Company: ADP
Filing Date: 2025-05-07
Form Type: 424B2
Source: 0001193125-25-114878
Chunk: 16

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-07
Form: 424B2
Chunk 16
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 under the Indenture.                                                                                                                                     |

Notwithstanding the foregoing, we or any of our subsidiaries may, without equally and ratably securing the Notes, create or incur Liens which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto, Aggregate Debt does not exceed 20% of our Consolidated Net Worth on a consolidated basis calculated as of the date of the creation or incurrence of the Lien. Certain Definitions As used in this section, the following terms have the meanings set forth below. “Aggregate Debt” means, as of the date of determination, the aggregate principal amount of our and our domestic wholly owned subsidiaries’ Indebtedness incurred after the closing date of the offering of the Notes and secured by Liens not permitted by the first paragraph under “—Limitation on Liens” above. “Consolidated Net Worth” means, as of any date of determination, shareholders’ equity as reflected on our most recent consolidated balance sheet prepared in accordance with GAAP. “GAAP” means accounting principles generally accepted in the United States of America, which are in effect as of the date of application thereof. “Indebtedness” of any specified Person means any indebtedness in respect of borrowed money. “Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint- stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. “Principal Property” means our (1) principal offices in Roseland, New Jersey, or any replacement thereof and (2) each of our domestic processing/print center buildings, other operational offices and sales offices unless, with respect to clause (2), our board of directors (which term, as defined in the indenture, includes committees thereof) has determined in good faith that such center or office is not of material importance to the total business conducted by us and our wholly owned subsidiaries, taken as a whole. Change of Control Offer If a Change of Control Triggering Event occurs, unless we have exercised our option to redeem the Notes by notifying the noteholders to that effect as described above, we will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to $2,000 or integral multiples of $1,000 in excess of $2,000) of that holder’s Notes. In a Change of Control Offer, we will be required to offer payment in cash equal