Document:

EXHIBIT
10.51

 

SEVENTH AMENDMENT TO CREDIT AGREEMENT

 

THIS SEVENTH
AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 31,
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 review of certain
financial accounting procedures as disclosed in the Borrower’s Form 12b-25
dated March 17,  2005, it has determined
that it may not be able to file with the SEC its annual report on Form 10-K
with respect to the fiscal year ending December 31, 2004 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:

 

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

 

It is
understood and agreed that none of the following, individually or in the
aggregate, will constitute a Material Adverse Effect: (a) any delay in filing
the Borrower’s quarterly report on Form 10-Q filed with the SEC for
the fiscal quarters of the Borrower ending June 30, 2004 and September 30,
2004, which does not extend to a date later than February 28, 2005 and 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; (b) the determination by the Borrower that
a restatement is required of financial reports or other information previously
required to be delivered under this Agreement with respect to periods ending
before June 30, 2004, as disclosed in the Borrower’s press release dated October 18,
2004, as a result of the review of certain capitalization and expensing
procedures at its Human Resources Solutions business, as disclosed in the
Borrower’s press releases dated July 19, 2004, August 5, 2004, September 30,
2004 and October 18, 2004 (the “Review”); (c) any such actual
restatement which is furnished to the Lenders on or before February 28,
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 (14) days after any such
restatement is furnished to the Lenders; and (d) any effect of the Review
on the financial statements furnished to the Lenders with respect to either of
the fiscal quarters ending June 30, 2004 or September 30, 2004 which
are furnished to the Lenders on or before February 28, 2005, or any effect
of the Review or of the review of the Borrower’s financial accounting
procedures as described in the Borrower’s Form 12b-25 dated March 17, 2005 on the financial statements furnished
to the Lenders with respect to the fiscal year ending December 31, 2004 which
are furnished to the Lenders on or before April 30, 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(a) of
the Credit Agreement shall be so amended by inserting the following proviso
before the period at the end thereof:

 

; provided
however, that with respect to the fiscal year of the Borrower ending December 31,
2004,  the Borrower will not be required
to deliver the reports or other information described above in this Section 6.01(a) until
April 30, 2005.

 

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

 

; provided
further, that this requirement will not be measured with respect to the
fiscal year ending December 31, 2004 until the financial reports required
under Section 6.01(a) with respect to such period are
furnished in accordance with Section 6.01(a).

 

3.                             GAAP Matters.  For the fiscal quarter of the
Borrower ended December 31, 2004 and each fiscal quarter thereafter, the
calculation of the financial ratios and other financial requirements set forth
in any Loan Document shall be made by applying the provisions with respect to
amortization and/or impairment of goodwill as are in effect under GAAP as of
the date hereof; provided, however, that any additional changes to the
treatment of amortization and/or impairment of goodwill under GAAP that occur
after the date hereof shall be governed by Section 1.03 of the
Credit Agreement.  The parties further
hereby agree that no request for an amendment to the computation of the
financial ratios or other requirements set forth in any Loan Document shall be
made pursuant to Section 1.03(c) of the Credit Agreement in
connection with any change to the treatment of amortization and/or impairment
of goodwill under GAAP occurring prior to the date hereof.

 

2

 

4.                             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.

 

5.                             Effective Date. Except with respect to the provisions of Section 7 hereof,
which will become effective in accordance with the terms of such Section 7,
this Amendment will become effective as of March 31, 2005 (such date, the “Effective
Date”), to the extent all of the conditions precedent set forth in this Section 5
have been satisfied on or prior to March 31, 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.

 

(c)                              The
Borrower shall have paid all Attorney Costs of the Administrative Agent to the
extent invoiced prior to March 31, 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).

 

(d)                             The
Administrative Agent shall have received, in form and substance satisfactory to
it, such additional approvals, consents, opinions, documents and other
information as the Administrative Agent may request prior to March 31,
2005.

 

3

 

(e)                              The
Administrative Agent shall have received from the Borrower the amount payable
in accordance with Section 7 hereof.

 

6.                             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.

 

7.                             Fees.                    When this Amendment becomes effective in accordance
with Section 5 of this Amendment, 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 March 31, 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 March 31, 2005
for prompt distribution by the Administrative Agent to the Approving Lenders.

 

8.                             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.

 

(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

 

4

 

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 & Treasurer

  	
   

  
							

 

(Signature Page to
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 Sixth
Amendment)

 

S-2

 

	
   

  	
  AMSOUTH
  BANK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  Eric Kruse

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Eric Kruse

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
    Vice
  President

  	
   

  
						

 

(Signature Page to Sixth
Amendment)

 

S-3

 

	
   

  	
  WACHOVIA
  BANK, NATIONAL

  ASSOCIATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
       /s/
  Steven L. Hipsman

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Steven L.
  Hipsman

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
    Director

  	
   

  
						

 

(Signature Page to Sixth
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 Sixth
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 Sixth
Amendment)

 

S-6

 

	
   

  	
  THE BANK
  OF NEW YORK, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  John-Paul Marotta

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  John-Paul
  Marotta

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
    Vice
  President

  	
   

  
								

 

(Signature Page to Sixth
Amendment)

 

S-7

 

	
   

  	
  THEBANK
  OF TOKYO-MITSUBISHI, LTD.,

  
	
   

  	
  CHICAGO
  BRANCH, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
       /s/
  Patrick McCue

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Patrick
  McCue

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
    Vice
  President & Manager

  	
   

  
							

 

(Signature Page to Sixth
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 Sixth
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 Sixth
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 Sixth
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 Sixth
Amendment)

 

S-12EXHIBIT
10.62

 

AMENDMENT NO. 8 TO RECEIVABLES PURCHASE
AGREEMENT

AND

AMENDMENT NO. 6 TO PERFORMANCE UNDERTAKING

 

THIS AMENDMENT (this
“Amendment”) is entered into as of March 31, 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, and Amendment No. 7,
dated as of January 14, 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 and Amendment No. 5, dated as of January 14,
2005   (such undertaking, as so amended, the “Performance
Undertaking”).

