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                                                                 Exhibit 10(hh)




                          REGISTRATION RIGHTS AGREEMENT


                  THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made
and entered into as of _____________ __, 2000 by and between CheckFree Holdings
Corporation, a Delaware corporation (including any successor or assign thereof,
the "Company"), and __________, a ____________ corporation (including any
successor or assign thereof, the "Investor").

                  WHEREAS, pursuant to the Amended and Restated Agreement and
Plan of Merger, dated as of July 7, 2000 (the "Merger Agreement"), by and among,
Microsoft Corporation, First Data Corporation, Citibank, N.A., Citicorp
Electronic Commerce, Inc., H&B Finance, Inc., FDC International Partner, Inc.,
MSFDC International, Inc., TransPoint Acquisition Corporation, Tank Acquisition
Corporation, Chopper Merger Corporation, CheckFree Corporation, Microsoft II,
LLC, First Data, L.L.C. and the Company, the Investor is receiving shares of
Common Stock, par value $.01 per share (including any capital stock into which
the common stock may be exchanged or converted, the "Common Stock"), of the
Company in consideration of (i) the merger of [TransPoint Acquisition
Corporation with and into H&B Finance, Inc.] [Tank Acquisition Corporation with
and into FDC International], and (ii) its obligations under the [Commercial
Alliance Agreement] [Marketing Agreement] (as defined in the Merger Agreement);

                  WHEREAS, pursuant to the Merger Agreement and in connection
with the transactions contemplated thereby, (i) the Company and the Investor
have entered into a Stockholders Agreement, dated as of the date hereof (the
"Stockholders Agreement"), and (ii) the Company has agreed to grant to the
Investor the Registration Rights (as defined in Section 1 hereof) with respect
to the Registrable Shares (as defined in Section 1 hereof);

                  NOW, THEREFORE, the parties hereto, in consideration of the
foregoing, the mutual covenants and agreements hereinafter set forth, and other
good and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, hereby agree as follows:

SECTION 1. REGISTRATION RIGHTS The Investor shall be entitled to offer for sale
the Registrable Shares pursuant to a shelf registration statement (the
"Registration Rights"). For purposes of this Agreement, "REGISTRABLE SHARES"
means (i) the shares of Common Stock issued to the Investor and its affiliates
in connection with the Merger Agreement and the consummation of the transactions
contemplated thereby and (ii) any other shares of Common Stock issued as (or
issuable upon the conversion or exercise of any warrant, right or other security
which is issued as) a dividend or other distribution with respect to, or in
exchange for, or in replacement of, all such shares of Common Stock described in
clause (i) above, excluding in the case of each of the foregoing clauses,
however, any Registrable Shares sold by a person in a transaction in which a
holder's registration rights under this Agreement are not assigned; provided,
however, that Registrable Shares shall be treated as Registrable Shares only if
and so long as, they have not been (A) sold to or through a broker or dealer or
underwriter in a public distribution or a public securities transaction or (B)
sold in a transaction exempt from the registration and prospectus delivery
requirements of the Securities Act (as defined below) under Section 4(1) thereof
so that all transfer restrictions and restrictive legends with respect thereto
are removed upon the consummation of such sale.

                  1.1      Shelf Registration Rights.

                  (a) Shelf Registration Statement. The Company, as promptly as
practicable, shall file with the Securities and Exchange Commission ("SEC") a
registration statement for an offering to be made on a continuous basis pursuant
to Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"),
covering all of the Registrable Shares (the "Registration Statement"; and the
related prospectus (including any preliminary prospectus) is referred to as the
"Prospectus"). The Registration Statement shall be on the appropriate form, and
shall otherwise comply as to form in all material respects with the requirements
of the Securities Act and the rules and regulations promulgated thereunder,
permitting registration of such Registrable Shares for resale by the Investor in
the manner or manners designated by it (including, without limitation, one or
more underwritten public offerings). The Company will use its commercially
reasonable best efforts to cause the Registration Statement to be declared




