Document:

exv10w1

 

Exhibit 10.1

AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT DATED FEBRUARY 4, 2004, BETWEEN

DELPHAX TECHNOLOGIES INC. AND LASALLE BUSINESS CREDIT, LLC

     This Amendment No. 4 (this “Amendment”), made and entered into as of
February 11, 2005, is by and between Delphax Technologies Inc., a Minnesota
Corporation (the “U.S. Borrower”) and LaSalle Business Credit, LLC, a Delaware
limited liability company (the “U.S. Lender”).

RECITAL

     A. The U.S. Borrower and the U.S. Lender have entered into that certain
Loan and Security Agreement dated as of February 4, 2004, as amended by
Amendment No. 1 to Loan and Security Agreement dated as of February 24, 2004,
as amended by Amendment No. 2 to Loan and Security Agreement dated as of July
30, 2004, and as amended by Amendment No. 3 to Loan and Security Agreement
dated as of December 21, 2004 (as amended, the “U.S. Loan Agreement”).

     B. The U.S. Borrower and the U.S. Lender now desire to amend the U.S. Loan
Agreement, subject to the terms and conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
covenants and agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

     1. Amendments.

     (a) Definitions. The U.S. Borrower and the U.S. Lender agree that
Section 1 of the U.S. Loan Agreement is hereby amended by adding
the following definitions of “Applicable Margin (Revolving Loans”
and “Applicable Margin (Term Loans)” thereto in their correct
alphabetical order:

“Applicable Margin (Revolving Loans)” shall mean the margin
set forth below with respect to LIBOR Rate Loans and Prime
Rate Loans as in effect from time to time, as applicable;
provided, that the Applicable Margin (Revolving Loans) shall
be adjusted five (5) Business Days after receipt of
Borrower’s quarterly financial statements for each year based
on Borrower’s Debt Service Coverage for the 12 month period
ending on the date of calculation as shown on such financial
statements (provided that, if Borrower fails to deliver such
financial statements within the time period required by this
Agreement, the Applicable Margin (Revolving Loans) shall
conclusively be presumed to be as specified for a Debt
Service Coverage less than 1.00 to 1.00), as set forth in the
following chart:

 

 

	 	 	 	 	 	 	 	 	 
	 	 	LIBOR	 	 	Prime	 
	 	 	Rate	 	 	Rate	 
	Debt Service Coverage	 	Loans	 	 	Loans	 
	Less than 1.00:1.00
	 	 	3.75	%	 	 	0.75	%
	Greater than or equal to 1.00:1.00 but less than 1.25:1.00
	 	 	3.50	%	 	 	0.50	%
	Greater than or equal to 1.25:1.00
	 	 	3.25	%	 	 	0.25	%

“Applicable Margin (Term Loans)” shall mean the margin set
forth below with respect to LIBOR Rate Loans and Prime Rate
Loans as in effect from time to time, as applicable;
provided, that the Applicable Margin (Term Loans) shall be
adjusted five (5) Business Days after receipt of Borrower’s
quarterly financial statements for each year based on
Borrower’s Debt Service Coverage for the 12 month period
ending on the date of calculation as shown on such financial
statements (provided that, if Borrower fails to deliver such
financial statements within the time period required by this
Agreement, the Applicable Margin (Term Loans) shall
conclusively be presumed to be as specified for a Debt
Service Coverage less than 1.00 to 1.00), as set forth in the
following chart:

	 	 	 	 	 	 	 	 	 
	 	 	LIBOR	 	 	Prime	 
	 	 	Rate	 	 	Rate	 
	Debt Service Coverage	 	Loans	 	 	Loans	 
	Less than 1.00:1.00
	 	 	4.00	%	 	 	1.00	%
	Greater than or equal to 1.00:1.00 but less than 1.25:1.00
	 	 	3.75	%	 	 	0.75	%
	Greater than or equal to 1.25:1.00
	 	 	3.50	%	 	 	0.50	%

     (b) Interest Rates. The U.S. Borrower and the U.S. Lender agree
that a section 4(a) of the U.S. Loan Agreement is hereby amended
and restated to read in its entirety as follows:

(a) Interest Rate.

