2nd Agreement to Secured Subordinated Promissory Note

EX-10.41 5 d28220exv10w41.htm 2ND AGREEMENT TO SECURED SUBORDINATED PROMISSORY NOTE exv10w41
 

Exhibit 10.41
SECOND AMENDMENT
TO
SECURED SUBORDINATED PROMISSORY NOTE
DATED AS OF APRIL 9, 2004
     This Second Amendment is made as of the 2nd day of August, 2005, by and among Virbac Corporation, a Delaware corporation, PM Resources, Inc., a Missouri corporation, St.Jon Laboratories, Inc., a California corporation, Francodex Laboratories, Inc., a Kansas corporation, Delmarva Laboratories, Inc., a Virginia corporation and Virbac AH, Inc., Delaware corporation (collectively, the “Borrowers”), and Virbac S.A., a company organized under the laws of the Republic of France (the “Holder”) (capitalized terms used but not defined herein shall have the meanings ascribed to such terms in that certain Secured Subordinated Promissory Note, dated April 9, 2004, in the original principal amount of $3,000,000.00 by and between the Borrowers and the Holder (as amended, modified or restated from time to time, the “Note”)).
     WHEREAS, the parties hereto desire to amend the Note as set forth herein; and
     NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, the parties hereto hereby agree as follows:
     1. The Note is hereby amended in the following respects:
     a. The Maturity Date of the Note is hereby changed to October 9, 2006. All sums owing under the Note shall be due and payable no later than this Maturity Date, and such date shall not be extended, except by written agreement of the Holder and Borrowers.
     b. The Base Rate of the Note is hereby changed to 5% per annum.
     2. Except as provided for in this Second Amendment, the Note, as amended, shall remain in full force and effect and is hereby reaffirmed.
     3. This Amendment shall be interpreted, construed and enforced in accordance with the laws of the State of Delaware.
Remainder of Page Intentionally Left Blank.
Signature Page Follows.

 


 

     IN WITNESS WHEREOF, the undersigned have executed this Amendment effective as of the date first written above.
         
    BORROWERS:
 
       
    VIRBAC CORPORATION
    a Delaware corporation
 
       
 
  By:   /s/ Jean M. Nelson
 
       
 
  Name:   Jean M. Nelson
 
  Title:   Executive Vice President and Chief
 
      Financial Officer
 
       
    PM RESOURCES, INC.
    a Missouri corporation
 
       
 
  By:   /s/ Jean M. Nelson
 
       
 
  Name:   Jean M. Nelson
 
  Title:   Executive Vice President and Chief
 
      Financial Officer
 
       
    ST. JON LABORATORIES, INC.
    a California corporation
 
       
 
  By:   /s/ Jean M. Nelson
 
       
 
  Name:   Jean M. Nelson
 
  Title:   Executive Vice President and Chief
 
      Financial Officer
 
       
    FRANCODEX LABORATORIES, INC.
    a Kansas corporation
 
       
 
  By:   /s/ Jean M. Nelson
 
       
 
  Name:   Jean M. Nelson
 
  Title:   Executive Vice President and Chief
 
      Financial Officer

 


 

         
    DELMARVA LABORATORIES, INC.
    a Virginia corporation
 
       
 
  By:   /s/ Jean M. Nelson
 
       
 
  Name:   Jean M. Nelson
 
  Title:   Executive Vice President and Chief
 
      Financial Officer
 
       
    VIRBAC AH, INC.
    a Delaware corporation
 
       
 
  By:   /s/ Jean M. Nelson
 
       
 
  Name:   Jean M. Nelson
 
  Title:   Executive Vice President and Chief
 
      Financial Officer
 
       
    HOLDER:
 
       
    VIRBAC S.A.
    a company organized under the laws of the
    Republic of France
 
       
 
  By:   /s/ Eric Maree
 
       
 
  Name:   Eric Maree
 
  Title:   President of the Management Board