Exhibit 10.1

Execution Version

FIRST AMENDMENT TO CREDIT AGREEMENT

FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of November 11, 2013 (this
“Amendment”), among APPVION, INC., a Delaware corporation (the “Borrower”),
PAPERWEIGHT DEVELOPMENT CORP., a Wisconsin corporation (“Holdings”), JEFFERIES
FINANCE LLC, a Delaware limited liability company, as Administrative Agent (in
such capacity, the “Administrative Agent”) for certain financial institutions
from time to time party to the Credit Agreement referred to below (each a
“Lender” and collectively the “Lenders”), and such Lenders.

W I T N E S S E T H:

WHEREAS, the Borrower, Holdings, the Administrative Agent and the Lenders have
entered into that certain Credit Agreement dated as of June 28, 2013 (as the
same may be amended, restated, extended, supplemented or otherwise modified and
in effect from time to time, the “Credit Agreement”). Capitalized terms used
herein and not defined herein shall have the meanings ascribed thereto in the
Credit Agreement;

WHEREAS, the Borrower and Holdings have requested that the Required Lenders
amend the Credit Agreement in certain respects, in each case in accordance with
the terms and subject to the conditions herein set forth, and that the
Administrative Agent acknowledge such amendment; and

WHEREAS, the Administrative Agent and Required Lenders agree to accommodate such
requests of the Borrower and Holdings, in each case on the terms and subject to
the conditions herein set forth;

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

Section 1 Amendments to Credit Agreement.

Effective as of the First Amendment Effective Date (as defined below), and in
reliance on the representations and warranties of the Borrower set forth in this
Amendment and in the Credit Agreement, as amended hereby, the Credit Agreement
is hereby amended as follows:

 

  (a) Section 1.01 of the Credit Agreement is hereby amended as follows:

 

  (i) The definition of “Intercreditor Agreement” is hereby amended and restated
in its entirety as follows:

““Intercreditor Agreement” means the Intercreditor Agreement, dated as of the
Amendment No. 1 Effective Date, executed by Holdings, the Borrower, the other
Loan Parties from time to time party thereto, the Administrative Agent and the
collateral agent under the Second Lien Note Indenture, and as the same may be
amended, restated, supplemented, waived and/or otherwise modified from time to
time in accordance with the terms thereof and of this Agreement.”

 

  (b) Section 1.01 of the Credit Agreement is hereby amended as follows:

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  (i) The definition of “Maturity Date” is hereby amended and restated in its
entirety as follows:

““Maturity Date” means (a) with respect to the Revolving Credit Facility,
June 28, 2018 and (b) with respect to the Term Facility, June 28, 2019 or such
later date as shall be set forth in an Incremental Loan Amendment, in each case,
subject to extension pursuant to Section 2.16; provided that, if such date is
not a Business Day, the Maturity Date shall be the immediately preceding
Business Day.”

 

  (ii) The definition of “Permitted Refinancing Debt” is hereby amended and
restated in its entirety as follows:

““Permitted Refinancing Debt” means (w) in connection with any refinancing of
the Second Lien Notes, new Indebtedness of the Borrower having terms (other than
pricing, subject to the terms of the Intercreditor Agreement, if applicable),
taken as a whole, not materially less favorable to the Borrower than those
applicable to the Second Lien Notes or otherwise on then market terms and
conditions for comparable debt issuances, or for senior unsecured notes, as the
case may be (in each case as determined in good faith by the Administrative
Agent and the Revolver Agent), or otherwise acceptable to the Administrative
Agent and the Revolver Agent; provided that in no event shall such Indebtedness
(a) amortize, or otherwise be subject to scheduled redemptions, repurchases or
other payments of principal or have a final maturity date that is earlier than
the date that is six (6) months after the then-latest Maturity Date with respect
to the Term Facility, (b) require prepayments (or mandatory redemptions) in a
manner more extensive than the Second Lien Notes, (c) contain maintenance or
other springing or conditional financial covenants that are more restrictive
than this Agreement, (d) be secured by Liens, if any, that are not subordinated
to the Liens securing the Obligations in a manner at least as favorable to the
Lenders as provided for in the Intercreditor Agreement; provided that the
Administrative Agent and the Revolver Agent may agree in their sole discretion
to enter into a new intercreditor agreement with the agent or trustee under such
new Indebtedness that is entered into to refinance the Second Lien Notes to the
extent such new intercreditor agreement is in form and substance satisfactory to
the Administrative Agent and the Revolver Agent, or (e) contain other terms and
conditions that are more restrictive, taken as a whole, than those under this
Agreement (as determined in good faith by the Administrative Agent and the
Revolver Agent); (x) in connection with any refinancing of any Subordinated
Indebtedness of the Borrower, new Subordinated Indebtedness of the Borrower
having terms (other than pricing), taken as a whole, not materially less
favorable to the Borrower than those applicable to the Subordinated Indebtedness
being refinanced (as determined in good faith by the Administrative Agent and
the Revolver Agent); provided that in no event shall such Indebtedness
(a) amortize, or otherwise be subject to scheduled redemptions, repurchases or
other payments of principal or have a final maturity date that is earlier than
the date that is six (6) months after the then-latest Maturity Date with respect
to the Term Facility, (b) be subordinated to the Obligations in a manner less
favorable to the Lenders than the Subordinated Indebtedness being refinanced,
(c) contain maintenance or other springing or conditional financial covenants,
(d) require prepayments or mandatory redemptions in

