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                                                                   EXHIBIT 10.37

                               GUARANTEE AGREEMENT

TO:           CANADIAN IMPERIAL BANK OF COMMERCE

              WHEREAS CANADIAN IMPERIAL BANK OF COMMERCE (hereinafter called the
"BANK") has established and may in the future establish one or more credit
facilities in favour of CERIDIAN CANADA LTD. (hereinafter called the
"BORROWER");

              AND WHEREAS Ceridian Corporation ("OLD CERIDIAN") guaranteed the
obligations of the Borrower to the Bank pursuant to a guarantee dated as of
March 2, 1998;

              AND WHEREAS the Borrower is a wholly-owned subsidiary of Ceridian
Canada Holdings, Inc.;

              AND WHEREAS pursuant to a transaction scheduled to be completed on
or about March 30, 2001 (the "SEPARATION"), Old Ceridian will transfer the
majority of its assets, liabilities and operations (excluding those assets,
liabilities and operations related to its media audience measurement business)
and shares of its subsidiaries, including the shares of Ceridian Canada
Holdings, Inc. to New Ceridian Corporation (the "Guarantor"), which is currently
a wholly owned subsidiary of Old Ceridian;

              AND WHEREAS immediately following the Separation, Old Ceridian
will change its name to Arbitron Inc. and the Guarantor will change its name to
Ceridian Corporation;

              AND WHEREAS, as security for the payment of the full amount of all
of the present and future indebtedness and liability of the Borrower to the
Bank, the Guarantor has agreed to guarantee payment of the Borrower's
indebtedness and liability to the Bank on the terms and subject to the
conditions hereinafter set forth;

              NOW THEREFORE, in consideration of the premises and other good and
valuable consideration, the Guarantor hereby covenants to and for the benefit of
the Bank as follows:

                                  ARTICLE ONE
                                   GUARANTEE

GUARANTEE

1.01          The Guarantor hereby unconditionally, absolutely and irrevocably
guarantees the due and punctual and complete payment and satisfaction when due
(whether at stated maturity, by acceleration or otherwise), and at all times
thereafter, of all the Guaranteed Liabilities which are or may become at any
time and from time to time owing or payable by the Borrower to the Bank or which
remain owing and unpaid to the Bank. "GUARANTEED LIABILITIES" means the
indebtedness, liabilities and obligations of the Borrower to the Bank, howsoever
incurred,

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present and future, direct and indirect, whether as principal or as
surety, absolute and contingent, matured and unmatured, at any time and from
time to time existing or arising under or by virtue of or otherwise in
connection with any credit facility made available by the Bank to the Borrower,
including without limitation, indebtedness and liability for or in connection
with any swap transaction, foreign exchange transaction, bankers acceptance,
LIBO loans, direct and indirect loans and advances, and in each case, including
all interest, commissions, costs, charges, legal fees and expenses which may be
incurred in respect of such indebtedness and liability, and in each case,
whether or not any such indebtedness, liabilities or obligations are discharged,
stayed or otherwise affected, except to the extent such indebtedness,
liabilities or obligations are fully discharged by full, irrevocable and final
payment.

                                  ARTICLE TWO
                                    PAYMENT

PAYMENT

2.01          The Guarantor agrees to make immediate payment to the Bank of all
Guaranteed Liabilities then payable to the Bank upon receipt of a demand for
payment therefor by the Bank to the Guarantor in writing.

TAXES AND SET OFF BY GUARANTOR

2.02          All payments to be made by the Guarantor hereunder shall be made
without set-off or counterclaim. In addition, the Guarantor shall make all
payments to the Bank hereunder, free and clear of, and without deduction, or
withholding for, or on account of, any tax levied by any country or subdivision
thereof, including any taxing authority of Canada or the United States of
America (whether Federal, State, Provincial or municipal; other than on account
of any tax on the Bank's general income, and other than on account of any
capital or franchise taxes, whether imposed under the laws of the jurisdiction
of the Bank, the Guarantor, or otherwise). If the Guarantor is required by any
applicable law, rule or regulation to make any deduction or withholdings for or
on account of any such tax, then the Guarantor will:

       (a)    promptly notify the Bank of such requirement;

       (b)    pay to the relevant authorities the full amount required to be
              deducted or withheld (including the full amount paid by the
              Guarantor to the Bank hereunder) promptly upon the earlier of
              determining that such deduction is required or receiving notice
              that such amount has been assessed against the Bank;

       (c)    promptly forward to the Bank an official receipt (or a certified
              copy), or other documentation acceptable to the Bank, evidencing
              such payment to such authorities; and

       (d)    pay to the Bank, in addition to the payment to which the Bank is
              otherwise entitled, such additional amount as is necessary to
              ensure that the net amount actually received and retained by the
              Bank (free and clear of such tax, whether assessed against the
              Guarantor or the Bank) will equal the full amount the Bank

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              would have received had no such deduction or withholding been
              required or taxed and assessed.

The Guarantor will promptly pay to the Bank the amount of any liability
(including, without limitation, any related liability for penalties and
interest) assessed directly against the Bank by reason of the failure or delay
of the Guarantor to deduct or withhold or pay any tax as foresaid.

                                 ARTICLE THREE
                              OBLIGATIONS ABSOLUTE

OBLIGATIONS ABSOLUTE

3.01          The Guarantor unconditionally and irrevocably waives each and
every defense which, under principles of guarantee or suretyship law, would
otherwise operate to impair or diminish such liability; and nothing whatever
except actual full payment and performance to the Bank of the Guaranteed
Liabilities (and all other debts, obligations and liabilities of Guarantor under
this Agreement) shall operate to discharge the Guarantor's liability hereunder.
The obligations of the Guarantor hereunder are and shall be absolute and
unconditional and any monies or amounts expressed to be owing or payable by the
Guarantor hereunder which may not be recoverable from the Guarantor on the
footing of a guarantee shall be recoverable from the Guarantor as a primary
obligor and principal debtor in respect thereof.

OBLIGATIONS CONTINUING

3.02          The obligations of the Guarantor hereunder shall be continuing and
shall remain in full force and effect so long as the Bank continues to deal with
the Borrower or until all the Guaranteed Liabilities have been paid and
satisfied in full. The obligations of the Guarantor hereunder shall not be
satisfied, reduced or discharged by any intermediate payment or satisfaction of
the whole or any part of the principal, interest, fees and other monies or
amounts which may at any time be or become owing or payable to the Bank by the
Borrower.

3.03          The obligations of the Guarantor hereunder shall continue to be
effective or shall be reinstated, as the case may be, if at any time any payment
which would otherwise have reduced the obligations of the Guarantor hereunder
(whether such payment shall have been by or on behalf of the Borrower or by or
on behalf of the Guarantor) is rescinded or reclaimed from the Bank upon the
insolvency, bankruptcy, liquidation or reorganization of the Borrower or the
Guarantor or otherwise, all as though such payment had not been made.

