitive
Bid Rate, shall be made pro rata in accordance with the amount of each such
Competitive Bid, and (v) except pursuant to clause (iv) above, no Competitive
Bid shall be accepted for a Competitive Loan unless such Competitive Loan is in
a minimum principal amount of $5,000,000; provided further that if a Competitive
Loan must be in an amount less than $5,000,000 because of the provisions of
clause (iv) above, such

                                       22
<PAGE>   28
Competitive Loan may be for a minimum of $1,000,000, and in calculating the pro
rata allocation of acceptances of portions of multiple Competitive Bids at a
particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be
rounded to integral multiples of $1,000,000 in a manner determined by such
Borrower. A notice given by any Borrower pursuant to this paragraph shall be
irrevocable.

         (e) The Administrative Agent shall promptly notify each bidding Lender
by telecopy whether or not its Competitive Bid has been accepted (and, if so,
the amount and Competitive Bid Rate so accepted), and each successful bidder
will thereupon become bound, subject to the terms and conditions hereof, to make
the Competitive Loan in respect of which its Competitive Bid has been accepted.

         (f) If the Administrative Agent shall elect to submit a Competitive Bid
in its capacity as a Lender, it shall submit such Competitive Bid directly to
the relevant Borrower at least one quarter of an hour earlier than the time by
which the other Lenders are required to submit their Competitive Bids to the
Administrative Agent pursuant to paragraph (b) of this Section.

         SECTION 2.05. Intentionally Omitted.

         SECTION 2.06. Funding of Borrowings. (a) Each Lender shall make each
Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 12:00 noon, New York City time, to the account of
the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders. The Administrative Agent will make such Loans available
to the relevant Borrower by promptly (but in no event later than 1:00 p.m., New
York City time) crediting the amounts so received by 12:00 noon, New York City
time, in like funds, to an account of the Company maintained with the
Administrative Agent in New York City and designated by such Borrower in the
applicable Borrowing Request or Competitive Bid Request (and, if the applicable
Borrower is a Borrowing Subsidiary, the Company shall make such funds available
to such Borrowing Subsidiary) or to such other account as may be specified in
the applicable Borrowing Request or Competitive Bid Request.

         (b) Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed time of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender's share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section
and may, in reliance upon such assumption, make available to the relevant
Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Borrowing available to the Administrative Agent,
then the applicable Lender and each Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount with

                                       23
<PAGE>   29
interest thereon, for each day from and including the date such amount is made
available to the relevant Borrower to but excluding the date of payment to the
Administrative Agent, at (i) in the case of such Lender, the Federal Funds
Effective Rate or (ii) in the case of such Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative
Agent, then such amount shall constitute such Lender's Loan included in such
Borrowing and the Administrative Agent shall return to such Borrower any amount
(including interest) paid by the Borrower to the Administrative Agent pursuant
to this paragraph with respect to such amount.

         SECTION 2.07. Interest Elections. (a) Each Revolving Borrowing
initially shall be of the Type specified in the applicable Borrowing Request
and, in the case of a Eurodollar Revolving Borrowing, shall have an initial
Interest Period as specified in such Borrowing Request. Thereafter, the relevant
Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect
Interest Periods therefor, all as provided in this Section. A Borrower may elect
different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders
holding the Loans comprising such Borrowing, and the Loans comprising each such
portion shall be considered a separate Borrowing. This Section shall not apply
to Competitive Borrowings, which may not be converted or continued.

         (b) To make an election pursuant to this Section, a Borrower shall
notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required to be delivered under Section 2.03 if such
Borrower were requesting a Revolving Borrowing of the Type resulting from such
election to be made on the effective date of such election. Each such telephonic
Interest Election Request shall be irrevocable and shall be confirmed promptly
by hand delivery or telecopy to the Administrative Agent of a written Interest
Election Request in a form reasonably approved by the Administrative Agent and
signed by the relevant Borrower.

         (c) Each telephonic and written Interest Election Request shall specify
the following information in compliance with Section 2.02:

                  (i) the Borrowing to which such Interest Election Request
         applies and, if different options are being elected with respect to
         different portions thereof, the portions thereof to be allocated to
         each resulting Borrowing (in which case the information to be specified
         pursuant to clauses (iii) and (iv) below shall be specified for each
         resulting Borrowing);

                  (ii) the effective date of the election made pursuant to such
         Interest Election Request, which shall be a Business Day;

                                       24
<PAGE>   30
                  (iii) whether the resulting Borrowing is to be an ABR
         Borrowing or a Eurodollar Borrowing; and

                  (iv) if the resulting Borrowing is a Eurodollar Borrowing, the
         Interest Period to be applicable thereto after giving effect to such
         election, which shall be a period contemplated by the definition of the
         term "Interest Period".

If any such Interest Election Request requests a Eurodollar Borrowing but does
not specify an Interest Period, then such Borrower shall be deemed to have
selected an Interest Period of one month's duration.

         (d) Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such
Lender's portion of each resulting Borrowing.

         (e) If the relevant Borrower fails to deliver a timely Interest
Election Request with respect to a Eurodollar Revolving Borrowing prior to the
end of the Interest Period applicable thereto, then, unless such Borrowing is
repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision
hereof, if an Event of Default has occurred and is continuing and the
Administrative Agent, at the request of the Required Lenders, so notifies the
Company, then, so long as an Event of Default is continuing (i) no outstanding
Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing
and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted
to an ABR Borrowing at the end of the Interest Period applicable thereto.

         SECTION 2.08.  Termination, Reduction and Increase of Commitments.  (a)
Unless previously terminated, the Commitments shall terminate on the Revolver
Termination Date.

         (b) Prior to the Revolver Termination Date, the Company may at any time
terminate, or from time to time reduce, the Commitments; provided that (i) each
reduction of the Commitments shall be in an amount that is an integral multiple
of $1,000,000 and not less than $5,000,000 and (ii) the Company shall not
terminate or reduce the Commitments if, after giving effect to any concurrent
prepayment of the Loans in accordance with Section 2.10, the sum of the
Revolving Credit Exposures plus the total Competitive Loan Exposures would
exceed the total Commitments.

         (c) The Company shall notify the Administrative Agent of any election
to terminate or reduce the Commitments under paragraph (b) of this Section at
least one Business Day (or, to the extent a concurrent prepayment of Loans is

                                       25
<PAGE>   31
required in accordance with Section 2.10, upon the minimum advance notice
required in connection with such prepayment under such Section) prior to the
effective date of such termination or reduction, specifying such election and
the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each
notice delivered by the Company pursuant to this Section shall be irrevocable;
provided that a notice of termination of the Commitments delivered by the
Company may state that such notice is conditioned upon the effectiveness of
other credit facilities, in which case such notice may be revoked by the Company
(by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Any termination or reduction of the
Commitments shall be permanent. Each reduction of the Commitments shall be made
ratably among the Lenders in accordance with their respective Commitments.

         (d) Upon at least 15 days' prior notice to the Administrative Agent
(which notice the Administrative Agent shall promptly transmit to each of the
Lenders), the Company shall have the right, subject to the terms and conditions
set forth below, to increase the aggregate amount of the Commitments in
multiples of $500,000 up to an aggregate amount not to exceed $40,000,000. Any
such increase shall apply, at the option of the Company, (x) to the Commitment
of one or more Lenders, if such Lender or Lenders consent to such increase, or
(y) to the creation of new Commitments of one or more institutions not then a
Lender hereunder; provided that (i) if any such institution is not then a Lender
hereunder, such institution shall be reasonably acceptable to the Administrative
Agent, (ii) such existing or new Lender shall execute and deliver to the Company
and the Administrative Agent an Assumption Agreement substantially in the form
of Exhibit G hereto (an "Assumption Agreement") and (iii) if any Revolving Loans
are outstanding at the time of any such increase, the Company will,
notwithstanding anything to the contrary contained in this Agreement, on the
date of such increase incur and repay or prepay one or more Revolving Loans from
the Lenders in such amounts so that after giving effect thereto, the Revolving
Loans shall be outstanding on a pro rata basis (based on the Commitments of the
Lenders after giving effect to the changes made pursuant hereto on such date)
from all the Lenders. Upon the effectiveness of any increase in Commitments
pursuant to this Section 2.08(d), Schedule 2.01 hereto shall be automatically
amended to reflect such increase. It is understood that any increase in the
amount of the Commitments pursuant to this Section 2.08(d) shall not constitute
an amendment or modification of this Agreement pursuant to Section 10.02.

         SECTION 2.09. Repayment of Loans; Evidence of Debt. (a) Each Borrower
hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Revolving Loan
of such Borrower on the Maturity Date and (ii) to the Administrative Agent for
the account of each Lender the then unpaid principal amount of each Competitive
Loan of such Borrower on the earlier of (A) the last

                                       26
<PAGE>   32
day of the Interest Period applicable to such Loan and (B) the Revolver
Termination Date.

         (b) Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of each Borrower to such Lender
resulting from each Loan made by such Lender, including the amounts of principal
and interest payable and paid to such Lender from time to time hereunder.

         (c) The Administrative Agent shall maintain accounts in which it shall
record (i) the amount of each Loan made hereunder, the Class and Type thereof
and the Interest Period (if any) applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from each
Borrower to each Lender hereunder and (iii) the amount of any sum received by
the Administrative Agent hereunder for the account of the Lenders and each
Lender's share thereof.

         (d) The entries made in the accounts maintained pursuant to paragraph
(b) or (c) of this Section shall be prima facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of any Borrower to repay
the Loans in accordance with the terms of this Agreement.

         (e) Any Lender may request that Loans made by it be evidenced by a
promissory note. In such event, each Borrower shall prepare, execute and deliver
to such Lender a promissory note payable to the order of such Lender (or, if
requested by such Lender, to such Lender and its registered assigns) and in a
form approved by the Administrative Agent and the Company. Thereafter, the Loans
evidenced by each such promissory note and interest thereon shall at all times
(including after assignment pursuant to Section 10.04) be represented by one or
more promissory notes in such form payable to the order of the payee named
therein (or, if such promissory note is a registered note, to such payee and its
registered assigns).

         SECTION 2.10. Prepayment of Loans. (a) Any Borrower shall have the
right at any time and from time to time to prepay any Borrowing of such Borrower
in whole or in part, subject to prior notice in accordance with paragraph (b) of
this Section; provided that no Borrower shall have the right to prepay any
Competitive Loan without the prior consent of the Lender thereof.

         (b) The relevant Borrower shall notify the Administrative Agent by
telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of
prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m., New
York City time, three Business Days before the date of prepayment and (ii)

                                       27
<PAGE>   33
in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00
a.m., New York City time, on the date of prepayment. Each such notice shall be
irrevocable and shall specify the prepayment date and the principal amount of
each Borrowing or portion thereof to be prepaid; provided that, if a notice of
prepayment is given in connection with a conditional notice of termination of
the Commitments as contemplated by Section 2.08, then such notice of prepayment
may be revoked if such notice of termination is revoked in accordance with
Section 2.08. Promptly following receipt of any such notice relating to a
Revolving Borrowing, the Administrative Agent shall advise the Lenders of the
contents thereof. Each partial prepayment of any Revolving Borrowing shall be in
an amount that would be permitted in the case of an advance of a Revolving
Borrowing of the same Type as provided in Section 2.02. Each prepayment of a
Revolving Borrowing shall be applied ratably to the Loans included in the
prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the
extent required by Section 2.12.

         SECTION 2.11. Fees. (a) The Company agrees to pay to the Administrative
Agent for the account of each Lender a facility fee, which shall accrue at the
Applicable Rate on the daily amount of the Commitment of such Lender (whether
used or unused) during the period from and including the date hereof to but
excluding the earlier of (x) the Revolver Termination Date and (y) the date on
which the Commitments are terminated; provided that, if such Lender continues to
have any Revolving Credit Exposure on such date, then such facility fee shall
continue to accrue on the daily amount of such Lender's Revolving Credit
Exposure from and including such date to but excluding the date such Lender
ceases to have any Revolving Credit Exposure. Accrued facility fees shall be
payable in arrears on the last day of March, June, September and December of
each year and on the later of the date on which the Commitments terminate and
the date on which such Lender ceases to have any Revolving Credit Exposure,
commencing on the first such date to occur after the date hereof; provided that
any facility fees accruing after the Maturity Date shall be payable on demand.
All facility fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but
excluding the last day).

         (b) The Company agrees to pay to the Administrative Agent for the
account of each Lender a utilization fee, which shall accrue at a rate of .125%
per annum on the average daily outstanding amount of the Revolving Credit
Exposure of such Lender, for each day the Aggregate Utilization Percentage
exceeds 33%. Accrued utilization fees, if any, shall be payable in arrears on
the last day of March, June, September and December of each year and on the
Maturity Date. All utilization fees shall be computed on a basis of a year of
360 days and shall be payable for the actual number of days elapsed (including
the first day but excluding the last day).

                                       28
<PAGE>   34
         (c) The Company agrees to pay to the Administrative Agent, for its own
account, fees payable in the amounts and at the times separately agreed upon
between the Company and the Administrative Agent.

         (d) All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, in
the case of facility fees, to the Lenders. Fees paid shall not be refundable
under any circumstances.

         SECTION 2.12. Interest. (a) The Loans comprising each ABR Borrowing
shall bear interest at a rate per annum equal to the Alternate Base Rate.

         (b) The Loans comprising each Eurodollar Borrowing shall bear interest
at a rate per annum equal to (i) in the case of a Eurodollar Revolving Loan, the
LIBO Rate for the Interest Period in effect for such Borrowing plus the
Applicable Rate, or (ii) in the case of a Eurodollar Competitive Loan, the LIBO
Rate for the Interest Period in effect for such Borrowing plus (or minus, as
applicable) the Margin applicable to such Loan.

         (c) Each Fixed Rate Loan shall bear interest at a rate per annum equal
to the Fixed Rate applicable to such Loan.

         (d) Notwithstanding the foregoing, if any principal of or interest on
any Loan or any fee or other amount payable by any Borrower hereunder is not
paid when due, whether at stated maturity, upon acceleration or otherwise, such
overdue amount shall bear interest, after as well as before judgment, at a rate
per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the
rate otherwise applicable to such Loan as provided above or (ii) in the case of
any other amount, 2% plus the rate applicable to ABR Loans as provided above.

         (e) Accrued interest on each Loan shall be payable in arrears on each
Interest Payment Date for such Loan; provided that (i) interest accrued pursuant
to paragraph (d) of this Section shall be payable on demand, (ii) in the event
of any repayment or prepayment of any Loan (other than a prepayment of an ABR
Revolving Loan prior to the Maturity Date), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or
prepayment, (iii) in the event of any conversion of any Eurodollar Revolving
Loan prior to the end of the current Interest Period therefor, accrued interest
on such Loan shall be payable on the effective date of such conversion and (iv)
all accrued interest shall be payable on the Maturity Date.

         (f) All interest hereunder shall be computed on the basis of a year of
360 days, except that interest computed by reference to the Alternate Base Rate
at times when the Alternate Base Rate is based on the Prime Rate shall be
computed on the basis of a year of 365 days (or 366 days in a leap year), and in
each case

                                       29
<PAGE>   35
shall be payable for the actual number of days elapsed (including the first day
but excluding the last day). The applicable Alternate Base Rate or LIBO Rate
shall be determined by the Administrative Agent, and such determination shall be
presumed correct absent manifest error.

         SECTION 2.13. Alternate Rate of Interest. If prior to the commencement
of any Interest Period for a Eurodollar Borrowing:

         (a) the Administrative Agent determines (which determination shall be
presumed correct absent manifest error) that adequate and reasonable means do
not exist for ascertaining the LIBO Rate for such Interest Period; or

         (b) the Administrative Agent is advised by the Required Lenders (or, in
the case of a Eurodollar Competitive Loan, the Lender that is required to make
such Loan) that the LIBO Rate for such Interest Period will not adequately and
fairly reflect the cost to such Lenders (or Lender) of making or maintaining
their Loans (or its Loan) included in such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Company and the
Lenders by telephone or telecopy as promptly as practicable thereafter and,
until the Administrative Agent notifies the Company and the Lenders that the
circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be
ineffective, and any Eurodollar Borrowing so requested to be continued shall be
converted to an ABR Borrowing, (ii) if any Borrowing Request requests a
Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing
and (iii) any request by any Borrower for a Eurodollar Competitive Borrowing
shall be ineffective; provided that if the circumstances giving rise to such
notice do not affect all the Lenders, then requests for Eurodollar Competitive
Borrowings may be made to Lenders that are not affected thereby and, if the
circumstances giving rise to such notice only affect one Type of Borrowing, then
the other Type of Borrowings shall not be affected.

         SECTION 2.14. Increased Costs. (a) If any Governmental Authority shall
have in effect any reserve, liquid asset or similar requirement with respect to
any category of deposits or liabilities customarily used to fund Loans, or by
reference to which interest rates applicable to Loans are determined, and the
result of such requirement shall be to increase the cost to such Lender of
making or maintaining any Loan, and such Lender shall deliver to the Company a
notice requesting compensation under this paragraph and setting forth the
applicable Statutory Reserve Rate, then the Company shall pay to such Lender on
each Interest Payment Date with respect to each affected Loan additional
interest at a rate per annum up to but not exceeding the excess of (i) the rate
otherwise applicable to

                                       30
<PAGE>   36
such Loan (the "Applicable Interest Rate") divided by one minus the applicable
Statutory Reserve Rate over (ii) the Applicable Interest Rate.

         (b) If any Change in Law shall:

                  (i) impose, modify or deem applicable any reserve, special
         deposit or similar requirement against assets of, deposits with or for
         the account of, or credit extended by, any Lender (except any such
         reserve requirement covered by subsection (a) above); or

                  (ii) impose on any Lender or the London interbank market any
         other condition affecting this Agreement or Eurodollar Loans or Fixed
         Rate Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan or Fixed Rate Loan (or of
maintaining its obligation to make any such Loan) or to reduce the amount of any
sum received or receivable by such Lender in respect thereof hereunder (whether
of principal, interest or otherwise), then the Company will pay to such Lender
such additional amount or amounts as will compensate such Lender for such
additional costs incurred or reduction suffered.

         (c) If any Lender determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such
Lender's capital or on the capital of such Lender's holding company, if any, as
a consequence of this Agreement or the Loans made by such Lender to a level
below that which such Lender or such Lender's holding company could have
achieved but for such Change in Law (taking into consideration such Lender's
policies and the policies of such Lender's holding company with respect to
capital adequacy), then from time to time the Company will pay to such Lender
such additional amount or amounts as will compensate such Lender or such
Lender's holding company for any such reduction suffered.

         (d) A certificate of a Lender setting forth the amount or amounts
necessary to compensate such Lender or its holding company, as the case may be,
as specified in paragraph (a), (b) or (c) of this Section shall be delivered to
the Company and shall be presumed correct absent manifest error. The Company
shall pay such Lender the amount due under this Section within 10 days after
receipt of the relevant certificate.

         (e) Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender's right to
demand such compensation; provided that the Company shall not be required to
compensate a Lender pursuant to this Section for any increased costs or
reductions incurred more than six months prior to the date that such Lender
notifies the

                                       31
<PAGE>   37
Company of the Change in Law giving rise to such increased costs or reductions
and of such Lender's intention to claim compensation therefor; provided further
that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to
include the period of retroactive effect thereof.

         (f) Notwithstanding the foregoing provisions of this Section, a Lender
shall not be entitled to compensation pursuant to this Section in respect of any
Competitive Loan if the Change in Law that would otherwise entitle it to such
compensation shall have been publicly announced or be otherwise known to it
prior to submission of the Competitive Bid pursuant to which such Loan was made.

         SECTION 2.15. Break Funding Payments. In the event of (a) the payment
of any principal of any Eurodollar Loan or Fixed Rate Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an
Event of Default), (b) the conversion of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any
notice delivered pursuant hereto (regardless of whether such notice is permitted
to be revocable under Section 2.10(b) and is revoked in accordance herewith),
(d) the failure to borrow any Eurodollar Competitive Loan after accepting the
Competitive Bid to make such Loan, or (e) the assignment of any Eurodollar Loan
or Fixed Rate Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by the Company pursuant to Section 2.18, then,
in any such event, the Company shall compensate each Lender for the loss, cost
and expense attributable to such event. In the case of a Eurodollar Loan, the
loss to any Lender attributable to any such event shall be deemed to include an
amount determined by such Lender to be equal to the excess, if any, of (i) the
amount of interest that such Lender would pay for a deposit equal to the
principal amount of such Loan for the period from the date of such payment,
conversion, failure or assignment to the last day of the then current Interest
Period for such Loan (or, in the case of a failure to borrow, convert or
continue, the duration of the Interest Period that would have resulted from such
borrowing, conversion or continuation) if the interest rate payable on such
deposit were equal to the LIBO Rate for such Interest Period, over (ii) the
amount of interest that such Lender would earn on such principal amount for such
period if such Lender were to invest such principal amount for such period at
the interest rate that would be bid by such Lender (or an affiliate of such
Lender) for dollar deposits from other banks in the eurodollar market at the
commencement of such period. A certificate of any Lender setting forth any
amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the Company and shall be presumed correct absent
manifest error. The Company shall pay such Lender the amount due under this
Section within 10 days after receipt of the relevant certificate.

                                       32
<PAGE>   38
         SECTION 2.16. Taxes. (a) Any and all payments by or an account of any
obligation of any Borrower hereunder shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided that if any
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from
such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent or Lender
(as the case may be) receives an amount equal to the sum it would have received
had no such deductions been made, (ii) such Borrower shall make such deductions
and (iii) such Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

         (b) In addition, the Borrowers shall pay any Other Taxes to the
relevant Governmental Authority in accordance with applicable law.

         (c) The relevant Borrower shall indemnify the Administrative Agent and
each Lender, within 10 days after written demand therefor, for the full amount
of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such
Lender, as the case may be, on or with respect to any payment by or on account
of any obligation of any Borrower hereunder (including Indemnified Taxes or
Other Taxes imposed or asserted on or attributable to amounts payable under this
Section), and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes
were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered
to the Company by a Lender, or by the Administrative Agent on its own behalf or
on behalf of a Lender, shall be conclusive absent manifest error.

         (d) As soon as practicable after any payment of Indemnified Taxes or
Other Taxes by any Borrower to a Governmental Authority, such Borrower shall
deliver to the Administrative Agent the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of
the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

         (e) Each Lender that is not a United States person as defined in
section 7701(a)(30) of the Code shall, if legally able to do so, prior to the
immediately following due date of any payment by the Borrower under this
Agreement, deliver to the Borrower Internal Revenue Service Form W-8BEN, Form
1001, Form W- 8ECI or Form 4224, or, in the case of a Lender claiming exemption
from U.S. federal withholding tax with respect to payments under this Agreement
under section 871(h) or 881(c) of the code relating to payments of "portfolio
interest", Form W-8BEN and a statement substantially in the form of Exhibit F,
and any other certificate or statement of exemption or any subsequent version
thereof or successors thereto, properly completed and duly executed by such
Lender

                                       33
<PAGE>   39
claiming complete exemption or a reduced rate of United States federal
withholding tax. Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax with respect to payments under this Agreement
pursuant to the law of a Relevant Jurisdiction, other than the United States of
America, or under any treaty to which a Relevant Jurisdiction is a party shall
deliver to the Borrower (with a copy to the Administrative Agent), at the time
or times prescribed by applicable law, such properly completed and executed
documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a
reduced rate.

         If the Company determines in good faith that a reasonable basis exists
for contesting an Indemnified Tax or Other Tax, the relevant Lender or the
Administrative Agent, as applicable, shall cooperate with the Company in
challenging such Tax at the Company's expense if requested by the Company. If
any Lender or the Administrative Agent, as applicable, shall become aware that
it is entitled to receive a refund in respect of Indemnified Taxes or Other
Taxes pursuant to Section 2.16, it shall promptly notify the Borrower of the
availability of such refund and shall, within 30 days after receipt of a request
by the Borrower, apply for such refund if it is not otherwise disadvantageous to
such Lender or the Administrative Agent. If any Lender or the Administrative
Agent, as applicable, receives a refund (whether by way of a direct payment or
by offset) of any Indemnified Tax or Other Tax for which a payment has been made
pursuant to Section 2.16 or realizes any credit or other tax benefit as a result
of the payment of such Tax by any Borrower, which refund, credit or tax benefit
in the good faith judgment of such Lender or the Administrative Agent, as the
case may be, is allocable to such payment made under Section 2.16, the amount of
such refund, credit or tax benefit (together with any interest received from the
applicable Governmental Authority thereon) shall be paid to such Borrower.

         SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-
offs. (a) Each Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest or fees or under Section 2.14, 2.15 or
2.16, or otherwise) prior to 1:00 p.m., New York City time, on the date when
due, in immediately available funds, without set-off or counterclaim. Any
amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding
Business Day for purposes of calculating interest thereon. All such payments
shall be made in dollars, to the Administrative Agent at its offices at 270 Park
Avenue, New York, New York, except that payments pursuant to Sections 2.14,
2.15, 2.16 and 10.03 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the
account of any other Person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a
Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case

                                       34
<PAGE>   40
of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All Loans hereunder shall be denominated and made, and
all payments hereunder (whether of principal, interest or otherwise) shall be
made, in dollars.

         (b) If at any time insufficient funds are received by and available to
the Administrative Agent to pay fully all amounts of principal, interest and
fees then due hereunder, such funds shall be applied (i) first, to pay interest
and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and
(ii) second, to pay principal then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal then due to such
parties.

         (c) If any Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment in respect of any principal of or
interest on any of its Revolving Loans resulting in such Lender receiving
payment of a greater proportion of the aggregate amount of its Revolving Loans
and accrued interest thereon than the proportion received by any other Lender,
then the Lender receiving such greater proportion shall purchase (for cash at
face value) participations in the Revolving Loans of other Lenders to the extent
necessary so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on their respective Revolving Loans; provided that (i) if any
such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph shall not be construed to apply to any
payment made by any Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for
the assignment of or sale of a participation in any of its Loans to any assignee
or participant, other than to any Borrower or any Subsidiary or Affiliate
thereof (as to which the provisions of this paragraph shall apply). Each
Borrower consents to the foregoing and agrees, to the extent it may effectively
do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against such Borrower rights of
set-off and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Borrower in the amount of such
participation.

         (d) Unless the Administrative Agent shall have received notice from the
Company or the relevant Borrower prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders hereunder that such
Borrower will not make such payment, the Administrative Agent may assume that
such Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders the amount due. In
such event, if such Borrower has not in fact made such payment, then each of

                                       35
<PAGE>   41
the Lenders severally agrees to repay to the Administrative Agent forthwith on
demand the amount so distributed to such Lender with interest thereon, for each
day from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent, at the Federal Funds
Effective Rate.

         (e) If any Lender shall fail to make any payment required to be made by
it pursuant to Section 2.06(b) or 2.17(d), then the Administrative Agent may, in
its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender's obligations under such Sections until all such
unsatisfied obligations are fully paid.

         SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If
any Lender requests compensation under Section 2.14, or if any Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.16, then such
Lender shall use reasonable efforts to designate a different lending office for
funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment
of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the
future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender. The Company
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.

         (b) If any Lender requests compensation under Section 2.14, or if any
Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.16,
or if any Lender defaults in its obligation to fund Loans hereunder, or if any
Lender fails to approve any waiver or amendment to this Agreement which has been
approved by the Required Lenders, then the Company may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in Section 10.04), all its interests, rights and
obligations under this Agreement (other than any outstanding Competitive Loans
held by it) to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that (i)
the Company shall have received the prior written consent of the Administrative
Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall
have received payment of an amount equal to the outstanding principal of its
Loans (other than Competitive Loans), accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the

                                       36
<PAGE>   42
Company (in the case of all other amounts) and (iii) in the case of any such
assignment resulting from a claim for compensation under Section 2.14 or
payments required to be made pursuant to Section 2.16, such assignment will
result in a reduction in such compensation or payments. A Lender shall not be
required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling such
Borrower to require such assignment and delegation cease to apply.

         SECTION 2.19. Borrowing Subsidiaries. On or after the Effective Date,
the Company may designate any Subsidiary of the Company as a Borrowing
Subsidiary by delivery to the Administrative Agent of a Borrowing Subsidiary
Agreement executed by such Subsidiary and the Company, and upon such delivery
such Subsidiary shall for all purposes of this Agreement be a Borrowing
Subsidiary and a party to this Agreement until the Company shall have executed
and delivered to the Administrative Agent a Borrowing Subsidiary Termination
with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a
Borrowing Subsidiary and a party to this Agreement. Notwithstanding the
preceding sentence, no Borrowing Subsidiary Termination will become effective as
to any Borrowing Subsidiary at a time when any principal of or interest on any
Loan to such Borrowing Subsidiary shall be outstanding hereunder, provided that
such Borrowing Subsidiary Termination shall be effective to terminate such
Borrowing Subsidiary's right to make further Borrowings under this Agreement.

                                    ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

         The Company represents and warrants to the Lenders that:

         SECTION 3.01. Organization; Powers. Each of the Company and its
Material Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, has all requisite power
and authority to carry on its business as now conducted and as proposed to be
conducted on or after the Spin-off Date, and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required.

         SECTION 3.02. Authorization; Enforceability. The Transactions are
within the Company's (and, as applicable, each Borrowing Subsidiary's) corporate
powers and have been duly authorized by all necessary corporate and, if
required, stockholder action. This Agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation
of the Company, and each Borrowing Subsidiary Agreement with respect to any
Borrowing

                                       37
<PAGE>   43
Subsidiary (as to which a Borrowing Subsidiary Termination has not become
effective) has been duly executed and delivered by the Company and such
Borrowing Subsidiary and constitutes a legal, valid and binding obligation of
the Borrowing Subsidiary thereunder, in each case enforceable in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors' rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding
in equity or at law. Each Spin-off Document referred to in clause (ii) or (iii)
of the definition thereof, when executed and delivered by such Borrower, will
constitute a legal, valid and binding obligation of such Borrower, in each case,
enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors' rights
generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law.

         SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions
(a) do not require any consent or approval of, registration or filing with, or
any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect and except for such consents,
approvals, registrations, filings and other actions (i) related to the Spin-off
which shall be obtained prior to the Spin-off Date or (ii) the failure to obtain
or make could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, (b) will not violate any applicable law or
regulation or the charter, by-laws or other organizational documents of the
Company or any of its Subsidiaries or any order of any Governmental Authority,
except for such violations which, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, (c) will not
violate or result in a default under any indenture, agreement or other
instrument binding the Company or any of its Subsidiaries or its assets, or give
rise to a right thereunder to require any payment to be made by the Company or
any of its Subsidiaries, except for such violations and defaults which,
individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, and (d) will not result in the creation or imposition
of any Lien on any asset of the Company or any of its Material Subsidiaries.

         SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The
Company has heretofore furnished to the Lenders (i) the combined balance sheet
of the Company at December 31, 1998 and December 31, 1999 and the related
combined statements of operations, shareholders' net investment and cash flows
of the Company for the fiscal years ended December 31, 1998 and December 31,
1999, in each case reported on by PricewaterhouseCoopers LLP, independent public
accountants, and (ii) the combined balance sheet of the Company at June 30, 2000
and the related combined statements of operations and cash flows for the fiscal
quarter and the portion of the fiscal year ended June 30, 2000, certified by a
Financial Officer of the Company. Such financial statements

                                       38
<PAGE>   44
(including notes thereto) present fairly, in all material respects, the
financial position and results of operations and cash flows of the Company and
its consolidated Subsidiaries as of such dates and for such periods in
accordance with GAAP, subject to year-end audit adjustments and the absence of
footnotes in the case of the statements referred to in clause (ii) above.