 

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a manner more extensive than the Subordinated Indebtedness being refinanced or
(e) contain other terms and conditions that are more restrictive, taken as a
whole, than those under this Agreement (as determined in good faith by the
Administrative Agent and the Revolver Agent); and (y) in connection with any
refinancing of unsecured Indebtedness of the Borrower, new unsecured
Indebtedness of the Borrower having terms (other than pricing), taken as a
whole, not materially less favorable to the Borrower than those applicable to
the unsecured Indebtedness being refinanced or otherwise on then market terms
and conditions for senior unsecured debt securities (in each case as determined
in good faith by the Administrative Agent and the Revolver Agent); provided that
in no event shall such Indebtedness (a) amortize, or otherwise be subject to
scheduled redemptions, repurchases or other payments of principal or have a
final maturity date that is earlier than the date that is six (6) months after
the then-latest Maturity Date with respect to the Term Facility, (b) require
prepayments or mandatory redemptions in a manner more extensive than the
unsecured Indebtedness being refinanced, (c) contain maintenance or other
springing or conditional financial covenants or (d) contain other terms and
conditions that are more restrictive, taken as a whole, than those under this
Agreement (as determined in good faith by the Administrative Agent and the
Revolver Agent).”

 

  (iii) The definition of “Second Lien Note Indenture” is hereby amended and
restated in its entirety as follows:

““Second Lien Note Indenture” means the indenture dated as of the Amendment
No. 1 Effective Date, by and among Holdings, the Borrower, Appvion Canada Ltd.,
certain of its Subsidiaries and U.S. Bank National Association, as trustee and
as collateral agent, in connection with the issuance of the Second Lien Notes,
as the same may be amended, restated, supplemented, waived and/or otherwise
modified from time to time in accordance the terms thereof, of this Agreement
and of the Intercreditor Agreement.”

 

  (iv) The definition of “Second Lien Notes” is hereby amended and restated in
its entirety as follows:

““Second Lien Notes” means the senior secured second lien notes of the Borrower
issued pursuant to the Second Lien Note Indenture.”

 

  (v) The definition of “Subordinated Indebtedness” is hereby amended and
restated in its entirety as follows:

““Subordinated Indebtedness” means Indebtedness of any Group Member that is
subordinated in right to and time of payment to the Obligations.”

(c) Section 1.01 of the Credit Agreement is hereby amended by adding the
following definitions in appropriate alphabetical order:

“Amendment No. 1” shall mean Amendment No. 1 to this Agreement, dated as of the
Amendment No. 1 Effective Date, among the Borrower, Holdings, the Required
Lenders and the Administrative Agent.

 

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“Amendment No. 1 Effective Date” shall mean the date that Amendment No. 1 shall
become effective in accordance with its terms.

(d) Section 1.01 of the Credit Agreement is hereby amended by deleting the
definition of the terms “Senior Subordinated Notes” and “Senior Subordinated
Note Indenture” set forth therein in their entirety.

(e) Section 5.21 of the Credit Agreement is hereby deleted in its entirety and
substituted therefor with the following language: “Section 5.21. The Obligations
constitute “Senior Debt” and “Designated Senior Debt” (or any other defined term
having a similar purpose) of the Borrower under the documentation governing any
Subordinated Indebtedness and any Permitted Refinancing Debt Document. The
obligations of each Subsidiary party thereto under the Guarantee and Collateral
Agreements, as applicable, will constitute “Guarantor Senior Debt” (or any other
defined term having a similar purpose) of such Subsidiary under the
documentation governing any Subordinated Indebtedness and under any Permitted
Refinancing Debt Document (if such Subsidiary is an obligor or guarantor
thereunder). There is no other Indebtedness (other than the Obligations) which
has been designated as “Designated Senior Debt” (or any other defined term
having a similar purpose) for the purposes of the documentation governing any
Subordinated Indebtedness or for purposes of any Permitted Refinancing Debt
Document.”.

