Document:

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                                                                   Exhibit 10.22

                   EIGHTH AMENDMENT TO DEBTOR IN POSSESSION
                          LOAN AND SECURITY AGREEMENT
                          ---------------------------

     THIS EIGHTH AMENDMENT TO DEBTOR IN POSSESSION LOAN AND SECURITY AGREEMENT
(this "Eighth Amendment") is entered into and effective as of March 19, 2001, by
and among Factory Card Outlet of America Ltd., an Illinois corporation and a
debtor and debtor in possession (the "Borrower"), on the one hand, and Wells
Fargo Retail Finance, LLC (successor in interest to Foothill Capital Corporation
and Paragon Capital, LLC) ("WFRF"), as Agent and Lender, and the financial
institutions listed on the signature page of the Loan Agreement referred to
below (such financial institutions, together with their respective successors
and assigns, are collectively referred to herein as the ("Lenders"), on the
other hand.  This Eighth Amendment amends certain provisions of the Debtor in
Possession Loan and Security Agreement dated as of March 23, 1999 by and among
the Borrower and WFRF, as Agent, and the Lenders (as amended by and through the
date of this Eighth Amendment, and as hereafter amended and/or restated from
time to time, the "Loan Agreement").  Capitalized terms used herein and not
otherwise defined shall have the same meanings herein as in the Loan Agreement.

                                   BACKGROUND
                                   ----------

     This Eighth Amendment is entered into to amend the Maturity Date of the
Commitment and to amend certain of the provisions governing the availability of
"Special Sub-Line Advances" under the Loan Agreement, in accordance with the
terms and conditions hereof.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower, the Agent and the
Lenders hereby agree as follows:

     1.   Amendments to Loan Agreement.

     (a)  Amendments to Subsection 1.1.

          (i) Subsection 1.1 of the Loan Agreement is hereby amended by deleting
     the term "Maximum Revolving Amount" appearing in the definition of "Average
     Unused Portion of Maximum Revolving Amount" and inserting in lieu thereof
     the term "$32,500,000".

          (ii) Subsection 1.1 of the Loan Agreement is hereby amended by
     deleting the existing subsection (i) of the definition of "Maturity Date"
     appearing therein and inserting in lieu thereof the following:

               (i)  July 31, 2001.

     (b) Amendment to Subsection 2.1 (a)(ii). Subsection 2.1 (a)(ii) of the Loan
Agreement is hereby amended by deleting such subsection in its entirety and
inserting in lieu thereof the following:
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          (a)(ii) Special Sub-Line Advances. The term "Borrowing Base" shall
     also include amounts available in respect of the Special Sub-Line Advances
     in accordance with this Section 2.1 (a)(ii). Subject to the terms and
     conditions of this Agreement, each Lender agrees to make special sub-line
     advances ("Special Sub-Line Advances") to Borrower in an amount at any one
     time outstanding not to exceed such Lender's Pro Rata Share of an amount
     equal to 13% of the Cost Value of Eligible Inventory, provided, however,
     that in no event will Advances (on a combined basis under Sections 2.1
     (a)(i)(y) and 2.1 (a)(ii)) exceed 87.5% of the Net Retail Liquidation Value
     of Eligible Inventory.

     (c) Limitation on Borrowing.  The Borrower, the Agent and the Lenders
hereby agree that, notwithstanding anything to the contrary in the Loan
Agreement, the Lenders shall have no obligation to make Advances under the Loan
Agreement to the extent they would cause the aggregate amount of Advances plus
the outstanding balance of all undrawn or unreimbursed Letters of Credit to
exceed $32,500,000.

     (d) Amendment to Subsection 2.12(a)(ii).  Subsection 2.12(a)(ii) of the
Loan Agreement is hereby amended by deleting the term "Maximum Revolving Amount"
appearing therein and inserting in lieu thereof the term "$32,500,000".

     2.  Representations and Warranties; Confirmation of Representations,
         Warranties.

     This Eighth Amendment has been duly authorized, executed and delivered by
the Borrower. The Loan Agreement, as amended hereby, and each of the other Loan
Documents, as amended by and through the date hereof, constitute legal, valid
and binding obligations of the Borrower, enforceable against the Borrower in
accordance with their respective terms. The Borrower, by execution of this
Eighth Amendment, certifies to the Agent and each of the Lenders that each of
the representations and warranties set forth in the Loan Agreement and the other
Loan Documents is true and correct as of the date hereof, except to the extent
such representations and warranties expressly relate to an earlier date, as if
fully set forth in this Eighth Amendment, and that, as of the date hereof, no
Default or Event of Default has occurred and is continuing under the Loan
Agreement or any other Loan Document. The Borrower acknowledges and agrees that
this Eighth Amendment shall become a part of the Loan Agreement and shall be a
Loan Document.

     3.  Waiver of Events of Default. The Agent and the Lenders hereby waive all
Events of Default, if any, that shall exist at time of this amendment.