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effective by the SEC by the 30th day after the Effective Time (as defined in the
Merger Agreement) and will notify the Investor when such Registration Statement
has become effective. The Company agrees (subject to Section 1.2 hereof) to use
its commercially reasonable best efforts to keep the Registration Statement
effective (including the preparation and filing of any amendments and
supplements necessary for that purpose) until the earlier of (i) the date on
which the Investor shall have sold all of the Registrable Shares, or (ii) the
date on which all of the Registrable Shares are eligible for sale pursuant to
Rule 144(k) (or any successor provision) or in a single transaction pursuant to
Rule 144(e) (or any successor provision) under the Securities Act (such period,
the "Effective Period"). Upon seeking to offer and sell its Registrable Shares
upon exercise of a Registration Right, the Investor agrees to provide in a
timely manner information regarding the proposed distribution by the Investor of
the Registrable Shares and such other information reasonably requested by the
Company in connection with the preparation of and for inclusion in the
Registration Statement. The Company agrees to provide to the Investor a
reasonable number of copies of the final Prospectus and any amendments or
supplements thereto. If the Registration Statement ceases to be effective for
any reason at any time during the Effective Period (other than because of the
sale of all of the securities registered thereunder or as permitted by Section
1.2 hereof), the Company shall use its commercially reasonable best efforts to
obtain the prompt withdrawal of any order suspending the effectiveness thereof.

                  (b) Offerings and Sales. At any time and from time to time
after the date that any shares of Common Stock become Registrable Shares,
subject to Section 1.2 (in the case of all offerings hereunder), the Investor
may exercise its Registration Rights hereunder with respect to such Registrable
Shares.

                  1.2 Suspension of Offering. At any time during the Effective
Period, the Company may determine, in the good faith judgment of its Board of
Directors, based upon the advice of counsel, that offers and sales by the
Investor under the Registration Statement shall be suspended if a negotiation or
consummation of a transaction by the Company or its subsidiaries is pending or
an event has occurred, which negotiation, consummation or event would require
additional disclosure by the Company in the Registration Statement of material
information which the Company has a bona fide business purpose for keeping
confidential, and the nondisclosure of which in the Registration Statement would
reasonably be expected to cause the Registration Statement to fail to comply
with applicable disclosure requirements. Immediately upon making such a
determination, the Company shall give written notice to the Investor (a
"Materiality Notice"), upon receipt of which the Investor agrees that it will
immediately discontinue offers and sales of the Registrable Shares under the
Registration Statement until (x) in the case of a Materiality Notice delivered
pursuant to clause (i) above, such Investor receives copies of a supplemented or
amended Prospectus that corrects the misstatement(s) or omission(s) referred to
above and receives notice that any post-effective amendment has become effective
or (y) in the case of a Materiality Notice delivered pursuant to clause (ii)
above, such Investor receives a subsequent notice from the Company that revokes
or otherwise withdraws such Materiality Notice; provided, that the Company may
delay, suspend or withdraw the Registration Statement pursuant to clauses (i)
and (ii) above, for no more than fifteen (15) days after the abandonment or
consummation of any of the foregoing negotiations, transactions, events or
offerings or, in any event, for no more than ninety (90) days after delivery of
the Materiality Notice pursuant to clauses (i) and (ii) above, at any one time
(and the Company shall not be entitled to require the Investor to discontinue
offers and sales for a period of more than 90 days during any 12-month period).
If so directed by the Company, the Investor will deliver to the Company all
copies of the Prospectus covering the Registrable Shares current at the time of
receipt of a Materiality Notice.

                  1.3 Expenses. The Company shall pay all expenses incident to
the performance by it of its registration obligations under this Section 1,
including (i) all SEC registration and filing fees, (ii) all expenses incurred
in connection with the preparation, printing and distribution of the
Registration Statement and Prospectus and any other document or amendment
thereto and the mailing and delivery of copies thereof to the underwriter and
dealers, (iii) fees and disbursements of counsel for the Company and of the
independent public accountants and other experts of the Company; (iv) the cost
of printing or producing any agreement(s) among underwriters, underwriting
agreement(s) and blue sky or legal investment memoranda, any selling agreements
and any other documents in connection with the offering, sale or delivery of
Registrable Shares to be disposed of; (v) all expenses in connection with the
qualification of Registrable Shares to be disposed of for offering and sale
under state securities laws, including the fees and disbursements of counsel for
the underwriters in connection with such qualification and in connection with
any blue sky and legal investment surveys (but not for any other fees or




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disbursements of counsel for the underwriters); (vi) the filing fees incident to
securing any required review by the National Association of Securities Dealers,
Inc. of the terms of the sale of Registrable Shares to be disposed of; and (vii)
all fees and expenses incurred in connection with the listing of Registrable
Shares on each securities exchange or quotation system on which the shares of
Common Stock are then listed. The Investor shall be responsible for the payment
of any brokerage and sales commissions, fees and disbursements of such
Investor's counsel, and any transfer taxes relating to the sale or disposition
of the Registrable Shares.

