Document:

Exhibit 10(C)

 

Exhibit 10(c)

	 	 	 
	 	 	Execution Copy

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”), is made and entered
into as of December 7, 2004, by and among CHECKFREE CORPORATION, a Delaware corporation (the
“Parent”), CHECKFREE SERVICES CORPORATION, a Delaware corporation (“Services”), and CHECKFREE
INVESTMENT CORPORATION, a Nevada corporation (“Checkfree Investment”; and together with the Parent
and Services, each a “Borrower” and collectively, the “Borrowers”), the several banks and other
financial institutions from time to time party hereto (the “Lenders”), and SUNTRUST BANK, in its
capacity as administrative agent for the Lenders (the “Administrative Agent”), as issuing bank (the
“Issuing Bank”), and as swingline lender (the “Swingline Lender”).

W I T N E S S E T H:

     WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to a certain
Revolving Credit Agreement, dated as of August 20, 2004 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not
otherwise defined shall have the meanings assigned to such terms in the Credit Agreement), pursuant
to which the Lenders have made certain financial accommodations available to the Borrowers;

     WHEREAS, the Borrowers have requested that the Lenders and the Administrative Agent amend
certain provisions of the Credit Agreement and waive a certain Event of Default, and subject to the
terms and conditions hereof, the Lenders are willing to do so;

     NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of
which are acknowledged, the Borrowers, the Lenders and the Administrative Agent agree as follows:

     1. Amendment. Section 5.1 of the Credit Agreement is hereby amended by
replacing subsection (f) of such Section in its entirety with the following:

(f) as soon as available, and in any event within forty-five (45) days of the end of
each calendar quarter, a report, in form and substance satisfactory to the
Administrative Agent, as to all personal tangible property and fixtures of Services as
of the last day of such calendar quarter, which shall designate whether such personal
tangible property and fixtures are used in connection with or is related to the Business
or Electronic Commerce Services Division, the Investment Services Division or the
Software Division and shall be accompanied by such supporting detail and documentation
reasonably requested by the Administrative Agent, and such report shall be certified by
the chief financial officer, chief executive officer or treasurer of Services as being
true and correct in all material respects;

 

 

     2. Waiver of Event of Default. The Lenders hereby waive the Event of Default that has
occurred under Section 8.1(d) of the Credit Agreement as a result of the Borrowers’ failure to
deliver the information required by the reporting requirements in Sections 5.1(c) and 5.1(f) of the
Credit Agreement for the calendar quarter ending September 30, 2004 within the time periods
provided in such Sections.

     3. Conditions to Effectiveness of this Amendment. Notwithstanding any other provision
of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is
understood and agreed that this Amendment shall not become effective, and the Borrowers shall have
no rights under this Amendment, until the Administrative Agent shall have received executed
counterparts to this Amendment from the Borrowers and the Required Lenders.

     4. Representations and Warranties. To induce the Lenders and the Administrative Agent
to enter into this Amendment, each Borrower hereby represents and warrants to the Lenders and the
Administrative Agent that:

     (a) The execution, delivery and performance by such Borrower of this Amendment (i) are within
such Borrower’s power and authority; (ii) have been duly authorized by all necessary
organizational, and if required, shareholder, partner or member, action; (iii) are not in
contravention of any provision of such Borrower’s certificate of incorporation or bylaws or other
organizational documents; (iv) do not require any consent or approval of, registration or filing
with, or any action by, any Governmental Authority, except those as have been obtained or made and
are in full force and effect; (v) will not violate any Requirements of Law applicable to such
Borrower or any of its Subsidiaries or any judgment, order or ruling of any Governmental Authority;
(vi) will not violate or result in a default under any indenture, material agreement or other
material instrument binding on such Borrower or any of its Subsidiaries or any of its assets or
give rise to a right thereunder to require any payment to be made by such Borrower or any of its
Subsidiaries and (vii) will not result in the creation or imposition of any Lien on any asset of
such Borrower or any of its Subsidiaries, except Liens (if any) created under the Loan Documents.

