Document:

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                                                                   EXHIBIT 10.36

                        ELEVENTH AMENDMENT AND WAIVER TO
                AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

                 THIS ELEVENTH AMENDMENT AND WAIVER TO AMENDED AND RESTATED
REVOLVING CREDIT AGREEMENT (this "Amendment Agreement") is made and entered
into, effective as of this 8th day of August, 2000, by and among BALDWIN
AMERICAS CORPORATION, a Delaware corporation ("BAM"), BALDWIN TECHNOLOGY
LIMITED, a Bermuda corporation ("BTL" and together with BAM, the "Borrowers"),
BALDWIN TECHNOLOGY COMPANY, INC., a Delaware corporation ("Baldwin" and
together with the Borrowers, the "Credit Parties"), BANK OF AMERICA, N.A.,
successor in interest to NationsBank, N.A., as Agent ("Bank of America" or the
"Agent"), BANK OF AMERICA, N.A., as a Lender, and FLEET NATIONAL BANK
(successor in interest to Bank Boston, N.A.), as a Lender ("Fleet").

                              W I T N E S S E T H:

                 WHEREAS, the Credit Parties, the Lenders and the Agent have
entered into that certain Amended and Restated Revolving Credit Agreement dated
as of December 31, 1995 (as heretofore or hereafter amended, modified,
supplemented, amended and restated or replaced, the "Credit Agreement"),
pursuant to which the Lenders have agreed to make certain revolving credit
loans to the Borrowers;

                 WHEREAS, the parties hereto desire to further amend the Credit
Agreement in the manner herein set forth;

                 WHEREAS, the Borrowers have (i) informed the Agent that they
have violated Sections 8.1(c) and 8.1(d) of the Credit Agreement for the
four-quarter period ended on June 30, 2000, which violation constitutes an
Event of Default under Section 9.1(c) of the Credit Agreement (the "Violation")
and (ii) requested that the Agent and the Lenders waive the Violation for such
four-quarter period and beyond that to and including September 29, 2000 (the
"Waiver");

                 WHEREAS, the Borrowers have requested that the Agent and the
Lenders make certain  amendments to the Credit Agreement (the "Amendments");
and

                 WHEREAS, in consideration for the Borrowers' acknowledgment
and acceptance of the terms of this Amendment Agreement, the Agent and Lenders
are willing to grant the Waiver and make the Amendments;

                 NOW, THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

                 1.       Definitions.  The term "Credit Agreement" or
"Agreement" (as the case may be) as used herein and in the Loan Documents shall
mean the Credit Agreement as hereby amended and modified, and as further
amended, modified, supplemented, amended and restated or replaced from time to
time as permitted thereby. Unless the context otherwise requires, all terms
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used herein without definition shall have the definitions provided therefor in
the Credit Agreement.

                 2.       Waiver Action. Agent and Lenders hereby grant to
Borrowers the Waiver subject to the following conditions:

                          (a)     The Waiver is limited as specified herein and
                 shall not constitute an amendment or modification of the
                 Credit Agreement or any other Loan Document.

                          (b)     The Waiver is granted only for the specific
                 instance and for the time period specified herein and in no
                 event shall constitute a waiver for any period other than the
                 four-quarter period ended on June 30, 2000 and beyond that to
                 and including September 29, 2000, or in any manner create a
                 course of dealing or otherwise impair the future ability of
                 the Agent and the Lenders to declare a Default or Event of
                 Default under or otherwise enforce the terms of the Credit
                 Agreement.

                 3.       Credit Agreement Amendments.  Subject to the
conditions hereof, the Credit Agreement is hereby amended, effective as of the
date hereof, as follows:

                          (a)     The definition of "Revolving Credit
                 Termination Date" in Section 1.1 is hereby deleted in its
                 entirety and the following is inserted in replacement thereof:

                                  "Revolving Credit Termination Date" means the
                          earlier to occur of (i) September 30, 2001, or (ii)
                          any other date upon which the Total Commitment shall
                          terminate in accordance with the terms hereof."

                 4.       Representations and Warranties.  Each Credit Party
hereby certifies that:

                          (a)       The representations and warranties made by
                 each Credit Party in Article VI of the Credit Agreement are
                 true on and as of the date hereof, with the same effect as
                 though such representations and warranties were made on the
                 date hereof.

                          (b)     There has been no material change in the
                 condition, financial or otherwise, of Baldwin, any Borrower or
                 any of their respective Subsidiaries since the date of the
                 most recent financial reports of Baldwin and the Borrowers
                 received by each Lender under Section 7.1 of the Credit
                 Agreement;

                          (c)     The business and properties of each Credit
                 Party and any of their respective Subsidiaries are not, and
                 since the date of the most recent financial reports of Baldwin
                 and the Borrowers received by each Lender under Section 7.1 of
                 the Credit Agreement have not been, adversely affected in any
                 substantial way as the result of any fire, explosion,
                 earthquake, accident, strike, lockout, combination of workmen,
                 flood, embargo, riot, activities of armed forces, war or acts
                 of God or the public enemy, or cancellation or loss of any
                 major contracts; and

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                 (d)      No event has occurred and no condition exists which,
         upon the effectiveness of the amendments contemplated hereby, will
         constitute a Default or an Event of Default on the part of any Credit
         Party under the Credit Agreement or any other Loan Document either
         immediately or with the lapse of time or the giving of notice, or
         both.

