Document:

<PAGE>   1
                                                                     EXHIBIT 4.5

                                                                  EXECUTION COPY

                             AMENDMENT NO. 1 TO THE
                                CREDIT AGREEMENT

                                                   Dated as of December 16, 1999

                  AMENDMENT NO. 1 TO THE CREDIT AGREEMENT (this "Amendment")
among European Software Marketing Ltd., a Guernsey company ("ESM"), Amdocs
(U.K.) Ltd., a corporation organized under the laws of England and Wales
("Amdocs U.K."), Amdocs, Inc., a Delaware corporation ("Amdocs Inc."), Canadian
Directory Technology Ltd., a Delaware corporation ("CADET") and Amdocs (USA),
Inc., a Delaware corporation ("Amdocs USA"), (ESM, Amdocs U.K., Amdocs Inc.,
CADET and Amdocs USA are collectively the "Existing Borrowers"), Sypress, Inc.,
a Delaware corporation ("Sypress"), Amdocs Development Limited, a limited
liability company organized under the laws of the Republic of Cyprus ("Amdocs
Cyprus"), Amdocs Software Megoldasok Korlatolt Felelossegu Tarsasag, a limited
liability company organized under the laws of the Republic of Hungary ("Amdocs
Hungary") and Amdocs Software Systems Limited, a corporation organized under the
laws of Ireland ("Amdocs Ireland"), (Sypress, Amdocs Cyprus and Amdocs Ireland
are collectively, the "Phase II New Borrowers" and are, together with Amdocs
Hungary, the "New Borrowers", and are, together with the Existing Borrowers, the
"Borrowers") the banks, financial institutions and other institutional lenders
parties to the Credit Agreement (the "Lenders"), the Initial Issuing Bank (as
defined in the Credit Agreement) and the Swing Line Bank (as defined in the
Credit Agreement), Bank of America, N.A. (formerly known as NationsBank, N.A.,
as successor by merger thereto), as administrative agent (the "Administrative
Agent"), The Bank of Nova Scotia, as syndication agent, and The Industrial Bank
of Japan, Limited, as documentation agent for the Lender Parties (as defined in
the Credit Agreement).

                  PRELIMINARY STATEMENTS:

                  (1) The Existing Borrowers, the Lenders and the Agents have
entered into an Amended and Restated Credit Agreement dated as of June 29, 1998
(the "Credit Agreement"). Capitalized terms not otherwise defined in this
Amendment have the same meanings as specified in the Credit Agreement.

                  (2) The Existing Borrowers have requested that the Lenders
amend the Credit Agreement as hereinafter set forth.

                  (3) The Lenders are, on the terms and conditions stated below,
willing to grant the requests of the Existing Borrowers and the Existing
Borrowers and the Lenders have agreed to amend the Credit Agreement as
hereinafter set forth.

                  SECTION 1. Phase I Amendments to Credit Agreement. The Credit
Agreement

<PAGE>   2

is, effective as of the date hereof and subject to the satisfaction of
the conditions precedent set forth in Section 5(a), hereby amended as follows:

                  (a) The following definitions are added to Section 1.01 in the
appropriate alphabetical order:

                           "Amendment No. 1" means Amendment No. 1 to the Credit
                  Agreement dated as of December 16, 1999.

                           "Sypress" means Sypress, Inc., a Delaware
                  corporation.

                           "U.S. Loan Party Restructuring" has the meaning
                  specified in Section 5.02(e).

                           "U.S. Restructuring Documents" has the meaning
                  specified in Section 5.02(e).

                  (b) Section 5.02(e) is amended to (i) delete the word "and" at
         the end of subsection (ii) thereof, (ii) delete the punctuation "." at
         the end of subsection (iii) thereof and to substitute therefor the
         language ", and", and (iii) to add a new subsection (iv) to Section
         5.02(e) to read as follows:

                  "(iv) (A) the contribution by Limited of 100% of the capital
                  stock of Amdocs USA to ESM, which in turn shall contribute
                  100% of the capital stock of Amdocs USA to Amdocs UK and (B)
                  the sale or other transfer by Amdocs UK of 100% of the capital
                  stock of each of Amdocs Inc. and Amdocs USA to Sypress
                  (together with the sale or transfer described in the foregoing
                  clause (A) and each related transaction contemplated thereby
                  or by this clause (B), the "U.S. Loan Party Restructuring"),
                  provided that:

                           (x) before and after giving effect to the U.S. Loan
                  Party Restructuring, no Default shall have occurred and be
                  continuing,

                           (y) the Administrative Agent shall have received on
                  or prior to the consummation of the U.S. Loan Party
                  Restructuring, certificates representing 100% of the capital
                  stock of each of Amdocs Inc. and Amdocs USA, in each case,
                  issued thereby to Sypress, accompanied by undated stock powers
                  executed in blank,

                           (z) the Administrative Agent shall have received on
                  or prior to the consummation of the U.S. Loan Party
                  Restructuring, in sufficient copies for each Lender Party:

                                    (1) Certified copies of each material
                  agreement, instrument and any other document evidencing or
                  otherwise setting forth the terms and conditions of the U.S.
                  Loan Party Restructuring (collectively, the "U.S.
                  Restructuring Documents"),
<PAGE>   3

                                    (2) Certified copies of the resolutions of
                  the Board of Directors or Executive Committee of each Loan
                  Party that is or is to be a party to any aspect of the U.S.
                  Loan Party Restructuring or the transactions contemplated
                  thereby approving the U.S. Restructuring Documents to which it
                  is or is to be a party and the consummation of each aspect of
                  the U.S. Loan Party Restructuring and the other transactions
                  contemplated by any of the foregoing involving or affecting
                  such Loan Party,

                                    (3) A certificate of each of ESM, Amdocs
                  Inc., Amdocs USA, Amdocs U.K. and Sypress, signed on behalf of
                  such Loan Party by its Director or Officer, dated the date of
                  consummation of the U.S. Loan Party Restructuring, certifying
                  as to (A) the absence of any amendments to the charter of such
                  Loan Party since the date of the certificate referred to in
                  Section 3.01(d)(iii) of this Agreement, (B) the due
                  incorporation and good standing (where applicable) of such
                  Loan Party as a corporation organized under the laws of the
                  jurisdiction of its incorporation, and the absence of any
                  proceeding for the dissolution or liquidation of such Loan
                  Party and (C) the absence of any event occurring and
                  continuing, or resulting from the U.S.
                  Loan Party Restructuring, that constitutes a Default,

                                    (4) if requested by the Administrative
                  Agent, executed, original financing statements or other
                  appropriate filings, in form and substance satisfactory to the
                  Administrative Agent, under the Uniform Commercial Code or
                  other appropriate laws of all jurisdictions that the
                  Administrative Agent may deem necessary or desirable in order
                  to perfect and protect the first priority liens and security
                  interests created under the Security Agreement, covering the
                  Collateral described in the Security Agreement, and

                                    (5) A favorable opinion of Blackwell Sanders
                  Peper Martin and Reboul, MacMurray, Hewitt, Maynard & Kristol,
                  in each case, counsel for Amdocs Inc., Amdocs USA, Amdocs UK
                  and Sypress, in the form of Exhibit E-5 to Amendment No. 1,
                  and to such other matters as any Lender Party through the
                  Administrative Agent may reasonably request."

