DEPOSIT AGREEMENTAccount Control Agreement |
|
|
|
You are currently viewing: This Account Control Agreement involves
BISYS GROUP INC | CONTAX PARTICIPACOES S.A. | THE BANK OF NEW YORK. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Account Control Agreement by:
Exhibit 2.1
EXECUTION COPY
AMENDMENT TO STOCK PURCHASE AGREEMENT
This
Amendment (this “Amendment”) is made and entered into as of
December 15, 2005, by and among OPEN SOLUTIONS INC., a Delaware
corporation (the “Purchaser Parent”), HUSKY ACQUISITION
CORPORATION, a Delaware corporation and a wholly-owned subsidiary of the
Purchaser Parent (the “Purchaser”), THE BISYS GROUP, INC.,
a Delaware corporation (the “Seller Parent”), and BISYS
INC., a Delaware corporation and a wholly-owned subsidiary of the Seller
Parent (the “Seller”).
RECITALS
WHEREAS,
the Purchaser Parent, the Purchaser, the Seller Parent and the Seller entered
into that certain Stock Purchase Agreement (the “Purchase
Agreement”), made and entered as of September 15, 2005;
WHEREAS,
the Seller Parent has informed the Purchaser Parent and the Purchaser that it
may not be able to fulfill the condition to Closing set forth in Section 7.03(i)
of the Purchase Agreement on or prior to the Drop Dead Date;
WHEREAS,
the parties desire to amend, among other things, the definition of “Drop
Dead Date” in Section 1.01 of the Purchase Agreement as set
forth below and to amend Sections 5.17(b), 9.01(b) and 9.01(c)
of the Purchase Agreement as set forth below;
AGREEMENT
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:
1. Definitions
All
capitalized terms used but not elsewhere defined herein shall have the meanings
ascribed to such terms in the Purchase Agreement.
2. Amendment
to Section 1.01 of the Purchase Agreement
The
definition of Drop Dead Date in Section 1.01 of the Purchase
Agreement is amended and replaced in its entirety by the following:
““Drop
Dead Date” means February 28, 2006.”
3. Amendment
to Section 5.17(b) of the Purchase Agreement
(a) Section 5.17(b)
of the Purchase Agreement is amended and replaced in its entirety by the
following:
“No
later than thirty (30) Business Days after the Closing, the Purchaser will
file with the Secretary of State of the State of Delaware a document causing
the change of the corporate name of the Company to “OPEN SOLUTIONS BIS,
INC.””
(b) For
the avoidance of doubt, Seller Parent, Seller and their respective Affiliates
hereby agree that the use of the word “BIS” in “OPEN
SOLUTIONS BIS, INC.” (the “Company Name”) pursuant to
Section 5.17(b) of the Purchase Agreement shall not be subject to any
limitation or right of Seller Parent, Seller or their respective Affiliates or
create any additional obligation on the part of the Purchaser, including,
without limitation, under Section 5.17(c) of the Purchase Agreement.
(c) Seller
Parent, Seller and their respective Affiliates (i) agree that they shall
not, directly or indirectly, challenge the ownership or validity of the Company
Name or any registration or application for registration thereof by the
Purchaser and (ii) covenant not to sue and release any and all claims they
may have against the Purchaser based upon the Purchaser’s use of the
Company Name, until and following the Closing Date in perpetuity.
4. Amendment
to Section 9.01(b) of the Purchase Agreement
Section 9.01(b)
of the Purchase Agreement is amended and replaced in its entirety by the
following:
“by
the Seller, if all of the conditions set forth in Section 7.01 and Section
7.03 shall have been complied with and performed (except for any such
conditions set forth in Section 7.01 or Section 7.03 as
shall not have been complied with or performed as a result of any fault of the
Purchaser Parent or the Purchaser) and one or more of the conditions set forth
in Section 7.02 shall not have been complied with or performed in
any material respect and such noncompliance or nonperformance shall not have
been cured or eliminated (or by its nature cannot be cured or eliminated) by
the Purchaser Parent or the Purchaser on or before the Drop Dead Date, subject
to the Seller’s right to extend the Drop Dead Date for a period of up to
the earlier of (x) thirty (30) days or (y) the expiration of the
Wachovia Commitment;”
5. Amendment
to Section 9.01(c) of the Purchase Agreement
Section 9.01(c)
of the Purchase Agreement is amended and replaced in its entirety by the following:
“by
the Purchaser, if all of the conditions set forth in Section 7.01
and Section 7.02 shall have been complied with and performed (except for
any such conditions set forth in Section 7.01 or Section 7.02
as shall not have been complied with or performed as a result of any fault of
the Seller Parent or the Seller) and one or more of the conditions set forth in
Section 7.03 shall not have been complied with or performed in any
material respect and such noncompliance or nonperformance shall not have been
cured or eliminated (or by its nature cannot be cured or eliminated) by the
Seller Parent or the Seller on or before the Drop Dead Date, subject to the
Purchaser’s right to extend the Drop Dead Date for a period of up to
30 days;”
6. Wachovia
Commitment
Each
of the parties hereto acknowledges and agrees that (a) the Commitment
Letter (the “Commitment Letter”), dated as of
October 17, 2005, from Wachovia Bank, National Association and Wachovia