(f) Section 6.02(d) of the Credit Agreement is hereby amended by deleting the
reference therein to “Second Lien Credit Agreement” and replacing it with
“Second Lien Note Indenture”.

(g) Section 6.09(d) of the Credit Agreement is hereby amended by deleting the
reference therein to “Second Lien Credit Agreement” and replacing it with
“Second Lien Note Indenture”.

 

  (h) Section 6.16 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“The Borrower will at all times while the Obligations are outstanding, cause
such Obligations to be designated as “Senior Debt” (or any other defined term
having a similar purpose) within the meaning of any agreements governing any
Subordinated Indebtedness of the Borrower.”

 

  (i) Article VII of the Credit Agreement is hereby amended as follows:

 

  (i) Section 7.02(f) set forth therein is hereby deleted in its entirety and
substituted therefor with the following language:

“(f) (i) Indebtedness of the Borrower in respect of the Second Lien Notes under
the Second Lien Note Indenture and, to the extent applicable, any Permitted
Refinancing Debt in connection therewith in an aggregate principal amount not to
exceed $250,000,000, plus any premium payable to holders of the Second Lien
Notes and expenses in each case related to or in connection with the first
incurrence of any such Permitted Refinancing Debt after the First Amendment
Effective Date; provided that any such premium and expenses shall not exceed
$25,000,000 in the aggregate and (ii) Guarantee Obligations of Holdings and any
Subsidiary that is a Guarantor in respect of such Indebtedness;”

 

  (ii) Section 7.02(o) set forth therein is hereby deleted in its entirety and
substituted therefor with the following language: “(o) “[Reserved]”.

 

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  (iii) Section 7.08(a) set forth therein is hereby deleted in its entirety and
substituted therefor with the following language:

“(a) Make or offer to make any optional or voluntary payment, prepayment,
repurchase or redemption of or otherwise optionally or voluntarily defease or
segregate funds with respect to the Second Lien Notes, any other Indebtedness
having a permitted junior lien, unsecured Indebtedness or other Subordinated
Indebtedness or any Permitted Refinancing Debt or enter into any derivative or
other transaction with any Derivatives Counterparty obligating Holdings, the
Borrower or any Subsidiary to make payments to such Derivatives Counterparty as
a result of any change in market value of the Second Lien Notes (any such
action, a “Restricted Junior Debt Payment”) (other than (i) so long as no
Default or Event of Default shall have occurred or be continuing both before and
after giving effect to such Restricted Junior Debt Payment, the refinancing of
any Second Lien Notes, any other Indebtedness having a permitted junior lien,
unsecured Indebtedness or other Subordinated Indebtedness with applicable
Permitted Refinancing Debt, (ii) Restricted Junior Debt Payments in an aggregate
amount not to exceed the Available Amounts Basket as of the time such Restricted
Junior Debt Payment is made, and (iii) Restricted Junior Debt Payments
consisting of the redemption of the Non-Tendered First Lien Notes;”

 

  (iv) Section 7.08(b) set forth therein is hereby deleted in its entirety and
substituted therefor with the following language:

“(b) amend, modify, waive or otherwise change, or consent or agree to any
amendment, modification, waiver or other change to, any of the terms of the
Second Lien Notes, the Second Lien Note Indenture, any other Indebtedness having
a permitted junior lien, unsecured Indebtedness or other Subordinated
Indebtedness or any Permitted Refinancing Debt (other than any such amendment,
modification, waiver or other change that is permitted by the terms of the
Intercreditor Agreement or any subordination agreement applicable thereto;
provided that the terms of the Indebtedness being amended, modified, waived or
otherwise changed, after giving effect to such amendment, modification, waiver
or other change, are not materially less favorable to the Borrower than those
applicable to such Indebtedness before giving effect to such amendment,
modification, waiver or other change; provided, further, that in no event shall
such Indebtedness (a) amortize, or otherwise be subject to scheduled
redemptions, repurchases or other payments of principal or have a final maturity
date that is earlier than the date that is six (6) months after the then-latest
Maturity Date with respect to the Term Facility, (b) be subordinated to the
Obligations in a manner less favorable to the Lenders than such Indebtedness
before giving effect to such amendment, modification, waiver or other change,
(c) contain maintenance or other springing or conditional financial covenants,
(d) be amended, modified, waived or otherwise changed so as to require
prepayments or mandatory redemptions in a manner more extensive than the terms
of such Indebtedness before giving effect to such amendment, modification,
waiver or other change or (e) contain other terms and conditions that are more
restrictive, taken as a whole, than those under this Agreement (as determined in
good faith by the Administrative Agent and the Revolver Agent));”