         (b) The Company has heretofore furnished to the Lenders its unaudited
pro forma condensed balance sheet and unaudited pro forma condensed statement of
operations, each prepared giving effect to the Transactions as if the
Transactions had occurred on June 30, 2000, in the case of such balance sheet
and January 1, 1999, in the case of such statement of operations. Such pro forma
financial statements (i) have been prepared in good faith based on the same
assumptions used to prepare the pro forma financial statements included in the
Information Memorandum (which assumptions are believed by the Company to be
reasonable), (ii) are based on the best information available to the Company
after due inquiry, (iii) accurately reflect all adjustments necessary to give
effect to the Transactions and (iv) present fairly, in all material respects (x)
in the case of such pro forma balance sheet, the financial position of the
Company and its consolidated Subsidiaries as of June 30, 2000, as if the
Transactions had occurred on such date, and (y) in the case of such pro forma
statements of operations, the results of operations of the Company and its
consolidated Subsidiaries for the six months ended June 30, 2000 (as if the
Transactions had occurred on January 1, 1999).

         (c) Since December 31, 1999, there has been no material adverse change
in the business, assets, operations, prospects or financial condition, of the
Company and its Subsidiaries, taken as a whole.

         SECTION 3.05. Properties. (a) Each of the Company and its Material
Subsidiaries has good title to, or valid leasehold interests in, all its real
and personal property material to the business of the Company and its
Subsidiaries, taken as a whole, except for minor defects in title that do not
interfere with its ability to conduct its business as currently conducted or to
utilize such properties for their intended purposes. There are no Liens on any
such property other than Liens permitted under Section 6.01.

         (b) Each of the Company and its Subsidiaries owns, or is licensed to
use, all trademarks, tradenames, copyrights, patents and other intellectual
property material to the business of the Company and its Subsidiaries taken as a
whole, and the use thereof by the Company and its Subsidiaries does not infringe
upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect.

                                       39
<PAGE>   45
         SECTION 3.06. Litigation and Environmental Matters. (a) There are no
actions, suits or proceedings by or before any arbitrator or Governmental
Authority pending against or, to the knowledge of the Company, threatened
against or affecting the Company or any of its Subsidiaries (i) as to which
there is a reasonable possibility of an adverse determination and that, if
adversely deter mined, could reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect (other than the Disclosed
Matters) or (ii) that involve this Agreement, any Borrowing Subsidiary Agreement
or the Transactions.

         (b) Except for the Disclosed Matters and except with respect to any
other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither the Company nor any of
its Subsidiaries (i) has failed to comply with any Environmental Law or to
obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental
Liability.

         (c) Since the date of this Agreement, there has been no change in the
status of the Disclosed Matters that, individually or in the aggregate, has
resulted in a Material Adverse Effect.

         SECTION 3.07. Compliance with Laws and Agreements. Each of the Company
and its Subsidiaries is in compliance with all laws, regulations and orders of
any Governmental Authority applicable to it or its property (including without
limitation any "margin" rules or regulations promulgated by the Board) and all
indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has
occurred and is continuing.

         SECTION 3.08. Investment and Holding Company Status. Neither the
Company nor any of its Material Subsidiaries is (a) an "investment company" as
defined in, or subject to regulation under, the Investment Company Act of 1940
or (b) a "holding company" as defined in, or subject to regulation under, the
Public Utility Holding Company Act of 1935.

         SECTION 3.09. Taxes. Each of the Company and each of its Subsidiaries
has timely filed or caused to be filed all Tax returns and reports required to
have been filed and has paid or caused to be paid all Taxes required to have
been paid by it, except (a) Taxes that are being contested in good faith by
appropriate proceedings and for which the Company or such Subsidiary, as
applicable, has set aside on its books adequate reserves or (b) to the extent
that the failure to do so could not reasonably be expected to result in a
Material Adverse Effect.

                                       40
<PAGE>   46
         SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably
expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to
result in a Material Adverse Effect. The present value of all accumulated
benefit obligations under each Plan (based on the assumptions used for purposes
of Statement of Financial Accounting Standards No. 87) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed the fair
market value of the assets of such Plan by an amount that could reasonably be
expected to result in a Material Adverse Effect, and the present value of all
accumulated benefit obligations of all underfunded Plans (based on the
assumptions used for purposes of Statement of Financial Accounting Standards No.
87) did not, as of the date of the most recent financial statements reflecting
such amounts, exceed the fair market value of the assets of all such underfunded
Plans by an amount that could reasonably be expected to result in a Material
Adverse Effect.

         SECTION 3.11. Disclosure. None of the reports, financial statements,
certificates or other written information furnished by or on behalf of any
Borrower to the Administrative Agent or any Lender in connection with the
negotiation of this Agreement or any Borrowing Subsidiary Agreement or delivered
hereunder or thereunder (as modified or supplemented by other information so
furnished), including without limitation the Information Statement, taken as a
whole, contain any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to
projected financial information, the Company represents only that such
information was prepared in good faith based upon assumptions believed to be
reasonable at the time.

         SECTION 3.12. Subsidiaries. Schedule 3.12 sets forth as of the date
hereof and the Spin-off Date a list of all Subsidiaries and the percentage
ownership interest of the Company therein. As of the Effective Date and the
Spin-off Date, the shares of capital stock of such Subsidiaries will be fully
paid and non-assessable and such shares and other ownership interests so
indicated by Schedule 3.12 will be owned by the Company, directly or indirectly,
free and clear of all Liens.

         SECTION 3.13. Use of Proceeds. The proceeds of the Loans shall be
applied by the Borrowers in accordance with the provisions of Section 5.08.

         SECTION 3.14. Solvency. On the date of the first Borrowing hereunder
and immediately after giving effect to such Borrowing, (a) the fair value of the
assets of the Company, at a fair valuation, will exceed its debts and
liabilities, subordinated, contingent or otherwise; (b) the present fair
saleable value of the property of the Company will be greater than the amount
that will be required to pay the probable liability of its debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other
liabilities become absolute and matured; (c)

                                       41
<PAGE>   47
the Company does not intend to incur or does not believe it will incur debts and
liabilities, subordinated, contingent or otherwise, beyond its ability to pay
such debts and liabilities as they become absolute and matured; and (d) the
Company will not have unreasonably small capital with which to conduct the
business in which it is engaged as such business is now conducted and is
proposed to be conducted following the Effective Date and the Spin-off Date.

         SECTION 3.15. Representation and Warranties Related to New D&B and the
Spin-off. (a) New D&B is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization and has all requisite
power and authority to execute, deliver and perform the Spin-off Documents
referred to in clause (ii) or (iii) of the definition thereof.

         (b) The execution, delivery and performance by New D&B of the Spin- off
Documents referred to in clause (ii) or (iii) of the definition thereof to which
it is a party and the consummation by New D&B of the Spin-off (i) are within New
D&B's corporate powers, (ii) have been duly authorized by all necessary
corporate and, if required, stockholder action and (iii) (w) do not require any
consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except for such as have been obtained or made and are in
full force and effect, and except for such consents, approvals, registrations,
filings and other actions (i) which shall be obtained prior to the Spin-off Date
or (ii) the failure to obtain or make could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect, (x)
will not violate any applicable law or regulation or the charter, by-laws or
other organizational documents of New D&B or any order of any Governmental
Authority, except for such violations which, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, (y)
will not violate or result in a default under any indenture, agreement or other
instrument binding upon New D&B or any of its subsidiaries or its assets, or
give rise to a right thereunder to require any payment to be made by New D&B or
any of its subsidiaries, except for such violations and defaults which,
individually or in the aggregate, could not reasonably be expected to result in
a Material Adverse Effect, and (z) will not result in the creation or imposition
of any Lien on any asset of New D&B or any of its subsidiaries. Each Spin-off
Document referred to in clause (ii) or (iii) of the definition thereof, when
executed and delivered by New D&B, will constitute a legal, valid and binding
obligation of New D&B, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors' rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.

                                       42
<PAGE>   48
                                    ARTICLE 4
                                   CONDITIONS

         SECTION 4.01. Effective Date. The obligations of the Lenders to make
Loans hereunder shall not become effective until the date on which each of the
following conditions is satisfied (or waived in accordance with Section 10.02):

         (a) The Administrative Agent (or its counsel) shall have received from
each party hereto either (i) a counterpart of this Agreement signed on behalf of
such party or (ii) written evidence satisfactory to the Administrative Agent
(which may include telecopy transmission of a signed signature page of this
Agreement) that such party has signed a counterpart of this Agreement.

         (b) The Administrative Agent shall have received favorable written
opinions (addressed to the Administrative Agent and the Lenders and dated the
Effective Date) of David J. Lewinter, Esq., Vice President and Corporate
Secretary of the Company, and Simpson Thacher & Bartlett, special New York
counsel for the Company, substantially in the form of Exhibit B-1 and B-2,
respectively, and covering such other matters relating to the Company, this
Agreement or the Transactions as the Required Lenders shall reasonably request.
The Company hereby requests such counsel to deliver such opinion.

         (c) The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of the Company, the
authorization of the Transactions and any other legal matters relating to the
Company, this Agreement or the Transactions, all in form and substance
reasonably satisfactory to the Administrative Agent and its counsel.

         (d) The Administrative Agent shall have received a certificate, dated
the Effective Date and signed by the Chairman, the President, a Vice President
or a Financial Officer of the Company, confirming compliance with the conditions
set forth in paragraphs (a) (including the representations and warranties set
forth in Section 3.04) and (b) of Section 4.02.

         (e) The Administrative Agent shall have received all fees and other
amounts due and payable on or prior to the Effective Date, including, to the
extent invoiced, reimbursement or payment of all reasonable out-of-pocket
expenses required to be reimbursed or paid by the Company hereunder.

         (f) The Administrative Agent shall have received evidence satisfactory
to it that all commitments to extend credit under the Existing Credit Agreements
shall have been terminated and all amounts outstanding or payable thereunder
shall have been repaid in full.

                                       43
<PAGE>   49
         (g) The Lenders shall have received copies of all the financial
statements referred to in Section 3.04, and all such financial statements shall
be consistent in all material respects with other information previously
provided to the Lenders.

         (h) The proposed Spin-off (including without limitation the corporate
and capital structure of the Borrowers after giving effect thereto, their
respective organizational documents and any material contracts to which they are
a party described therein) shall be in all material respects as described in the
Information Statement, with only such material changes as the Required Lenders
shall have approved. All material authorizations and approvals to be obtained
from any Governmental Authority with respect to the Transactions (including
without limitation the private letter ruling from the Internal Revenue Service
(the "IRS Ruling") to the effect that the Spin-off will be tax-free to the
Company and the shareholders of the Company) as described in the Information
Statement shall have been obtained and shall be in full force and effect. The
board of directors of the Company shall have authorized the Spin-off and
declared a ratable dividend to the shareholders of the Company payable in shares
of capital stock of New D&B. The Administrative Agent shall have received copies
of each such authorization or approval (including without limitation the IRS
Ruling) and each Spin-off Document, if any, in effect on the Effective Date,
certified by a Financial Officer as complete and correct.

         (i) The Lenders shall have received a certificate of a responsible
officer of the Company certifying that there are no actions, suits or
proceedings (other than matters disclosed in the Information Statement) by or
before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Company, threatened against or affecting the Company or any of
its Subsidiaries (i) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect or (ii)
that involves this Agreement, any Borrowing Subsidiary Agreement or the
Transactions.

The Administrative Agent shall notify the Company and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans hereunder shall not
become effective unless each of the foregoing conditions is satisfied (or waived
pursuant to Section 10.02) at or prior to 3:00 p.m., New York City time, on or
prior to October 31, 2000 (and, in the event such conditions are not so
satisfied or waived, the Commitments shall terminate at such time).

         SECTION 4.02. Each Credit Event. The obligation of each Lender to make
a Loan on the occasion of any Borrowing is subject to the satisfaction of the
following conditions:

                                       44
<PAGE>   50
         (a) The representations and warranties of the Company set forth in this
Agreement (other than the representations and warranties set forth in Section
3.04, and in the case of a Borrowing made after the consummation of the
Spin-off, Section 3.15) and, in the case of a Borrowing by a Borrowing
Subsidiary, the representations and warranties of such Borrowing Subsidiary in
its Borrowing Subsidiary Agreement, shall be true and correct on and as of the
date of such Borrowing.

         (b) At the time of and immediately after giving effect to such
Borrowing, no Default shall have occurred and be continuing.

Each Borrowing shall be deemed to constitute a representation and warranty by
the Company and, if applicable, the relevant Borrowing Subsidiary on the date
thereof as to the matters specified in paragraphs (a) and (b) of this Section.

         SECTION 4.03.  Each Borrowing Subsidiary Credit Event.  The obligation
of each Lender to make Loans hereunder to any Borrowing Subsidiary is subject
to the satisfaction of the following conditions:

         (a) The Administrative Agent (or its counsel) shall have received from
each party thereto either (i) a counterpart of such Borrowing Subsidiary's
Borrowing Subsidiary Agreement or (ii) written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of a signed
signature page thereof) that such party has signed a counterpart of such
Borrowing Subsidiary Agreement.

         (b) The Administrative Agent shall have received a favorable written
opinion of counsel for such Borrowing Subsidiary (which counsel shall be
reasonably acceptable to the Administrative Agent), substantially in the form of
Exhibit C, and covering such other matters relating to such Borrowing Subsidiary
or its Borrowing Subsidiary Agreement as the Administrative Agent shall
reasonably request.

         (c) The Administrative Agent shall have received such documents and
certificates as the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of such Borrowing
Subsidiary, the authorization of the Transactions relating to such Borrowing
Subsidiary and any other legal matters relating to such Borrowing Subsidiary,
its Borrowing Subsidiary Agreement or such Transactions, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel.

                                       45
<PAGE>   51
                                    ARTICLE 5
                              AFFIRMATIVE COVENANTS

         Until the Commitments have expired or have been terminated and the
principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full, the Company covenants and agrees with the Lenders that:

         SECTION 5.01. Financial Statements and Other Information. The Company
will furnish to the Administrative Agent (with a copy for each Lender):

         (a) within 90 days after the end of each fiscal year of the Company,
its audited consolidated balance sheet and related statements of income and cash
flows as of the end of and for such year, setting forth, in the case of
statements of income and cash flows, comparative figures for the previous fiscal
year, all reported on by Pricewaterhouse Coopers LLP or other independent public
accountants of recognized national standing (without a "going concern" or like
qualification or exception and without any qualification or exception as to the
scope of such audit) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of
operations of the Company and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied;

         (b) within 45 days after the end of each of the first three fiscal
quarters of each fiscal year of the Company, its consolidated balance sheet and
related statements of operations as of the end of and for such fiscal quarter
and the then elapsed portion of the fiscal year and statements of cash flow for
the then elapsed portion of the fiscal year, setting forth, in the case of
statements of operations and cash flows, comparative figures for the
corresponding periods of the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the financial
condition and results of operations of the Company and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of
footnotes;

         (c) prior to the consummation of the Spin-off, copies of the final form
of the Information Statement relating to the Spin-off and copies of the
Company's pro forma condensed balance sheet as of the most recently ended fiscal
quarter and related statement of operations for such period, prepared giving
effect to the Spin-off as if it had occurred on the first day of such period;

         (d) concurrently with any delivery of financial statements under clause
(a), (b) or (c) above, a certificate of a Financial Officer of the Company (i)
certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating

                                       46
<PAGE>   52
compliance with Sections 6.05 and 6.06 and (iii) stating whether any material
change in GAAP or in the application thereof has occurred since the date of the
audited financial statements referred to in Section 3.04 affecting the Company
and, if any such change has occurred, specifying the effect of such change on
the financial statements accompanying such certificate;

         (e) concurrently with any delivery of financial statements under clause
(a) above, a certificate of the accounting firm that reported on such financial
statements stating whether they obtained knowledge during the course of their
examination of such financial statements of any Default (which certificate may
be limited to the extent required by accounting rules or guidelines);

         (f) promptly after the same become publicly available, copies of all
periodic and other material reports (other than reports relating to employee
benefit matters or employment plans) and proxy statements filed by the Company
or any Subsidiary with the Securities and Exchange Commission, or any
Governmental Authority succeeding to any or all of the functions of said
Commission, or with any national securities exchange, or distributed by the
Company to its share holders generally, as the case may be, and all material
amendments to any of the foregoing; and

         (g) promptly following any request therefor, such other information
regarding the operations, business affairs and financial condition of the
Company or any Subsidiary, or compliance with the terms of this Agreement or the
Spin-off Documents, as the Administrative Agent may reasonably request.

         SECTION 5.02.  Notices of Material Events.  The Company will furnish to
the Administrative Agent and each Lender prompt written notice of the following:

         (a) the occurrence of any Default;

         (b) the filing or commencement of any action, suit or proceeding by or
before any arbitrator or Governmental Authority against or affecting the Company
or any Subsidiary thereof that could reasonably be expected to result in a
Material Adverse Effect;

         (c) the occurrence of any ERISA Event that, alone or together with any
other ERISA Events that have occurred, could reasonably be expected to result in
liability of the Company and its Subsidiaries in an aggregate amount that could
reasonably be expected to result in a Material Adverse Effect; and

         (d) any other development that results in, or could reasonably be
expected to result in, a Material Adverse Effect.

                                       47
<PAGE>   53
Each notice delivered under this Section shall be accompanied by a statement of
a Financial Officer or other executive officer of the Company setting forth the
details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto.

         SECTION 5.03. Existence; Conduct of Business. The Company will, and
will cause each of its Material Subsidiaries to, do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its legal
existence and the rights, licenses, permits, privileges and franchises material
to the conduct of the business of the Company and its Subsidiaries, taken as a
whole; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.02.

         SECTION 5.04. Payment of Obligations. The Company will, and will cause
each of its Subsidiaries to, pay its obligations, including Tax liabilities,
that, if not paid, could result in a Material Adverse Effect before the same
shall become delinquent or in default, except where (a) the validity or amount
thereof is being contested in good faith by appropriate proceedings, (b) the
Company or such Subsidiary has set aside on its books adequate reserves with
respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material
Adverse Effect.

         SECTION 5.05. Maintenance of Properties; Insurance. The Company will,
and will cause each of its Material Subsidiaries to, (a) keep and maintain all
property material to the conduct of its business in good working order and
condition, ordinary wear and tear excepted, and (b) maintain, with financially
sound and reputable insurance companies, insurance in such amounts and against
such risks as are customarily maintained by companies engaged in the same or
similar businesses operating in the same or similar locations; provided that any
such insurance may be maintained through a program of self-insurance to the
extent deemed prudent by the Company in its reasonable business judgment (which
determination shall take into account the self-insurance practices customary
among such companies, to the extent the Company has knowledge thereof without
any investigation).

         SECTION 5.06. Books and Records; Inspection Rights. The Company will,
and will cause each of its Material Subsidiaries to, keep proper books of record
and account in accordance with GAAP (or, the case of a foreign Subsidiary,
generally accepted accounting principles in the jurisdiction of organization of
such foreign Subsidiary). The Company will, and will cause each of its Material
Subsidiaries to, permit any representatives designated by the Administrative
Agent on its own initiative or at the request of the Required Lenders, upon
reasonable prior notice, to visit and inspect its properties, to examine and
make extracts from its books and records, and to discuss its affairs, finances
and

                                       48
<PAGE>   54
condition with its officers and independent accountants, all at such reasonable
times and as often as reasonably requested.

         SECTION 5.07. Compliance with Laws. The Company will, and will cause
each of its Subsidiaries to, comply with all laws, rules, regulations and orders
of any Governmental Authority applicable to it or its property (including
ERISA), except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

         SECTION 5.08. Use of Proceeds. The proceeds of the Loans will be used
only for general corporate purposes, including without limitation back-up for
the Company's commercial paper program. No part of the proceeds of any Loan will
be used, whether directly or indirectly, for any purpose that entails a
violation of any of the Regulations of the Board, including Regulations U and X.

                                    ARTICLE 6
                               NEGATIVE COVENANTS

         Until the Commitments have expired or terminated and the principal of
and interest on each Loan and all fees payable hereunder have been paid in full,
the Company covenants and agrees with the Lenders that:

         SECTION 6.01. Liens. The Company will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, except:

         (a) Permitted Encumbrances;

         (b) any Lien on any property or asset of the Company or any Subsidiary
existing on the date hereof and set forth in Schedule 6.01; provided that (i)
such Lien shall not apply to any other property or asset of the Company or any
Subsidiary and (ii) such Lien shall secure only those obligations which it
secures on the date hereof and extensions, renewals, refinancings and
replacements thereof that do not increase the outstanding principal amount
thereof (other than by an amount equal to any costs and expenses incurred in
connection with such extension, renewal, refinancing or replacement);

         (c) any Lien existing on any property or asset prior to the acquisition
thereof by the Company or any Subsidiary or existing on any property or asset of
any Person that becomes a Subsidiary after the date hereof prior to the time
such Person becomes a Subsidiary or any Lien on any asset of any Person existing
at the time such Person is merged into or consolidated with the Company or a
Subsidiary; provided that (i) such Lien is not created in contemplation of or in

                                       49
<PAGE>   55
connection with such acquisition or such Person becoming a Subsidiary or such
merger, as the case may be, (ii) such Lien shall not apply to any other property
or assets of the Company or any Subsidiary and (iii) such Lien shall secure only
those obligations which it secures on the date of such acquisition or the date
such Person becomes a Subsidiary or the date of such merger, as the case may be,
and extensions, renewals, refinancings and replacements thereof that do not
increase the outstanding principal amount thereof (other than by an amount equal
to any costs and expenses incurred in connection with such extension, renewal,
refinancing or replacement);

         (d) any Lien on any asset (i) initially securing Indebtedness incurred
or assumed for the purpose of financing all or any part of the cost of acquiring
or constructing such asset or (ii) securing Indebtedness incurred to extend,
renew, refinance or replace the Indebtedness then secured by such Lien, provided
that (x) such Lien attaches to such asset concurrently with or within 180 days
after the acquisition thereof and (y) the principal amount of Indebtedness
secured by such Lien shall not be increased in connection with any extension,
renewal, refinancing or replacement of such Indebtedness (other than by an
amount equal to any costs and expenses incurred in connection with such
extension, renewal, refinancing or replacement);

         (e) any Lien arising in connection with the financing of accounts
receivable by the Company or any of its Subsidiaries, provided that the
uncollected amount of account receivables subject at any time to any such
financing shall not exceed $125,000,000;

         (f) any Lien on any property sold or transferred pursuant to a
transaction permitted under Section 6.04;

         (g) any Lien in favor of the Company or any Subsidiary granted by the
Company or any Subsidiary in order to secure any intercompany obligations;

         (h) any Lien granted or arising in connection with any legal proceeding
to the extent such proceeding has not resulted in an Event of Default under
paragraph (k) of Article 7; and

         (i) any Lien to secure Indebtedness and other obligations if, at any
date, immediately after the incurrence thereof, the sum (without duplication) of
all amounts secured by Liens which would not be permitted but for this clause
(i) does not exceed $100,000,000.

         SECTION 6.02. Fundamental Changes. (a) The Company will not (i) merge
or consolidate with any other Person or (ii) permit any Designated Subsidiary to
merge or consolidate with any other Person, except that (1) the Company and any
Designated Subsidiaries may merge into or consolidate with

                                       50
<PAGE>   56
each other, (2) the Spin-off may be consummated, so long as it is consummated in
all material respects in accordance with the terms and conditions set forth in
the Information Statement, (3) the Company may merge or consolidate with any
other Person in accordance with subsection (c) and (4) any Designated Subsidiary
may merge or consolidate with any other Person so long as the surviving entity
of such merger or consolidation is a Designated Subsidiary. The Company will
not, and will not permit any Designated Subsidiary to, liquidate or dissolve.

         (b) (i) The Company will not sell, transfer, lease or otherwise dispose
of (in one transaction or in a series of transactions) all or substantially all
of the assets of the Company and its consolidated Subsidiaries, taken as a
whole, or all or substantially all of the stock or other equity interests of any
Designated Subsidiary and (ii) the Company will not permit any Designated
Subsidiary to sell, transfer, lease or otherwise dispose of (in one transaction
or in a series of transactions) all or substantially all of the assets of such
Designated Subsidiary and its subsidiaries, taken as a whole, except (1) the
Company and any Designated Subsidiaries may consummate any transaction described
in clause (i) or (ii) with the Company or any other Designated Subsidiary, (2)
the Spin-off may be consummated, so long as it is consummated in all material
respects in accordance with the terms and conditions set forth in the
Information Statement, and (3) the Company may consummate any transaction
described in clause (i) in accordance with subsection (c).

         (c) The Company may consummate any of the transactions described in
clauses (a)(i) and (b)(i) of this Section if (i) the surviving corporation in
any such merger or consolidation or the Person which acquires all or
substantially all of the assets of the Company and its consolidated Subsidiaries
or all or substantially all of the capital stock or other equity interests of a
Designated Subsidiary shall be a corporation organized and existing under the
laws of the United States of America, any state thereof or the District of
Columbia (the "Successor Corporation") and shall expressly assume, pursuant to
documentation in form reasonably satisfactory to the Required Lenders, the due
and punctual payment of the principal of and interest on the Loans and all other
amounts payable under this Agreement and the payment and performance of every
covenant hereof on the part of the Company to be performed or observed; (ii)
immediately after giving effect to such transaction, no Default shall have
occurred and be continuing; and (iii) immediately after giving effect to such
transaction, (x) the Company and its Subsidiaries are in compliance, on a
pro-forma basis, with the covenants contained in Sections 6.05 and 6.06
recomputed as of the last day of the most recently ended fiscal quarter of the
Company, as if such transaction had occurred on the first day of each relevant
period for testing such compliance and (y) the Company shall have delivered to
the Lenders, at least 10 Business Days prior to the consummation of any such
transaction, a certificate of a Financial Officer of the Company certifying that
the condition precedent set forth in clause (iii)(x) with respect to such
transaction will be complied with and setting forth in

                                       51
<PAGE>   57
reasonable detail the calculations required to demonstrate such compliance and
the assumptions used by the Company to make such calculations.

         (d) The Company will not permit any Borrowing Subsidiary to merge,
consolidate, liquidate or dissolve unless, in addition to the conditions set
forth in clause (a) of this Section (if applicable), the surviving entity, or
the entity into which such Borrowing Subsidiary liquidates or dissolves, is a
Borrower and assumes all Obligations of such Borrowing Subsidiary.

         (e) The Company will not, and will not permit any of its Subsidiaries
to, engage to any material extent in any business other than businesses of the
type conducted by the Company and its Subsidiaries on the Effective Date and the
Spin-off Date and businesses reasonably related or complementary thereto.

         SECTION 6.03. Transactions with Affiliates. The Company will not, and
will not permit any of its Subsidiaries to, sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property
or assets from, or otherwise engage in any other transactions with, any of its
Affiliates, except (a) on terms and conditions not less favorable to the Company
or such Subsidiary than could be obtained on an arm's-length basis from
unrelated third parties (considering such transactions and all other related
transactions as a whole), (b) transactions between or among the Company and its
Subsidiaries and (c) transactions contemplated by the Spin-off Documents and
consummated in accordance therewith.

         SECTION 6.04. Sale and Lease-Back Transactions. The Company will not,
and will not permit any of its Subsidiaries to, directly or indirectly, enter
into any arrangement with any Person (other than a Subsidiary) whereby it shall
sell or transfer any property used or useful in its business, whether now owned
or hereafter acquired, and thereafter rent or lease such property or other
property which it intends to use for substantially the same purpose or purposes
as the property being sold or transferred, except for any such arrangement or
arrangements with an aggregate sale price not exceeding at any time
$100,000,000.

         SECTION 6.05.  Total Debt to EBITDA Ratio.  The Total Debt to EBITDA
Ratio will not exceed 4.0 to 1.0 at the end of any fiscal quarter.

         SECTION 6.06. Interest Coverage Ratio. The Interest Coverage Ratio for
any period of four consecutive fiscal quarters of the Company will not be less
than 3.0 to 1.0.

         SECTION 6.07. Amendment of Spin-off Documents. The Company will not,
nor will it permit any Subsidiary to, amend, modify, or waive any of its rights

                                       52
<PAGE>   58
under any Spin-off Document, if any such amendment, modification or waiver could
reasonably be expected to have a Material Adverse Effect.