     (b) This Amendment has been duly executed and delivered for the benefit of or on behalf of
such Borrower and constitutes a legal, valid and binding obligation of such Borrower, enforceable
against such Borrower in accordance with its terms except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity; and

     (c) After giving effect to this Amendment, the representations and warranties contained in the
Credit Agreement and the other Loan Documents are true and correct in all material respects, and no
Default or Event of Default has occurred and is continuing as of the date hereof.

 

 

     5. Acknowledgments.

     (a) Reaffirmation of Guaranty. Each Borrower jointly and severally ratifies and
confirm the terms of Article XI of the Credit Agreement. Each Borrower acknowledges that,
notwithstanding anything to the contrary contained herein or in any other document evidencing any
indebtedness of the Borrowers to the Lenders or any other obligation of the Borrowers, or any
actions now or hereafter taken by the Lenders with respect to any obligation of the Borrowers, the
guaranty contained in Article XI of the Credit Agreement (i) is and shall continue to be a primary
obligation of such Borrower, (ii) is and shall continue to be an absolute, unconditional, joint and
several, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in
full force and effect in accordance with its terms.

     (b) Acknowledgment of Security Interest. Services hereby acknowledges that, as of the
date hereof, the security interests and liens granted to the Administrative Agent and the Lenders
under the Credit Agreement and the other Loan Documents are in full force and effect, are properly
perfected and are enforceable in accordance with the terms of the Credit Agreement and the other
Loan Documents.

     6. Effect of Amendment. Except as set forth expressly herein, all terms of the Credit
Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and
effect and shall constitute the legal, valid, binding and enforceable obligations of each of the
Borrowers to the Lenders and the Administrative Agent. 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 the Lenders under the Credit Agreement, nor constitute a waiver of any provision
of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the
Credit Agreement.

     7. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the internal laws of the State of Georgia and all applicable federal laws of the United
States of America.

     8. No Novation. This Amendment is not intended by the parties to be, and shall not be
construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard
thereto.

     9. Costs and Expenses. The Borrowers agree, jointly and severally, to pay on demand
all costs and expenses of the Administrative Agent in connection with the preparation, execution
and delivery of this Amendment, including, without limitation, the reasonable fees and
out-of-pocket expenses of outside counsel for the Administrative Agent with respect thereto.

     10. Counterparts. This Amendment may be executed by one or more of the parties hereto
in any number of separate counterparts, each of which shall be deemed an original and all of which,
taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be
as effective as delivery of a manually executed counterpart hereof.

 

 

     11. Binding Nature. This Amendment shall be binding upon and inure to the benefit of
the parties hereto, their respective successors, successors-in-titles, and permitted assigns.

     12. Entire Understanding. This Amendment sets forth the entire understanding of the
parties with respect to the matters set forth herein, and shall supersede any prior negotiations or
agreements, whether written or oral, with respect thereto.

[Signature Pages To Follow]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed,
under seal in the case of the Borrowers, by their respective authorized officers as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 
	 	 	 	 	 	 
	 	 	CHECKFREE CORPORATION
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ David E. Mangum	 	 
	

	 	 	 	 	 	 
	 	 	Name: David E. Mangum	 	 
	 	 	Title: Executive Vice
President and CFO	 	 
	 
	 	 	 	 	 	 
	 	 	CHECKFREE SERVICES CORPORATION
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ David E. Mangum	 	 
	

	 	 	 	 	 	 
	 	 	Name: David E. Mangum	 	 
	 	 	Title: Executive Vice
President and CFO	 	 
	 
	 	 	 	 	 	 
	 	 	CHECKFREE INVESTMENT CORPORATION
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ David E. Mangum	 	 
	

	 	 	 	 	 	 
	 	 	Name: David E. Mangum	 	 
	 	 	Title: Executive Vice
President and Treasurer	 	 

[SIGNATURE PAGE TO
FIRST AMENDMENT]

 

 