 

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  (v) Section 7.08(c) set forth therein is hereby deleted in its entirety and
substituted therefor with the following language:

“(c) designate any Indebtedness (other than obligations of the Loan Parties
pursuant to the Loan Documents) as “Designated Senior Debt” (or any other
defined term having a similar purpose) for the purposes of any agreements
governing any Subordinated Indebtedness of the Borrower or any applicable
Permitted Refinancing Debt Document;”

(j) Section 8.01(l) of the Credit Agreement is hereby deleted in its entirety
and substituted therefor with the following language: “(l) any Subordinated
Indebtedness or the guarantees thereof or any related Permitted Refinancing Debt
or the guarantees thereof, so long as such Indebtedness is outstanding, shall
cease, for any reason, to be validly subordinated to the Obligations or the
obligations of the Subsidiaries party thereto under the Guarantee and Collateral
Agreements as provided in the documentation governing such Subordinated
Indebtedness or any related Permitted Refinancing Debt Document, as the case
may, or any Loan Party, any Affiliate of any Loan Party, the trustee or agent in
respect of any Subordinated Indebtedness or any related Permitted Refinancing
Debt Document, or the holders of at least 25% in aggregate principal amount of
any Subordinated Indebtedness or any related Permitted Refinancing Debt, as the
case may be, shall so assert”.

Section 2 Delayed Effectiveness of Amendments.

(a) Notwithstanding anything to the contrary set forth herein, the Amendments
set forth in Section 1 hereof shall automatically become effective as of the
date upon which the following conditions have been satisfied (the “First
Amendment Effective Date”), without any further action being required of any
party to the Credit Agreement:

(i) The Borrower, Holdings, the Administrative Agent and the Requisite Lenders
shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of facsimile or other
electronic transmission) such counterpart to the Agent, c/o Proskauer Rose LLP,
Eleven Times Square, New York, NY 10036 Attention: Kailing Li (facsimile number:
212-969-2900 / e-mail address: kli@proskauer.com) prior to Noon, New York City
time, on November 8, 2013 (such date and time, the “Consent Deadline”);

(ii) The Administrative Agent shall have received an Acknowledgement in the form
of Exhibit A hereto executed by each Loan Party that is not a party hereto;

(iii) (x) all fees and expenses required to be paid to the Administrative Agent
and the Revolver Agent on the First Amendment Effective Date (including, without
limitation, reasonable and documented out-of-pocket legal fees and expenses)
shall have been paid (or shall concurrently be paid) to the extent the Borrower
has received an invoice therefor at least one Business Day prior to the First
Amendment Effective Date and (y) the Administrative Agent shall have received
for the respective account of each Consenting Lender (as defined below) a
consent fee equal to 0.10% of the aggregate principal amount of Loans and
Commitments held by each Lender that executes and delivers a signature page
hereto prior to the Consent Deadline in accordance with clause (i) of this
Section 2 (the “Consenting Lenders”);

(iv) the Administrative Agent shall have received a certificate, dated the First
Amendment Effective Date and signed by a Responsible Officer of the Borrower,
certifying on behalf of the Borrower and Holdings that the representations and
warranties made by the Borrower and Holdings in Section 4(a) are true and
correct;

 

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(v) The Administrative Agent and the Revolver Agent shall have received a
favorable opinion of (i) DLA Piper LLP, counsel to the Loan Parties,
(ii) Foley & Lardner LLP, Wisconsin counsel to the Loan Parties, and (iii) Davis
LLP, Canadian counsel to Appvion Canada, in each case, addressed to the
Administrative Agent, the Revolver Agent and each Lender, as to the matters
concerning the Loan Parties and the Loan Documents in form and substance
satisfactory to the Administrative Agent and the Revolver Agent;