                                    ARTICLE 7
                                EVENTS OF DEFAULT

         If any of the following events ("Events of Default") shall occur and be
continuing:

         (a) any Borrower shall fail to pay any principal of any Loan of such
Borrower when and as the same shall become due and payable, whether at the due
date thereof or at a date fixed for prepayment thereof or otherwise;

         (b) any Borrower shall fail to pay any interest on any Loan of such
Borrower or any fee or any other amount (other than an amount referred to in
clause (a) of this Article) payable by such Borrower under this Agreement, when
and as the same shall become due and payable, and such failure shall continue
unremedied for a period of three Business Days;

         (c) any representation or warranty made or deemed made by or on behalf
of the Company or any Subsidiary in or in connection with this Agreement, any
Borrowing Subsidiary Agreement or any amendment or modification hereof or
thereof, or in any certificate or other document furnished pursuant to or in
connection with this Agreement, any Borrowing Subsidiary Agreement or any
amendment or modification hereof or thereof, shall prove to have been incorrect
in any material respect when made or deemed made;

         (d) the Company shall fail to observe or perform any covenant,
condition or agreement contained in Section 5.02(a), 5.03 (with respect to the
Company's existence), 5.08 or in Article 6;

         (e) the Company shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement or any Borrowing Subsidiary
Agreement (other than those specified in clause (a), (b), (c) or (d) of this
Article), and such failure shall continue unremedied for a period of 30 days
after notice thereof from the Administrative Agent (given at the request of any
Lender) to the Company;

         (f) the Company or any Subsidiary shall fail to make any payment
(whether of principal or interest and regardless of amount) in respect of any
Material Indebtedness, when and as the same shall become due and payable (after
giving effect to any grace period applicable thereto);

         (g) any event or condition occurs that results in any Material
Indebtedness becoming due prior to its scheduled maturity; provided that this

                                       53
<PAGE>   59
clause (g) shall not apply to (i) secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such
Indebtedness (so long as such Indebtedness is paid when due (or within any
applicable grace period)) or (ii) any Indebtedness that is mandatorily
prepayable prior to the scheduled maturity thereof with the proceeds of the
issuance of capital stock, the incurrence of other Indebtedness or the sale or
other disposition of any assets, so long as such Indebtedness is so prepaid in
full with such proceeds when due (or within any applicable grace period) and
such event shall not have otherwise resulted in an event of default with respect
to such Indebtedness;

         (h) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (i) liquidation, reorganization or other relief
in respect of the Company or any Material Subsidiary or its debts, or of a
substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for the Company or any Material Subsidiary or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed for 60 days or an order or decree approving or ordering any
of the foregoing shall be entered;

         (i) the Company or any Material Subsidiary shall (i) voluntarily
commence any proceeding or file any petition seeking liquidation, reorganization
or other relief under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, (ii) consent to the
institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for
or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Company or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (v) make a
general assignment for the benefit of creditors or (vi) take any action for the
purpose of effecting any of the foregoing;

         (j) the Company or any Material Subsidiary shall become unable, admit
in writing or fail generally to pay its debts as they become due;

         (k) one or more judgments for the payment of money in an aggregate
amount in excess of $30,000,000 (excluding any amount of such judgment as to
which an Acceptable Insurer has acknowledged liability) shall be rendered
against the Company, any Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 60 consecutive days during which
execution shall not be effectively stayed, or any action, which shall not be
effectively stayed, shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Company or any Subsidiary to enforce any such
judgment;

                                       54
<PAGE>   60
         (l) an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in liability of the Company and
its Subsidiaries in an aggregate amount that could reasonably be expected to
result in a Material Adverse Effect;

         (m) the Company shall fail to observe or perform any covenant,
condition or agreement contained in Article 9 or the guarantee of the Company
hereunder shall not be (or shall be claimed by the Company or any Subsidiary not
to be) valid or in full force and effect;

         (n) a Change in Control shall occur;

         (o) (i) the Company shall have merged or consolidated with any Person
or any Person shall have acquired all or substantially all of the assets of the
Company and its consolidated Subsidiaries, taken as a whole, or all or
substantially all of the capital stock or other equity interests of any
Designated Subsidiary, (ii) either the Company or the Person with which it is
merging or consolidating or the Person which is acquiring such assets or capital
stock or other equity interests shall at the time of such merger or
consolidation or acquisition have been rated by a rating agency and (iii) the
Successor Corporation shall not have in effect a rating of at least Baa1 from
Moody's Investor's Services, Inc. or BBB+ from Standard & Poor's Rating Services
on the 90th day following the consummation of such merger or consolidation or
acquisition, as the case may be;

         (p) the Spin-off Date shall not have occurred by the 60th day after the
Effective Date; or

         (q) (i) any Spin-off Document shall cease to be in full force and
effect (or any party thereto shall so assert in writing) or (ii) any party to
any Spin-off Document shall fail to perform its obligations thereunder and such
failure could reasonably be expected to result in a Material Adverse Effect; or

         (r) (i) the IRS Ruling shall cease to be in full force and effect or
(ii) the Spin-off shall for any reason cease to qualify as a tax-free
distribution under Section 355 of the Internal Revenue Code;

then, and in every such event (other than an event with respect to any Borrower
described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may (with the
consent of the Required Lenders), and at the request of the Required Lenders
shall, by notice to the Company, take either or both of the following actions,
at the same or different times: (i) terminate the Commitments, and thereupon the
Commitments shall terminate immediately, and (ii) declare the Loans then
outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due

                                       55
<PAGE>   61
and payable may thereafter be declared to be due and payable), and thereupon the
principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrowers accrued
hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by
each Borrower; and in case of any event with respect to the Company described in
clause (h) or (i) of this Article, the Commitments shall automatically terminate
and the principal of the Loans then outstanding, together with accrued interest
thereon and all fees and other obligations of the Borrowers accrued hereunder,
shall automatically become due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by each Borrower;
and in the case of any event with respect to any Borrowing Subsidiary described
in clause (h) or (i) of this Article, (i) the eligibility of such Borrowing
Subsidiary to borrow shall thereupon terminate and (ii) the Loans of such
Borrowing Subsidiary shall become immediately due and payable, together with
accrued interest thereon and all fees and other obligations thereunder of such
Borrowing Subsidiary accrued thereunder, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by each Borrowing
Subsidiary.

                                    ARTICLE 8
                            THE ADMINISTRATIVE AGENT

         Each of the Lenders hereby irrevocably appoints the Administrative
Agent as its agent and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof, together with such actions and powers as are
reasonably incidental thereto.

         The bank serving as the Administrative Agent hereunder shall have the
same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank
and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Company or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

         The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein. Without limiting the generality of the
foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is
continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby that the Administrative Agent is
required to

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<PAGE>   62
exercise in writing by the Required Lenders, and (c) except as expressly set
forth herein, the Administrative Agent shall not have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the
Company or any of its Subsidiaries that is communicated to or obtained by the
bank serving as Administrative Agent or any of its Affiliates in any capacity.
The Administrative Agent shall not be liable for any action taken or not taken
by it with the consent or at the request of the Required Lenders or in the
absence of its own gross negligence or wilful misconduct. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until
written notice thereof is given to the Administrative Agent by a Borrower or a
Lender, and the Administrative Agent shall not be responsible for or have any
duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any Borrowing Subsidiary
Agreement, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii)
the performance or observance of any of the covenants, agreements or other terms
or conditions set forth herein, (iv) the validity, enforceability, effectiveness
or genuineness of this Agreement or any Borrowing Subsidiary Agreement or any
other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article 4 or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

         The Administrative Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine
and to have been signed or sent by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed
by it to be made by the proper Person, and shall not incur any liability for
relying thereon. The Administrative Agent may consult with legal counsel (who
may be counsel for any Borrower), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it
in accordance with the advice of any such counsel, accountants or experts.

         The Administrative Agent may perform any and all of its duties and
exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and
powers through their respective Related Parties. The exculpatory provisions of
the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to
their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

         Subject to the appointment and acceptance of a successor Administrative
Agent as provided in this paragraph, the Administrative Agent may resign at any

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<PAGE>   63
time by notifying the Lenders and the Company. Upon any such resignation, the
Required Lenders shall have the right, in consultation with the Company, to
appoint a successor (and, at any time when no Default shall have occurred and is
continuing, with the prior written consent of the Company). If no successor
shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may, on behalf
of the Lenders, appoint a successor Administrative Agent which shall be a bank
with an office in New York, New York, or an Affiliate of any such bank. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Company to a successor Administrative Agent
shall be the same as those payable to its predecessor unless otherwise agreed
between the Company and such successor. After the Administrative Agent's
resignation hereunder, the provisions of this Article and Section 10.03 shall
continue in effect for its benefit in respect of any actions taken or omitted to
be taken by it while it was acting as Administrative Agent.

         Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and
information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement,
any related agreement or any document furnished hereunder or thereunder.

                                    ARTICLE 9
                                    GUARANTEE

         In order to induce the Lenders to extend credit hereunder, the Company
hereby irrevocably and unconditionally guarantees, as a primary obligor and not
merely as a surety, the Obligations. The Company further agrees that the due and
punctual payment of the Obligations may be extended or renewed, in whole or in
part, without notice to or further assent from it, and that it will remain bound
upon its Guarantee hereunder notwithstanding any such extension or renewal of
any Obligation.

         The Company waives presentment to, demand of payment from and protest
to any Borrowing Subsidiary of any of the Obligations, and also waives

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<PAGE>   64
notice of acceptance of its obligations and notice of protest for nonpayment.
The obligations of the Company hereunder shall not be affected by (a) the
failure of any Lender or the Administrative Agent to assert any claim or demand
or to enforce any right or remedy against any Borrowing Subsidiary under the
provisions of this Agreement or otherwise; (b) any rescission, waiver, amendment
or modification of any of the terms or provisions of this Agreement, any
Borrowing Subsidiary Agreement or any other agreement; or (c) the failure of any
Lender to exercise any right or remedy against any Borrowing Subsidiary.

         The Company further agrees that its agreement hereunder constitutes a
promise of payment when due (whether or not any bankruptcy or similar proceeding
shall have stayed the accrual or collection of any of the Obligations or
operated as a discharge thereof) and not merely of collection, and waives any
right to require that any resort be had by any Lender to any balance of any
deposit account or credit on the books of any Lender in favor of any Borrower or
any other person.

         The obligations of the Company hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason, and shall not
be subject to any defense or setoff, counterclaim, recoupment or termination
whatsoever, by reason of the invalidity, illegality or unenforceability of the
Obligations, any impossibility in the performance of the Obligations or
otherwise. Without limiting the generality of the foregoing, the obligations of
the Company hereunder shall not be discharged or impaired or otherwise affected
by the failure of the Administrative Agent or any Lender to assert any claim or
demand or to enforce any remedy under this Agreement or any other agreement, by
any waiver or modification in respect of any thereof, by any default, failure or
delay, wilful or otherwise, in the performance of the Obligations, or by any
other act or omission which may or might in any manner or to any extent vary the
risk of the Company or otherwise operate as a discharge of the Company or any
other Borrower as a matter of law or equity.

         The Company further agrees that its obligations hereunder shall
continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any Obligation is rescinded or must otherwise
be restored by the Administrative Agent or any Lender upon the bankruptcy or
reorganization of any Borrower or otherwise.

         In furtherance of the foregoing and not in limitation of any other
right which the Administrative Agent or any Lender may have at law or in equity
against the Company by virtue hereof, upon the failure of any Borrowing
Subsidiary to pay any Obligation when and as the same shall become due, whether
at maturity, by acceleration, after notice of prepayment or otherwise, the
Company hereby promises to and will, upon receipt of written demand by the
Administrative Agent, forthwith pay, or cause to be paid, in cash the amount of

                                       59
<PAGE>   65
such unpaid Obligation. The Company further agrees that if payment in respect of
any Obligation shall be due in a currency other than dollars and/or at a place
of payment other than New York and if, by reason of any Change in Law,
disruption of currency or foreign exchange markets, war or civil disturbance or
similar event, payment of such Obligation in such currency or at such place of
payment shall be impossible or, in the judgment of any applicable Lender, not
consistent with the protection of its rights or interests, then, at the election
of any applicable Lender, the Company shall make payment of such Obligation in
dollars (based upon the applicable exchange rate in effect on the date of
payment) and/or in New York, and shall indemnify such Lender against any losses
or expenses that it shall sustain as a result of such alternative payment.

         Upon payment by the Company of any Obligation, each Lender shall, in a
reasonable manner, assign the amount of such Obligation owed to it and so paid
to the Company, such assignment to be pro tanto to the extent to which the
Obligation in question was discharged by the Company, or make such disposition
thereof as the Company shall direct (all without recourse to any Lender and
without any representation or warranty by any Lender).

         Upon payment by the Company of any sums as provided above, all rights
of Company against any Borrowing Subsidiary arising as a result thereof by way
of right of subrogation or otherwise shall in all respects be subordinated and
junior in right of payment to the prior indefeasible payment in full of all the
Obligations owed by such Borrowing Subsidiary to the Lenders.

                                   ARTICLE 10
                                  MISCELLANEOUS

         SECTION 10.01. Notices. Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and
other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:

         (a) if to any Borrower, to it in care of the Company (x) prior to the
Spin-off Date, at One Diamond Hill Road, Murray Hill, NJ 07974, Attention of
Treasurer (Telecopy No. 908-665-5032), with a copy to Attention of Chief Legal
Officer at the same address (Telecopy No. 908-665-5827) and (y) on or after the
Spin-off Date, at 99 Church Street, New York, NY 10007, Attention of Jeanne
Dering (Telecopy No. 212-298-7085), with a copy to Attention of Felix Sotomayor
(Telecopy No. 212-553-0084);

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<PAGE>   66
         (b) if to the Administrative Agent, to The Chase Manhattan Bank, Agent
Bank Services Group, One Chase Manhattan Plaza, New York, New York 10081,
Attention of Janet Belden (Telecopy No. (212) 552-5658), with a copy to The
Chase Manhattan Bank, 270 Park Avenue, New York, New York 10017, Attention of
Bruce Langenkamp (Telecopy No. (212) 270-7340); and

         (c) if to any other Lender, to it at its address (or telecopy number)
set forth in its Administrative Questionnaire.

Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and
other communications given to any party hereto in accordance with the provisions
of this Agreement shall be deemed to have been given on the date of receipt.

         SECTION 10.02. Waivers; Amendments. (a) No failure or delay by the
Administrative Agent or any Lender in exercising any right or power hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the
Administrative Agent and the Lenders hereunder are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by any Borrower
therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan shall not
be construed as a waiver of any Default, regardless of whether the
Administrative Agent or any Lender may have had notice or knowledge of such
Default at the time.

         (b) Neither this Agreement nor any Borrowing Subsidiary Agreement nor
any provision hereof or thereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Company
and the Required Lenders or by the Company and the Administrative Agent with the
consent of the Required Lenders (and, in the case of a Borrowing Subsidiary
Agreement, the applicable Borrowing Subsidiary); provided that no such agreement
shall (i) increase the Commitment of any Lender without the written consent of
such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written
consent of each Lender directly affected thereby, (iii) postpone the scheduled
date of payment of the principal amount of any Loan, or any interest thereon, or
any fees payable hereunder, or reduce the amount of, waive or excuse any such
payment, or postpone the scheduled date of expiration of any Commitment, without
the written consent of each Lender directly affected thereby, (iv) change

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<PAGE>   67
Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of
payments required thereby, without the written consent of each Lender, (v)
change any of the provisions of this Section or the definition of "Required
Lenders" or any other provision hereof specifying the number or percentage of
Lenders required to waive, amend or modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender or (vi) release the Company from, or limit or condition, its
obligations under Article 9, without the written consent of each Lender;
provided further that no such agreement shall amend, modify or otherwise affect
the rights or duties of the Administrative Agent hereunder without the prior
written consent of the Administrative Agent.

         SECTION 10.03. Expenses; Indemnity; Damage Waiver. (a) The Company
shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates, including the reasonable fees, charges
and disbursements of counsel for the Administrative Agent, in connection with
the syndication of the credit facilities provided for herein, the preparation
and administration of this Agreement or any Borrowing Subsidiary Agreement or
any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated) and (ii) all reasonable out-of-pocket expenses incurred by the
Administrative Agent or any Lender, including the fees, charges and
disbursements of no more than one counsel for the Administrative Agent and one
counsel for the Lenders (unless representation of the Lenders by the same
counsel would be inappropriate due to actual or potential conflicts of interests
among them, in which case the Lenders shall have right to separate counsel, at
the expense of the Company) in connection with the enforcement or protection of
its rights in connection with this Agreement or any Borrowing Subsidiary
Agreement, including its rights under this Section, or in connection with the
Loans made hereunder, including in connection with any workout, restructuring or
negotiations in respect thereof.

         (b) The Company shall indemnify the Administrative Agent and each
Lender, and each Related Party of any of the foregoing Persons (each such Person
being called an "Indemnitee") against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses, including
the fees, charges and disbursements of any counsel for any Indemnitee, incurred
by or asserted against any Indemnitee arising out of, in connection with, or as
a result of (i) the execution or delivery of this Agreement or any Borrowing
Subsidiary Agreement or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto or thereto of their respective
obligations hereunder or thereunder or the consummation of the Transactions or
any other transactions contemplated hereby, (ii) any Loan or the use of the
proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Company or any of its
Subsidiaries, or any Environmental Liability related in any way to the Company
or

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<PAGE>   68
any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or
related expenses result from the gross negligence or wilful misconduct of such
Indemnitee.

         (c) To the extent that the Company fails to pay any amount required to
be paid by it to the Administrative Agent under paragraph (a) or (b) of this
Section, each Lender severally agrees to pay to the Administrative Agent such
Lender's Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent in its capacity as such.

         (d) To the extent permitted by applicable law, no Borrower shall
assert, and each Borrower hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement or any Borrowing Subsidiary Agreement or
any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or the use of the proceeds thereof.

         (e) All amounts due under this Section shall be payable promptly after
written demand therefor.

         SECTION 10.04. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
(including any Borrowing Subsidiaries) and their respective successors and
assigns permitted hereby, except that no Borrower may assign or otherwise
transfer any of its rights or obligations hereunder or under any Borrowing
Subsidiary Agreement without the prior written consent of each Lender (and any
attempted assignment or transfer by any Borrower without such consent shall be
null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent and
the Lenders) any legal or equitable right, remedy or claim under or by reason of
this Agreement.

         (b) Any Lender may assign to one or more assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of
its Commitment (if any) and the Loans (if any) at the time owing to it);
provided that

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(i) if contemporaneously with any such proposed assignment, such Lender (or its
Affiliate) assigns to the same proposed assignee a pro rata portion of such
Lender's (or its Affiliate's) rights and obligations under the Other Credit
Agreement (such pro rata portion to be calculated (x) on any date prior to the
Revolver Termination Date, on the basis of such Lender's Commitment hereunder
and such Lender's (or its Affiliate's) commitment under the Other Credit
Agreement and (y) thereafter, on the basis of such Lender's Revolving Credit
Exposure hereunder and such Lender's (or its Affiliate's) commitment under the
Other Credit Agreement) (any such proposed assignment hereunder, a "Pro Rata
Assignment"), each of the Company and the Administrative Agent must give their
prior written consent to such Pro Rata Assignment (which consent shall not be
unreasonably withheld) unless the assignee for such assignment is a Lender or an
Affiliate of a Lender, in which case no such consent shall be required, (ii) if
such proposed assignment is not a Pro Rata Assignment, each of the Company and
the Administrative Agent must give their prior written consent to such proposed
assignment (which consent shall be given in their discretion) unless the
assignee for such assignment is an Affiliate of the assigning Lender, in which
case no such consent shall be required, (iii) except in the case of any
assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining amount of the assigning Lender's Commitment, the amount of the
Commitment of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000 unless
each of the Company and the Administrative Agent otherwise consent, (iv) each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender's rights and obligations under this Agreement, except that
this clause (iv) shall not apply to rights in respect of outstanding Competitive
Loans, (v) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Acceptance, together with a processing
and recordation fee of $3,500, and (vi) the assignee, if it shall not be a
Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire; provided further that any consent of the Company otherwise
required under this paragraph shall not be required if an Event of Default under
clause (h) or (i) of Article 7 has occurred and is continuing with respect to
the Company. Upon acceptance and recording pursuant to paragraph (d) of this
Section, from and after the effective date specified in each Assignment and
Acceptance, the assignee thereunder shall be a party hereto and, to the extent
of the interest assigned by such Assignment and Acceptance, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and
Acceptance, be released from its obligations under this Agreement (and, in the
case of an Assignment and Acceptance covering all of the assigning Lender's
rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 2.14,
2.15, 2.16 and 10.03). Notwithstanding any other provision of this Agreement, if
any Lender shall assign any of its rights or obligations hereunder to any
assignee (including an

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<PAGE>   70
Affiliate of such Lender) that, but for this sentence, would be entitled,
immediately following such assignment, to claim a greater amount than such
assigning Lender under Sections 2.14, 2.15, 2.16, such assignee shall not have
the right to claim such greater amount; provided that nothing in this sentence
shall limit the right of any such assignee to make claims (x) for amounts not in
excess of those that could have been claimed by the assigning Lender, (y) to the
extent such claims arise from one or more Changes in Law, or from the
designation of one or more Borrowing Subsidiaries, or (z) from a change in the
office, branch or other place of business from which any payment hereunder is
made by any Borrower, in each case after the date of such assignment. Any
assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this paragraph shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with and subject to the limitations set forth in,
paragraph (e) of this Section.

         (c) The Administrative Agent, acting for this purpose as an agent of
the Borrowers shall maintain at one of its offices in The City of New York a
copy of each Assignment and Acceptance delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitment of,
and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the "Register"). The entries in the Register shall be
conclusive, and the Borrowers, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the
Company and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

         (d) Upon its receipt of a duly completed Assignment and Acceptance
executed by an assigning Lender and an assignee, the assignee's completed
Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph (b) of
this Section and any written consent to such assignment required by paragraph
(b) of this Section, the Administrative Agent shall accept such Assignment and
Acceptance and record the information contained therein in the Register. No
assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

         (e) Any Lender may, without the consent of any Borrower or the
Administrative Agent, sell participations to one or more banks or other entities
(a "Participant") in all or a portion of such Lender's rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided that (i) such Lender's obligations under this Agreement
shall remain unchanged, (ii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (iii) the
Borrowers, the

                                       65
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Administrative Agent and the other Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender's rights and
obligations under this Agreement. Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 10.02(b) that affects such
Participant. Subject to paragraph (f) of this Section, each Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and
2.16 to the same extent as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (b) of this Section.

         (f) A Participant shall not be entitled to receive any greater payment
under Section 2.14, 2.15 or 2.16 than the applicable Lender would have been
entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the
Company's prior written consent. A Participant that would be a Foreign Lender if
it were a Lender shall not be entitled to the benefits of Section 2.16 unless
the Company is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrowers, to comply with Section
2.16(e) as though it were a Lender.

         (g) Any Lender may at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement to secure obligations of
such Lender, including any such pledge or assignment to a Federal Reserve Bank,
and this Section shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest
shall release a Lender from any of its obligations hereunder or substitute any
such assignee for such Lender as a party hereto.

         (h) Notwithstanding anything to the contrary contained herein, any
Lender (a "Granting Lender") may grant to a special purpose funding vehicle (an
"SPC") of such Granting Lender, identified as such in writing from time to time
by the Granting Lender to the Administrative Agent and the Company, the option
to provide to the Company all or any part of any Loan that such Granting Lender
would otherwise be obligated to make to the Borrower pursuant to Section 2.01 or
2.04, provided that (i) nothing herein shall constitute a commitment to make any
Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall be
obligated to make such Loan pursuant to the terms hereof and (iii) all credit
decisions (including without limitation any decisions with respect to amendments
and waivers) will continue to be made by the Granting Lender. The making of a
Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender

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(and, if such Loan is a Competitive Loan, shall be deemed to utilize the
Commitments of all the Lenders) to the same extent, and as if, such Loan were
made by the Granting Lender. Each party hereto hereby agrees that no SPC shall
be liable for any payment under this Agreement for which a Lender would
otherwise be liable, for so long as, and to the extent, the related Granting
Lender makes such payment. In furtherance of the foregoing, each party hereto
hereby agrees that, prior to the date that is one year and one day after the
payment in full of all outstanding senior indebtedness of any SPC, it will not
institute against, or join any other person in instituting against, such SPC any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceedings under the laws of the United States or any State thereof.
In addition, notwithstanding anything to the contrary contained in this Section,
any SPC may (i) with notice to, but without the prior written consent of, the
Company or the Administrative Agent and without paying any processing fee
therefor, assign all or a portion of its interests in any Loans to its Granting
Lender in connection with liquidity and/or credit facilities to or for the
account of such SPC to fund such Loans and (ii) subject to the provisions of
Section 10.12, disclose on a confidential basis any non-public information
relating to its Loans to any rating agency, commercial paper dealer or provider
of a surety, guarantee or credit or liquidity enhancement to such SPC.

         SECTION 10.05. Survival. All covenants, agreements, representations and
warranties made by the Borrowers herein and in the Borrowing Subsidiary
Agreements and the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon
by the other parties hereto and shall survive the execution and delivery of this
Agreement and the making of any Loans, regardless of any investigation made by
any such other party or on its behalf and notwithstanding that the
Administrative Agent or any Lender may have had notice or knowledge of any
Default (other than a Default which has been waived in accordance with Section
10.02) or incorrect representation or warranty at the time any credit is
extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement is outstanding and unpaid and so long as the
Commitments have not expired or terminated. The provisions of Sections 2.14,
2.15, 2.16 and 10.03 and Article 8 shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Loans, the expiration or termination of the Commitments or
the termination of this Agreement or any provision hereof.

         SECTION 10.06. Counterparts; Integration; Effectiveness. This Agreement
may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Agreement and any
separate letter agreements with respect to fees payable to the Administrative

                                       67
<PAGE>   73
Agent constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto (excluding any Borrowing
Subsidiaries), and thereafter shall be binding upon and inure to the benefit of
the parties hereto (including any Borrowing Subsidiaries) and their respective
successors and assigns. Delivery of an executed counterpart of a signature page
of this Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

         SECTION 10.07. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

         SECTION 10.08. Right of Setoff. If an Event of Default shall have
occurred and be continuing, each Lender is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final)
at any time held and other indebtedness at any time owing by such Lender to or
for the credit or the account of any Borrower against any of and all the amounts
then due and owing by the Borrower under this Agreement to such Lender,
irrespective of whether or not such Lender shall have made any demand under this
Agreement. The rights of each Lender under this Section are in addition to other
rights and remedies (including other rights of setoff) which such Lender may
have.

         SECTION 10.09.  Governing Law; Jurisdiction; Consent to Service of
Process.  (a) This Agreement shall be construed in accordance with and governed
by the law of the State of New York.

         (b) Each Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the Supreme Court
of the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New
York State or, to the extent permitted by law, in such Federal court. Each of
the parties hereto agrees that a final judgment in any such action or proceeding

                                       68
<PAGE>   74
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Administrative Agent or any Lender may otherwise have
to bring any action or proceeding relating to this Agreement against any
Borrower or its properties in the courts of any jurisdiction.

         (c) Each Borrower hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement in any court referred to in
paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

         (d) Each party to this Agreement (including any Borrowing Subsidiaries)
irrevocably consents to service of process in the manner provided for notices in
Section 10.01. Nothing in this Agreement will affect the right of any party to
this Agreement to serve process in any other manner permitted by law.

         SECTION 10.10. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

         SECTION 10.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.

         SECTION 10.12. Confidentiality. Each of the Administrative Agent and
the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its and its
Affiliates' directors, officers, employees and agents, including accountants,
legal counsel and other advisors (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such
Information and

                                       69
<PAGE>   75
instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority, (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party
to this Agreement, (e) in connection with the exercise of any remedies hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement
of rights hereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement, (g) with the consent of the Company
or (h) to the extent such Information (i) becomes publicly available other than
as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source
other than the Company. For the purposes of this Section, "Information" means
all information received from the Company relating to the Company or its
business, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by the Company. Any Person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would
accord to its own confidential information.

         SECTION 10.13. Interest Rate Limitation. Notwithstanding anything
herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest
on such Loan under applicable law (collectively the "Charges"), shall exceed the
maximum lawful rate (the "Maximum Rate") which may be contracted for, charged,
taken, received or reserved by the Lender holding such Loan in accordance with
applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have
been payable in respect of such Loan but were not payable as a result of the
operation of this Section shall be cumulated and the interest and Charges
payable to such Lender in respect of other Loans or periods shall be increased
(but not above the Maximum Rate therefor) until such cumulated amount, together
with interest thereon at the Federal Funds Effective Rate to the date of
repayment, shall have been received by such Lender.

                                       70
<PAGE>   76
                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers as of the
day and year first above written.

                                    THE DUN & BRADSTREET
                                    CORPORATION

                                    By: /s/ Roxanne E. Parker
                                        ----------------------------------------
                                        Title: Vice President - Treasury and
                                                     Investor Relations

                                       71
<PAGE>   77
                                    THE CHASE MANHATTAN BANK,
                                    individually and as Administrative Agent

                                    By:/s/ Bruce E. Langenkamp
                                       -----------------------------------------
                                       Title: Vice President

                                       72
<PAGE>   78
                                    CITIBANK, N.A., individually and as
                                    Syndication Agent

                                    By:/s/ Stuart G. Miller
                                       -----------------------------------------
                                       Title: Vice President

                                       73
<PAGE>   79
                                    THE BANK OF NEW YORK, individually
                                    and as Documentation Agent

                                    By:/s/ Ernest Fung
                                       -----------------------------------------
                                       Title: Vice President

                                       74
<PAGE>   80
                                    BARCLAYS BANK PLC

                                    By:/s/ Terance Bullock
                                       -----------------------------------------
                                       Title: Vice President

                                       75
<PAGE>   81
                                    FIRST UNION NATIONAL BANK

                                    By:/s/ Peter G. Mace
                                       -----------------------------------------
                                       Title: Senior Vice President

                                       76
<PAGE>   82
                                    SUNTRUST BANK

                                    By:/s/ W. David Wisdom
                                       -----------------------------------------
                                       Title: Vice President

                                       77
<PAGE>   83
                                    THE NORTHERN TRUST COMPANY

                                    By:/s/ Tracy J. Toulouse
                                       -----------------------------------------
                                       Title: Vice President

                                       78
<PAGE>   84
                                                                       EXHIBIT A

                                    [FORM OF]

                            ASSIGNMENT AND ACCEPTANCE

         Reference is made to the $[ ] Credit Agreement dated as of September [
], 2000 (as amended, modified, supplemented or waived, the "Credit Agreement"),
among The Dun & Bradstreet Corporation (to be renamed Moody's Corporation), the
Borrowing Subsidiaries party thereto, the Lenders party thereto, The Chase
Manhattan Bank, as Administrative Agent, Citibank, N.A., as Syndication Agent,
and The Bank of New York, as Documentation Agent. Capitalized terms used but not
defined herein shall have the meanings specified in the Credit Agreement.

         1. The Assignor named below hereby sells and assigns, without recourse
to the Assignor, to the Assignee named below, and the Assignee hereby purchases
and assumes, without recourse to the Assignor, from the Assignor, effective as
of the Assignment Date set forth below, the interests set forth below (the
"Assigned Interest") in the Assignor's rights and obligations under the Credit
Agreement, including, without limitation, the interests set forth below in the
Commitment of the Assignor on the Assignment Date, and all Loans [(other than
Competitive Loans)], owing to the Assignor which are outstanding on the
Assignment Date. The Assignee hereby acknowledges receipt of a copy of the
Credit Agreement. From and after the Assignment Date (i) the Assignee shall be a
party to and be bound by the provisions of the Credit Agreement and, to the
extent of the interests assigned by this Assignment and Acceptance, have the
rights and obligations of a Lender thereunder and (ii) the Assignor shall, to
the extent of the interests assigned by this Assignment and Acceptance,
relinquish its rights and be released from its obligations under the Credit
Agreement.

         2. This Assignment and Acceptance is being delivered to the
Administrative Agent together with (i) if the Assignee is a Foreign Lender, any
documentation required to be delivered by the Assignee pursuant to Section
2.16(e) of the Credit Agreement, and (ii) if the Assignee is not already a
Lender under the Agreement, an Administrative Questionnaire in the form provided
by the Administrative Agent.

         3. This Assignment and Acceptance shall be governed by and construed in
accordance with the laws of the State of New York.
<PAGE>   85
Date of Assignment:_____________________________________________________________

Legal Name of Assignor:_________________________________________________________

Legal Name of Assignee:_________________________________________________________

Assignee's Address for Notices:_________________________________________________

Effective Date of Assignment ("Assignment Date"):_______________________________
<PAGE>   86
<TABLE>
<CAPTION>
                                        Principal Amount               Percentage Assigned of
                                        Assigned                       Commitment (set forth,
                                        (and identifying               to at least 8 decimals, as a
                                        information                    percentage of the Facility
                                        as to individual               and the aggregate
                                        Competitive Loans, if          Commitments of
Facility                                any)                           all Lenders thereunder)
--------                                ----                           -----------------------
<S>                                     <C>                            <C>
Commitment Assigned:                    $                                                     %

Revolving Loans:                        $                                                     %

[Competitive Loans:                     $                                                     %]
</TABLE>

The terms set forth herein are hereby agreed to:

                                                 Accepted (if required):

____________________, as Assignor                THE DUN & BRADSTREET
                                                 CORPORATION

By:_____________________
    Name:                                        By:_____________________
    Title:                                          Name:
                                                    Title:

____________________, as Assignee
                                                 THE CHASE MANHATTAN BANK,
                                                 as Administrative Agent,
By:_____________________
    Name:
    Title:                                       By:_____________________
                                                    Name:
                                                    Title:
<PAGE>   87
                                                                     EXHIBIT B-1

                       OPINION OF COUNSEL FOR THE BORROWER

                                                              September 11, 2000

To (a) each of the lending institutions
(the "Lenders") listed on Schedule 1 hereto
which are parties on the date hereof to each
of the Credit Agreements, dated as of September
11, 2000 (the "Credit Agreements"), among
The Dun & Bradstreet Corporation (the "Company"), the\
Borrowing Subsidiaries party thereto, the Lenders
party thereto, The Chase Manhattan Bank, as
Administrative Agent (in such capacity, the
"Administrative Agent"), Citibank, N.A., as
Syndication Agent and The Bank
of New York, as Documentation Agent and
(b) the Administrative Agent

Ladies and Gentlemen:

         I am President and Secretary of the Company and have acted as counsel
to the Company in connection with the preparation, execution and delivery of the
Credit Agreements. This opinion is delivered to you pursuant to Section 4.01(b)
of each Credit Agreement. Terms used herein which are defined in the Credit
Agreements shall have the respective meanings set forth in the Credit
Agreements, unless otherwise defined herein.

