Document:

Prepared by R.R. Donnelley Financial -- Exhibit 10.75

  
 Exhibit 10.75 
  
 as of July 16, 2002 
  
 Workflow Management, Inc. 
 240 Royal Palm Way 
 Palm Beach, Florida 33480 
  
 Attention: Mike
Schmickle, Chief Financial Officer 
  
 Re: Limited Waiver and Amendment 
  
 Ladies and Gentlemen: 
  
 Reference is hereby made to the Amended and Restated Credit Agreement, dated as of March 10, 2000 (as heretofore amended in effect on the date hereof, the “Credit Agreement”), by and among WORKFLOW MANAGEMENT,
INC., a Delaware corporation, and DATA BUSINESS FORMS LIMITED, a corporation organized and existing under the laws of Ontario (the “Borrowers”), the lending institutions from time to time party thereto (the
“Lenders”), FLEET NATIONAL BANK, as administrative agent for itself and the other Lenders (the “Agent”), BANK ONE, N.A., as syndication agent, and BANK OF AMERICA, Comerica Bank and
UNION BANK OF CALIFORNIA, N.A., as co-agents for the Lenders. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement. 
  
 The Borrowers have informed the Agent that they failed to comply with (i) the Leverage Ratio covenant set forth in §8.09(a) of the Credit Agreement as at January 31,
2002 and as at April 30, 2002 and (ii) the Senior Leverage Ratio covenant set forth in §8.09(b) of the Credit Agreement as at April 30, 2002 (collectively, the “Specified Defaults”), each of which failures constitutes an Event
of Default under §9.03(a) of the Credit Agreement. The Borrowers have also informed the Agent that they may not be in compliance with the Leverage Ratio covenant contained in §8.09(a) of the Credit Agreement as at July 31, 2002. The
Borrowers have requested that the Lenders waive each of the Specified Defaults and amend the Leverage Ratio covenant set forth in §8.09(a). 
  
 1.    Waivers.    Subject to the satisfaction of the conditions set forth below, for the period commencing on July 16, 2002 and ending on the Waiver
Termination Date (as defined below) only (the “Limited Waiver Period”), the Agent and the Required Lenders hereby agree to waive each of the Specified Defaults. 
  
 2.    Amendments.    Subject to the satisfaction of the conditions set forth below, from and after the date of this letter
agreement, the Credit Agreement is hereby amended as follows: 
  
 (a) Section 8.09(a) of the
Credit Agreement is hereby amended and restated in its entirety as follows: 

 “(a) The Borrowers will not permit the Leverage Ratio of Workflow as at the end of any fiscal
quarter of Workflow ended during any period set forth in the table below to be greater than the Leverage Ratio set forth opposite such period: 
  
 
	 Period
 
	  	 Leverage Ratio
 

	 April 30, 2002 through July 30, 2002
 	  	 4.15:1.00
 
	 July 31, 2002 through October 30, 2002
 	  	 4.60:1.00
 
	 October 31, 2002 and thereafter
 	  	 3.75:1.00
 

 
  
 (b)  Section 1.09(a), (b) and (c) of the
Credit Agreement is hereby amended and restated in its entirety as follows: 
  
 “(a) Workflow
agrees to pay interest in respect of the unpaid principal amount of each Base Rate Loan made to it from the date of the Borrowing thereof until the conversion or maturity (whether by acceleration or otherwise) of such Base Rate Loan, at a rate per
annum equal to twelve percent (12%). 
  
 (b) Workflow agrees to pay interest in respect of the unpaid
principal amount of each Eurodollar Loan made to it from the date of the Borrowing thereof until the conversion or maturity (whether by acceleration or otherwise) of such Eurodollar Loan at a rate per annum equal to twelve percent (12%), at all
times during each Interest Period applicable thereto. 
  
 (c) Intentionally Omitted.”