OBLIGATIONS NOT AFFECTED

3.04          The obligations of the Guarantor hereunder shall not be affected
or impaired by any act, omission, matter or thing whatsoever, occurring before,
upon or after any demand for payment hereunder (and whether or not known to the
Guarantor or the Bank) which, but for this provision, might constitute a whole
or partial defense to a claim against the Guarantor hereunder or might operate
to release or otherwise exonerate the Guarantor from any of its obligations
hereunder or otherwise affect such obligations, whether occasioned by default of
the Bank or otherwise, including:

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       (a)    any limitation of status or power, disability, incapacity or other
              circumstance relating to the Borrower or any other person,
              including any insolvency, bankruptcy, liquidation, reorganization,
              readjustment, composition, dissolution, winding-up or other
              proceeding involving or affecting the Borrower or any other
              person;

       (b)    any irregularity, defect, unenforceability or invalidity in
              respect of any indebtedness or other obligation of the Borrower or
              any other person under any credit agreement or any other document
              or instrument;

       (c)    any failure of the Borrower, whether or not without fault on its
              part, to perform or comply with any of the provisions of any
              credit agreement or to give notice thereof to the Guarantor;

       (d)    the taking or enforcing or exercising or the refusal or neglect to
              take or enforce or exercise any right or remedy from or against
              the Borrower or any other person or their respective assets or the
              release or discharge of any such right or remedies;

       (e)    the granting of time, renewals, extensions, compromises,
              concessions, waivers, releases, discharges and other indulgences
              to the Borrower or any other person;

       (f)    any amendment, variation, modification, supplement or replacement
              of any credit agreement or any other document or instrument;

       (g)    any change in the ownership, control, name, objects, businesses,
              assets, capital structure or constitution of the Borrower or the
              Guarantor;

       (h)    any merger or amalgamation of the Borrower or the Guarantor with
              any person or persons;

       (i)    the occurrence of any change in the laws, rules, regulations or
              ordinances of any jurisdiction or by any present or future action
              of any governmental authority or court amending, varying, reducing
              or otherwise affecting, or purporting to amend, vary, reduce or
              otherwise affect, any of the Guaranteed Liabilities or the
              obligations of the Guarantor under this Guarantee; and

       (j)    any other circumstance that might otherwise constitute a legal or
              equitable discharge or defense of the Borrower under any credit
              agreement or of the Guarantor in respect of its guarantee
              hereunder.

INDEMNITY

3.05          As a separate and alternative stipulation, the Guarantor
unconditionally and irrevocably agrees that any sum expressed to be payable by
the Borrower under any credit facility established by the Bank in favour of the
Borrower but which is for any reason not recoverable from the Guarantor on the
basis of a guarantee shall nevertheless be recoverable from it on the basis of
an indemnity and shall be paid by it to the Bank on demand.

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WAIVER

3.06          Without in any way limiting the provisions of Section 3.04 hereof,
the Guarantor hereby waives notice of acceptance hereof, notice of any liability
of the Guarantor hereunder, notice or proof of reliance by the Bank upon the
obligations of the Guarantor hereunder, and the diligence, presentment, demand
for payment on the Borrower, protest, notice of dishonour or non-payment of any
of the Guaranteed Liabilities, or other notice or formalities to the Borrower of
any kind whatsoever. The Guarantor further hereby waives any requirement that
the Bank take, protect, secure, perfect or insure any security interest or lien
or any property subject thereto or exhaust any right or take any action against
the Borrower or any other person or entity or any collateral.

NO OBLIGATION TO TAKE ACTION AGAINST BORROWER

3.07          This is a guarantee of payment, and not of collection. The Bank
shall not have any obligation to enforce any rights or remedies or to take any
other steps against the Borrower or any other person or any property of the
Borrower or any other person before the Bank is entitled to demand payment and
performance by the Guarantor of its liabilities and obligations under this
Guarantee, and the Guarantor hereby waives all benefit of discussion. The
obligations of the Guarantor hereunder are independent of the Guaranteed
Liabilities and a separate action or actions may be brought and prosecuted
against the Guarantor to enforce this Guarantee, irrespective of whether any
action is brought against the Borrower or whether the Borrower is joined in any
such action or actions.

DEALING WITH THE BORROWER AND OTHERS

3.08          The Bank, without releasing, discharging, limiting or otherwise
affecting in whole or in part the Guarantor's obligations and liabilities
hereunder and without the consent of or notice to the Guarantor may,

       (a)    grant time, renewals, extensions, compromises, concessions,
              waivers, releases, discharges and other indulgences to the
              Borrower or any other person;

       (b)    take or abstain from taking securities or collateral from the
              Borrower or from perfecting securities or collateral of the
              Borrower;

       (c)    release, discharge, compromise, realize, enforce or otherwise deal
              with or do any act or thing in respect of (with or without
              consideration) any and all collateral, mortgages or other security
              given by the Borrower or any third party with respect to the
              obligations or matters contemplated by any credit agreement;

       (d)    accept compromises or arrangements from the Borrower;

       (e)    apply all monies at any time received from the Borrower or from
              securities upon such part of the Guaranteed Liabilities as the
              Bank may see fit or change any such application in whole or in
              part from time to time as the Bank may see fit; and

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       (f)    otherwise deal with, or waive or modify their right to deal with,
              the Borrower and all other persons and securities as the Bank may
              see fit.

                                  ARTICLE FOUR
                               GUARANTOR COVENANTS

4.01   (a)    The Guarantor hereby covenants and agrees that all of the
              Guarantor Terms and Conditions are hereby incorporated in this
              Guarantee by reference, mutatis mutandis, and made an integral
              part of this Guarantee. The Guarantor Terms and Conditions shall
              be construed in such manner so that it is as if they had
              originally been made in the Bank's favour and made in connection
              with, and to induce the extension of, the credit facilities
              extended by the Bank to the Borrower.

       (b)    Subject to section 4.01(c) hereof, the Bank agrees that the
              Guarantor shall not be in default of its obligations hereunder to
              comply with the Guarantor Terms and Conditions, until the
              occurrence of an Event of Default (as defined in the Guarantor
              Credit Agreement); it being agreed that if the Guarantor Credit
              Agreement provides that a specified event of default may not occur
              until a period of time has elapsed following the giving of notice
              by the Agent (under and as defined in the Guarantor Credit
              Agreement) then such notice may be provided by the Bank for the
              purpose of this Guarantee.

