BISYS Gets Consent And Waiver Under Credit Facility Default

BISYS announced yesterday that it had obtained a consent and waiver from the lenders under its Senior Unsecured Credit Facility. The consent and waiver relates to the default under the Credit Facility that occurred when the Company was unable to file on a timely basis its Form 10-Q for its third fiscal quarter ended March 31, 2005, and to deliver the related compliance certificate for that fiscal quarter. The filing of this quarterly report is being delayed pending completion of the previously disclosed investigation being conducted by the Company’s Audit Committee. Under the terms of the consent and waiver, the cure period for the default with respect to the filing of the aforementioned Form 10-Q and the delivery of the related compliance certificate has been extended to August 1, 2005. In addition, the Company has agreed that it will not request additional credit extensions under the Credit Facility (except for renewals of outstanding letters of credit) during the extension period. The Company believes that its operating cash flows and cash on hand will be sufficient to support its near term working capital and other cash requirements, and that additional credit under the Credit Facility will not be necessary through the extension date.