  
 (c)  Section 1.09(g) of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
  
 “(g) Interest shall accrue from and including the date of any Borrowing
of any Loan to but excluding the date of any repayment thereof and shall be payable (i) in respect of each Base Rate Loan and Canadian Prime Rate Loan, monthly in arrears on the last Business Day of each calendar month, (ii) in respect of each
Eurodollar Loan, on the last day of each calendar month comprising the Interest Period applicable thereto, (iii) in respect of each Competitive Bid Loan, at such times as specified in the Notice of Competitive Bid Borrowing relating thereto and (iv)
in respect of each Loan (other than Bankers’ Acceptances), on any prepayment or conversion (on the amount prepaid or converted), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand, provided, that in
the case of Dollar Revolving Loans maintained as Base Rate Loans, interest shall not be payable pursuant to the preceding clause (iv) at the time of any repayment or prepayment thereof unless the respective repayment or prepayment is made in
conjunction with a permanent reduction of the Total Revolving Commitment.” 
 

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 (d)  Section 2.03(a) of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
  
 “(a)  Workflow hereby agrees to
reimburse the Letter of Credit Issuer, by making payment to the Agent in Dollars and in immediately available funds at the appropriate Payment Office, for any payment or disbursement made by the Letter of Credit Issuer under any Letter of Credit
(each such amount so paid or disbursed until reimbursed, an “Unpaid Drawing”) promptly upon but no later than one Business Day after the Letter of Credit Issuer notifies Workflow that such payment or disbursement has occurred
(provided that no such notice shall be required to be given if a Default or an Event of Default under Section 9.05 shall have occurred and be continuing, in which case the Unpaid Drawing shall be due and payable immediately without presentment,
demand, protest or notice of any kind (all of which are hereby waived by Workflow)), with interest on the amount so paid or disbursed by the Letter of Credit Issuer, to the extent not reimbursed prior to 12:00 Noon (New York time) on the date of
such payment or disbursement, from and including the date paid or disbursed to but not including the date the Letter of Credit Issuer is reimbursed therefor at a rate per annum equal to twelve percent (12%) (plus an additional 2% per annum if not
reimbursed by the third Business Day after the date of such notice of such payment or disbursement or following the occurrence of a Default or an Event of Default under Section 9.05), with such interest to be payable on demand.” 

 
 (e)  Section 3.01(b) of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
  
 “(b)  Workflow agrees to pay to the Agent for distribution to each Lender
(based on its Dollar Percentage), a fee in respect of each Letter of Credit (the “Letter of Credit Fee”) for the period from and including the date of issuance of such Letter of Credit to and including the date of termination or
expiration of such Letter of Credit, computed for each day at a rate per annum equal to two and one quarter percent (2.25%) on the daily average Stated Amount of such Letter of Credit. Accrued Letter of Credit Fees shall be due and payable quarterly
in arrears on the last Business Day of each April, July, October and January of each year and on the first day on or after the termination of the Total Revolving Commitment upon which no Letters of Credit remain outstanding. 
  
 (f)  Section 7.01(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:

  
 “(e)  Officer’s Certificates.    At the time of
the delivery of the financial statements provided for in Sections 7.01(a) and (b) and (c), a certificate of the chief financial officer or another Authorized Financial Officer of Workflow (an “Officer’s Certificate”) to the
effect that no Default or Event of Default exists or, if any Default or Event of Default does exist,
 
 

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specifying the nature and extent thereof, which certificate shall set forth (in reasonable detail) the calculations required to establish compliance with the provisions of Sections 7.12(a),
7.12(b), 8.04, 8.05, 8.09, 8.10 and 8.14 as at the end of such fiscal quarter, fiscal year or calendar month, as the case may be.” 
  
 (g) The definitions of “Applicable Base Rate Margin/Applicable Canadian Prime Rate Margin”, “Applicable Revolver Eurodollar Margin”, “Applicable Term Eurodollar
Margin” set forth in Section 10 of the Credit Agreement are hereby deleted in their entirety. 
  
