Credit Agreement

CERIDIAN CORPORATION


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$450,000,000


CREDIT AGREEMENT


Dated as of June 7, 1999


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BANK OF AMERICA NATIONAL


TRUST AND SAVINGS ASSOCIATION


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TABLE OF CONTENTS


PAGE ARTICLE I DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 1.01 Certain Defined Terms . . . . . . . . . . . . . . . . . . .1 SECTION 1.02 Accounting Principles.. . . . . . . . . . . . . . . . . . .1 SECTION 1.03 Interpretation. . . . . . . . . . . . . . . . . . . . . . .1


ARTICLE II THE LOANS . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 2.01 The Loans . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 2.02 Borrowing Procedure.. . . . . . . . . . . . . . . . . . . .1
(a) Notice to the Bank . . . . . . . . . . . . . . . . . .1 SECTION 2.03 Lending Offices.. . . . . . . . . . . . . . . . . . . . . .1 SECTION 2.04 Evidence of Indebtedness. . . . . . . . . . . . . . . . . .1
(a) Note . . . . . . . . . . . . . . . . . . . . . . . . .1
(b) Recordkeeping. . . . . . . . . . . . . . . . . . . . .1 SECTION 2.05 Minimum Amounts.. . . . . . . . . . . . . . . . . . . . . .1 SECTION 2.06 Required Notice.. . . . . . . . . . . . . . . . . . . . . .1


ARTICLE III INTEREST AND FEES; CONVERSION OR CONTINUATION. . . . . . . . . .1 SECTION 3.01 Interest. . . . . . . . . . . . . . . . . . . . . . . . . .1
(a) Interest Rate. . . . . . . . . . . . . . . . . . . . .1
(b) Interest Periods . . . . . . . . . . . . . . . . . . .1
(c) Interest Payment Dates . . . . . . . . . . . . . . . .1
(d) Notice to the Borrower . . . . . . . . . . . . . . . .1 SECTION 3.02 Default Rate of Interest. . . . . . . . . . . . . . . . . .1 SECTION 3.03 Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 3.04 Computations. . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 3.05 Conversion or Continuation. . . . . . . . . . . . . . . . .1
(a) Election . . . . . . . . . . . . . . . . . . . . . . .1
(b) Automatic Conversion . . . . . . . . . . . . . . . . .1
(c) Notice to the Bank . . . . . . . . . . . . . . . . . .1 SECTION 3.06 Highest Lawful Rate.. . . . . . . . . . . . . . . . . . . .1


ARTICLE IV REDUCTION OF COMMITMENTS; REPAYMENT; PREPAYMENT . . . . . . . . .1 SECTION 4.01 Reduction or Termination of the Commitment. . . . . . . . .1
(a) Optional Reduction or Termination. . . . . . . . . . .1
(b) Mandatory Termination. . . . . . . . . . . . . . . . .1 SECTION 4.02 Repayment of the Loans. . . . . . . . . . . . . . . . . . .1 SECTION 4.03 Prepayments.. . . . . . . . . . . . . . . . . . . . . . . .1
(a) Optional Prepayments . . . . . . . . . . . . . . . . .1
(b) Mandatory Prepayments. . . . . . . . . . . . . . . . .1
(c) Notice; Application. . . . . . . . . . . . . . . . . .1


ARTICLE V YIELD PROTECTION AND ILLEGALITY. . . . . . . . . . . . . . . . . .1


i


SECTION 5.01 Inability to Determine Rates. . . . . . . . . . . . . . . .1 SECTION 5.02 Funding Losses. . . . . . . . . . . . . . . . . . . . . . .1 SECTION 5.03 Regulatory Changes. . . . . . . . . . . . . . . . . . . . .1
(a) Increased Costs. . . . . . . . . . . . . . . . . . . .1
(b) Capital Requirements.. . . . . . . . . . . . . . . . .1
(c) Requests.. . . . . . . . . . . . . . . . . . . . . . .1 SECTION 5.04 Illegality. . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 5.05 Funding Assumptions.. . . . . . . . . . . . . . . . . . . .1 SECTION 5.06 Obligation to Mitigate. . . . . . . . . . . . . . . . . . .1