       (c)    Notwithstanding section 4.01(b), the Guarantor shall be in default
              of its obligations to comply with the Guarantor Terms and
              Conditions if the Guarantor shall breach any of the Financial
              Covenants and such breach shall continue unremedied for a period
              of 20 days, whether or not the lenders under the Guarantor Credit
              Agreement shall have waived compliance with such Financial
              Covenants and whether or not such lenders shall have agreed that
              such default shall not be an Event of Default.

       (d)    For greater certainty, the parties agree that any amendments,
              supplements, modifications, restatements, or replacements, or the
              elimination of any of the Guarantor Terms and Conditions
              (including any defined terms as utilized therein) shall not be
              incorporated in this Guarantee by reference unless the Bank has
              specifically consented to such amendments, supplements,
              modifications, restatements, replacements, or elimination, in
              writing.

       (e)    The following capitalized terms shall be defined as follows:

              "GUARANTOR TERMS AND CONDITIONS" means the terms and
              conditions, (including without limitation, the
              representations, warranties, affirmative covenants, negative
              covenants, financial covenants and Events of Default) included
              in the Guarantor Credit Agreement.

              "GUARANTOR CREDIT AGREEMENT" means, at any particular time:

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       (i)    the Credit Agreement dated as of January 31, 2001 among the
              Guarantor, Bank of America, N.A. as administrative agent, the
              other Lenders party thereto and Banc of America Securities LLC, as
              arranger and manager;

       (ii)   if the Guarantor Credit Agreement as defined in clause (i) above
              is amended, restated, supplemented, replaced or reduced, or any
              waiver is given thereunder or any requirement thereunder is
              eliminated and either the Bank consents in writing or all of the
              financial institutions that are parties to the Guarantor Credit
              Agreement consent in writing to such amendment, restatement,
              supplement, replacement, reduction, waiver or elimination then,
              the "Guarantor Credit Agreement" shall mean the Guarantor Credit
              Agreement as defined in clause (i) hereof, as so amended,
              restated, supplemented, replaced, reduced, waived or eliminated;

       (iii)  if the Guarantor Credit Agreement shall be cancelled, terminated,
              or otherwise extinguished, then the "Guarantor Credit Agreement"
              shall be the Guarantor Credit Agreement, as defined in clause (i)
              or (ii) hereof, that existed immediately prior to the time that
              the Guarantor Credit Agreement was cancelled, terminated or
              otherwise extinguished, as the case may be.

              "FINANCIAL COVENANTS" means the financial covenants (including the
              defined terms as utilized therein) contained in sections 7.09 and
              7.10 of the Guarantor Credit Agreement.

REPORTING

4.02          The Guarantor will provide to the Bank such notices, financial
statements and other information which is required to be provided under the
Guarantor Credit Agreement, in the same manner and within the same time periods,
as set out in the Guarantor Credit Agreement.

OWNERSHIP

4.03          The Guarantor will, at all times, continue to own, directly or
indirectly, the majority of the issued and outstanding voting shares in the
capital stock of the Borrower.

PARI PASSU

4.04          The Guarantor hereby covenants that:

       (i)    its obligations under this Guarantee shall, at all times
              hereafter, rank pari passu, equally, and ratably with all of the
              indebtedness and liability of the Guarantor under the Guarantor
              Credit Agreement and the Guarantor agrees that, in the event that
              it grants any security to the financial institutions which are
              party to the Guarantor Credit Agreement (the "Financial
              Institutions") or any agent acting on behalf of the Financial
              Institutions, the Guarantor will grant security to the Bank which
              shall correspond in scope and nature and rank pari passu, equally
              and ratably with such security; and

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       (ii)   its obligations under this Guarantee shall, at all times
              hereafter, rank pari passu, equally and ratably with all of the
              other present and future unsubordinated indebtedness and liability
              of the Guarantor and the Guarantor agrees that, in the event that
              it grants any security to any other present or future
              unsubordinated creditor, the Guarantor will grant security to the
              Bank which shall correspond in scope and nature and rank pari
              passu, equally and ratably with such security, except that this
              clause 4.04(ii) shall not restrict the creation of Permitted Liens
              as "Permitted Liens" is defined in the Guarantor Credit Agreement
              and as "Guarantor Credit Agreement" is defined in clause (i) of
              the definition of Guarantor Credit Agreement hereunder.

NEGATIVE PLEDGE

4.05          The Guarantor will not create, issue, incur, assume or permit to
exist any security interest, lien, charge or other encumbrance of any kind in
respect of the capital stock of the Borrower.

                                  ARTICLE FIVE
                            GUARANTOR REPRESENTATIONS

5.01          The Guarantor hereby represents and warrants that:

       (a)    its obligations under this Guarantee rank pari passu, equally and
              ratably with all of its other unsubordinated indebtedness and
              liability outstanding at the date hereof;

       (b)    the execution, delivery and performance of this Guarantee by the
              Guarantor are within the corporate powers of the Guarantor, have
              been duly authorized by all necessary corporate action and do not
              and will not (i) require any consent or approval of the
              stockholders of the Guarantor which has not been obtained, (ii)
              violate any provision of the articles of incorporation or by-laws
              of the Guarantor or of any law, rule, regulation, order, writ,
              judgment, injunction, decree, determination or award presently in
              effect having applicability to the Guarantor or any subsidiary of
              the Guarantor; (iii) require the consent or approval of, or filing
              or registration with, any governmental body, agency or authority,
              or (iv) result in a breach of or constitute a default under, or
              result in the imposition of any lien, charge or encumbrance upon
              any property of the Guarantor or any subsidiary of the Guarantor
              pursuant to, any indenture or other agreement or instrument under
              which the Guarantor or any subsidiary of the Guarantor is a party
              or by which it or any of its properties may be bound or affected,
              and

       (c)    this Guarantee, when executed and delivered, will constitute the
              legal, valid and binding obligation of the Guarantor enforceable
              in accordance with its terms, except as such enforceability may be
              limited by bankruptcy, insolvency or similar laws affecting the
              enforceability of creditors' rights generally or by equitable
              principles relating to enforceability.

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                                   ARTICLE SIX
                                  MISCELLANEOUS

AMENDMENT, ETC.

6.01          No amendment, modification or waiver of any provision of this
Guarantee or consent to any departure by the Guarantor or any other person from
any provision of this Guarantee will in any event be effective unless it is
signed by the Guarantor and the Bank.

ASSIGNMENT, TRANSFER AND PARTICIPATION

6.02          The Guarantor hereby consents to any assignment or transfer of, or
any grant of the participation in, any rights, benefits or obligations of, the
Bank in respect of this Guarantee.