 3.    Waiver Termination Date, etc.    The foregoing waivers and amendments shall not apply to any other provision of the Credit Agreement, shall be limited precisely as written and
shall terminate on the earlier to occur of (a) August 15, 2002 and (b) the occurrence of a Default or an Event of Default (other than the Specified Defaults) under the Credit Agreement. From and after the Waiver Termination Date, the Specified
Defaults shall be Events of Default for all purposes of the Credit Agreement and the other Credit Documents unless such Events of Default are waived in writing by the Required Lenders, or the Credit Agreement is amended to provide otherwise, in each
case, effective on or prior to the Waiver Termination Date. The Agent and the Lenders expressly reserve all rights and remedies available to them from and after the Waiver Termination Date as a result of the Specified Defaults and as a result of any
Defaults or Events of Default other than the Specified Defaults. 
  
 The parties hereto hereby agree that the Credit
Agreement shall be amended and restated on the Waiver Termination Date generally in accordance with the terms and conditions set forth on the term sheet attached as Exhibit A to that certain Amended and Restated Limited Waiver, dated as of
May 29, 2002, by and among the Borrowers, the Agent and the Lenders, and containing such other or different terms and conditions as may be acceptable to the Borrowers, the Agent and the Required Lenders; and, subject thereto, the Borrowers hereby
agree to enter into such amendment and restatement, effective not later than the Waiver Termination Date, and to take all such actions in connection therewith as may be reasonably requested by the Agent. 
  
 4.    Condition to Effectiveness.    The limited waivers and amendments set forth in this
letter agreement shall become effective upon receipt by the Agent of a copy of this letter agreement, duly executed by each of the Borrowers, the Agent and the Required Lenders. 
  
 5.    No Present Claims.    The Borrowers acknowledge and agree that, based upon the facts and circumstances existing as of
the date hereof: (i) the Borrowers have no claim or cause of action against any of the Lenders or the Agent (or any of their directors, officers, employees, agents or affiliates); (ii) the Borrowers have no offset right, counterclaim or defense of
any kind against any of the Obligations, indebtedness or liabilities to the Lenders and the Agent; and (iii) each of the Lenders and the Agent has heretofore performed and satisfied in a timely manner all of its obligations to the Borrowers. The
Lenders and the Agent wish (and the Borrowers agree) to eliminate any possibility that any past conditions, acts, omissions, events, circumstances or matters would impair or otherwise adversely affect 
 

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any of their rights, interests, contracts, collateral security or remedies. Therefore, the Borrowers unconditionally release, waive and forever discharge (a) any and all liabilities, obligations,
duties, promises or indebtedness of any kind of any of the Lenders or the Agent to the Borrowers, except the obligations to be performed by the Lenders or the Agent hereafter as expressly stated in this Agreement and the other Credit Documents, and
(b) all claims, offsets, causes of action, suits or defenses of any kind whatsoever (if any), whether known or unknown, which the Borrowers might otherwise have against any of the Lenders or the Agent or any of their directors, officers, employees,
agents or affiliates for their respective actions or omissions occurring prior to the date hereof, in either case (a) or (b) above, on account of any condition, act, omission, event, contract, liability, obligation, indebtedness, claim, cause of
action, defense, circumstance or matter of any kind whatsoever which existed, arose or occurred at any time prior to the date hereof. 
  
 6.    Miscellaneous.    No waiver herein granted or agreement herein made shall extend beyond the Limited Waiver Period, nor shall anything contained herein be deemed to
imply any willingness of the Agent or the Lenders to agree to, or otherwise prejudice any rights of the Agent or the Lenders with respect to, any similar waivers, amendments or agreements that may be requested for any future period. Except as
specifically waived or amended hereby, each of the terms and conditions of the Credit Agreement and the other Credit Documents are hereby ratified and confirmed and shall remain in full force and effect. Nothing contained herein shall in any way
prejudice, impair or effect any rights or remedies of the Lenders or the Agent under the Credit Agreement and the other Credit Documents. 
  
 This letter agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which counterparts taken together shall be deemed to constitute one and the
same instrument. 
  
 THIS LETTER AGREEMENT SHALL FOR ALL PURPOSES BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICTS OF LAW). 
  