Capital Markets, LLC (collectively, the “Wachovia Parties”)
to the Purchaser Parent expires on December 31, 2005, (b) as a result
of (i) the Seller
2
Parent informing the
Purchaser Parent and the Purchaser that it may not be able to fulfill the
condition to Closing set forth in Section 7.03(i) of the Purchase
Agreement on or prior to December 31, 2005 and (ii) amending the Drop
Dead Date pursuant to Section 2 above, the Purchaser Parent shall
use reasonable commercial efforts to obtain an amended and restated Commitment
Letter (the “Amended and Restated Commitment Letter”) from
the Wachovia Parties, (c) the representations and warranties made by the
Purchaser Parent and the Purchaser in Section 4.05 of the Purchase
Agreement shall be true and correct in all material respects on and as of the
Closing Date with respect to such Amended and Restated Commitment Letter,
(d) the obligation of the Purchaser Parent and the Purchaser to consummate
the Closing shall be subject to the fulfillment on or before the Closing Date
of the condition that the Purchaser Parent and the Purchaser shall have
received all of the proceeds of the financings described in the Amended and
Restated Commitment Letter and (e) for all purposes of the Purchase
Agreement, the term “Wachovia Commitment” shall mean the commitment
of the Wachovia Parties to provide, subject to certain conditions set forth in
Amended and Restated Commitment Letter, all funds necessary, together with
other funds available to the Purchaser, to pay the Estimated Purchase Price at
Closing.
7. Fees
and Expenses
Notwithstanding
any provision of Section 10.01 of the Purchase Agreement to the
contrary, and in addition to the payment of any other amounts required under Section 10.01
of the Purchase Agreement (without duplication of items reimbursed hereunder),
if the Closing occurs or if the Agreement is terminated prior to Closing
pursuant to Section 9.01 (other than pursuant to Section 9.01(b)),
the Seller Parent shall be obligated to promptly reimburse the Purchaser Parent
in full (by wire transfer of immediately available funds to an account
designated by the Purchaser Parent) for the following:
(a)
the amount of the supplemental upfront fee (i.e., “ticking fee”)
and other commitment-related fees payable by the Purchaser Parent to Wachovia Bank
(as such term is defined in the Amended and Restated Commitment Letter) for its
own account and the ratable account of the Senior Lenders (as such term is
defined in the Amended and Restated Commitment Letter) in connection with the
Senior Credit Facilities (as such term is defined in the Amended and Restated
Commitment Letter) that is in excess of $133,440;
(b)
the amount of the supplemental upfront fee (i.e., “ticking fee”)
and commitment-related fees payable by the Purchaser Parent to Wachovia Bank
for its own account and the ratable account of the Second Lien Lenders (as such
term is defined in the Amended and Restated Commitment Letter) in connection
with the Second Lien Facility (as such term is defined in the Amended and
Restated Commitment Letter) that is in excess of $25,020;
(c)
the reasonable out-of-pocket fees and expenses incurred by or on behalf of the
Purchaser Parent or any of its Affiliates that would not have been incurred had
the condition to Closing under Section 7.03(i) of the Purchase
Agreement been satisfied and the Closing had occurred on or prior to
December 31, 2005, including, but not limited to, the fees and expenses of
counsel and accountants, in connection with the negotiation and
3
preparation of this Amendment
and the Amended and Restated Commitment Letter, which fees and expenses shall
be documented consistent with the past practice of Purchaser Parent (Purchaser
Parent currently estimates that such fees and expenses will not exceed $250,000
in the aggregate and agrees that, upon becoming aware that such fees and
expenses will exceed such estimate, it will so notify Seller Parent and advise
Seller Parent of the factors giving rise to such increased cost); and
(d)
if the Closing occurs, an amount equal to (A) the product of (x) $350,000
multiplied by (y) each five (5) basis point increment by which the
interest rate at the Closing with respect to the Senior Credit Facilities is in
excess of LIBOR plus 250 basis points, plus (B) the product of (x) $100,000
multiplied by (y) each five (5) basis point increment by which the
interest rate at the Closing with respect to the Second Lien Facility is in
excess of LIBOR plus 650 basis points.
8. References
Each
reference in the Purchase Agreement to “this Agreement”,
“hereof”, “herein”, and “herewith” and
words of similar import shall, unless otherwise stated, be construed to refer
to the Purchase Agreement as a whole (including all Schedules thereto) as amended
by this Amendment.
9. Section Headings
and Captions
The
Section headings and the captions of the Articles in this Amendment are solely
for convenient reference and shall not be deemed to affect the meaning or
interpretation of this Agreement.
10. Counterparts;
Third Party Beneficiaries
This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if such signatures were upon the same instrument. A facsimile or photocopied signature (which may be delivered by facsimile) shall be deeme