         In connection with this opinion, I have examined a copy of each Credit
Agreement signed by the Company and the Administrative Agent. I have also
examined the originals, or duplicates or certified or conformed copies, of such
records, agreements, instruments and other documents and have made such
investigations as I have deemed relevant and necessary in connection with the
opinions expressed herein. As to questions of fact material to this opinion, I
have relied upon certificates of public officials and of officers and
representatives of the Company. In addition, I have examined, and have relied as
to matters of fact, upon the representations made in each Credit Agreement.
<PAGE>   88
         In rendering the opinions set forth below, I have assumed the
genuineness of all signatures (other than those on behalf of the Company), the
legal capacity of natural persons (other than employees of the Company), the
authenticity of all documents submitted to me as originals, the conformity to
original documents of all documents submitted to me as duplicates or certified
or conformed copies, and the authenticity of the originals of such latter
documents. I have assumed without independent investigation that each Credit
Agreement constitutes a valid and legally binding obligation of the
Administrative Agent and the Lenders.

         Based upon and subject to the foregoing, and subject to the
assumptions, qualifications and comments set forth herein, I am of the opinion
that:

         1.    The Company (a) is a corporation duly organized, validly existing
and in good standing under the laws of Delaware, (b) has all requisite corporate
power and authority to carry on its business as now conducted and (c) except
where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to
do business in, and is in good standing in, every jurisdiction where such
qualification is required.

         2.    The Transactions are within the Company's corporate powers and
have been duly authorized by all necessary corporate action and, if required,
action of the stockholders of the Company. Each Credit Agreement has been duly
executed and delivered by the Company.

         3.    The Transactions (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority,
except such as have been obtained or made and are in full force and effect and
except for such consents, approvals, registrations, filings and other actions
the failure to obtain or make could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, except that the
Information Statement has not yet become effective and except for certain
filings and approvals related to the transfer of assets and stock of non-United
States entities, which filings and approvals are pending and the failure of
which to make or obtain could not reasonably be expected to result in a Material
Adverse Effect, (b) will not violate any applicable New York law or regulation
or the Delaware General Corporation Law or the charter or by-laws of the Company
or any order of any Governmental Authority applicable to the Company, except for
such violations which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, (c) will not violate or result
in a default under any indenture, agreement or other instrument binding upon the
Company or any of its Subsidiaries, except for such violations and defaults
which, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect, and (d) will not result in the creation or
imposition of any Lien on any asset of the Company or any of its Material
Subsidiaries.
<PAGE>   89
         4.    To my knowledge, after due inquiry, there are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority pending
against or threatened against or affecting the Borrower or any of its
Subsidiaries (a) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect (other than
the Disclosed Matters) or (b) that involve the Credit Agreements or the
Transactions.

         5.    Neither the Company nor any of its Subsidiaries is a "holding
company" as defined in, or subject to regulations under, the Public Utility
Holding Company Act of 1935.

         I am a member of the Bar of the State of New York and I do not express
any opinion on any laws other than the law of the State of New York and the
General Corporation Law of the State of Delaware.

         This opinion is rendered to you in connection with the above-described
transaction. This opinion may not be relied upon by you for any other purpose or
relied upon by any other person, firm or corporation without my prior written
consent.

                                               Very truly yours,

                                               David J. Lewinter
<PAGE>   90
                                                                      Schedule 1

                                     LENDERS

The Chase Manhattan Bank
Citibank, N.A.
The Bank of New York
Barclays Bank PLC
First Union National Bank
SunTrust Bank, Atlanta
The Northern Trust Company
<PAGE>   91
                                                                     EXHIBIT B-2

                          OPINION OF SPECIAL COUNSEL FOR THE BORROWER

                                                             September [ ], 2000

To (a) each of the lending institutions
(the "Lenders") listed on Schedule 1 hereto
which are parties on the date hereof to each
of the Credit Agreements, dated as of September [  ],
2000 (the "Credit Agreements"), among
The Dun & Bradstreet Corporation (the
"Company"), the Borrowing Subsidiaries
party thereto, the Lenders party thereto,
The Chase Manhattan Bank, as Administrative
Agent (in such capacity, the "Administrative
Agent"), Citibank, N.A., as Syndication
Agent, and The Bank of New York, as Documentation
Agent, and (b) the Administrative Agent

Ladies and Gentlemen:

         We have acted as special counsel to the Company in connection with the
preparation, execution and delivery of the Credit Agreements. This opinion is
delivered to you pursuant to Section 4.01(b) of each Credit Agreement. Terms
used herein which are defined in the Credit Agreements shall have the respective
meanings set forth in the Credit Agreements, unless otherwise defined herein.

         In connection with this opinion we have examined a copy of each Credit
Agreement signed by the Company and the Administrative Agent. We have also
examined the originals, or duplicates or certified or conformed copies, of such
records, agreements, instruments and other documents and have made such other
investigations as we have deemed relevant and necessary in connection with the
opinions expressed herein. As to questions of fact material to this opinion, we
have relied upon certificates of public officials and of officers and
representatives of the Company. In addition, we have examined, and have relied
as to matters of fact upon, the representations made in each Credit Agreement.

         In rendering the opinions set forth below, we have assumed the
genuineness of all signatures, the legal capacity of natural persons, the
authenticity
<PAGE>   92
of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as duplicates or certified or
conformed copies, and the authenticity of the originals of such latter
documents. We have assumed without independent investigation that (a) each
Credit Agreement has been duly authorized, executed and delivered by the
Company, (b) the Company has been duly incorporated and is validly existing and
in good standing under the laws of its jurisdiction of incorporation and has the
corporate power and authority to execute, deliver and perform its obligations
under each Credit Agreement, (c) the execution, delivery and performance of each
Credit Agreement by the Company (i) has been duly authorized by all necessary
corporate action on its part, (ii) does not contravene its certificate of
incorporation or by-laws or, except as set forth in paragraph 2 below, violate,
or require any consent not obtained under, any applicable law or regulation or
any order, writ, injunction or decree of any court or other Governmental
Authority binding upon it and (iii) does not violate, or require any consent not
obtained under, any Contractual Obligation applicable to or binding upon it, and
(d) each Credit Agreement constitutes a valid and legally binding obligation of
the Administrative Agent and the Lenders.

         Based upon and subject to the foregoing, and subject to the
assumptions, qualifications and comments set forth herein, we are of the opinion
that:

         1.    Each Credit Agreement constitutes a valid and legally binding
obligation of the Company enforceable against it in accordance with its terms.

         2.    The execution, delivery and performance of each Credit Agreement
by the Company will not violate any Federal or New York statute or any rule or
regulation issued pursuant to any Federal or New York statute.

         3.    The Company is not an "investment company" within the meaning of
the Investment Company Act of 1940, as amended.

         Our opinion in paragraph 1 above is subject to (i) the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors' rights generally, (ii)
general equitable principles (whether considered in a proceeding in equity or at
law), (iii) an implied covenant of good faith and fair dealing and (iv) the
effects of the possible judicial application of foreign laws or foreign
governmental or judicial action affecting creditors' rights.

         We express no opinion with respect to: (a) the effect of any provision
of the Credit Agreements which is intended (i) to establish any standard as the
measure of the performance by any party thereto of such party's obligations of
good faith, diligence, fair dealing, reasonableness or care or (ii) to permit
modification thereof only by means of an agreement in writing signed by the
<PAGE>   93
parties thereto; (b) the effect of any provision of the Credit Agreements
insofar as it provides that any Person purchasing a participation from a Lender
or other Person may exercise set-off or similar rights with respect to such
participation or that any Lender or other Person may exercise set-off or similar
rights other than in accordance with applicable law; (c) the effect of any
provision of the Credit Agreements imposing penalties or forfeitures; (d) the
effect of any provision of the Credit Agreements relating to indemnification or
exculpation in connection with violations of any securities laws or relating to
indemnification, contribution or exculpation in connection with willful,
reckless or criminal acts or gross negligence of the indemnified or exculpated
Person or the Person receiving contribution; (e) any provision of the Credit
Agreements which purports to provide for a waiver by the Company of any
immunity, defense or right which may be available to the Company; and (f) any
provision of the Credit Agreements which purports to establish an evidentiary
standard for determinations by any Person.

         We note that (A) a New York statute provides that, with respect to a
foreign currency obligation, a court of the State of New York shall render a
judgment or decree in such foreign currency and such judgment or decree shall be
converted into currency of the United States at the rate of exchange prevailing
on the date of entry of such judgment or decree and (B) with respect to a
foreign currency obligation, a United States Federal court in New York may award
judgment in United States dollars, provided that we express no opinion as to the
rate of exchange such court would apply.

         In connection with the provisions of each Credit Agreement whereby the
Company submits to the jurisdiction of the courts of the United States of
America located in the State of New York, we note the limitations of 28 U.S.C.
Sections 1331 and 1332 on subject matter jurisdiction of the Federal
courts. In connection with the provisions of each Credit Agreement which relate
to forum selection of the courts of the United States located in the Borough of
Manhattan, City of New York and State of New York (including, without
limitation, any waiver of any objection to venue or any objection that a court
is an inconvenient forum), we note such court's discretion to transfer an action
from one Federal court to another under 28 U.S.C. Section 1404(a).

         We are members of the Bar of the State of New York, and we do not
express any opinion concerning any law other than the law of the State of New
York and the Federal laws of the United States of America.

         This opinion letter is rendered to you in connection with the
above-described transaction. This opinion letter may not be relied upon by you
for any other purpose, or relied upon by any other person, firm or corporation
without our prior written consent.
<PAGE>   94
                                                   Very truly yours,

                                                   SIMPSON THACHER & BARTLETT
<PAGE>   95
                                                                      Schedule 1

                                     LENDERS

The Chase Manhattan Bank
Citibank, N.A.
The Bank of New York
Barclays Bank PLC
First Union National Bank
SunTrust Bank, Atlanta
The Northern Trust Company
<PAGE>   96
                                                                       EXHIBIT C

                   OPINION OF COUNSEL FOR BORROWING SUBSIDIARY

                                                                [Effective Date]

To the Lenders and the Administrative
  Agent Referred to Below
c/o The Chase Manhattan Bank, as
  Administrative Agent
270 Park Avenue
New York, New York 10017

Dear Sirs:

                  We have acted as counsel for [ ], a [ ] corporation (the
"Borrower"), in connection with (i) the Borrowing Subsidiary Agreement dated as
of _________ (the "Agreement"), among The Dun & Bradstreet Corporation (to be
renamed Moody's Corporation) (the "Company"), the Borrower and The Chase
Manhattan Bank, as Administrative Agent and (ii) the $[ ] Credit Agreement dated
as of September [ ], 2000 (the "Credit Agreement"), among the Company, the
Borrowing Subsidiaries party thereto, the banks and other financial institutions
identified therein as Lenders, The Chase Manhattan Bank, as Administrative
Agent, Citibank, N.A., as Syndication Agent, and The Bank of New York, as
Documentation Agent. Terms defined in the Credit Agreement are used herein with
the same meanings.

                  We have examined originals or copies, certified or otherwise
identified to our satisfaction, of such documents, corporate records,
certificates of public officials and other instruments and have conducted such
other investigations of fact and law as we have deemed necessary or advisable
for purposes of this opinion.

                  Upon the basis of the foregoing, we are of the opinion that:

                  1. The Borrower (a) is a corporation duly organized, validly
existing and in good standing under the laws of [ ], (b) has all requisite
corporate power and authority to carry on its business as now conducted and (c)
except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to
do
<PAGE>   97
business in, and is in good standing in, every jurisdiction where such
qualification is required.

                  2. The Transactions are within the Borrower's corporate powers
and have been duly authorized by all necessary corporate and, if required,
action of the stockholders of the Borrower. The Agreement has been duly executed
and delivered by the Borrower and the Agreement and the Credit Agreement each
constitutes a valid and legally binding obligation of the Borrower, enforceable
in accordance with its respective terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at law), an implied
covenant of good faith and fair dealing and the effects of the possible judicial
application of foreign laws or foreign governmental or judicial action affecting
creditors' rights.

                  3. The Transactions (a) do not require any consent or approval
of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and
effect and except for such consents, approvals, registrations, filings and other
actions the failure to obtain or make could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect, (b)
will not violate any applicable New York law or regulation or the Delaware
General Corporation Law or the charter or by-laws of the Borrower or any order
of any Governmental Authority applicable to the Borrower, except for such
violations which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, (c) will not violate or result
in a default under any indenture, agreement or other instrument binding upon the
Borrower or any of its Subsidiaries or its assets, except for such violations
and defaults which, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, and (d) will not result in the
creation or imposition of any Lien on any asset of the Borrower or any of its
Material Subsidiaries.

                  [4. There is no income, stamp or other tax of the government
of [jurisdiction of Borrower], or any taxing authority thereof or therein,
imposed by or in the nature of withholding or otherwise, which is imposed on any
payment to be made by the Borrower pursuant to the Credit Agreement or its
Notes, or imposed on or by virtue of the execution, delivery or enforcement of
the Agreement, the Credit Agreement or its Notes.](1)

                  5. (a) The Borrower is not an "investment company" within the
meaning of the Investment Company Act of 1940, as amended and (b) neither the

-------------
         (1) Given when Borrowing Subsidiary is a foreign Subsidiary.
<PAGE>   98
Borrower nor any of its Subsidiaries is a "holding company" as defined in, or
subject to regulation under, the Public Utility Holding Company Act of 1935.

                  [Qualifications and exceptions reasonably satisfactory to the
Administrative Agent]

                  We are members of the bar of the [ ] and the foregoing opinion
is limited to the laws of the [ ]. This opinion is rendered solely to you in
connection with the above matter. This opinion may not be relied upon by you for
any other purpose or relied upon by any other Person (other than your successors
and assigns as Lenders and Persons that acquire participations in your Loans)
without our prior written consent.

                                                     Very truly yours,

                                                     [             ]
<PAGE>   99
                                                                       EXHIBIT D

                                     FORM OF

                                    BORROWING SUBSIDIARY AGREEMENT dated as of [
                           ], 20[ ], among THE DUN & BRADSTREET CORPORATION (to
                           be renamed Moody's Corporation), a Delaware
                           corporation (the "Company"), [Name of Borrowing
                           Subsidiary], a [ ] corporation (the "New Borrowing
                           Subsidiary"), The Chase Manhattan Bank, as
                           Administrative Agent (the "Administrative Agent"),
                           Citibank, N.A., as Syndication Agent, and The Bank of
                           New York, as Documentation Agent.

                  Reference is hereby made to the $[ ] Credit Agreement dated as
of September [ ], 2000 (as amended, supplemented or otherwise modified from time
to time, the "Credit Agreement"), among the Company, the Borrowing Subsidiaries
party thereto, the Lenders party thereto, the Administrative Agent, Citibank,
N.A., as Syndication Agent, and The Bank of New York, as Documentation Agent.
Capitalized terms used herein but not otherwise defined herein shall have the
meanings assigned to such terms in the Credit Agreement. Under the Credit
Agreement, the Lenders have agreed, upon the terms and subject to the conditions
therein set forth, to make Loans to the Borrowing Subsidiaries, and the Company
and the New Borrowing Subsidiary desire that the New Borrowing Subsidiary become
a Borrowing Subsidiary. The Company represents that it owns or Controls at least
[ ]% of the voting power of the New Borrowing Subsidiary. Each of the Company
and the New Borrowing Subsidiary represent and warrant that the representations
and warranties of the Company in the Credit Agreement relating to the Borrowing
Subsidiary and this Agreement are true and correct on and as of the date hereof.
The Company agrees that the Guarantee of the Company contained in the Credit
Agreement will apply to the Obligations of the New Borrowing Subsidiary. Upon
execution of this Agreement by each of the Company, the New Borrowing Subsidiary
and the Administrative Agent, the New Borrowing Subsidiary shall be a party to
the Credit Agreement and shall constitute a "Borrowing Subsidiary" and a
"Borrower" for all purposes thereof, and the New Borrowing Subsidiary hereby
agrees to be bound by all provisions of the Credit Agreement.

                  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.
<PAGE>   100
                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their authorized officers as of the date first
appearing above.

                                    THE DUN & BRADSTREET CORPORATION

                                    By:
                                        -------------------------------------
                                            Name:
                                            Title:

                                    [NAME OF NEW BORROWING SUBSIDIARY]

                                    By:
                                        -------------------------------------
                                            Name:
                                            Title:

                                    THE CHASE MANHATTAN BANK,
                                    as Administrative Agent

                                    By:
                                        -------------------------------------
                                            Name:
                                            Title:
<PAGE>   101
                                                                       EXHIBIT E

                                     FORM OF
                        BORROWING SUBSIDIARY TERMINATION

The Chase Manhattan Bank,
as Administrative Agent
for the Lenders referred to below
c/o The Chase Manhattan Bank
270 Park Avenue
New York, NY 10017

                                                                          [Date]

Ladies and Gentlemen:

                  The undersigned, The Dun & Bradstreet Corporation (to be
renamed Moody's Corporation) (the "Company"), refers to the $[ ] Credit
Agreement dated as of September [ ], 2000 (as amended, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among the Company, the
Borrowing Subsidiaries party thereto, the Lenders party thereto, The Chase
Manhattan Bank, as Administrative Agent, Citibank, N.A., as Syndication Agent,
and The Bank of New York, as Documentation Agent. Capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement.

                  The Company hereby terminates the status of [ ] (the
"Terminated Borrowing Subsidiary") as a Borrowing Subsidiary under the Credit
Agreement. [The Company represents and warrants that no Loans made to the
Terminated Borrowing Subsidiary are outstanding as of the date hereof and that
all amounts payable by the Terminated Borrowing Subsidiary in respect of
interest and/or fees (and, to the extent notified by the Administrative Agent or
any Lender, any other amounts payable under the Credit Agreement) pursuant to
the Credit Agreement have been paid in full on or prior to the date hereof.]
[The Company acknowledges that the Terminated Borrowing Subsidiary shall
continue to be a Borrowing Subsidiary until such time as all Loans made to the
Terminated Borrowing Subsidiary shall have been prepaid and all amounts payable
by the Terminated Borrowing Subsidiary in respect of interest and/or fees (and,
to the extent notified by the Administrative Agent or any Lender, any other
amounts payable under the Credit Agreement) pursuant to the Credit Agreement
shall have been paid in full, provided that the Terminated Borrowing Subsidiary
shall not have the right to make further Borrowings, under the Credit
Agreement.]
<PAGE>   102
                  This instrument shall be construed in accordance with and
governed by the laws of the State of New York.

                                    Very truly yours,

                                    THE DUN & BRADSTREET CORPORATION

                                    By:
                                        -------------------------------------
                                          Name:
                                          Title:
<PAGE>   103
                                                                       EXHIBIT F

                                     FORM OF
                              NON-BANK CERTIFICATE

         Reference is made to the credit Agreement, dated as of September [ ],
2000 (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among The Dun & Bradstreet Corporation (to be renamed
Moody's Corporation), a Delaware corporation (the "Company"), the several banks
and other financial institutions from time to time parties thereto, The Chase
Manhattan Bank, as Administrative Agent, Citibank, N.A., as Syndication Agent,
and The Bank of New York, as Documentation Agent. Capitalized terms used but not
defined herein shall have the meanings set forth in the Credit Agreement.

         _________________ (the "Lender") is provided this certificate pursuant
to subsection 2.16(e) of the Credit Agreement. The Lender hereby represents and
warrants that:

         1. The Lender is the sole record and beneficial owner of the Loans or
the obligations evidenced by Note(s) in respect of which it is providing this
certificate.

         2. The Lender is not a "bank" for purposes of Section 881(c)(3)(A) of
the Internal Revenue Code of 1986, as amended (the "Code"). In this regard, the
Lender further represents and warrants that:

                  (a) the Lender is not subject to regulatory or other legal
         requirements as a bank in any jurisdiction; and

                  (b) the Lender has not been treated as a bank for purposes of
         any tax, securities law or other filing or submission made to any
         governmental Authority, any application made to a rating agency or
         qualification for any exemption from tax, securities law or other legal
         requirements;

         3. The Lender is not a 10-percent shareholder of the Company within the
meaning of Section 881(c)(3)(B) of the Code; and

         4. The Lender is not a controlled foreign corporation receiving
interest from a related person within the meaning of Section 881(c)(3)(C) of the
Code.

         IN WITNESS WHEREOF, the undersigned has duly executed this certificate.

Dated: ___________                            [NAME OF LENDER]

                                              By:      ________________________
                                                       Name:
                                                       Title:
<PAGE>   104
                                                                       EXHIBIT G

                              ASSUMPTION AGREEMENT

         AGREEMENT dated as of _________, 20__ among [The Dun & Bradstreet
Corporation (to be renamed Moody's Corporation)] (the "Company"), [NAME OF BANK]
(the "Bank") and The Chase Manhattan Bank, as Administrative Agent (the
"Administrative Agent").

         WHEREAS, this Assumption Agreement (the "Agreement") relates to the
Credit Agreement dated as of September [ ], 2000 among the Company, the
Borrowing Subsidiaries party thereto, the Lenders party thereto, the
Administrative Agent, Citibank, N.A., as Syndication Agent, and The Bank of New
York, as Documentation Agent (as amended from time to time, the "Credit
Agreement");

         WHEREAS, as permitted by Section 2.08(d) of the Credit Agreement, the
Company proposes to increase the aggregate amount of the Commitments;

         NOW, THEREFORE, the parties hereto agree as follows:

         SECTION 1. Definitions. All capitalized terms not otherwise defined
herein have the respective meanings set forth in the Credit Agreement.

         SECTION 2. Assumed Commitment. Effective as of the date hereof, the
Bank hereby [increases its existing Commitment from $[ ] to $[ ]](2) [assumes a
Commitment equal to $[ ]](3) (the "Assumed Commitment"). [From and after the
date hereof, the Bank shall be a party to and bound by the provisions of the
Credit Agreement and, to the extent of the Assumed Commitment, all the rights
and obligations of a Lender under the Credit Agreement.](4)

         [SECTION 3. Revolving Loans. The Bank shall make a Revolving Loan to
the Company on the date hereof in accordance with Section 2.06 in an amount
equal to such Bank's pro rata share of the principal amount of all outstanding
Revolving Loans on the date hereof after giving effect to the Assumed
Commitment.](5)

         [SECTION 4.  Additional Documentation.  The Bank, upon execution of
this Agreement, shall deliver to the Administrative Agent, [any documentation

--------
         (2) If the Bank is an existing Lender.
         (3) If the Bank is not an existing Lender.
         (4) If the Bank is not an existing Lender.
         (5) If Loans are outstanding on the effective date of this Agreement.
<PAGE>   105
required to be delivered by the Bank pursuant to Section 2.16(e) of the Credit
Agreement,](6)[and an Administrative Questionnaire in the form provided by the
Administrative Agent](7).]

         SECTION 5. Representations of the Company. The Company hereby confirms
that (a) the increase in the aggregate amount of the Commitments and the
transactions set forth herein have been duly authorized by all necessary
corporate action and (b) at the time of and immediately after giving effect to
the increase in the aggregate amount of the Commitments and the transactions set
forth herein, (i) the representations and warranties of the Company set forth in
the Credit Agreement are true and correct on and as of the date hereof and (ii)
no Default has occurred and is continuing.

         SECTION 6. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

         SECTION 7. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

--------
         (6) If the Bank is a Foreign Lender.
         (7) If the Bank is not an existing Lender.
<PAGE>   106
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered by their duly authorized officers as of the date first
above written.

                                          [NAME OF BANK]

                                          By: _________________________
                                          Name:
                                          Title:

                                          THE DUN & BRADSTREET
                                          CORPORATION

                                          By: __________________________
                                          Name:
                                          Title:

                                          THE CHASE MANHATTAN BANK

                                          By: __________________________
                                          Name:
                                          Title:<PAGE>   1
                                                                    EXHIBIT 10.1

                             DISTRIBUTION AGREEMENT

                                     between

                        THE DUN & BRADSTREET CORPORATION

                                       and

                             THE NEW D&B CORPORATION

                         Dated as of September 30, 2000
<PAGE>   2
                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>
                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
ARTICLE I.       DEFINITIONS.................................................................2
   SECTION 1.1.  General.....................................................................2
   SECTION 1.2.  References; Interpretation.................................................19

ARTICLE II.      DISTRIBUTION AND OTHER TRANSACTIONS; CERTAIN COVENANTS.....................19
   SECTION 2.1.  The Distribution and Other Transactions....................................19
   SECTION 2.2.  Certain Matters Regarding Accounts Payable and Accounts Receivable.........25
   SECTION 2.3.  Cash Balances..............................................................25
   SECTION 2.4.  Assumption and Satisfaction of Liabilities.................................26
   SECTION 2.5.  Resignations...............................................................26
   SECTION 2.6.  Further Assurances.........................................................26
   SECTION 2.7.  Limited Representations or Warranties......................................26
   SECTION 2.8.  Guarantees.................................................................27
   SECTION 2.9.  Witness Services...........................................................27
   SECTION 2.10. Certain Post-Distribution Transactions.....................................28
   SECTION 2.11. Transfers Not Effected Prior to the Distribution; Transfers Deemed
                 Effective as of the Distribution Date......................................29
   SECTION 2.12. Conveyancing and Assumption Instruments....................................30
   SECTION 2.13. Ancillary Agreements.......................................................30
   SECTION 2.14. Intellectual Property......................................................30
   SECTION 2.15. Corporate Names............................................................31

ARTICLE III.     INDEMNIFICATION............................................................33
   SECTION 3.1.  Indemnification by the Corporation.........................................33
   SECTION 3.2.  Indemnification by New D&B.................................................33
   SECTION 3.3.  Procedures for Indemnification.............................................33
   SECTION 3.4.  Indemnification Payments...................................................35

ARTICLE IV.      ACCESS TO INFORMATION......................................................35
   SECTION 4.1.  Provision of Corporate Records.............................................35
   SECTION 4.2.  Access to Information......................................................36
   SECTION 4.3.  Reimbursement; Other Matters...............................................36
   SECTION 4.4.  Confidentiality............................................................36
   SECTION 4.5.  Privileged Matters.........................................................37
   SECTION 4.6.  Ownership of Information...................................................39
   SECTION 4.7.  Limitation of Liability....................................................39
   SECTION 4.8.  Other Agreements Providing for Exchange of Information.....................39

ARTICLE V.       ADMINISTRATIVE SERVICES....................................................39
   SECTION 5.1.  Performance of Services....................................................39
</TABLE>

                                        i
<PAGE>   3
<TABLE>
<CAPTION>
                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
   SECTION 5.2.  Independence...............................................................39
   SECTION 5.3.  Non-exclusivity............................................................40

ARTICLE VI.      DISPUTE RESOLUTION.........................................................40
   SECTION 6.1.  Negotiation................................................................40
   SECTION 6.2.  Arbitration................................................................40
   SECTION 6.3.  Continuity of Service and Performance......................................41

ARTICLE VII.     INSURANCE..................................................................41
   SECTION 7.1.  Policies and Rights Included Within Assets; Assignment of Policies.........41
   SECTION 7.2.  Post-Distribution Date Claims..............................................42
   SECTION 7.3.  Administration; Other Matters..............................................42
   SECTION 7.4.  Agreement for Waiver of Conflict and Shared Defense........................43
   SECTION 7.5.  Cooperation................................................................44

ARTICLE VIII.    MISCELLANEOUS..............................................................44
   SECTION 8.1.  Complete Agreement; Construction...........................................44
   SECTION 8.2.  Ancillary Agreements.......................................................44
   SECTION 8.3.  Counterparts...............................................................44
   SECTION 8.4.  Survival of Agreements.....................................................44
   SECTION 8.5.  Expenses...................................................................44
   SECTION 8.6.  Notices....................................................................45
   SECTION 8.7.  Waivers....................................................................45
   SECTION 8.8.  Amendments.................................................................45
   SECTION 8.9.  Assignment.................................................................45
   SECTION 8.10. Successors and Assigns.....................................................46
   SECTION 8.11. Termination................................................................46
   SECTION 8.12. Subsidiaries...............................................................46
   SECTION 8.13. Third Party Beneficiaries..................................................46
   SECTION 8.14. Title and Headings.........................................................46
   SECTION 8.15. Schedules and Exhibits.....................................................46
   SECTION 8.16. GOVERNING LAW..............................................................46
   SECTION 8.17. Consent to Jurisdiction....................................................47
   SECTION 8.18. Severability...............................................................47
</TABLE>

                                       ii
<PAGE>   4
Exhibits

Exhibit 2.1(m)(A)   Undertaking of The New D&B Corporation - 1998 Distribution
Exhibit 2.1(m)(B)   Undertaking of the New D&B Corporation - 1996 Distribution

                       Schedules to Distribution Agreement

Schedules

1.1(k)           Forms of Conveyance and Assumption Instruments
1.1(pp)(i)       Certain Business Entities and Subsidiaries to be Included in
                 Moody's Group
1.1(pp)(ii)      Pre-Distribution Reorganization Transactions to Transfer
                 Assets to the New D&B Group or the Moody's Group
1.1(pp)(vii)     Certain Business Entities or Businesses Holding Assets from
                 Divested or Former Businesses which are to be Included as
                 Moody's Assets
1.1(pp)(viii)    Certain Business Entities or Businesses Holding Assets from
                 Divested, Terminated or Former Businesses which are to be
                 Allocated Equally Between New D&B and Moody's
1.1(pp)(y)       Certain Assets not to be Included as Moody's Assets
1.1(qq)          Combined Balance Sheet of the Moody's Group as of June 30,
                 2000
1.1(ss)(i)       Certain Contracts to be Included as Moody's Contracts
1.1(ss)(iv)      Certain Federal, State and Local Government Contracts to be
                 Included as Moody's Contracts
1.1(ss)(v)       Capital or Operating Lease Obligations to be Included as
                 Moody's Contracts
1.1(ww)(i)       Certain Liabilities to be Included as Moody's Liabilities
1.1(ww)(x)       Certain Liabilities not to be Included as Moody's Liabilities
1.1(zz)(i)       Certain Businesses and Subsidiaries to be Included in the New
                 D&B Group
1.1(zz)(vii)     Certain Business Entities or Businesses Holding Assets from
                 Divested, Terminated or Former Businesses which are to be
                 Included as New D&B Assets
1.1(zz)(y)       Certain Assets not to be Included as New D&B Assets
1.1(aaa)         Consolidated Balance Sheet of the New D&B Group as of June 30,
                 2000
1.1(hhh)(i)      Certain Liabilities to be Included as New D&B Liabilities
1.1(hhh)(x)      Certain Liabilities not to be Included as New D&B Liabilities
2.1(a)(i)        Certain Assets to be Transferred to New D&B Group
2.1(a)(ii)       Certain Assets to be Transferred to Moody's Group
2.1(i)           Liabilities of the Corporation Arising from the Specified
                 Spin-off Agreements which are not to be allocated equally
                 between the Corporation and New D&B
2.1(j)(i)        Certain Prior Business Transactions to be Transferred to New
                 D&B
2.1(j)(ii)       Certain Tax Matters
2.1(j)(iii)      List of Outside Counsel
2.2(c)           Certain Accounts Receivable of the Corporation to be Remitted
                 to New D&B
2.2(d)           Certain Expenses of the Corporation to be Reimbursed by New D&B
2.3              Intercompany Transfer
2.8(a)           Guarantees of New D&B Liabilities from which Moody's Group
                 Members are to be Removed

                                       iii
<PAGE>   5
2.8(b)           Guarantees of Moody's Liabilities from which New D&B Group
                 Members are to be Removed
4.7(b)           Pre-Existing Agreements between the Parties which Continue
                 After The Distribution

                                       iv
<PAGE>   6
                             DISTRIBUTION AGREEMENT

                  DISTRIBUTION AGREEMENT, dated as of September 30, 2000,
between THE DUN & BRADSTREET CORPORATION, a Delaware corporation (the
"Corporation"), and THE NEW D&B CORPORATION, a Delaware corporation ("New D&B").