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 Please acknowledge your acceptance of the foregoing by executing and returning
this letter agreement to the attention of Brian Valenti, Vice President, at Fleet National Bank, 100 Federal Street, Boston, Massachusetts 02110. 
  
 Very truly yours, 
  
 
	 FLEET NATIONAL BANK, as Agent and as a Lender
 
	 
	 By:
 	 	 /s/    BRIAN P.
VALENTI        
 

	  	 	 Name:    Brian P. Valenti
 Title:    Vice President
 

 
 

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	 COMERICA BANK
 
	 
	 By:
 	 	 /s/    GERALD R. FINNEY,
JR.        
 

	  	 	 Name:    Gerald R. Finney, Jr.
 Title:    Vice President
 

 

  
 
	 BANK OF AMERICA
 
	 
	 By:
 	 	 /s/    BARBARA P.
LEVY        
 

	  	 	 Name:    Barbara P. Levy
 Title:    Senior Vice President
 

 

  
 
	 NATIONAL CITY BANK
 
	 
	 By:
 	 	 /s/    JOHN PLATEK        

	  	 	 Name:    John Platek
 Title:    Vice President
 

 

  
 
	 LASALLE BANK NATIONAL
ASSOCIATION
 
	 
	 By:
 	 	 /s/    ROGER N.
ARSHAM        
 

	  	 	 Name:    Roger N. Arsham
 Title:    First Vice President
 

 

  
 
	 CHEVY CHASE BANK, F.S.B.
 
	 
	 By:
 	 	 /s/    DORY HALATI        

	  	 	 Name:    Dory Halati
 Title:    Vice President
 

 

  
 ACCEPTED, AGREED AND ACKNOWLEDGED: 
  
 
	 WORKFLOW MANAGEMENT, INC.
 
	 
	 BY:
 	 	 /s/    MICHAEL L. SCHMICKLE
        
 

	  	 	 Name:    Michael L. Schmickle
 Title:    Executive Vice President and Chief Financial Officer
 

 
  
  
 
	 DATA BUSINESS FORMS LIMITED
 
	 
	 BY:
 	 	 /s/    DM ODELL         
 

	  	 	 Name:    DM Odell
 Title:    PresidentPrepared by R.R. Donnelley Financial -- Exhibit 10.76

 Exhibit 10.76 
  
 as of August 15, 2002 
  
 Workflow Management, Inc. 
 240 Royal Palm Way 
 Palm Beach, Florida
33480 
  
 Attention: Mike Schmickle, Chief Financial Officer 
  
 Re: Amendment No. 1 
 to Limited Waiver and Amendment, dated as of July 16, 2002 
  
 Ladies
and Gentlemen: 
  
 Reference is hereby made to the Amended and Restated Credit Agreement, dated as of March 10, 2000
(as heretofore amended in effect on the date hereof, the “Credit Agreement”), by and among WORKFLOW MANAGEMENT, INC., a Delaware corporation, and DATA BUSINESS FORMS LIMITED, a corporation organized and existing under
the laws of Ontario (the “Borrowers”), the lending institutions from time to time party thereto (the “Lenders”), FLEET NATIONAL BANK, as administrative agent for itself and the other Lenders (the
“Agent”), BANK ONE, N.A., as syndication agent, and BANK OF AMERICA, COMERICA BANK and UNION BANK OF CALIFORNIA, N.A., as co-agents for the Lenders. Capitalized terms used herein without definition shall
have the meanings assigned to such terms in the Credit Agreement. 
  
 The Borrowers, the Agent and the Lenders have
previously entered into that certain Limited Waiver and Amendment, dated as of July 16, 2002 (the “Limited Waiver”), pursuant to which the Agent and the Lenders agreed, among other things, to temporarily waive certain Events of
Default that have occurred and are continuing under the Credit Agreement. The Borrowers have requested, and the Agent and the Lenders party hereto have agreed, that the Limited Waiver be amended in order to extend the Limited Waiver Period (as such
term is defined in the Limited Waiver). 
  