ARTICLE VI PAYMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 6.01 Payments. . . . . . . . . . . . . . . . . . . . . . . . . .1
(a) Payments . . . . . . . . . . . . . . . . . . . . . . .1
(b) Authorization to Bank. . . . . . . . . . . . . . . . .1
(c) Extension. . . . . . . . . . . . . . . . . . . . . . .1
(d) Application. . . . . . . . . . . . . . . . . . . . . .1 SECTION 6.02 Taxes.. . . . . . . . . . . . . . . . . . . . . . . . . . .1
(a) No Reduction of Payments.. . . . . . . . . . . . . . .1
(b) Deduction or Withholding; Tax Receipts.. . . . . . . .1
(c) Indemnity. . . . . . . . . . . . . . . . . . . . . . .1
(d) Mitigation . . . . . . . . . . . . . . . . . . . . . .1


ARTICLE VII CONDITIONS PRECEDENT . . . . . . . . . . . . . . . . . . . . . .1 SECTION 7.01 Conditions Precedent to the Initial Loan. . . . . . . . . .1
(a) Fees and Expenses. . . . . . . . . . . . . . . . . . .1
(b) Loan Documents . . . . . . . . . . . . . . . . . . . .1
(c) Documents and Actions Relating to Acquisition. . . . .1
(d) Additional Closing Documents and Actions . . . . . . .1
(e) Corporate Documents. . . . . . . . . . . . . . . . . .1
(f) Legal Opinions . . . . . . . . . . . . . . . . . . . .1 SECTION 7.02 Conditions Precedent to All Loans.. . . . . . . . . . . . .1
(a) Notice.. . . . . . . . . . . . . . . . . . . . . . . .1
(b) Material Adverse Effect. . . . . . . . . . . . . . . .1
(c) Representations and Warranties; No Default.. . . . . .1
(d) Additional Documents.. . . . . . . . . . . . . . . . .1


ARTICLE VIII REPRESENTATIONS AND WARRANTIES. . . . . . . . . . . . . . . . .1 SECTION 8.01 Representations and Warranties. . . . . . . . . . . . . . .1
(a) Corporate Existence and Power. . . . . . . . . . . . .1
(b) Corporate Authorization; No Contravention. . . . . . .1
(c) Governmental Authorization . . . . . . . . . . . . . .1
(d) Binding Effect . . . . . . . . . . . . . . . . . . . .1
(e) Litigation . . . . . . . . . . . . . . . . . . . . . .1
(f) No Default . . . . . . . . . . . . . . . . . . . . . .1
(g) ERISA Compliance . . . . . . . . . . . . . . . . . . .1


ii


(h) Title to Properties. . . . . . . . . . . . . . . . . .1
(i) Taxes. . . . . . . . . . . . . . . . . . . . . . . . .1
(j) Financial Condition. . . . . . . . . . . . . . . . . .1
(k) Environmental Matters. . . . . . . . . . . . . . . . .1
(l) Regulated Entities . . . . . . . . . . . . . . . . . .1
(m) No Burdensome Restrictions . . . . . . . . . . . . . .1
(n) Solvency . . . . . . . . . . . . . . . . . . . . . . .1
(o) Labor Relations. . . . . . . . . . . . . . . . . . . .1
(p) Copyrights, Patents, Trademarks and Licenses, etc. . .1
(q) Material Subsidiaries and Equity Investments . . . . .1
(r) Insurance. . . . . . . . . . . . . . . . . . . . . . .1
(s) Year 2000. . . . . . . . . . . . . . . . . . . . . . .1
(t) Merger Representations . . . . . . . . . . . . . . . .1
(u) Disclosure . . . . . . . . . . . . . . . . . . . . . .1


ARTICLE IX COVENANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 9.01 Affirmative Covenants.. . . . . . . . . . . . . . . . . . .1
(a) Financial Statements . . . . . . . . . . . . . . . . .1
(b) Certificates; Other Information. . . . . . . . . . . .1
(c) Notices. . . . . . . . . . . . . . . . . . . . . . . .1
(d) Preservation of Corporate Existence, Etc.. . . . . . .1
(e) Maintenance of Property. . . . . . . . . . . . . . . .1
(f) Insurance. . . . . . . . . . . . . . . . . . . . . . .1
(g) Payment of Obligations . . . . . . . . . . . . . . . .1
(h) Compliance with Laws . . . . . . . . . . . . . . . . .1
(i) Inspection of Property and Books and Records . . . . .1
(j) Environmental Laws.. . . . . . . . . . . . . . . . . .1
(k) Use of Proceeds. . . . . . . . . . . . . . . . . . . .1
(l) Clean-Up Merger. . . . . . . . . . . . . . . . . . . .1
(m) Further Assurances.. . . . . . . . . . . . . . . . . .1 SECTION 9.02 Negative Covenants. . . . . . . . . . . . . . . . . . . . .1
(a) Limitation on Liens. . . . . . . . . . . . . . . . . .1
(b) Mergers, Consolidations and Dispositions of Assets.. .1
(c) Cash Investments; Minority Investments . . . . . . . .1
(d) Indebtedness . . . . . . . . . . . . . . . . . . . . .1
(e) Contingent Obligations . . . . . . . . . . . . . . . .1
(f) Use of Proceeds. . . . . . . . . . . . . . . . . . . .1
(g) Hostile Acquisitions . . . . . . . . . . . . . . . . .1
(h) Lease Obligations. . . . . . . . . . . . . . . . . . .1
(i) Interest Coverage Ratio. . . . . . . . . . . . . . . .1
(j) Debt/Total Capitalization. . . . . . . . . . . . . . .1
(k) Change in Business . . . . . . . . . . . . . . . . . .1
(l) Accounting Changes . . . . . . . . . . . . . . . . . .1
(m) Contracts of Subsidiaries. . . . . . . . . . . . . . .1
(n) Acquisition Documents. . . . . . . . . . . . . . . . .1