                  1.4      Registration Procedures.

                  (b) If and whenever the Company is required to effect the
registration under the Securities Act of Registrable Shares as provided in this
Agreement, the Company will, as expeditiously as possible:

                        (i) use its commercially reasonable best efforts to
         register or qualify the Registrable Shares by the time the applicable
         Registration Statement is declared effective by the SEC under all
         applicable state securities or "blue sky" laws of such jurisdictions as
         the Investor shall reasonably request in writing, to keep each such
         registration or qualification effective during the Effective Period,
         and to do any and all other acts and things which may be reasonably
         necessary or advisable to enable the Investor to consummate the
         disposition in each such jurisdiction of the Registrable Shares owned
         by such Investor; provided, however, that the Company shall not be
         required to (x) qualify generally to do business in any jurisdiction or
         to register as a broker or dealer in any jurisdiction where it would
         not otherwise be required to qualify but for this Section 1.6, (y)
         subject itself to taxation in any such jurisdiction, or (z) submit to
         the general service of process in any such jurisdiction;

                       (ii) prepare and file with the SEC such amendments and
         supplements to the Registration Statement and the Prospectus as may be
         necessary to keep the Registration Statement effective and to comply
         with the provisions of the Securities Act with respect to the
         disposition of all Registrable Shares until such time as all
         Registrable Shares have been disposed of in accordance with the
         intended methods of disposition by the Investor set forth in the
         Registration Statement;

                      (iii) furnish to the Investor and to any underwriter of
         such Registrable Shares such number of conformed copies of the
         Registration Statement and of each such amendment and supplement
         thereto (in each case including all exhibits), such number of copies of
         the Prospectus included in the Registration Statement (including each
         preliminary prospectus), in conformity with the requirements of the
         Securities Act, such documents incorporated by reference in the
         Registration Statement or Prospectus, and such other documents as the
         Investor or such underwriter may reasonably request;

                       (iv) cause the Registrable Shares to be listed on each
         national securities exchange or quotation system on which the shares of
         Common Stock are then listed, if the listing of such securities is then
         permitted under the rules of such exchange;

                        (v) obtain a "cold comfort" letter or letters from the
         Company's independent public accountants and furnish a signed
         counterpart of a customary opinion of counsel of the Company, in each
         case, addressed to the Investor (and the underwriters, if any), in
         customary form and substance, dated the effective date of the
         Registration Statement;

                       (vi) notify the Investor promptly upon the happening of
         any event as a result of which a Prospectus included in a Registration
         Statement, as then in effect, includes an untrue statement of a
         material 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, and, subject to the provisions of Section
         1.2 hereof, at the request of the Investor prepare and furnish to the
         Investor as many copies of a supplement to or an amendment of such
         Prospectus as the Investor reasonably requests so that, as thereafter
         delivered to the purchasers of such Registrable Shares, such Prospectus
         shall not include an untrue statement of a material fact or omit to
         state a material fact necessary to make the statements therein, in
         light of the circumstances under which they were made, not misleading;
         and


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                      (vii) make available for reasonable inspection by, or give
         reasonable access to, the Investor, by any underwriter participating in
         any disposition to be effected pursuant to the Registration Statement
         and by any attorney, accountant or other agent retained by the
         Investor, all pertinent financial and other records, pertinent
         corporate documents and properties of the Company, and cause the
         Company's officers, directors and employees to supply all information
         reasonably requested by the Investor, any underwriter or any other
         person in connection with the offering thereunder.

                   (b) The Company may require the Investor, upon selling
Registrable Shares as to which any registration is being effected, to furnish
the Company with such information regarding such Investor and the distribution
of such securities as required to be included in the Registration Statement as
the Company may from time to time reasonably request in writing.

