Document:

WAIVER LETTER, DATED DECEMBER 18, 2002

 Exhibit 10.99 
  
 

 
  
 Waiver Letter

  
 December 18, 2002 
  
 BPF Onroerend Goed Lease en Financieringen B.V. 
 PO Box 55 (PAC EB 5000) 
 3870 DA Hoevelaken 
 The Netherlands 
  

	 	Re:	Waiver Letter for Lease Agreement between Modus Media International, B.V. and BPF Onroerend Goed Lease en Financieringen B.V. dated February 4, 2000, and the addendum dated
October 18, 2001, including a Corporate Guarantee of Modus Media International, Inc. of Modus Media International BV’s obligations under this Lease agreement, 

  
 Modus Media International, B.V. (the “Lessee”) and BPF Onroerend Goed Lease en Financieringen B.V. (the
“Lessor”) entered into a lease agreement dated February 4, 2000, and the addendum dated October 18, 2001, including a Corporate Guarantee of Modus Media International, Inc. (“MMI”) of Lessee’s
obligations, as amended by the Amendment to Lease Agreement and Waiver Letter dated February 28, 2002 and the Second Amendment to Lease Agreement and Waiver Letter dated December 3, 2002 (the “Lease”). 
  
 This Waiver Letter (this “Waiver”) provides for certain
waivers to the Lease under the terms and conditions set forth herein. Capitalized terms that are not otherwise defined herein shall have the same meaning herein as in the Lease. 
  
 Section 1. Waiver. 
  
 MMI and certain of its subsidiaries have agreed to enter into certain refinancing arrangements with financial institutions
and other parties whereby these financial institutions and other parties (the “Investors”) will purchase certain notes from MMI and certain of its subsidiaries, including the Lessee. In connection with the refinancing transactions
contemplated by MMI and its subsidiaries, the Lessee will enter into a Foreign Note Purchase Agreement among Modus Media International Limited, Modus Media International Pte. Ltd., Modus Media International Ireland (Holdings), the Lessee, various
Investors and State Street Bank and Trust Company as collateral agent (the “Foreign Note Purchase Agreement”), as well as other security arrangements ancillary thereto. 
  
 In connection with these refinancing arrangements and at the request of the Lessee, the Lessor hereby waives all
rights and remedies, solely with respect to the obligation set forth in the Section entitled “Liable Capital” of the Lease that the Lessee will not assume any liability for the obligations of an affiliated company without the Lessor’s
prior permission. 
  
 [NYC] 388645.1 

 

 
  
 This Waiver shall be in effect
from the date hereof until the maturity date of the Foreign Note Purchase Agreement or other arrangements with the Investors. If the Lessee seeks financing or refinancing that does not involve the Foreign Note Purchase Agreement or the Investors,
this Waiver shall be null and void, and the Lessee shall be required to seek an independent waiver from the Lessor. 
  
 Section 2. Miscellaneous 
  
 All terms, conditions, representations, warranties, covenants and agreements set forth in each of the Lease and the Guarantee, except as herein expressly
waived or amended, are hereby ratified and confirmed and shall remain in full force and effect. 
  

									
	Modus Media International, B.V.	 	 	 	Modus Media International, Inc.
			
	 /s/ Terence M. Leahy
	 	 	 	 /s/ Terence M. Leahy

	By:	 	 Terence M. Leahy
	 	 	 	By:	 	 Terence M. Leahy

	 Its:
	 	 	 	 	 	 Its:
	 	 Chairman

  

			
	BPF Onroerend Goed Lease en Financieringen B.V.
	
	 
	 By:
	 	 
	 Its:
	 	 

  
 [NYC]
388645.1LETTER DATED JUNE 26, 2003

 Exhibit 10.100 
  
 MODUS MEDIA INTERNATIONAL 
  
  
 June 26, 2003 
  
  
 Via Facsimile (011-31-33-253-9879) 
 and Overnight Delivery 
  
 Mr. Ronald Seijsener 
 Account Manager Lease 
 Bouwfonds Property Finance 
 Westerdorpsstraat 66 
 3871 AZ Hoevolsken 
 The Netherlands 
  

	Re:	Extension of Second Amendment to Lease and Waiver Letter dated December 3, 2002 

  
 Dear Ronald: 
  
 I am writing with regard to the Second Amendment to Lease and Waiver Letter dated December 3, 2002 by and between Modus Media International, BV (“MMI BV”),
Modus Media International, Inc. (“Modus”) and BPF Onroerend Goed Lease en Financleringen BV (“BPF”), with respect to a certain lease dated February 4, 2000, as amended October 18, 2001, and including a Corporate Guarantee.