                  (c) Section 5.02(g) is amended to (i) delete the word "and" at
         the end of subsection (iv) thereof, (ii) to delete the punctuation "."
         at the end of subsection (v) thereof and to substitute therefor the new
         language ", and" and (iii) to add a new subsection (vi) at the end of
         Section 5.02(g) to read as follows:

                  "(vi) Sypress may issue capital stock to Amdocs UK in a
                  transaction authorized by Section 5.02(e)(iv), provided that,
                  on or prior to any such issuance, Sypress shall deliver to the
                  Administrative Agent certificates evidencing any such capital
                  stock, accompanied by stock powers endorsed in blank, required
                  to be pledged thereby pursuant to Section 1 of the Security
                  Agreement and the other Loan Documents, and shall execute such
                  other instruments and documents as the Administrative Agent
                  shall reasonably request, including, without limitation, such
                  amendments to the Collateral Documents, as the Administrative
                  Agent shall
<PAGE>   4

         request."

                  (i) Schedule 4.01(b) is amended and restated in its entirety
         to read as set forth in Exhibit A hereto which Schedule shall indicate
         each such Subsidiary that is a Significant Subsidiary.

                  SECTION 2. Phase II Amendments to Credit Agreement. The Credit
         Agreement is, effective as of the date hereof and subject to the
         satisfaction of the conditions precedent set forth in Section 5(b),
         hereby amended as follows:

                  (a) The recital of parties to the Credit Agreement is amended
         in full to read as follows:

                           AMENDED AND RESTATED CREDIT AGREEMENT dated as of
                  June 29, 1998 among European Software Marketing Ltd., a
                  Guernsey company ("ESM"), Amdocs (U.K.) Ltd., a corporation
                  organized under the laws of England and Wales ("Amdocs U.K."),
                  Amdocs, Inc., a Delaware corporation ("Amdocs Inc."), Canadian
                  Directory Technology Ltd., a Delaware corporation ("CADET"),
                  Amdocs (USA), Inc., a Delaware corporation ("Amdocs USA"),
                  Sypress, Inc., a Delaware corporation ("Sypress"), Amdocs
                  Development Limited, a limited liability company organized
                  under the laws of the Republic of Cyprus ("Amdocs Cyprus") and
                  Amdocs Software Systems Limited, a corporation organized under
                  the laws of Ireland ("Amdocs Ireland") (ESM, Amdocs U.K.,
                  Amdocs Inc., CADET, Amdocs USA, Sypress, Amdocs Cyprus and
                  Amdocs Ireland are collectively the "Borrowers"), the banks,
                  financial institutions and other institutional lenders parties
                  to the Credit Agreement (the "Lenders"), the Initial Issuing
                  Bank (as defined in the Credit Agreement) and the Swing Line
                  Bank (as defined in the Credit Agreement), Bank of America,
                  N.A. (formerly known as NationsBank, N.A., as successor by
                  merger thereto), as administrative agent (the "Administrative
                  Agent"), The Bank of Nova Scotia, as syndication agent, and
                  The Industrial Bank of Japan, Limited, as documentation agent
                  for the Lender Parties (as defined in the Credit Agreement).

                  (b) The definition of "Sublimit" in Section 1.01 is amended in
         full to read as follows:

                           "Sublimit" means, for each Borrower, the amount set
                  opposite the name of such Borrower below, as such amounts may
                  be reduced pursuant to Section 2.05:

<TABLE>
<S>                                                           <C>
                           ESM                                $ 70,000,000
                           Amdocs U.K.                        $ 50,000,000
                           Amdocs Inc.                        $100,000,000
                           Amdocs USA                         $ 60,000,000
                           CADET                              $ 20,000,000
                           Sypress                            $100,000,000
                           Amdocs Cyprus                      $20,000,000
                           Amdocs Ireland                     $20,000,000
</TABLE>
<PAGE>   5

                  (c) The definition of "Consolidating" in Section 1.01 is
amended in full to read as follows:

                           "Consolidating" financial statements of Limited and
                  its Subsidiaries refers to the presentation of accounts of
                  Limited, Amdocs (Israel), Sypress, Amdocs UK, Amdocs Inc.,
                  Amdocs USA, Amdocs Cyprus, Amdocs Ireland and the other
                  Consolidated Subsidiaries of Limited (as a group).

                  (d) The following definitions are added to Section 1.01 in the
appropriate alphabetical order:

                           "Amdocs Cyprus" has the meaning specified in the
                  recital of parties to this Agreement.

                           "Amdocs Cyprus Charge" means the deed of charge dated
                  as of the Phase II Effective Date (as defined in Amendment No.
                  1) made by Amdocs Cyprus in favor of the Administrative Agent,
                  as amended, supplemented and otherwise modified in accordance
                  with its terms and the terms hereof.

                           "Amdocs Cyprus Debenture" means the debenture dated
                  as of the Phase II Effective Date (as defined in Amendment No.
                  1) made by Amdocs Cyprus in favor of the Administrative Agent,
                  as amended, supplemented and otherwise modified in accordance
                  with its terms and the terms hereof.

                           "Amdocs Ireland" has the meaning specified in the
                  recital of parties to this Agreement.

                           "Amdocs U.K. Debenture" means the debenture dated
                  January 6, 1998 made by Amdocs U.K. in favor of the
                  Administrative Agent, as amended, supplemented and otherwise
                  modified in accordance with its terms and the terms hereof.

                           "Sypress" has the meaning specified in the recital of
                  parties to this Agreement.

                  (e) The definition of "Home Jurisdiction Withholding Taxes"
         set forth in Section 2.12(e) is amended in full to read as follows:

                           "Home Jurisdiction Withholding Taxes" means (a) in
                  the case of Amdocs Inc., CADET, Amdocs USA and Sypress,
                  withholding taxes imposed by the United States, (b) in the
                  case of Amdocs UK, withholding taxes imposed by the United
                  Kingdom of Great Britain and Wales, (c) in the case of ESM,
                  withholding taxes imposed by Guernsey, (d) in the case of
                  Amdocs Cyprus, withholding taxes imposed by the Republic of
                  Cyprus and (e) in the case of Amdocs Ireland, withholding
                  taxes imposed by Ireland.
<PAGE>   6

                  (f) Section 9.02 is supplemented by the addresses set forth
         for each of Sypress, Amdocs Cyprus and Amdocs Ireland beneath their
         respective signature lines to this Amendment.

                  (g) Schedule I is amended and restated in its entirety to read
         as set forth in Exhibit F hereto.

                  (h) Schedule 4.01(b) is amended and restated in its entirety
         to read as set forth in Exhibit A hereto which Schedule shall indicate
         each such Subsidiary that is a Significant Subsidiary.