(vi) The Administrative Agent and the Revolver Agent shall have received the
Intercreditor Agreement in form and substance reasonably satisfactory to the
Administrative Agent and the Revolver Agent, dated the First Amendment Effective
Date and duly executed by the Borrower, the Administrative Agent and the
collateral agent for the holders of the Second Lien Notes; and

(vii) The Administrative Agent and the Revolver Agent shall have received on or
prior to December 31, 2013 evidence reasonably satisfactory to it that the
Second Lien Notes have been issued and the proceeds thereof applied to redeem in
full the Second Lien Notes and the Senior Subordinated Notes (as such terms are
defined in the Credit Agreement before giving effect to this Amendment), and the
Administrative Agent and the Revolver Agent shall be satisfied with the terms of
the Second Lien Note Indenture.

Section 3 Consent and Agreement.

The Administrative Agent hereby agrees to (and the Lenders party hereto hereby
agree that the Administrative Agent may) enter into the Intercreditor Agreement
on the First Amendment Effective Date on substantially the same terms as the
Intercreditor Agreement (as defined in the Credit Agreement before giving effect
to this Amendment), except as set forth on Exhibit B attached hereto.
Notwithstanding anything to the contrary in Section 2.05(b) or 7.08 of the
Credit Agreement (as in effect prior to giving effect to the Amendments), the
Administrative Agent and the Lenders party hereto hereby consent to the use of
proceeds of the new Second Lien Notes to refinance the Second Lien Notes (as
such term is defined in the Credit Agreement before giving effect to this
Amendment), pay any premium payable to holders of the Second Lien Notes and pay
fees and expenses related thereto, refinance the Senior Subordinated Notes (as
such term is defined in the Credit Agreement before giving effect to this
Amendment), pay fees and expenses related thereto, and for general corporate
purposes.

Section 4 Representations and Warranties.

To induce the Administrative Agent and the Lenders to enter into this Amendment,
each of the Borrower and Holdings, jointly and severally, hereby represents and
warrants to the Administrative Agent and the Lenders that as of the date hereof:

(a) The representations and warranties of the Borrower and each other Loan Party
contained in Article V of the Credit Agreement or any other Loan Document are
true and correct in all material respects (or, if the applicable representation
and warranty is already subject to a materiality standard, is true and correct
in all respects) on and as of the First Amendment Effective Date, except to the
extent that such representations and warranties specifically relate to an
earlier date, in which case they are true and correct in all material respects
(or, if the applicable representation and warranty is already subject to a
materiality standard, are true and correct in all respects) as of such earlier
date, and except that for purposes of this Section 4(a), the representations and
warranties contained in Section 5.01 of the Credit Agreement shall be deemed to
refer to the most recent statements furnished pursuant to Sections 6.01(a) and
(b) of the Credit Agreement, respectively;

 

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(b) each Loan Party that is a party hereto has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Amendment
and the Credit Agreement, as amended hereby;

(c) the execution, delivery and performance by each Loan Party that is a party
hereto of this Amendment and the Credit Agreement, as amended hereby, have been
duly authorized by all necessary action by such Person;

(d) this Amendment and the Credit Agreement, as amended hereby, each constitute,
the legal, valid and binding obligation of each Loan Party that is a party
hereto, enforceable against such Loan Party in accordance with its terms, except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws relating to or limiting creditors’ rights generally or by equitable
principles relating to enforceability;

(e) no Default or Event of Default exists, both before and after giving effect
to this Amendment; and

(f) The execution, delivery and performance of this Amendment does not violate
any (a) material Requirement of Law, (b) Contractual Obligation or
(c) Organization Document of any Loan Party and will not result in, or require,
the creation or imposition of any Lien on any of their respective properties or
revenues pursuant to any such Requirement of Law or any such Contractual
Obligation or Organization Document (other than the Liens created by the
Security Documents). No Requirements of Law or Contractual Obligations
applicable to any Group Member could reasonably be expected, either individually
or in the aggregate, to have a Material Adverse Effect.

Section 5 Reference and Effect on the Credit Documents.

(a) On and after the First Amendment Effective Date each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement, and each reference in the other Loan
Documents to the “Credit Agreement”, shall mean and be a reference to the Credit
Agreement, as amended or otherwise modified hereby.

(b) The Credit Agreement and each of the other Loan Documents, as specifically
amended or otherwise modified by this Amendment, are and shall continue to be in
full force and effect and are hereby in all respects ratified, confirmed and
reaffirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender, any L/C Issuer or the Administrative Agent under any of
the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents. The Credit Agreement and the other Loan Documents are in full force
and effect and are hereby in all respects ratified and confirmed.