                  WHEREAS, the Corporation acting through its direct and
indirect subsidiaries, currently conducts a number of businesses, including,
without limitation, (i) supplying business, credit, marketing and purchasing
information and services and receivables management services and (ii) providing
credit ratings on, and research and risk management services with respect to,
fixed-income securities and other credit obligations;

                  WHEREAS, the Board of Directors of the Corporation has
determined that it is appropriate, desirable and in the best interests of the
Corporation and its businesses, as well as the holders of shares of common
stock, par value $0.01 per share, of the Corporation (the "D&B Common Stock"),
to reorganize the Corporation to separate from the Corporation all businesses
currently conducted by the Corporation other than the Moody's Business (as
defined below) and to cause such businesses to be owned and conducted, directly
or indirectly, by New D&B;

                  WHEREAS, in order to effect such separation, the Board of
Directors of the Corporation has determined that it is appropriate, desirable
and in the best interests of the holders of D&B Common Stock, as well as of the
Corporation and its businesses, for the Corporation (i) to take certain steps to
reorganize the Corporation's Subsidiaries (as defined herein) and businesses,
including prior to the Distribution (as defined herein) (A) to complete the list
of pre-Distribution reorganization steps attached as Schedule 1.1(pp)(ii)
hereto, (B) to cause New D&B Inc., a newly formed Delaware corporation and
wholly owned subsidiary of New D&B ("New D&B Opco Inc."), to merge with and into
Dun & Bradstreet, Inc., a Delaware corporation ("D&B Opco Inc."), with D&B Opco
Inc. as the surviving corporation (the "Surviving Corporation"), pursuant to
which merger (x) each issued and outstanding share of New D&B Opco Inc. will be
converted into one share of the Surviving Corporation, (y) the issued and
outstanding shares of D&B Opco Inc. will be converted into the right to receive
81,211,520 shares of New D&B and (z) the Surviving Corporation will become a
wholly owned subsidiary of New D&B, (C) upon completion of the transactions
described in (B), to cause the Corporation to contribute all of its non-stock
assets (other than assets specified herein to remain with the Corporation after
the Distribution) to New D&B, (D) upon completion of the transactions described
in (C), to cause the Corporation to contribute the capital stock held by the
Corporation in Duns Investing VI Corporation and Dun & Bradstreet Ventures, Inc.
to New D&B and (E) on or prior to the record date for the Distribution, to cause
New D&B to issue (pursuant to a stock dividend) a number of shares of common
stock of New D&B ("New D&B Common Stock") which, when combined with the number
of shares of New D&B Common Stock then held by D&B, equals 50% of the number of
shares of D&B Common Stock outstanding on such record date; (ii) to take certain
steps prior to the Distribution with respect to the indebtedness of the
Corporation, as hereinafter described; and (iii) upon completion of the
foregoing, to distribute to the holders of the D&B
<PAGE>   7
                                                                               2

Common Stock all the outstanding shares of New D&B Common Stock, together with
the associated Rights (as defined herein), as set forth herein;

                  WHEREAS, each of the Corporation and New D&B has determined
that it is necessary and desirable, on or prior to the Distribution Date (as
defined herein), to allocate and transfer assets and to allocate and assign
responsibility for liabilities in respect of the activities of the businesses of
such entities, as well as assets and liabilities in respect of other businesses
and activities of the Corporation and its current and former Subsidiaries and
other matters; and

                  WHEREAS, each of the Corporation and New D&B has determined
that it is necessary and desirable to set forth the principal corporate
transactions required to effect such Distribution and to set forth other
agreements that will govern certain other matters following the Distribution.

                  NOW, THEREFORE, in consideration of the mutual agreements,
provisions and covenants contained in this Agreement, the parties hereby agree
as follows:

ARTICLE I. DEFINITIONS

                  SECTION 1.1. General. As used in this Agreement, the following
terms shall have the following meanings:

                  (a) "Action" shall mean any action, suit, arbitration,
inquiry, proceeding or investigation by or before any court, any governmental or
other regulatory or administrative agency, body or commission or any arbitration
tribunal.

                  (b) "Affiliate" shall mean, when used with respect to a
specified person, another person that controls, is controlled by, or is under
common control with the person specified. As used herein, "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such person, whether through the
ownership of voting securities or other interests, by contract or otherwise.

                  (c) "Agreement Disputes" shall have the meaning set forth in
Section 6.1.

                  (d) "Ancillary Agreements" shall mean all of the written
agreements, instruments, assignments or other arrangements (other than this
Agreement) entered into in connection with the transactions contemplated hereby,
including, without limitation, the Conveyancing and Assumption Instruments, the
Data Services Agreement, the Employee Benefits Agreement, the Intellectual
Property Assignment, the Shared Transaction Services Agreement, the Tax
Allocation Agreement, the Insurance and Risk Management Services Agreement and
the Transition Services Agreement.

                  (e) "Assets" shall mean assets, properties and rights
(including goodwill), wherever located (including in the possession of vendors
or other third parties or elsewhere),
<PAGE>   8
                                                                               3

whether real, personal or mixed, tangible, intangible or contingent, in each
case whether or not recorded or reflected or required to be recorded or
reflected on the books and records or financial statements of any person,
including, without limitation, the following:

                  (i)      all accounting and other books, records and files
                           whether in paper, microfilm, microfiche, computer
                           tape or disc, magnetic tape or any other form;

                  (ii)     all apparatus, computers and other electronic data
                           processing equipment, fixtures, machinery, equipment,
                           furniture, office equipment, automobiles, trucks,
                           aircraft and other transportation equipment, special
                           and general tools, test devices, prototypes and
                           models and other tangible personal property
                           (including all tangible property incorporating or
                           embodying any Intellectual Property);

                  (iii)    all inventories of materials, parts, raw materials,
                           supplies, work-in-process and finished goods and
                           products;

                  (iv)     all interests in real property of whatever nature,
                           including easements, whether as owner, mortgagee or
                           holder of a Security Interest in real property,
                           lessor, sublessor, lessee, sublessee or otherwise;

                  (v)      all interests in any capital stock or other equity
                           interests of any Subsidiary or any other person, all
                           bonds, notes, debentures or other securities issued
                           by any Subsidiary or any other person, all loans,
                           advances or other extensions of credit or capital
                           contributions to any Subsidiary or any other person
                           and all other investments in securities of any
                           person;

                  (vi)     all license agreements, leases of personal property,
                           open purchase orders for raw materials, supplies,
                           parts or services, unfilled orders for the
                           manufacture and sale of products and other contracts,
                           agreements or commitments;

                  (vii)    all deposits, letters of credit and performance and
                           surety bonds;

                  (viii)   all Intellectual Property;

                  (ix)     all prepaid expenses, trade accounts and other
                           accounts and notes receivables;

                  (x)      all rights under contracts or agreements, all claims
                           or rights against any person arising from the
                           ownership of any asset, all rights in connection with
                           any bids or offers and all claims, choses in action
                           or similar rights, whether accrued or contingent;
<PAGE>   9
                                                                               4

                  (xi)     all rights under insurance policies and all rights in
                           the nature of insurance, indemnification or
                           contribution;

                  (xii)    all licenses, permits, approvals and authorizations
                           which have been issued by any Governmental Authority;

                  (xiii)   cash or cash equivalents, bank accounts, lock boxes
                           and other deposit arrangements; and

                  (xiv)    interest rate, currency, commodity or other swap,
                           collar, cap or other hedging or similar agreements or
                           arrangements.

                  (f) "Assignee" shall have the meaning set forth in Section
2.1(f).

                  (g) "Business Entity" shall mean any corporation, partnership,
limited liability company or other entity which may legally hold title to
Assets.

                  (h) "Claims Administration" shall mean the processing of
claims made under the Shared Policies, including, without limitation, the
reporting of claims to the insurance carriers and the management of the defense
of claims.

                  (i) "Code" shall mean the Internal Revenue Code of 1986, as
amended, and the Treasury regulations promulgated thereunder, including any
successor legislation.

                  (j) "Commission" shall mean the U.S. Securities and Exchange
Commission.

                  (k) "Conveyancing and Assumption Instruments" shall mean,
collectively, the various agreements, instruments and other documents heretofore
entered into and to be entered into to effect the transfer of Assets and the
assumption of Liabilities in the manner contemplated by this Agreement, or
otherwise arising out of or relating to the transactions contemplated by this
Agreement, which shall be in substantially the forms attached hereto as Schedule
1.1(k) for transfers to be effected pursuant to New York law or the laws of one
of the other states of the United States, or, if not appropriate for a given
transfer, and for transfers to be effected pursuant to non-U.S. laws, shall be
in such other form or forms as the parties agree and as may be required by
applicable law.

                  (l) "Corporation Indemnitee" shall mean any person who was a
director, officer, employee or agent of the Corporation at any time prior to the
Effective Time who is not also a director, officer, employee or agent of any
member of the Moody's Group or the New D&B Group immediately after the Effective
Time along with each of the heirs, executors, successors and assigns of any such
person.

                  (m) the "Corporation" or "D&B" shall mean The Dun & Bradstreet
Corporation, a Delaware corporation, which will change its name at the time of
the Distribution to "Moody's Corporation."
<PAGE>   10
                                                                               5

                  (n) "D&B Opco Inc." shall have the meaning set forth in the
recitals.

                  (o) "Data Services Agreement" shall mean the Data Services
Agreement between the Corporation and New D&B (or Subsidiaries thereof).

                  (p) "Distribution" shall mean the distribution on the
Distribution Date to holders of record of shares of D&B Common Stock as of the
Distribution Record Date of the New D&B Common Stock owned by the Corporation on
the basis of one New D&B Common Share for every two outstanding shares of D&B
Common Stock.

                  (q) "Distribution Date" shall mean September 30, 2000.

                  (r) "Distribution Record Date" shall mean the close of
business on such date as may be determined by the Corporation's Board of
Directors as the record date for the Distribution.

                  (s) "Effective Time" shall mean immediately prior to midnight,
New York time, ending the 24-hour period comprising the Distribution Date.

                  (t) "Employee Benefits Agreement" shall mean the Employee
Benefits Agreement between the Corporation and New D&B.

                  (u) "Final Determination" shall mean the final resolution of
liability for any Tax (as defined in the Tax Allocation Agreement) for any
taxable period, including any related interest or penalties, by or as a result
of: a final and unappealable decision, judgment, decree or other order by any
court of competent jurisdiction; a closing agreement or accepted offer in
compromise under Section 7121 or 7122 of the Code, or comparable agreement under
the laws of other jurisdictions which resolves the entire Tax liability for any
taxable period; any allowance of a refund or credit in respect of an overpayment
of Tax, but only after the expiration of all periods during which such refund
may be recovered by the jurisdiction imposing the Tax; or any other final
disposition, including by reason of the expiration of the applicable statute of
limitations.

                  (v) "Former Corporation Business" shall mean any Business
Entity, business or operation that has been divested, terminated or otherwise
disposed of prior to the date hereof (whether by the Corporation, R.H. Donnelley
Corporation, any of their respective Subsidiaries or any predecessors of any of
the foregoing) and the Assets of which, if owned by the Corporation or any of
its Subsidiaries as of the date hereof, would not relate primarily to either the
Moody's Business or the New D&B Business.

                  (w) "Former Moody's Business" shall mean any Business Entity,
business or operation that has been divested, terminated or otherwise disposed
of prior to the date hereof (whether by the Corporation, R.H. Donnelley
Corporation, any of their respective Subsidiaries or any predecessors of any of
the foregoing) and the Assets of which, if owned by the Corporation or any of
its Subsidiaries as of the date hereof, would relate primarily to the Moody's
Business.
<PAGE>   11
                                                                               6

                  (x) "Former New D&B Business" shall mean any Business Entity,
business or operation that has been divested, terminated or otherwise disposed
of prior to the date hereof (whether by the Corporation, R.H. Donnelley
Corporation, any of their respective Subsidiaries or any predecessors of any of
the foregoing) and the Assets of which, if owned by the Corporation or any of
its Subsidiaries as of the date hereof, would relate primarily to the New D&B
Business.

                  (y) "Governmental Authority" shall mean any federal, state,
local, foreign or international court, government, department, commission,
board, bureau, agency, official or other regulatory, administrative or
governmental authority.

                  (z) "Indemnifiable Losses" shall mean any and all losses,
liabilities, claims, damages, demands, costs or expenses (including, without
limitation, reasonable attorneys' fees and any and all out-of-pocket expenses)
reasonably incurred in investigating, preparing for or defending against any
Actions or potential Actions or in settling any Action or potential Action or in
satisfying any judgment, fine or penalty rendered in or resulting from any
Action.

                  (aa) "Indemnifying Party" shall have the meaning set forth in
Section 3.3.

                  (bb) "Indemnitee" shall have the meaning set forth in Section
3.3.

                  (cc) "Information Statement" shall mean the Information
Statement sent to the holders of shares of D&B Common Stock in connection with
the Distribution, including any amendment or supplement thereto.

                  (dd) "Insurance Administration" shall mean, with respect to
each Shared Policy, the accounting for premiums, retrospectively-rated premiums,
defense costs, indemnity payments, deductibles and retentions, as appropriate,
under the terms and conditions of each of the Shared Policies; the reporting to
excess insurance carriers of any losses or claims which may cause the
per-occurrence, per claim or aggregate limits of any Shared Policy to be
exceeded; and the distribution of Insurance Proceeds as contemplated by this
Agreement.

                  (ee) "Insurance and Risk Management Services Agreement" shall
mean the Insurance and Risk Management Services Agreement between New D&B and
the Corporation.

                  (ff) "Insurance Proceeds" shall mean those monies (i) received
by an insured from an insurance carrier or (ii) paid by an insurance carrier on
behalf of an insured, in either case net of any applicable premium adjustment,
retrospectively-rated premium, deductible, retention, or cost of reserve paid or
held by or for the benefit of such insured.

                  (gg) "Insured Claims" shall mean those Liabilities that,
individually or in the aggregate, are covered within the terms and conditions of
any of the Shared Policies, whether or not subject to deductibles, policy
limits, co-insurance, uncollectibility or retrospectively-rated premium
adjustments.
<PAGE>   12
                                                                               7

                  (hh) "Intellectual Property" shall mean all right, title and
interest worldwide in and to intellectual property, whether owned or used under
a license or other agreement obtained from third parties, including without
limitation all:

                  (i)      non-public data, information, analyses, documents or
                           materials in any form or media (including any
                           concerning current or prospective quality or
                           technical issues, costs, sales, pricing, customers,
                           products, suppliers, research and development,
                           engineering drawings, specifications, formulae,
                           surveys, plans, operating and maintenance manuals);

                  (ii)     patents, inventions, discoveries, techniques,
                           technology and related know-how and improvements,
                           copyrights and copyrightable works (including
                           computer applications, programs, and other software
                           (source code and object code), middleware, mask
                           works, Internet site content, databases and related
                           documentation), systems and networks;

                  (iii)    trademarks, service marks, trade names, corporate
                           names, brand names, trade dress, domain names, URLs,
                           e-mail addresses and other source indicators,
                           together with the goodwill of any business symbolized
                           thereby and all common-law rights related thereto;
                           and

                  (iv)     registrations, applications and other rights and
                           privileges related to the foregoing.

                  (ii) "Intellectual Property Assignment" shall mean the
Intellectual Property Assignment between the Corporation and New D&B.

                  (jj) "Liabilities" shall mean any and all losses, claims,
charges, debts, demands, actions, causes of action, suits, damages, obligations,
payments, costs and expenses, sums of money, accounts, reckonings, bonds,
specialties, indemnities and similar obligations, exonerations, covenants,
contracts, controversies, agreements, promises, doings, omissions, variances,
guarantees, make whole agreements and similar obligations, and other
liabilities, including all contractual obligations, whether absolute or
contingent, matured or unmatured, liquidated or unliquidated, accrued or
unaccrued, known or unknown, whenever arising, and including those arising under
any law, rule, regulation, Action, threatened or contemplated Action (including
the costs and expenses of demands, assessments, judgments, settlements and
compromises relating thereto and attorneys' fees and any and all costs and
expenses, whatsoever reasonably incurred in investigating, preparing or
defending against any such Actions or threatened or contemplated Actions), order
or consent decree of any governmental or other regulatory or administrative
agency, body or commission or any award of any arbitrator or mediator of any
kind, and those arising under any contract, commitment or undertaking, including
those arising under this Agreement or any Ancillary Agreement, in each case,
whether or not recorded or reflected or required to be recorded or reflected on
the books and records or financial statements of any person.
<PAGE>   13
                                                                               8

                  (kk) Reserved.

                  (ll) Reserved.

                  (mm) Reserved.

                  (nn) "Minority Interest Financing" shall mean the obligations
incurred under the transaction documents executed in connection with the
Minority Interest Transaction (as defined in Schedule 2.1(j)(i)).

                  (oo) "Moody's" shall mean Moody's Investors Service, Inc., a
Delaware corporation and a wholly owned subsidiary of the Corporation.

                  (pp) "Moody's Assets" shall mean:

                  (i)      (A) the direct or indirect ownership interests of the
                           Corporation in those Business Entities listed on
                           Schedule 1.1(pp)(i) and (B) any direct or indirect
                           ownership interest of the Corporation in any Business
                           Entities that are not noted on Schedule 1.1(pp)(i) or
                           Schedule 1.1(zz)(i) and the Assets of which
                           principally relate to the Moody's Business;

                  (ii)     any and all Assets that are expressly contemplated by
                           this Agreement, including those on the list of
                           pre-Distribution reorganization transactions attached
                           as Schedule 1.1(pp)(ii) hereto, or any Ancillary
                           Agreement (or included on any Schedule hereto or
                           thereto) as Assets which have been or are to be
                           transferred to the Corporation, Moody's or any other
                           member of the Moody's Group prior to the Effective
                           Time or are to remain with the Corporation, Moody's
                           or any other member of the Moody's Group subsequent
                           to the Effective Time;

                  (iii)    any Assets reflected on the Moody's Balance Sheet or
                           the accounting records supporting such balance sheet
                           and any Assets acquired by or for Moody's or any
                           member of the Moody's Group subsequent to the date of
                           such balance sheet which, had they been so acquired
                           on or before such date and owned as of such date,
                           would have been reflected on such balance sheet if
                           prepared on a consistent basis, subject to any
                           dispositions of any of such Assets subsequent to the
                           date of such balance sheet;

                  (iv)     subject to Article VII, any rights of any member of
                           the Moody's Group under any of the Policies,
                           including any rights thereunder arising from and
                           after the Effective Time in respect of any Policies
                           that are occurrence policies;
<PAGE>   14
                                                                               9

                  (v)      any Moody's Contracts, any rights or claims arising
                           thereunder, and any other rights or claims or
                           contingent rights or claims primarily relating to or
                           arising from any Moody's Asset or the Moody's
                           Business;

                  (vi)     the minute books and similar corporate records of the
                           Corporation;

                  (vii)    any and all Assets of any Former Moody's Business,
                           including, without limitation, the Business Entities
                           described on Schedule 1.1(pp)(vii);

                  (viii)   50% of any and all Assets of any Former Corporation
                           Business, including, without limitation, the Business
                           Entities described on Schedule 1.1(pp)(viii);

                  (ix)     any and all payments to be allocated to the
                           Corporation pursuant to Section 2.1(l);

                  (x)      any and all Assets of the Corporation from and after
                           the Effective Time; and

                  (xi)     50% of any Assets of the Corporation prior to the
                           Effective Time that are not specifically designated
                           (other than pursuant to this clause (xi) or clause
                           (ix) of the definition of "New D&B Assets") as
                           Moody's Assets or New D&B Assets.

                  Notwithstanding the foregoing, the Moody's Assets shall not in
                  any event include:

                  (w)      subject to Section 2.1(l) and 2.1(r), any rights of
                           the Corporation under the 1996 Distribution
                           Agreement, the 1996 Tax Allocation Agreement, the
                           1996 Employee Benefits Agreement or the Ancillary
                           Agreements referred to in the 1996 Distribution
                           Agreement; or

                  (x)      subject to Section 2.1(l) and 2.1(r), any rights of
                           the Corporation under the 1998 Distribution
                           Agreement, the 1998 Tax Allocation Agreement, the
                           1998 Employee Benefits Agreement or the Ancillary
                           Agreements referred to in the 1998 Distribution
                           Agreement; or

                  (y)      the Assets listed or described on Schedule
                           1.1(pp)(y); or

                  (z)      any and all Assets that are expressly contemplated by
                           this Agreement or any Ancillary Agreement (or the
                           Schedules hereto or thereto) as Assets to be
                           transferred or conveyed to any member of the New D&B
                           Group.

                  In the event of any inconsistency or conflict which may arise
                  in the application or interpretation of any of the foregoing
                  provisions, for the
<PAGE>   15
                                                                              10

                  purpose of determining what is and is not a Moody's Asset, any
                  item explicitly included on a Schedule referred to in this
                  Section 1.1(pp) shall take priority over any provision of the
                  text hereof, and clause (ii) of this paragraph (pp) shall take
                  priority over clause (iii) of this paragraph (pp).

                  (qq) "Moody's Balance Sheet" shall mean the combined balance
sheet of the Moody's Group, including the notes thereto, as of June 30, 2000,
set forth as Schedule 1.1(qq) hereto.

                  (rr) "Moody's Business" shall mean (i) the business of
providing credit ratings on, and research and risk management services with
respect to, fixed income securities and other credit obligations, as presently
conducted by Moody's Investors Service, Inc. and the other Business Entities of
the Moody's Group, (ii) the businesses of the members of the Moody's Group,
(iii) any other business conducted by the Corporation or any Subsidiary of the
Corporation primarily through the use of the Moody's Assets, (iv) the businesses
of Business Entities acquired or established by or for the Corporation or any of
its Subsidiaries after the date of this Agreement and (v) the business of the
Corporation from and after the Effective Time.

                  (ss) "Moody's Contracts" shall mean any contracts or
agreements to which any member of the Moody's Group who are not individuals is a
party or by which it or any of its Affiliates who are not individuals or any of
their respective Assets is bound, whether or not in writing, including:

                  (i)      any contracts or agreements listed or described on
                           Schedule 1.1(ss)(i);

                  (ii)     any contract or agreement entered into in the name
                           of, or expressly on behalf of, any division, business
                           unit or member of the Moody's Group;

                  (iii)    any contract or agreement that relates primarily to
                           the Moody's Business;

                  (iv)     federal, state and local government and other
                           contracts and agreements that are listed or described
                           on Schedule 1.1(ss)(iv) and any other government
                           contracts or agreements entered into after the date
                           hereof and prior to the Effective Time that relate
                           primarily to the Moody's Business;

                  (v)      any contract or agreement representing capital or
                           operating equipment lease obligations reflected on
                           the Moody's Balance Sheet, including obligations as
                           lessee under those contracts or agreements listed on
                           Schedule 1.1(ss)(v);

                  (vi)     any contract or agreement that is otherwise expressly
                           contemplated pursuant to this Agreement or any of the
                           Ancillary Agreements to be transferred or assigned to
                           the Corporation or any member of the Moody's Group
                           prior to the Effective Time or to remain with the
                           Corporation or any member of the Moody's Group
                           subsequent to the Effective Time; and
<PAGE>   16
                                                                              11

                  (vii)    any guarantee, indemnity, representation or warranty
                           of any member of the Moody's Group.

                  (tt) "Moody's Group" shall mean Moody's, each Business Entity
which is contemplated to remain a Subsidiary of the Corporation hereunder
subsequent to the Effective Time, which shall include those identified as such
on Schedule 1.1(pp)(i) hereto, which Schedule shall also indicate the amount of
the Corporation's or Moody's direct or indirect ownership interest therein, and
the Corporation from and after the Effective Time.

                  (uu) "Moody's Indebtedness" shall have the meaning set forth
in Section 2.1(n).

                  (vv) "Moody's Indemnitees" shall mean each member of the
Moody's Group, each of their respective present and former directors, officers,
employees and agents and each of the heirs, executors, successors and assigns of
any of the foregoing, except the Corporation Indemnitees.

                  (ww) "Moody's Liabilities" shall mean:

                  (i)      any and all Liabilities that are expressly
                           contemplated by this Agreement or any Ancillary
                           Agreement (or the Schedules hereto or thereto,
                           including Schedule 1.1(ww)(i) hereto) as Liabilities
                           to be assumed by the Corporation or any member of the
                           Moody's Group prior to the Effective Time or to
                           remain with the Moody's Group subsequent to the
                           Effective Time, and all agreements, obligations and
                           Liabilities of the Corporation or any member of the
                           Moody's Group under this Agreement or any of the
                           Ancillary Agreements;

                  (ii)     all Liabilities (other than Taxes and any
                           employee-related Liabilities subject to the
                           provisions of the Tax Allocation Agreement and the
                           Employee Benefits Agreement, respectively), primarily
                           relating to, arising out of or resulting from:

                                    (A) the operation of the Moody's Business,
                           as conducted at any time prior to, on or after the
                           Effective Time (including any Liability relating to,
                           arising out of or resulting from any act or failure
                           to act by any director, officer, employee, agent or
                           representative (whether or not such act or failure to
                           act is or was within such person's authority));

                                    (B) the operation of any business conducted
                           by the Corporation or any Subsidiary of the
                           Corporation at any time from and after the Effective
                           Time (including any Liability relating to, arising
                           out of or resulting from any act or failure to act by
                           any director, officer, employee, agent or
                           representative (whether or not such act or failure to
                           act is or was within such person's authority)); or
<PAGE>   17
                                                                              12

                                    (C) any Moody's Assets;

                           whether arising before, on or after the Effective
                           Time;

                  (iii)    all Liabilities reflected as liabilities or
                           obligations on the Moody's Balance Sheet or the
                           accounting records supporting such balance sheet, and
                           all Liabilities arising or assumed after the date of
                           such balance sheet which, had they arisen or been
                           assumed on or before such date and been retained as
                           of such date, would have been reflected on such
                           balance sheet, subject to any discharge of such
                           Liabilities subsequent to the date of the Moody's
                           Balance Sheet;

                  (iv)     the Moody's Indebtedness;

                  (v)      all Liabilities that the Corporation has agreed to
                           assume under Sections 2.1(i) and (j); and

                  (vi)     50% of all Liabilities of the Corporation and its
                           Subsidiaries immediately prior to the Effective Time
                           not allocated to New D&B or Moody's hereunder (other
                           than pursuant to this clause (vi) or clause (vi) of
                           the definition of "New D&B Liabilities").

                           Notwithstanding the foregoing, the Moody's
                           Liabilities shall not include:

                  (x)      any Liabilities that are expressly contemplated by
                           this Agreement or any Ancillary Agreement (or the
                           Schedules hereto or thereto) as Liabilities to be
                           assumed by New D&B or any member of the New D&B
                           Group, including any Liabilities set forth in
                           Schedule 1.1(ww)(x);

                  (y)      subject to Section 2.1(i), any Liabilities of any
                           Former New D&B Business; or

                  (z)      all agreements and obligations of any member of the
                           New D&B Group under this Agreement or any of the
                           Ancillary Agreements.

                  (xx) Reserved.

                  (yy) "New D&B" shall mean the New D&B Corporation, a Delaware
corporation, which will change its name at the time of the Distribution to "The
Dun & Bradstreet Corporation.

                  (zz) "New D&B Assets" shall mean:

                           (i)      (A) the direct or indirect ownership
                                    interests of the Corporation in those
                                    Business Entities listed on Schedule
                                    1.1(zz)(i), (B) any direct
<PAGE>   18
                                                                              13

                                    or indirect ownership interest of the
                                    Corporation in any Business Entities that
                                    are not listed on Schedule 1.1(pp)(i) or
                                    Schedule 1.1(zz)(i) and the Assets of which
                                    principally relate to the New D&B Business
                                    and (C) any other direct or indirect
                                    ownership interest of the Corporation in any
                                    Business Entity that is not referred to in
                                    clauses (A) or (B) and is not a Moody's
                                    Asset;

                           (ii)     any and all Assets that are expressly
                                    contemplated by this Agreement, including
                                    those on the list of pre-Distribution
                                    reorganization transactions attached as
                                    Schedule 1.1(pp)(ii) hereto, or any
                                    Ancillary Agreement (or included on any
                                    Schedule hereto or thereto) as Assets which
                                    have been or are to be transferred to New
                                    D&B or any other member of the New D&B Group
                                    prior to the Effective Time or are to remain
                                    with New D&B or any other member of the New
                                    D&B Group subsequent to the Effective Time;

                           (iii)    any Assets reflected on the New D&B Balance
                                    Sheet or the accounting records supporting
                                    such balance sheet (in each case other than
                                    Assets also reflected in the Moody's Balance
                                    Sheet) and any Assets acquired by or for New
                                    D&B or any member of the New D&B Group
                                    subsequent to the date of such balance sheet
                                    which, had they been so acquired on or
                                    before such date and owned as of such date,
                                    would have been reflected on such balance
                                    sheet (and not also reflected in the Moody's
                                    Balance Sheet) if prepared on a consistent
                                    basis, subject to any dispositions of any of
                                    such Assets subsequent to the date of such
                                    balance sheet;

                           (iv)     subject to Article VII, any rights of any
                                    member of the New D&B Group under any of the
                                    Policies, including any rights thereunder
                                    arising from and after the Effective Time in
                                    respect of any Policies that are occurrence
                                    policies;

                           (v)      any New D&B Contracts, any rights or claims
                                    arising thereunder, and any other rights or
                                    claims or contingent rights or claims
                                    primarily relating to or arising from any
                                    New D&B's Asset or the New D&B's Business;

                           (vi)     any and all payments to be allocated to New
                                    D&B pursuant to Section 2.1(l);

                           (vii)    any and all Assets of any Former New D&B
                                    Business, including, without limitation, the
                                    Business Entities described on Schedule
                                    1.1(zz)(vii);
<PAGE>   19
                                                                              14

                           (viii)   50% of any and all Assets of any Former
                                    Corporation Business, including, without
                                    limitation, the Business Entities described
                                    in Section 1.1(pp)(viii); and

                           (ix)     50% of any Assets of the Corporation prior
                                    to the Effective Time that are not
                                    specifically designated hereunder (other
                                    than pursuant to this clause (ix) or
                                    pursuant to clause (xi) of the definition of
                                    "Moody's Assets") as Moody's Assets or New
                                    D&B Assets.