Subject to the terms and conditions set forth below, the
Loans shall bear interest at the per annum rate of interest
set forth in subsection (i), (ii) or (iii) below:

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(i) As to Revolving Loans, at the rate of one quarter
of one percent (0.25%) per annum in excess of the Prime
Rate in effect from time to time; provided, that
commencing on February 1, 2005 and until five (5)
Business Days after Borrower has delivered the
financial statements and the compliance certificate
required by Section 9(c) for the calendar month ending
June 30, 2005, Revolving Loans shall bear interest at a
rate per annum equal to the sum of (A) the Prime Rate,
plus (B) the Applicable Margin (Revolving Loans). As
to the Term Loans, at the rate of one-half of one
percent (0.50%) in excess of the Prime Rate in effect
from time to time; provided, that commencing on
February 1, 2005 and until five (5) Business Days after
Borrower has delivered the financial statements and the
compliance certificate required by Section 9(c) for the
calendar month ending June 30, 2005, the Term Loans
shall bear interest at a rate per annum equal to the
sum of (A) the Prime Rate, plus (B) the Applicable
Margin (Term Loans). All such interest shall be
payable on the last Business Day of each month in
arrears. Said rate of interest shall increase or
decrease by an amount equal to each increase or
decrease in the Prime Rate effective on the effective
date of each such change in the Prime Rate.

(ii) As to Revolving Loans, at the rate of three and
one-quarter of one percent (3.25%) in excess of the
LIBOR Rate for the applicable Interest Period;
provided, that commencing on February 1, 2005 and until
five (5) Business Days after Borrower has delivered the
financial statements and the compliance certificate
required by Section 9(c) for the calendar month ending
June 30, 2005, Revolving Loans shall bear interest
during the Interest Period applicable thereto at a rate
per annum equal to the sum of (A) the LIBOR Rate for
the applicable Interest Period, plus (B) the Applicable
Margin (Revolving Loans). As to Term Loans, at the
rate of three and one-half of one percent (3.50%) in
excess of the LIBOR Rate for the applicable Interest
Period; provided, that commencing on February 1, 2005
and until five (5) Business Days after Borrower has
delivered the financial statements and the compliance
certificate required by Section 9(c) for the calendar
month ending June 30, 2005, the Term Loans shall bear
interest during the Interest Period applicable thereto
at a rate per annum equal to the sum of (A) the LIBOR
Rate for the applicable Interest Period, plus (B) the
Applicable Margin (Term Loans). Each rate in the
preceding two sentences shall remain fixed for such
Interest Period. “Interest Period” shall mean any
continuous period of one (1), two (2) or three (3)
months, as selected from time to time by Borrower by
irrevocable notice (in writing, by telecopy, telex,
electronic mail or cable) given to Lender not less than
three (3) Business Days prior to the first day of each
respective Interest

-3-

 

Period; provided that: (A) each such period occurring
after such initial period shall commence on the day on
which the immediately preceding period expires; (B) the
final Interest Period shall be such that its expiration
occurs on or before the end of the Original Term or any
Renewal Term; and (C) if for any reason Borrower shall
fail to timely select a period, then such Loans shall
continue as, or revert to, Prime Rate Loans. Interest
shall be payable on the first Business Day of each
month in arrears and on the first Business Day of such
Interest Period.

(iii) Upon the occurrence of an Event of Default and
during the continuance thereof, the Loans shall bear
interest at the rate of two percent (2.0%) per annum in
excess of the interest rate otherwise payable thereon,
which interest shall be payable on demand. All
interest shall be calculated on the basis of a 360-day
year.

(c)
Debt Service Coverage. The U.S. Borrower and the U.S. Lender
agree that paragraph 14(b) of the U.S. Loan Agreement is hereby
amended and restated in its entirety to read as follows:

(b)
Debt Service Coverage.

As of the last day of the fiscal quarter ending on or about
December 31, 2004, for the twelve (12) month period ending on
that date, Borrower shall not permit Debt Service Coverage to
be less than 1.00 to 1.00. As of the last day of the fiscal
quarter ending on or about March 31, 2005, for the twelve
(12) month period ending on that date, Borrower shall not
permit Debt Service Coverage to be less than 0.75 to 1.00.
Thereafter, as of the last day of each fiscal quarter, for
the twelve (12) month period ending on that date, Borrower
shall not permit Debt Service Coverage to be less than 1.25
to 1.00.