     4.  Conditions Precedent.  The obligation of the Agent and the Lenders to
execute this Eighth Amendment and make the accommodations to the Borrower
described herein is subject to the following conditions, as determined by the
Agent and the Lenders in their sole discretion:

     (a) This Eighth Amendment shall have been executed and delivered by each of
the parties hereto;

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     (b) The Borrower by its execution hereof shall have agreed to pay to the
Agent, for the benefit of the Lenders, an amendment fee of $100,000 (the
"Amendment Fee"). The Amendment Fee shall be fully earned upon the execution of
this Eighth Amendment and shall be due and payable on the earlier to occur of
the Maturity Date or the date of the acceleration of the Borrower's Obligations
(the earlier of such dates being referred to as the "Termination Date").

     5.  No Novation; Effect; Counterparts; Governing Law.

     Except to the extent specifically amended hereby, the Loan Agreement and
each of the other Loan Documents shall be unaffected hereby and shall remain in
full force and effect; this Eighth Amendment shall not be deemed a novation of
the Loan Agreement or any other Loan Document.  The Borrower hereby
acknowledges, confirms and ratifies its obligations under the Loan Agreement and
each of the other Loan Documents.  This Eighth Amendment may be executed in any
number of counterparts, and by the different parties on separate counterparts,
each of which, when so executed and delivered, shall be an original, but all the
counterparts shall together constitute one instrument.  This Eighth Amendment
shall be governed by the internal laws of The Commonwealth of Massachusetts
(without reference to conflicts of law principles) and the United States
Bankruptcy Code and shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns.  The
Borrower acknowledges that the reasonable out-of-pocket expenses of the Agent
and the Lenders incurred in connection with the preparation, execution and
delivery of this Eighth Amendment shall be "Lender Group Expenses", as such term
is defined in the Loan Agreement.

     6.  Construction.

     The Borrower, by execution hereof, acknowledges and confirms that for all
purposes of the Loan Agreement and the other Loan documents, the term "Loan
Agreement" shall mean the Loan Agreement as amended by and through the date of
this Eighth Amendment and as further amended and/or restated from time to time
hereafter.

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     IN WITNESS WHEREOF, the parties hereto have executed this Eighth Amendment
to Loan and Security Agreement as a sealed instrument as of the date first above
written.

                              FACTORY CARD OUTLET OF AMERICA, LTD.

                              By: /s/  James D. Constantine
                                  -------------------------
                              Name:  James D. Constantine
                              Title: Senior Vice President and CFO

                              FOOTHILL CAPITAL CORPORATION, for itself and as
                              Agent for the Lenders

                              By: /s/  Thomas F. Morgan
                                  ---------------------
                              Name:  Thomas F. Morgan
                              Title: Vice President

                              PARAGON CAPITAL, LLC, as a Lender

                              By: /s/  Robert
                                  ------------
                              Name:
                              Title: Executive Vice President

                                       4<PAGE>

                                                                    EXHIBIT 10.1

To:  The Directors                            The Royal Bank of Scotland
     APW Enclosure Products and Systems       Corporate Banking & Financial
     Limited (the "Company")                  Markets
     Electron Way                             Specialised Lending Services
     Chandlers Ford                           PO Box 450
     Eastleigh                                5-10 Great Tower Street
     Hants SO53 4ZR                           London EC3P 3HX

                                              Telephone: 020 7833 2121
                                              Facsimile: 020 7526 5407/8
                                              Website:   www.rbs.co.uk

Dear Sirs

We refer to the following:-

1    A multi-option facility entered into between National Westminster Bank Plc
     ("NatWest") (1), the Company (2), and certain of its subsidiaries (3),
     dated 20 April 2000 as may have been subsequently amended and restated from
     time to time (the "MOF");

2    A counter-indemnity granted by APW Limited (the "Parent") in favour of The
     Royal Bank of Scotland plc ("RBS") and dated 1 August 2000 (the "Counter
     Indemnity"); and

3    A facility agreement entered into between the Company (1), certain of its
     subsidiaries (2) and RBS (3), dated 24 October 1995 as subsequently amended
     and restated from time to time (the "RBS Facility").

(together the "RBS Group Facilities")

We also refer to a Multicurrency Agreement dated 31 July 2000 among the Parent,
APW North America, Inc., APW Holdings (Denmark) APS, certain financial
institutions, Bank One, NA., as syndication agent, the Chase Manhattan Bank, as
documentation agent and Bank of America, National Association as administrative
agent (the "Multicurrency Agreement").

We write with reference to the Multicurrency Agreement and a waiver request
issued by the Company, APW Holdings Denmark APS and APW North America Inc. dated
27 March 2001 (the "Waiver Request").  Terms defined in the Waiver Request shall
have the same meanings in this letter.

