Letter Agreement Extending Credit Facility Maturity – Fleet National Bank, Wachovia Bank, and Baldwin Entities (July 31, 2003)

Summary

This letter agreement, dated July 31, 2003, is between Fleet National Bank (as Administrative Agent), Wachovia Bank, and Baldwin Americas Corporation, Baldwin Europe Consolidated Inc., and Baldwin Asia Pacific Corporation. It extends the maturity date of an existing credit facility from August 1, 2003, to August 15, 2003. All other terms, covenants, and guarantees remain unchanged. The borrowers must execute any necessary documents to effect this extension. The lenders reserve all rights under the original loan documents, and the escrow of closing documents is also extended to August 15, 2003.

EX-10.63 3 y88893exv10w63.txt LETTER AGREEMENT Exhibit 10.63 July 31, 2003 Mr. Gerald A. Nathe Chairman of the Board of Directors Baldwin Technology Company, Inc. 12 Commerce Drive Shelton, CT 06484 Re: Commercial revolving and term loans and letters of credit ("Credit Facility") from Fleet National Bank as Agent, and Wachovia Bank National Association to Baldwin Americas Corporation, Baldwin Europe Consolidated Inc. and Baldwin Asia Pacific Corporation (collectively the "Borrower") and other Credit Parties. Dear Mr. Nathe, Reference is hereby made to the above captioned Credit Facility. Capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Credit Agreement and the Loan Documents. Fleet National Bank, as Administrative Agent, is please to advise you that the Lenders will further amend the subject Credit Facility under the following terms and conditions: o The maturity will be extended from August 1, 2003 to August 15, 2003. o All other terms and conditions will remain the same. o Reaffirmation of all existing covenants and guarantees. o The Borrower will execute and deliver such documents and do such other acts and things as the Lenders may request in order to fully effect the purposes of the agreement. Unless specifically affected hereby, all terms and conditions of the Loan Documents remain in full force and effect and enforceable in accordance with their terms. Notwithstanding this correspondence or any discussions we may have regarding the Credit Facility and/or the Loan Documents, the Agent and the Lenders reserve all rights and remedies available to them under the Loan Documents and under applicable law. Neither this correspondence nor any such discussions shall imply an agreement on the part of the Agent or the Lenders to waive any of their rights and remedies, except as explicitly set forth herein, or to forbear from taking any action authorized by the Loan Documents or by applicable law, said rights and remedies being expressly reserved by the Agent and the Lenders. Pursuant to our agreement the escrow of the closing documents will be extended to August 15, 2003 as well. Please indicate Borrowers', Guarantors' and other Credit Parties' acceptance of the above terms and conditions by signing the enclosed copy of this letter and returning it to me at the captioned address by August 4, 2003. Very truly yours, /s/ George E. Durstin George E. Durstin Fleet National Bank Administrative Agent Gerald A. Nathe Chairman, President, & CEO /s/ Gerald A. Nathe ----------------------------------- Agreed and accepted this 31 of July, 2003. Name Title Signature