 

Ceridian has advised the Agent that because
of the review of certain financial accounting procedures as disclosed in
Ceridian’s Form 12b-25 dated March 17, 2005, it has determined
that it may not be able to file with the Securities and Exchange Commission (“SEC”)
its annual report on Form 10-K with respect to the fiscal year
ending December 31, 2004 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 definition of “Material
Adverse Effect” appearing in Exhibit I to the Purchase Agreement 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 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; (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 any periods ending before June 30, 2004, as disclosed in
Ceridian’s press release dated October 18, 2004, as a result of the review
of certain capitalization and expensing procedures at its Human Resources
Solutions business, as disclosed in Ceridian’s press releases dated July 19,
2004, August 5, 2004, September 30, 2004, and October 18, 2004
(the “Review”); (c) any such actual restatement which is furnished
to the Agent on or before February 28, 2005, to the extent such
restatement is not asserted in writing by the Agent on or before fourteen (14)
days after the Agent’s receipt thereof to be a material restatement of such
previously delivered financial reports or other information; and (d) any
effect of the Review on the financial statements furnished to the Agent with
respect to either of the fiscal quarters ending June 30, 2004 or September 30,
2004 which are furnished to the Agent on or before February 28, 2005, or
any effect of the Review or of the review of Ceridian’s financial accounting
procedures as described in Ceridian’s Form 12b-25 dated March 17,
2005 on the financial statements furnished to the Agent with respect to the
fiscal year ending December 31, 2004 which are furnished to the Agent on
or before April 30, 2005, to the extent any such effect is not asserted in
writing by the Agent to be a material restatement of such previously delivered
financial reports or other information 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 Performance Guarantor’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; (b) the determination by
Performance Guarantor that a restatement is required of financial reports or
other information previously required to be delivered under this Undertaking
with respect to any periods ending before June 30, 2004, as disclosed in
Performance Guarantor’s press release dated October 18, 2004, as a result
of the review of certain capitalization and expensing procedures at its Human
Resources Solutions business, as disclosed in Performance Guarantor’s press
releases dated July 19, 2004, August 5, 2004, September 30, 2004
and October 18, 2004 (the “Review”); (c) any such actual
restatement which is furnished to the Agent on or before February 28, 2005,
to the extent such restatement is not asserted in writing by the Recipient (or
the Agent, as its assignee) on or before fourteen (14) days after the Agent’s
receipt thereof to be a material restatement of such previously delivered
financial reports or other information; and (d) any effect of the Review
on the financial statements furnished to the Recipient and the Agent with
respect to either of the fiscal quarters ending June 30, 2004 or September 30,
2004 which are furnished to the Recipient and the Agent on or before February 28,
2005, or any effect of the Review or of the review of Performance Guarantor’s
financial accounting procedures as described in Performance Guarantor’s Form 12b-25
dated March 17, 2005, to the extent such effect is not asserted in writing
by the Recipient (or the Agent, as its assignee) on or before fourteen (14)
days after such financial statements are furnished to be a material restatement
of such previously delivered financial reports or other information.

 

(c)  The following new
definition is hereby added to Section 1 of the Performance Undertaking in
its appropriate alphabetical order:

 

“GAAP” means generally accepted
accounting principles from time to time applicable to the financial covenant
computations under the Credit Agreement.

 

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

 

provided, however, that with respect to the
fiscal year of Ceridian ending December 31, 2004, the Seller Parties will
not be required to deliver the financial statements described in this Section 7.1(a)(i) until
April 30, 2005.

 

3

 

(e)  The following proviso is hereby
added to the end of Section 7(c)(i) of the Performance
Undertaking:

 

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;

 

Section 3.  Conditions to Effectiveness of this
Amendment.  This Amendment shall
become effective as of March 31, 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.

 

(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 

 

4

 

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.

 

(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)

 

5

 

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 Peerman

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CERIDIAN CORPORATION, as Performance
  Guarantor

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ David B. Kuhnau

  	
   

  	
   

  
	
  Name:

  	
  David B. Kuhnau

  	
   

  
	
  Title:

  	
  Vice President and Treasurer

  	
   

  
					

 

6

 

	
  JUPITER SECURITIZATION CORPORATION

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Ronald J. Atkins

  	
   

  	
   

  
	
  Name:

  	
  Ronald J. Atkins

  	
   

  
	
  Title:

  	
  Authorized Signer

  	
   

  
					

 

 

JPMORGAN CHASE BANK,
N.A., SUCCESSOR BY MERGER TO BANK ONE, NA,

as a Financial Institution and as Agent

 

 

	
  By: 

  	
  /s/ Ronald J. Atkins

  	
   

  	
   

  
	
  Name:

  	
  Ronald J. Atkins

  	
   

  
	
  Title:

  	
  Director

  	
   

  
						

 

7

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