 In consideration of the mutual agreements contained in the Credit
Agreement, herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1.    Amendments.    Subject to the satisfaction of the conditions precedent set forth below, the Limited Waiver is hereby
amended by: 
  

	 	(a)
	 
	deleting the date “August 15, 2002” set forth in Section 3(a) of the Limited Waiver and replacing it with the date “October 15, 2002”.

 

  

	 	(b)
	 
	adding the following new clause (h) to Section 2 of the Limited waiver: 
 

 
“(h) Section 7 of the Credit Agreement is hereby amended by adding the following new Sections 7.18 and 7.19 thereto: 
  
 7.18.    Cash Management Arrangements.    The Borrowers shall promptly upon request of the Agent,
negotiate cash management arrangements with the several depositary institutions with whom the Borrowers maintain bank accounts and shall execute and deliver to the Agent account control agreements in form and substance satisfactory to the Agent,
pursuant to which, among other things, such depositary institutions acknowledge the Agent’s security interest in such bank accounts and the property from time to time held therein and agree to follow the Agent’s instructions with respect
to such bank accounts without further consent of or notice to the Borrowers. 
  
 7.19.    Sharing of Work Product and Information.    The Borrowers shall permit the Agent and the Lenders and their respective representatives and advisors to communicate directly
with Palisades Associates, Inc. and Jefferies & Company, Inc. (the “Borrowers’ Advisors”) and authorizes each of the Borrowers’ Advisors to disclose to the Agent and the Lenders and their respective representatives and
advisors any and all financial and other information with respect to the business, financial condition and prospects and other affairs of the Borrowers. The Borrowers shall, as and when the same become available, send the Agent and the Lenders
copies of all written analyses and reports and other written work product and information produced in final form by the Borrowers’ Advisors and, upon request of the Agent and the Lenders, copies of all supporting documentation generated
in producing same, to the extent not prohibited by confidentiality agreements between either of the Borrowers and any third party, the Borrowers shall (a) promptly notify, and hereby authorize the Borrowers’ Advisors to promptly notify, and
discuss with the Agent and its representatives and advisors any proposed sale, equity and/or capital transactions being considered by the Borrowers and/or the Borrowers’ Advisors and (b) provide the Agent, the Lenders and their respective
representatives and advisors with copies of all written correspondence to and from third parties, including offers and proposals, and other agreements relating to any such proposed sale, equity and/or capital transactions. Notwithstanding the
foregoing, neither the Borrowers nor the Borrowers’ Advisors shall be required to deliver or disclose to the Agent or the Lenders any materials, information or internal communications related to the Borrowers’ strategy for negotiating with
the Agent or the Lenders, or any materials or information subject to attorney-client privilege. Information delivered to Agent or the Lenders pursuant to this paragraph shall be subject to the confidentiality provisions of Section
12.15.” 
  
 2.    Conditions Precedent.    This Amendment
to the Limited Waiver shall become effective upon satisfaction by the Borrowers of each of the following conditions precedent: 
 

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 (a)    Receipt by the Agent of a copy of this Amendment, duly executed by each of the
Borrowers, the Agent and the Required Lenders and shall be in full force and effect; and 
  
 (b)    Receipt by the Agent, for the pro rata accounts of the Lenders, of a fully-earned, non-refundable amendment fee equal to 0.15% of the sum of (i) the Total Revolving Commitment in effect on the date
hereof plus (ii) the aggregate amount of Dollar Term Loans outstanding on the date hereof. 
  
 3.    No Implied Waiver or Amendment.    The amendments to the Limited Waiver herein provided are limited strictly to their terms and shall apply only to the specific provisions of the
Limited Waiver described herein. Except as expressly set forth herein, this Amendment does not constitute an amendment of any term or condition of the Credit Agreement, any other Credit Document or the Limited Waiver, and all such terms and
conditions shall remain in full force and effect and are hereby ratified and confirmed in all respects. Nothing contained in this Amendment shall be construed to imply a willingness on the part of the Agent or the Lenders to grant any similar or
other future Amendments of any of the terms and conditions of the Credit Agreement, any other Credit Document or the Limited Waiver. Nothing contained herein shall in any way prejudice, impair or otherwise adversely affect any rights or remedies of
the Agent or any Lender under the Credit Agreement, any other Credit Document or the Limited Waiver. 
  