(d)
Interest Coverage. The U.S. Borrower and the U.S. Lender agree
that paragraph 14(c) of the U.S. Loan Agreement is hereby amended
and restated in its entirety to read as follows:

(c)
Interest Coverage.

As of the last day of the fiscal quarter ending on or about
December 31, 2004, for the twelve (12) month period ending on
that date, Borrower shall not permit Interest Coverage to be
less than 1.50 to 1.00. As of the last day of the fiscal
quarter ending on or about March 31, 2005, for the twelve
(12) month period ending on that date, Borrower shall not
permit Interest Coverage to be less than 1.25 to 1.00.
Thereafter, as of the last day of each fiscal quarter, for
the twelve (12) month period ending on that date, Borrower
shall not permit Interest Coverage to be less than 1.50 to
1.00.

-4-

 

     2. Conditions Precedent. The amendments contained in this Amendment shall
become effective upon delivery by the U.S. Borrower to the U.S. Lender of, and
compliance by the U.S. Borrower with, the following:

     (a) This Amendment, duly executed by the U.S. Borrower and the U.S.
Lender.

     (b) The Reaffirmation of Guarantee attached hereto, duly executed
by Delphax Technologies Canada Limited.

     3. Representations and Warranties. The U.S. Borrower hereby represents
and warrants to the U.S. Lender as follows:

     (a) that on and as of the date hereof and after giving effect to
this Amendment there will exist no Default or Event of Default (as
defined in the U.S. Loan Agreement) under the U.S. Loan Agreement
as amended by this Amendment on such date which has not been waived
by the U.S. Lender.

     (b) the U.S. Borrower has the power and legal right and authority
to enter into this Amendment and any other document or instrument
to be executed by the U.S. Borrower in connection with this
Amendment (collectively, the “Amendment Documents") and has duly
authorized as appropriate the execution and delivery of the
relevant Amendment Documents by proper corporate action.

     4. Ratification of U.S. Loan Agreement. Except as expressly amended
hereby, the U.S. Loan Agreement is hereby ratified and confirmed by the parties
hereto and remain in full force and effect in accordance with the terms
thereof.

     5. Subordinated Creditor Consent. The U.S. Borrower shall (a) undertake
its best efforts to, within 30 days of the date of this Amendment, deliver to
the U.S. Lender the Acknowledgment and Agreement of Subordinated Creditor
(collectively, the “Subordinated Creditor Consent”) set forth at the end of
this Amendment, duly executed by Tate Capital Partners Fund, LLC (the
“Subordinated Creditor”) and (b) undertake its best efforts to cause the
Subordinated Creditor to not require the U.S. Borrower to execute and deliver
any other amendments to its loan documents with the Subordinated Creditors or
to pay any fees to the Subordinated Creditor as a condition to executing its
Subordinated Creditor Consent.

     6. General Release. The U.S. Borrower hereby absolutely and
unconditionally releases and forever discharges the U.S. Lender, and any and
all participants, parent corporations, subsidiary corporations, affiliated
corporations, insurers, indemnitors, successors and assigns thereof, together
with all of the present and former directors, officers, agents and employees of
any of the foregoing, from any and all claims, demands or causes of action of
any kind, nature or description, whether arising in law or equity or upon
contract or tort or under any state or federal law or otherwise, which the U.S.
Borrower has had, now has or has made claim to have against any such person for
or by reason of any act, omission, matter, cause or thing whatsoever arising
from the beginning of time to and including the date of this

-5-

 

Amendment, whether such claims, demands and causes of action are matured
or unmatured or known or unknown.

[Remainder of this page intentionally left blank.]

-6-

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first written above.

	 	 	 	 	 
	 	DELPHAX TECHNOLOGIES INC.