                  SECTION 3. Phase III Amendments to Credit Agreement. The
Credit Agreement is, effective as of the date hereof and subject to the
satisfaction of the conditions precedent set forth in Section 5(c), hereby
amended as follows:

                  (a) The recital of parties to the Credit Agreement is amended
         in full to read as follows:

                           AMENDED AND RESTATED CREDIT AGREEMENT dated as of
                  June 29, 1998 among European Software Marketing Ltd., a
                  Guernsey company ("ESM"), Amdocs (U.K.) Ltd., a corporation
                  organized under the laws of England and Wales ("Amdocs U.K."),
                  Amdocs, Inc., a Delaware corporation ("Amdocs Inc."), Canadian
                  Directory Technology Ltd., a Delaware corporation ("CADET"),
                  Amdocs (USA), Inc., a Delaware corporation ("Amdocs USA"),
                  Sypress, Inc., a Delaware corporation ("Sypress"), Amdocs
                  Development Limited, a limited liability company organized
                  under the laws of the Republic of Cyprus ("Amdocs Cyprus"),
                  Amdocs Software Megoldasok Korlatolt Felelossegu Tarsasag, a
                  limited liability company organized under the laws of the
                  Republic of Hungary ("Amdocs Hungary") and Amdocs Software
                  Systems Limited, a corporation organized under the laws of
                  Ireland ("Amdocs Ireland") (ESM, Amdocs U.K., Amdocs Inc.,
                  CADET, Amdocs USA, Sypress, Amdocs Cyprus, Amdocs Hungary and
                  Amdocs Ireland are collectively the "Borrowers"), the banks,
                  financial institutions and other institutional lenders parties
                  to the Credit Agreement (the "Lenders"), the Initial Issuing
                  Bank (as defined in the Credit Agreement) and the Swing Line
                  Bank (as defined in the Credit Agreement), Bank of America,
                  N.A. (formerly known as NationsBank, N.A. as successor by
                  merger thereto), as administrative agent (the "Administrative
                  Agent"), The Bank of Nova Scotia, as syndication agent, and
                  The Industrial Bank of Japan, Limited, as documentation agent
                  for the Lender Parties (as defined in the Credit Agreement).

                  (b) The definition of "Sublimit" in Section 1.01 is amended
         (i) to add to the table therein the following row:

<TABLE>
<S>                                                           <C>
                           Amdocs Hungary                     $20,000,000
</TABLE>

         and (ii) to add the following new proviso "provided, that the aggregate
Borrowings made

<PAGE>   7

by Amdocs Cyprus, Amdocs Hungary and Amdocs Ireland shall not exceed $40,000,000
at any time outstanding."

                  (c) The definition of "Consolidating" in Section 1.01 is
         amended to delete the phrase "Amdocs Cyprus and Amdocs Ireland and the
         other Consolidated Subsidiaries of Limited" and to substitute therefor
         the phrase "Amdocs Cyprus, Amdocs Hungary and Amdocs Ireland and the
         other Consolidated Subsidiaries of Limited".

                  (d) The following definition is added to Section 1.01 in the
         appropriate alphabetical order:

                           "Amdocs Hungary" has the meaning specified in the
                  recital of parties to this Agreement.

                  (e) The definition of "Home Jurisdiction Withholding Taxes"
         set forth in Section 2.12(e) is amended to delete the language "and
         (e)" and to substitute therefore the language ", (e) in the case of
         Amdocs Hungary, withholding taxes imposed by the Republic of Hungary
         and (f)".

                  (f) Section 9.02 is supplemented by the address set forth for
         Amdocs Hungary beneath its signature line to this Amendment.

                  SECTION 4. Waiver to the Credit Agreement. The requirement set
forth in Section 5.02(i) that no Borrower will at any time, or permit any of its
Subsidiaries to, amend its certificate of incorporation is, as of the Phase I
Effective Date, waived solely to allow, and solely to the extent required for,
Sypress to authorize common stock at a par value of $1.00 per share in an amount
approximately equal to the number of shares to be issued by Sypress to Amdocs
U.K. as consideration for the contribution by Amdocs U.K. of Amdocs Inc. and
Amdocs USA to Sypress as part of the U.S. Loan Party Restructuring, provided,
however, that a copy of such amendment to the certificate of incorporation of
Sypress certified by an officer of Sypress shall be delivered to the
Administrative Agent on or prior to the date of filing such amendment.

                  SECTION 5. Conditions of Effectiveness. (a) Section 1 of this
Amendment shall become effective as of the date (the "Phase I Effective Date")
when, and only when, on or before December 30, 1999 the following conditions
shall have been satisfied:

                  (i) the Administrative Agent shall have received counterparts
         of this Amendment executed by the Existing Borrowers and all of the
         Lenders or, as to any of the Lenders, advice satisfactory to the
         Administrative Agent that such Lender has executed this Amendment.

                  (ii) Before giving effect to the transactions contemplated by
         this Amendment, there shall have occurred no material adverse change in
         the business condition (financial or otherwise), operations,
         performance, properties or prospects of any Loan Party, any of its
         Subsidiaries or Limited since September 30, 1999.

                  (iii) There shall exist no action, suit, investigation,
         litigation or proceeding

<PAGE>   8

         affecting any Loan Party or any of its Subsidiaries pending or
         threatened before any court, governmental agency or arbitrator that (i)
         would be reasonably likely to have a Material Adverse Effect or (ii)
         purports to affect the legality, validity or enforceability of this
         Amendment, the Credit Agreement, any Note, any other Loan Document, any
         Related Document or the consummation of the transactions contemplated
         hereby.

                  (iv) The Existing Borrowers shall have paid all invoiced fees
         and expenses of the Administrative Agent and the Lender Parties
         (including the invoiced fees and expenses of counsel to the
         Administrative Agent and local counsel to the Lender Parties).

                  (v) The Administrative Agent on behalf of the Lender Parties
         shall have received on or before the effective date of this Amendment
         the following, each dated such day (unless otherwise specified), in
         form and substance satisfactory to the Lender Parties (unless otherwise
         specified) and in sufficient copies for each Lender Party:

                           (A) A consent in substantially the form of Exhibit B
                  hereto, by the Guarantors (as defined in the US Loan Party
                  Guaranty) in favor of the Administrative Agent under the US
                  Loan Party Guaranty duly executed by each Guarantor party
                  thereto, consenting to the amendment contemplated by this
                  Agreement.

                           (B) A consent in substantially the form of Exhibit C
                  hereto, by the Guarantors (as defined in the Non-US Loan Party
                  Guaranty) in favor of the Administrative Agent under the
                  Non-US Loan Party Guaranty, duly executed by each Guarantor
                  party thereto (other than Amdocs Japan Limited and Directory
                  Technology Pty. Ltd.), consenting to the amendment
                  contemplated by this Agreement.

                           (C) Such financial, business and other information
                  regarding each Loan Party and its Subsidiaries as the Lender
                  Parties shall have requested, including, without limitation,
                  information as to possible contingent liabilities, tax
                  matters, environmental matters, obligations under employee
                  benefit plans, collective bargaining agreements and other
                  arrangements with employees and forecasts prepared by
                  management of the Borrowers, in form and substance
                  satisfactory to the Lender Parties, of balance sheets, income
                  statements and cash flow statements on a quarterly basis for
                  the first year following the effective date of this Amendment
                  and on an annual basis for each year thereafter until 2001.

                           (D) A favorable opinion of Reboul, MacMurray, Hewitt,
                  Maynard & Kristol, special New York counsel to the Existing
                  Borrowers, in substantially the forms of Exhibit E-4 hereto,
                  and to such other matters as any Lender Party through the
                  Administrative Agent may reasonably request.