                  Notwithstanding the foregoing, the New D&B Assets shall not in
                  any event include:

                           (y)      the Assets listed or described on Schedule
                                    1.1(zz)(y); or

                           (z)      any and all Assets that are expressly
                                    contemplated by this Agreement or any
                                    Ancillary Agreement (or the Schedules hereto
                                    or thereto) as Assets to be transferred or
                                    conveyed to any member of the Moody's Group.

                  In the event of any inconsistency or conflict which may arise
                  in the application or interpretation of any of the foregoing
                  provisions, for the purpose of determining what is and is not
                  a D&B Asset, any item explicitly included on a Schedule
                  referred to in this Section 1.1(zz) shall take priority over
                  any provision of the text hereof, and clause (ii) of this
                  paragraph shall take priority over clause (iii) of this
                  paragraph (zz).

                  (aaa) "New D&B Balance Sheet" shall mean the consolidated
balance sheet of the New D&B Group, including the notes thereto, as of June 30,
2000, set forth as Schedule 1.1(aaa) hereto.

                  (bbb) "New D&B Business" shall mean (i) the business of
supplying business credit, marketing and purchasing information and services and
receivable management services, as presently conducted by D&B Opco Inc. and the
other Business Entities of New D&B Group, (ii) the businesses of the members of
the New D&B Group, (iii) any other business conducted by the Corporation or any
other Subsidiary of the Corporation primarily through the use of New D&B Assets
and (iv) the business of Business Entities acquired or established by New D&B or
any of its Subsidiaries after the date of this Agreement.

                  (ccc) "New D&B Common Stock" shall have the meaning set forth
in the recitals hereto.

                  (ddd) "New D&B Contracts" shall mean all the contracts and
agreements to which the Corporation or any of its Affiliates who are not
individuals is a party or by which it or any of its Affiliates who are not
individuals is bound immediately prior to the Effective Time, except the Moody's
Contracts.
<PAGE>   20
                                                                              15

                  (eee) "New D&B Group" shall mean New D&B and each person
(other than any member of the Moody's Group) that is a Subsidiary of the
Corporation immediately prior to the Effective Time, which shall include those
identified as such on Schedule 1.1(zz)(i) hereto, which Schedule shall also
indicate the amount of New D&B direct or indirect ownership interest therein.

                  (fff) "New D&B Indebtedness" shall have the meaning assigned
to such term in Section 2.1(n).

                  (ggg) "New D&B Indemnitees" shall mean each member of the New
D&B Group, each of their respective present and former directors, officers,
employees and agents and each of the heirs, executors, successors and assigns of
any of the foregoing, except the Corporation Indemnitees.

                  (hhh) "New D&B Liabilities" shall mean:

                           (i)      any and all Liabilities that are expressly
                                    contemplated by this Agreement or any
                                    Ancillary Agreement (or the Schedules hereto
                                    or thereto, including Schedule 1.1(hhh)(i)
                                    hereto) as Liabilities to be assumed by New
                                    D&B or any member of the New D&B Group prior
                                    to the Effective Time or to remain with the
                                    New D&B Group subsequent to the Effective
                                    Time, and all agreements, obligations and
                                    Liabilities of New D&B or any member of the
                                    New D&B Group under this Agreement or any of
                                    the Ancillary Agreements;

                           (ii)     all Liabilities (other than Taxes and any
                                    employee-related Liabilities subject to the
                                    provisions of the Tax Allocation Agreement
                                    and the Employee Benefits Agreement,
                                    respectively), primarily relating to,
                                    arising out of or resulting from:

                                    (A) the operation of the New D&B Business,
                                    as conducted at any time prior to, on or
                                    after the Effective Time (including any
                                    Liability relating to, arising out of or
                                    resulting from any act or failure to act by
                                    any director, officer, employee, agent or
                                    representative (whether or not such act or
                                    failure to act is or was within such
                                    person's authority));

                                    (B) the operation of any business conducted
                                    by New D&B or any Subsidiary of New D&B at
                                    any time from and after the Effective Time
                                    (including any Liability relating to,
                                    arising out of or resulting from any act or
                                    failure to act by any director, officer,
                                    employee, agent or representative (whether
                                    or not such act or failure to act is or was
                                    within such person's authority)); or
<PAGE>   21
                                                                              16

                                    (C) any New D&B Assets;

                                    whether arising before, on or after the
                                    Effective Time;

                           (iii)    all Liabilities reflected as liabilities or
                                    obligations on the New D&B Balance Sheet or
                                    the accounting records supporting such
                                    balance sheet (other than Liabilities also
                                    reflected on the Moody's Balance Sheet), and
                                    all Liabilities arising or assumed after the
                                    date of such balance sheet which, had they
                                    arisen or been assumed on or before such
                                    date and been retained as of such date,
                                    would have been reflected on such balance
                                    sheet (and not also reflected on the Moody's
                                    Balance Sheet), subject to any discharge of
                                    such Liabilities subsequent to the date of
                                    the New D&B Balance Sheet;

                           (iv)     the New D&B Indebtedness;

                           (v)      all Liabilities that New D&B has agreed to
                                    assume under Sections 2.1(i) and (j); and

                           (vi)     50% of all Liabilities of the Corporation
                                    and its Subsidiaries not allocated to New
                                    D&B or Moody's hereunder (other than
                                    pursuant to this clause (vi) or clause (vi)
                                    of the definition of "Moody's Liabilities").

                  Notwithstanding the foregoing, the New D&B's Liabilities shall
                  not include:

                           (x)      any Liabilities that are expressly
                                    contemplated by this Agreement or any
                                    Ancillary Agreement (or the Schedules hereto
                                    or thereto) as Liabilities to be assumed by
                                    Moody's or any member of the Moody's Group,
                                    including any Liabilities set forth in
                                    Schedule 1.1(hhh)(x);

                           (y)      subject to Section 2.1(i), any Liabilities
                                    of any Former Moody's Business; or

                           (z)      all agreements and obligations of any member
                                    of the Moody's Group under this Agreement or
                                    any of the Ancillary Agreements.

                  (iii) "New D&B Opco Inc." shall have the meaning set forth in
the recitals of this Agreement.

                  (jjj) "1996 Distribution" shall mean the Distribution
described in the 1996 Distribution Agreement.
<PAGE>   22
                                                                              17

                  (kkk) "1996 Distribution Agreement" shall mean the
Distribution Agreement among The Dun and Bradstreet Corporation (now known as
R.H. Donnelley Corporation), Cognizant Corporation (now known as Nielsen Media
Research, Inc.) and ACNielsen Corporation, dated as of October 28, 1996.

                  (lll) "1996 Employee Benefits Agreement" shall mean the
Employee Benefits Agreement among The Dun & Bradstreet Corporation (now known as
R.H. Donnelley Corporation), Cognizant Corporation (now known as Nielsen Media
Research, Inc.) and ACNielsen Corporation, dated as of October 28, 1996.

                  (mmm) "1996 Indemnity and Joint Defense Agreement" shall mean
the Indemnity and Joint Defense Agreement among The Dun & Bradstreet Corporation
(now known as R.H. Donnelley Corporation), Cognizant Corporation (now known as
Nielsen Media Research, Inc.) and ACNielsen Corporation, dated as of October 28,
1996.

                  (nnn) "1996 Services Agreements" shall mean, collectively, the
"Ancillary Agreements" as such term is defined in the 1996 Distribution
Agreement, as well as any renewals or extensions thereof, other than the 1996
Tax Allocation Agreement and any such Ancillary Agreement which is a Specified
Prior Spin-off Agreement.

                  (ooo) "1996 Tax Allocation Agreement" shall mean the Tax
Allocation Agreement among The Dun & Bradstreet Corporation (now known as R.H.
Donnelley Corporation), Cognizant Corporation (now known as Nielsen Media
Research, Inc.) and ACNielsen Corporation, dated as of October 28, 1996.

                  (ppp) "1998 Distribution" shall mean the Distribution
described in the 1998 Distribution Agreement.

                  (qqq) "1998 Distribution Agreement" shall mean the
Distribution Agreement between the Corporation and R.H. Donnelley Corporation,
dated as of June 30, 1998.

                  (rrr) "1998 Employee Benefits Agreement" shall mean the
Employee Benefits Agreement between the Corporation and R.H. Donnelley
Corporation, dated as of June 30, 1998.

                  (sss) "1998 Services Agreements" shall mean, collectively, the
"Ancillary Agreements" as such term is defined in the 1998 Distribution
Agreement, as well as any renewals or extensions thereof, other than the 1998
Tax Allocation Agreement and any such Ancillary Agreement which is a Specified
Prior Spin-off Agreement.

                  (ttt) "1998 Tax Allocation Agreement" shall mean the Tax
Allocation Agreement between the Corporation and R.H. Donnelley Corporation,
dated as of June 30, 1998.

                  (uuu) "person" shall mean any natural person, corporation,
business trust, joint venture, association, company, partnership, other entity
or government, or any agency or political subdivision thereof.
<PAGE>   23
                                                                              18

                  (vvv) "Policies" shall mean insurance policies and insurance
contracts of any kind (other than life, health and annuity or other employee
benefit-related policies or contracts), including, without limitation, primary,
excess and umbrella policies, comprehensive general liability policies, director
and officer liability, fiduciary liability, automobile, aircraft, property and
casualty, workers' compensation and employee dishonesty insurance policies,
bonds and self-insurance and captive insurance company arrangements, together
with the rights, benefits and privileges thereunder.

                  (www) "Provider" shall have the meaning set forth in Section
5.1.

                  (xxx) "Recipient" shall have the meaning set forth in Section
5.1.

                  (yyy) "Records" shall have the meaning set forth in Section
4.1.

                  (zzz) "R.H. Donnelley Corporation" shall mean R.H. Donnelley
Corporation, a Delaware corporation (formerly known as The Dun & Bradstreet
Corporation).

                  (aaaa) "Rights" shall have the meaning set forth in Section
2.1(c).

                  (bbbb) "Rules" shall have the meaning set forth in Section
6.2.

                  (cccc) "Security Interest" shall mean any mortgage, security
interest, pledge, lien, charge, claim, option, right to acquire, voting or other
restriction, right-of-way, covenant, condition, easement, encroachment,
restriction on transfer, or other encumbrance of any nature whatsoever.

                  (dddd) "Services Agreements" shall mean, collectively, the
1996 Services Agreements and the 1998 Services Agreements.

                  (eeee) "Shared Policies" shall mean all Policies, current or
past, which are owned or maintained by or on behalf of the Corporation or any
Subsidiary of the Corporation immediately prior to the Effective Time which
relate to the New D&B Business and the Moody's Business.

                  (ffff) "Shared Transaction Services Agreement" shall mean the
Shared Transaction Services Agreement between the Corporation and New D&B (or
Subsidiaries thereof).

                  (gggg) "Specified Prior Spin-off Agreements" means,
collectively, the 1996 Distribution Agreement, the 1996 Employee Benefits
Agreement, the 1996 Indemnity and Joint Defense Agreement, the 1998 Distribution
Agreement and the 1998 Employee Benefits Agreement.

                  (hhhh) "Subsidiary" shall mean any corporation, partnership or
other entity of which another entity (i) owns, directly or indirectly, ownership
interests sufficient to elect a
<PAGE>   24
                                                                              19

majority of the Board of Directors (or persons performing similar functions)
(irrespective of whether at the time any other class or classes of ownership
interests of such corporation, partnership or other entity shall or might have
such voting power upon the occurrence of any contingency) or (ii) is a general
partner or an entity performing similar functions (e.g., a trustee).

                  (iiii) "Tax" shall have the meaning set forth in the Tax
Allocation Agreement.

                  (jjjj) "Tax Allocation Agreement" shall mean the Tax
Allocation Agreement between the Corporation and New D&B.

                  (kkkk) "Third Party Claim" shall have the meaning set forth in
Section 3.3.

                  (llll) "Transition Services Agreement" shall mean the
Transition Services Agreement between the Corporation and New D&B.

                  SECTION 1.2. References; Interpretation. References in this
Agreement to any gender include references to all genders, and references to the
singular include references to the plural and vice versa. The words "include,"
"includes" and "including" when used in this Agreement shall be deemed to be
followed by the phrase "without limitation." Unless the context otherwise
requires, references in this Agreement to Articles, Sections, Schedules and
Exhibits shall be deemed references to Articles and Sections of, and Schedules
and Exhibits to, such Agreement. Unless the context otherwise requires, the
words "hereof," "hereby" and "herein" and words of similar meaning when used in
this Agreement refer to this Agreement in its entirety and not to any particular
Article, Section or provision of this Agreement.

ARTICLE II. DISTRIBUTION AND OTHER TRANSACTIONS; CERTAIN COVENANTS

                  SECTION  2.1. The Distribution and Other Transactions.

                  (a)      Certain Transactions. On or prior to the Distribution
                           Date:

                           (i) The Corporation shall, on behalf of itself and
                  its Subsidiaries, transfer or cause to be transferred to New
                  D&B or another member of the New D&B Group, effective prior to
                  or as of the Effective Time, all of the Corporation's and its
                  Subsidiaries' right, title and interest in (1) the Assets
                  listed in Schedule 2.1(a)(i) and (2) unless otherwise
                  expressly provided in this Agreement and except to the extent
                  already held by a member of the New D&B Group, all other
                  Assets forming a part of the New D&B Business.

                           (ii) New D&B shall, on behalf of itself and its
                  Subsidiaries, transfer or cause to be transferred to the
                  Corporation or a member of the Moody's Group, effective prior
                  to or as of the Effective Time, all of New D&B's and its
                  Subsidiaries' right, title and interest in (1) the Assets
                  listed in Schedule 2.1(a)(ii) and (2) unless otherwise
                  expressly provided
<PAGE>   25
                                                                              20

                  in this Agreement and except to the extent already held by the
                  Corporation or a member of the Moody's Group, all other Assets
                  forming a part of the Moody's Business.

                           (iii) To the extent agreed by the parties hereto, the
                  Corporation or New D&B, as applicable, shall be entitled to
                  designate the Business Entity within the Moody's Group or the
                  New D&B Group, as applicable, to which any Assets are to be
                  transferred pursuant to this Section 2.1(a).

                  (b) [Reserved].

                  (c) Charters; By-laws; Rights Plans. On or prior to the
Distribution Date, all necessary actions shall have been taken to provide for
the adoption of the form of Certificate of Incorporation and By-laws and the
execution and delivery of the form of Rights Agreement, relating to the
preferred share purchase rights relating to the New D&B Common Stock (the
"Rights"), filed by New D&B with the Commission as exhibits to New D&B's
Registration Statement on Form 10 (or any amendment thereto).

                  (d) Directors. On or prior to the Distribution Date, the
Corporation, as the sole stockholder of New D&B, shall have taken all necessary
action to cause the Board of Directors of New D&B to consist of the individuals
identified in the Information Statement as directors of New D&B.

                  (e) Certain Licenses and Permits. Without limiting the
generality of the obligations set forth in Section 2.1(a), on or prior to the
Distribution Date or as soon as reasonably practicable thereafter:

                  (i) all transferable licenses, permits and authorizations
         issued by any Governmental Authority which do not relate primarily to
         the Moody's Business but which are held in the name of the Corporation
         or any member of the Moody's Group, or in the name of any employee,
         officer, director, stockholder or agent of the Corporation or any such
         member, or otherwise, on behalf of a member of the New D&B Group shall
         be duly and validly transferred or caused to be transferred by the
         Corporation to the appropriate member of the New D&B Group; and

                  (ii) all transferable licenses, permits and authorizations
         issued by Governmental Authorities which relate primarily to the
         Moody's Business but which are held in the name of any member of the
         New D&B Group, or in the name of any employee, officer, director,
         stockholder, or agent of any such member, or otherwise, on behalf of a
         member of the Moody's Group shall be duly and validly transferred or
         caused to be transferred by New D&B to the Corporation or the
         appropriate member of the Moody's Group.

                  (f) Transfer of Agreements. Without limiting the generality of
the obligations set forth in Section 2.1(a):
<PAGE>   26
                                                                              21

                  (i) the Corporation hereby agrees that on or prior to the
         Distribution Date or as soon as reasonably practicable thereafter,
         subject to the limitations set forth in this Section 2.1(f), it will,
         and it will cause each member of the Moody's Group to, assign, transfer
         and convey to the appropriate member of the New D&B Group all of the
         Corporation's or such member of the Moody's Group's respective right,
         title and interest in and to any and all New D&B Contracts;

                  (ii) New D&B hereby agrees that on or prior to the
         Distribution Date or as soon as reasonably practicable thereafter,
         subject to the limitations set forth in this Section 2.1(f), it will,
         and it will cause each member of the New D&B Group to, assign, transfer
         and convey to the Corporation or the appropriate member of the Moody's
         Group all of New D&B's or such member of the New D&B Group's respective
         right, title and interest in and to any and all Moody's Contracts;

                  (iii) subject to the provisions of this Section 2.1(f), any
         agreement to which any of the parties hereto or any of their
         Subsidiaries is a party that inures to the benefit of both the Moody's
         Business and the New D&B Business shall be assigned in part so that
         each party shall be entitled to the rights and benefits inuring to its
         business under such agreement;

                  (iv) the assignee of any agreement assigned, in whole or in
         part, hereunder (an "Assignee") shall assume and agree to pay, perform,
         and fully discharge all obligations of the assignor under such
         agreement or, in the case of a partial assignment under paragraph
         (f)(iii), such Assignee's related portion of such obligations as
         determined in accordance with the terms of the relevant agreement,
         where determinable on the face thereof, and otherwise as determined in
         accordance with the practice of the parties prior to the Distribution;
         and

                  (v) notwithstanding anything in this Agreement to the
         contrary, this Agreement shall not constitute an agreement to assign
         any agreement, in whole or in part, or any rights thereunder if the
         agreement to assign or attempt to assign, without the consent of a
         third party, would constitute a breach thereof or in any way adversely
         affect the rights of the assignor or Assignee thereof. Until such
         consent is obtained, or if an attempted assignment thereof would be
         ineffective or would adversely affect the rights of any party hereto so
         that the intended Assignee would not, in fact, receive all such rights,
         the parties will cooperate with each other in any arrangement designed
         to provide for the intended Assignee the benefits of, and to permit the
         intended Assignee to assume liabilities under, any such agreement.

                  (g) Consents. The parties hereto shall use their commercially
reasonable efforts to obtain required consents to transfer and/or assignment of
licenses, permits and authorizations of Governmental Authorities and of
agreements hereunder.

                  (h) Delivery of Shares to Agent. The Corporation shall deliver
to EquiServe Trust Company, as the distribution agent (the "Agent"), the share
certificates representing the
<PAGE>   27
                                                                              22

New D&B Common Stock issued to the Corporation by New D&B and shall instruct the
Agent to distribute, on or as soon as practicable following the Distribution
Date, certificates representing such Common Shares to holders of record of
shares of D&B Common Stock on the Distribution Record Date as further
contemplated by the Information Statement and herein. New D&B shall provide all
share certificates that the Agent shall require in order to effect the
Distribution.

                  (i) Certain Liabilities. For purposes of this Agreement,
including Article III hereof, each of New D&B and the Corporation agrees to be
responsible for:

                  (i) 50% of any and all Liabilities under federal and state
         securities laws arising from or relating to the Form 10 (or any
         amendment thereto) or any other document filed with the Commission at
         or prior to the Effective Time by New D&B or the Corporation in
         connection with the Distribution;

                  (ii) notwithstanding Section 2.1(m) below, 50% of any and all
         Liabilities of the Corporation arising from the Specified Prior
         Spin-off Agreements (the "Specified Prior Spin-off Liabilities"), other
         than (A) Liabilities primarily relating to, arising out of or resulting
         from the New D&B Business or the Moody's Business and (B) Liabilities
         set forth on Schedule 2.1(i); and

                  (iii) 50% of any and all Liabilities under the Services
         Agreements arising from or relating to the period ending on the
         Distribution Date; it being understood that New D&B shall be
         responsible for, and shall receive any benefit in connection with, the
         fulfillment of any obligation to provide services under any Services
         Agreement at any time after the Distribution Date.

                  (j) Certain Contingencies. Notwithstanding anything to the
contrary herein or in the Tax Allocation Agreement, on or prior to the
Distribution Date, each of the Corporation and New D&B agree to take all actions
necessary to cause the Corporation's interests in certain prior business
transactions set forth in Schedule 2.1(j)(i) to be transferred to New D&B or a
member of the New D&B Group, and each of the Corporation and New D&B agree that
any rights with respect thereto shall be held by New D&B or a member of the New
D&B Group and not by Moody's or any member of the Moody's Group. Each of the
Corporation and New D&B agrees to assume 50% of any and all Liabilities
(including, without limitation, the disallowance of any deduction taken, whether
before or after the Effective Time, with respect to any interest or transaction
referred to in Schedule 2.1(j)(i)) arising in connection with such interests and
any transactions relating thereto (including, without limitation, any
Liabilities for Taxes of any member of the Pre-Distribution D&B Group (as
defined in the Tax Allocation Agreement) imposed by reason of audit adjustment
or otherwise). Upon the earliest of (a "Trigger Event") (1) a Final
Determination with respect to the interest referred to in clause (e) of Schedule
2.1(j)(i) or any transaction relating thereto, (2) the mutual written agreement
of each of the Corporation and New D&B and (3) the date on which the chief tax
officer of New D&B determines, based on the advice of outside counsel selected
by New D&B from the list set forth in Schedule 2.1(j)(iii), not to take the tax
deductions attributable to any interest or transaction referred to in clause (e)
of
<PAGE>   28
                                                                              23

Schedule 2.1(j)(i) due to a change in controlling law after the date hereof or
other tax-related circumstances, the Corporation shall reimburse New D&B in
cash, in immediately available funds, within ten Business Days after delivery by
New D&B of notice of any of the events set forth in clauses (1), (2) and (3), an
amount equal to the present value (at a discount rate of 5.66%) of 50% of the
anticipated Tax Benefits referred to in Schedule 2.1(j)(ii) with respect to the
period from and after the date of notice of a Trigger Event is received by the
Corporation, subject to the written agreement by New D&B not to claim or take
any deduction with respect to such anticipated Tax Benefits. For purposes of
this Section 2.1(j), the terms "Tax Benefit," and "Tax Return" shall have the
meanings as defined in the Tax Allocation Agreement.

                  (k) Reserved.

                  (l) Certain Assets. Each of the Corporation and New D&B shall
be entitled to 50% of any amount payable to the Corporation on or after the date
hereof under the Specified Prior Spin-off Agreements, other than payments
primarily relating to the Moody's Business (which shall be Moody's Assets) and
payments primarily relating to the New D&B Business (which shall be New D&B
Assets) ("Specified Prior Spin-off Payments"). Subject to Section 2.1(r), the
Corporation and New D&B agree, as between themselves, that any such Specified
Prior Payments, when made, shall be allocated between the Corporation and New
D&B pursuant to Section 2.1(r).

                  (m) Undertaking of New D&B. On or prior to the Distribution
Date, (A) New D&B will undertake to R.H. Donnelley Corporation to be jointly and
severally liable for all "New D&B Liabilities" (as defined in the 1998
Distribution Agreement) under the 1998 Distribution Agreement pursuant to an
undertaking substantially in the form of Exhibit 2.1(m)(A) hereto and (B) New
D&B will undertake to each of Cognizant Corporation (now known as Nielsen Media
Research, Inc.) and ACNielsen Corporation to be jointly and severally liable for
all "D&B Liabilities" (as defined in the 1996 Distribution Agreement) under the
1996 Distribution Agreement pursuant to an undertaking substantially in the form
of Exhibit 2.1(m)(B) hereto.

                  (n) Debt and Minority Interest Financing. (i) In connection
with the Distribution, the Corporation has entered into (A) the $80,000,000
Five-Year Credit Agreement, dated as of September 11, 2000, (B) the $80,000,000
364-Day Credit Agreement and (C) the $125,000,000 Interim Loan Agreement, dated
as of September 11, 2000. The Corporation agrees that, from and after the
Distribution Date, the full principal amount of indebtedness under each of the
foregoing facilities along with any obligation to pay interest or other amounts
with respect thereto (the "Moody's Indebtedness") shall be Moody's Liabilities.

                  (ii) In connection with the Distribution, New D&B has entered
         into (A) the $175,000,000 Five-Year Credit Agreement, dated as of
         September 11, 2000 and (B) the $175,000,000 364-Day Credit Agreement.
         In addition, as contemplated by Section 2.3, New D&B is assuming the
         Corporation's obligations under a $75,000,000 Credit Agreement, dated
         as of September 11, 2000. New D&B agrees that, from and after the
         Distribution Date, the full principal amount of indebtedness under each
         of the foregoing
<PAGE>   29
                                                                              24

         facilities along with any obligation to pay interest or other amounts
         with respect thereto (the "New D&B Indebtedness") shall be New D&B
         Liabilities.

                  (iii) Except as set forth in Section 2.1(j), as of the
         Distribution Date, any and all obligations incurred under the
         transaction documents executed in connection with the Minority Interest
         Financing shall be New D&B Liabilities.

                  (o) D&B Restricted Stock. At the time of the Distribution, the
Corporation shall contribute to New D&B any New D&B Common Stock received by the
Corporation as a result of the forfeiture of restricted D&B Common Stock by
employees or directors of the Corporation and its Subsidiaries who will no
longer be employees or directors of any member of the Moody's Group immediately
following the Distribution.

                  (p) 1996 Distribution; 1998 Distribution. The Corporation
agrees that it will not take any action it is required or permitted to take
pursuant to the terms of (i) the 1996 Distribution Agreement, (ii) the 1996
Indemnity and Joint Defense Agreement, the 1996 Tax Allocation Agreement, the
1996 Employee Benefits Agreement or any other Ancillary Agreement referred to in
the 1996 Distribution Agreement, (iii) the 1998 Distribution Agreement or (iv)
the 1998 Tax Allocation Agreement, the 1998 Employee Benefits Agreement or any
other Ancillary Agreement referred to in the 1998 Distribution Agreement, in
each such case without the prior written consent of New D&B. The Corporation
agrees that it will take any action pursuant to the terms of the agreements
referred to in clauses (i), (ii), (iii) and (iv) of the preceding sentence that
it is reasonably requested to take by New D&B. Except to the extent of actions
or failures to act, if any, that are expressly contemplated by other provisions
of this Agreement, nothing herein shall be construed to require the Corporation
to default in the performance of its obligations under any of the foregoing
agreements unless the Corporation is indemnified by New D&B with respect
thereto.

                  (q) Other Transactions. On or prior to the Distribution Date,
each of the Corporation and New D&B shall consummate those other transactions in
connection with the Distribution that are contemplated by the ruling request
submissions by the Corporation to the Internal Revenue Service in respect of the
ruling granted on June 15, 2000, the ruling granted on August 8, 2000 and the
rulings granted on August 10, 2000, and not specifically referred to in
subparagraphs (a)-(p) above. After the Distribution Date, each of the
Corporation and New D&B will exercise good faith commercially reasonable efforts
to consummate as promptly as practicable all other transactions which must be
consummated in order fully to complete the Distribution and any of the
transactions contemplated hereby or by any of the Ancillary Agreements.

                  (r) Payments. No later than ten Business Days after the date
on which any Specified Prior Spin-off Payment is received by a party, such party
shall pay the other party 50% of the amount so received. No later than ten
Business Days after the date on which any Specified Prior Spin-off Liability is
incurred the party incurring such Liability shall give notice to the other party
of the amount of such Specified Prior Spin-off Liability. Such other party shall
pay 50% of such Specified Prior Spin-off Liability not later than the later of
(1) the tenth Business Day
<PAGE>   30
                                                                              25

following receipt of such notice and (2) the date on which the Specified Prior
Spin-off Liability is required to be paid. Failure of a party to provide such
notice shall not affect the requirement to make any such payment hereunder. Each
of the Corporation and New D&B agree that if it shall be necessary to post a
bond in connection with any Specified Prior Spin-off Liabilities, each of the
Corporation and New D&B shall promptly procure such a bond and each shall pay
50% of the cost thereof.

                  SECTION 2.2. Certain Matters Regarding Accounts Payable and
Accounts Receivable. (a) The Corporation and New D&B agree that the amounts to
be paid pursuant to any outstanding checks of the Corporation written on bank
accounts which will remain with the Corporation after the Distribution and which
have not been presented to the Corporation for payment as of the close of
business on the Distribution Date shall be Moody's Liabilities and not New D&B
Liabilities.

                  (b) Notwithstanding anything to the contrary herein or in any
Ancillary Agreement, the Corporation agrees to promptly remit to New D&B any
amounts representing prepayments or advances of expenses or payables of the
Corporation or any of its Subsidiaries relating to the Moody's Business which
would not in the ordinary course of business consistent with past practice have
been prepaid or advanced on or prior to the Distribution Date.

                  (c) The Corporation agrees to promptly remit to New D&B any
amounts received by any member of the Moody's Group (whether before, on or after
the Distribution Date) in respect of the accounts receivable of the Corporation
set forth on Schedule 2.2(c).

                  (d) New D&B agrees that promptly following presentment to New
D&B of appropriate invoices, New D&B will reimburse the Corporation for the
expenses set forth on Schedule 2.2(d).

                  SECTION 2.3. Intercompany Transfer. (a) In addition to any
other obligations hereunder or under any Ancillary Agreement or otherwise, as of
the Distribution Date, the Moody's Group or the New D&B Group, as the case may
be, shall contribute cash to, or assume indebtedness from, the New D&B Group or
the Moody's Group, as the case may be, in an amount determined in accordance
with Schedule 2.3 hereto (such amount being herein referred to as the
"Intercompany Transfer"). After giving effect to the Intercompany Transfer, the
cash balances as of the Distribution Date of any member of the Moody's Group
shall be Moody's Assets and the cash balances as of the Distribution Date of any
member of the New D&B Group shall be New D&B Assets.

