June 29, 2006Virbac Corp • July 7th, 2006 • Pharmaceutical preparations
It is evident that the requirement of Paragraph 8 of the Ninth Amendment to Credit Agreement dated as of March 24, 2006 made by and among Virbac Corporation and its Subsidiaries, as Borrowers, and First Bank (the “Ninth Amendment”), as such requirement was subsequently amended by letters dated as of May 5, 2006 and June 13, 2006, requiring Borrowers to execute a new amended and restated loan agreement and other documents with First Bank and JPMorgan Chase Bank, N.A. on or before June 30, 2006 to provide for a syndicated revolving credit facility to the Borrowers from First Bank and JPMorgan Chase Bank, N.A. will not be met due to the fact that the boards of the various borrowers will not meet to authorize the transactions before July 25, 2006. First Bank and JPMorgan Chase Bank, N.A. will agree to extend the June 30, 2006 deadline set forth in Paragraph 8 of the Ninth Amendment to July 31, 2006.