	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK, as Administrative Agent, as Issuing Bank, as Swingline Lender and as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ Nora G. Brown	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	Nora G. Brown	 	 
	

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A. as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ Jeff Kalinowski	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	Jeff Kalinowski	 	 
	

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	US BANK, NATIONAL ASSOCIATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ David F. Higbee	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	David F. Higbee	 	 
	

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BNP PARIBAS, as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	REGIONS BANK, as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	      /s/ W. Brad Davis	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	W. Brad Davis	 	 
	

	 	Title:
	 	VP	 	 

[SIGNATURE PAGE TO FIRST AMENDMENT]

 

 

	 	 	 	 	 	 	 
	 	 	BRANCH BANKING & TRUST COMPANY, as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	      /s/ McKie M. Trotten	 	 
	

	 	 	 	 	 	 
	

	 	Name:
	 	McKie M. Trotten	 	 
	

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	

	 	MIZUHO CORPORATE
BANK, LTD., as a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By
	 	     /s/ Bertram Tang	 	 
	

	 	 	 	 	 	 
	

	 	Name:

Title:
	 	Bertram Tang

Senior Vice President & Team Leader	 	 

[SIGNATURE PAGE TO FIRST AMENDMENTExhibit 10(D)

 

Exhibit 10(d)

RESTRICTED STOCK

AWARD AGREEMENT FOR DIRECTORS

	 	 	 	 	 
	

	 	CheckFree Corporation

4411 East Jones Bridge Road

Norcross, Georgia 30092

(678)375-3000	 	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	Director Name and Address:

	 	[Name]	 	 
	

	 	[Address]	 	 
	

	 	[City, State Zip]	 	 
	 
	 	 	 	 
	Number of Restricted Shares Subject to Award:

	 	[Number of Shares]	 	 
	 
	 	 	 	 
	Date of Award Grant:

	 	[Grant Date]	 	 
	 
	 	 	 	 
	 

     CheckFree Corporation, a Delaware corporation (the “Company”), hereby grants to the
individual whose name appears above (the “Director”) a Restricted Stock Award (the “Award”) of that
number of shares of its Common Stock, $0.01 par value per share (the “Restricted Shares”) set forth
above, subject to all of the terms and conditions set forth in this Restricted Stock Award
Agreement (this “Agreement”) and the Company’s 2002 Stock Incentive Plan (the “Plan”). All terms
and conditions set forth in Annex I hereto and the Plan are deemed to be incorporated herein in
their entirety. Undefined capitalized terms used in this Agreement shall have the meanings set
forth in the Plan.

1. Vesting Provisions.

     (a) Provided that the Director is a member of the Company’s board of directors (the “Board”)
on such date, the Director’s Restricted Shares will be issued (subject to tax withholding) and
become vested on the first anniversary of the Date of Award Grant as set forth above.

     (b) In the event of the Director’s resignation, removal, or other termination from the Board
(a “Termination”) for any reason before all of the Director’s Restricted Shares have become vested
under this Award, the Director’s Restricted Shares that have not been issued and have not vested
shall be forfeited on the effective date of the termination; provided, however, in the
event of the Director’s Termination by reason of death, all of the Restricted Shares subject to
this Agreement shall vest in full; and provided, further, the Board may in its sole
discretion accelerate the vesting of the Director’s Restricted Shares in the event of the
Director’s Termination by any reason other than death.

     (c) The Board’s discretion hereunder shall be total and final and the Director awarded the
Resticted Stock shall be bound by the Board’s decisions and certifications hereunder.

     (d) In the event of a Change of Control, all of the Restricted Shares subject to this
Agreement shall vest in full.

     (e) The Company will not have any further obligations to the Director under this Award if the
Director’s Restricted Shares are forfeited as provided herein.

 

 

2. General

     By signing below, you agree that this award is governed by this Agreement and by the terms and
conditions contained in the Plan, as amended from time to time and incorporated into this Agreement
by reference. A copy of the Plan is available upon request by contacting the Human Resources
Department at the Company’s executive offices.