 4.    Counterparts.    This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which counterparts
taken together shall be deemed to constitute one and the same instrument. 
  
 5.    No
Present Claims.    The Borrowers acknowledge and agree that, based upon the facts and circumstances existing as of the date hereof: (i) the Borrowers have no claim or cause of action against any of the Lenders or the Agent
(or any of their directors, officers, employees, agents or affiliates); (ii) the Borrowers have no offset right, counterclaim or defense of any kind against any of the Obligations, indebtedness or liabilities to the Lenders and the Agent; and (iii)
each of the Lenders and the Agent has heretofore performed and satisfied in a timely manner all of its obligations to the Borrowers. The Lenders and the Agent wish (and the Borrowers agree) to eliminate any possibility that any past conditions,
acts, omissions, events, circumstances or matters would impair or otherwise adversely affect any of their rights, interests, contracts, collateral security or remedies. Therefore, the Borrowers unconditionally release, waive and forever discharge
(a) any and all liabilities, obligations, duties, promises or indebtedness of any kind of any of the Lenders or the Agent to the Borrowers, except the obligations to be performed by the Lenders or the Agent hereafter as expressly stated in this
Agreement and the other Credit Documents, and (b) all claims, offsets, causes of action, suits or defenses of any kind whatsoever (if any), whether known or unknown, which the Borrowers might otherwise have against any of the Lenders or the Agent or
any of their directors, officers, employees, agents or affiliates for their respective actions or omissions occurring prior to the date hereof, in either case (a) or (b) above, on account of any condition, act, omission, event, contract, liability,
obligation, indebtedness, claim, cause of action, defense, circumstance or matter of any kind whatsoever which existed, arose or occurred at any time prior to the date hereof. 
 

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 6.    Governing Law.    THIS AMENDMENT
SHALL FOR ALL PURPOSES BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICTS OF LAW). 
  
 [remainder of page intentionally left blank] 
  
 

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 IN WITNESS WHEREOF, the each of the undersigned has duly executed this
Amendment as a sealed instrument as of the date first set forth above. 
  
 
	 WORKFLOW MANAGEMENT, INC.
 
	 
	 By:
 	 	 /s/    MICHAEL L.
SCHMICKLE        
 

	  	 	 Name: Michael L. Schmickle
 Title: Executive Vice President and Chief Financial
Officer
 
	 
	 DATA BUSINESS FORMS LIMITED
 
	 
	 By:
 	 	 /s/    DM ODELL         
 

	  	 	 Name: DM Odell
 Title: President
 

 
 

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	 FLEET NATIONAL BANK, as Agent and as a Lender
 
	 
	 By:
 	 	 /s/    BRIAN P.
VALENTI        
 

	  	 	 Name:    Brian P. Valenti
 Title:    Vice President
 

 

  
 
	 BANK ONE, N.A.
 
	 
	 By:
 	 	 /s/    BANK ONE, N.A.
        
 

	  	 	 Name:
 Title:
 

 

  
 
	 BANK OF AMERICA
 
	 
	 By:
 	 	 /s/    BARBARA P.
LEVY        
 

	  	 	 Name:    Barbara P. Levy
 Title:    Senior Vice President
 

 

  
 
	 NATIONAL CITY BANK
 
	 
	 By:
 	 	 /s/    JOHN PLATEK        

	  	 	 Name:    John Platek
 Title:    Vice President
 

 

  
 
	 LASALLE BANK NATIONAL
ASSOCIATION
 
	 
	 By:
 	 	 /s/    ROGER N.
ARSHAM        
 

	  	 	 Name:    Roger N. Arsham
 Title:    First Vice President
 

 

  
 
	 CHEVY CHASE BANK, F.S.B.
 
	 
	 By:
 	 	 /s/    DORY HALATI        

	  	 	 Name:    Dory Halati
 Title:    Vice President

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