Document:

Exhibit 10.4

Exhibit 10.4

SIXTH SUPPLEMENTAL INDENTURE

SIXTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of April 14,
2011, among SS&C Technologies, Inc., a Delaware corporation (the “Company”), BenefitsXML,
Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“BenefitsXML”),
and Wells Fargo Bank, National Association, as trustee under the indenture referred to below (the
“Trustee”).

W I T N E S S E T H

WHEREAS, the Company and certain of its subsidiaries have heretofore executed and delivered to
the Trustee an indenture (the “Indenture”), dated as of November 23, 2005, providing for
the issuance of $205,000,000 aggregate principal amount of 11 3/4 % Senior Subordinated Notes due
2013 (the “Notes”), as supplemented by the First Supplemental Indenture, dated as of April
27, 2006 (the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as
of September 1, 2009 (the “Second Supplemental Indenture”), the Third Supplemental
Indenture, dated as of December 22, 2009 (the “Third Supplemental Indenture”), the Fourth
Supplemental Indenture, dated as of April 12, 2010 (the “Fourth Supplemental Indenture”,
the Fifth Supplemental Indenture, dated as of April 14, 2011 (the “Fifth Supplemental
Indenture” and together with the First Supplemental Indenture, Second Supplemental Indenture,
Third Supplemental Indenture, and Fourth Supplemental Indenture, the “Existing Supplemental
Indentures”);

WHEREAS, the Indenture provides that under certain circumstances a Domestic Subsidiary
acquired by the Company after the date of the Indenture will execute and deliver to the Trustee a
supplemental indenture pursuant to which such Domestic Subsidiary will become a Guarantor and will
unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the
terms and conditions set forth herein (“Note Guarantee”);

WHEREAS, the Company acquired BenefitsXML on March 10, 2011;

WHEREAS, the Company desires to amend and supplement the Indenture to add BenefitsXML as a
Guarantor thereunder; and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, BenefitsXML and the
Trustee covenant and agree for the equal and ratable benefit of the Holders of the Notes as
follows:

1. Capitalized Terms. Capitalized terms used herein without definition will have
the meanings assigned to them in the Indenture.

 

 

 

2. Note Guarantee.

(a) BenefitsXML, jointly and severally with all other Guarantors of the Notes, unconditionally
guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, regardless of the validity and enforceability of the Indenture, the
Notes or the obligations of the Company under the Indenture or the Notes, that:

	 	(i)	 	the principal of, interest, premium and Liquidated Damages, if any, on the Notes will be
promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other
obligations of the Company to the Holders or the Trustee thereunder or under the Indenture shall be
promptly paid in full or performed, all in accordance with the terms thereof; and

	 	(ii)	 	in the case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same shall be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise.

(b) Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, BenefitsXML agrees that it will be jointly and severally obligated with the other
Guarantors to pay the same immediately. BenefitsXML agrees that this is a guarantee of payment and
not a guarantee of collection.

(c) BenefitsXML hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor.

(d) BenefitsXML hereby waives diligence, presentment, demand of payment, filing of claims with
a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding
first against the Company, protest, notice and all demands whatsoever and covenants that this Note
Guarantee shall not be discharged except by complete performance of the obligations contained in
the Notes and the Indenture.

(e) BenefitsXML also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Section
2.

(f) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Company or the Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

 

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(g) BenefitsXML agrees that it shall not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. BenefitsXML further agrees that, as between the Guarantors, on the
one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations
guaranteed hereby and under the Indenture may be accelerated as provided in Article 6 of the
Indenture for the purposes of the Note Guarantees, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby or under
the Indenture, and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of the Note Guarantees.

(h) BenefitsXML shall have the right to seek contribution from any non-paying Guarantor so
long as the exercise of such right does not impair the rights of the Holders under the Note
Guarantees.

(i) This Note Guarantee shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Company for liquidation or reorganization, should
the Company become insolvent or make an assignment for the benefit of creditors or should a
receiver or trustee be appointed for all or any significant part of the Company’s assets, and
shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the
case may be, if at any time payment and performance of the Notes are, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the
Notes or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise,
all as though such payment or performance had not been made. In the event that any payment or any
part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded,
reduced, restored or returned.

(j) In case any provision of this Note Guarantee shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be
affected or impaired hereby.

(k) Each payment to be made by BenefitsXML in respect of this Note Guarantee shall be made
without set-off, counterclaim, reduction or diminution of any kind or nature.

3. Subordination of Note Guarantee.

The obligations of BenefitsXML under this Note Guarantee pursuant to this Supplemental
Indenture shall be junior and subordinated to the prior payment in full in cash or cash
equivalents, or such payment duly provided for to the satisfaction of the holders of such Guarantor
Senior Debt, of the Guarantor Senior Debt of BenefitsXML on the same basis as the Notes are junior
and subordinated to Senior Debt of the Company. For the purposes of the foregoing sentence, the
Trustee and the Holders shall have the right to receive and/or retain payments by BenefitsXML only at such times as they may receive and/or retain payments in respect of
the Notes pursuant to the Indenture, including Article 12 thereof, each of the Existing
Supplemental Indentures and this Supplemental Indenture.