SECTION 2.        INDEMNIFICATION

                  2.1 Indemnification by the Company. The Company agrees to
indemnify and hold harmless the Investor in any offering or sale of Registrable
Shares, and each person, if any, who controls the Investor within the meaning of
Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and their respective directors, trustees,
officers, partners, agents, employees and affiliates as follows:

                  (a) against any and all loss, liability, claim, damage and
         expense (joint or several) and action or proceeding (whether commenced
         or threatened) whatsoever ("Losses"), as incurred, arising out of or
         based upon any untrue statement or alleged untrue statement of a
         material fact contained in any registration statement (or any amendment
         thereto) pursuant to which the Registrable Shares were registered under
         the Securities Act, including all documents incorporated therein by
         reference, or the omission or alleged omission therefrom of a material
         fact required to be stated therein or necessary to make the statements
         therein not misleading or arising out of or based upon any untrue
         statement or alleged untrue statement of a material fact contained in
         any prospectus (or any amendment or supplement thereto), including all
         documents incorporated therein by reference, or the omission or alleged
         omission therefrom of a material fact necessary in order to make the
         statements therein, in the light of the circumstances under which they
         were made, not misleading;

                  (b) against any and all loss, liability, claim, damage, cost
         or expense (including reasonable legal fees and expenses)
         (collectively, "Losses"), as incurred, to the extent of the aggregate
         amount paid in settlement of any litigation, or investigation or
         proceeding by any governmental agency or body, commenced or threatened,
         or of any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, if such
         settlement is effected with the written consent of the Company (which
         consent will not be unreasonably withheld); and

                  (c) against any and all expense whatsoever, as incurred
         (including reasonable fees and disbursements of counsel), reasonably
         incurred in investigating, preparing or defending against any Losses or
         any litigation, or investigation or proceeding by any governmental
         agency or body, commenced or threatened, in each case whether or not a
         party, or any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, to the
         extent that any such expense is not paid under subparagraph (a) or (b)
         above;

provided, however, that the indemnity provided pursuant to this Section 2.1 does
not apply to any indemnified party with respect to any Losses or expenses to the
extent arising out of (i) any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by such indemnified party expressly for use
in the Registration Statement (or any amendment thereto) or the Prospectus (or
any amendment or supplement thereto), or (ii) such indemnified party's failure
to deliver an amended or supplemental Prospectus if such Losses would not have
arisen had such delivery occurred.



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                  2.2 Indemnification by the Investor. The Investor (and each
permitted assignee of such Investor) agrees to indemnify and hold harmless the
Company, and each person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, and their
respective directors, trustees, officers, partners, agents, employees and
affiliates, as follows:

                  (a) against any and all Losses whatsoever, as incurred,
         arising out of or based upon any untrue statement or alleged untrue
         statement of a material fact contained in any registration statement
         (or any amendment thereto) pursuant to which the Registrable Shares
         were registered under the Securities Act, including all documents
         incorporated therein by reference, or the omission or alleged omission
         therefrom of a material fact required to be stated therein or necessary
         to make the statements therein not misleading or arising out of or
         based upon any untrue statement or alleged untrue statement of a
         material fact contained in any prospectus, including all documents
         incorporated therein by reference, or the omission or alleged omission
         therefrom of a material fact necessary in order to make the statements
         therein, in the light of the circumstances under which they were made,
         not misleading;

                  (b) against any and all Losses whatsoever, as incurred, to the
         extent of the aggregate amount paid in settlement of any litigation, or
         investigation or proceeding by any governmental agency or body,
         commenced or threatened, or of any claim whatsoever based upon any such
         untrue statement or omission, or any such alleged untrue statement or
         omission, if such settlement is effected with the written consent of
         the Investor (which consent will not be unreasonably withheld); and