                  (b) Section 2 of this Amendment shall become effective as of
the date (the "Phase II Effective Date") when, and only when, on or before
January 31, 2000 the following conditions shall have been satisfied:
<PAGE>   9

                  (i) The Phase I Effective Date shall have occurred or occur
         simultaneously with the Phase II Effective Date, and the Administrative
         Agent shall have received counterparts of this Amendment executed by
         the Phase II New Borrowers.

                  (ii) Before giving effect to the transactions contemplated by
         this Amendment, there shall have occurred no material adverse change in
         the business condition (financial or otherwise), operations,
         performance, properties or prospects of any Loan Party, any of its
         Subsidiaries or Limited since September 30, 1999.

                  (iii) There shall exist no action, suit, investigation,
         litigation or proceeding affecting any Loan Party or any of its
         Subsidiaries pending or threatened before any court, governmental
         agency or arbitrator that (i) would be reasonably likely to have a
         Material Adverse Effect or (ii) purports to affect the legality,
         validity or enforceability of this Amendment, the Credit Agreement, any
         Note, any other Loan Document, any Related Document or the consummation
         of the transactions contemplated hereby.

                  (iv) The Borrowers shall have paid all accrued fees and
         expenses of the Administrative Agent and the Lender Parties (including
         the invoiced fees and expenses of counsel to the Administrative Agent
         and local counsel to the Lender Parties).

                  (v) The Administrative Agent on behalf of the Lender Parties
         shall have received on or before the effective date of this Amendment
         the following, each dated such day (unless otherwise specified), in
         form and substance satisfactory to the Lender Parties (unless otherwise
         specified) and (except for the Notes) in sufficient copies for each
         Lender Party:

                           (A) The Notes of each Phase II New Borrower payable
                  to the order of the Lenders.

                           (B) Certified copies of the resolutions of the Board
                  of Directors or Executive Committee of each Phase II New
                  Borrower approving this Amendment, the Credit Agreement, the
                  Notes, each other Loan Document and each Related Document to
                  which it is or is to be a party, and of all documents
                  evidencing other necessary corporate action and governmental
                  and other third party approvals and consents, if any, with
                  respect to this Amendment, the Credit Agreement, the Notes,
                  each other Loan Document and each Related Document.

                           (C) A certificate of each Phase II New Borrower,
                  signed on behalf of such Phase II New Borrower by its
                  President or a Vice President and its Secretary or any
                  Assistant Secretary, dated the Phase II Effective Date of this
                  Amendment (the statements made in which certificate shall be
                  true on and as of such date), certifying as to (A) a copy of
                  the charter of such Borrower, (B) the due incorporation and
                  good standing (where applicable) of such Borrower as a
                  corporation organized under the laws of the jurisdiction of
                  its incorporation, and the absence of any proceeding for the
                  dissolution or liquidation of such Borrower, (C) the truth of
                  the representations and warranties contained in the Loan
<PAGE>   10
                  Documents as though made on and as of the Phase II Effective
                  Date and (D) the absence of any event occurring and
                  continuing, or resulting from the effectiveness of this
                  Amendment, that constitutes a Default.

                           (D) A certificate of the Secretary or an Assistant
                  Secretary of each Phase II New Borrower certifying the names
                  and true signatures of the officers of such Person authorized
                  to sign this Amendment, the Notes, each other Loan Document
                  and each Related Document to which they are or are to be
                  parties and the other documents to be delivered hereunder and
                  thereunder.

                           (E) An assumption of guaranty in substantially the
                  form of Exhibit A to the Non-US Loan Party Guaranty, duly
                  executed by each of Amdocs Cyprus and Amdocs Ireland.

                           (F) A security agreement supplement in substantially
                  the form of Exhibit A to the Security Agreement, duly executed
                  by each of Amdocs Cyprus and Amdocs Ireland.

                           (G) (1) A Deed of Charge dated the date of the Phase
                  II Effective Date (the "Amdocs Cyprus Charge") made by Amdocs
                  Cyprus in favor of the Administrative Agent, in substantially
                  the form of Exhibit D-1 hereto and (2) and a Debenture dated
                  the date of the Phase II Effective Date (the "Amdocs Cyprus
                  Debenture") made by Amdocs Cyprus in favor of the
                  Administrative Agent, in substantially the form of Exhibit D-2
                  hereto, in each case, duly executed by Amdocs Cyprus, together
                  with evidence that all actions that may be necessary or
                  desirable in order to perfect and protect the first priority
                  liens, security interests and charges created by the Amdocs
                  Cyprus Charge and the Amdocs Cyprus Debenture, respectively,
                  have been taken.

                           (H) Such financial, business and other information
                  regarding each Loan Party and its Subsidiaries as the Lender
                  Parties shall have requested, including, without limitation,
                  information as to possible contingent liabilities, tax
                  matters, environmental matters, obligations under employee
                  benefit plans, collective bargaining agreements and other
                  arrangements with employees and forecasts prepared by
                  management of the Existing Borrowers and the Phase II New
                  Borrowers, in form and substance satisfactory to the Lender
                  Parties, of balance sheets, income statements and cash flow
                  statements on a quarterly basis for the first year following
                  the effective date of this Amendment and on an annual basis
                  for each year thereafter until 2001.

                           (I) A favorable opinion of Antis Triantafyllides &
                  Sons, counsel for Amdocs Cyprus, Arthur Cox, counsel for
                  Amdocs Ireland, and Reboul, MacMurray, Hewitt, Maynard &
                  Kristol, special New York counsel to the Existing Borrowers
                  and the Phase II New Borrowers, in substantially the forms of
                  Exhibits E-1, E-2 and E-4 hereto, and to such other matters as
                  any Lender Party through the Administrative Agent may
                  reasonably request.
<PAGE>   11

                  (c) Section 3 of this Amendment shall become effective on the
date (the "Phase III Effective Date") when, and only when, on or before January
31, 2000 the following conditions shall have been satisfied:

                  (i) The Phase II Effective Date shall have occurred or occur
         simultaneously with the Phase III Effective Date, and the
         Administrative Agent shall have received counterparts of this Amendment
         executed by Amdocs Hungary.

                  (ii) Before giving effect to the transactions contemplated by
         this Amendment, there shall have occurred no material adverse change in
         the business condition (financial or otherwise), operations,
         performance, properties or prospects of any Loan Party, any of its
         Subsidiaries or Limited since September 30, 1999.

                  (iii) There shall exist no action, suit, investigation,
         litigation or proceeding affecting any Loan Party or any of its
         Subsidiaries pending or threatened before any court, governmental
         agency or arbitrator that (i) would be reasonably likely to have a
         Material Adverse Effect or (ii) purports to affect the legality,
         validity or enforceability of this Amendment, the Credit Agreement, any
         Note, any other Loan Document, any Related Document or the consummation
         of the transactions contemplated hereby.

                  (iv) The Borrowers shall have paid all accrued fees and
         expenses of the Administrative Agent and the Lender Parties (including
         the invoiced fees and expenses of counsel to the Administrative Agent
         and local counsel to the Lender Parties).

                  (v) The Administrative Agent on behalf of the Lender Parties
         shall have received on or before the effective date of this Amendment
         the following, each dated such day (unless otherwise specified), in
         form and substance satisfactory to the Lender Parties (unless otherwise
         specified) and (except for the Notes) in sufficient copies for each
         Lender Party:

                           (A) The Notes of Amdocs Hungary payable to the order
                  of the Lenders.

