Credit Agreement (2015)Full Document 

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LOGO

CREDIT AGREEMENT

dated as of

May 11, 2015

among

MOODY’S CORPORATION

The Borrowing Subsidiaries Party Hereto

The Lenders Party Hereto

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

BANK OF AMERICA, N.A. and CITIBANK, N.A.,

as Co-Syndication Agents,

and

TD BANK, N.A., THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

and BARCLAYS BANK PLC,

as Co-Documentation Agents

$1,000,000,000 REVOLVING CREDIT

FACILITY

J.P. MORGAN SECURITIES LLC,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

and

CITIGROUP GLOBAL MARKETS INC., as

Joint Bookrunners and Joint Lead Arrangers


Table of Contents

Page
ARTICLE 1
DEFINITIONS

Section 1.01.

Defined Terms

1

Section 1.02.

Classification of Loans and Borrowings

21

Section 1.03.

Terms Generally

21

Section 1.04.

Accounting Terms; GAAP; Pro Forma Calculations

21

Section 1.05.

Exchange Rates

22
ARTICLE 2
THE CREDITS

Section 2.01.

Commitments

23

Section 2.02.

Loans and Borrowings

23

Section 2.03.

Requests for Revolving Borrowings

24

Section 2.04.

Letters of Credit

25

Section 2.05.

[Intentionally Omitted]

29

Section 2.06.

Funding of Borrowings

29

Section 2.07.

Interest Elections

30

Section 2.08.

Termination, Reduction and Increase of Commitments

31

Section 2.09.

Repayment of Loans; Evidence of Debt

33

Section 2.10.

Prepayment of Loans

34

Section 2.11.

Fees

35

Section 2.12.

Interest

36

Section 2.13.

Alternate Rate of Interest

37

Section 2.14.

Increased Costs

38

Section 2.15.

Break Funding Payments

39

Section 2.16.

Taxes

39

Section 2.17.

Payments Generally; Pro Rata Treatment; Sharing of Set offs

41

Section 2.18.

Mitigation Obligations; Replacement of Lenders

43

Section 2.19.

Borrowing Subsidiaries

44

Section 2.20.

Extension of Maturity Date

44

Section 2.21.

Defaulting Lenders

46
ARTICLE 3
REPRESENTATIONS AND WARRANTIES

Section 3.01.

Organization; Powers

47

Section 3.02.

Authorization; Enforceability

47

Section 3.03.

Governmental Approvals; No Conflicts

47

Section 3.04.

Financial Condition; No Material Adverse Change

48

Section 3.05.

Properties

48

Section 3.06.

Litigation and Environmental Matters

48

Section 3.07.

Compliance with Laws and Agreements

49

Section 3.08.

Investment Company Status

49

Section 3.09.

Taxes

49

Section 3.10.

ERISA

49

Section 3.11.

Disclosure

49

i


Section 3.12.

Subsidiaries

49

Section 3.13.

Use of Proceeds

49

Section 3.14.

Solvency

50

Section 3.15.

Anti-Corruption Laws and Sanctions

50
ARTICLE 4
CONDITIONS

Section 4.01.

Effective Date

50

Section 4.02.

Each Credit Event

51

Section 4.03.

Each Borrowing Subsidiary Credit Event

52
ARTICLE 5
AFFIRMATIVE COVENANTS

Section 5.01.

Financial Statements and Other Information

52

Section 5.02.

Notices of Material Events

53

Section 5.03.

Existence; Conduct of Business

54

Section 5.04.

Payment of Obligations

54

Section 5.05.

Maintenance of Properties; Insurance

54

Section 5.06.

Books and Records; Inspection Rights

54

Section 5.07.

Compliance with Laws

54

Section 5.08.

Use of Proceeds

55
ARTICLE 6
NEGATIVE COVENANTS

Section 6.01.

Liens

55

Section 6.02.

Fundamental Changes

57

Section 6.03.

Transactions with Affiliates

58

Section 6.04.

Sale and Lease-Back Transactions

58

Section 6.05.

Total Debt to EBITDA Ratio

58
ARTICLE 7
EVENTS OF DEFAULT
ARTICLE 8
THE ADMINISTRATIVE AGENT
ARTICLE 9
GUARANTEE
ARTICLE 10
MISCELLANEOUS

Section 10.01.

Notices

64

Section 10.02.

Waivers; Amendments

65

Section 10.03.

Expenses; Indemnity; Damage Waiver

67

Section 10.04.

Successors and Assigns

68

Section 10.05.

Survival

72

Section 10.06.

Counterparts; Integration; Effectiveness

73

Section 10.07.

Severability

73

Section 10.08.

Right of Setoff

73

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Section 10.09.

Governing Law; Jurisdiction; Consent to Service of Process