Exhibit 10.8

 

 

August 13, 2002

 

 

 

Florists’ Transworld Delivery, Inc.
3113 Woodcreek Drive
Downers Grove, Illinois  60515

 

Attention:

 

Carrie Wolfe

 

 

Chief Financial Officer, Treasurer

 

 

 

Re:

 

Waiver Letter

 

 

 

Ladies and Gentlemen:

We refer to that certain Credit Agreement (as amended, the “Credit Agreement”)
dated as of September 27, 2001 among you (the “Borrower”), IOS Brands
Corporation (the “Parent”), certain Subsidiaries, the Lenders and Harris Trust
and Savings Bank, as administrative agent (the “Agent”).  All capitalized terms
used herein without definition shall have the same meanings as such terms have
in the Credit Agreement.  We specifically refer to Section 8.22 of the Credit
Agreement, the Total Funded Debt/EBITDA Ratio.  Notwithstanding anything
contained in the Credit Agreement to the contrary, by our execution below, we
hereby specifically waive any violation of Section 8.22, and any Default or
Event of Default which would otherwise be caused thereby, for the fiscal quarter
of the Parent ended on June 30, 2002, provided that it is a condition to the
effectiveness of this waiver that (i) the actual Total Funded Debt/EBITDA Ratio
for the fiscal quarter of the Parent ended June 30, 2002 shall not have been
greater than 3.80 to 1.0, and (ii) the actual amount of Total Funded Debt of the
Parent and the Subsidiaries as of the date of the execution hereof by the
Borrower shall have been reduced to an amount not greater than $35,750,000.

Except as expressly waived herein, the Credit Agreement shall continue to be in
full force and effect in accordance with its original terms and conditions.

 

 

Very truly yours,

 

 

 

Harris Trust and Savings Bank, in its individual
capacity as a Lender and as Administrative Agent

 

 

 

By

/s/ KIRBY M. LAW

 

 

Name

Kirby M. Law

 

 

Title

Vice President

 

 

 

 

 

 

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U.S. Bank National Association

 

 

 

 

 

By

/s/ R. MICHAEL NEWTON

 

 

Name

R. Michael Newton

 

 

Title

Vice President

 

 

 

 

 

 

 

 

 

KeyBank National Association

 

 

 

 

 

By

/s/ THOMAS J. PURCELL

 

 

Name

Thomas J. Purcell

 

 

Title

Senior Vice President

 

 

 

 

 

 

 

 

 

Standard Federal Bank, N.A., f/k/a Michigan
National Bank

 

 

 

 

 

By

/s/ ANNETTE GORDON

 

 

Name

Annette Gordon

 

 

Title

First Vice President

 

 

 

 

 

 

 

 

 

2

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Agreed to and accepted as of the

date first above written:

 

Borrower

 

Florists’ Transworld Delivery, Inc.

 

 

By

/s/ CARRIE WOLFE

 

 

Name

Carrie Wolfe

 

 

Title

CFO & Treasurer

 

 

Guarantors

 

IOS Brands Corporation

 

 

By

/s/ CARRIE WOLFE

 

 

Name

Carrie Wolfe

 

 

Title

CFO & Treasurer

 

 

 

Value Network Service, Inc.

 

 

By

/s/ ROBERT NORTON

 

 

Name

Robert Norton

 

 

Title

CEO & President

 

 

 

FTD Holdings, Incorporated

 

 

By

/s/ ROBERT NORTON

 

 

Name

Robert Norton

 

 

Title

CEO & President

 

 

 

3

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FTD International Corporation

 

 

By

/s/ ROBERT NORTON

 

 

Name

Robert Norton

 

 

Title

CEO & President

 

 

 

4

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