Document:

exv10w14

 

EXHIBIT 10.14

FOURTH AMENDMENT TO CREDIT AGREEMENT

     THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 9,
2004, is entered into by and among CERIDIAN CORPORATION, a Delaware corporation formerly known as
New Ceridian Corporation (the “Borrower”), the several financial institutions party to the
Credit Agreement defined below (each a “Lender” and, collectively, the “Lenders”)
and BANK OF AMERICA, N.A., as administrative agent for itself and the other Lenders (in such
capacity, the “Administrative Agent”).

RECITALS

     A. The Borrower, each Lender and the Administrative Agent are parties to that certain
Credit Agreement dated as of January 31, 2001 as amended (the “Credit Agreement”),
pursuant to which the Administrative Agent and the Lenders have extended certain credit
facilities to the Borrower.

     B. The Borrower has advised the Lenders that because of the review of certain
capitalization and expensing procedures as disclosed in the Borrower’s press releases dated
July 19, 2004, August 5, 2004, September 30, 2004 and October 18, 2004, it has determined that
it will not be able to file with the SEC its quarterly report on Form 10-Q with respect to the
fiscal quarter ending June 30, 2004 within the time period contemplated by the Third Amendment
to Credit Agreement dated as of September 30, 2004, among the parties hereto, and that it will
not be able to timely file with the SEC its quarterly report on Form 10-Q with respect to the
fiscal quarter ending September 30, 2004, and the Borrower has requested that the Lenders agree
to certain amendments of the Credit Agreement to accommodate such determination.

     C. The Borrower has further advised the Lenders that the above-described accounting review
will require the Borrower to restate past financial statements and related reports, and the
Borrower has requested that the Lenders agree to certain amendments of the Credit Agreement to
accommodate any such restatement.

     D. The Lenders are willing to amend the Credit Agreement subject to the terms and
conditions of this Amendment.

     NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall
have the meanings, if any, assigned to them in the Credit Agreement.

     2. Amendments to Credit Agreement. The Credit Agreement shall be amended as follows,
effective as of the Effective Date:

 

 

          (a) The definition of “Material Adverse Effect” appearing in Section 1.01 of the
Credit Agreement shall be hereby amended by adding the following new sentence at the end thereof:

     It is understood and agreed that none of the following, individually or in the
aggregate, will constitute a Material Adverse Effect: (a) any delay in filing the Borrower’s
quarterly report on Form 10-Q filed with the SEC for the fiscal quarters of the Borrower
ending June 30, 2004 and September 30, 2004, which does not extend to a date later than
December 31, 2004; (b) the determination by the Borrower that a restatement is required of
financial reports or other information previously required to be delivered under this
Agreement with respect to periods ending before June 30, 2004, as disclosed in the
Borrower’s press release dated October 18, 2004, as a result of the review of certain
capitalization and expensing procedures at its Human Resources Solutions business, as
disclosed in the Borrower’s press releases dated July 19, 2004, August 5, 2004, September
30, 2004 and October 18, 2004 (the “Review”); (c) any such actual restatement which
is furnished to the Lenders on or before December 31, 2004, to the extent such restatement
is not asserted in writing by the Required Lenders on or before January 15, 2004 to
constitute a Material Adverse Effect; and (d) any effect of the Review on the financial
statements furnished to the Lenders with respect to either of the fiscal quarters ending
June 30, 2004 or September 30, 2004 which are furnished to the Lenders on or before December
31, 2004, to the extent such effect is not asserted in writing by the Required Lenders on or
before January 15, 2005 to constitute a Material Adverse Effect.

          (b) Section 6.01(b) of the Credit Agreement shall be amended by inserting the
following proviso before the period at the end thereof:

     ; provided however, that with respect to the fiscal quarters of the Borrower
ending June 30, 2004 and September 30, 2004, the Borrower will not be required to deliver
the reports or other information described above in this Section 6.01(b) until December 31,
2004; provided further, that this Section 6.01(b) will be not deemed
breach or violated (x) by reason of the Borrower’s determination, as disclosed in the
Borrower’s press release dated October 18, 2004, that a restatement of financial reports
of the Borrower or other information previously required to be delivered under this
Section 6.01(b) with respect to any period ending before June 30, 2004, is required
as a result of the Review or (y) when any such actual restatement is furnished to the
Lenders, to the extent such restatement is not asserted in writing by the Required Lenders
to constitute a material restatement of such previously delivered financial reports and
other information.