 

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4. Limitation on Guarantor Liability.

BenefitsXML, and by its acceptance of Notes, each Holder, hereby confirm that it is the
intention of all such parties that this Note Guarantee not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to this Note
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and BenefitsXML hereby
irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as
will, after giving effect to such maximum amount and all other contingent and fixed liabilities of
such Guarantor that are relevant under such laws and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under Article 10 of the Indenture, the
applicable Existing Supplemental Indenture or this Supplemental Indenture, result in the
obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Note
Guarantee shall be entitled upon payment in full of all guaranteed obligations under the Indenture,
the applicable Existing Supplemental Indenture or this Supplemental Indenture to a contribution
from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such
payment based on the respective net assets of all the Guarantors at the time of such payment
determined in accordance with GAAP.

5. Execution and Delivery.

(a) To evidence its Note Guarantee set forth in Section 2, BenefitsXML hereby agrees that a
notation of such Note Guarantee substantially in the form of Exhibit D to the Indenture
shall be endorsed by an officer of BenefitsXML on each Note authenticated and delivered by the
Trustee after the date hereof and that this Supplemental Indenture shall be executed on behalf of
BenefitsXML by its President or one of its Vice Presidents.

(b) BenefitsXML hereby agrees that its Note Guarantee set forth in Section 2 shall remain in
full force and effect notwithstanding the absence of the endorsement of any notation of such
Guarantee on the Notes.

(c) If an Officer whose signature is on this Supplemental Indenture no longer holds that
office at the time the Trustee authenticates any Note, this Note Guarantee will be valid
nevertheless.

(d) The delivery of any Note by the Trustee, after the authentication thereof under the
Indenture, shall constitute due delivery of the Note Guarantee set forth in this Supplemental
Indenture on behalf of BenefitsXML.

 

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6. Subrogation.

Each Guarantor shall be subrogated to all rights of Holders of Notes against the Company in
respect of any amounts paid by any Guarantor pursuant to the provisions of Section 2 hereof,
Section 2 of the applicable Existing Supplemental Indenture or Section 10.01 of the Indenture;
provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be
entitled to enforce or receive any payments arising out of, or based upon, such right of
subrogation until all amounts then due and payable by the Company under the Indenture or the Notes
shall have been paid in full.

7. Benefits Acknowledged.

BenefitsXML acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by the Indenture and that the guarantee and waivers made by it pursuant
to its Note Guarantee are knowingly made in contemplation of such benefits.

8. Release of Note Guarantee.

(a) A Note Guarantee by a Guarantor shall be automatically and unconditionally released and
discharged, and no further action by such Guarantor, the Company or the Trustee is required for the
release of such Guarantor’s Note Guarantee:

	 	(i)	 	in connection with any sale or other disposition of all or substantially all of the assets
of that Guarantor (including by way of merger or consolidation) to a Person that is not (either
before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the
Company, if the sale or other disposition does not violate Section 4.10 of the Indenture;

	 	(ii)	 	in connection with any sale or other disposition of all of the Capital Stock of that
Guarantor to a Person that is not (either before or after giving effect to such transaction)
Sunshine or a Restricted Subsidiary of Sunshine, if the sale or other disposition does not violate
Section 5.01 of the Indenture;

	 	(iii)	 	if the Company designates such Guarantor as an Unrestricted Subsidiary in accordance
with Section 4.18 of the Indenture;

	 	(iv)	 	if the Company exercises its legal defeasance option or covenant defeasance pursuant to
Section 8.01 of the Indenture; or

	 	(v)	 	if such Guarantor is released and discharged from all of its Indebtedness under the Credit
Agreement and all of its guarantees of any Indebtedness outstanding under the Credit Agreement and
all obligations under any of the Company’s other Indebtedness or any Indebtedness of the
Guarantors;

such Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for in the Indenture relating to such transaction
have been complied with in all material respects.

 

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(b) At the request and at the expense of the Company, the Trustee shall execute and deliver
any instrument evidencing such release.

9. Guarantors May Consolidate, Etc. on Certain Terms.

(a) Except as set forth in Section 10.07 of the Indenture, Section 8 of the applicable
Existing Supplemental Indenture or Section 8 of this Supplemental Indenture, no Guarantor may sell
or otherwise dispose of all of its assets to, or consolidate with or merge with or into (whether or
not such Guarantor is the surviving Person), another Person, other than the Company or another
Guarantor, unless: (i) immediately after giving effect to such transaction, no Default or Event of
Default exists and (ii) either (A) subject to Section 10.07 of the Indenture, Section 8 of the
applicable Existing Supplemental Indenture and Section 8 of this Supplemental Indenture, the Person
acquiring the property in any such sale or disposition or the Person formed by or surviving any
such consolidation or merger unconditionally assumes all the obligations of that Guarantor under
the Indenture, the applicable Existing Supplemental Indenture, this Supplemental Indenture, its
Note Guarantee and the Registration Rights Agreement on the terms set forth herein or therein,
pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee;
or (B) the Net Proceeds of such sale or other disposition are applied in accordance with the
applicable provisions of the Indenture, including without limitation Section 4.10 thereof.