6.03          Notwithstanding the provisions of Section 6.02, the Guarantor,
shall upon request made by an assignee of the Bank, execute and deliver such
assurances as may be reasonably requested by such assignee to confirm its
entitlement to the rights and benefits hereunder so assigned and transferred to
it and the liability of the Guarantor to the assignee hereunder.

FOREIGN CURRENCY OBLIGATIONS

6.04          The Guarantor shall make payment of all amounts guaranteed
hereunder in the currency (the "Original Currency") in which the Borrower is
required to pay such obligation. If the Guarantor makes payment relative to any
obligation to the Bank in a currency (the "Other Currency") other than the
Original Currency (whether voluntarily or pursuant to an order or judgment of a
court or tribunal of any jurisdiction) such payment shall only constitute a
discharge of the Guarantor's liability hereunder in respect of such obligation
only to the extent of the amount of the Original Currency which the Bank is able
to purchase at its main branch in the jurisdiction where the loans to the
Borrower are recorded, with the amount it receives on the date of receipt in
accordance with its normal practice. If the amount of the Original Currency
which the Bank is able to purchase is less than the amount of such currency
originally due to the Bank in respect to the relevant obligation, the Guarantor
shall indemnify and save the Bank harmless from and against any loss or damage
arising as a result of such deficiency. This indemnity shall constitute an
obligation contained in this Guarantee, shall give rise to a separate and
independent cause of action, shall apply irrespective of any indulgence granted
by the Bank and shall continue in full force and effect notwithstanding any
judgment or order in respect of any amount due hereunder or under any judgment
or order.

APPLICABLE LAW

6.05          This Guarantee shall be conclusively deemed to be a contract made
under, and shall for all purposes be governed by, and construed and interpreted
in accordance with, the laws of Ontario, in effect from time to time, excluding
any choice of law rules that may direct the application of the laws of another
jurisdiction, without prejudice to or limitation of any other rights or remedies
available under the laws of any jurisdiction, where property or assets of the
Guarantor may be found.
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JURISDICTION

6.06          The Guarantor and the Bank hereby irrevocably agree that any
suits, actions or proceedings arising out of or in connection with this
Guarantee (collectively "Proceedings") may be brought in any court in the
Province of Ontario and each submits and attorns to the non-exclusive
jurisdiction of each such court.

6.07          The Guarantor and the Bank hereby irrevocably waive any objections
which they may have now or hereafter to the laying of the venue of any
Proceedings in any court referred to in Section 6.06 and any claim that any such
Proceedings have been brought in any inconvenient forum and further irrevocably
agree that a judgment in any Proceedings brought in any such court shall be
conclusive and binding upon the Guarantor or the Bank, as the case may be, and
may be enforced in any courts to the jurisdiction of which such parties may be
subject by Proceedings upon such judgment.

6.08          Nothing contained in this Section 6 shall limit the right of the
Bank to take Proceedings against the Guarantor in any other court of competent
jurisdiction nor shall the taking of Proceedings in one or more jurisdictions
preclude the taking of Proceedings in any other jurisdiction, whether
concurrently or not.

6.09          The Guarantor hereby irrevocably:

       (i)    appoints the Borrower as its agent for service of process in the
              Province of Ontario in connection with any Proceedings in the
              Province of Ontario and consents to process being served in any
              Proceedings in the Province of Ontario by delivering or
              transmitting a true copy thereof to the Borrower at its address;

       (ii)   agrees that service in accordance with the provisions of clause
              6.09 (i) shall be deemed in every respect effective service of
              process upon the Guarantor in any such Proceedings and shall, to
              the fullest extent permitted by law, be taken and be held to be
              valid personal service upon the personal delivery to the
              Guarantor; and

       (iii)  consents generally to the fullest extent permitted by law in
              respect of any Proceedings to the giving of any relief and the
              issue of any process in connection with such Proceedings including
              the making, enforcement or execution against any property
              whatsoever (irrespective of its use or intended use) of any order
              or judgment which may be made or given in such Proceedings.

6.10          THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTEE, THE TRANSACTIONS
CONTEMPLATED HEREBY OR THE ACTIONS OF THE GUARANTOR OR THE BANK IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.

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COSTS AND EXPENSES

6.11          The Guarantor shall pay on demand by the Bank any and all costs,
fees and expenses, including outside legal costs and expenses, incurred by the
Bank:

       (i)    in having its outside counsel review and provide legal opinions in
              connection with the preparation of the Guarantee (but in no event
              shall such costs, fees and expenses to be paid by the Guarantor
              pursuant to this Section exceed Cdn. $10,000); and

       (ii)   in connection with enforcing any of its rights and remedies under
              this Guarantee.

NO WAIVER, CUMULATIVE REMEDIES

6.12          No failure to exercise and no delay in exercising, on the part of
the Bank, any right, remedy, power or privilege hereunder or under any credit
agreement, shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder or under any credit
agreement preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein and under any credit agreement are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.

WAIVER OF RIGHTS OF SUBROGATION, REIMBURSEMENT, ETC.

6.13          Until full, final, and irrevocable payment in full of the
Guaranteed Liabilities and until any commitment of the Bank to extend financial
accommodation to the Borrower is permanently cancelled, the Guarantor hereby
irrevocably waives any claim or other rights that it may now or hereafter
acquire against the Borrower that arise from the existence, payment, performance
or enforcement of the Guaranteed Liabilities under this Guarantee or any credit
agreement, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to
participate in any claim or remedy of the Bank against the Borrower or any
collateral, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, including the right to take or receive from the
Borrower, directly or indirectly, in cash or other property or by set-off or in
any other manner, payment or security on account of such claim, remedy or right.
If any amount shall be paid to the Guarantor in violation of the preceding
sentence at any time prior to the later of the payment in full of the Guaranteed
Liabilities and all other amounts payable under this Guarantee and the
termination of any commitment, such amount shall be held in trust for the
benefit of the Bank and shall forthwith be paid to the Bank to be credited and
applied to the Guaranteed Liabilities and all other amounts payable under this
Guarantee, whether matured or unmatured, in accordance with the terms of any
credit agreement, or to be held as collateral for any Guaranteed Liabilities or
other amounts payable under this Guarantee thereafter arising. The Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements provided by the Bank to the Borrower, and that the
waiver, set forth in this Section 6.13, is knowingly made in contemplation of
such benefits.

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GUARANTEE IN ADDITION TO OTHER OBLIGATIONS

6.14          The obligations of the Guarantor under this Agreement are in
addition to and not in substitution for any other obligations of the Guarantor
to the Bank in relation to any credit agreement and any guarantees or security
at any time held by or for the benefit of the Bank.