         5.      Conditions Precedent. The effectiveness of this Amendment
Agreement is subject to  the receipt by the Agent of (a) five (5) counterparts
of this Amendment Agreement duly executed by all signatories hereto and (b) all
fees payable by the Borrowers to the Agent and the Lenders on or before the
date hereof, including a one-time amendment fee payable to each Lender in an
amount equal to .125% of such Lender's Revolving Loan Commitment.

         6.      Entire Agreement.  This Amendment Agreement sets forth the
entire understanding and agreement of the parties hereto in relation to the
subject matter hereof and supersedes any prior negotiations and agreements
among the parties relative to such subject matter.  None of the terms or
conditions of this Amendment Agreement may be changed, modified, waived or
canceled orally or otherwise, except in accordance with the terms of the Credit
Agreement.

         7.      Full Force and Effect of Agreement.  Except as hereby
specifically amended, modified or supplemented, the Credit Agreement and all of
the other Loan Documents are hereby confirmed and ratified in all respects and
shall remain in full force and effect according to their respective terms.

         8.      Counterparts.  This Amendment Agreement may be executed in one
or more counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

         9.      Credit Agreement and Other Loan Documents.  All references in
any of the Loan Documents to the "Credit Agreement" shall mean the Credit
Agreement as amended hereby.

         10.     Reimbursement.  The Borrowers agree to reimburse the Agent and
the Lenders for all costs and out-of-pocket expenses, including attorneys'
fees, incurred in connection with the preparation, execution, and delivery of
this Amendment Agreement.

                           [Signature pages follow.]

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment
Agreement to be duly executed by their duly authorized officers, all as of the
day and year first above written.

                            BORROWERS AND CREDIT PARTIES:

                            BALDWIN AMERICAS CORPORATION, as Borrower
                            and Credit Party

                            By:
                                -----------------------------------------------
                            Name:
                                  ---------------------------------------------
                            Title:
                                   --------------------------------------------

                            BALDWIN TECHNOLOGY LIMITED, as Borrower and
                            Credit Party

                            By:
                                -----------------------------------------------
                            Name:
                                  ---------------------------------------------
                            Title:
                                   --------------------------------------------

                            BALDWIN TECHNOLOGY COMPANY, INC., as Credit
                            Party

                            By:
                               ------------------------------------------------
                            Name:
                                  ---------------------------------------------
                            Title:
                                  ---------------------------------------------

                            AGENT:

                            BANK OF AMERICA, N.A., successor in interest to
                            NationsBank, N.A., as Agent for the Lenders

                            By:
                                 ----------------------------------------------
                            Name:
                                 ----------------------------------------------
                            Title:
                                  ---------------------------------------------

                             SIGNATURE PAGE 1 OF 2

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                            LENDERS:

                            BANK OF AMERICA, N.A., successor in interest to
                            NationsBank, N.A., as Lender

                            By:
                                -----------------------------------------------
                            Name:
                                 ----------------------------------------------
                            Title:
                                  ---------------------------------------------

                            FLEET NATIONAL BANK, successor in interest to
                            BANKBOSTON, N.A., as Lender

                            By:
                                -----------------------------------------------
                            Name:
                                  ---------------------------------------------
                            Title:
                                   --------------------------------------------

                             SIGNATURE PAGE 2 OF 2<PAGE>   1
                                                                   EXHIBIT 10.37

                              TWELFTH AMENDMENT TO
                 AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

         THIS TWELFTH AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT (this "Amendment Agreement") is made and entered into, effective as of
this ____ day of September, 2000, by and among BALDWIN AMERICAS CORPORATION, a
Delaware corporation ("BAM"), BALDWIN TECHNOLOGY LIMITED, a Bermuda corporation
("BTL" and together with BAM, the "Borrowers"), BALDWIN TECHNOLOGY COMPANY,
INC., a Delaware corporation ("Baldwin" and together with the Borrowers, the
"Credit Parties"), BANK OF AMERICA, N.A., successor in interest to NationsBank,
N.A., as Agent ("Bank of America" or the "AGENT"), BANK OF AMERICA, N.A., as a
Lender, and FLEET NATIONAL BANK (successor in interest to Bank Boston, N.A.), as
a Lender ("Fleet").

                              W I T N E S S E T H:

         WHEREAS, the Credit Parties, the Lenders and the Agent have entered
into that certain Amended and Restated Revolving Credit Agreement dated as of
December 31, 1995 (as heretofore or hereafter amended, modified, supplemented,
amended and restated or replaced, the "Credit Agreement"), pursuant to which the
Lenders have agreed to make certain revolving credit loans to the Borrowers;

         WHEREAS, the parties hereto desire to make further amendments to the
Credit Agreement (the "Amendments") in the manner herein set forth; and

         WHEREAS, in consideration for the Borrowers' acknowledgment and
acceptance of the terms of this Amendment Agreement, the Agent and Lenders are
willing to make the Amendments;

         NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1. Definitions. The term "Credit Agreement" or "Agreement" (as the case
may be) as used herein and in the Loan Documents shall mean the Credit Agreement
as hereby amended and modified, and as further amended, modified, supplemented,
amended and restated or replaced from time to time as permitted thereby. Unless
the context otherwise requires, all terms used herein without definition shall
have the definitions provided therefor in the Credit Agreement.