                  (b) On the Distribution Date, New D&B is assuming liability
for repayment of indebtedness of the Corporation in the principal amount of
$24,000,000 (herein referred to as the "Estimated Intercompany Transfer"),
representing an estimate of the Intercompany Transfer utilizing the amounts,
formulas and estimation procedures reflected in Schedule 2.3 hereto; such
assumed indebtedness constitutes the principal amount of all indebtedness
outstanding as of the date hereof under the $75,000,000 Credit Agreement dated
as of September 11, 2000, referred to in clause (ii) of Section 2.1(n).
<PAGE>   31
                                                                              26

                  (c) Within ten business days after the Distribution Date, New
D&B will prepare and deliver to the Corporation a proposed calculation, with
reasonable supporting detail, of the Intercompany Transfer (the "Statement").
The Corporation shall be entitled to reasonable access during normal business
hours to the relevant records and working papers prepared by or for New D&B to
review the Statement. If the Corporation believes that the Statement has not
been prepared in accordance with Schedule 2.3, it shall, within ten business
days after receipt of the Statement, give written notice (the "Objection") to
New D&B, setting forth the basis of the Objection in reasonable detail and the
adjustments to the Statement which the Corporation believes should be made.
Failure to so notify New D&B shall constitute acceptance and approval of the
Statement. If New D&B agrees that any change proposed by the Corporation is
appropriate, the change shall be made to the Statement. If all or any portion of
the proposed change is disputed by New D&B, then the Corporation and New D&B
shall negotiate in good faith to resolve such dispute as expeditiously as
possible. If, after a period of five business days following the date on which
the Corporation gives New D&B notice of any such proposed change, any such
proposed change still remains disputed, then PricewaterhouseCoopers LLP or
another nationally recognized accounting firm mutually agreed by the Corporation
and New D&B (the "Accounting Firm"), shall be engaged (as experts in accounting
and not as arbitrators) to resolve any remaining disputes. The Accounting Firm
shall determine, based solely on presentations by the Corporation and New D&B
and not by independent review, only those elements of the calculation of the
Intercompany Transfer that are still in dispute. In resolving any disputed item
the Accounting Firm (x) shall be bound by the provisions of Schedule 2.3 and (y)
may not assign a value to any item greater than the greatest value for such item
claimed by either party or less than the smallest value for such item claimed by
either party. The Accounting Firm's determination shall be made within thirty
(30) days following the date on which the dispute is submitted, shall be set
forth in a written statement delivered to the Corporation and New D&B that
includes a definitive calculation of the Intercompany Transfer and shall be
final, binding and conclusive. The Corporation and New D&B shall share the fees
and any expenses of the Accounting Firm equally.

                  (d) If the amount of the Intercompany Transfer, as finally
determined in accordance with paragraph (c) above, is such that, after giving
effect to the Estimated Intercompany Transfer, the Moody's Group is required to
make a payment to the New D&B Group, then the Corporation shall make such
payment to New D&B, together with interest thereon from the Distribution Date to
the date of payment at the "base rate" of The Chase Manhattan Bank or any
successor thereto from time to time announced in the City of New York (the
"Applicable Rate"), by wire transfer of immediately available funds to such
account or accounts as New D&B previously shall have specified in writing to the
Corporation.

                  (e) If the amount of the Intercompany Transfer, as finally
determined in accordance with paragraph (c) above, is such that, after giving
effect to the Estimated Intercompany Transfer, the New D&B Group is required to
make a payment to the Moody's Group, then New D&B shall cause Dun & Bradstreet,
Inc., a wholly owned subsidiary of New D&B, to make such payment to the
Corporation, together with interest thereon from the Distribution Date to the
date of payment at the Applicable Rate, by wire transfer of immediately
<PAGE>   32
                                                                              27

available funds to such account or accounts as the Corporation previously shall
have specified in writing to New D&B.

                  SECTION 2.4. Assumption and Satisfaction of Liabilities.
Except as otherwise specifically set forth in any Ancillary Agreement, and
subject to Section 2.3 hereof, from and after the Effective Time, (i) the
Corporation shall, and shall cause each member of the Moody's Group to, assume,
pay, perform and discharge all Moody's Liabilities and (ii) New D&B shall, and
shall cause each member of the New D&B Group to, assume, pay, perform and
discharge all New D&B Liabilities. To the extent reasonably requested to do so
by another party hereto, each party hereto agrees to sign such documents, in a
form reasonably satisfactory to such party, as may be reasonably necessary to
evidence the assumption of any Liabilities hereunder.

                  SECTION 2.5. Resignations. (a) Subject to Section 2.5(b), the
Corporation and Moody's shall use all reasonable efforts to cause all their
employees to resign or be terminated, effective as of the close of business on
the Distribution Date, from all positions as officers or directors of any member
of the New D&B Group in which they serve, and New D&B shall use all reasonable
efforts to cause all its employees to resign or be terminated, effective as of
the close of business on the Distribution Date, from all positions as officers
or directors of the Corporation or any members of the Moody's Group in which
they serve.

                  (b) No person shall be required by any party hereto to resign
from any position or office with another party hereto if such person is
disclosed in the Information Statement as the person who is to hold such
position or office following the Distribution.

                  SECTION 2.6. Further Assurances. In case at any time after the
Effective Time any further action is reasonably necessary or desirable to carry
out the purposes of this Agreement and the Ancillary Agreements, the proper
officers of each party to this Agreement shall take all such necessary action.
Without limiting the foregoing, the Corporation and New D&B shall use their
commercially reasonable efforts promptly to obtain all consents and approvals,
to enter into all amendatory agreements and to make all filings and applications
that may be required for the consummation of the transactions contemplated by
this Agreement and the Ancillary Agreements, including, without limitation, all
applicable governmental and regulatory filings.

                  SECTION 2.7. Limited Representations or Warranties. Each of
the parties hereto agrees that no party hereto is, in this Agreement or in any
other agreement or document contemplated by this Agreement or otherwise, making
any representation or warranty whatsoever, as to title or value of Assets being
transferred. It is also agreed that, notwithstanding anything to the contrary
otherwise expressly provided in the relevant Conveyancing and Assumption
Instrument, all Assets either transferred to or retained by the parties, as the
case may be, shall be "as is, where is" and that (subject to Section 2.6) the
party to which such Assets are to be transferred hereunder shall bear the
economic and legal risk that such party's or any of the Subsidiaries' title to
any such Assets shall be other than good and marketable and free from
encumbrances. Similarly, each party hereto agrees that, except as otherwise
expressly provided in the relevant Conveyancing and Assumption Instrument, no
party hereto is representing or
<PAGE>   33
                                                                              28

warranting in any way that the obtaining of any consents or approvals, the
execution and delivery of any amendatory agreements and the making of any
filings or applications contemplated by this Agreement will satisfy the
provisions of any or all applicable agreements or the requirements of any or all
applicable laws or judgments, it being agreed that the party to which any Assets
are transferred shall bear the economic and legal risk that any necessary
consents or approvals are not obtained or that any requirements of laws or
judgments are not complied with.

                  SECTION 2.8. Guarantees. (a) Except as otherwise specified in
any Ancillary Agreement, the Corporation and New D&B shall use their
commercially reasonable efforts to have, on or prior to the Distribution Date,
or as soon as practicable thereafter, the Corporation and any member of the
Moody's Group removed as guarantor of or obligor for any New D&B Liability,
including, without limitation, in respect of those guarantees set forth on
Schedule 2.8(a) to the extent that they relate to New D&B Liabilities.

                  (b) Except as otherwise specified in any Ancillary Agreement,
the Corporation and New D&B shall use their commercially reasonable efforts to
have, on or prior to the Distribution Date, or as soon as practicable
thereafter, any member of the New D&B Group removed as guarantor of or obligor
for any Moody's Liability, including, without limitation, in respect of those
guarantees set forth on Schedule 2.8(b) to the extent that they relate to
Moody's Liabilities.

                  (c) If the Corporation or New D&B is unable to obtain, or to
cause to be obtained, any such required removal as set forth in clauses (a) or
(b) of this Section 2.8, the applicable guarantor or obligor shall continue to
be bound as such and, unless not permitted by law or the terms thereof, the
relevant beneficiary shall or shall cause one of its Subsidiaries, as agent or
subcontractor for such guarantor or obligor to pay, perform and discharge fully
all the obligations or other liabilities of such guarantor or obligor thereunder
from and after the Distribution Date.

                  SECTION 2.9. Witness Services. At all times from and after the
Distribution Date, each of the Corporation and New D&B shall use their
commercially reasonable efforts to make available to the other, upon reasonable
written request, its and its Subsidiaries' officers, directors, employees and
agents as witnesses to the extent that (i) such persons may reasonably be
required in connection with the prosecution or defense of any Action in which
the requesting party may from time to time be involved and (ii) there is no
conflict in the Action between the requesting party and the Corporation or New
D&B as applicable. A party providing witness services to the other party under
this Section shall be entitled to receive from the recipient of such services,
upon the presentation of invoices therefor, payments for such amounts, relating
to disbursements and other out-of-pocket expenses (which shall be deemed to
exclude the costs of salaries and benefits of employees who are witnesses), as
may be reasonably incurred in providing such witness services.

                  SECTION 2.10. Certain Post-Distribution Transactions. (a) (i)
The Corporation shall comply and shall cause its Subsidiaries to comply with and
otherwise not take action inconsistent with each representation and statement
made to the Internal Revenue Service in connection with the request by the
Corporation for a ruling letter in respect of the Distribution as
<PAGE>   34
                                                                              29

to certain tax aspects of the Distribution, dated February 29, 2000, and three
requests by the Corporation for ruling letters in respect of certain internal
restructuring transactions related to the Distribution (the "Internal
Restructuring Transactions") as to certain tax aspects of such Internal
Restructuring Transactions, in each case dated April 28, 2000, and (ii) until
two years after the Distribution Date, the Corporation will cause Moody's to
maintain its status as a company engaged in the active conduct of a trade or
business, as defined in Section 355(b) of the Code, will continue to own stock
of Moody's constituting control (within the meaning of Section 368(c) of the
Code) of Moody's and will maintain at least ninety percent of the fair market
value of the Corporation's assets in stock and securities of Moody's and such
other assets which, based on an opinion of a law firm reasonably acceptable to
New D&B, or a supplemental ruling from the Internal Revenue Service, will not
cause the Corporation or Moody's to be in violation of the active business
requirement under the holding company test.

                  (b)(i) New D&B shall comply and shall cause its Subsidiaries
to comply with and otherwise not take action inconsistent with each
representation and statement made to the Internal Revenue Service in connection
with the request by the Corporation for a ruling letter in respect of the
Distribution as to certain tax aspects of the Distribution, dated February 29,
2000, and three requests by the Corporation for ruling letters in respect of the
Internal Restructuring Transactions as to certain tax aspects of such Internal
Restructuring Transactions, in each case dated April 28, 2000, and (ii) until
two years after the Distribution Date, New D&B will cause each of D&B Opco Inc.
and Dun & Bradstreet International, Ltd. ("DBI") to maintain its status as a
company engaged in the active conduct of a trade or business, as defined in
Section 355(b) of the Code, will continue to own stock in D&B Opco Inc. and DBI
constituting control (within the meaning of Section 368(c) of the Code) of D&B
Opco Inc. and DBI will maintain at least ninety percent of the fair market value
of New D&B's assets in stock and securities of D&B Opco Inc. and DBI and such
other assets which, based on an opinion of a law firm reasonably acceptable to
the Corporation, or a supplemental ruling from the Internal Revenue Service,
will not cause New D&B, D&B Opco Inc. or DBI to be in violation of the active
business requirement under the holding company test.

                  (c) The Corporation agrees that until two years after the
Distribution Date, it will not (i) merge or consolidate with or into any other
corporation, (ii) liquidate or partially liquidate, (iii) sell or transfer all
or substantially all of its assets (within the meaning of Rev. Proc. 77-37, 1977
- 2 C.B. 568) in a single transaction or series of related transactions, (iv)
redeem or otherwise repurchase any D&B Common Stock (other than as described in
Section 4.05(1)(b) of Rev. Proc. 96-30, 1996-1 C.B. 696), or (v) take any other
action or actions which in the aggregate would have the effect of causing or
permitting one or more persons to acquire directly or indirectly stock
representing a 50 percent or greater interest (within the meaning of Section
355(e) of the Code) in the Corporation, unless prior to taking such action the
Corporation has obtained (and provided to New D&B) a written opinion of a law
firm reasonably acceptable to New D&B, or a supplemental ruling from the
Internal Revenue Service, that such action or actions will not result in (i) the
Distribution failing to qualify under Section 355(a) of the Code or (ii) the New
D&B Common Stock failing to qualify as qualified property for purposes of
Section 355(c)(2) of the Code by reason of Section 355(e) of the Code.
<PAGE>   35
                                                                              30

                  (d) New D&B agrees that until two years after the Distribution
Date, it will not (i) merge or consolidate with or into any other corporation,
(ii) liquidate or partially liquidate, (iii) sell or transfer all or
substantially all of its assets (within the meaning of Rev. Proc. 77-37, 1977 -
2 C.B. 568) in a single transaction or series of related transactions, (iv)
redeem or otherwise repurchase any New D&B Common Stock (other than as described
in Section 4.05(1)(b) of Rev. Proc. 96-30, 1996-1 C.B. 696), or (v) take any
other action or actions which in the aggregate would have the effect of causing
or permitting one or more persons to acquire directly or indirectly stock
representing a 50 percent or greater interest (within the meaning of Section
355(e) of the Code) in New D&B, unless prior to taking such action New D&B has
obtained (and provided to the Corporation) a written opinion of a law firm
reasonably acceptable to the Corporation, or a supplemental ruling from the
Internal Revenue Service, that such action or actions will not result in (i) the
Distribution failing to qualify under Section 355(a) of the Code or (ii) the New
D&B Common Stock failing to qualify as qualified property for purposes of
Section 355(c)(2) of the Code by reason of Section 355(e) of the Code.

                  (e) Notwithstanding anything to the contrary herein or in the
Tax Allocation Agreement, if the Corporation or New D&B (or any of their
respective Subsidiaries) fails to comply with any of its obligations under
Sections 2.10(a), 2.10(b), 2.10(c) or 2.10(d) above or takes or fails to take
any action on or after the Distribution Date, and such failure to comply, action
or omission contributes to a determination that (i) the Distribution fails to
qualify under Section 355(a) of the Code, (ii) the New D&B Common Stock fails to
qualify as qualified property for purposes of Section 355(c)(2) of the Code by
reason of Section 355(e) of the Code, or (iii) the Internal Restructuring
Transactions set forth in the three requests for ruling letters dated April 28,
2000 fail to qualify in any respect for the tax treatment sought in such
requests for ruling letters, that party shall indemnify and hold harmless the
other party and each member of the consolidated group of which the other party
is a member from and against any and all federal, state and local taxes,
including any interest, penalties or additions to tax, imposed upon or incurred
by such other party, any member of its group or any stockholder of either party
as a result of the failure of the Distribution to qualify under Section 355(a)
of the Code, the application of Section 355(e), or the failure to realize the
intended tax consequences of the Internal Restructuring Transactions. The
obligation of a party to indemnify the other party pursuant to the preceding
sentence shall not be affected by the delivery of any legal opinion or
supplemental ruling under Section 2.10(c) or Section 2.10(d), as the case may
be.

                  SECTION 2.11. Transfers Not Effected Prior to the
Distribution; Transfers Deemed Effective as of the Distribution Date. To the
extent that any transfers contemplated by this Article II shall not have been
consummated on or prior to the Distribution Date, the parties shall cooperate to
effect such transfers as promptly following the Distribution Date as shall be
practicable. Nothing herein shall be deemed to require the transfer of any
Assets or the assumption of any Liabilities which by their terms or operation of
law cannot be transferred; provided, however, that the parties hereto and their
respective Subsidiaries shall cooperate to seek to obtain any necessary consents
or approvals for the transfer of all Assets and Liabilities contemplated to be
transferred pursuant to this Article II. In the event that any such transfer of
Assets or Liabilities has not been consummated, from and after the Distribution
Date the party retaining such Asset or Liability shall hold such Asset in trust
for the use and benefit of the party
<PAGE>   36
                                                                              31

entitled thereto (at the expense of the party entitled thereto) or retain such
Liability for the account of the party by whom such Liability is to be assumed
pursuant hereto, as the case may be, and take such other action as may be
reasonably requested by the party to whom such Asset is to be transferred, or by
whom such Liability is to be assumed, as the case may be, in order to place such
party, insofar as is reasonably possible, in the same position as would have
existed had such Asset or Liability been transferred as contemplated hereby. As
and when any such Asset or Liability becomes transferable, such transfer shall
be effected forthwith. The parties agree that, as of the Distribution Date, each
party hereto shall be deemed to have acquired complete and sole beneficial
ownership over all of the Assets, together with all rights, powers and
privileges incident thereto, and shall be deemed to have assumed in accordance
with the terms of this Agreement all of the Liabilities, and all duties,
obligations and responsibilities incident thereto, which such party is entitled
to acquire or required to assume pursuant to the terms of this Agreement.

                  SECTION 2.12. Conveyancing and Assumption Instruments. In
connection with the transfers of Assets and the assumptions of Liabilities
contemplated by this Agreement, the parties shall execute or cause to be
executed by the appropriate entities the Conveyancing and Assumption Instruments
in substantially the form contemplated hereby for transfers to be effected
pursuant to New York law or the laws of one of the other states of the United
States or, if not appropriate for a given transfer, and for transfers to be
effected pursuant to non-U.S. laws, in such other form as the parties shall
reasonably agree, including the transfer of real property with deeds as may be
appropriate. The transfer of capital stock shall be effected by means of
delivery of stock certificates and executed stock powers and notation on the
stock record books of the corporation or other legal entities involved, or by
such other means as may be required in any non-U.S. jurisdiction to transfer
title to stock and, to the extent required by applicable law, by notation on
public registries.

                  SECTION 2.13. Ancillary Agreements. On or prior to the
Distribution Date, each of the Corporation and New D&B shall enter into, and/or
(where applicable) shall cause members of the Moody's Group or the New D&B
Group, as applicable, to enter into, the Ancillary Agreements and any other
agreements in respect of the Distribution reasonably necessary or appropriate in
connection with the transactions contemplated hereby and thereby.

                  SECTION 2.14. Intellectual Property. (a) Each of the parties
hereto acknowledges, recognizes and agrees that, after the Distribution Date, as
between the Corporation and New D&B, the Corporation (or another member of the
Moody's Group) shall own all right, title and interest in all Intellectual
Property that was created, designed, developed, invented, originated, obtained,
funded, and/or otherwise intended for the benefit or use, in each case,
exclusively or primarily for the conduct of the Moody's Business or in
connection with the Moody's Assets.

                  (b) Without limiting any obligation or liability of New D&B
under the Distribution Agreement or any Ancillary Agreement, each of the parties
hereto acknowledges, recognizes and agrees that, after the Distribution, as
between the Corporation and New D&B, New D&B (or another member of the New D&B
Group) shall own all right, title and interest in
<PAGE>   37
                                                                              32

all Intellectual Property (i) owned by the Corporation or any of its
subsidiaries immediately prior to the Distribution other than Intellectual
Property described in Section 2.14(a) or (ii) assigned to New D&B pursuant to
the Intellectual Property Assignment.

                  (c) Each of the Corporation and New D&B acknowledges,
recognizes and agrees that, after the Distribution Date, as between the
Corporation and New D&B, (i) each party shall be sole owner of any and all
Intellectual Property that is created, designed, developed, invented,
originated, obtained and/or funded by it or on its behalf (including any new
improvements, enhancements, modifications or updates to, and/or derivative works
based upon any Intellectual Property existing as of the Distribution Date,
subject to the underlying rights therein), and (ii) absent any other agreement
to the contrary, each party's ownership, possession and use of any Intellectual
Property subsequent to the Distribution Date (including that governed by the
terms hereof) shall inure solely to such party's own benefit.

                  SECTION 2.15. Corporate Names. (a) Except as otherwise
specifically provided in any Ancillary Agreement:

                  (i) on or prior to the Distribution Date, the Corporation
         shall change its corporate and trade name to remove any reference to
         "Dun & Bradstreet" or any modification, abbreviation or derivative
         thereof, and shall effect such change with all appropriate Government
         Authorities or registries;

                  (ii) as soon as reasonably practicable after the Distribution
         Date but in any event within six months thereafter, the Corporation
         will, at its own expense, remove (and, if reasonably feasible, on an
         interim basis, cover up) any and all signage and other physical items
         located on any property or premises owned or used by it or its
         Subsidiaries (except property or premises to be shared with New D&B or
         its Subsidiaries after the Distribution) which bear or display the name
         "Dun & Bradstreet" or any modification, abbreviation or derivative
         thereof, either alone or in combination with any other name, mark or
         logo;

                  (iii) as soon as reasonably practicable after the Distribution
         Date but in any event within six months thereafter, the Corporation
         will, and will cause its Subsidiaries to, remove from all letterhead,
         envelopes, invoices and other communications or materials of any kind
         in any media, references to or displays of the name "Dun & Bradstreet"
         or any modification, abbreviation or derivative thereof, either alone
         or in combination with any other name, mark or logo (except that the
         Corporation shall not be required to take any such action with respect
         to materials in the possession of customers), and, after the
         Distribution Date, without the prior written consent of New D&B,
         neither the Corporation nor its Subsidiaries shall use, display,
         register, attempt to register (or assist or allow third parties to do
         same) the name "Dun & Bradstreet" or any modification, abbreviation or
         derivative thereof, either alone or in combination with any other name,
         mark or logo (except for the non-trademark use of the name as necessary
         in connection with information provided to Government Authorities and
         historical background required in the ordinary course of business);
<PAGE>   38
                                                                              33

                  (iv) as soon as reasonably practicable after the Distribution
         Date, but in any event within six months thereafter, the Corporation
         will cause its Subsidiaries to change their trade names and corporate
         names to remove any reference to "Dun & Bradstreet" or any
         modification, abbreviation or derivative thereof, and shall effect such
         change with all appropriate Government Authorities or registries;
         provided, however, that notwithstanding the foregoing, if the
         Corporation cannot timely comply herewith, due to regulatory or other
         circumstances beyond its reasonable control, it shall not breach this
         provision, if the Corporation uses reasonable efforts to effect timely
         compliance hereunder during such first six months, continues its
         good-faith efforts thereafter, and does effect such name change within
         nine months after the Distribution Date;

                  (v) notwithstanding (i) through (iv), nothing herein or in any
         Ancillary Agreement shall require the Corporation to take any action to
         remove any reference to D&B, including the name "Dun & Bradstreet" or
         any modification, abbreviation or derivative thereof, from any stock
         certificate relating to shares of D&B Common Stock outstanding on or
         prior to the Record Date; provided that from and after the Record Date,
         any newly issued stock certificates representing D&B Common Stock
         (which at the Effective Time will become Moody's Common Stock) shall
         not have any reference to D&B, including the name "Dun & Bradstreet"
         and any modification, abbreviation or derivative thereof.

                  (b) Except as otherwise specifically provided in any Ancillary
Agreement:

                  (i) as soon as reasonably practicable after the Distribution
         Date but in any event within six months thereafter, New D&B will, at
         its own expense, remove (and, if reasonably feasible, on an interim
         basis, cover up) any and all signage and other physical items located
         on any property or premises owned or used by it or its Subsidiaries
         (except property or premises to be shared with the Corporation or its
         Subsidiaries after the Distribution) which bear or display the name
         "Moody's" or any modification, abbreviation or derivative thereof,
         either alone or in combination with any other name, mark or logo;

                  (ii) as soon as reasonably practicable after the Distribution
         Date but in any event within six months thereafter, New D&B will, and
         will cause its respective Subsidiaries to, remove from all letterhead,
         envelopes, invoices and other communications or materials of any kind
         in any media, references to or displays of the name "Moody's" or any
         modification, abbreviation or derivative thereof, either alone or in
         combination with any other name, mark or logo (except that New D&B
         shall not be required to take any such action with respect to materials
         in the possession of customers), and, after the Distribution Date,
         without the prior written consent of the Corporation, neither New D&B
         nor its Subsidiaries shall use, display, register, attempt to register
         (or assist or allow third parties to do same) the name "Moody's" or any
         modification, abbreviation or derivative thereof, either alone or in
         combination with any other name, mark or logo (except for the
         non-trademark use of the name as necessary in connection
<PAGE>   39
                                                                              34

         with information provided to Government Authorities and historical
         background required in the ordinary course of business);

                  (iii) as soon as reasonably practicable after the Distribution
         Date but in any event within six months thereafter, New D&B will, and
         will cause its Subsidiaries to, change their trade names and corporate
         names to remove any reference to "Moody's" or any modification,
         abbreviation or derivative thereof, and shall effect such change with
         all appropriate Government Authorities or registries; provided,
         however, that notwithstanding the foregoing, if New D&B cannot timely
         comply herewith, due to regulatory or other circumstances beyond its
         reasonable control, it shall not breach this provision if New D&B uses
         reasonable efforts to effect timely compliance hereunder during such
         first six months, continues its good-faith efforts thereafter, and does
         effect such name change within nine months after the Distribution Date.

ARTICLE III. INDEMNIFICATION

                  SECTION 3.1. Indemnification by the Corporation. Except as
otherwise specifically set forth in any provision of this Agreement or of any
Ancillary Agreement, the Corporation shall indemnify, defend and hold harmless
the New D&B Indemnitees and Corporation Indemnitees from and against any and all
Indemnifiable Losses of the New D&B Indemnitees and Corporation Indemnitees
arising out of, by reason of or otherwise in connection with the Moody's
Liabilities or alleged Moody's Liabilities, including any breach by the
Corporation of any provision of this Agreement or any Ancillary Agreement.

                  SECTION 3.2. Indemnification by New D&B. Except as otherwise
specifically set forth in any provision of this Agreement or of any Ancillary
Agreement, New D&B shall indemnify, defend and hold harmless the Moody's
Indemnitees and Corporation Indemnitees from and against any and all
Indemnifiable Losses of the Moody's Indemnitees and Corporation Indemnitees
arising out of, by reason of or otherwise in connection with the New D&B
Liabilities or alleged New D&B Liabilities, including any breach by New D&B of
any provision of this Agreement or any Ancillary Agreement.

                  SECTION 3.3. Procedures for Indemnification.

                  (a) Third Party Claims. If a claim or demand is made against a
Moody's Indemnitee, a New D&B Indemnitee or Corporation Indemnitee (each, an
"Indemnitee") by any person who is not a party to this Agreement (a "Third Party
Claim") as to which such Indemnitee is entitled to indemnification pursuant to
this Agreement, such Indemnitee shall notify the party which is or may be
required pursuant to Section 3.1 or Section 3.2 hereof to make such
indemnification (the "Indemnifying Party") in writing, and in reasonable detail,
of the Third Party Claim promptly (and in any event within 15 business days)
after receipt by such Indemnitee of written notice of the Third Party Claim;
provided, however, that failure to give such notification shall not affect the
indemnification provided hereunder except to the extent the Indemnifying Party
shall have been actually prejudiced as a result of such failure (except that the
<PAGE>   40
                                                                              35

Indemnifying Party shall not be liable for any expenses incurred during the
period in which the Indemnitee failed to give such notice). Thereafter, the
Indemnitee shall deliver to the Indemnifying Party, promptly (and in any event
within five business days) after the Indemnitee's receipt thereof, copies of all
notices and documents (including court papers) received by the Indemnitee
relating to the Third Party Claim.

                  If a Third Party Claim is made against an Indemnitee, the
Indemnifying Party shall be entitled to participate in the defense thereof and,
if it so chooses and acknowledges in writing its obligation to indemnify the
Indemnitee therefor, to assume the defense thereof with counsel selected by the
Indemnifying Party; provided that such counsel is not reasonably objected to by
the Indemnitee. Should the Indemnifying Party so elect to assume the defense of
a Third Party Claim, the Indemnifying Party shall, within 30 days (or sooner if
the nature of the Third Party Claim so requires), notify the Indemnitee of its
intent to do so, and the Indemnifying Party shall thereafter not be liable to
the Indemnitee for legal or other expenses subsequently incurred by the
Indemnitee in connection with the defense thereof; provided, that such
Indemnitee shall have the right to employ counsel to represent such Indemnitee
if, in such Indemnitee's reasonable judgment, a conflict of interest between
such Indemnitee and such Indemnifying Party exists in respect of such claim
which would make representation of both such parties by one counsel
inappropriate, and in such event the fees and expenses of such separate counsel
shall be paid by such Indemnifying Party. If the Indemnifying Party assumes such
defense, the Indemnitee shall have the right to participate in the defense
thereof and to employ counsel, subject to the proviso of the preceding sentence,
at its own expense, separate from the counsel employed by the Indemnifying
Party, it being understood that the Indemnifying Party shall control such
defense. The Indemnifying Party shall be liable for the fees and expenses of
counsel employed by the Indemnitee for any period during which the Indemnifying
Party has failed to assume the defense thereof (other than during the period
prior to the time the Indemnitee shall have given notice of the Third Party
Claim as provided above). If the Indemnifying Party so elects to assume the
defense of any Third Party Claim, all of the Indemnitees shall cooperate with
the Indemnifying Party in the defense or prosecution thereof, including by
providing or causing to be provided, Records and witnesses as soon as reasonably
practicable after receiving any request therefor from or on behalf of the
Indemnifying Party.

                  If the Indemnifying Party acknowledges in writing
responsibility for a Third Party Claim, then in no event will the Indemnitee
admit any liability with respect to, or settle, compromise or discharge, any
Third Party Claim without the Indemnifying Party's prior written consent;
provided, however, that the Indemnitee shall have the right to settle,
compromise or discharge such Third Party Claim without the consent of the
Indemnifying Party if the Indemnitee releases the Indemnifying Party from its
indemnification obligation hereunder with respect to such Third Party Claim and
such settlement, compromise or discharge would not otherwise adversely affect
the Indemnifying Party. If the Indemnifying Party acknowledges in writing
liability for a Third Party Claim, the Indemnitee will agree to any settlement,
compromise or discharge of a Third Party Claim that the Indemnifying Party may
recommend and that by its terms obligates the Indemnifying Party to pay the full
amount of the liability in connection with such Third Party Claim and releases
the Indemnitee completely in connection with such Third Party Claim and that
would not otherwise adversely affect the Indemnitee; provided, however,
<PAGE>   41
                                                                              36

that the Indemnitee may refuse to agree to any such settlement, compromise or
discharge if the Indemnitee agrees that the Indemnifying Party's indemnification
obligation with respect to such Third Party Claim shall not exceed the amount
that would be required to be paid by or on behalf of the Indemnifying Party in
connection with such settlement, compromise or discharge. If an Indemnifying
Party elects not to assume the defense of a Third Party Claim, or fails to
notify an Indemnitee of its election to do so as provided herein, such
Indemnitee may compromise, settle or defend such Third Party Claim.

                  Notwithstanding the foregoing, the Indemnifying Party shall
not be entitled to assume the defense of any Third Party Claim (and shall be
liable for the fees and expenses of counsel incurred by the Indemnitee in
defending such Third Party Claim) if the Third Party Claim seeks an order,
injunction or other equitable relief or relief for other than money damages
against the Indemnitee which the Indemnitee reasonably determines, after
conferring with its counsel, cannot be separated from any related claim for
money damages. If such equitable relief or other relief portion of the Third
Party Claim can be so separated from that for money damages, the Indemnifying
Party shall be entitled to assume the defense of the portion relating to money
damages.

                  (b) In the event of payment by an Indemnifying Party to any
Indemnitee in connection with any Third-Party Claim, such Indemnifying Party
shall be subrogated to and shall stand in the place of such Indemnitee as to any
events or circumstances in respect of which such Indemnitee may have any right
or claim relating to such Third-Party Claim against any claimant or plaintiff
asserting such Third-Party Claim. Such Indemnitee shall cooperate with such
Indemnifying Party in a reasonable manner, and at the cost and expense of such
Indemnifying Party, in prosecuting any subrogated right or claim.

                  (c) The remedies provided in this Article III shall be
cumulative and shall not preclude assertion by any Indemnitee of any other
rights or the seeking of any and all other remedies against any Indemnifying
Party.