                           (B) Certified copies of the resolutions of the Board
                  of Directors or Executive Committee of Amdocs Hungary
                  approving this Amendment, the Credit Agreement, the Notes,
                  each other Loan Document and each Related Document to which it
                  is or is to be a party, and of all documents evidencing other
                  necessary corporate action and governmental and other third
                  party approvals and consents, if any, with respect to this
                  Amendment, the Credit Agreement, the Notes, each other Loan
                  Document and each Related Document.

                           (C) A certificate of Amdocs Hungary, signed on behalf
                  of it by its Managing Director and its Secretary or any
                  Assistant Secretary, dated the Phase III effective Date of
                  this Amendment (the statements made in which certificate shall
                  be true on and as of such date), certifying as to (A) a copy
                  of charter (or similar document) of such Borrower, (B) the due
                  incorporation and good standing (where applicable) of such
                  Borrower as a limited liability company organized under the
<PAGE>   12
                  laws of the jurisdiction of its incorporation, and the absence
                  of any proceeding for the dissolution or liquidation of such
                  Borrower, (C) the truth of the representations and warranties
                  contained in the Loan Documents as though made on and as of
                  the Phase III Effective Date and (D) the absence of any event
                  occurring and continuing, or resulting from the effectiveness
                  of this Amendment, that constitutes a Default.

                           (D) A certificate of the Secretary or an Assistant
                  Secretary of Amdocs Hungary certifying the names and true
                  signatures of the officers of such Person authorized to sign
                  this Amendment, the Notes, each other Loan Document and each
                  Related Document to which it is or is to be party and the
                  other documents to be delivered hereunder and thereunder.

                           (E) An assumption of guaranty in substantially the
                  form of Exhibit A to the Non-US Loan Party Guaranty, duly
                  executed by Amdocs Hungary.

                           (F) A security agreement supplement in substantially
                  the form of Exhibit A to the Security Agreement, duly executed
                  by Amdocs Hungary.

                           (G) Such financial, business and other information
                  regarding each Loan Party and its Subsidiaries as the Lender
                  Parties shall have requested, including, without limitation,
                  information as to possible contingent liabilities, tax
                  matters, environmental matters, obligations under employee
                  benefit plans, collective bargaining agreements and other
                  arrangements with employees and forecasts prepared by
                  management of the Borrowers, in form and substance
                  satisfactory to the Lender Parties, of balance sheets, income
                  statements and cash flow statements on a quarterly basis for
                  the first year following the effective date of this Amendment
                  and on an annual basis for each year thereafter until 2001.

                           (H) A favorable opinion of the Law Offices of Dr.
                  Peter Kamoromi - Squire, Sanders & Dempsey, L.L.P., counsel
                  for Amdocs Hungary, and Reboul, MacMurray, Hewitt, Maynard &
                  Kristol, special New York counsel to the New Borrowers, in
                  substantially the forms of Exhibits E-3 and E-4 hereto, and to
                  such other matters as any Lender Party through the
                  Administrative Agent may reasonably request.

                           (I) Certified copies of each filing made or to be
                  made (together with an English language translation thereto)
                  in connection with the attachment and perfection of the
                  security interests and Liens granted, pledged and assigned by
                  Amdocs Hungary under Loan Documents, together with original,
                  execution copies of powers of attorney in form and substance
                  satisfactory to the Administrative Agent authorizing the
                  execution of any such filing required by Hungarian law to be
                  made after the Phase III Effective Date duly executed by
                  Amdocs Hungary and any other Loan Party that is to be a
                  signatory to such filing.

                  This Amendment is subject to the provisions of Section 8.01 of
the Credit

<PAGE>   13

Agreement. For purposes of determining compliance with the conditions
specified in Sections 5(a) (Phase I Effective Date), 5(b) (Phase II Effective
Date) and 5(c) (Phase III Effective Date), each Lender Party that has executed
this Amendment shall be deemed to have consented to, approved or accepted or to
be satisfied with, each document or other matter either sent (or made available)
by the Administrative Agent to such Lender Party for consent, approval,
acceptance or satisfaction, or required thereunder to be consented to or
approved by or acceptable or satisfactory to such Lender Party.

                  SECTION 6. Representations and Warranties of the Existing
Borrowers. The Existing Borrowers represent and warrant as follows:

                  (a) Each Existing Borrower is a corporation or limited
         liability company, as the case may be, duly organized, validly existing
         and in good standing (where applicable) under the laws of the
         jurisdiction indicated in the recital of parties to this Amendment.

                  (b) The execution, delivery and performance by such Borrower
         of this Amendment, the Credit Agreement, as amended hereby, and the
         transactions contemplated hereby are within such Borrower's corporate
         powers, have been duly authorized by all necessary corporate action and
         do not (i) contravene such Borrower's charter or by-laws (or similar
         governing documents), (ii) violate any law (including, without
         limitation, the Securities Exchange Act of 1934), rule or regulation
         (including, without limitation, Regulation X of the Board of Governors
         of the Federal Reserve System), or any order, writ, judgment,
         injunction, decree, determination or award, binding on or affecting
         such Borrower or any of its Subsidiaries or any of their properties,
         (iii) conflict with or result in the breach of, or constitute a default
         under, any contract, loan agreement, indenture, mortgage, deed of
         trust, lease or other instrument binding on or affecting such Borrower,
         any of its Subsidiaries or any of their properties or (iv) except for
         the Liens created under the Collateral Documents, as amended hereby,
         result in or require the creation or imposition of any Lien upon or
         with respect to any of the properties of such Borrower or any of its
         Subsidiaries.

                  (c) No authorization or approval or other action by, and no
         notice to or filing with, any governmental authority or regulatory body
         or any other third party is required for the due execution, delivery or
         performance by such Borrower of this Amendment, the Credit Agreement,
         as amended hereby, or the transactions contemplated hereby, except for
         the authorizations, approvals, actions, notices and filings listed on
         Schedule I hereto, all of which have been duly obtained, taken, given
         or made and are in full force and effect.

                  (d) This Amendment has been duly executed and delivered by
         such Borrower. This Amendment and each of the Credit Agreement, as
         amended hereby, to which the Borrower is a party are, and each of the
         Replacement Notes to which the Borrower is to be a party, when
         delivered hereunder, will be, legal, valid and binding obligations of
         such Borrower, enforceable against such Borrower in accordance with
         their respective terms.

                  (e) There is no action, suit, investigation, litigation or
         proceeding including

<PAGE>   14

         any Environmental Action, to which such Borrower or any of its
         Subsidiaries is a party, pending or threatened before any court,
         governmental agency or arbitrator that (i) would be reasonably likely
         to have a Material Adverse Effect or (ii) purports to affect the
         legality, validity or enforceability of this Amendment, the Notes or
         the Credit Agreement, as amended hereby.

                  SECTION 7. Reference to and Effect on the Credit Agreement and
the Notes. (a) On and after the Phase I Effect Date, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like
import referring to the Credit Agreement, and each reference in the Notes and
each of the other Loan Documents to "the Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by Section 1 this
Amendment.

                  (b) On and after the Phase II Effective Date, each reference
in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of
like import referring to the Credit Agreement, and each reference in the Notes
and each of the other Loan Documents to "the Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by Section 2 of this
Amendment.

