UNITED STATES SECURITIES ~~AND~~and EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

~~Pursuant~~Date of toReport ~~Section 13 or 15~~(d)Date of ~~the~~earliest ~~Securities~~event ~~Exchange~~reported): ~~Act~~May 31, ~~of 1934~~ 2007

Date of Report (Date of earliest event reported): December 20, 2006

THE BISYS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-31254	13-3532663
(State or other Jurisdiction	(Commission File	(IRS Employer
of incorporation)	Number)	Identification No.)


Delaware (State or other Jurisdiction of incorporation)		001-31254 (Commission File Number)		13-3532663 (IRS Employer Identification No.)

105 Eisenhower Parkway, Roseland, New Jersey 07068
(Address of principal executive offices)

973-461-2500
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (917 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (917 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

TABLE OF CONTENTS

Item 1.01 Entry into a Material Definitive Agreement Item 9.01. Financial Statements and Exhibits SIGNATURE EX-10.1: THIRD AMENDMENT TO CREDIT AGREEMENT


	Item 5.02. Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement with Certain Officers.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURE
EX-10.1: AMENDMENT TO KEY EXECUTIVE SEPARATION AGREEMENT

Item 15.0102. ~~Entry~~Departure ~~into~~of aDirector ~~Material~~or ~~Definitive~~Certain ~~Agreement~~Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement with Certain Officers.

On ~~December~~May 2031, ~~2006~~2007, The BISYS Group, Inc. (“BISYS”) entered into aan ~~third~~ amendment (the “Amendment”) to ~~its~~the Key ~~Credit~~Executive Separation Agreement (the “Agreement”) dated as of ~~January~~September 36, 2006 ~~(as~~between ~~previously~~BISYS and ~~amended~~Bruce Dalziel, the ~~“Credit~~ ~~Agreement”)~~company’s Chief Financial Officer. The Amendment amends the ~~Credit~~ Agreement to, provide ~~among~~that ~~other~~BISYS ~~things, provide~~will ~~for~~pay to Mr. Dalziel a ~~term~~tax ~~loan~~gross-up payment in anrespect ~~aggregate~~of ~~amount~~any ofexcise uptax tothat Mr. Dalziel ~~$50,000,000~~may (be assessed under the so-called “~~Term~~golden ~~Loan~~parachute”), ~~which~~rules under the Internal Revenue ~~may~~Code, beprovided, ~~drawn~~that onthe oramount ~~before~~of ~~January 15~~that gross-up payment, ~~2007.~~together ~~The~~with ~~Term~~the ~~Loan~~aggregate ~~will~~parachute payments ~~represent~~(as ~~unsecured~~defined ~~obligations~~in Section 280G of the ~~Company~~Internal ~~and~~Revenue ~~its~~Code) ~~subsidiary~~does ~~guarantors~~not exceed $3.5 million in the aggregate, ~~and~~based ~~those~~on ~~provisions~~the after tax cost to BISYS of ~~the~~providing ~~original~~such ~~Credit~~benefits. ~~Agreement~~The foregoing ~~requiring~~summary ~~that~~is ~~term~~qualified ~~loan~~in ~~obligations~~its beentirety ~~secured~~by ~~with~~reference ~~certain~~to ~~assets~~the text of ~~these~~the ~~parties~~amendment, ~~including~~a ~~the pledge~~copy of ~~subsidiary~~which ~~stock,~~is filed ~~have~~as ~~been~~Exhibit 10.1 ~~eliminated~~to bythis ~~the~~Current ~~Amendment~~Report on Form 8-K.

~~The~~On ~~foregoing~~May 31, ~~description~~2007, ofBISYS ~~the~~also ~~Amendment~~agreed ~~does~~to ~~not~~make ~~purport~~bonus payments to beMr. Dalziel ~~complete~~ and isJ. ~~qualified~~Robert inJones, the ~~its~~company’s ~~entirety~~Executive byVice ~~reference~~President toof ~~the~~Business ~~text~~Development, of ~~the~~$600,000 ~~actual~~and ~~agreement~~250,000, ~~which~~respectively, each ispayable ~~attached~~upon ~~hereto~~consummation asof ~~Exhibit 10.1~~the ~~and~~announced ~~incorporated~~merger bytransaction ~~reference~~with ~~herein~~Citibank N.A.

Item 9.01. Financial Statements and Exhibits.

Exhibits:

10.1 ~~Third~~ Amendment to ~~Credit~~Key Executive Separation Agreement dated asMay ~~of December 20~~31, ~~2006, among The BISYS Group, Inc~~2007.~~, the lenders party thereto and SunTrust Bank, as Administrative Agent.~~

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE BISYS GROUP, INC. By: /s/ Steven J. Kyono Steven J. Kyono Executive Vice President, General Counsel & Secretary

Date: ~~December~~June 274, ~~2006~~2007

Table of Contents

Table of Contents

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