          (c) Section 6.02(a) of the Credit Agreement shall be amended by inserting the
following proviso before the period at the end thereof:

     ; provided however, that this Section 6.02(a) will not be deemed
breached or violated (x) by reason of the Borrower’s determination, as disclosed in the
Borrower’s press release dated October 18, 2004, that a restatement of financial reports of
the Borrower or other information previously required to be furnished under this Section
6.02(a) with respect to any period ending before June 30, 2004, is required as a result
of the

2

 

Review; or (y) when such actual restatement is furnished to the Lenders, to the extent
such restatement is not asserted in writing by the Required Lenders to constitute a material
restatement of such previously delivered financial reports and other information.

          (d) Section 6.09 of the Credit Agreement shall be amended by inserting the following
proviso before the period at the end of the first sentence thereof:

     ; provided however, that the Borrower will not be deemed to have breached or
violated this Section 6.09 (x) by reason of the Borrower’s determination, as
disclosed in the Borrower’s press release dated October 18, 2004, that it is required as a
result of the Review to restate its books and records of account for any period ending
before June 30, 2004; or (y) when any such actual restatement is furnished to the Lenders,
to the extent such restatement is not asserted in writing by the Required Lenders to
constitute a material restatement of such books and records of account.

          (e) Sections 7.09 and 7.10 shall be amended by inserting the following proviso before
the period at the end thereof:

     ; provided however, that this requirement will not be measured with respect to
the fiscal quarters ending June 30, 2004 and September 30, 2004 until the financial reports
required under Section 6.01(b) with respect to such period are furnished in
accordance with Section 6.01(b).

     (f) Section 8.01(d) shall be amended by inserting the following proviso before
the semi-colon at the end thereof:

     ; provided however, that no representation or warranty made by the Borrower
which is based on or related to any previously furnished reports or information required to
be restated as a result of the Review will be deemed to have been incorrect in any material
respect when made or deemed made, for all purposes under this Agreement, (x) notwithstanding
that the Borrower’s determination, as disclosed in the Borrower’s press release dated
October 18, 2004, that it is required as a result of the Review to restate its books and
records, financial reports or related information furnished under this Agreement with regard
to any period ending before June 30, 2004; or (y) when any such actual restatement is
furnished to the Lenders, to the extent such restatement is not asserted in writing by the
Required Lenders to constitute a material restatement of such previously delivered reports
or information.

     3. Representations and Warranties. The Borrower hereby represents and warrants to the
Administrative Agent and the Lenders as follows:

          (a) No Default or Event of Default has occurred and is continuing.

          (b) The execution, delivery and performance by the Borrower of this Amendment have been duly
authorized by all necessary corporate and other action and do not and will not require any
registration with, consent or approval of, notice to or action by, any Person (including any
Governmental Authority) in order to be effective and enforceable. The Credit Agreement as amended
by this Amendment constitutes the legal, valid and binding

3

 

obligation of the Borrower, enforceable against it in accordance with its respective terms,
without defense, counterclaim or offset.

          (c) All representations and warranties of the Borrower contained in Article V of the
Credit Agreement are true and correct as of the Effective Date, except to the extent such
representations and warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date.

          (d) The Borrower is entering into this Amendment on the basis of its own investigation and for
its own reasons, without reliance upon the Administrative Agent and the Lenders or any other
Person.

     4. Effective Date. This Amendment will become effective as of November 9, 2004 (such
date, the “Effective Date”), to the extent all of the conditions precedent set forth in
this Section 4 have been satisfied on or prior to November 9, 2004:

          (a) The Administrative Agent shall have received from each of the Borrower and the Required
Lenders a duly executed original (or, if elected by the Administrative Agent, an executed facsimile
copy) counterpart to this Amendment.