STAY OF ACCELERATION

6.15          If acceleration of the time for payment of any amount payable by
the Borrower in respect of the obligations guaranteed is stayed upon the
insolvency, bankruptcy or reorganization of the Borrower or any moratorium
affecting the payment of the obligations of the Borrower guaranteed hereby, all
such amounts otherwise subject to acceleration shall nonetheless be payable by
the Guarantor hereunder automatically and without any requirement for any demand
by the Bank.

ENTIRE AGREEMENT

6.16          This Guarantee, including all documents contemplated hereby,
constitutes the entire agreement between the parties with respect to the subject
matter and supersedes all prior negotiations, undertakings, representations and
understandings.

SEVERABILITY

6.17          Any provision of this Guarantee which is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions
and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

SUCCESSORS AND ASSIGNEES

6.18          This Agreement shall be binding upon and enure to the benefit of
the Guarantor and the Bank and its respective successor and permitted assignees,
except that the Guarantor may not assign any of its obligations hereunder
without the express prior written consent of the Bank.

EFFECTIVE DATE

6.19          This Agreement is effective as of the effective time of completion
of the Separation.

NOTICE

6.20          Any notice or demand to or upon the Guarantor and any notice to be
provided to the Bank, to be effective, shall be in writing or by telecopy,
telegraph or telex, and shall not be effective until received and shall be
addressed as follows:

<PAGE>   13

                                     - 13 -

                  Ceridian Corporation
                  3311 East Old Shakopee Road
                  Minneapolis, Minn. 55425-1640
                  U.S.A.

                  Telephone:    (952) 853-5265
                  Fax:          (952) 853-3932
                  Attention:    John H. Grierson, Vice President & Treasurer

                  Canadian Imperial Bank of Commerce
                  Winnipeg Commercial Banking Centre
                  500 -- One Lombard Place, P.O. Box 814
                  Winnipeg, MB  R3C 2P3  Canada

                  Telephone:  (204) 944-5033
                  Facsimile:  (204) 943-8347
                  Attention:  Director

COUNTERPARTS

6.21          This Guarantee and the acceptance thereof may be executed in any
number of separate counterparts and all said counterparts taken together shall
be deemed to constitute one and the same instrument.

CONSEQUENTIAL DAMAGES

6.22          THE GUARANTOR HEREBY WAIVES ANY RIGHT IT MAY NOW OR HEREAFTER HAVE
TO CLAIM OR RECOVER FROM THE BANK ANY CONSEQUENTIAL, EXEMPLARY OR PUNITIVE
DAMAGES.

              IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to
be duly executed and delivered by its proper and duly authorized officers as of
March 27, 2001.

                           NEW CERIDIAN CORPORATION

                           By:  /s/ John H. Grierson
                           Name John H. Grierson
                           Title:  Vice President and Treasurer

                           By:  /s/ Gary M. Nelson
                           Name Gary M. Nelson
                           Title: Vice President, General Counsel & Secretary

<PAGE>   14

                                     - 14 -

                                    CANADIAN IMPERIAL BANK OF
                                    COMMERCE

                                    By:    /s/ Ron D. Craven
                                        --------------------------------------
                                    Name   Ron D. Craven
                                    Title: Manager Commercial Credit

                                    By:    /s/ Ken Hargreaves
                                        --------------------------------------
                                    Name   Ken Hargreaves
                                    Title: Director<PAGE>   1

                                                                    EXHIBIT 10.4

                               SANCTION AGREEMENT

THIS AGREEMENT, made and entered into this 9th day of March, 1999, by and
between the NATIONAL HOT ROD ASSOCIATION (NHRA), a California corporation, with
principal offices at 2035 Financial Way, Glendora, California, hereinafter
referred to as "NHRA" and The Colonel's Brainerd International Raceway, Inc., a
Minnesota corporation, hereinafter referred to as "CBIR".

         In consideration of the premises, promises and covenants contained
herein, the parties hereto mutually agree as follows:

         1. NHRA and CBIR hereby agree that NHRA shall sanction and conduct the
event provided for herein to be conducted at the racing facilities located at
Brainerd International Raceway (FACILITY) on the basis of the terms and
conditions provided for herein.

         2. The FACILITY: The FACILITY shall include everything necessary and
reasonable for the conduct of an NHRA Championship National Event and all
aspects of the FACILITY shall be properly prepared and suitable for the conduct
of an NHRA Championship National Event. Completeness and suitability of the
FACILITY shall be determined in the sole and absolute discretion of NHRA. All
elements of the FACILITY shall be in compliance with all applicable local, state
and federal codes, regulations and statutes and CBIR shall have obtained all
required permits, licenses and other approvals for the conduct of an NHRA
Championship National Event. Further, CBIR warrants that it will comply with all
federal, state and local laws, regulations and ordinances. The FACILITY is
described in Attachment 1, which is attached hereto and incorporated herein by
this reference.

<PAGE>   2

         ADA Compliance: CBIR represents and warrants that the FACILITY complies
fully with the requirements of the Americans with Disabilities Act. CBIR will
defend, indemnify and hold NHRA, its directors, officers, employees and members
harmless from and AGAINST ANY AND ALL DAMAGE, liabilities, costs and expenses
(including but not limited to attorney fees) incurred by or imposed upon NHRA in
connection with or arising out of any claim, action, suit, proceeding or appeal
therein (such expenses to include the cost of reasonable settlement made with a
view to curtailment of costs of litigation) in which it has been determined or
alleged that the FACILITY violated Title III of the Americans with Disabilities
Act.

         Sponsor and Racer Seating: CBIR shall reserve a section of seats
acceptable to NHRA for the exclusive use of representatives of sponsors, racers,
and racers' crews who have been provided credentials for such seating by NHRA.
The section provided for herein shall be in one location with sufficient
capacity to accommodate all such persons on each day of the EVENT. CBIR shall
provide adequate signage and security to prevent such areas from being used by
persons without appropriate credentials provided for herein.

CBIR shall maintain the FACILITY from year to year at the expense of CBIR to the
end that the FACILITY will not deteriorate or become substandard. CBIR shall
make such physical improvements to the FACILITY as are needed to maintain the
FACILITY to the standards established for National Event Tracks as determined in
the sole and absolute discretion of NHRA. Such improvements shall include but
not be limited to all physical facility improvements which are required to
correct any unsafe condition as determined in the sole and absolute discretion
of NHRA.

         3. Term:  The term of this Agreement shall be from February 1, 1999 to
December 31, 1999.

<PAGE>   3

         In consideration of Ten Dollars and other good and valuable
consideration, receipt of which is hereby acknowledged by CBIR, NHRA shall have
the further rights and options to extend this Agreement for the sanction and
conduct of the event provided for herein follows:

                   A three (3) year extension of the TERM OF THIS AGREEMENT with
              the same terms and conditions as herein described, this first
              three (3) year extension commencing on the day next following the
              expiration of this Agreement; and

                   A three (3) year extension of the term of this Agreement with
              the same terms and conditions as herein described, this second
              three (3) year extension commencing on the day next following the
              expiration of the first three (3) year extension mentioned above;
              and

                   A three (3) year extension of the term of this Agreement with
              the same terms and conditions as herein described, this third
              three (3) year extension commencing on the day next following the
              expiration of the second three (3) year extension mentioned above.