                  (c) On and after the Phase III Effective Date, each reference
in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of
like import referring to the Credit Agreement, and each reference in the Notes
and each of the other Loan Documents to "the Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by Section 3 of this
Amendment.

                  (d) The Credit Agreement, as specifically amended by this
Amendment, and the other Loan Documents are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed. Without
limiting the generality of the foregoing, the Collateral Documents and all of
the Collateral described therein do and shall continue to secure the payment of
all Obligations of the Loan Parties under the Loan Documents, in each case as
amended by this Amendment.

                  (e) The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of any Lender or the Agent under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

                  SECTION 8. Costs and Expenses. The Borrowers agree to pay on
demand all costs and expenses of the Administrative Agent in connection with the
preparation, execution, delivery and administration, modification and amendment
of this Amendment, the Notes and the other instruments and documents to be
delivered hereunder (including, without limitation, the reasonable fees and
expenses of counsel for the Administrative Agent) in accordance with the terms
of Section 8.04 of the Credit Agreement.
<PAGE>   15

                  SECTION 9. Execution in Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.

                  SECTION 10. Governing Law. This Amendment shall be governed
by, and construed in accordance with, the laws of the State of New York.

<PAGE>   16

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

                              BORROWERS

                              EUROPEAN SOFTWARE MARKETING LTD.

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

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

                              AMDOCS (U.K.) LTD.

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

                              AMDOCS, INC.

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

                              CANADIAN DIRECTORY TECHNOLOGY LTD.

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

                              AMDOCS (USA), INC.

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

                              SYPRESS, INC.

                                     By
                                        ---------------------------------------
                                     Title:
<PAGE>   17

                              2129 Barrett Station Road, Suite 302
                              St. Louis, Missouri 63131 USA

                              AMDOCS DEVELOPMENT LIMITED

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

                              2-4 Arch.  Makarios III Avenue
                              Capital Center
                              9th Floor
                              1505 Nicosia, Cyprus

                              AMDOCS SOFTWARE SYSTEMS LIMITED

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

                              Earlsfort Centre, Earlsfort Terrace
                              Dublin 2, Ireland

                              AMDOCS SOFTWARE MEGOLDASOK KORLATOLT FELELOSSEGU
                              TARSASAG

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

                              1062 Budapest, Andrassy ut 64, Hungary

<PAGE>   18
                              LENDERS

                              BANK OF AMERICA, N.A. (formerly known as
                              NationsBank, N.A., as successor by merger
                              thereto), as Administrative Agent and a Lender

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

                              THE BANK OF NOVA SCOTIA

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

                              THE INDUSTRIAL BANK OF JAPAN, LIMITED

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

                              FLEET NATIONAL BANK

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

<PAGE>   19

                                   Schedule I
                 Authorizations, Approvals, Notices And Filings

                                      None

<PAGE>   20

                                    EXHIBIT A
                                SCHEDULE 4.01(b)

<PAGE>   21

                                                                    Exhibit B to
                                                                 Amendment No. 1

                                 FORM OF CONSENT
                            TO US LOAN PARTY GUARANTY

                                                   Dated as of December __, 1999

                  The undersigned, each a Guarantor under the US Loan Party
Guaranty in favor of the Administrative Agent, for its benefit and the benefit
of the Lender Parties parties to the Amended and Restated Credit Agreement dated
as of June 29, 1998 (as amended, supplemented or otherwise modified from time to
time in accordance with its terms, the "Credit Agreement"; terms not otherwise
defined herein shall have the meaning herein as therein ascribed to them) as
amended by Amendment No. 1 to the Credit Agreement dated as of December __, 1999
(the "Amendment") among European Marketing Software Ltd., a Guernsey company,
Amdocs (U.K.) Ltd., a corporation organized under the laws of England and Wales,
Amdocs, Inc., a Delaware corporation, Amdocs (USA), Inc. a Delaware corporation,
Canadian Directory Technology Ltd., a Delaware corporation, Sypress, Inc., a
Delaware corporation, Amdocs Development Limited, a limited liability company
organized under the laws of the Republic of Cyprus, Amdocs Software Megoldasok
Korlatolt Felelossegu Tarsasag, a limited liability company organized under the
laws of the Republic of Hungary, and Amdocs Software Systems Limited, a
corporation organized under the laws of Ireland, as Borrowers, the Lender
Parties referred to therein, and Bank of America, N.A. (as successor to
NationsBank, N.A.), as Administrative Agent, The Bank of Nova Scotia, as
syndication agent, and The Industrial Bank of Japan, Limited, as documentation
agent, for the Lender Parties, hereby consent to such amendment of the Credit
Agreement and hereby confirm and agree that notwithstanding the effectiveness of
such amendment, the US Loan Party Guaranty shall continue to be in full force
and effect and is hereby ratified and confirmed in all respects, except that, on
and after the effectiveness of the Amendment, each reference in the US Loan
Party Guaranty to the "Credit Agreement", "thereunder", "thereof" or words of
like import shall mean and be a reference to the Credit Agreement as amended by
the Amendment.

                                      AMDOCS, INC.

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

                                      CANADIAN DIRECTORY
                                               TECHNOLOGY, LTD.

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

<PAGE>   22

                                      AMDOCS SERVICES, INC.

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

                                      AMDOCS (USA), INC.

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

<PAGE>   23

                                                                    Exhibit C to
                                                                 Amendment No. 1

                                 FORM OF CONSENT
                          TO NON-US LOAN PARTY GUARANTY

                                                   Dated as of December __, 1999

                  The undersigned, each a Guarantor under the Non-US Loan Party
Guaranty in favor of the Administrative Agent, for its benefit and the benefit
of the Lender Parties parties to the Amended and Restated Credit Agreement dated
as of June 29, 1998 (as amended, supplemented or otherwise modified from time to
time in accordance with its terms, the "Credit Agreement"; terms not otherwise
defined herein shall have the meaning herein as therein ascribed to them) as
amended by Amendment No. 1 to the Credit Agreement dated as of December __, 1999
(the "Amendment") among European Marketing Software Ltd., a Guernsey company,
Amdocs (U.K.) Ltd., a corporation organized under the laws of England and Wales,
Amdocs, Inc., a Delaware corporation, Amdocs (USA), Inc. a Delaware corporation,
Canadian Directory Technology Ltd., a Delaware corporation, Sypress, Inc., a
Delaware corporation, Amdocs Development Limited, a limited liability company
organized under the laws of the Republic of Cyprus, Amdocs Software Megoldasok
Korlatolt Felelossegu Tarsasag, a limited liability company organized under the
laws of the Republic of Hungary, and Amdocs Software Systems Limited, a
corporation organized under the laws of Ireland, as Borrowers, the Lender
Parties referred to therein, and Bank of America, N.A. (as successor to
NationsBank, N.A.), as Administrative Agent, The Bank of Nova Scotia, as
syndication agent, and The Industrial Bank of Japan, Limited, as documentation
agent, for the Lender Parties, hereby consent to such amendment of the Credit
Agreement and hereby confirm and agree that notwithstanding the effectiveness of
such amendment, the US Loan Party Guaranty shall continue to be in full force
and effect and is hereby ratified and confirmed in all respects, except that, on
and after the effectiveness of the Amendment, each reference in the Non-US Loan
Party Guaranty to the "Credit Agreement", "thereunder", "thereof" or words of
like import shall mean and be a reference to the Credit Agreement as amended by
the Amendment.

