Document:

AMENDMENT TO LEASE AGREEMENT AND WAIVER LETTER

 Exhibit 10.97 
  
 

 
  
 Amendment to Lease Agreement
and Waiver Letter 
  
 February 28, 2002 
  
 BPF Onroerend Goed Lease en Financieringen B.V. 
 PO Box 15 (PAC EB 5000) 
 3870 DA Hoevelaken 
 The Netherlands 
  

	 	Re:	Lease agreement between Modus Media International, B.V. and BPF Onroerend Goed Lease en Financieringen B.V. (formerly named: ABN AMRO Onroerend Goed Lease en Financieringen B.V.)
dated February 4, 2000 (the “Lease”), and the addendum dated October 18, 2001, including a Corporate Guarantee of Modus Media International, Inc. of MMI 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 (the “Lease”) and the addendum dated October 18, 2001, and Modus Media International, Inc.
(“MMI”) executed a Corporate Guarantee to guarantee MMI BV’s obligations under the Lease (the “Guarantee”). 
  
 Specifically, the Lessee is aware that it is not in compliance with certain obligations set forth in the Section entitled “Shareholders’
Equity”. Although the Lessor has not sent the Lessee a notice of default pursuant to Section 11 of the Lease, the Lessee has requested that the Lessor waive any rights or remedies it may have under the Lease and Under the Guarantee for a
period of six (6) months, through August 31, 2002 as set forth below. 
  
 In response to such request, the Lessor hereby agrees to waive the terms of the following provisions of the Lease and to enter into necessary amendments to the Lease under the terms and conditions set forth herein.
Capitalized terms which are not otherwise defined herein shall have the same meaning herein as in the Lease. 
  
 Section 1. Waiver. 
  
 The Lessor hereby waives all rights and remedies, solely with respect to the non-compliance by the Lessee of its obligations set forth in the Section
entitled “Shareholders’ Equity” of the Lease, provided for in (i) Section 11 of the Lease, (ii) the General Terms and Conditions of ABN AMRO Bank N.V. which are incorporated by reference in Section 15 of the Lease,
and (iii) the Guarantee. Such waiver shall be in effect from the date hereof until August 31, 2002 (the “Waiver Period”). 
  
 [NYC] 372843.2 

 Section 2. Undertakings. 
  
 During the Waiver Period, the Lessee and MMI undertake the following obligations: 
  

	 	A.	Within 30 days after the end of each fiscal month, each of MMI and the Lessee shall provide its balance sheet and a statement of income to the Lessor with respect to such fiscal
month. 

  

	 	B.	The Lease Price (as determined pursuant to paragraph C below) shall be paid by the Lessee in advance on the 1st day of each calendar month (or the next business day if such date is
a Saturday, Sunday or bank holiday in The Netherlands), and not in arrears before or on the last day of each calendar quarter as set forth in the Lease, to the bank account designated by the Lessor. 

  

	 	C.	Schedule A to this Letter Waiver sets forth the amounts due monthly by the Lessee for the Lease Price during the Waiver Period. Such amounts will be paid instead of the Lease Price
provided for in Article 2 of the Lease during such Waiver Period. 

  

	 	D.	At the end of each quarter during the Waiver Period, the Lessee will maintain a minimum solvency ratio equivalent to at least the minimum solvency ratio as calculated based on the
Lessee’s balance sheet dated 31st December 2001. The Lessee shall have 90 days following the end of each
quarter to comply with this requirement (“Compliance Period”). Such Compliance Period shall in no event extend beyond the termination of the Waiver Period. 

  

	 	E.	The Lessee undertakes that net non trade balances due to the Lessee by affiliated companies as stated in its balance sheet at 31st August 2002 will not exceed one hundred thousand euro (EUR 100,000.). 

  
 Section 3. 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.

	
	/s/ Paul Moore
	 By:
	 	 Paul Moore

	 Its:
	 	 

  
 Modus
Media International, Inc. 
  

 2 
 [NYC] 372843.2 

 

 
  

			
	 Modus Media International, Inc.

	
	 /s/ Terence M. Leahy

	 By:
	 	 Terence M. Leahy

	 Its:
	 	 President & CEO

	
	 BPF Onroerend Goed Lease en Financieringen B.V.