We confirm that during the Waiver Period, NatWest and RBS shall continue to make
available to the Company and its UK subsidiaries, the RBS Group Facilities and
shall for the avoidance of doubt waive any of its rights under any cross-default
or cross-acceleration provisions in the RBS Group Facilities arising exclusively
from any non-compliance by the Borrowers with the

                                      -1-
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requirements of Section 7.8(b) and (c) of the Multicurrency Agreement on and
subject to the following terms and conditions:-

1    The margin and commission payable by the Company and/or any of its UK
     subsidiaries in respect of the RBS Group Facilities has been increased to
     2.25%.

2    The Company shall pay a waiver fee to RBS immediately upon execution of
     this letter by RBS equal to 0.1% of the aggregate of the commitments under
     RBS Group Facilities.

3    The Company continuing to make all scheduled payments of interest and
     commissions under the RBS Group Facilities, it being expressly acknowledged
     and agreed that RBS and NatWest reserve all of their rights to accelerate
     the RBS Group Facilities in the event of a breach of this condition 3.

4    RBS reserving all of its rights under the RBS Group Facilities and the
     Multicurrency Agreement in the event that the Company or any of its UK or
     Irish subsidiaries (other than dormant subsidiaries) shall cease, or
     threaten to cease to carry on their business, or any person shall petition
     for the appointment of a liquidator or administrator of the Company or any
     of its UK or Irish subsidiaries (other than dormant subsidiaries) or there
     shall be a receiver or administrative receiver appointed by a third party
     in respect of the whole or part of their undertaking and/or assets, or any
     person shall pass a resolution for their winding up (otherwise than for the
     purpose of a bona fide scheme of solvent amalgamation or reconstruction
     where the resulting entity shall resume all of the liabilities of the
     Company or its UK or Irish subsidiaries (other than dormant subsidiaries))
     or a court of competent jurisdiction shall make an order for their winding
     up, or they shall enter into any voluntary arrangement with their
     creditors, or shall be unable to pay their debts as they fall due within
     the meaning of Section 123 Insolvency Act 1986, or anything analogous to
     any of the foregoing under the laws of any jurisdiction occurs.

5    To the extent that the Company or any of its UK or Irish subsidiaries has
     not previously executed a valid and binding guarantee of all or any of the
     obligations (present, future, actual or contingent):

     (a)  of the Company or any of its other UK subsidiaries under or in respect
          of the MOF in favour of NatWest or the RBS Facility in favour of RBS;
          or

     (b)  of the Parent under or in respect of the Counter-Indemnity

     the Company shall and shall procure that each relevant UK and Irish
     subsidiary (other than dormant subsidiaries) shall execute a guarantee in
     favour of NatWest or RBS (as applicable) of the relevant obligations to be
     guaranteed by each of them respectively (but excluding for the avoidance of
     doubt a guarantee of any obligations that would by virtue

                                      -2-
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     of their inclusion breach S.151 Companies Act 1985 or any equivalent
     legislation in any relevant jurisdictions), in each case in a form and
     substance satisfactory to RBS and in any event within [5] business days of
     the date hereof.

6    To the extent that the Parent has not previously executed a valid and
     binding guarantee in favour of NatWest (under or in respect of the MOF) or
     RBS (under or in respect of the RBS Facility) it shall promptly execute in
     favour of NatWest or RBS (as applicable) a guarantee of those respective
     liabilities in each case in a form and substance satisfactory to RBS and in
     any event within [5] business days of the date of this Agreement.  RBS at
     its discretion may also require the issue of a legal opinion (in a form and
     substance satisfactory to RBS) from Bermudan counsel (approved by it) in
     respect of the grant of the guarantee by the Parent.

7    The Company (without any double counting) shall promptly indemnify the Bank
     in respect of:

     (a)  Its reasonable out of pocket expenses in relation to this waiver and
          any restructuring of the RBS Group Facilities; and

     (c)  all accounting and legal fees, costs and disbursements together with
          any VAT or similar taxes thereon (including those incurred by the
          Bank's separately appointed US counsel) reasonably and properly
          incurred by the Bank.

8    The Company shall procure that all information made available to any of the
     banks pursuant to the terms of the Multicurrency Agreement or any
     negotiations or arrangements made to restructure any of the facilities made
     available under the Multicurrency Agreement shall simultaneously be made
     available to The Royal Bank of Scotland plc.

9    The Company shall promptly provide any relevant information relating to the
     business, trading and financial condition of the Company and its
     subsidiaries.

10   There being no breach by the Parent or any of its subsidiaries of any of
     the representations, terms and conditions set out in a letter addressed to
     the Parent by RBS and dated 29 March 2001.

Save as expressly provided in this letter, the terms and conditions of the RBS
Group Facilities shall remain in full force and effect.

This letter shall be governed by and construed in accordance with English law.

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Please confirm your acceptance to the terms and conditions of this letter by
signing the acceptance in the enclosed duplicate and returning it to the Bank by
10.00 am on 9 April 2001.

Yours faithfully

For and on behalf of

The Royal Bank of Scotland plc

/s/
We acknowledge and agree the terms of this letter.

      /s/                         April 6, 2001
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Signed for and on behalf of APW Enclosure Products and
Systems Limited and each of its subsidiaries

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