(b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by
the successor Person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and
punctual performance of all of the covenants and conditions of the Indenture, the applicable
Existing Supplemental Indenture and this Supplemental Indenture to be performed by the Guarantor,
such successor Person will succeed to and be substituted for the Guarantor with the same effect as
if it had been named as a Guarantor under the Indenture, the applicable Existing Supplemental
Indenture or this Supplemental Indenture. All the Note Guarantees so issued will in all respects
have the same legal rank and benefit under the Indenture, the applicable Existing Supplemental
Indenture and this Supplemental Indenture as the Note Guarantees theretofore and thereafter issued
in accordance with the terms of the Indenture, the applicable Existing Supplemental Indenture and
this Supplemental Indenture as though all of such Note Guarantees had been issued at the date of
the execution hereof.

(c) Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses
(a)(ii)(A) or (B) above, nothing contained in the Indenture, the applicable Existing Supplemental
Indenture, this Supplemental Indenture or in any of the Notes will prevent any combination or
merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor.

 

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10. No Recourse Against Others. No past, present or future director, officer, employee,
incorporator, stockholder or agent of any Guarantor, as such, will have any liability for any
obligations of the Company or the Guarantor under the Notes, any Note Guarantees, the Indenture, the applicable Existing Supplemental Indenture or this Supplemental Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of
the Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the Securities and Exchange
Commission that such a waiver is against public policy.

11. New York Law to Govern. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

12. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy will be an original, but all of them together represent the same
agreement.

13. Effect of Headings. The Section headings herein are for convenience only and will not
affect the construction hereof.

14. The Trustee. The Trustee will not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by BenefitsXML and the Company.

[Remainder of Page Intentionally Left Blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

	 	 	 	 	 
	 	SS&C TECHNOLOGIES, INC.

 	 
	 	By:  	/s/ Patrick J. Pedonti
 	 
	 	 	Name:  	Patrick J. Pedonti 	 
	 	 	Title:  	Senior Vice President and Chief
Financial Officer 	 
	 
	 	BENEFITSXML, INC.

 	 
	 	By:  	/s/ Patrick J. Pedonti
 	 
	 	 	Name:  	Patrick J. Pedonti 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, As
Trustee

 	 
	 	By:  	/s/ Martin Reed
 	 
	 	 	Name:  	Martin Reed 	 
	 	 	Title:  	Vice President 	 

[Signature Page to Sixth Supplemental Indenture]

 

- 8 -Exhibit 10.5

Exhibit 10.5

NOTE GUARANTEE

For value received, the undersigned hereby, jointly and severally with all other Guarantors of
the Notes, unconditionally guarantees to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or
thereunder, that: (a) the principal of, interest, premium and Liquidated Damages, if any, on the
Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful,
and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder shall
be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b)
in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the undersigned shall be jointly and severally obligated with all other Guarantors to pay
the same immediately. The undersigned agrees that that this is a guarantee of payment and not a
guarantee of collection.

This Note Guarantee will become effective in accordance with the Indenture and its terms shall
be evidenced therein. The validity and enforceability of this Note Guarantee shall not be affected
by the fact that it is not affixed to any particular Note. Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Indenture dated as of November 23, 2005,
among Sunshine Acquisition II, Inc., a Delaware corporation, SS&C Technologies, Inc., a Delaware
corporation, the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee,
as supplemented by the First Supplemental Indenture dated as of April 27, 2006, the Second
Supplemental Indenture dated as of September 1, 2009, the Third Supplemental Indenture dated as of
December 22, 2009, the Fourth Supplemental Indenture dated as of April 12, 2010 and the Fifth
Supplemental Indenture dated as of April 14, 2011 (as further amended or supplemented, the
“Indenture”).

THIS NOTE GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. The
undersigned hereby agrees to submit to the jurisdiction of the courts of the State of New York in
any action or proceeding arising out of or relating to this Note Guarantee.

 

 

 

This Note Guarantee is subordinated in right of payment, in the manner and to the extent set
forth in the Indenture, to the prior payment in full in cash or Cash Equivalents of all Guarantor
Senior Debt, whether outstanding on the date of the Indenture or thereafter created, incurred,
assumed or guarantee.

This Note Guarantee is subject to release upon the terms set forth in the Indenture.

	 	 	 	 	 
	 	PC CONSULTING, INC.

 	 
	 	By:  	/s/ Patrick J. Pedonti
 	 
	 	 	Name:  	Patrick J. Pedonti 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 

[Note Guarantee]

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