 	 
	 	By    /s/ Jeffrey S. Mathiesen
 	 
	 	Title   VP & CFO 	 
	 	 	 
	 

	 	 	 	 	 
	 	LASALLE BUSINESS CREDIT, LLC

 	 
	 	By        /s/ Cindy Jamroziak
 	 
	 	Title    VP 	 
	 	 	 
	 

 

 

REAFFIRMATION OF GUARANTEE

     Delphax Technologies Canada Limited, in its capacity as a guarantor of the
indebtedness of Delphax Technologies Inc. (the “U.S. Borrower”) to LaSalle
Business Credit, LLC (the “U.S. Lender”), pursuant to the Guarantee dated as of
February 4, 2004 (the “Guarantee”), hereby (i) acknowledges receipt of the
foregoing Amendment; (ii) consents to the terms and execution thereof; (iii)
reaffirms its obligations to the U.S. Lender pursuant to the terms of the
Guarantee; and (iv) acknowledges that the U.S. Lender may amend, restate,
extend, renew or otherwise modify the Loan and Security Agreement with the U.S.
Borrower and any indebtedness or agreement of the U.S. Borrower, or enter into
any agreement or extend additional or other credit accommodations to the U.S.
Borrower, without notifying or obtaining the consent of the undersigned and
without impairing the liability of the U.S. Borrower under the Guarantee.

	 	 	 	 	 
	 	DELPHAX TECHNOLOGIES CANADA LIMITED

 	 
	 	By   /s/ Jeffrey S. Mathiesen
 	 
	 	Title   CFO 	 
	 	 	 

 

 

	 	 	 	 	 

ACKNOWLEDGMENT AND AGREEMENT OF SUBORDINATED CREDITOR

     The undersigned, a subordinated creditor of Delphax Technologies Inc. (the
“U.S. Borrower”) pursuant to a Subordination Agreement dated as of February 4,
2004 (the “Subordination Agreement”) between the undersigned and LaSalle
Business Credit, LLC (the “U.S. Lender”) hereby (i) acknowledges receipt of the
foregoing Amendment; (ii) consents to the terms and execution thereof; and
(iii) reaffirms its obligations to the U.S. Lender pursuant to the terms of its
Subordination Agreement.

	 	 	 	 	 
	 	TATE CAPITAL PARTNERS FUND, LLC

 	 
	 	By     /s/ Frank McEvoy
 	 
	 	Title   General Partnerexv10w2

 

Exhibit 10.2

AMENDING AGREEMENT NO. 2

THIS AGREEMENT dated as of February 11, 2005,

B E T W E E N:

DELPHAX TECHNOLOGIES CANADA LIMITED

a corporation existing under

the laws of Ontario

- and -

ABN AMRO BANK N. V., CANADA BRANCH,

the Canadian Branch of a Netherlands Bank

     WHEREAS Delphax Technologies Canada Limited (the “Borrower”) and ABN AMRO
Bank N.V., Canada Branch (“Lender”) entered into a credit agreement dated as of
February 4, 2004 (the “Original Credit Agreement”);

     AND WHEREAS the Borrower and Lender entered into Amendment No. 1 to (I)
loan and security agreement dated February 4, 2004 between Delphax Technologies
Inc. and LaSalle Business Credit, LLC, and (II) the Original Credit Agreement,
dated as of February 24, 2004 (“Amendment No. 1”);

     AND WHEREAS the parties hereto wish to amend the terms of the Original
Credit Agreement as amended by Amendment No. 1 on the terms and subject to the
conditions set out in this Agreement;

     NOW THEREFORE, in consideration of the premises and the agreements herein
set out and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. INTERPRETATION

     1.1 Definitions. In this Agreement, the Original Credit Agreement, as amended
by Amendment No. 1 and as it may have been further amended, restated,
supplemented or otherwise modified from time to time is hereinafter referred to
as the “Credit Agreement”.

     1.2 Headings. The division of this Agreement into sections and the insertion
of headings are for convenience of reference only and are not to affect the
construction or interpretation of this Agreement.

     1.3 References. Unless otherwise specified, all references to sections and
subsections in this Agreement are to sections and subsections of the Credit
Agreement. Defined terms used herein and not otherwise defined shall have the
meanings ascribed thereto in the Credit Agreement.

