Document:

EXHIBIT 10.01

 

EIGHTH  AMENDMENT TO CREDIT
AGREEMENT

 

THIS EIGHTH
AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of May 15,
2005, is entered into by and among CERIDIAN CORPORATION, a Delaware corporation
formerly known as New Ceridian Corporation (the “Borrower”), the several
financial institutions party to the Credit Agreement defined below (each a “Lender”
and, collectively, the “Lenders”) and BANK OF AMERICA, N.A., as
administrative agent for itself and the other Lenders (in such capacity, the “Administrative
Agent”).

 

RECITALS

 

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

 

B.                                     The
Borrower has advised the Lenders that because of the reasons disclosed in the
Borrower’s Form 12b-25 dated May 11,
2005 it has determined that it may not be able to file with the SEC its
quarterly report on Form 10-Q with respect to the fiscal quarter
ending March 31, 2005 within the time period contemplated by the Credit
Agreement, and the Borrower has requested that the Lenders agree to certain
amendments of the Credit Agreement to accommodate the possibility that the
Borrower will not be able to make such filings within such time  period.

 

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

 

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

 

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

 

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

 

(a)  The last sentence of the definition of “Material Adverse
Effect” appearing in Section 1.01 of the Credit Agreement shall be
amended in its entirety to provide as follows:

 

It is
understood and agreed that none of the following, individually or in the
aggregate, will constitute a Material Adverse Effect: (a) any delay in
filing the Borrower’s quarterly report on Form 10-Q filed with the
SEC for the fiscal quarters of the Borrower ending June 30, 2004 and September 30,
2004, which does not extend to a date later than February 28, 2005, any
delay in filing the Borrower’s annual report on Form 10-K filed with
the SEC for fiscal year of the Borrower ending December 31, 2004, 

 

 

which does not extend to a date
later than April 30, 2005 and any delay in filing the Borrower’s quarterly
report on Form 10-Q filed with the SEC for the fiscal quarter of the
Borrower ending March 31, 2005 which does not extend to a date later than June 15,
2005; (b) the determination by the Borrower that a  restatement is required of financial reports
or other information previously required to be delivered under this Agreement
with respect to periods ending before December 31, 2004, as disclosed in
Borrower’s annual report on Form 10-K filed with the SEC with
respect to the fiscal year ending December 31, 2004 and in other filings
made by the Borrower with the SEC thereafter and on or prior to May 5,
2005 relating to periods ending on or 
prior to December  31, 2004 (collectively, the “Filings”),
as a result of the review of various financial accounting policies and
procedures  as described in  the Filings 
(the “Review”); (c) any such actual restatements which are
furnished to the Lenders on or before May 5, 2005, to the extent such
restatement is not asserted in writing by the Required Lenders to constitute a
Material Adverse Effect on or before fourteen days after any such restatement
is furnished to the Lenders (collectively, the “Restatements); and (d) any
effect of the Review on the financial statements furnished to the Lenders with
respect to any of the fiscal periods ending before December 31, 2004 which
are furnished to the Lenders on or before May 5, 2005, or any effect of
the Review or of the review of the Borrower’s Form 12b-25 dated May 11,
2005  on
the financial statements furnished to the Lenders with respect to the fiscal
quarter ending March 31, 2005 which are furnished to the Lenders on or
before June 15, 2005,  to the extent
any such effect is not asserted in writing by the Required Lenders to
constitute a Material Adverse Effect on or before fourteen (14) days after any
such effect is communicated in writing to the Lenders.

 

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

 

; provided
further, that with respect to the fiscal quarter of  the Borrower ending March 31, 2005,  the Borrower will not be required to deliver
the reports or other information described above in this Section 6.01(b) until
June 15, 2005.

 

(c)                                  Section 6.02(a) of
the Credit Agreement shall amended by replacing the proviso  at the end thereof in its entirety with the
following:

 

; provided
however, that this Section 6.02(a) will not be deemed breached or
violated by reason of the effect of any of the Restatements.

 

(d)                                 Section 6.09
of the Credit Agreement shall be amended by replacing the proviso at the end
thereof in its entirety with the following:

 

; provided
further, that the Borrower will not be deemed to have breached or violated
this Section 6.09  by reason
of the Restatements.