                                    AMDOCS (U.K.) LIMITED

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

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

                                    EUROPEAN SOFTWARE MARKETING
                                        LIMITED

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

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

<PAGE>   24

                                    EXHIBIT F

                                   SCHEDULE I

                   COMMITMENTS AND APPLICABLE LENDING OFFICES

<TABLE>
<CAPTION>
   NAME OF INITIAL LENDER       REVOLVING         LETTER OF           DOMESTIC                     EURODOLLAR
                                  CREDIT            CREDIT            LENDING                        LENDING
                               COMMITMENT        COMMITMENT            OFFICE                         OFFICE
   ----------------------      -----------       -------------        --------                     -----------
<S>                            <C>               <C>               <C>                           <C>
NationsBank, N.A.              $25,000,000       $3,333,333.34     901 Main Street               901 Main Street
                                                                   Dallas, TX 75202              Dallas, TX 75202

The Bank of Nova Scotia        $25,000,000       $3,333,333.33     One Liberty Plaza             One Liberty Plaza
                                                                   26th Floor                    26th Floor
                                                                   New York, NY 10006            New York, NY 10006

The Industrial Bank of         $25,000,000       $3,333,333.33     New York Branch               New York Branch
Japan, Ltd.                                                        1251 Avenue of the Americas   1251 Avenue of the Americas
                                                                   New York, NY 10020-1104       New York, NY 10020-1104

Fleet National Bank            $25,000,000                         One Federal Street            One Federal Street
                                                                   Mail Stop MA0FD07A            Mail Stop MA0FD07A
                                                                   Boston, MA 02110              Boston, MA 02110
                                                                   Attn: Pauline Kowalezyk       Attn: Pauline Kowalezyk
</TABLE><PAGE>   1
                                                                     EXHIBIT 4.6

                                                                  EXECUTION COPY

                        LETTER AMENDMENT AND WAIVER NO. 2
                             TO THE CREDIT AGREEMENT

                                                   Dated as of February 29, 2000

To  the banks, financial institutions and other institutional lenders
    (collectively, the "Lenders") parties to the Credit Agreement
    referred to below and to Bank of America, N.A.,
    as administrative agent (the " Administrative Agent")
    for the Lenders

Ladies and Gentlemen:

                  We refer to the Amended and Restated Credit Agreement dated as
of June 29, 1998, and Amendment No. 1 thereto dated as of December 16, 1999
("Amendment No. 1") (such Credit Agreement, as so amended, the "Credit
Agreement") among the undersigned and you. Capitalized terms not otherwise
defined in this Letter Amendment and Waiver No. 2 to the Credit Agreement (the
"Letter Amendment and Waiver No. 2") have the same meanings as specified in the
Credit Agreement and Amendment No. 1.

                  The Borrowers have requested that the Lenders agree to amend
the Credit Agreement in order to permit Amdocs (Israel) to incur Debt in an
aggregate principal amount outstanding not to exceed $40,000,000 at any time
under a line of credit to be established by a lending institution in Israel not
limited to First International Bank of Israel.

                  Furthermore, in connection with the contribution of 100% of
the outstanding common stock of International Telecommunication Data Systems,
Inc., a Delaware corporation ("ITDS"), by Limited to ESM, the contribution by
ESM of 100% of the outstanding common stock of ITDS to Amdocs UK and the sale by
Amdocs UK of 100% of the outstanding common stock of ITDS to Sypress, the
Borrowers hereby request that the Lenders waive certain sections of the Credit
Agreement as hereinafter set forth to allow the foregoing transfer and sale
transactions.

                  The Lender Parties have indicated their willingness to amend
the Credit Agreement to permit the modifications and waivers described above on
the terms and conditions set forth below. Accordingly, it is hereby agreed that
the Credit Agreement is, subject to the satisfaction of the conditions set forth
below, amended as follows:

<PAGE>   2
                                       2

                           (a) Section 5.02(b)(v) be amended and restated in its
                  entirety to read as follows:

                                    "(v) in the case of Amdocs (Israel), Debt
                           under a line of credit to be established by a lending
                           institution in Israel in an aggregate principal
                           amount outstanding not to exceed $40,000,000 at any
                           time, provided that the Lender Parties shall be
                           reasonably satisfied with such lending institution
                           and the terms and conditions of such line of credit,
                           including, without limitation, the term, covenants
                           and events of default thereunder."

                  It is further agreed that the Lender Parties waive (a) Section
5.02(e) of the Credit Agreement solely to allow and solely to the extent
required for (i) the contribution by Limited of 100% of the outstanding common
stock of ITDS to ESM, which in turn shall contribute 100% of the outstanding
common stock of ITDS to Amdocs UK and (ii) the sale or other transfer by Amdocs
UK of 100% of the outstanding common stock of ITDS to Sypress (together with the
sale or transfer described in the foregoing clause (i) and each related
transaction contemplated thereby or by this clause (ii), the "ITDS
Restructuring") and (b) Section 5.02(g) of the Credit Agreement solely to allow
and solely to the extent required for the issuance of capital stock by Sypress
to Amdocs UK in consideration for the sale by Amdocs UK of 100% of the
outstanding common stock of ITDS to Sypress.

                  The Loan Parties hereby agree to cause ITDS to promptly
execute and deliver all documents and take all actions as required of a newly
acquired Significant Subsidiary under Section 5.01(l) of the Credit Agreement.

                  This Letter Amendment and Waiver No. 2 shall cease to be
effective if, prior to 5:00 P.M. (NYC Time) on March 10, 2000, the
Administrative Agent shall not have received each of (a) the original
counterparts of this Letter Amendment and Waiver No. 2 executed by all the
Borrowers, (b) the original of the consent in the form attached hereto executed
by each Guarantor, (c) the stock certificates evidencing all of the Pledged
Shares (as defined in the Security Agreement) issued by ITDS Intelicom Services,
Inc. and (d) acknowledgment copies of Uniform Commercial Code termination
statements or other appropriate filings and documents, in form and substance
satisfactory to the Administrative Agent, properly executed and filed under the
Uniform Commercial Code or other appropriate laws of applicable jurisdictions
and such other instruments and documents as the Administrative Agent shall
reasonably request, evidencing the termination of all security interests and
liens created under agreements other than the Security Agreement against the
interests of ITDS in ITDS Intelicom Services, Inc.

                  This Letter Amendment and Waiver No. 2 shall become effective
as of the first date on which each of the following conditions precedent shall
have been satisfied:

<PAGE>   3
                                       3

                  (a) The Administrative Agent shall have received counterparts
                  of this Letter Amendment and Waiver No. 2 executed by the
                  Required Lenders or, as to any of the Lenders, advice
                  satisfactory to the Administrative Agent that such Lender has
                  executed this Letter Amendment and Waiver No. 2. This Letter
                  Amendment and Waiver No. 2 is subject to the provisions of
                  Section 8.01 of the Credit Agreement.

                  (b) Before and after giving effect to this Letter Amendment
                  and Waiver No. 2, no Default shall have occurred and be
                  continuing.

