Document:

exv10w04

 

EXHIBIT 10.04

AMENDMENT NO. 2 TO

RECEIVABLES PURCHASE AGREEMENT

     This Amendment No. 2 to Receivables Purchase Agreement (this “Amendment”) is entered
into as of June 17, 2004, among 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 Bank One, NA (Main Office Chicago), as agent for
the Purchasers (the “Agent”).

RECITALS

     Each of the parties hereto entered into that certain Receivables Purchase Agreement, dated as
of June 24, 2002, as amended by the Amendment No. 1 thereto, dated as of June 20, 2003 (such
agreement, as so amended, the “Purchase Agreement”).

     Each Seller Party has requested that the Agent and Jupiter amend the Purchase Agreement, as
more fully described herein.

     Subject to the terms and conditions hereof, each of the parties hereto now desires to amend
the Purchase Agreement 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.

     Section 2. Amendment. Subject to the terms and conditions set forth herein, Exhibit
I to the Purchase Agreement is hereby amended by amending and restating, in its entirety, the
definition of “Liquidity Termination Date” to read as follows:

AMENDMENT NO. 2 TO

RECEIVABLES PURCHASE AGREEMENT

 

 

     “Liquidity Termination Date” means June 16, 2005.

     Section 3. Conditions to Effectiveness of this Amendment. This Amendment shall
become effective as of the date hereof, upon the satisfaction of the conditions precedent that:

          (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, both before and after
giving effect to this Amendment, all of the representations and warranties contained in the
Purchase Agreement and in each other Transaction Document shall be true and correct as though made
on and as of the date hereof (and by its execution hereof, each of Seller and the Servicer shall be
deemed to have represented and warranted such).

          (c) No Amortization Event. As of the date hereof, both before and 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 Seller and the Servicer shall be deemed to
have represented and warranted such).

     Section 4. Miscellaneous.

          (a) Effect; Ratification. The amendment set forth herein is 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
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 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 “Purchase Agreement” shall
mean the Purchase Agreement as amended hereby. This Amendment shall be construed in connection
with and as part of the Purchase Agreement and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Purchase Agreement

AMENDMENT NO. 2 TO

RECEIVABLES 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 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 PURSUANT TO THIS AMENDMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.

(Signature Page Follows)

AMENDMENT NO. 2 TO

RECEIVABLES PURCHASE AGREEMENT

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered by their respective duly authorized officers 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/ Gary A. Krow                                  
	

	 	Name: Gary A. Krow

Title: President
	 
	 	 
	

	 	JUPITER SECURITIZATION CORPORATION
	 
	 	 
	

	 	By:   /s/ Ronald J. Atkins                              
	

	 	Name: Ronald J. Atkins
	

	 	Title: Authorized Signer
	 
	 	 
	

	 	BANK ONE, NA (MAIN OFFICE CHICAGO),

as a Financial Institution and as Agent
	 
	 	 
	

	 	By:   /s/ Ronald J. Atkins                              
	

	 	Name: Ronald J. Atkins
	

	 	Title: Director, Capital Markets

AMENDMENT NO. 2 TO

RECEIVABLES PURCHASE AGREEMENTexv10w01

 

EXHIBIT 10.01

AMENDMENT NO. 3 TO RECEIVABLES PURCHASE AGREEMENT

AND

AMENDMENT NO. 1 TO PERFORMANCE UNDERTAKING

          THIS AMENDMENT (this “Amendment”) is entered into as of August 4, 2004, 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 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 the
Amendment No. 1 thereto, dated as of June 20, 2003, and Amendment No. 2, dated as of
June 17, 2004 (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 (the “Performance Undertaking”).

     Ceridian has advised the Agent that because of the review of certain
capitalization and expensing procedures as disclosed in Ceridian’s press release
dated July 19, 2004, it may prospectively determine that it will not be able to
timely file with the Securities and Exchange Commission (“SEC”) its
quarterly report on Form 10-Q with respect to the fiscal quarter ending June 30,
2004, and Ceridian and the Seller Parties have requested that the Agent and the
Purchasers agree to certain amendments of the Purchase Agreement and the Performance
Undertaking to accommodate any such prospective determination.

     Ceridian has further advised the Agent that the above-described accounting
review could prospectively require Ceridian to restate past financial statement and
related reports, and Ceridian has requested that the Agent and the Purchasers agree
to certain amendments of the Purchase Agreement and the Performance Undertaking to
accommodate any prospective determination to make any such restatement.

     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 quarter
of Ceridian ending June 30, 2004, which does not extend to a date later than
September 30, 2004; (b) any determination by Ceridian made on or before September
30, 2004, that a restatement is required of financial reports or other information
previously required to be delivered under this Agreement with respect to any period
ending before June 30, 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 release dated July 19, 2004 (the “Review”); (c) any such
actual restatement which is furnished to the Agent on or before September 30, 2004,
to the extent such restatement is not asserted in writing by the Agent on or before
October 15, 2004 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 the fiscal quarter ending June 30,
2004 which are furnished to the Agent on or before September 30, 2004, to the extent
such effect is not asserted in writing by the Agent on or before October 15, 2004 to
be a material restatement of such previously delivered financial reports or other
information.