 

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

 

2

 

; provided
further, that this requirement will not be measured with respect to the
fiscal quarter ending March 31, 2005 until the financial reports required
under Section 6.01(b) with respect to such period are
furnished in accordance with Section 6.01(b).

 

(f)                                    Section 8.01(d) shall
be amended by replacing the proviso at the end thereof in its entirety with the
following:

 

; provided
however, that no representation or warranty made by the Borrower which is
based on or related to any previously furnished reports or information that has
been revised by reason of any of the Restatements will be deemed to have been
incorrect in any material respect when made or deemed made for all purposes
under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

4.                                       Effective Date. Except with respect to the provisions of Section 6 hereof,
which will become effective in accordance with the terms of such Section 6,
this Amendment will become effective as of May 15, 2005 (such date, the “Effective
Date”), to the extent all of the conditions precedent set forth in this Section 4
have been satisfied on or prior to May 15, 2005:

 

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

 

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

 

3

 

(c)     The Borrower shall not have furnished the
reports and other information required to be furnished with respect to the
fiscal quarter of the Borrower ending March 31, 2005 within the time
periods required pursuant to Section 6.01(b) of the Credit
Agreement (prior to  giving effect to the
amendment to such Section set forth above in this Amendment).

 

(d)                                 The
Borrower shall have paid all Attorney Costs of the Administrative Agent to the
extent invoiced prior to May 15, 2005, plus such additional amounts of
Attorney Costs as shall constitute the Administrative Agent’s reasonable
estimate of Attorney Costs incurred or to be incurred by it through the closing
proceedings related to this Amendment (provided that such estimate shall
not thereafter preclude a final settling of accounts between the Borrower and
the Administrative Agent).

 

(e)     The Administrative Agent shall have
received, in form and substance satisfactory to it, such additional approvals,
consents, opinions, documents and other information as the Administrative Agent
may request prior to May 15, 2005.

 

(f)      The Administrative Agent shall have
received from the Borrower the amount payable in accordance with Section 6
hereof.

 

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

 

6.                                       Fees.                    If the conditions precedent described in Section 4
hereof (other than the condition set forth in Section 4(f)) are
satisfied, the Borrower agrees to pay to each Lender which duly executes and
delivers an  original (or, if elected by
the Administrative Agent, an executed facsimile copy) counterpart to the Amendment
prior to May 15, 2005 (an “Approving Lender”), $5,000 as
compensation for the administrative time and expense incurred by each such
Lender in connection with such execution and delivery.  The aggregate amount of all such fees shall
be delivered by the Borrower to the Administrative Agent on May 15, 2005
for prompt distribution by the Administrative Agent to the Approving Lenders.

 

7.                                       Miscellaneous.

 

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

 

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

 

4

 

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

 

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

 

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

 

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

 

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

 

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

 

(Remainder of page intentionally left blank)

 

5

 

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

 

	
   

  	
  CERIDIAN CORPORATION, as the Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ David B. Kuhnau

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  David B. Kuhnau

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice President and
  Treasurer

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-1

 

	
   

  	
  BANK OF AMERICA, N.A., as the 

  Administrative Agent, a Lender and L/C Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ W. Thomas Barnett

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  W. Thomas Barnett

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Senior Vice President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-2

 

	
   

  	
  AMSOUTH BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Eric Kruse

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Eric Kruse

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-3

 

	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION, as a
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Steven L. Hipsman

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Steven L
  Hipsman

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Director

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-4

 

	
   

  	
  MELLON
  BANK, N.A., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Daniel J. Lenckos

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Daniel J.
  Lenckos

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     First
  Vice President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-5

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION, as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Luke G. McElhinny

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Luke G.
  McElhinny

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-6

 

	
   

  	
  THE BANK OF NEW YORK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Walter C. Parelli

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Walter C.
  Parelli

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-7

 

	
   

  	
  THE BANK OF TOKYO-MITSUBISHI, LTD.,

  CHICAGO BRANCH, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Patrick McCue

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Patrick
  McCue

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President & Manager

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-8

 

	
   

  	
  JPMORGAN CHASE BANK, N.A. (successor in

  interest to Bank One, N.A.) as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Sabir A. Hashmy