iii


ARTICLE X EVENTS OF DEFAULT. . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 10.01 Events of Default.. . . . . . . . . . . . . . . . . . . . .1
(a) Non-Payment. . . . . . . . . . . . . . . . . . . . . .1
(b) Representation or Warranty . . . . . . . . . . . . . .1
(c) Specific Defaults. . . . . . . . . . . . . . . . . . .1
(d) Other Defaults . . . . . . . . . . . . . . . . . . . .1
(e) Cross-Default. . . . . . . . . . . . . . . . . . . . .1
(f) Insolvency; Voluntary Proceedings. . . . . . . . . . .1
(g) Involuntary Proceedings. . . . . . . . . . . . . . . .1
(h) ERISA. . . . . . . . . . . . . . . . . . . . . . . . .1
(i) Monetary Judgments . . . . . . . . . . . . . . . . . .1
(j) Ownership. . . . . . . . . . . . . . . . . . . . . . .1 SECTION 10.02 Effect of Event of Default. . . . . . . . . . . . . . . . .1


ARTICLE XI MISCELLANEOUS . . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.01 Amendments and Waivers. . . . . . . . . . . . . . . . . . .1 SECTION 11.02 Notices . . . . . . . . . . . . . . . . . . . . . . . . . .1
(a) Notices. . . . . . . . . . . . . . . . . . . . . . . .1
(b) Facsimile and Telephonic Notice. . . . . . . . . . . .1 SECTION 11.03 No Waiver; Cumulative Remedies. . . . . . . . . . . . . . .1 SECTION 11.04 Costs and Expenses; Indemnification.. . . . . . . . . . . .1
(a) Costs and Expenses.. . . . . . . . . . . . . . . . . .1
(b) Indemnification. . . . . . . . . . . . . . . . . . . .1
(c) Other Charges. . . . . . . . . . . . . . . . . . . . .1
(d) Obligations Under Existing Credit Facility.. . . . . .1 SECTION 11.05 Right of Set-Off. . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.06 Survival. . . . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.07 Benefits of Agreement.. . . . . . . . . . . . . . . . . . .1 SECTION 11.08 Binding Effect; Assignment; Syndication.. . . . . . . . . .1
(a) Binding Effect.. . . . . . . . . . . . . . . . . . . .1
(b) Assignment.. . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.09 GOVERNING LAW AND JURISDICTION. . . . . . . . . . . . . . .1 SECTION 11.10 WAIVER OF JURY TRIAL. . . . . . . . . . . . . . . . . . . .1 SECTION 11.11 Limitation on Liability.. . . . . . . . . . . . . . . . . .1 SECTION 11.12 Confidentiality . . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.13 Entire Agreement. . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.14 Severability. . . . . . . . . . . . . . . . . . . . . . . .1 SECTION 11.15 Counterparts. . . . . . . . . . . . . . . . . . . . . . . .1


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SCHEDULES


Schedule 8.01(e) Litigation Schedule 8.01(g) ERISA Matters Schedule 8.01(j) Contingent Obligations Schedule 8.01(k) Environmental Matters Schedule 8.01(p) Intellectual Property Matters Schedule 8.01(q) Subsidiaries Schedule 9.02(b) Transferable Assets


EXHIBITS


Exhibit A Form of Note Exhibit B Form of Notice of Borrowing Exhibit C Form of Compliance Certificate Exhibit D Form of Notice of Conversion/Continuation


v


CREDIT AGREEMENT


THIS CREDIT AGREEMENT (this "Agreement"), dated as of June 7, 1999, is made between CERIDIAN CORPORATION, a Delaware corporation (the "Borrower"), and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION (the "Bank").