     1.4 Governing Law. This Agreement is governed by, and is to be construed and
interpreted in accordance with, the laws of the Province of Ontario and the
laws of Canada applicable in the Province of Ontario.

 

 

     1.5 One Agreement. This Agreement further amends and supplements the Credit
Agreement. This Agreement and the Credit Agreement shall be read together and
constitute one agreement with the same effect as if the amendments made by this
Agreement had been contained in the Credit Agreement as of the effective date
of this Agreement. All references in agreements between Borrower and Lender or
executed by Borrower for Lender’s benefit that refer to the Credit Agreement
shall be deemed to refer to the Credit Agreement as amended hereby.

     1.6 Effective Date. This Agreement including, without limitation, the
amendments to the Credit Agreement set out in Section 2 of this Agreement,
become effective from and including the date referenced on the first page
hereof.

     1.7 Conflict. If there is a conflict between any provision of this Agreement
and any provision of the Credit Agreement, the relevant provision of this
Agreement shall prevail.

2. AMENDMENTS

     2.1 Definitions.

     Subsection 1(a) is hereby amended by inserting the following definitions
of “Applicable Margin” and “Debt Service Coverage” in their correct
alphabetical order:

     "Applicable Margin” shall mean, subject to the following paragraph, with
respect to the period beginning five Business Days after receipt by LaSalle of
quarterly financial statements of the Borrower (on a consolidated basis with
the Guarantor) and ending on the day five Business Days after the date such
financial statements for the next calendar quarter are actually delivered, the
percentage specified below, as applicable to Prime Rate Loans, BA Equivalent
Loans, U.S. Base Rate Loans or LIBO Rate Loans, based on the Debt Service
Coverage for the twelve month period ending on the date of calculation as shown
on such financial statements:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	BA Equivalent Loans	 
	 	 	Prime	 	 	U.S. Base	 	 	and	 
	Debt Service Coverage	 	Rate Loans	 	 	Rate Loans	 	 	LIBO Rate Loans	 
	less than l.0 to 1.0
	 	 	2.25	%	 	 	0.75	%	 	 	3.75	%
	1.0 to 1.0 to less than 1.25 to 1.0
	 	 	2.00	%	 	 	0.50	%	 	 	3.50	%
	greater than or equal to 1.25 to 1.0
	 	 	1.75	%	 	 	0.25	%	 	 	3.25	%

     During the period beginning on the date five Business Days after such
quarterly financial statements are required to be delivered pursuant to the
U.S. Loan and Security Agreement but are not delivered and ending five Business
Days after the date such financial statements for the next calendar quarter are
actually delivered, the Applicable Margin shall be as specified above for a
Debt Service Coverage of less than 1.0 to 1.0. The Applicable Margin as of
February 1, 2005 until the first adjustment is made pursuant to the terms
hereof shall be as specified above for a Debt Service Coverage of less than 1.0
to 1.0.

     "Debt Service Coverage” shall have the meaning ascribed thereto in the
U.S. Loan and Security Agreement.

 

 

     2.2 Rates of Interest. The first two paragraphs of subsection 4(a) are hereby
amended by deleting them in their entirety and replacing them with the
following paragraphs:

     “Interest accrued on all Loans shall be due and be paid by the Borrower on
the earliest of: (i) the last day of each month (for such month) and, in the
case of LIBO Rate Loans and BA Equivalent Loans the last day of the applicable
LIBO Interest Period or BA Period, computed through the immediately preceding
day; (ii) the date of acceleration following the occurrence of an Event of
Default in consequence of which LaSalle elects to accelerate their maturity and
payment; or (iii) termination of this Agreement pursuant to
section 9 hereof.
Subject to the immediately following sentence, Interest shall accrue on the
principal amount of the Revolving Loans made to the Borrower outstanding at the
end of each day at a fluctuating rate per annum equal to one and three quarters
percent (1.75%) above the Prime Rate in the case of Prime Rate Loans, three and
one quarter percent (3.25%) above the BA Equivalent Rate on the first day of
the applicable BA Period in the case of BA Equivalent Loans which rate shall
apply during such BA Period, one quarter of one percent (0.25%) above the U.S.
Base Rate in the case of U.S. Base Rate Loans and three and one quarter percent
(3.25%) above the LIBO Rate for the applicable LIBO Interest Period in the case
of LIBO Rate Loans. Notwithstanding the foregoing sentence, commencing on
February 1, 2005 and until five (5) Business Days after the Borrower has
delivered, or caused the Guarantor to deliver, the financial statements and the
compliance certificate required by Section 9(c) of the U.S. Loan and Security
Agreement for the calendar month ending June 30, 2005, interest shall accrue on
the principal amount of the Revolving Loans made to the Borrower outstanding at
the end of each day at a fluctuating rate per annum equal to the sum of (i) the
Prime Rate, plus (ii) the Applicable Margin in the case of Prime Rate Loans,
the sum of (i) the BA Equivalent Rate on the first day of the applicable BA
Period, plus (ii) the Applicable Margin in the case of BA Equivalent Loans
which rate shall apply during such BA Period, the sum of (i) the U.S. Base
Rate, plus (ii) the Applicable Margin in the case of U.S. Base Rate Loans and
the sum of (i) the LIBO Rate for the applicable LIBO Interest Period, plus (ii)
the Applicable Margin in the case of LIBO Rate Loans. “LIBO Interest Period”
shall mean any continuous period of thirty (30), sixty (60), ninety (90) or one
hundred eighty (180) days, as selected from time to time by the Borrower by
irrevocable notice (in writing, by telecopy, telex, telegram, electronic mail
or cable) given to LaSalle not less than three (3) Business Days prior to the
first day of each respective LIBO Interest Period; provided that: (A) each
such period occurring after such initial period shall commence on the day on
which the immediately preceding period expires; (B) the final LIBO Interest
Period shall be such that its expiration occurs on or before the end of the
Maturity Date; and (C) if for any reason the Borrower shall fail to timely
select a period, then such Loans shall continue as, or revert to, U.S. Base
Rate Loans.

     Subject to the immediately following sentence, interest shall accrue on
the principal amount of the Term Loan made to the Borrower outstanding at the
end of each day at a fluctuating rate per annum equal to one half of one
percent (0.50%) above U.S. Base Rate in the case of U.S. Base Rate Loans and
three and one half percent (3.50%) in excess of the LIBO Rate for the
applicable LIBO Interest Period in the case of LIBO Rate Loans. Notwithstanding
the foregoing sentence, commencing on February 1, 2005 and until five (5)
Business Days after the Borrower has delivered, or caused the Guarantor to
deliver, the financial statements and the compliance certificate required by
Section 9(c) of the U.S. Loan and Security Agreement for the calendar month
ending June 30, 2005, interest shall accrue on the principal amount of the Term
Loan made to the Borrower outstanding at the end of each day at a fluctuating
rate per annum equal to the sum of (i) the U.S. Base Rate, plus (ii) the
Applicable Margin, plus (iii) one quarter of one percent (0.25%) in the case
of U.S. Base Rate Loans and the sum of (i) the LIBO Rate for the applicable
LIBO Interest Period, plus (ii) the Applicable Margin, plus (iii) one quarter
of one percent (0.25%) in the case of LIBO Rate Loans.”

 

 

3. CONFIRMATIONS

     3.1 Further Assurances. Borrower covenants and agrees, at its expense and upon
the request of Lender, to do all such further acts and to execute and deliver
all such further documents, agreements and instruments in favour of Lender as
may, in the opinion of Lender, be necessary or desirable in order to fully
perform or carry out the purpose and intent of the above undertakings.

     3.2 Default. A default by Borrower under any provision of Section 4 of this
Agreement shall constitute an Event of Default under the Credit Agreement.

4. REPRESENTATIONS AND WARRANTIES

     Representations and Warranties of Borrower. Borrower represents and
warrants to Lender as follows:

     (a) Power and Capacity. It has full power and capacity to enter into,
deliver and perform its obligations under this Agreement and the Credit
Agreement as amended by this Agreement.