                  SECTION 3.4. Indemnification Payments. Indemnification
required by this Article III shall be made by periodic payments of the amount
thereof during the course of the investigation or defense, as and when bills are
received or loss, liability, claim, damage or expense is incurred.

ARTICLE IV. ACCESS TO INFORMATION

                  SECTION 4.1. Provision of Corporate Records.

                  (a) Other than in circumstances in which indemnification is
sought pursuant to Article III (in which event the provisions of such Article
will govern), after the Distribution Date, upon the prior written request by New
D&B for specific and identified agreements, documents, books, records or files
(collectively, "Records") which relate to (x) New D&B or the conduct of the New
D&B Business up to the Effective Time, or (y) any Ancillary Agreement to
<PAGE>   42
                                                                              37

which the Corporation and New D&B are parties, as applicable, the Corporation
shall arrange, as soon as reasonably practicable following the receipt of such
request, for the provision of appropriate copies of such Records (or the
originals thereof if New D&B has a reasonable need for such originals) in the
possession or control of the Corporation or any of its Subsidiaries, but only to
the extent such items are not already in the possession or control of New D&B.

                  (b) Other than in circumstances in which indemnification is
sought pursuant to Article III (in which event the provisions of such Article
will govern), after the Distribution Date, upon the prior written request by the
Corporation for specific and identified Records which relate to (x) the
Corporation, Moody's or the conduct of the Moody's Business up to the Effective
Time, or (y) any Ancillary Agreement to which New D&B and the Corporation are
parties, as applicable, New D&B shall arrange, as soon as reasonably practicable
following the receipt of such request, for the provision of appropriate copies
of such Records (or the originals thereof if the Corporation has a reasonable
need for such originals) in the possession or control of New D&B or any of its
Subsidiaries, but only to the extent such items are not already in the
possession or control of the Corporation.

                  SECTION 4.2. Access to Information. Other than in
circumstances in which indemnification is sought pursuant to Article III (in
which event the provisions of such Article will govern), from and after the
Distribution Date, each of the Corporation and New D&B shall afford to the other
and its authorized accountants, counsel and other designated representatives
reasonable access during normal business hours, subject to appropriate
restrictions for classified, privileged or confidential information, to the
personnel, properties, books and records of such party and its Subsidiaries
insofar as such access is reasonably required by the other party and relates to
(x) such other party or the conduct of its business prior to the Effective Time
or (y) any Ancillary Agreement to which each of the party requesting such access
and the party requested to grant such access are parties.

                  SECTION 4.3. Reimbursement; Other Matters. Except to the
extent otherwise contemplated by any Ancillary Agreement, a party providing
Records or access to information to the other party under this Article IV shall
be entitled to receive from the recipient, upon the presentation of invoices
therefor, payments for such amounts, relating to supplies, disbursements and
other out-of-pocket expenses, as may be reasonably incurred in providing such
Records or access to information, as well as reimbursements on a per diem basis
for the reasonable costs of any personnel reasonably utilized by the party
providing Records or access to information under this Article IV to respond to
the relevant request.

                  SECTION 4.4. Confidentiality. Each of (i) the Corporation and
its Subsidiaries and (ii) New D&B and its Subsidiaries shall not use or permit
the use of (without the prior written consent of the other) and shall keep, and
shall cause its consultants and advisors to keep, confidential all information
concerning the other parties in its possession, its custody or under its control
(except to the extent that (A) such information has been in the public domain
through no fault of such party or (B) such information has been lawfully
acquired from other sources or independently developed by such party or (C) this
Agreement or any other Ancillary Agreement or any other agreement entered into
pursuant hereto permits the use or disclosure of such
<PAGE>   43
                                                                              38

information) to the extent such information (w) relates to or was acquired
during the period up to the Effective Time, (x) relates to any Ancillary
Agreement, (y) is obtained in the course of performing services for the other
party pursuant to any Ancillary Agreement, or (z) is based upon or is derived
from information described in the preceding clauses (w), (x) or (y), and each
party shall not (without the prior written consent of the other) otherwise
release or disclose such information to any other person, except such party's
auditors and attorneys, unless compelled to disclose such information by law,
judicial or administrative process and such party has used commercially
reasonable efforts to consult with the other affected party or parties prior to
such disclosure and cooperates with the other affected party, upon its request
and at its expense, to obtain a protective order or other similar remedy.

                  SECTION 4.5. Privileged Matters. The parties hereto recognize
that legal and other professional services that have been and will be provided
on or prior to the Distribution Date have been and will be rendered for the
benefit of each of the Corporation, the members of the Moody's Group and the
members of the New D&B Group, and that each of the Corporation, the members of
the Moody's Group and the members of the New D&B Group should be deemed to be
the client for the purposes of asserting all privileges which may be asserted
under applicable law. To allocate the interests of each party in the information
as to which any party is entitled to assert a privilege, the parties agree as
follows:

                  (a) The Corporation shall be entitled, in perpetuity, to
control the assertion or waiver of all privileges in connection with privileged
information which relates solely to the Moody's Business, whether or not the
privileged information is in the possession of or under the control of the
Corporation or New D&B. The Corporation shall also be entitled, in perpetuity,
to control the assertion or waiver of all privileges in connection with
privileged information that relates solely to the subject matter of any claims
constituting Moody's Liabilities, now pending or which may be asserted in the
future, in any lawsuits or other proceedings initiated against or by the
Corporation, whether or not the privileged information is in the possession of
or under the control of the Corporation or New D&B.

                  (b) New D&B shall be entitled, in perpetuity, to control the
assertion or waiver of all privileges in connection with privileged information
which relates solely to the New D&B Business, whether or not the privileged
information is in the possession of or under the control of the Corporation or
New D&B. New D&B shall also be entitled, in perpetuity, to control the assertion
or waiver of all privileges in connection with privileged information which
relates solely to the subject matter of any claims constituting New D&B
Liabilities, now pending or which may be asserted in the future, in any lawsuits
or other proceedings initiated against or by New D&B whether or not the
privileged information is in the possession of or under the control of the
Corporation or New D&B.

                  (c) The parties hereto agree that they shall have a shared
privilege, with equal right to assert or waive, subject to the restrictions in
this Section 4.5, with respect to all privileges not allocated pursuant to the
terms of Sections 4.5(a) and (b). All privileges relating to any claims,
proceedings, litigation, disputes, or other matters which involve both the
Corporation and
<PAGE>   44
                                                                              39

New D&B in respect of which both parties retain any responsibility or liability
under this Agreement shall be subject to a shared privilege among them.

                  (d) No party hereto may waive any privilege which could be
asserted under any applicable law, and in which the other party hereto has a
shared privilege, without the consent of the other party, except to the extent
reasonably required in connection with any litigation with third-parties or as
provided in subsection (e) below. Consent shall be in writing, or shall be
deemed to be granted unless written objection is made within twenty (20) days
after notice upon the other party requesting such consent.

                  (e) In the event of any litigation or dispute between or among
any of the parties hereto, any party and a Subsidiary of another party hereto,
or a Subsidiary of one party hereto and a Subsidiary of another party hereto,
either such party may waive a privilege in which the other party has a shared
privilege, without obtaining the consent of the other party, provided that such
waiver of a shared privilege shall be effective only as to the use of
information with respect to the litigation or dispute between the parties and/or
their Subsidiaries, and shall not operate as a waiver of the shared privilege
with respect to third parties.

                  (f) If a dispute arises between or among the parties hereto or
their respective Subsidiaries regarding whether a privilege should be waived to
protect or advance the interest of any party, each party agrees that it shall
negotiate in good faith, shall endeavor to minimize any prejudice to the rights
of the other parties, and shall not unreasonably withhold consent to any request
for waiver by another party. Each party hereto specifically agrees that it will
not withhold consent to waiver for any purpose except to protect its own
legitimate interests.

                  (g) Upon receipt by any party hereto or by any Subsidiary
thereof of any subpoena, discovery or other request which arguably calls for the
production or disclosure of information subject to a shared privilege or as to
which another party has the sole right hereunder to assert a privilege, or if
any party obtains knowledge that any of its or any of its Subsidiaries' current
or former directors, officers, agents or employees have received any subpoena,
discovery or other requests which arguably calls for the production or
disclosure of such privileged information, such party shall promptly notify the
other party or parties of the existence of the request and shall provide the
other party or parties a reasonable opportunity to review the information and to
assert any rights it or they may have under this Section 4.5 or otherwise to
prevent the production or disclosure of such privileged information.

                  (h) The transfer of all Records and other information pursuant
to this Agreement is made in reliance on the agreement of the Corporation and
New D&B, as set forth in Sections 4.4 and 4.5, to maintain the confidentiality
of privileged information and to assert and maintain all applicable privileges.
The access to information being granted pursuant to Sections 4.1 and 4.2 hereof,
the agreement to provide witnesses and individuals pursuant to Sections 2.9 and
3.3 hereof, the furnishing of notices and documents and other cooperative
efforts contemplated by Section 3.3 hereof, and the transfer of privileged
information between and among the parties and their respective Subsidiaries
pursuant to this Agreement shall not be
<PAGE>   45
                                                                              40

deemed a waiver of any privilege that has been or may be asserted under this
Agreement or otherwise.

                  SECTION 4.6. Ownership of Information. Any non-public
information owned by one party or any of its Subsidiaries that is provided to a
requesting party pursuant to Article III or this Article IV shall be deemed to
remain the property and Intellectual Property of the providing party. Unless
specifically set forth herein, nothing contained in this Agreement shall be
construed as granting or conferring rights of license or otherwise in any such
information.

                  SECTION 4.7. Limitation of Liability. (a) No party shall have
any liability to any other party in the event that any information exchanged or
provided pursuant to this Agreement which is an estimate or forecast, or which
is based on an estimate or forecast, is found to be inaccurate.

                  (b) No party or any Subsidiary thereof shall have any
liability or claim against any other party or any Subsidiary of any other party
based upon, arising out of or resulting from any agreement, arrangement, course
of dealing or understanding existing on or prior to the Distribution Date (other
than this Agreement or any Ancillary Agreement or any agreement entered into in
connection herewith or in order to consummate the transactions contemplated
hereby or thereby), unless such agreement, arrangement, course of dealing or
understanding is listed on Schedule 4.7(b) hereto, and any such liability or
claim, whether or not in writing, which is not reflected on such Schedule, is
hereby irrevocably canceled, released and waived.

                  SECTION 4.8. Other Agreements Providing for Exchange of
Information. The rights and obligations granted under this Article IV are
subject to any specific limitations, qualifications or additional provisions on
the sharing, exchange or confidential treatment of information set forth in any
Ancillary Agreement.

ARTICLE V. ADMINISTRATIVE SERVICES

                  SECTION 5.1. Performance of Services. Beginning on the
Distribution Date, each party will provide, or cause one or more of its
Subsidiaries to provide, to the other party and its Subsidiaries such services
on such terms as may be set forth in the Insurance and Risk Management Services
Agreement, the Data Services Agreement and the Transition Services Agreement.
Except as otherwise set forth in the Insurance and Risk Management Services
Agreement, the Data Services Agreement or the Transition Services Agreement or
any Schedule thereto, the party that is to provide the services (the "Provider")
will use (and will cause its Subsidiaries to use) commercially reasonable
efforts to provide such services to the other party (the "Recipient") and its
Subsidiaries in a satisfactory and timely manner and as further specified in the
applicable Agreement.

                  SECTION 5.2. Independence. Unless otherwise agreed in writing,
all employees and representatives of the Provider providing the scheduled
services to the Recipient will be deemed for purposes of all compensation and
employee benefits matters to be employees or
<PAGE>   46
                                                                              41

representatives of the Provider and not employees or representatives of the
Recipient. In performing such services, such employees and representatives will
be under the direction, control and supervision of the Provider (and not the
Recipient) and the Provider will have the sole right to exercise all authority
with respect to the employment (including, without limitation, termination of
employment), assignment and compensation of such employees and representatives.

                  SECTION 5.3. Non-exclusivity. Nothing in this Agreement
precludes any party from obtaining, in whole or in part, services of any nature
that may be obtainable from the other party from its own employees or from
providers other than the other party.

ARTICLE  VI. DISPUTE RESOLUTION

                  SECTION 6.1. Negotiation. In the event of a controversy,
dispute or claim arising out of, in connection with, or in relation to the
existence, interpretation, performance, nonperformance, validity or breach of
this Agreement or otherwise arising out of, or in any way related to this
Agreement or the transactions contemplated hereby, including, without
limitation, any claim based on contract, tort, statute or constitution (but
excluding any controversy, dispute or claim arising out of any agreement
relating to the use or lease of real property if any third party is a party to
such controversy, dispute or claim) (collectively, "Agreement Disputes"), the
general counsels of the parties shall negotiate in good faith for a reasonable
period of time to settle such Agreement Dispute, provided such reasonable period
shall not, unless otherwise agreed by the parties in writing, exceed 30 days
from the date one of the parties first provides written notice to the other that
an Agreement Dispute exists and requests negotiation pursuant to this Section
6.1; provided further that in the event of any arbitration in accordance with
Section 6.2 hereof, the parties shall not assert the defenses of statute of
limitations and laches arising for the period beginning after the date the
parties began negotiations hereunder, and any contractual time period or
deadline under this Agreement or any Ancillary Agreement to which such Agreement
Dispute relates shall not be deemed to have passed until such Agreement Dispute
has been resolved.

                  SECTION 6.2. Arbitration. If after such reasonable period such
general counsels are unable to settle such Agreement Dispute (and in any event,
unless otherwise agreed in writing by the parties, after 60 days have elapsed
from the date one of the parties served notice of an Agreement Dispute
requesting negotiation pursuant to Section 6.1 above), such Agreement Dispute
shall be determined, at the request of any party, by arbitration conducted in
New York City, before and in accordance with the then-existing International
Arbitration Rules of the American Arbitration Association (the "Rules"). In any
dispute between the parties hereto, the number of arbitrators shall be three.
Any judgment or award rendered by the arbitrators shall be final and binding. If
the parties are unable to agree on the arbitrators within 45 days of the
commencement of the arbitration, the arbitrators shall be selected in accordance
with the Rules; provided that each arbitrator shall be a U.S. national. Any
controversy concerning whether an Agreement Dispute is an arbitrable Agreement
Dispute, whether arbitration has been waived, whether an assignee of this
Agreement is bound to arbitrate, or as to the interpretation or enforceability
of this Article VI shall be determined by the arbitrators. In resolving any
dispute,
<PAGE>   47
                                                                              42

the parties intend that the arbitrators apply the substantive laws of the State
of New York, without regard to conflicts of laws principles. The parties intend
that the provisions to arbitrate set forth herein be valid, enforceable and
irrevocable. The parties agree to comply with any award made in any such
arbitration proceeding that has become final in accordance with the Rules and
agree to enforcement of or entry of judgment upon such award, by any court of
competent jurisdiction, including (a) the Supreme Court of the State of New
York, New York County, or (b) the United States District Court for the Southern
District of New York, in accordance with Section 8.17 hereof. The arbitrators
shall be entitled, if appropriate, to award any remedy in such proceedings,
including, without limitation, monetary damages, specific performance and all
other forms of legal and equitable relief; provided, however, the parties
expressly waive and forego any right to punitive, exemplary or similar damages
unless a statute requires that compensatory damages be increased in a specified
manner. The preceding proviso shall not apply to any award of arbitration costs
to a party to compensate for dilatory or bad faith conduct in the arbitration.
Without limiting the provisions of the Rules, unless otherwise agreed in writing
by or among the parties or permitted by this Agreement, the parties shall keep
confidential all matters relating to the arbitration or the award, provided such
matters may be disclosed (i) to the extent reasonably necessary in any
proceeding brought to enforce the award or for entry of a judgment upon the
award and (ii) to the extent otherwise required by law. Notwithstanding Article
31 of the Rules, the party other than the prevailing party in the arbitration
shall be responsible for all of the costs of the arbitration, including legal
fees and other costs specified by such Article 31. Nothing contained herein is
intended to or shall be construed to prevent any party, in accordance with
Article 21(3) of the Rules or otherwise, from applying to any court of competent
jurisdiction for interim measures or other provisional relief in connection with
the subject matter of any Agreement Disputes.

                  SECTION 6.3. Continuity of Service and Performance. Unless
otherwise agreed in writing, the parties will continue to provide service and
honor all other commitments under this Agreement and each Ancillary Agreement
during the course of dispute resolution pursuant to the provisions of this
Article VI with respect to all matters not subject to such dispute, controversy
or claim.

ARTICLE VII. INSURANCE

                  SECTION 7.1. Policies and Rights Included Within Assets;
Assignment of Policies. (a) Policy Rights. The New D&B Assets shall include any
and all rights of an insured party under each of the Shared Policies, subject to
the terms of such Shared Policies and any limitations or obligations of New D&B
contemplated by this Article VII, specifically including rights of indemnity and
the right to be defended by or at the expense of the insurer, with respect to
all claims, suits, actions, proceedings, injuries, losses, liabilities, damages
and expenses incurred or claimed to have been incurred on or prior to the
Distribution Date by any party in or in connection with the conduct of the New
D&B Business or, to the extent any claim is made against New D&B or any of its
Subsidiaries, the conduct of the Moody's Business, and which claims, suits,
actions, proceedings, injuries, losses, liabilities, damages and expenses may
arise out of an insured or insurable occurrence under one or more of such Shared
Policies.
<PAGE>   48
                                                                              43

                  (b) Assignment of Shared Policies. Subject to the terms and
conditions hereof, the Corporation hereby assigns, transfers and conveys to New
D&B all of the Corporation's right, title and interest in and to any and all of
the Shared Policies, including, without limitation, the right of indemnity, the
right to be defended by or at the expense of the insurer and the right to any
applicable Insurance Proceeds thereunder; and the Corporation and New D&B shall
use their commercially reasonable efforts to obtain any required consents of
insurers to the assignment contemplated by this paragraph.

                  SECTION 7.2. Post-Distribution Date Claims. If, subsequent to
the Distribution Date, any person shall assert a claim against New D&B or any of
its Subsidiaries (including, without limitation, where New D&B or its
Subsidiaries are joint defendants with other persons) with respect to any claim,
suit, action, proceeding, injury, loss, liability, damage or expense incurred or
claimed to have been incurred on or prior to the Distribution Date in or in
connection with the conduct of the New D&B Business or, to the extent any claim
is made against New D&B or any of its Subsidiaries (including, without
limitation, where New D&B or its Subsidiaries are joint defendants with other
persons), in connection with the conduct of the Moody's Business, and which
claim, suit, action, proceeding, injury, loss, liability, damage or expense may
arise out of an insured or insurable occurrence under one or more of the Shared
Policies, the Corporation shall, at the time such claim is asserted, to the
extent any such Policy may require that Insurance Proceeds thereunder be
collected directly by the named insured or anyone other than the party against
whom the Insured Claim is asserted, be deemed to designate, without need of
further documentation, New D&B as the agent and attorney-in-fact to assert and
to collect any related Insurance Proceeds under such Shared Policy.

                  SECTION 7.3. Administration; Other Matters. (a)
Administration. After the Distribution Date, New D&B shall be responsible for
(i) Insurance Administration of the Shared Policies and (ii) Claims
Administration under such Shared Policies with respect to Moody's Liabilities
and New D&B Liabilities; provided that the assumption of such responsibilities
by New D&B is in no way intended to limit, inhibit or preclude any right to
insurance coverage for any Insured Claim of a named insured under such Policies
as contemplated by the terms of this Agreement; provided further that New D&B's
assumption of the administrative responsibilities for the Shared Policies shall
not relieve the party submitting any Insured Claim of the primary responsibility
for reporting such Insured Claim accurately, completely and in a timely manner
or of such party's authority to settle any such Insured Claim within any period
permitted or required by the relevant Policy; and provided further that all
direct or indirect communications with insurers relating to the Shared Policies
shall be conducted by New D&B. New D&B may discharge its administrative
responsibilities under this Section 7.3 by contracting for the provision of
services by independent parties. Each of the parties hereto shall administer and
pay any costs relating to defending its respective Insured Claims under Shared
Policies to the extent such defense costs are not covered under such Policies
and shall be responsible for obtaining or reviewing the appropriateness of
releases upon settlement of its respective Insured Claims under Shared Policies.
The disbursements, out-of-pocket expenses and direct and indirect costs of
employees or agents of New D&B relating to Claims Administration and Insurance
Administration contemplated by this Section 7.3(a) shall be treated in
accordance with the terms of the Insurance and Risk Management Services
Agreement or, if the Insurance and Risk
<PAGE>   49
                                                                              44

Management Services Agreement shall no longer be in effect, then each of the
Corporation and New D&B shall be responsible for its own Claims Administration
and Insurance Administration.

                  (b) Exceeding Policy Limits. The Corporation and New D&B shall
not be liable to one another for claims not reimbursed by insurers for any
reason not within the control of the Corporation or New D&B, as the case may be,
including, without limitation, coinsurance provisions, deductibles, quota share
deductibles, self-insured retentions, bankruptcy or insolvency of an insurance
carrier, Shared Policy limitations or restrictions, any coverage disputes, any
failure to timely claim by the Corporation or New D&B or any defect in such
claim or its processing.

                  (c) Allocation of Insurance Proceeds. Insurance Proceeds
received with respect to claims, costs and expenses under the Shared Policies
shall be paid to New D&B, which shall thereafter administer the Shared Policies
by paying the Insurance Proceeds, as appropriate, to the Corporation with
respect to Moody's Liabilities and to New D&B with respect to New D&B
Liabilities. Payment of the allocable portions of Insurance Proceeds resulting
from such Policies will be made by New D&B to the appropriate party upon receipt
from the insurance carrier. In the event that the aggregate limits on any Shared
Policies are exceeded by the aggregate of Insured Claims by both of the parties
hereto, the parties agree to allocate the Insurance Proceeds received thereunder
in the same proportion which each party's aggregate Insured Claims bears to the
aggregate of Insured Claims of both of the parties hereto (their "allocable
portion of Insurance Proceeds"), and any party who has received Insurance
Proceeds in excess of such party's allocable portion of Insurance Proceeds shall
pay to the other party the appropriate amount so that each party will have
received its allocable portion of Insurance Proceeds pursuant hereto. Each of
the parties agrees to use commercially reasonable efforts to maximize available
coverage under those Shared Policies applicable to it, and to take all
commercially reasonable steps to recover from all other responsible parties in
respect of an Insured Claim to the extent coverage limits under a Shared Policy
have been exceeded or would be exceeded as a result of such Insured Claim.

                  (d) Allocation of Deductibles. In the event that both parties
have bona fide Insured Claims under any Shared Policy for which an aggregate
deductible is reached, the parties agree that the aggregate amount of the
deductible paid shall be borne by the parties in the same proportion which the
Insurance Proceeds received by each such party bears to the total Insurance
Proceeds received under the applicable Shared Policy (their "allocable share of
the deductible"), and any party who has paid more than such share of the
deductible shall be entitled to receive from the other party an appropriate
amount so that each party has borne its allocable share of the deductible
pursuant hereto.

                  (e) After the Distribution Date, each of New D&B and the
Corporation shall be responsible for its applicable deductible for workers'
compensation, general liability and automobile liability claims.

                  SECTION 7.4. Agreement for Waiver of Conflict and Shared
Defense. In the event that Insured Claims of both of the parties hereto exist
relating to the same occurrence, the
<PAGE>   50
                                                                              45

parties shall jointly defend and waive any conflict of interest necessary to the
conduct of the joint defense. Nothing in this Article VII shall be construed to
limit or otherwise alter in any way the obligations of the parties to this
Agreement, including those created by this Agreement, by operation of law or
otherwise.

                  SECTION 7.5. Cooperation. The parties agree to use their
commercially reasonable efforts to cooperate with respect to the various
insurance matters contemplated by this Agreement.

ARTICLE VIII. MISCELLANEOUS

                  SECTION 8.1. Complete Agreement; Construction. This Agreement,
including the Schedules and Exhibits, and the Ancillary Agreements shall
constitute the entire agreement between the parties with respect to the subject
matter hereof and shall supersede all previous negotiations, commitments and
writings with respect to such subject matter. In the event of any inconsistency
between this Agreement and any Schedule hereto, the Schedule shall prevail.
Other than Section 2.1(j), Section 2.7, Section 2.10(e), Section 4.5 and Article
VI, which shall prevail over any inconsistent or conflicting provisions in any
Ancillary Agreement, notwithstanding any other provisions in this Agreement to
the contrary, in the event and to the extent that there shall be a conflict
between the provisions of this Agreement and the provisions of any Ancillary
Agreement, such Ancillary Agreement shall control.

                  SECTION 8.2. Ancillary Agreements. Subject to the last
sentence of Section 8.1, this Agreement is not intended to address, and should
not be interpreted to address, the matters specifically and expressly covered by
the Ancillary Agreements.

                  SECTION 8.3. Counterparts. This Agreement may be executed in
one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have
been signed by each of the parties and delivered to the other parties.

                  SECTION 8.4. Survival of Agreements. Except as otherwise
contemplated by this Agreement, all covenants and agreements of the parties
contained in this Agreement shall survive the Distribution Date.

                  SECTION 8.5. Expenses. Each of the Corporation and New D&B
agrees to assume and be responsible for 50% of all Liabilities in connection
with the preparation, execution, delivery and required implementation of this
Agreement and any Ancillary Agreement, the Information Statement (including any
registration statement on Form 10 (or any amendment thereto) of which such
Information Statement may be a part) and the Distribution and the consummation
of the transactions contemplated thereby, to the extent not paid prior to the
Effective Time. Except as otherwise set forth in this Agreement or any Ancillary
Agreement, each party shall bear its own costs and expenses incurred after the
Effective Time. Any amount or expense to be paid or reimbursed by any party
hereto to any other party hereto shall be so paid
<PAGE>   51
                                                                              46

or reimbursed promptly after the existence and amount of such obligation is
determined and demand therefor is made.

                  SECTION 8.6. Notices. All notices and other communications
hereunder shall be in writing and hand delivered or mailed by registered or
certified mail (return receipt requested) or sent by any means of electronic
message transmission with delivery confirmed (by voice or otherwise) to the
parties at the following addresses (or at such other addresses for a party as
shall be specified by like notice) and will be deemed given on the date on which
such notice is received:

                  To the Corporation:

                  Moody's Corporation
                  99 Church Street
                  New York, NY 10007
                  Telecopy: (212) 553-0300
                  Attn: Chief Legal Counsel

                  To New D&B:

                  The Dun & Bradstreet Corporation
                  One Diamond Hill Road
                  Murray Hill, NJ 07974
                  Telecopy: (908) 665-5803
                  Attn: Chief Legal Counsel

                  SECTION 8.7. Waivers. The failure of any party to require
strict performance by any other party of any provision in this Agreement will
not waive or diminish that party's right to demand strict performance thereafter
of that or any other provision hereof.

                  SECTION 8.8. Amendments. Subject to the terms of Section 8.11
hereof, this Agreement may not be modified or amended except by an agreement in
writing signed by each of the parties hereto.

                  SECTION 8.9. Assignment. (a) This Agreement shall not be
assignable, in whole or in part, directly or indirectly, by any party hereto
without the prior written consent of the other parties hereto, and any attempt
to assign any rights or obligations arising under this Agreement without such
consent shall be void.

                  (b) The Corporation will not distribute to its stockholders
any interest in any Moody's Business Entity, by way of a spin-off distribution,
split-off or other exchange of interests in a Moody's Business Entity for any
interest in the Corporation held by Moody's stockholders, or any similar
transaction or transactions, unless the distributed Moody's Business Entity
undertakes to New D&B to be jointly and severally liable for all Moody's
Liabilities hereunder.
<PAGE>   52
                                                                              47

                  (c) New D&B will not distribute to its stockholders any
interest in any New D&B Business Entity, by way of a spin-off distribution,
split-off or other exchange of interests in a New D&B Business Entity for any
interest in New D&B held by New D&B stockholders, or any similar transaction or
transactions, unless the distributed New D&B Business Entity undertakes to the
Corporation to be jointly and severally liable for all New D&B Liabilities
hereunder.

                  SECTION 8.10. Successors and Assigns. The provisions to this
Agreement shall be binding upon, inure to the benefit of and be enforceable by
the parties and their respective successors and permitted assigns.

                  SECTION 8.11. Termination. This Agreement (including, without
limitation, Article III hereof) may be terminated and the Distribution may be
amended, modified or abandoned at any time prior to the Distribution by and in
the sole discretion of the Corporation without the approval of New D&B or the
stockholders of the Corporation. In the event of such termination, no party
shall have any liability of any kind to any other party or any other person.
After the Distribution, this Agreement may not be terminated except by an
agreement in writing signed by the parties; provided, however, that Article III
shall not be terminated or amended after the Distribution in respect of the
third party beneficiaries thereto without the consent of such persons.

                  SECTION 8.12. Subsidiaries. Each of the parties hereto shall
cause to be performed, and hereby guarantees the performance of, all actions,
agreements and obligations set forth herein to be performed by any Subsidiary of
such party or by any entity that is contemplated to be a Subsidiary of such
party on and after the Distribution Date.

                  SECTION 8.13. Third Party Beneficiaries. Except as provided in
Article III relating to Indemnitees, this Agreement is solely for the benefit of
the parties hereto and their respective Subsidiaries and Affiliates and should
not be deemed to confer upon third parties any remedy, claim, liability,
reimbursement, claim of action or other right in excess of those existing
without reference to this Agreement.

                  SECTION 8.14. Title and Headings. Titles and headings to
sections herein are inserted for the convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this
Agreement.

                  SECTION 8.15. Schedules and Exhibits. The Schedules and
Exhibits shall be construed with and as an integral part of this Agreement to
the same extent as if the same had been set forth verbatim herein.

                  SECTION 8.16. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK.
<PAGE>   53
                                                                              48

                  SECTION 8.17. Consent to Jurisdiction. Without limiting the
provisions of Article VI hereof, each of the parties irrevocably submits to the
exclusive jurisdiction of (a) the Supreme Court of the State of New York, New
York County, and (b) the United States District Court for the Southern District
of New York, for the purposes of any suit, action or other proceeding arising
out of this Agreement or any transaction contemplated hereby. Subject to Article
VI hereof, each of the parties agrees to commence any action, suit or proceeding
relating hereto either in the United States District Court for the Southern
District of New York or if such suit, action or other proceeding may not be
brought in such court for jurisdictional reasons, in the Supreme Court of the
State of New York, New York County. Each of the parties further agrees that
service of any process, summons, notice or document by U.S. registered mail to
such party's respective address set forth above shall be effective service of
process for any action, suit or proceeding in New York with respect to any
matters to which it has submitted to jurisdiction in this Section 8.17. Each of
the parties irrevocably and unconditionally waives any objection to the laying
of venue of any action, suit or proceeding arising out of this Agreement or the
transactions contemplated hereby in (i) the Supreme Court of the State of New
York, New York County, or (ii) the United States District Court for the Southern
District of New York, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

                  SECTION 8.18. Severability. In the event any one or more of
the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby. The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions, the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions.
<PAGE>   54
                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed as of the day and year first above written.

                              THE DUN & BRADSTREET CORPORATION

                              By:  /s/ David J. Lewinter
                                   Name: David J. Lewinter
                                   Title: Vice President and Corporate Secretary

                              THE NEW D&B CORPORATION

                              By:  /s/ David J. Lewinter
                                   Name: David J. Lewinter
                                   Title: President and Secretary

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