The Borrower has requested the Bank to make term loans to the Borrower in an aggregate principal amount of up to $450,000,000 to fund a portion of the costs of the Acquisition (as defined below). The Bank is willing to make such loans to the Borrower upon the terms and subject to the conditions set forth in this Agreement.


Accordingly, the parties hereto agree as follows:


ARTICLE I
DEFINITIONS


CERTAIN DEFINED TERMS. As used in this Agreement, the following terms shall have the following meanings:


"ACQUIRED COMPANY" means ABR Information Services, Inc., a Florida corporation.


"ACQUISITION" means, collectively, the Purchase of the Acquired Company, through the Tender Offer undertaken by the Purchaser, and the Clean-Up Merger.


"ACQUISITION DOCUMENTS" means that Agreement and Plan of Merger dated as of April 30, 1999 by and among the Borrower, the Purchaser and the Acquired Company (the "Merger Agreement"), together with the Offer, and all other documents and agreements entered into between the Acquired Company and the Borrower, the Purchaser and any of the Borrower's other Subsidiaries in furtherance of the transactions contemplated by the foregoing.


"AFFILIATE" means any Person which, directly or indirectly, controls, is controlled by or is under common control with another Person. For purposes of the foregoing, "control," "controlled by" and "under common control with" with respect to any Person shall mean the possession, directly or indirectly, of the power (i) to vote 15% or more of the securities having ordinary voting power of the election of directors of such Person, or (ii) to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise.


"APPLICABLE MARGIN" means (i) with respect to Base Rate Loans, 0% per annum; and (ii) with respect to Eurodollar Rate Loans, 0.75% (75 basis points) per annum from the Closing Date through the 90th day thereafter, and 0.875% (87.5 basis points) per annum from the 91st day after the Closing Date through the 120th day after the Closing Date, and 1.00% (100 basis points) per annum thereafter.


"BANK" has the meaning set forth in the recital of parties to this Agreement.


1.


"BANKRUPTCY CODE" means Title 11 of the United States Code entitled "Bankruptcy."


"BASE RATE" means the higher of:


(a) the rate of interest publicly announced from time to time by the Bank in San Francisco, California, as its "reference rate." It is a rate set by the Bank based upon various factors including the Bank's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate; and


(b) 0.50% per annum above the latest Federal Funds Rate.


Any change in the reference rate announced by the Bank shall take effect at the opening of business on the day specified in the public announcement of such change.


"BASE RATE LOAN" means a Loan bearing interest at a rate determined by reference to the Base Rate.


"BORROWER" has the meaning set forth in the recital of parties to this Agreement.


"BORROWER'S ACCOUNT" means the account of the Borrower with the Bank as the Borrower from time to time shall designate in a written notice to the Bank.


"BUSINESS DAY" means a day (i) other than Saturday or Sunday, and (ii) on which commercial banks are open for business in New York, New York, Chicago, Illinois and San Francisco, California.


"CAPITAL LEASE" has the meaning specified in the definition of "Capital Lease Obligation."


"CAPITAL LEASE OBLIGATION" means any monetary obligation of the Borrower or any of its Subsidiaries under any leasing or similar arrangement which, in accordance with GAAP, is classified as a capital lease ("Capital Lease").


"CASH EQUIVALENTS" means:


(a) securities issued or fully guaranteed or insured by the United States Government or any agency thereof having maturities of not more than six months from the date of acquisition;


(b) certificates of deposit, time deposits, Eurodollar time deposits, repurchase agreements, reverse repurchase agreements, or bankers' acceptances, having in each case a tenor of not more than six months, issued by the Bank, or by any U.S. commercial or investment bank or broker having combined capital and surplus of not less than $100,000,000 whose short term securities are rated at least A-1 by S&P and P-1 by Moody's; and


2.


(c) commercial paper or promissory notes of an issuer rated at least A-1 by S&P or P-1 by Moody's and in either case having a tenor of not more than three months.


"CLEAN-UP MERGER" means the merger of the Acquired Company and the Purchaser, as contemplated by the Merger Agreement.


"CLOSING DATE" means the date on which all conditions precedent set forth in Section 7.01 are satisfied or waived by the Bank, which shall be a date occurring on or before June 15, 1999.


"CODE" means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder as from time to time in effect.


"COMMITMENT" means, at the time any determination thereof is to be made, $450,000,000, as from time to time reduced pursuant to Section 4.01, or, where the context so requires, the obligation of the Bank to make Loans up to such amount on the terms and conditions set forth in this Agreement.