          (b) The Administrative Agent shall have received from the Borrower a certificate executed by
the secretary, deputy secretary or assistant secretary of the Borrower providing satisfactory
evidence of the authorization of the execution, delivery and performance by the Borrower of this
Amendment.

          (c) The Borrower shall have paid all Attorney Costs of the Administrative Agent to the extent
invoiced prior to November 9, 2004, plus such additional amounts of Attorney Costs as shall
constitute the Administrative Agent’s reasonable estimate of Attorney Costs incurred or to be
incurred by it through the closing proceedings related to this Amendment (provided that
such estimate shall not thereafter preclude a final settling of accounts between the Borrower and
the Administrative Agent).

          (d) The Administrative Agent shall have received, in form and substance satisfactory to it,
such additional approvals, consents, opinions, documents and other information as the
Administrative Agent may request prior to November 9, 2004.

     5. Reservation of Rights. The Borrower acknowledges and agrees that the execution and
delivery by the Administrative Agent and the Required Lenders of this Amendment shall not (a) be
deemed to create a course of dealing or otherwise obligate the Administrative Agent or the Lenders
to execute similar amendments under the same or similar circumstances in the future or (b) be
deemed to create any implied waiver of any right or remedy of the Administrative Agent or any
Lender with respect to any term or provision of any Loan Document.

     6. Miscellaneous.

          (a) Except as herein expressly amended, all terms, covenants and provisions of the Credit
Agreement are and shall remain in full force and effect and all references therein to such Credit
Agreement shall henceforth refer to the Credit Agreement as amended by this

4

 

Amendment. This Amendment shall be deemed incorporated into, and a part of, the Credit
Agreement.

          (b) This Amendment shall be binding upon and inure to the benefit of the parties hereto and
thereto and their respective successors and assigns. No third party beneficiaries are intended in
connection with this Amendment.

          (c) THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.17 AND 10.18 OF
THE CREDIT AGREEMENT RELATING TO GOVERNING LAW AND WAIVER OF RIGHT TO TRIAL BY JURY, THE PROVISIONS
OF WHICH ARE BY THIS REFERENCE HEREBY INCORPORATED HEREIN IN FULL.

          (d) This Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Each of the parties hereto understands and agrees that this Amendment (and any other
document required herein) may be delivered by any party thereto either in the form of an executed
original or an executed original sent by facsimile transmission to be followed promptly by mailing
of a hard copy original, and that receipt by the Administrative Agent of a facsimile transmitted
document purportedly bearing the signature of a Lender or the Borrower shall bind such Lender or
the Borrower, respectively, with the same force and effect as the delivery of a hard copy original.
Any failure by the Administrative Agent to receive the hard copy executed original of such document
shall not diminish the binding effect of receipt of the facsimile transmitted executed original of
such document of the party whose hard copy page was not received by the Administrative Agent.

          (e) This Amendment, together with the Credit Agreement, contains the entire and exclusive
agreement of the parties hereto with reference to the matters discussed herein and therein. This
Amendment supersedes all prior drafts and communications with respect thereto. This Amendment may
not be amended except in accordance with the provisions of Section 10.01 of the Credit
Agreement.

          (f) If any term or provision of this Amendment shall be deemed prohibited by or invalid under
any applicable law, such provision shall be invalidated without affecting the remaining provisions
of this Amendment or the Credit Agreement, respectively.

          (g) The Borrower covenants to pay to or reimburse the Administrative Agent and the Lenders,
upon demand, for all out-of-pocket costs and expenses incurred in connection with the development,
preparation, negotiation, execution and delivery of this Amendment.

          (h) This Amendment shall constitute a “Loan Document” under and as defined in the Credit
Agreement.

(Remainder of page intentionally left blank)

5

 

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first above written.

	 	 	 	 	 
	 	 	CERIDIAN CORPORATION, as the Borrower
	 
	 	 	 	 
	 

	 	By:	 	/s/ David B. Kuhnau

	

	 	Name:
	 	David B. Kuhnau

	

	 	Title:
	 	Vice President and Treasurer

(Signature Page to Amendment)

S-1

 

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as the
	 	 	Administrative Agent, a Lender and L/C Issuer
	 
	 	 	 	 
	

	 	By:
	 	/s/ B. Kenneth Burton, Jr.