                  (c) The Administrative Agent shall have received on or prior
                  to the consummation of the ITDS Restructuring, certificates
                  representing 100% of the outstanding common stock of ITDS
                  issued thereby to Sypress, accompanied by undated stock powers
                  executed in blank.

                  (d) The Administrative Agent shall have received on or prior
                  to the consummation of the ITDS Restructuring, certificates
                  representing all the capital stock issued by Sypress to Amdocs
                  UK in consideration for the sale by Amdocs UK of 100% of the
                  outstanding common stock of ITDS to Sypress, accompanied by
                  stock powers endorsed in blank.

                  (e) The Administrative Agent shall have received on or prior
                  to the consummation of the ITDS Restructuring, in sufficient
                  copies for each Lender Party:

                           (i) Certified copies of each material agreement,
                  instrument and any other document evidencing or otherwise
                  setting forth the terms and conditions of the ITDS
                  Restructuring (collectively, the "ITDS Documents"), and such
                  other instruments and documents as the Administrative Agent
                  shall reasonably request,

                           (ii) Certified copies of the resolutions of the Board
                  of Directors or Executive Committee of each Loan Party that is
                  or is to be a party to any aspect of the ITDS Restructuring or
                  the transactions contemplated thereby approving the ITDS
                  Documents to which it is or is to be a party and the
                  consummation of each aspect of the ITDS Restructuring and the
                  other transactions contemplated by any of the foregoing
                  involving or affecting such Loan Party,

                           (iii) A certificate of each of ITDS, ESM, Amdocs U.K.
                  and Sypress, signed on behalf of such Loan Party by its
                  Director or Officer, dated the date of consummation of the
                  ITDS Restructuring, certifying as to (A) a copy of the

<PAGE>   4
                                       4

                  charter of such Borrower and all amendments thereto, (B) the
                  due incorporation and good standing (where applicable) of such
                  Loan Party as a corporation organized under the laws of the
                  jurisdiction of its incorporation or formation, and the
                  absence of any proceeding for the dissolution or liquidation
                  of such Loan Party, (C) the truth of the representations and
                  warranties contained in the Loan Documents as though made on
                  and as of the date of effectiveness of this Letter Amendment
                  and Wavier No. 2 and (D) the absence of any event occurring
                  and continuing, or resulting from the effectiveness of this
                  Letter Amendment and Waiver No. 2, that constitutes a Default,

                           (iv) if requested by the Administrative Agent,
                  executed, original financing statements or other appropriate
                  filings, in form and substance satisfactory to the
                  Administrative Agent, under the Uniform Commercial Code or
                  other appropriate laws of all jurisdictions that the
                  Administrative Agent may deem necessary or desirable in order
                  to perfect and protect the first priority liens and security
                  interests created under the Security Agreement, covering the
                  Collateral described in the Security Agreement, and

                           (v) A favorable opinion of Blackwell Sanders Peper
                  Martin and Reboul, MacMurray, Hewitt, Maynard & Kristol, in
                  each case, counsel for the Loan Parties, in the form of
                  Exhibit A hereto, and to such other matters as any Lender
                  Party through the Administrative Agent may reasonably request.

                  This Letter Amendment and Waiver No. 2 is subject to the
provisions of Section 9.01 of the Credit Agreement.

                  On and after the effectiveness of this Letter Amendment and
Waiver No. 2, each reference in the Credit Agreement to "this Agreement",
"hereunder", "hereof" or words of like import referring to the Credit Agreement,
and each reference in the Notes and each of the other Loan Documents to "the
Credit Agreement", "thereunder", "thereof" or words of like import referring to
the Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended by this Letter Amendment and Waiver No. 2.

                  The Credit Agreement, the Notes and each of the other Loan
Documents, except to the extent of the waiver specifically provided above, are
and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed. Without limiting the generality of the foregoing, the
Collateral Documents and all of the Collateral described therein do and shall
continue to secure the payment of all Obligations of the Loan Parties under the
Loan Documents. The execution, delivery and effectiveness of this Letter
Amendment and Waiver No. 2 shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of any

<PAGE>   5
                                       5

Lender or the Agent under any of the Loan Documents, nor constitute a waiver of
any provision of any of the Loan Documents.

                  If you agree to the terms and provisions of this Letter
Amendment and Waiver No. 2, please evidence such agreement by executing and
delivering one counterpart by fax of this Letter Amendment and Waiver No. 2 to
Shearman & Sterling, 599 Lexington Avenue, New York, NY 10022, Attention:
Benjamin Cheng, Telephone (212) 848-5336, Fax (212) 893-9707, by no later than
5:00 P.M. (NYC Time) on February 29, 2000, and six original counterparts by
courier promptly thereafter.

                  This Letter Amendment and Waiver No. 2 may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Letter Amendment and Waiver No.
2 by telecopier shall be effective as delivery of a manually executed
counterpart of this Letter Amendment and Waiver No. 2.

                  [Remainder of page intentionally left blank.]

<PAGE>   6
                                       6

                  This Letter Amendment and Waiver No. 2 shall be governed by,
and construed in accordance with, the laws of the State of New York.

                                                  Very truly yours,

                                         EUROPEAN SOFTWARE MARKETING LTD.

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

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

                                         AMDOCS (U.K.) LTD.

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

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

                                         AMDOCS, INC.

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

                                         CANADIAN DIRECTORY TECHNOLOGY LTD.

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

<PAGE>   7
                                      7

                                         AMDOCS (USA), INC.

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

                                         SYPRESS, INC.

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

                                         AMDOCS DEVELOPMENT LIMITED

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

                                         AMDOCS SOFTWARE SYSTEMS LIMITED

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

                                         AMDOCS SOFTWARE MEGOLDASOK
                                         KORLATOLT FELELOSSEGU TARSASAG

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

<PAGE>   8
                                       8
Agreed as of the date first above written:

BANK OF AMERICA, N.A. (formerly
known as NationsBank, N.A., as successor
by merger thereto), as Administrative Agent
and a Lender

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

THE BANK OF NOVA SCOTIA, as
Syndication Agent and as a Lender

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

THE INDUSTRIAL BANK OF JAPAN, LIMITED,
as Documentation Agent and as a Lender

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

FLEET NATIONAL BANK, as Co-Agent and
as a Lender

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

<PAGE>   9
                                       9

                                     CONSENT

                                               Dated as of _______________, 2000

                  Each of the undersigned in its capacity (i) as a Grantor under
the Security Agreement dated as of January 6, 1998 from the Grantors named
therein to NationsBank of Texas, N.A. (now known as Bank of America, N.A.), as
Administrative Agent, for its benefit and the benefit of the Lenders Parties
parties to the Credit Agreement referred to in the foregoing Letter Amendment
and Waiver No. 2 and (ii) as a Guarantor under the [US][Non-US] Loan Party
Guaranty dated January 6, 1998, hereby consents to such Letter Amendment and
Waiver No. 2 and hereby confirms and agrees that (a) notwithstanding the
effectiveness of such Letter Amendment and Waiver No. 2, each of the Security
Agreement, the [US][Non-US] Loan Party Guaranty to which it is a party is, and
shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, and (b) the Collateral Documents to which such
Grantor is a party and all of the Collateral described therein do, and shall
continue to, secure the payment of all of the Secured Obligations (in each case,
as defined therein).

                                          [NAME OF [GUARANTOR]
                                          [GRANTOR]

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]