               (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 quarter of Performance Guarantor ending June 30, 2004, which does not extend
to a date later than September 30, 2004; (b) any determination by Performance
Guarantor made on or before September 30, 2004, that a restatement is required of
financial reports or other information previously

2

 

required to be delivered under this Undertaking with respect to any period
ending before June 30, 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 release dated July 19, 2004 (the “Review”);
(c) any such actual restatement which is furnished to the Agent on or before
September 30, 2004, to the extent such restatement is not asserted in writing by the
Recipient (or the Agent, as its assignee) on or before October 15, 2004 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 the fiscal quarter ending June 30,
2004 which are furnished to the Recipient and the Agent on or before September 30,
2004, to the extent such effect is not asserted in writing by the Recipient (or the
Agent, as its assignee) on or before October 15, 2004 to be a material restatement
of such previously delivered financial reports or other information.

               (c) Sections 5.1(f) and 9.1(b) of the Purchase Agreement are hereby amended by inserting the
following proviso before the period at the end thereof:

     ; provided however, that no representation or warranty made which is based on
or related to any previously furnished reports or information required to be
restated as a result of the Review will be deemed to have been incorrect in any
material respect when made or deemed made, for all purposes under this Agreement,
(x) notwithstanding that Ceridian determines on or before September 30, 2004 that it
is required as a result of the Review to restate its books and records, financial
reports or related information furnished under this Agreement with regard to any
period ending before June 30, 2004; or (y) if any such actual restatement is
furnished to the Agent, to the extent such restatement is not asserted in writing
by the Agent to be a material restatement of such previously delivered financial
reports or other information.

               (d) Section 6(e) of the Performance Undertaking is hereby amended by inserting the following
proviso before the period at the end thereof:

     ; provided however, that no representation or warranty made which is based on
or related to any previously furnished reports or information required to be
restated as a result of the Review will be deemed to have been incorrect in any
material respect when made or deemed made, for all purposes under this Agreement,
(x) notwithstanding that the Performance Guarantor determines on or before September
30, 2004 that it is required as a result of the Review to restate its books and
records, financial reports or related information furnished under this Undertaking
with regard to any period ending before June 30, 2004; or (y) if any such actual
restatement is furnished to the Recipient (or to the Agent, as its assignee), to
the extent such restatement is not asserted in writing by the Recipient (or to the
Agent, as its assignee) to be a material restatement of such previously delivered
financial reports or other information.

3

 

               (e) Section 7.1(a) of the Purchase Agreement is hereby amended by (i) changing the period at
the end of the final subsection thereof to a semi-colon, and (ii) inserting the following provisos
after such final subsection (it being understood that these provisos are intended to modify all
subsections in Section 7.1(a)):

     provided, however, that with respect to the fiscal quarter of Ceridian ending
June 30, 2004, the Seller Parties will not be required to deliver the reports or
other information described above in this Section 7.1(a) until September 30, 2004;
provided further, that it will not be a violation of this Section 7.1(a) if (x)
Ceridian determines on or before September 30, 2004 that a restatement of financial
reports of Ceridian or other information previously required to be delivered under
this Section 7.1(a) with respect to any period ending before June 30, 2004, is
required as a result of the Review or (y) any such actual restatement is furnished
to the Agent, to the extent such restatement is not asserted in writing by the Agent
to be a material restatement of such previously delivered financial reports or other
information.

               (f) Section 7 of the Performance Undertaking is hereby amended by (i) changing the period at
the end of the final subsection thereof to a semi-colon, and (ii) inserting the following provisos
after such final subsection (it being understood that these provisos are intended to modify all
subsections of Section 7):

     provided, however, that with respect to the fiscal quarter of Performance
Guarantor ending June 30, 2004, Performance Guarantor will not be required to
deliver the reports or other information described above in this Section 7 until
September 30, 2004; provided further, that it will not be a violation of this
Section 7 if (x) Performance Guarantor determines on or before September 30, 2004
that a restatement of financial reports of Performance Guarantor or other
information previously required to be delivered under this Section 7 with respect to
any period ending before June 30, 2004, is required as a result of the Review or (y)
any such actual restatement is furnished to the Recipient (or the Agent, as its
assignee) to the extent such restatement is not asserted in writing by the Recipient
(or the Agent, as its assignee) to be a material restatement of such previously
delivered financial reports or other information.

               (g) Sections 7(a) and 7(b) of the Performance Undertaking are hereby amended by inserting the
following proviso before the period at the end thereof:

     ; provided however, that this requirement will not be measured with respect to
the fiscal quarter ending June 30, 2004 until the financial reports required under
Section 7(c) with respect to such period are furnished in accordance with the
provisos at the end of this Section 7.

     Section 3. Conditions to Effectiveness of this Amendment. This Amendment shall
become effective on the date when each of the following conditions precedent has been satisfied, to
the extent satisfied on or prior to August 9, 2004:

4

 

               (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) Delay in Filing 10Q. The Agent shall have received from Ceridian a certificate
executed by the president, chief executive officer, chief financial officer, treasurer or assistant
treasurer, any executive vice president, or the controller of Ceridian stating that Ceridian has
determined that it will not be able to timely file with the SEC its Form 10-Q with respect to the
fiscal quarter ending June 30, 2004 by reason of the accounting review described in the recitals of
this Amendment.

               (c) 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).

               (d) 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).

               Section 4. 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,”

5

 

“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)

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/ Michael W. Sheridan

	 	 
	Name: Michael W. Sheridan

Title: Senior Vice President, Chief Counsel & Secretary	 	 

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/ Ronald J. Atkins

	 	 
	Name: Ronald J. Atkins

Title: Authorized Signer	 	 

BANK ONE, NA (MAIN OFFICE CHICAGO),

as a Financial Institution and as Agent

	 	 	 	 	 
	By:	 	/s/ Ronald J. Atkins

	 	 
	Name: Ronald J. Atkins

Title: Director	 	 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]