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The DynamicWatermarkDisplay parameter specifies the watermark text to display for a given label. This parameter supports text and the following special tokens:
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- `${Consumer.PrincipalName}`: Required. The value is the user principal name (UPN) of the user.
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- `${Device.DateTime}`: Optional. The value is current date/time of the device used to view the document.
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This parameter is meaningful only when the ApplyDynamicWatermarkingEnabled parameter value is $true.
This parameter is available only in the cloud-based service.
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The AllowLegacyExchangeTokens switch specifies whether to allow legacy Exchange tokens. You don't need to specify a value with this switch.
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Legacy Exchange tokens (for example, Exchange user identity and callback tokens) are used by Outlook add-ins.
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**Important**:
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- The Microsoft Report Message and Report Phishing add-ins require legacy Exchange tokens to work.
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- Legacy Exchange tokens will eventually be blocked by default in all cloud-based organizations.
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For more information on the Report Message and Report Phishing add-ins, see [Enable the Microsoft Report Message or the Report Phishing add-ins](https://learn.microsoft.com/microsoft-365/security/office-365-security/submissions-users-report-message-add-in-configure).
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This parameter is reserved for internal Microsoft use.
This parameter is available only in the cloud-based service.
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The AllowLegacyExchangeTokens switch specifies whether to allow legacy Exchange tokens. You don't need to specify a value with this switch.
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Legacy Exchange tokens (for example, Exchange user identity and callback tokens) are used by Outlook add-ins.
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**Important**:
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- The Microsoft Report Message and Report Phishing add-ins require legacy Exchange tokens to work.
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- Legacy Exchange tokens will eventually be blocked by default in all cloud-based organizations.
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For more information on the Report Message and Report Phishing add-ins, see [Enable the Microsoft Report Message or the Report Phishing add-ins](https://learn.microsoft.com/microsoft-365/security/office-365-security/submissions-users-report-message-add-in-configure).
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This parameter is reserved for internal Microsoft use.
This parameter is available only in the cloud-based service.
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The BlockLegacyExchangeTokens switch specifies whether to block legacy Exchange tokens. You don't need to specify a value with this switch.
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Legacy Exchange tokens (for example, Exchange user identity and callback tokens) are used by Outlook add-ins.
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**Important**:
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- The Microsoft Report Message and Report Phishing add-ins require legacy Exchange tokens to work.
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- Legacy Exchange tokens will eventually be blocked by default in all cloud-based organizations.
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For more information about the Report Message and Report Phishing add-ins, see [Enable the Microsoft Report Message or the Report Phishing add-ins](https://learn.microsoft.com/microsoft-365/security/office-365-security/submissions-users-report-message-add-in-configure).
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This parameter is reserved for internal Microsoft use.
The DynamicWatermarkDisplay parameter specifies the watermark text to display for a given label. This parameter supports text and the following special tokens:
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- **"\`${Consumer.PrincipalName}**": Required. The value is the user principal name (UPN) of the user.
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- **"\`${Device.DateTime}**": Optional. The value is current date/time of the device used to view the document.
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**Tip** The back quotation mark character ( \` ) is required as an escape character for the dollar sign character ( $ ) in PowerShell. For more information, see [Escape characters in Exchange PowerShell](https://learn.microsoft.com/powershell/exchange/exchange-cmdlet-syntax#escape-characters-in-exchange-powershell).
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