  
 MMI BV and Modus would like to extend the Waiver Period, as defined in the
Second Amendment and Waiver Letter, to and including September 30, 2003. 
  
 Please acknowledge BPF’s agreement to this extension of the Waiver Period by having this letter countersigned below. If you have any questions or concerns, feel free to contact me. 
  
 Sincerely, 
  
 /s/ Leo S.
Vannoui                     
 Leo S. Vannoui

 Vice President and Treasurer 
  
  
 ACKNOWLEDGED AND AGREED TO THIS 30th DAY OF JUNE 2003. 
  
  

			
	 
	
	/s/ Illegible
	 Bouwfonds Property Finance, as agent for
 BPF Onroerend Goed Lease en Financleringen BV
  
 By,
  
 Hereunto duly authorized,

  
 690 Canton Street

 Westwood, MA 02090 
 T 781 407
2000 / F 781 407 3800 
 www.modusmedia.comLETTER DATED OCTOBER 6, 2003

 Exhibit 10.101 
  
 

 
  

			
	

	  	October 6, 2003
	  	 Via Facsimile (011-31-33-253-9879)
 and
Overnight Delivery
  
 Mr. Ronald Seijsener
 Account Manager Lease
 Bouwfonds Property Finance
 Westerdorpstraat 66
 3871 AZ Hoevelaken
 The Netherlands

	  	 Re: Extension of Second Amendment to Lease and Waiver Letter dated December 3, 2002
  
 Dear Ronald:
  
 I am writing with regard to the Second Amendment to Lease and Waiver Letter dated December 3, 2002 by and between Modus Media
International, BV (“MMI BV”), Modus Media International, Inc. (“Modus”) and BPF-Onroerend Goed Lease en Financieringen BV (“BPF”), with respect to a certain Lease dated February 4, 2000, as amended October 18,
2001, and including a Corporate Guarantee.
  
 MMI BV and Modus would like to
extend the Waiver Period, as defined in the Second Amendment and Waiver Letter, to and including October 20, 2003.
  
 Please acknowledge BPF’
agreement to this extension of the Waiver Period by having this letter countersigned below. If you have any questions or concerns, feel free to contact me.

			
		
	 	 	Sincerely,
		
	  	 	 /s/ Leo S. Vannoni

	 	 	 Leo S. Vannoni

	 	 	 Vice President & Treasurer

		
	 	 	 ACKNOWLEDGED AND AGREED THIS
 10 DAY OF
OCTOBER, 2003.

		
	  	 	 /s/ Illegible

	 	 	 Bouwfonds Property Finance, as agent for BPF Onroerend Goed Lease en Financieringen BV
  
 By:
  
 Hereunto duly authorized.

  
 690
Canton Street 
  
 Westwood MA 02090 

 
 t 781 407 2000 / f 781 407 3800LETTER DATED OCTOBER 31, 2003

 Exhibit 10.102 
  
 DUPLICATE 
  

			
	 	  	

  

			
		
	 	  	 Bouwfonds Property Finance BV

	 	  	 Lease

		
	 STRICTLY CONFIDENTIAL
 Modus Media International
B.V.,
 Modus Media International Inc.
 Attn.  Mr. L.S. Vannoni,
 Mr. B. Barrett and
 Mr. M. Zwartkruis
 P.o. Box 501
 7300 AM APELDOORN
	  	 Westerdorpstraat 66, 3871 AZ Hoevelaken
 P.O. Box 15,
NL-3870 DA Hoevelaken
 The Netherlands
 Telephone +31 (0)33 253
91 49
 Fax            +31 (0)33 253 98 79
 www.bouwfonds.nl

  

					
	 Date
 October 31, 2003
  
 Reference
 OGIS 12948
	 	 Contact
 Ronald Seijsener
  
 Subject
 Amendment to the operating lease agreement /premises Apeldoorn
	 	 Direct Dial
 9161
  
 E-mail
 r.seijsener@bouwfonds.nl

  
 Dear Sirs, 
  
 With reference to the earlier discussions we hereby confirm you that we are prepared to
re-arrange the Liable Capital Base, as agreed in the operating lease agreement dated February 4, 2000 (addendum dated October 18, 2001), as well as the existing expiry date. 
  