	

	 	Name:
	 	B. Kenneth Burton, Jr.

	

	 	Title:
	 	Vice President

(Signature Page to Amendment)

S-2

 

 

	 	 	 	 	 
	 	 	AMSOUTH BANK, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Eric Kruse

	

	 	Name:
	 	Eric Kruse

	

	 	Title:
	 	Vice President

(Signature Page to Amendment)

S-3

 

 

	 	 	 	 	 
	 	 	BANK ONE, N.A., as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Sabir Hashmy

	

	 	Name:
	 	Sabir Hashmy

	

	 	Title:
	 	Director

(Signature Page to Amendment)

S-4

 

 

	 	 	 	 	 
	 	 	WACHOVIA BANK, N.A., as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Steven L. Hipsman

	

	 	Name:
	 	Steven L. Hipsman

	

	 	Title:
	 	Director

(Signature Page to Amendment)

S-5

 

 

	 	 	 	 	 
	 	 	MELLON BANK, N.A., as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ David J. Lenckos

	

	 	Name:
	 	David J. Lenckos

	

	 	Title:
	 	First Vice President

(Signature Page to Amendment)

S-6

 

 

	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as a
	 	 	Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philip K. Liebscher

	

	 	Name:
	 	Philip K. Liebscher

	

	 	Title:
	 	 Vice President

(Signature Page to Amendment)

S-7

 

 

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ John-Paul Marotta

	

	 	Name:
	 	John-Paul Marotta

	

	 	Title:
	 	Vice President

(Signature Page to Amendment)

S-8

 

 

	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI, LTD.,
	 	 	as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Patrick McCue

	

	 	Name:
	 	Patrick McCue

	

	 	Title:
	 	Vice President and Manager

(Signature Page to Amendment)

S-9

 

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Randall J. Taylor

	

	 	Name:
	 	Randall J. Taylor

	

	 	Title:
	 	Managing Director

(Signature Page to Amendment)

S-10

 

 

	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND PLC, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philippe Sandmeier

	

	 	Name:
	 	Philippe Sandmeier

	

	 	Title:
	 	Senior Vice President

(Signature Page to Amendment)

S-11

 

 

	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as a
	

	 	Lender	 	 
	 
	 	 	 	 
	

	 	By:
	 	/s/ Ziad W. Amra

	

	 	Name:
	 	Ziad W. Amra

	

	 	Title:
	 	Corporate Banking Officer

(Signature Page to Amendment)

S-12

 

 

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Mark H. Halldorson

	

	 	Name:
	 	Mark H. Halldorson

	

	 	Title:
	 	Vice President

	 
	

	 	By:
	 	/s/ Jennifer D. Barrett

	

	 	Name:
	 	Jennifer D. Barrett

	

	 	Title:
	 	Vice President and Loan Team Manager

(Signature Page to Amendment)

S-13exv10w15

 

EXHIBIT 10.15

FIFTH AMENDMENT TO CREDIT AGREEMENT

     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 31,
2004, is entered into by and among CERIDIAN CORPORATION, a Delaware corporation formerly known as
New Ceridian Corporation (the “Borrower”), the several financial institutions party to the
Credit Agreement defined below (each a “Lender” and, collectively, the “Lenders”)
and BANK OF AMERICA, N.A., as administrative agent for itself and the other Lenders (in such
capacity, the “Administrative Agent”).

RECITALS

     A. The Borrower, each Lender and the Administrative Agent are parties to that certain
Credit Agreement dated as of January 31, 2001 as amended (the “Credit Agreement”),
pursuant to which the Administrative Agent and the Lenders have extended certain credit
facilities to the Borrower.