         Each three (3) year term extension option may be exercised by written
notice to CBIR received no later than thirty (30) days prior to the first day of
the three (3) year extension for which such option is exercised.

         4. Duration of Event: CBIR agrees that it WILL not schedule any other
activity during the time that any EVENT is held nor for a period of ten (10)
days immediately prior to the EVENT or for a period of ten (10) days after the
EVENT. For purposes of this Agreement the EVENT shall occupy a seven (7) day
period which shall be selected by NHRA in its sole and absolute discretion and
communicated to CBIR, no later than sixty (60) days prior to the date of the
EVENT.

         5. Sanction Fee: CBIR shall pay NHRA, a8 the sanction fee for the
conduct of the EVENT and for the purse for each of the years of the term of this
Agreement, one Million, One Hundred Twenty-Five Thousand Dollars ($1,125,000)
which shall be paid as follows:

<PAGE>   4

            1. Two Hundred and Fifty Thousand Dollars ($250,000) shall be paid
to NHRA with the execution of this Agreement.

            2. One half of the remaining sanction fee shall be paid to NHRA not
LATER THAN SIXTY (60) days prior to the first day of the EVENT.

            3. The balance of the sanction fee shall be paid to NHRA not later
than thirty (30) days prior to the first day of the EVENT.

         6. Income and Expenses: CBIR shall have a right to and shall be
provided all revenues described on Attachment 2 which is attached hereto and
incorporated herein by this reference. All expenses shall be borne by the party
incurring the expense. Such expenses to be borne by the individual parties shall
include but not be limited to those expenses which are listed on Attachment 3.

         7. CBIR and NHRA Responsibilities: CBIR and NHRA shall be responsible
for undertaking such duties and responsibilities incident to the conduct of the
EVENT as are delineated on Attachment 3 which is attached hereto and
incorporated herein by this reference.

         The parties designated shall be responsible for all costs incurred in
such undertakings except as otherwise provided therein.

         8. Admission Fees: Spectator admission fees and reserved seat premiums
to be charged at the EVENT shall be determined by CBTR. Participant fees shall
be determined by NHRA. Such fees shall be consistent with other National Events
of similar size and no fees shall be charged to participants or others which are
not charged at other National Events.

         9. Purses: It is agreed that the determination of purses of all EVENTS
shall be made by NHRA, and NHRA agrees that all such determinations shall be
reasonable and consistent with other NHRA National Event purses for National
Events of similar size.

<PAGE>   5

         10. Souvenir Sales-NHRA: NHRA's licensed contractor shall have the sole
and exclusive right to sell all souvenirs and novelty items, including but not
limited to, T-shirts, hats, jackets, visors, other clothing apparel, patches,
pennants, pins, watches and jewelry items, including but not limited to those
identified with NHRA or the EVENT. Such contractor shall be provided locations
for the sale of such merchandise which are the same as such locations provided
to the contractor during the EVENT conducted at the FACILITY in 1998.

         11. Souvenir Sales-CBIR: Notwithstanding the foregoing to the contrary,
CBIR shall have the right to sell track-identified souvenirs and wearing
apparel. The souvenir and apparel items sold by CBIR shall consist of only those
items identified with the track name and/or track logo. No such souvenirs and
apparel shall be identified with the names, logos, or graphics of the EVENT, the
EVENT name, or NHRA, unless otherwise consented to, in writing, by LESSEE. Nor
shall such souvenirs and apparel be identified with the names or likenesses of
any racing participant, racing vehicle or racing team or manufacturer or
manufacturer's products or any other such identification not related solely to
the FACILITY.

         12. Location of Souvenir Sales: CBIR shall have the right to sell
track-identified souvenirs and wearing apparel from two souvenir stand locations
during the EVENT. The first location is intended to be the permanent, regular
souvenir stand or gift shop as used by CBIR at CBIR'S regular events.

<PAGE>   6

The second souvenir location:

             a. Shall be located on the spectator side and shall sell only
             merchandise permitted in the previous paragraph;

             b. Maximum permanent sales location size 500 square feet, or
             maximum temporary sales tent dimension of 20 x 20 feet;

             c. A ten percent (lox) royalty on gross sales, (less state and
             local sales tax) will be paid to NHRA's licensed contractor. NHRA
             will receive no royalties on sales from this location.

         13. Layout of Facility: NHRA shall have the right to determine the
layout of the professional pits, the manufacturers midway area and the sportsmen
pits and the area devoted to such areas shall be equal or greater than allocated
to such areas in 1998 and shall be in the same location.

         14. Event Program NHRA Membership, Television: NHRA shall retain the
exclusive right to produce, print and sell an official EVENT program but may
assign said right to CBIR annually. All revenue received and all expenses
incurred in producing the program will inure to and be the sole responsibility
of the party producing the program.

NHRA shall have the sole and exclusive right to sell NHRA memberships and NHRA
materials as customarily sold BY NHRA at all times during the EVENT, including
but not limited to the sale of its program, its National Dragster newspaper and
other publications. All proceeds from the SALE thereof shall belong exclusively
to NHRA. NHRA will provide necessary personnel to accomplish such sales.

NHRA shall have the exclusive right to negotiate for and to approve all
photograph, film, video, other imaging technology, television and radio
agreements for the EVENT, proceeds from which shall be exclusively for the
benefit of NHRA.

<PAGE>   7

         15. Advertising: All sponsor displays, promotional displays and the
allocation of display space at the EVENT shall be subject to the exclusive
control of CBIR. Notwithstanding the foregoing to the contrary, NHRA shall have
the right to preclude any advertising which is in conflict with the on-site
advertising of major EVENT title sponsors, SERIES sponsors, or other sponsors
identified by NHRA. NHRA shall have the reasonable right to remove and/or
relocate any sign that violates the above restrictions. CBIR agrees to offer
right of first refusal for all areas of on-site signage to sponsors in the Major
Sponsor Contingency Program, sponsors of other series including, but not limited
to, Top Fuel, Funny Car and Pro Stock qualifying programs, EVENT title sponsors,
overall Series sponsors, television sponsors, and other sponsors identified by
NHRA. CBIR shall provide, at no cost, display space for all NHRA contingency
SPONSORS, major event title sponsors, series and program sponsors, and other
sponsors identified by NHRA. Such display space shall be the same size as or
greater and in the same locations as provided to such NHRA sponsors in 1998.