(d) Except as expressly set forth herein, nothing contained in this Amendment
and no action by, or inaction on the part of, any Lender, any L/C Issuer or the
Administrative Agent shall, or shall be deemed to, directly or indirectly
constitute a consent to or waiver of any past, present or future violation of
any provisions of the Credit Agreement or any other Loan Document.

 

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(e) This Amendment is a Loan Document.

Section 6 GOVERNING LAW AND JURISDICTION.

(a) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(b) SUBMISSION TO JURISDICTION. THE BORROWER AND HOLDINGS IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK,
AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT, OR FOR
RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT
OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS
AMENDMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE
ADMINISTRATIVE AGENT, THE REVOLVER AGENT, ANY LENDER OR ANY L/C ISSUER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR
ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS
PROPERTIES IN THE COURTS OF ANY JURISDICTION.

Section 7 Miscellaneous.

(a) No Waiver, Etc. Except as otherwise expressly set forth herein, nothing in
this Amendment is intended or shall be deemed or construed to extend to or
affect in any way any of the Obligations or any of the rights and remedies of
the Administrative Agent, the Revolver Agent, any Lender or any L/C Issuer
arising under the Credit Agreement, any of the other Loan Documents or
applicable law. The failure of the Administrative Agent, the Revolver Agent, any
Lender or any L/C Issuer at any time or times hereafter to require strict
performance by any Loan Party or any other Person obligated under any Loan
Document of any of the respective provisions, warranties, terms and conditions
contained herein or therein shall not waive, affect or diminish any right of
such Person at any time or times thereafter to demand strict performance
thereof; and no rights of the Administrative Agent, the Revolver Agent, any
Lender or any L/C Issuer hereunder shall be deemed to have been waived by any
act or knowledge of such Person, or any of its agents, attorneys, officers or
employees, unless such waiver is contained in an instrument in writing signed by
an authorized officer of such Person and specifying such waiver. Except as
otherwise expressly set forth herein, no waiver by the Administrative Agent, the
Revolver Agent, any Lender or any L/C Issuer of any of its rights or remedies
shall operate as a waiver of any other of its rights or remedies or any of its
rights or remedies on a future occasion at any time and from time to time. All
terms and provisions of the Credit Agreement and each of the other Loan
Documents remain in full force and effect, except to the extent expressly
modified by this Amendment.

 

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(b) Execution in Counterparts. This Amendment may be executed by one or more of
the parties to this Amendment on any number of separate counterparts, and all of
such counterparts taken together shall be deemed to constitute one and the same
instrument. Any party hereto may execute and deliver a counterpart of this
Amendment by delivering by facsimile transmission or electronic mail in portable
document format a signature page of this Amendment signed by such party, and
such signature shall be treated in all respects as having the same effect as an
original signature.

(c) Severability. The invalidity, illegality or unenforceability of any
provision in or obligation under this Amendment in any jurisdiction shall not
affect or impair the validity, legality or enforceability of the remaining
provisions or obligations under this Amendment or of such provision or
obligation in any other jurisdiction.

(d) No Third Party Beneficiaries. This Amendment shall be binding upon and inure
to the benefit of each party hereto and their respective successors and assigns.
No Person other than the parties hereto, their respective successors and assigns
and any other Lender, L/C Issuer or Revolver Agent shall have rights hereunder
or be entitled to rely on this Amendment, and all third-party beneficiary rights
are hereby expressly disclaimed.

(e) Section Titles. The section and subsection titles contained in this
Amendment are included for convenience only, shall be without substantive
meaning or content of any kind whatsoever, and are not a part of the agreement
between the Administrative Agent and the Required Lenders, on the one hand, and
the Borrower and Holdings on the other hand. Any reference in this Amendment to
any “Section” refers, unless the context otherwise indicates, to a section of
this Amendment.