 Liable Capital 
  
 The actual Liable Capital is established on 25% of the balance sheet total (as adjusted) of Modus Media International B.V. (hereinafter also
called Lessee). 
  
 On the information we received from Lessee and Modus Media
International Inc. we are prepared to decrease the minimum Liable Capital Ratio to 17% until July 2, 2006, on the following conditions: 
  

	 	•	 	the interest of a part of the operating lease (actual bookvalue EUR 570,197.71), which was based on a 3 months floating interest, shall be fixed for a 2 years fixed period, starting
October 1, 2003. The basis for this interest fixing will be 4.00% per annum; 

  

	 	•	 	starting October 1, 2003 the interest component in the lease rental will be increased with 0.50% up to an actual interest of 5.45% resp. 4.50% (for the abovementioned part),
per annum, payable per quarter in arrears, conform attached schedule (appendix 1); 

  

	 	•	 	the Liable Capital of the Lessee will be at least 20%, as calculated, based, on the balance sheet contained in the audited financial statements for the fiscal year 2005.
Alternatively the Liable Capital of the Lessee will be at least 20%, as calculated, based on the balance sheet contained in the financial statement for the half year ended June 30, 2006, such balance sheet having been certified by the
Lessee’s auditors for this purpose. 

  
 Bouwfonds: een 

 onderneming 

					
	 Bouwfonds Property Finance BV
  
 Lease
	 	 	 	

	DUPLICATE	 	 
			
	 Date
 October 31, 2003
	 	 Reference
 OGIS 12948
	 	 Page
 2 of 3

  

	 	•	 	If the Liable Capital is less than 20%, but more than 17%, the lessor (BPF Onroerend Goed Lease en Financieringen B.V.) has the right to increase the prevailing interest component
of the lease rental by 0.5% per annum from July 2, 2006, or, 

  

	 	•	 	if the Lessee fails to report a Profit on Ordinary Activities before Tax in the fiscal years 2004 and 2005 (as per audited financial statements), or, if Modus Media International
Inc. cs. fails to report a Profit on Ordinary Activities before Interest and Tax in the fiscal years 2004 and 2005 (as per audited consolidated financial statements), the lessor has the right to increase the prevailing interest component by
0.5% per annum from July 2, 2006. 

  

	 	•	 	Should either or both of the above conditions be applicable the cumulative total increase, which the lessor has the right to apply to the prevailing interest component, shall not
exceed 1.0%, inclusive of the increase to take effect from October 1, 2003; 

  

	 	•	 	within 30 days after the end of each fiscal month lessee and Modus Media International Inc. shall provide its balance sheet and a statement of income to Bouwfonds Property Finance
B.V. with respect to such fiscal month. 

  
 For the regulations
regarding the Liable Capital and the definition of the Liable Capital we refer to the Operating Lease Agreement dtd February 4, 2000, page 20 resp. 22 (Dutch version resp. English version). 
  
 Extension of the lease/postponement of expiry date

  
 As and from October 1, 2003 the lease rentals will be due and
payable in arrears on the first day following the last day of each calendar quarter to which it relates. 
  
 Because of this postponement the totale lease period will be 10 years and 1 day, expiring per January 1, 2011. In this matter Lessee’s right to purchase the registered property expires at January 1,
2011. 
  
 From October 1, 2003 till October 2, 2003 lessee will be due
to lessor the amount of EUR 3,130, excluding any VAT due thereon. 
  
 Rearrangement fee 
  
 The upfront fee for
this rearrangement amounts to EUR 15,000., excluding any VAT due thereon. 
  
 In
this matter lessee will be charged for the total amount of EUR 18,130., in respect of the extension and rearrangement, excluding any VAT due thereon after acceptance of this amendment. 
  