"COMMITMENT LETTER" has the meaning set forth in Section 11.08(b).


"COMPLIANCE CERTIFICATE" means a certificate of a Responsible Officer of the Borrower, in substantially the form of EXHIBIT C, with such changes thereto as the Bank may from time to time reasonably request.


"CONSOLIDATED INDEBTEDNESS" means, at any time, all amounts which would, in accordance with GAAP, be included as Indebtedness on a consolidated balance sheet of the Borrower and its Subsidiaries as of such time.


"CONSOLIDATED INTEREST EXPENSE" means, for any period, gross consolidated interest expense for such period (including all commissions, discounts, fees and other charges in connection with letters of credit) for the Borrower and its Subsidiaries.


"CONSOLIDATED NET INCOME (LOSS)" means, for any period, all amounts which would, in accordance with GAAP, be included in net income (loss) on the consolidated income statement of the Borrower and its Subsidiaries for such period.


"CONSOLIDATED NET WORTH" means, at any time, with respect to the Borrower and its Subsidiaries, shareholders' equity on the date of determination as determined in accordance with GAAP (except that the effects of direct charges or credits to shareholders' equity related to accounting for pensions ("FAS 87") and foreign currency translation ("FAS 52") are to be disregarded).


"CONSOLIDATED TOTAL ASSETS" means, at any time, the total consolidated assets of the Borrower and its Subsidiaries measured as of the last day of the fiscal quarter ending on or before the date of determination, as determined in accordance with GAAP.


3.


"CONTINGENT OBLIGATION" means, as to the Borrower or any of its Subsidiaries, (a) any Guaranty Obligation of that Person; (b) any reimbursement obligation of that Person with respect to a standby letter of credit, surety bond, banker's acceptance or similar instrument; (c) any obligation of that Person to purchase any materials, supplies or other property from, or to obtain the services of, another Person (other than the Borrower or one of its Subsidiaries) if the relevant contract or other related document or obligation requires that payment for such materials, supplies or other property, or for such services, shall be made regardless of whether delivery of such materials, supplies or other property is ever made or tendered, or such services are ever performed or tendered; and (d) all Indebtedness (other than that of the Borrower or any of its Subsidiaries) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by the Borrower or any such Subsidiary; but in all events excluding obligations of the type described in clauses (a) through (d) above to the extent that reserves or liabilities have been established therefor in the Borrower's consolidated financial statements.


"CONTRACTUAL OBLIGATIONS" means, as to any Person, any provision of any security issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its property is bound.


"DEFAULT" means an Event of Default or an event or condition which with notice or lapse of time or both would constitute an Event of Default.


"DOLLARS" and the sign "$" each mean lawful money of the United States.


"EBIT" means, for any period, for the Borrower and its Subsidiaries determined in accordance with GAAP, the sum of (a) Consolidated Net Income (Loss), plus (b) Consolidated Interest Expense, plus (c) provision for income taxes to the extent included in the determination of Consolidated Net Income (Loss), and minus (d) interest income, all determined on a consolidated basis for the Borrower and its Subsidiaries; provided, however, that Consolidated Net Income (Loss) shall be computed for these purposes without giving effect to extraordinary losses or gains or losses or gains from discontinued operations.


"ELIGIBLE ASSIGNEE" means (a) a commercial bank organized under the laws of the United States, or any state thereof, and having a combined capital and surplus of at least $100,000,000; (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development (the "OECD"), or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000, provided that such bank is acting through a branch or agency located in the United States; and (c) any Affiliate of the Bank.


"ENVIRONMENTAL CLAIMS" means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility for violation of any Environmental Law or for release or injury to the environment or threat to public health, personal injury (including sickness, disease or death), property damage, natural resources damage, or otherwise alleging liability or responsibility for damages (punitive or otherwise),


4.


cleanup, removal, remedial or response costs, restitution, civil or criminal penalties, injunctive relief, or other type of relief, resulting from or based upon (a) the alleged or actual presence, placement, migration, spillage, leakage, disposal, discharge, emission or release of any Hazardous Material at, in, or from property, whether or not owned by the Borrower, or (b) any other circumstances forming the basis of any violation, or alleged violation, of any Environmental Law.


"ENVIRONMENTAL LAWS" means all federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative orders, directed duties, requests, licenses, authorizations, registration requirements and permits of, and agreements with, any Governmental Authorities, in each case relating to environmental and land use matters or health and safety matters involving Hazardous Materials.


"ERISA" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder as from time to time in effect.


"ERISA AFFILIATE" means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).


"ERISA EVENT" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Pl ...