     (b) Due Authorization and No Conflict. The execution, delivery and
performance by it of this Agreement and the consummation of the transactions
contemplated by this Agreement and the Credit Agreement as amended by this
Agreement:

     (i) have been duly authorized by all
necessary corporate action;

     (ii) do not and will not conflict with,
result in any breach or violation of, or constitute a
default under, the constating documents or by-laws of or
any law, regulation, order, judgment, arrangement, writ,
injunction, decree, determination or award presently in
effect and applicable to it or any commitment, agreement
or any other instrument to which it is now a party or is
otherwise bound;

     (iii) do not result in or require the
creation of any security interest upon or with respect
to any of its properties or assets; and

     (iv) except as advised in writing to
Lender concurrently herewith, do not require the consent
or approval of, or registration or filing with, any
other party (including shareholders of Borrower) or any
governmental body, agency or authority.

     (c) Valid and Enforceable Obligations. Each of this Agreement and the
Credit Agreement as amended by this Agreement is a legal, valid and binding
obligation enforceable against it in accordance with its terms subject to
applicable bankruptcy, reorganization, winding-up, insolvency, moratorium or
other laws of general application affecting creditors’ rights generally and
general principles of equity.

5. GENERAL

     5.1 Lender’s Expenses. Borrower agrees to pay on demand all of Lender’s
out-of-pocket costs and expenses (including without limitation legal fees and
expenses) arising in connection with this Agreement.

 

 

     5.2 Benefit of Agreement. This Agreement enures to the benefit of and binds the
parties and their respective successors and permitted assigns.

     5.3 Further Assurances. Each party shall from time to time promptly execute and
deliver all further documents and take all further action necessary to give
effect to the provisions and intent of this Agreement.

     5.4 No Novation. This Agreement will not discharge or constitute novation of
any debt, obligation, covenant or agreement contained in the Credit Agreement
or any of the Other Agreements (as defined in the Credit Agreement) but same
shall remain in full force and effect save to the extent same are amended by
the provisions of this Agreement.

[The remainder of this page has been intentionally left blank.]

 

 

     5.5 Execution in Counterparts. This Agreement may be executed and delivered in any
number of counterparts, each of which when executed and delivered is an
original but all of which taken together constitute one and the same
instrument.

     IN WITNESS WHEREOF the parties have executed this Agreement.

	 	 	 
	DELPHAX TECHNOLOGIES CANADA LIMITED
	 	
ABN AMRO BANK N. V., CANADA BRANCH
	By:  /s/ Jeffrey S. Mathiesen

Name: Jeffrey S. Mathiesen

Title: Vice President and CFO	 	
By:    /s/ Darcy Mack

Name: Darcy  Mack

Title: First Vice President
	By:

 

 	 	
By:    /s/ Barry Walsh

Name: Barry Walsh

Title: First Vice President
	I/we have authority to bind the
Corporation	 	
I/we have authority to bind the Bank.

 

 

TO: ABN AMRO BANK N. V., CANADA BRANCH

     The undersigned: (a) acknowledges receipt of a copy of the aforesaid
Credit Agreement, and of the further amendments contained in the foregoing
Amending Agreement; (b) acknowledges and confirms that it is bound by the
provisions of the Credit Agreement, as amended by the foregoing Amending
Agreement, as a guarantor; (c) confirms any representation or warranty in any
way related to it therein and confirms the continuing nature thereof; (d)
covenants and agrees to abide by all covenants and agreements of the Borrower
to cause any action or thing to be done by it or otherwise relating to it; and
(e) confirms that the guarantee delivered to you by it pursuant to the Credit
Agreement, as amended by the foregoing Amending Agreement, guarantees, in
accordance with its terms, inter alia payment of all obligations, liabilities
and indebtedness of Delphax Technologies Canada Limited to you under or in
respect of the Credit Agreement, as amended by the terms of the foregoing
Amending Agreement.

DATED as of February 11, 2005

	 	 	 	 	 
	 	DELPHAX TECHNOLOGIES INC.

 	 
	 	By:  	/s/ Jeffrey S. Mathiesen
 	 
	 	 	Name:  	Jeffrey S. Mathiesen 	 
	 	 	Title:  	Vice President and CFO

 

I have the authority to bind the
Corporation.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]