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Sabir A.
  Hashmy

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-9

 

	
   

  	
  THE ROYAL BANK OF SCOTLAND PLC, as

  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Philippe Sandmeier

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Philippe
  Sandmeier

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Senior
  Vice President

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-10

 

	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Ziad W. Amra

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Ziad W. Amra

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Corporate
  Banking Officer

  	
   

  
						

 

 

(Signature Page to Eighth
Amendment)

 

S-11

 

	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Mark H. Halldorson

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark H.
  Halldorson

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
         /s/ Jennifer D. Barrett

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Jennifer D.
  Barrett

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Vice
  President & Loan Team Manager

  	
   

  
								

 

 

(Signature Page to Eighth
Amendment)

 

S-12EXHIBIT
10.02

 

AMENDMENT NO. 9 TO RECEIVABLES PURCHASE
AGREEMENT

AND

AMENDMENT NO. 7 TO PERFORMANCE UNDERTAKING

 

THIS AMENDMENT (this
“Amendment”) is entered into as of May 15, 2005, among Ceridian
Corporation, a Delaware corporation (“Ceridian” or “Performance
Guarantor”), Comdata Funding Corporation, a Delaware corporation (“Seller”),
Comdata Network, Inc., a Maryland corporation (the “Servicer”) (the
Servicer together with Seller, the “Seller Parties” and each a “Seller
Party”), each Financial Institution party hereto (the “Financial
Institutions”), Jupiter
Securitization Corporation (“Jupiter” and, together with the Financial
Institutions, the “Purchasers”), and JPMorgan Chase Bank, N.A.,
successor by merger to Bank One, NA (Main Office Chicago), as agent for the
Purchasers (the “Agent”).

 

RECITALS

 

Each
of the parties hereto other than Ceridian entered into that certain Receivables
Purchase Agreement, dated as of June 24, 2002, as amended by  Amendment No. 1 thereto, dated as of June 20,
2003, Amendment No. 2, dated as of June 17, 2004, Amendment No. 3,
dated as of August 4, 2004, Amendment No. 4, dated as of September 30,
2004, Amendment No. 5, dated as of November 9, 2004, Amendment No. 6,
dated as of December 31, 2004, Amendment No. 7, dated as of January 14,
2005, and Amendment No. 8, dated as of March 31, 2005 (such
agreement, as so amended, the “Purchase Agreement”).

 

Performance
Guarantor entered into that certain Performance Undertaking dated as of June 24,
2002, in favor of Seller, as amended by  Amendment
No. 1 thereto, dated as of August 4, 2004, Amendment No. 2, dated
as of September 30, 2004, Amendment No. 3, dated as of November 9,
2004, Amendment No. 4, dated as of December 31, 2004, Amendment No. 5,
dated as of January 14, 2005 and Amendment No. 6, dated as of March 31,
2005 (such undertaking, as so amended, the “Performance Undertaking”).

 

Ceridian has advised the Agent that because
of the reasons disclosed in Ceridian’s Form 12b-25 dated May 11,
2005, it has determined that it may not be able to file with the Securities and
Exchange Commission (“SEC”) its quarterly report on Form 10-Q
with respect to the fiscal quarter ending March 31, 2005 within the time
period contemplated by the Purchase Agreement and the Performance Undertaking,
and Ceridian and the Seller Parties have requested that the Agent and the
Purchasers agree to certain potential amendments of the Purchase Agreement and
the Performance Undertaking to accommodate the possibility that Ceridian will
not be able to make such filing within such time period.

 

Subject
to the terms and conditions hereof, each of the parties hereto now desires to
amend the Purchase Agreement and the Performance Undertaking as particularly
described herein.

 

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.  Definitions Used Herein.  Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings set forth for such
terms in the Purchase Agreement or the Performance Undertaking, as applicable.