     B. The Borrower has advised the Lenders that because of the review of certain
capitalization and expensing procedures as disclosed in the Borrower’s press releases dated
July 19, 2004, August 5, 2004, September 30, 2004 and October 18, 2004, it has determined that
it may not be able to file with the SEC its quarterly reports on Form 10-Q with respect to the
fiscal quarters ending June 30, 2004 and September 30, 2004 within the time periods
contemplated by the Fourth Amendment to Credit Agreement dated as of November 9, 2004, among
the parties hereto, and the Borrower has requested that the Lenders agree to certain potential
amendments of the Credit Agreement to accommodate the possibility that the Borrower will not be
able to make such filings within such time periods.

     C. The Lenders are willing to amend the Credit Agreement subject to the terms and
conditions of this Amendment.

     NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

     1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall
have the meanings, if any, assigned to them in the Credit Agreement.

     2. Amendments to Credit Agreement. The Credit Agreement shall be amended as follows,
effective as of the Effective Date:

          (a) The definition of “Material Adverse Effect” appearing in Section 1.01 of the
Credit Agreement shall be so amended by adding the following new sentence at the end thereof::

      It is understood and agreed that none of the following, individually or in the
aggregate, will constitute a Material Adverse Effect: (a) any delay in filing the Borrower’s
quarterly report on Form 10-Q filed with the SEC for the fiscal quarters of the Borrower
ending June 30, 2004 and September 30, 2004, which does not extend to a

 

 

date later than January 14, 2005; (b) the determination by the Borrower that a
restatement is required of financial reports or other information previously required to be
delivered under this Agreement with respect to periods ending before June 30, 2004, as
disclosed in the Borrower’s press release dated October 18, 2004, as a result of the review
of certain capitalization and expensing procedures at its Human Resources Solutions
business, as disclosed in the Borrower’s press releases dated July 19, 2004, August 5, 2004,
September 30, 2004 and October 18, 2004 (the “Review”); (c) any such actual
restatement which is furnished to the Lenders on or before January 14, 2005, to the extent
such restatement is not asserted in writing by the Required Lenders on or before January 28,
2005 to constitute a Material Adverse Effect; and (d) any effect of the Review on the
financial statements furnished to the Lenders with respect to either of the fiscal quarters
ending June 30, 2004 or September 30, 2004 which are furnished to the Lenders on or before
January 14, 2005, to the extent such effect is not asserted in writing by the Required
Lenders on or before January 28, 2005 to constitute a Material Adverse Effect.

          (b) Section 6.01(b) of the Credit Agreement shall be so amended by inserting the
following proviso before the period at the end thereof:

      ; provided however, that with respect to the fiscal quarters of the Borrower
ending June 30, 2004 and September 30, 2004, the Borrower will not be required to deliver
the reports or other information described above in this Section 6.01(b) until January 14,
2005; provided further, that this Section 6.01(b) will be not deemed
breach or violated (x) by reason of the Borrower’s determination, as disclosed in the
Borrower’s press release dated October 18, 2004, that a restatement of financial reports
of the Borrower or other information previously required to be delivered under this
Section 6.01(b) with respect to any period ending before June 30, 2004, is required
as a result of the Review or (y) when any such actual restatement is furnished to the
Lenders, to the extent such restatement is not asserted in writing by the Required Lenders
to constitute a material restatement of such previously delivered financial reports and
other information.

     3. Representations and Warranties. The Borrower hereby represents and warrants to the
Administrative Agent and the Lenders as follows:

          (a) No Default or Event of Default has occurred and is continuing.

          (b) The execution, delivery and performance by the Borrower of this Amendment have been duly
authorized by all necessary corporate and other action and do not and will not require any
registration with, consent or approval of, notice to or action by, any Person (including any
Governmental Authority) in order to be effective and enforceable. The Credit Agreement as amended
by this Amendment constitutes the legal, valid and binding obligation of the Borrower, enforceable
against it in accordance with its respective terms, without defense, counterclaim or offset.

          (c) All representations and warranties of the Borrower contained in Article V of the
Credit Agreement are true and correct as of the Effective Date, except to the extent such

2

 

representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct as of such earlier date.

          (d) The Borrower is entering into this Amendment on the basis of its own investigation and for
its own reasons, without reliance upon the Administrative Agent and the Lenders or any other
Person.