 This amendment forms an integral part of the existing operating lease agreement dated February 4, 2000, the addendum dtd.
October 18, 2001 and the included corporate guarantee of Modus Media International Inc. All other agreements and conditions, as far as not modified with this amendment, remain valid and operative. 

					
	Bouwfonds Property Finance BV	 	 	 	

			
	Lease	 	 	 	 
	DUPLICATE	 	 
			
	Date	 	Reference	 	Page
	October 31, 2003	 	OGIS 12948	 	3 of 3

  
 The operating lease agreement is
governed by the law of Netherlands. This is also applicable to this amendment. 
  
 We trust that this amendment is to your satisfactory and kindly ask you to duly sign the copy of this letter on the final page, initial the first page, and return the document to us before November 10, 2003. 
  

	
	 Yours sincerely,

	 Bouwfonds Property Finance B.V.

	 On behalf of

	
	 BPF Onroerend Goed Lease

	 en Financieringen B.V.

	
	 /s/ Illegible

  

	
	Signed as correct, dated November 13, 2003
	
	Lessee
	Modus Media International B.V.;
	
	 M.H.M. ZWARTKRUIS

	(name in block letters)
	
	 /s/ M.H.M. Zwartkruis

	Guarantor
	Modus Media International Inc.;
	
	 /s/ Leo S. Vannomi

	(name in block letters)
	 LEO S. VANNOMI

	 VP/TREASURER

  
 Encl. 
  
 cc:
                 Dos 

 

 
  
 appendix 1 as part of the letter dated
October 31, 2003 
  
 Modus Media
International B.V. 
  
 Re-scheduled Operating
Lease Rental 
  

													
	 term

	  	bookvalue

	  	rental

	  	depreciation

	  	interest

	  	bookvalue

	  	 
	 Oct. 2, 03 till Jan. 2, 04
	  	22.758.630,90	  	507.868,98	  	199.136,86	  	308.732,12	  	22.559.494,04	  	 
	 Jan. 2, 04 till April 2, 04
	  	22.559.494,04	  	507.620,07	  	201.560,69	  	306.059,38	  	22.357.933,35	  	 
	 April 2, 04 till July 2, 04
	  	22.357.933,35	  	507.368,12	  	204.014,12	  	303.354,00	  	22.153.919,23	  	 
	 July 2, 04 till Oct. 2, 04
	  	22.153.919,23	  	507.113,10	  	206.497,50	  	300.615,60	  	21.947.421,73	  	 
	 Oct. 2, 04 till Jan. 2, 05
	  	21.947.421,73	  	506.854,98	  	209.011,19	  	297.843,79	  	21.738.410,54	  	 
	 Jan. 2, 05 till April 2, 05
	  	21.738.410,54	  	506.593,70	  	211.555,57	  	295.038,13	  	21.526.854,97	  	 
	 April 2, 05 till July 2, 05
	  	21.526.854,97	  	506.329,27	  	214.131,03	  	292.198,24	  	21.312.723,94	  	 
	 July 2, 05 till Oct. 2, 05
	  	21.312.723,94	  	506.061,61	  	216.737,93	  	289.323,68	  	21.095.986,01	  	interest review date
	 Oct. 2, 05 till Jan. 2, 06
	  	21.095.986,01	  	505.790,69	  	219.376,65	  	286.414,04	  	20.876.609,36	  	 
	 Jan. 2, 06 till April 2, 06
	  	20.876.609,36	  	505.516,46	  	222.047,60	  	283.468,86	  	20.654.561,76	  	 
	 April 2, 06 till July 2, 06
	  	20.654.561,76	  	505.238,90	  	224.751,16	  	280.487,74	  	20.429.810,60	  	 

  
 The Lease rentals are due and payable
per the first day of every calender quarter. 
  
 The 10 years lease term expires
per January 1, 2011. 
  
 The actual date of purchase (option) changes from
December 31, 2010 to January 1, 2011. 
  

	
	Signed as correct and accepted:
	November 13, 2003
	
	Modus Media International B.V.;
	(Lessee)
	
	 /s/ M.H.M. Zwartkruis

	
	Modus Media International Inc.;
	(Guarantor)
	
	 /s/ Leo S. Vannomi

	
	BPF Onroerend Goed Lease
	en Financieringen B.V.;
	(Lessor)
	
	 Illegible

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