 

Section 2.  Amendments.  Subject to the terms and conditions
hereinafter set forth:

 

(a)  The last sentence of
the definition of “Material Adverse Effect” appearing in Exhibit I
to the Purchase Agreement is hereby amended and restated in its entirety to
provide as follows:

 

It is understood and agreed that none of the
following, individually or in the aggregate, will constitute a Material Adverse
Effect: (a) any delay in filing Ceridian’s quarterly report on Form 10-Q
filed with the SEC for the fiscal quarters of Ceridian ending June 30,
2004 and September 30, 2004, which does not extend to a date later than February 28,
2005,  or any delay in filing Ceridian’s
annual report on Form 10-K with the SEC for the fiscal year ending December 31,
2004, which does not extend to a date beyond April 30, 2005, or any delay
in filing Ceridian’s quarterly report on Form 10-Q with the SEC for
the fiscal quarter ending March 31, 2005, which does not extend to a date
beyond June 15, 2005; (b) the determination by Ceridian that a  restatement is required of financial reports
or other information previously required to be delivered under this Agreement
with respect to periods ending before December 31, 2004, as disclosed in
Borrower’s annual report on Form 10-K filed with the SEC with
respect to the fiscal year ending December 31, 2004 and in other filings
made by Ceridian with the SEC on or prior to May 5, 2005 relating to
periods ending on or  prior to December 
31, 2004 (collectively, the “Filings”), as a result of the review of
various financial accounting policies and procedures  as described in  the Filings 
(the “Review”); (c) any such actual restatements which are
furnished to the Agent on or before May 5, 2005 (collectively, the “Restatements);
and (d) any effect of the Review on the financial statements furnished to
the Agent with respect to any of the fiscal periods ending before December 31,
2004 which are furnished to the Agent on or before May 5, 2005, or any
effect of the Review or of the review of Ceridian’s Form 12b-25
dated May 11, 2005  on the financial statements
furnished to the Agent with respect to the fiscal quarter ending March 31,
2005 which are furnished to the Agent on or before June 15, 2005,  to the extent any such effect is not asserted
in writing by the Agent to constitute a Material Adverse Effect on or before
fourteen (14) days after any such effect is communicated in writing to the
Agent.

 

2

 

(b)  The definition of “Material
Adverse Effect” appearing in Section 1 of the Performance Undertaking
is hereby amended to add the following new sentence at the end thereof:

 

It is understood and agreed that none of the
following, individually or in the aggregate, will constitute a Material Adverse
Effect: (a) any delay in filing Performance Guarantor’s quarterly report
on Form 10-Q filed with the SEC for the fiscal quarters of
Performance Guarantor ending June 30, 2004 and September 30, 2004,
which does not extend to a date later than February 28, 2005, or any delay
in filing Ceridian’s annual report on Form 10-K with the SEC for the
fiscal year ending December 31, 2004, which does not extend to a date
beyond April 30, 2005, or any delay in filing Performance Guarantor’s
quarterly report on Form 10-Q with the SEC for the fiscal year
ending March 31, 2005, which does not extend to a date beyond June 15,
2005; (b) the determination by Performance Guarantor that a  restatement is required of financial reports
or other information previously required to be delivered under this Agreement
with respect to periods ending before December 31, 2004, as disclosed in
Borrower’s annual report on Form 10-K filed with the SEC with
respect to the fiscal year ending December 31, 2004 and in other filings
made by Performance Guarantor with the SEC on or prior to May 5, 2005
relating to periods ending on or  prior
to December  31, 2004 (collectively, the “Filings”), as a result of
the review of various financial accounting policies and procedures  as described in  the Filings 
(the “Review”); (c) any such actual restatements which are
furnished to the Recipient (or the Agent, as Recipient’s assignee) on or before
May 5, 2005 (collectively, the “Restatements); and (d) any
effect of the Review on the financial statements furnished to the Recipient (or
the Agent, as Recipient’s assigns) with respect to any of the fiscal periods
ending before December 31, 2004 which are furnished to Recipient (or the
Agent, as Recipient’s assignee) on or before May 5, 2005, or any effect of
the Review or of the review of Performance Guarantor’s Form 12b-25
dated May 11, 2005  on the financial statements furnished
to the Agent with respect to the fiscal quarter ending March 31, 2005
which are furnished to the Recipient (or the Agent, as Recipient’s assignee) on
or before June 15, 2005,  to the
extent any such effect is not asserted in writing by the Recipient (or the
Agent, as Recipient’s assigns) to constitute a Material Adverse Effect on or
before fourteen (14) days after any such effect is communicated in writing to
the Recipient (or the Agent, as Recipient’s assignee).