     4. Effective Date. This Amendment will become effective as of December 31, 2004 (such
date, the “Effective Date”), to the extent all of the conditions precedent set forth in
this Section 4 have been satisfied on or prior to December 31, 2004:

          (a) The Administrative Agent shall have received from each of the Borrower and the Required
Lenders a duly executed original (or, if elected by the Administrative Agent, an executed facsimile
copy) counterpart to this Amendment.

          (b) The Administrative Agent shall have received from the Borrower a certificate executed by
the secretary, deputy secretary or assistant secretary of the Borrower providing satisfactory
evidence of the authorization of the execution, delivery and performance by the Borrower of this
Amendment.

          (c) The Borrower shall not have furnished the reports and other information required to be
furnished with respect to the fiscal quarters of the Borrower ending June 30, 2004 and September
30, 2004 within the time periods required pursuant to Section 6.01(b) of the Credit Agreement, as
amended pursuant to the Fourth Amendment to Credit Agreement dated as of November 9, 2004,

          (d) The Borrower shall have paid all Attorney Costs of the Administrative Agent to the extent
invoiced prior to December 31, 2004, plus such additional amounts of Attorney Costs as shall
constitute the Administrative Agent’s reasonable estimate of Attorney Costs incurred or to be
incurred by it through the closing proceedings related to this Amendment (provided that
such estimate shall not thereafter preclude a final settling of accounts between the Borrower and
the Administrative Agent).

          (e) The Administrative Agent shall have received, in form and substance satisfactory to it,
such additional approvals, consents, opinions, documents and other information as the
Administrative Agent may request prior to December 31, 2004.

     5. Reservation of Rights. The Borrower acknowledges and agrees that the execution and
delivery by the Administrative Agent and the Required Lenders of this Amendment shall not (a) be
deemed to create a course of dealing or otherwise obligate the Administrative Agent or the Lenders
to execute similar amendments under the same or similar circumstances in the future or (b) be
deemed to create any implied waiver of any right or remedy of the Administrative Agent or any
Lender with respect to any term or provision of any Loan Document.

     6. Miscellaneous.

          (a) Except as herein expressly amended, all terms, covenants and provisions of the Credit
Agreement are and shall remain in full force and effect and all references therein to

3

 

such Credit Agreement shall henceforth refer to the Credit Agreement as amended by this
Amendment. This Amendment shall be deemed incorporated into, and a part of, the Credit Agreement.

          (b) This Amendment shall be binding upon and inure to the benefit of the parties hereto and
thereto and their respective successors and assigns. No third party beneficiaries are intended in
connection with this Amendment.

          (c) THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 10.17 AND 10.18 OF
THE CREDIT AGREEMENT RELATING TO GOVERNING LAW AND WAIVER OF RIGHT TO TRIAL BY JURY, THE PROVISIONS
OF WHICH ARE BY THIS REFERENCE HEREBY INCORPORATED HEREIN IN FULL.

          (d) This Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, but all such counterparts together shall constitute but one and the same
instrument. Each of the parties hereto understands and agrees that this Amendment (and any other
document required herein) may be delivered by any party thereto either in the form of an executed
original or an executed original sent by facsimile transmission to be followed promptly by mailing
of a hard copy original, and that receipt by the Administrative Agent of a facsimile transmitted
document purportedly bearing the signature of a Lender or the Borrower shall bind such Lender or
the Borrower, respectively, with the same force and effect as the delivery of a hard copy original.
Any failure by the Administrative Agent to receive the hard copy executed original of such document
shall not diminish the binding effect of receipt of the facsimile transmitted executed original of
such document of the party whose hard copy page was not received by the Administrative Agent.

          (e) This Amendment, together with the Credit Agreement, contains the entire and exclusive
agreement of the parties hereto with reference to the matters discussed herein and therein. This
Amendment supersedes all prior drafts and communications with respect thereto. This Amendment may
not be amended except in accordance with the provisions of Section 10.01 of the Credit
Agreement.

