Document:

Amendment No. 5 to Loan and Security Agreement

 Exhibit 10.1 
 AMENDMENT NO. 5 TO LOAN AND SECURITY AGREEMENT DATED FEBRUARY 4, 2004, 
 BETWEEN DELPHAX
TECHNOLOGIES INC. AND LASALLE BUSINESS CREDIT, LLC 
 This Amendment No. 5 (this “Amendment”), made and entered
into as of March 29, 2006, 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, as amended by Amendment No. 3 to Loan and Security Agreement dated as of December 21, 2004, and as amended by Amendment No. 4 to Loan and
Security Agreement dated as of February 11, 2005 (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. Amendment. The U.S. Borrower and the U.S. Lender agree that Section 10 of the U.S. Loan Agreement is hereby amended
by deleting the clause “January 31, 2007” as it appears therein and by substituting in lieu thereof the clause “April 30, 2007”. 
 2. Conditions Precedent. The amendment 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 Amendment, whether such claims, demands and causes of action
are matured or unmatured or known or unknown. 
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 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/ Jay A. Herman

	Print Name:	 	Jay A. Herman
	Title:	 	President & CEO
	
	LASALLE BUSINESS CREDIT, LLC
		
	By:	 	 /s/ Bradley E. Handrich

	Print Name:	 	Bradley E. Handrich
	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/ Jay A. Herman

	Print Name:	 	Jay A. Herman
	Title:	 	President & CEO

 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

	Print Name:	 	Frank McEvoy
	Title:	 	General PartnerAmending Agreement No. 3, This Agreement Dated as of March 31, 2006

 Exhibit 10.2 
 AMENDING AGREEMENT NO. 3 
 THIS AGREEMENT dated as of March 31, 2006, 
 BETWEEN: 
 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 (a) loan and security agreement dated February 4, 2004 between Delphax Technologies Inc. and LaSalle Business Credit, LLC, and (b) the Original Credit Agreement, dated as of
February 24, 2004 (“Amendment No. 1”); 
 AND WHEREAS the Borrower and Lender entered into Amendment
No. 2 to the Original Credit Agreement dated as of February 1, 2005 (“Amendment No. 2”); 
 AND WHEREAS
the parties hereto wish to amend the terms of the Original Credit Agreement as amended by Amendment No. 1 and Amendment No. 2 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 Amendment No. 2 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
Definition. 
 The definition of “Maturity Date” in subsection 1(a) of the Credit Agreement is hereby
amended by replacing “January 30, 2007” with “April 30, 2007”. 
 2.2 Termination. 
 Subsection 9(a) of the Credit Agreement is hereby amended by replacing “January 30, 2007” on the first line thereof with
“the Maturity Date”. 
 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. 
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 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/ Jay Herman
	 		 	By:	 	 /s/ Darcy Mack

	Name:	 	Jay Herman	 		 	Name:	 	Darcy Mack
	Title:	 	President & CEO	 		 	Title:	 	First Vice President
					
	By:	 	  
	 		 	By:	 	 /s/ James Bruce

	Name:	 		 		 	Name:	 	James Bruce
	Title:	 		 		 	Title:	 	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 March 31, 2006 
  

			
	DELPHAX TECHNOLOGIES INC.
		
	By:	 	 /s/ Jay Herman

	Name:	 	Jay Herman
	Title:	 	President & CEO
	
	I have the authority to bind the Corporation.

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