	
	 
	 By:
	 	 
	 Its:
	 	 

  
 SCHEDULE A

  
 LEASE PRICE DURING THE WAIVER PERIOD

  

					
	 Payment Date

	  	Lease
Price No. 1
(Euros)

	  	Lease
Price No. 2
(Euros)

	 5-Mar-02
	  	460,418.83	  	23,625.19
	 1-Apr-02
	  	155,970.40	  	7,894.75
	 2-May-02
	  	155,970.40	  	7,894.75
	 3-Jun-02
	  	155,970.40	  	7,894.75
	 1-Jul-02
	  	155,970.40	  	7,894.75
	 1-Aug-02
	  	155,970.40	  	7,894.75

  

 3 
 [NYC] 372843.2SECOND AMENDMENT TO LEASE AGREEMENT

 Exhibit 10.98 
  
 

 
  
 DUPLICATE 
  
 Second Amendment to Lease Agreement and Waiver Letter

  
 December 03, 2002 
  
 BPF Onroerend Goed Lease en Financieringen B.V. 
 PO Box 15 (PAC EB 5000) 
 3870 DA Hoevelaken 
 The Netherlands 
  

	 	Re:	Second Amendment and 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 MMI 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 (the “Lease”). 
  
 This Second Amendment and Waiver Letter (this “Amendment”) provides for certain amendments and 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. 
  
 The Lessor hereby waives all rights and remedies, solely with respect to the non-compliance by the Lessee of its obligations set forth in the Section
entitled “Liable Capital” of the Lease, provided for in (i) Section 11 of the Lease, (ii) the General Terms and Conditions of ABN AMRO Bank N.V. which are incorporated by reference in Section 15 of the Lease, and
(iii) the Guarantee. 
  
 Such waiver shall be in effect from
August 31, 2002 until June 30, 2003 (the “Waiver Period”). 
  
 [NYC] 388645.1 

 

 
  
 Section 2.
Undertakings. 
  
 During the Waiver Period, the
Lessee and MMI undertake the following obligations: 
  

	 	A.	Within 30 days after the end of each fiscal month, each of MMI and the Lessee shall provide its balance sheet and a statement of income to the Lessor with respect to such fiscal
month. 

  

	 	B.	The Lease Price (as determined pursuant to paragraph C below) shall during the Waiver Period be paid by the Lessee in arrears before or on the last day of each calendar quarter (or
the next business day if such date is a Saturday, Sunday or bank holiday in The Netherlands), to the bank account designated by the Lessor. At the end of the Waiver Period, the Lease Amount shall be the original Lease Amounts set forth in
Section 2 of the Lease, under the condition that the Lessee complies with its obligations set forth in the Lease Section entitled “Liable Capital”. 

  
 For this purpose and also at any time during the period of the waiver the Lessor will accept an independent
accountants’ certificate as sufficient evidence that the Lessee is in compliance with the Liable Capital Section provided that the Liable Capital during the preceding period beginning 1 January 2003 (and as calculated from the monthly
balance sheets referred to in Section 2.A above) indicates a progressive improvement (during that preceding period) over the Liable Capital as calculated from the balance sheet contained in the Lessee’s audited Annual Report for the year
ended 31 December 2002. 
  

	 	C.	Schedule A to this Letter Waiver sets forth the amounts due quarterly by the Lessor for the Lease Price during the Waiver Period. Such amounts will be paid instead of the Lease
Price provided or in the Article 2 of the Lease during such Waiver Period. 

  

	 	D.	At the end of each quarter during the Waiver Period, the Lessee will maintain a minimum solvency ratio equivalent to at least the minimum solvency ratio as calculated based on the
Lessee’s balance sheet dated 31st December 2001. The Lessee shall have 90 days following the end of each
quarter to comply with this requirement (“Compliance Period”). Such Compliance Period shall in no event extend beyond the termination of the Waiver Period. 

  

	 	E.	The Lessee undertakes that net non trade balances due to the Lessee by affiliated companies as stated in its balance sheet at 31st December 2002 will not exceed one hundred
thousand euro (EUR 100,000). 

  
 [NYC] 388645.1 

 

 
  
 Section 3.
Miscellaneous. 
  
 All terms, conditions,
representations, warranties, covenants and agreements set forth in each of the Lease, the General Terms and Conditions of ABN AMRO Bank N.V. 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/ Illegible
	 	 	 	/s/ Illegible
	 By:
	 	 	 	 	 	 By:
	 	 
	 Its:
	 	 	 	 	 	 Its:
	 	 

  

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

  
 SCHEDULE A

  
 Lease Price during the waiver period 
  

					
	 Period

	  	 Lease Price no. 1

	  	 Lease Price no. 2

	 4th Quarter 2002
	  	€ 471,656.63 plus VAT	  	€ 23,733.39 plus VAT
			
	 1st Quarter 2003
	  	€ 471,656.63 plus VAT	  	Interest rate fixing per 01.01.2003
			
	 2nd Quarter 2003
	  	€ 471,656.63 plus VAT	  	Interest rate fixing per 01.04.2003

  
 [NYC] 388645.1

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