          (f) If any term or provision of this Amendment shall be deemed prohibited by or invalid under
any applicable law, such provision shall be invalidated without affecting the remaining provisions
of this Amendment or the Credit Agreement, respectively.

          (g) The Borrower covenants to pay to or reimburse the Administrative Agent and the Lenders,
upon demand, for all out-of-pocket costs and expenses incurred in connection with the development,
preparation, negotiation, execution and delivery of this Amendment.

          (h) This Amendment shall constitute a “Loan Document” under and as defined in the Credit
Agreement.

(Remainder of page intentionally left blank)

4

 

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the
date first above written.

	 	 	 	 	 
	 	 	CERIDIAN CORPORATION, as the Borrower
	 
	 	 	 	 
	

	 	By:
	 	/s/ David B.
Kuhnau

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	David B.
Kuhnau

	 
	 	 	 	 
	

	 	Title:
	 	Vice President and Treasurer

(Signature Page to Amendment)

S-1

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as the
Administrative Agent, a Lender and L/C Issuer
	 
	 	 	 	 
	

	 	By:
	 	/s/ B. Kenneth Burton, Jr.

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	B. Kenneth Burton, Jr.

	 
	 	 	 	 
	

	 	Title:
	 	Vice President

(Signature Page to Fifth Amendment)

S-2

 

	 	 	 	 	 
	 	 	AMSOUTH BANK, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Eric Kruse

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Eric Kruse

	 
	 	 	 	 
	

	 	Title:
	 	Vice President

(Signature Page to Fifth Amendment)

S-3

 

	 	 	 	 	 
	 	 	BANK ONE, N.A., as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Sabir A. Hashmy

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Sabir A. Hashmy

	 
	 	 	 	 
	

	 	Title:
	 	Director

(Signature Page to Fifth Amendment)

S-4

 

	 	 	 	 	 
	 	 	WACHOVIA BANK, N.A., as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Steven L. Hipsman

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Steven L. Hipsman

	 
	 	 	 	 
	

	 	Title:
	 	Director

(Signature Page to Fifth Amendment)

S-5

 

	 	 	 	 	 
	 	 	MELLON BANK, N.A., as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Charles H. Staub

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Charles H. Staub

	 
	 	 	 	 
	

	 	Title:
	 	Senior Vice President

(Signature Page to Fifth Amendment)

S-6

 

	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Luke G. McElhinny

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Luke G. McElhinny

	 
	 	 	 	 
	

	 	Title:
	 	Assistant Vice President

(Signature Page to Fifth Amendment)

S-7

 

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ John-Paul Marotta

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	John-Paul Marotta

	 
	 	 	 	 
	

	 	Title:
	 	Vice President

(Signature Page to Fifth Amendment)

S-8

 

	 	 	 	 	 
	 	 	THE BANK OF
TOKYO-MITSUBISHI, LTD., 
as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Patrick McCue

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Patrick McCue

	 
	 	 	 	 
	

	 	Title:
	 	Vice President and Manager

(Signature Page to Fifth Amendment)

S-9

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Randall J. Taylor

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Randall J. Taylor

	 
	 	 	 	 
	

	 	Title:
	 	Managing Director

(Signature Page to Fifth Amendment)

S-10

 

	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND PLC, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Philippe Sandmeier

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Philippe Sandmeier

	 
	 	 	 	 
	

	 	Title:
	 	Senior Vice President

(Signature Page to Fifth Amendment)

S-11

 

	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Ziad W. Amra

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Ziad W. Amra

	 
	 	 	 	 
	

	 	Title:
	 	Corporate Banking Officer

(Signature Page to Fifth Amendment)

S-12

 

	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as a Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Mark H. Halldorson

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Mark H. Halldorson

	 
	 	 	 	 
	

	 	Title:
	 	Vice President

	 
	 	 	 	 
	 
	

	 	By:
	 	/s/ Jennifer D. Barrett

	

	 	 	 	 
	 
	 	 	 	 
	

	 	Name:
	 	Jennifer D. Barrett

	 
	 	 	 	 
	

	 	Title:
	 	Vice President and Loan Team Manager

(Signature Page to Fifth Amendment)

S-13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]