                  (c) against any and all expense whatsoever, as incurred
         (including reasonable fees and disbursements of counsel), reasonably
         incurred in investigating, preparing or defending against any Losses or
         any litigation, or investigation or proceeding by any governmental
         agency or body, commenced or threatened, in each case whether or not a
         party, or any claim whatsoever based upon any such untrue statement or
         omission, or any such alleged untrue statement or omission, to the
         extent that any such expense is not paid under subparagraph (a) or (b)
         above;

provided, however, that the indemnity provided pursuant to this Section 2.2
shall only apply with respect to any Losses to the extent arising out of (i) any
untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with written information furnished to the
Company by the Investor expressly for use in the registration statement (or any
amendment thereto) or the Prospectus (or any amendment or supplement thereto),
or (ii) the Investor's failure to deliver an amended or supplemental Prospectus
if such Losses would not have arisen had such delivery occurred. Notwithstanding
the provisions of this Section 2.2, neither the Investor nor any permitted
assignee shall be required to indemnify the Company, its indemnified persons
hereunder with respect to any amount in excess of the amount of the total
proceeds to the Investor or such permitted assignee, as the case may be, from
sales of the Registrable Shares of the Investor under the registration statement
with respect to such offering, and the Investor shall not be liable under this
Section 2.2 for any statements or omissions of any Participating Investor.

                  2.3 Conduct of Indemnification Proceedings. The indemnified
party shall give reasonably prompt notice to the indemnifying party of any
action or proceeding commenced against it in respect of which indemnity may be
sought hereunder, but failure to so notify the indemnifying party shall not
relieve it from any liability which it may have under the indemnity agreement
provided in Section 2.1 or 2.2 above, unless and to the extent it did not
otherwise learn of such action and the lack of notice by the indemnified party
results in the forfeiture by the indemnifying party of substantial rights and
defenses. If the indemnifying party so elects within a reasonable time after
receipt of such notice, the indemnifying party may assume the defense of such
action or proceeding at such indemnifying party's own expense with counsel
chosen by the indemnifying party and approved by the indemnified party, which
approval shall not be unreasonably withheld; provided, however, that the
indemnifying party will not settle any such action or proceeding without the
written consent of the indemnified party unless, as a condition to such
settlement, the indemnifying party secures the unconditional release of the
indemnified party; and provided further that if the indemnified




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party reasonably determines that a conflict of interest exists where it is
advisable for the indemnified party to be represented by separate counsel or
that, upon advice of counsel, there may be legal defenses available to it which
are different from or in addition to those available to the indemnifying party,
then the indemnifying party shall not be entitled to assume such defense and the
indemnified party shall be entitled to separate counsel at the indemnifying
party's expense. If the indemnifying party is not entitled to assume the defense
of such action or proceeding as a result of the proviso to the preceding
sentence, the indemnifying party's counsel shall be entitled to conduct the
indemnifying party's defense and counsel for the indemnified party shall be
entitled to conduct the defense of the indemnified party, it being understood
that both such counsel will cooperate with each other to conduct the defense of
such action or proceeding as efficiently as possible. If the indemnifying party
is not so entitled to assume the defense of such action or does not assume such
defense, after having received the notice referred to in the first sentence of
this paragraph, the indemnifying party will pay the reasonable fees and expenses
of counsel for the indemnified party. In such event, however, the indemnifying
party will not be liable for any settlement effected without the written consent
of the indemnifying party (which consent will not be unreasonably withheld).
Except as expressly stated herein, if an indemnifying party is entitled to
assume, and assumes, the defense of such action or proceeding in accordance with
this paragraph, the indemnifying party shall not be liable for any fees and
expenses of counsel for the indemnified party incurred thereafter in connection
with such action or proceeding.

                  2.4 Contribution. In order to provide for just and equitable
contribution in circumstances in which the indemnity agreement provided for in
this Section 2 is unavailable to an indemnified party, the indemnifying party
shall contribute to the aggregate Losses of the nature contemplated by such
indemnity agreement incurred by any indemnified party, (i) in such proportion as
is appropriate to reflect the relative fault of the indemnifying party on the
one hand and the indemnified parties on the other, in connection with the
statements or omissions which resulted in such losses, claims, damages,
liabilities or expenses, or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative fault of but also the relative benefits to the
Company on the one hand and the Investor on the other, in connection with the
statements or omissions which resulted in such Losses, as well as any other
relevant equitable considerations. The relative benefits to the indemnifying
party and the indemnified party shall be determined by reference to, among other
things, the total proceeds received by the indemnifying party and the
indemnified party in connection with the offering to which such Losses relate.
The relative fault of the indemnifying party and indemnified party shall be
determined by reference to, among other things, whether the action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, has been made by, or relates to
information supplied by, the indemnifying party or the indemnified party, and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such action.