         2. Credit Agreement Amendments. Subject to the conditions hereof, the
Credit Agreement is hereby amended, effective as of the date hereof, as follows:

                  (a) The definition of "Revolving Credit Termination Date" in
         Section 1.1 is hereby deleted in its entirety and the following is
         inserted in replacement thereof:
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                           "Revolving Credit Termination Date" means the earlier
                  to occur of (i) October 31, 2001, or (ii) any other date upon
                  which the Total Commitment shall terminate in accordance with
                  the terms hereof."

         3. Representations and Warranties. Each Credit Party hereby certifies
that:

                  (a) The representations and warranties made by each Credit
         Party in Article VI of the Credit Agreement are true on and as of the
         date hereof, with the same effect as though such representations and
         warranties were made on the date hereof.

                  (b) There has been no material change in the condition,
         financial or otherwise, of Baldwin, any Borrower or any of their
         respective Subsidiaries since the date of the most recent financial
         reports of Baldwin and the Borrowers received by each Lender under
         Section 7.1 of the Credit Agreement;

                  (c) The business and properties of each Credit Party and any
         of their respective Subsidiaries are not, and since the date of the
         most recent financial reports of Baldwin and the Borrowers received by
         each Lender under Section 7.1 of the Credit Agreement have not been,
         adversely affected in any substantial way as the result of any fire,
         explosion, earthquake, accident, strike, lockout, combination of
         workmen, flood, embargo, riot, activities of armed forces, war or acts
         of God or the public enemy, or cancellation or loss of any major
         contracts; and

                  (d) No event has occurred and no condition exists which, upon
         the effectiveness of the amendments contemplated hereby, will
         constitute a Default or an Event of Default on the part of any Credit
         Party under the Credit Agreement or any other Loan Document either
         immediately or with the lapse of time or the giving of notice, or both.

         4. Conditions Precedent. The effectiveness of this Amendment Agreement
is subject to the receipt by the Agent of (a) five (5) counterparts of this
Amendment Agreement duly executed by all signatories hereto and (b) all fees
payable by the Borrowers to the Agent and the Lenders on or before the date
hereof.

         5. Entire Agreement. This Amendment Agreement sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relative to such subject matter. None of the terms or conditions of this
Amendment Agreement may be changed, modified, waived or canceled orally or
otherwise, except in accordance with the terms of the Credit Agreement.

         6. Full Force and Effect of Agreement. Except as hereby specifically
amended, modified or supplemented, the Credit Agreement and all of the other
Loan Documents are

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hereby confirmed and ratified in all respects and shall remain in full force and
effect according to their respective terms.

         7. Counterparts. This Amendment Agreement may be executed in one or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

         8. Credit Agreement and Other Loan Documents. All references in any of
the Loan Documents to the "Credit Agreement" shall mean the Credit Agreement as
amended hereby.

         9. Reimbursement. The Borrowers agree to reimburse the Agent and the
Lenders for all costs and out-of-pocket expenses, including attorneys' fees,
incurred in connection with the preparation, execution, and delivery of this
Amendment Agreement.

                            [Signature pages follow.]

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment
Agreement to be duly executed by their duly authorized officers, all as of the
day and year first above written.

                              BORROWERS AND CREDIT PARTIES:

                              BALDWIN AMERICAS CORPORATION, as Borrower and
                              Credit Party

                              By: ____________________________________________
                              Name:__________________________________________
                              Title: ___________________________________________

                              BALDWIN TECHNOLOGY LIMITED, as Borrower and Credit
                              Party

                              By: ____________________________________________
                              Name:__________________________________________
                              Title: ___________________________________________

                              BALDWIN TECHNOLOGY COMPANY, INC., as Credit
                              Party

                              By:_____________________________________________
                              Name: __________________________________________
                              Title:___________________________________________

                              AGENT:

                              BANK OF AMERICA, N.A., successor in interest to
                              NationsBank, N.A., as Agent for the Lenders

                              By:  ____________________________________________
                              Name:__________________________________________
                              Title:___________________________________________

                              SIGNATURE PAGE 1 OF 2
<PAGE>   5
                              LENDERS:

                              BANK OF AMERICA, N.A., successor in interest to
                              NationsBank, N.A., as Lender

                              By: ___________________________________________
                              Name:_________________________________________
                              Title:__________________________________________

                              FLEET NATIONAL BANK, successor in interest to
                              BANKBOSTON, N.A., as Lender

                              By: ____________________________________________
                              Name:__________________________________________
                              Title:___________________________________________

                              SIGNATURE PAGE 2 OF 2

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