 

(c)  The lead-in to Section 7.1(a) of
the Purchase Agreement is hereby amended and restated in its entirety to read
as follows:

 

Such Seller Party will maintain, for itself
and each of its Subsidiaries, a system of accounting established and
administered in accordance with GAAP (it being understood that this requirement
shall not be deemed breached or violated by reason of the effect of any of the
Restatements), and furnish or cause to be furnished to the Agent:

 

3

 

(d)  The following proviso is hereby
added to the end of Section 7.1(a)(ii) of the Purchase
Agreement:

 

provided further, that with respect to the
fiscal quarter of Ceridian ending March 31, 2005, the Seller Parties will
not be required to deliver the financial statements described in this Section 7.1(a)(ii) until
June 15, 2005.

 

(e)  The proviso at the end of Section 7.1(a)(iii) of
the Purchase Agreement is hereby amended and restated in its entirety to
provide as follows:

 

provided that this Section 7.1(a)(iii) shall
not be deemed breached or violated by reason of the effect of any of the
Restatements.

 

(f)  Section 7(c) of
the Performance Undertaking is hereby amended and restated in its entirety to
read as follows:

 

Performance Guarantor shall maintain, for itself and
each of its Subsidiaries, a system of accounting established and administered
in accordance with GAAP, and furnish or cause to be furnished to the
Recipient (or its assigns):   (i) within
90 days after the close of each of its respective fiscal years, audited,
unqualified financial statements (which shall include balance sheets,
statements of income and retained earnings and a statement of cash flows) for
Performance Guarantor for such fiscal year certified in a manner reasonably
acceptable to Recipient (or its assigns) by independent public accountants
reasonably acceptable to Recipient (or its assigns), provided,
however, that with respect to the fiscal year of  Performance Guarantor ending December 31,
2004, Performance Guarantor will not be required to deliver the certified
audited financial statements described in this clause (c)(i) until April 30,
2005; and (ii) within 45 days
after the close of the first three (3) quarterly periods of each of its
respective fiscal years, balance sheets of Performance Guarantor as at the
close of each such period and statements of income and retained earnings and a
statement of cash flows for Performance Guarantor for the period from the
beginning of such fiscal year to the end of such quarter, all certified by its
chief financial officer, corporate controller or treasurer;  provided
that with respect to the fiscal quarter of 
Performance Guarantor ending March 31, 2005, Performance Guarantor
will not be required to deliver the certified financial statements described in
clause (c)(ii) until June 15, 2005, and provided further, that no provision of this Section 7(c) shall
be deemed breached or violated by reason of the effect of any of the
Restatements;

 

Section 3.  Conditions to Effectiveness of this
Amendment.  This Amendment shall
become effective as of May 15, 2005 when each of the following conditions
precedent has been satisfied:

 

(a)  Amendment.   The Agent shall have received, on or before
the date hereof, executed counterparts of this Amendment, duly executed by each
of the parties hereto.

 

4

 

(b)  Representations
and Warranties.  As of the date hereof, after giving
effect to this Amendment:

 

(i)                                     each of the representations and
warranties of the Seller Parties contained in the Purchase Agreement or any
other Transaction Document to which any Seller Party is a party, shall be true
and correct as though made on and as of the date hereof, except for such
representations that speak only as of an earlier date, in which case they were
true and correct as of such date (and by its execution hereof, each of the
Seller Parties shall be deemed to have represented and warranted such); and

 

(ii)                                  each of the representations and
warranties of the Performance Guarantor contained in the Performance Undertaking
shall be true and correct as though made on and as of the date hereof, except
for such representations that speak only as of an earlier date, in which case
they were true and correct as of such date (and by its execution hereof, the
Performance Guarantor shall be deemed to have represented and warranted such).

 

(c)  No Amortization Event.  As of  the
date hereof, after giving effect to this Amendment, no Amortization Event or
Potential Amortization Event shall have occurred and be continuing (and by its
execution hereof, each of the Seller Parties shall be deemed to have
represented and warranted such).

 

(d)  Fee.  The Agent shall have received a fully-earned
and non-refundable amendment fee of $5,000 in immediately available funds.