NHRA shall have the exclusive right to solicit, accept, provide and/or reject
sponsors' contingency awards consistent with those awards pledged by sponsors at
other comparable NHRA National Events.

CBTR shall have the exclusive right to select a "Title Sponsor" and any
"Presenting Sponsor" of the EVENT with determination concerning guidelines for
such sponsorship and fees to be made exclusively by NM and such Title Sponsor
and/or Presenting Sponsor must be acceptable to NHRA.

         16. Ticketing: NHRA shall have the responsibility for printing and
auditing all credentials for the EVENT and shall have the right to provide such
credentials to those warranting such credentials in the sole and absolute
discretion of NHRA.

<PAGE>   8

         17. Promotion: CBIR shall develop a plan and budget for the promotion
and advertising of the EVENT after consultation with NHRA.

         18. Rights to Names: CBIR acknowledges and agrees that NHRA owns
certain names and logos and that all right, title and interest in such names and
logos, whether or not trademarked or copyrighted, and all good will associated
with or symbolized by such names and logos, are the exclusive property of NHRA
and that CBIR may not without prior written authorization of NHRA, use, or
permit others to use the same for any purpose, including but not limited to
titles of events, promotional or commercial activities or as part of souvenirs
and novelty items, including but not limited to, T-shirts, hats, jackets,
visors, other clothing, apparel, patches, pennants, pins, watches, jewelry items
or other items customarily sold by CBIR or CBIR's agents at racing events or
elsewhere. The names and logos which are subject to this prohibition include
but are not limited to National Hot Rod Association, NHRA, Nationals and/or any
other title that NHRA may select for the EVENTS to be held under this Agreement,
Top Eliminator Club and associated logos and other names and logos used by NHRA
which may or may not be trademarked or copyrighted and those names and logos
which are deceptively similar to the names and logos subject to this Paragraph.
Nothing in this Agreement will be deemed to constitute or result in an
assignment of any of the names or logos or the creation of any equitable or
other interests in them. CBIR agrees that it will not impugn, challenge or
assist in any challenge to the validity of the names or logos, any registrations
thereof or the ownership thereof. CBIR agrees that during the term of this
Agreement and for a period of ten (10) years after the final EVENT held pursuant
to this Agreement, it will not hold or permit to be held by anyone other than
NHRA, any event on the FACILITY bearing any combination of the words "annual"
and ____________________________"NATIONALS." CBIR shall not conduct or

<PAGE>   9

permit to be conducted races which might induce the public to believe that they
are the National Events customarily sponsored and produced by NHRA unless
actually sponsored and produced by NHRA pursuant to this Agreement or any new
agreement between the parties hereto, unless prior written approval is granted
by NHRA.

         19. Right of First Refusal-Facility: It is understood and agreed that
in consideration of NHRA having entered into this Agreement and other good and
valuable consideration, the sufficiency of which is hereby acknowledged, NHRA
shall have a right of first refusal to purchase the interest in the FACILITY now
held by CBIR in the event CBIR receives a binding written offer to purchase the
FACILITY (the "Offer") which CBIR intends to accept. For purposes of this
Paragraph, an offer to purchase is in evidence where there is an intent to sell,
transfer, convey, encumber, hypothecate or in any other fashion obligate an
interest in CBIR to any other person or entity. A transfer shall include, but
not be limited to, a transfer of any legal or beneficial interest in the
FACILITY or a merger with another entity. NHRA's right of first refusal shall
arise only if the third party entity tendering such offer has no common
ownership with the then existing ownership structure of the entity to which the
offer has been tendered. Further, no such right of first refusal shall arise in
the event that the existing ownership interest in the FACILITY is transferred by
a public offering or to a majority shareholder of the parent company of CBIR,
the Colonel's International, Inc. notwithstanding the foregoing to the contrary,
except for the transfer to the majority shareholder of The Colonel's
International, Inc., in the event that an offer is made to purchase twenty-five
percent (25%) or more of the outstanding shares of stock of CBIR, the right of
first refusal provided NHRA herein shall apply. Within ten (10) days of approval
by CBIR of an Offer, CBIR shall give notice to NHRA of its intent to-accept the
Offer. Such notice shall include a copy of the offer and a copy of the earnest

<PAGE>   10

money check. NHRA shall have thirty (30) days after such notice to give notice
to CBIR of its acceptance or rejection of the offer. The Offer must be accepted
or rejected without change, except that NHRA shall have a minimum of one hundred
and twenty (120) days between the date of acceptance of the Offer by NHRA and
the transfer of ownership of the FACILITY to NHRA. Should NHRA fail to accept
the Offer within the thirty (30) days notice period, CBIR shall be free to sell
such interest to a third party on terms no more favorable to the buyer than
those contained in the Offer.

         20. Rain Dates: In the event of inclement weather necessitating the
cancellation of the EVENT or any portion of the EVENT, the EVENT shall not be
moved to another location, but shall be rescheduled at the FACILITY during the
dates of the lease term, at the option of NHRA or at some other time as may be
selected by NHRA at its sole and absolute discretion. Expenses incurred as a
result of a delay in the conduct of the EVENT caused by rain or other causes
beyond the reasonable control of the parties shall be borne by the parties as
provided for herein as though there were no such delay. Nothing herein contained
shall be deemed to prevent either party from procuring rain insurance, the
proceeds (if any) to belong exclusively to the party procuring said insurance.

         21. Partnerships: It is mutually agreed by and between the parties
hereto that nothing in this Agreement shall be construed or interpreted to
create or form a partnership or joint venture between the parties hereto, it
being understood and agreed that each party hereto is fully responsible for its
separate individual debts, liabilities and obligations and that the relationship
of the parties shall be that of sanctioning organization and race promoter.

         22. Compliance With Member Track Agreement: In consideration of the
funding which has been made pursuant to the terms of this Agreement, toward the
development of

<PAGE>   11

various improvements on the FACILITY of C13IR and in recognition of NHRA's
contribution pursuant to this Agreement, in consideration of the time, effort,
and expense which has been undertaken by NHRA in the promotion of the EVENT and
the FACILITY, in recognition of the potential liability of NHRA for occurrences
at the FACILITY, regardless of NHRA's involvement, as a result of the
identification of NHRA with the FACILITY, in recognition of the need to reduce
the incidence of accidents, increase safety and create uniformity of procedure
by insuring that all drag racing events are conducted under the rules and
procedures promulgated by NHRA, and in recognition of the irreparable harm which
would be done to the business opportunity of NHRA if CBIR were to schedule
competing events at the FACILITY, CBIR agrees that as long as this Agreement
and/or any renewal or extension thereof is in force and effect, that CBIR will
not permit any drag races to be conducted on the FACILITY unless such races are
conducted pursuant to the Member Track Agreement between CBIR and NHRA.