                  The parties hereto agree that it would not be just or
equitable if contribution pursuant to this Section 2.4 were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 2.4, the Investor
shall not be required to contribute any amount in excess of the amount of the
total proceeds to the Investor from sales of the Registrable Shares of the
Investor under the registration statement.

                  Notwithstanding the foregoing, no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 2.4, each person, if
any, who controls an indemnified party within the meaning of Section 15 of the
Securities Act shall have the same rights to contribution as such indemnified
party, and each director of the Company, each officer of the Company who signed
a Registration Statement and each person, if any, who controls the Company
within the meaning of Section 15 of the Securities Act shall have the same
rights to contribution as the Company.

                  The indemnity agreements contained in this Section 2 shall be
in addition to any other rights (to indemnification, contribution or otherwise)
which any indemnified party may have pursuant to law or contract and shall
remain operative and in full force and effect regardless of any investigation
made or omitted by or on behalf of any indemnified party and shall survive the
transfer of any Registrable Shares by the Investor.



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SECTION 3.        RULE 144 COMPLIANCE

                  The Company covenants that it will use its reasonable best
efforts to timely file the reports required to be filed by the Company under the
Securities Act and the Securities Exchange Act of 1934, as amended, so as to
enable the Investor to sell Registrable Shares pursuant to Rule 144 under the
Securities Act. In connection with any sale, transfer or other disposition by
the Investor of any Registrable Shares pursuant to Rule 144 under the Securities
Act, the Company shall cooperate with the Investor to facilitate the timely
preparation and delivery of certificates representing Registrable Shares to be
sold and not bearing any Securities Act legend, and enable certificates for such
Registrable Shares to be for such number of shares and registered in such names
as the Investor may reasonably request at least ten (10) business days prior to
any sale of Registrable Shares hereunder.

SECTION 4.        MISCELLANEOUS

                  4.1 Integration; Amendment. This Agreement, together with the
Merger Agreement and the Ancillary Agreements (as defined in the Merger
Agreement), constitutes the entire agreement among the parties hereto with
respect to the matters set forth herein and supersedes and renders of no force
and effect all prior oral or written agreements, commitments and understandings
among the parties with respect to the matters set forth herein. Except as
otherwise expressly provided in this Agreement, no amendment, modification or
discharge of this Agreement shall be valid or binding unless set forth in
writing and duly executed by the Company and the Investor.

                  4.2 Waivers. No waiver by a party hereto shall be effective
unless made in a written instrument duly executed by the party against whom such
waiver is sought to be enforced, and only to the extent set forth in such
instrument. Neither the waiver by any of the parties hereto of a breach or a
default under any of the provisions of this Agreement, nor the failure of any of
the parties, on one or more occasions, to enforce any of the provisions of this
Agreement or to exercise any right or privilege hereunder shall thereafter be
construed as a waiver of any subsequent breach or default of a similar nature,
or as a waiver of any such provisions, rights or privileges hereunder.

                  4.3 Successors and Assigns; Third Party Beneficiaries. The
Investor and any other Restricted Party may not assign any of its rights or
delegate its duties under this Agreement except to another Restricted Party;
provided, however that if the Registration Statement has not been declared
effective by the SEC within 45 days of the date hereof, the Investor shall be
entitled to make up to five assignments of its rights in Section 1.1(a) under
this Agreement to a Person other than a Restricted Party, which rights shall
terminate and be of no further force and effect if and when the Registrable
Shares related to such assigned rights are included in the Registration
Statement and the Registration Statement is declared effective by the SEC. The
Company may not assign any of its rights or delegate any of its duties under
this Agreement without the prior written consent of the Investor, provided that
in the event of any merger or consolidation of the Company with any Person (as
defined in the Stockholders Agreement) in which the holders of Common Stock
receive securities of any other Person (the "Successor Issuer") the Company
shall assign all of its rights and delegate all of its obligations under this
Agreement to such Successor Issuer in which event the Successor Issuer will
become the "Company" for all purposes of this Agreement. Any purported
assignment in violation of this Section shall be void. Nothing expressed or
mentioned in this Agreement is intended or shall be construed to give any Person
other than the Restricted Parties (who shall be third party beneficiaries of
this Agreement entitled to the benefit of, and to enforce, its terms) and the
Company and their respective successors, any legal or equitable right, remedy or
claim under or in respect of this Agreement or any provision herein contained.
This Agreement and all conditions and provisions hereof are intended to be for
the sole and exclusive benefit of the Restricted Parties and the Company and
their respective successors, and for the benefit of no other Person. No
purchaser of Common Stock from a Restricted Party (other than another Restricted
Party) shall be deemed to be a successor or assignee by reason merely of such
purchase.