 

Section 5.  Miscellaneous.

 

(a)  Effect;
Ratification.  The amendments set
forth herein are effective solely for the purposes set forth herein and shall
be limited precisely as written, and shall not be deemed to (i) be a
consent to any amendment, waiver or modification of any other term or condition
of the Performance Undertaking, the Purchase Agreement or of any other
instrument or agreement referred to therein or (ii) prejudice any right or
remedy which any Purchaser or the Agent may now have or may have in the future
under or in connection with the Performance Undertaking or Purchase Agreement
as amended hereby or any other instrument or agreement referred to
therein.  Each reference in the Purchase
Agreement to “this Agreement,” “herein,” “hereof” and words of like import and
each reference in the other Transaction Documents to the Purchase Agreement or
to the “Receivables Purchase Agreement” or to the “Performance Undertaking”
shall mean the Purchase Agreement or Performance Undertaking, as the case may
be, each as amended hereby.  Each
reference in the Performance Undertaking to “this Undertaking,” “herein,” “hereof”
and words of like import and each reference in the other Transaction Documents
to the Performance Undertaking or to the “Purchase Agreement” or “Receivables Purchase
Agreement” shall mean the Performance Undertaking or Purchase Agreement, as
applicable, each as amended hereby.  This
Amendment shall be construed in connection with and as part of the Performance
Undertaking and Purchase Agreement and all terms, conditions, representations,
warranties, covenants and agreements set forth in the Performance Undertaking
or Purchase Agreement and each other instrument or agreement referred to
therein, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect.

 

5

 

(b)  Transaction
Documents.  This Amendment is a
Transaction Document executed pursuant to the Purchase Agreement and the
Performance Undertaking and shall be construed, administered and applied in
accordance with the terms and provisions thereof.

 

(c)  Costs,
Fees and Expenses.  Seller agrees to
reimburse the Agent and each Purchaser on demand for all costs, fees and
expenses (including, without limitation, the reasonable fees and expenses of
counsels to the Agent and each Purchaser) incurred in connection with the
preparation, execution and delivery of this Amendment.

 

(d)  Counterparts.  This Amendment may be executed in any number
of counterparts, each such counterpart constituting an original and all of
which when taken together shall constitute one and the same instrument.

 

(e)  Severability.  Any provision contained in this Amendment
that is held to be inoperative, unenforceable or invalid in any jurisdiction
shall, as to that jurisdiction, be inoperative, unenforceable or invalid
without affecting the remaining provisions of this Amendment in that
jurisdiction or the operation, enforceability or validity of such provision in
any other jurisdiction.

 

(f)  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

 

(g)  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY
IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER
SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,
OR CONNECTED WITH THIS AMENDMENT, ANY DOCUMENT EXECUTED BY ANY SELLER PARTY OR
PERFORMANCE GUARANTOR PURSUANT TO THIS AMENDMENT OR THE RELATIONSHIP
ESTABLISHED HEREUNDER OR THEREUNDER.

 

(Signature Pages Follow)

 

6

 

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

 

	
  COMDATA FUNDING CORPORATION, as Seller

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ David B. Kuhnau

  	
   

  	
   

  
	
  Name:

  	
  David B. Kuhnau

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  COMDATA NETWORK, INC., as Servicer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Lisa E. Peerman

  	
   

  	
   

  
	
  Name:

  	
  Lisa E. Peerman

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CERIDIAN CORPORATION, as Performance
  Guarantor

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ David B. Kuhnau

  	
   

  	
   

  
	
  Name:

  	
  David B. Kuhnau

  	
   

  
	
  Title:

  	
  Vice President and Treasurer

  	
   

  
							

 

7

 

	
  JUPITER SECURITIZATION CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Maureen Marcon

  	
   

  	
   

  
	
  Name:

  	
  Maureen Marcon

  	
   

  
	
  Title:

  	
  Authorized Signer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  JPMORGAN CHASE BANK,
  N.A., SUCCESSOR BY MERGER TO BANK ONE, NA, as a Financial Institution and as
  Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Maureen Marcon

  	
   

  	
   

  
	
  Name:

  	
  Maureen Marcon

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
								

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]