[Remainder of Page Intentionally Left Blank; Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

BORROWER AND HOLDINGS:

APPVION, INC.,

a Delaware corporation, as Borrower

By:  

/s/ Thomas J. Ferree

  Name:   Thomas J. Ferree   Its:   SVP & CFO

PAPERWEIGHT DEVELOPMENT CORP.,

a Wisconsin corporation, as Holdings

By:  

/s/ Thomas J. Ferree

  Name:   Thomas J. Ferree   Its:   SVP & CFO

--------------------------------------------------------------------------------

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

/s/ J. PAUL MC DONNELL

  Name:   J. PAUL MC DONNELL   Title:   MANAGING DIRECTOR

 

[Appvion, Inc. – First Amendment to Credit Agreement]

--------------------------------------------------------------------------------

Name of Lender: JFIN CAPITAL 2013 LLC By:  

/s/ J. PAUL MC DONNELL

  Name:   J. PAUL MC DONNELL   Title:   MANAGING DIRECTOR Name of Lender: JFIN
FUND III LLC By:  

/s/ J. PAUL MC DONNELL

  Name:   J. PAUL MC DONNELL   Title:   MANAGING DIRECTOR Name of Lender: JFIN
CLO 2012 LTD By:  

JEFFERIES FINANCE LLC,

as Portfolio Manager

By:  

/s/ J. PAUL MC DONNELL

  Name:   J. PAUL MC DONNELL   Title:   MANAGING DIRECTOR Name of Lender: JFIN
CLO 2013 LTD By:  

JEFFERIES FINANCE LLC,

as Portfolio Manager

By:  

/s/ J. PAUL MC DONNELL

  Name:   J. PAUL MC DONNELL   Title:   MANAGING DIRECTOR

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

APIDOS CLO IX By: Its Collateral Manager CVC Credit Partners, LLC By:  

/s/ Oscar K. Anderson

  Name:   Oscar K. Anderson   Title:   MD/PM

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

APIDOS CLO X By: Its Collateral Manager CVC Credit Partners, LLC By:  

/s/ Oscar K. Anderson

  Name:   Oscar K. Anderson   Title:   MD/PM

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

APIDOS CLO XI By: Its Collateral Manager CVC Credit Partners, LLC By:  

/s/ Oscar K. Anderson

  Name:   Oscar K. Anderson   Title:   MD/PM

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

APIDOS CLO XII By: Its Collateral Manager CVC Credit Partners, LLC By:  

/s/ Oscar K. Anderson

  Name:   Oscar K. Anderson   Title:   MD/PM

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

APIDOS CLO XIV By: Its Collateral Manager CVC Credit Partners, LLC By:  

/s/ Oscar K. Anderson

  Name:   Oscar K. Anderson   Title:   MD/PM

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

APIDOS CLO XV By: Its Collateral Manager CVC Credit Partners, LLC By:  

/s/ Oscar K. Anderson

  Name:   Oscar K. Anderson   Title:   MD/PM

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Consumer Program Administrators, Inc. By:  

/s/ William J Morgan

  Name:   William J Morgan   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

JPMorgan Strategic Income Opportunities Portfolio By:  

/s/ William J Morgan

  Name:   William J Morgan   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

JPMorgan Chase Bank NA as Trustee of the JPMorgan Chase Retirement Plan By:  

/s/ William J Morgan

  Name:   William J Morgan   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

JPMorgan Floating Rate Income Fund By:  

/s/ William J Morgan

  Name:   William J Morgan   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Advanced Series Trust-AST JPMorgan Strategic Opportunities Portfolio By:  

/s/ William J Morgan

  Name:   William J Morgan   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

TRALEE CLO II, LTD By: Par-Four Investment Management, LLC As Collateral Manager
By:  

/s/ Dennis Gorczyca

  Name:   Dennis Gorczyca   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

WELLS FARGO PRINCIPAL LENDING, LLC By:  

/s/ GREG APKARIAN

  Name:   GREG APKARIAN   Title:   MANAGING DIRECTOR

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Shackleton II CLO, Ltd. By:   Alcentra NY, LLC By:  

/s/ Andrew Sieurin

  Name:   Andrew Sieurin   Title:   Credit Analyst

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Allstate Insurance Company By:  

/s/ CHRIS GOERGEN

  Name:   CHRIS GOERGEN   Title:   Authorized Signatory By:  

/s/ Peruvemba Satish

  Name:   Peruvemba Satish   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Prudential Investment Portfolios, Inc. 14 - Prudential Floating Rate Income Fund
By: Prudential Investment Management, Inc., as Investment Advisor By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXII Senior Loan Fund

By: Prudential Investment Management, Inc., as

Collateral Manager

By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXI Leveraged Loan CDO LLC By: Prudential Investment Management, Inc., as
Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XVIII Leveraged Loan 2007 Ltd. By: Prudential Investment Management,
Inc., as Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXIII Senior Loan Fund By: Prudential Investment Management, Inc., as
Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXVI Senior Loan Fund By: Prudential Investment Management, Inc., as
Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXV Senior Loan Fund By: Prudential Investment Management, Inc., as
Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXVIII Senior Loan Fund By: Prudential Investment Management, Inc., as
Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Dryden XXIV Senior Loan Fund By: Prudential Investment Management, Inc., as
Collateral Manager By:  