                  4.4 Benefits of Registration Rights. The Investor and the
other Restricted Parties may severally or jointly exercise the Registration
Rights hereunder in such proportion as they shall agree among themselves.



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                  4.5 Notices. Notices and other communications required by this
Agreement shall be in writing and delivered by hand against receipt or sent by
recognized overnight delivery service or by certified or registered mail,
postage prepaid, with return receipt requested or by facsimile transmission. All
notices shall be addressed as follows:

                  If to the Investor:

                  [Investor]
                  [Address]
                  Attention:
                  [Title]
                  Telephone:
                  Fax:

                  with a copy to:

                  [Law firm]
                  [Address]
                  Attention:
                  Telephone:
                  Fax:

                  If to the Company:

                  CheckFree Corporation
                  4411 E. Jones Bridge Road
                  Norcross, Georgia  30092
                  Attention: General Counsel
                  Telephone:        (678) 375-3000
                  Fax:              (678) 375-3633

                  with a copy to:

                  Simpson Thacher & Bartlett
                  3330 Hillview Avenue
                  Palo Alto, California  94304
                  Attention:        Daniel Clivner
                                    Richard Capelouto
                  Telephone:        (650) 251-5060
                  Fax:              (650) 251-5002

or such other address as may be designated by a proper notice. Any notice
delivered to the party hereto to whom it is addressed shall be deemed to have
been given and received on the day it was received; provided, however, that if
such day is not a business day then the notice shall be deemed to have been
given and received on the business day next following such day. Any notice sent
by facsimile transmission shall be deemed to have been given and received on the
business day next following the transmission.

                  4.6 Specific Performance. The parties hereto acknowledge that
the obligations undertaken by them hereunder are unique and that there would be
no adequate remedy at law if any party fails to perform any of its obligations
hereunder, and accordingly agree that each party, in addition to any other
remedy to which it may be entitled at law or in equity, shall be entitled to (i)
compel specific performance of the obligations, covenants and agreements of any
other party under this Agreement in accordance with the terms and conditions of
this Agreement and (ii) obtain preliminary injunctive relief to secure specific
performance and to prevent a breach or contemplated breach of this Agreement in
any court of the United States or any State thereof having jurisdiction.



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<PAGE>   9

                  4.7 Governing Law.  This Agreement, the rights and
obligations of the parties hereto, and any claims or disputes relating thereto,
shall be governed by and construed in accordance with the laws of the State of
Delaware.

                  4.8 Headings. Section and subsection headings contained in
this Agreement are inserted for convenience of reference only, shall not be
deemed to be a part of this Agreement for any purpose, and shall not in any way
define or affect the meaning, construction or scope of any of the provisions
hereof.

                  4.9 Pronouns. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural, as the
identity of the person or entity may require.

                  4.10 Execution in Counterparts. To facilitate execution, this
Agreement may be executed in as many counterparts as may be required. It shall
not be necessary that the signature of or on behalf of each party appears on
each counterpart, but it shall be sufficient that the signature of or on behalf
of each party appears on one or more of the counterparts. All counterparts shall
collectively constitute a single agreement. It shall not be necessary in any
proof of this Agreement to produce or account for more than a number of
counterparts containing the respective signatures of or on behalf of all of the
parties.

                  4.11 Severability. If fulfillment of any provision of this
Agreement, at the time such fulfillment shall be due, shall transcend the limit
of validity prescribed by law, then the obligation to be fulfilled shall be
reduced to the limit of such validity; and if any clause or provision contained
in this Agreement operates or would operate to invalidate this Agreement, in
whole or in part, then such clause or provision only shall be held ineffective,
as though not herein contained, and the remainder of this Agreement shall remain
operative and in full force and effect.



                                       9
<PAGE>   10



IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
duly executed on its behalf as of the date first hereinabove set forth.

                                            CHECKFREE HOLDINGS CORPORATION


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




                                            [INVESTOR]


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





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