CheckFree Corporation

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	

	 	

	 	

	 	 
	 

	 	 	 	Date	 	 
	Its:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Director	 	 	 	 
	
	 	
	 	 
	

	 	Director Signature
	 	Date	 	 

	ID: [column A]	2

 

 

ANNEX I TO RESTRICTED STOCK AWARD AGREEMENT

TERMS AND CONDITIONS OF RESTRICTED STOCK AWARD

     1. Issuance of Restricted Stock. The Company, or its transfer agent, will issue and
deliver the vested portion of the Restricted Shares to the Director as soon as practicable after
the Restricted Shares become vested, subject to payment of the applicable withholding tax liability
as set forth below. If the Director dies before the Company has distributed any portion of the
vested Restricted Shares, the Company will transfer any vested Restricted Shares in accordance with
the Director’s will or, if the Director did not have a will, the vested Restricted Shares will be
distributed in accordance with the laws of descent and distribution.

     2. Withholding Taxes. The Company will not withhold any federal, state or local
income taxes in connection with the Director’s Restricted Shares. The Director will be solely
responsible for any such tax liability associated with the Restricted Shares.

     3. Non-transferability of Award. Until the Restricted Shares have vested as set
forth on page 1 of this Agreement, the Restricted Shares granted herein and the rights and
privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated (by operation of law or otherwise). Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of such award, or of any right or privilege conferred hereby,
contrary to the provisions of the Plan or of this Agreement, or upon any attempted sale under any
execution, attachment or similar process upon the rights and privileges conferred hereby, such
award and the rights and privileges conferred hereby shall immediately become null and void.

     4. Conditions to Issuance of Shares. The shares of stock deliverable to the
Director may be either previously authorized but unissued shares or issued shares which have been
reacquired by the Company. The Company shall not be required to issue any certificate or
certificates for shares of stock hereunder prior to fulfillment of all of the following conditions:
(a) the admission of such shares to listing on all stock exchanges on which such class of stock is
then listed; (b) the completion of any registration or other qualification of such shares under any
state or federal law or under the rulings or regulations of the Securities and Exchange Commission
or any other governmental regulatory body, which the Compensation Committee of the Company’s Board
of Directors (the “Compensation Committee”) shall, in its absolute discretion, deem necessary or
advisable; (c) the obtaining of any approval or other clearance from any state or federal
governmental agency, which the Compensation Committee shall, in its absolute discretion, determine
to be necessary or advisable; and (d) the lapse of such reasonable period of time following the
date of grant of the Restricted Shares as the Compensation Committee may establish from time to
time for reasons of administrative convenience.

     5. No Rights as Stockholder. Until the Restricted Shares have vested and have been
issued, the Director shall not have any rights of a stockholder of the Company with respect to the
Restricted Shares, including any right to vote such Restricted Shares or to receive dividends and
distributions on such Restricted Shares.

     6. Plan Governs. This Agreement is subject to all the terms and provisions of the
Plan. In the event of a conflict between one or more provisions of this Agreement and one or more
provisions of the Plan, the provisions of the Plan shall govern.

     7. Addresses for Notices. Any notice to be given to the Company under the terms of
this Agreement shall be addressed to the Company, in care of the Compensation Director, at
CheckFree

3

 

     Corporation, 4411 East Jones Bridge Road, Norcross, Georgia 30092, or at such other address as the
Company may hereafter designate in writing. Any notice to be given to the Director shall be
addressed to the Director at the address set forth on page 1 of this Agreement, or at such other
address for the Director maintained on the books and records of the Company.

     8. Captions. Captions provided herein are for convenience only and are not to serve
as a basis for interpretation or construction of this Agreement.

     9. Agreement Severable. In the event that any provision in this Agreement shall be
held invalid or unenforceable, such provision shall be severable from, and such invalidity or
unenforceability shall not be construed to have any effect on, the remaining provisions of this
Notice and Agreement.

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