         23. Contract, Jointly Drafted. This Agreement has been drawn as a
result of the combined efforts of the parties hereto and, therefor, any
ambiguity shall not be construed more strongly in favor of or against either
party.

         24. Force Majeure: Neither party shall be liable to the other for
inability to fulfill its obligations hereunder resulting from strikes, acts of
God, limitations or restrictions imposed by governmental agencies, or any other
cause beyond the control of the parties.

         25. Default and Termination: In the event a party to this Agreement is
in Material Default of this Agreement, the nondefaulting party shall have the
right to terminate this Agreement and/or seek the other remedies as provided for
herein. A Material Breach shall exist when a party fails to perform as is
provided for in this Agreement, including but not limited to undertaking acts
which are prohibited by this Agreement or failing to undertake acts which are

<PAGE>   12

required by this Agreement or when a party voluntarily files for a bankruptcy or
insolvency proceeding or is adjudged as bankrupt in an involuntary bankruptcy
proceeding. If either party in the performance of this Agreement commits a
Material Default, the other party shall be entitled to give notice of default
specifying in reasonable detail the default of the other party and the actions
necessary for the defaulting party to cure the default. If the defaulting party
thereafter does not cure the default within thirty days of receipt of notice of
default (or the first failure to accept post office delivery of or pick up the
notice of default after notice from the applicable post office) or submit the
matter to arbitration as is provided for in this Agreement to determine whether
a default is in evidence, the non-defaulting party shall be entitled to
terminate this Agreement and/or take such other action provided for herein by
notice to the defaulting party. The remedies set forth herein for events of
default are cumulative with rather than in lieu of legal and equitable remedies
otherwise available. A party's pursuit of any remedy provided in this Agreement
does not preclude that party from pursuing other remedies, whether set forth in
this Agreement or authorized by law or equity and the non-defaulting party shall
have the right to seek such legal and equitable remedies as might be available
to it.

         26. Arbitration: Any controversy or claim arising out of or relating to
this Agreement or the breach thereof, shall be governed by the laws of the State
of California and shall be exclusively settled by arbitration, in accordance
with rules, then obtaining, of the American Arbitration Association in the State
of California, and judgment upon the award rendered may be entered into any
court, state or federal, having jurisdiction thereof.

The arbitration provisions of this Agreement shall, with respect to any
controversy or claim, survive the termination or expiration of this Agreement.
Nothing herein contained shall be

<PAGE>   13

deemed to give the arbitrators the authority, power, or right in any way to
change any of the terms or provisions of this Agreement.

         27. Severability: Invalidation of any provision of this Agreement by
judgment or court order shall not affect the validity of any of the other
provisions, which shall remain in full force and effect.

         28. Notice: Any notice provided for herein shall be given by registered
United States mail, postage prepaid, addressed:

If to the CBIR:

             The Colonel's Brainerd International
             Raceway, Inc.
             c/o Richard Schoenfeldt
             620 Platt Road
             Milan, MI 48170

Copy to:

             Ted M. Gans, PC
             P.O. Box 1122
             Bloomfield Hills, MI 48304

If to NHRA:
             Cary J. Menard, Vice President
             Business & Legal Affairs
             National Hot Rod Association
             2035 Financial Way
             Glendora, California 91741-4602

With copies to:   John Russell Deane III
                  Trainum, Snowdon & Deane
                  1317 F Street, N.W., Suite 550
                  Washington, D.C. 20004

<PAGE>   14

The party and the place to which notices are to be mailed may be changed from
time to time by either party by written notice given to the other party. Notice
to be effective upon date of postmark.

         29. Execution of Documents: CBIR and NHRA agree that they each, at the
request of the other, will promptly cooperate in the execution and delivery of
any and all documents considered necessary to give effect to any of the
provisions contained herein or to preserve the rights and interests created
hereunder including, but not limited to, protection of the name or names of the
EVENTS provided for herein and protection of the rights to lease the FACILITY in
accordance with the terms of this Agreement.

         30. Agreement Binding: This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their, and each of their, respective
heirs, administrators, legal representatives, successors and/or assigns (as the
case may be).

         31. Non-Assignment: Neither this Agreement nor any interest in this
Agreement may be assigned by CBIR without the express, written consent of NHRA
which shall not be unreasonably withheld. Further, CBIR shall not sell,
transfer, convey, encumber, hypothecate or in any other fashion obligate any or
all of its right and obligations under this Agreement to any other person or
entity. Further, the identity of CBIR shall not be changed as a result of or
there shall not be a sale or transfer of any shares of stock or shares of
ownership of CBIR or any other transfer of any legal or beneficial interest of
CBIR to another person or entity without the express written consent of NHRA
which consent shall not be unreasonably withheld. Further CBIR shall not
purchase, engage in a merger with or engage in a transfer of any legal or
beneficial interest in another entity or change the principals of CBIR without
the express written consent of NHRA which consent shall not be unreasonably
withheld. In the event CBIR shall violate any provision

<PAGE>   15

of this Paragraph, NHRA shall have the right to terminate this Agreement thirty
days after notice by NHRA to CBIR of the violation of this Agreement unless the
event giving rise to such termination shall have ceased to exist within such
time. In addition to the rights to terminate provided for herein, NHRA shall
have the right to seek such legal and equitable remedies as might be available
to it. CBIR and NHRA agree that a breach by CBIR of the prohibitions provided
for herein will result in damages which would be extremely difficult to
determine. Therefore, the parties agree that in the event of a breach of any
prohibition of this Paragraph, CBIR shall pay to NHRA the sum of Five Million
Dollars ($5,000,000) as liquidated damages, and not as a penalty, if this remedy
is selected by NHRA in its sole and absolute decision. This remedy is not
cumulative with the other remedies provided for herein and if NHRA determines to
receive liquidated damages, such liquidated damages shall be NHRA's only remedy
for the breach of a duty provided for herein.

         32. Presence Package: At all times during the term of this Agreement
while NHRA is a party to a contractual relationship with R. J. Reynolds or any
of its subsidiaries, CBIR shall be a party to a "Presence Package" Agreement
with R. J. Reynolds or a subsidiary thereof.

<PAGE>   16

         IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed on the day and year first above written, and to be executed by each
party's duly authorized officer, and their corporate seals to be hereunto
affixed.

                                    NATIONAL HOT ROD ASSOCIATION

Dated this _____ day of             By:  ________________________________
___________, 19_____

                                    THE COLONEL'S BRAINERD INTERNATIONAL
                                          RACEWAY, INC.

Dated this _____ day of             By:  _________________________________
___________, 19_____

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