/s/ Joseph Lemanowicz

  Name:   Joseph Lemanowicz   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

FIFTH THIRD BANK By:  

/s/ Elizabeth A. Di Cola

Name:   Elizabeth A. Di Cola Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: [ FEIM High Yield Cayman Fund LTD ] By:  

/s/ Michael Grazidei

  Name:   Michael Grazidei   Its:  

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: [ First Eagle High Yield Fund ] By:  

/s/ Michael Grazidei

  Name:   Michael Grazidei   Its:  

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: [ New Eagle Holdings High Yield Fund ] By:  

/s/ Michael Grazidei

  Name:   Michael Grazidei   Its:  

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: [ First Eagle Global Income Builder Fund ] By:  

/s/ Michael Grazidei

  Name:   Michael Grazidei   Its:  

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: [ New Eagle Holdings Income Builder Fund ] By:  

/s/ Michael Grazidei

  Name:   Michael Grazidei   Its:  

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

Franklin Templeton Series II Funds - Franklin Floating Rate II Fund By:  

/s/ Richard Hsu

  Name:   Richard Hsu   Title:   Asst. Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Franklin Floating Rate Master Trust - Franklin Floating Rate Master Series By:  

/s/ Richard Hsu

  Name:   Richard Hsu   Title:   Asst. Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Franklin Investors Securities Trust - Franklin Floating Rate Daily Access Fund
By:  

/s/ Richard Hsu

  Name:   Richard Hsu   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Regatta II Funding LP

By: Napier Park Global Capital, LLC,

attorney-in-fact

By:  

/s/ Roger Yee

  Name:   Roger Yee   Title:   Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

Oakland Unified School District Supplemental Annuity Plan for Classified
Employees By:  

/s/ Drew Sweeney

As: Bradford & Marzec, LLC as Investment Advisor on behalf of the Oakland
Unified School District Supplemental Annuity Plan for Classified Employees,
account number 6746025203

Drew Sweeney

Portfolio Manager

Bradford & Marzec, LLC

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

 

Name:

Its:

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

Los Angeles County Metropolitan Transportation Authority Retiree Health Care and
Welfare Benefit Trust By:  

/s/ Drew Sweeney

As: Bradford & Marzec, LLC as Investment Advisor on behalf of the Los Angeles
County Metropolitan Transportation Authority Retiree Health Care and Welfare
Benefit Trust, account number 19-500679

Drew Sweeney

Portfolio Manager

Bradford & Marzec, LLC

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: BlueCross BlueShield of Tennessee By:   SKY Harbor Capital Management,
LLC as Advisor By:  

/s/ David Kinsley

  Name:   David Kinsley   Its:   Principal

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

Onex Senior Credit Fund, L.P. By: Onex Credit Partners, LLC, its investment
manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Consumer Program Administrators, Inc. By: Onex Credit Partners, LLC, its
investment manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Onex Senior Credit II, LP By: Onex Credit Partners, LLC, its investment manager
By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

OCP Credit Trust By: Onex Credit Partners, LLC, its manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

OCP CLO 2012-1, Ltd. By: Onex Credit Partners, LLC, as Portfolio Manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

OCP CLO 2012-2, Ltd. By: Onex Credit Partners, LLC, as Collateral Manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

OCP CLO 2013-3, Ltd. By: Onex Credit Partners, LLC, as Portfolio Manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

OCP CLO 2013-4, Ltd. By: Onex Credit Partners, LLC, as Portfolio Manager By:  

/s/ Paul Travers

  Name:   Paul Travers   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

LENDERS: KEYBANK NATIONAL ASSOCIATION By:  

/s/ JT TAYLOR

  Name:   JT TAYLOR   Its:   SVP

 

Acknowledged:

JEFFERIES FINANCE LLC,

a Delaware limited liability company,

as Administrative Agent

By:  

 

  Name:   Its:

--------------------------------------------------------------------------------

 

APOSTLE LOOMIS SAYLES

CREDIT OPPORTUNITIES FUND,

  As Lender   By:   Loomis, Sayles & Company. L.P.,     Its Investment Manager  
By:   Loomis, Sayles & Company, Incorporated,     Its General Partner By:  

/s/ Mary McCarthy

  Name:   Mary McCarthy   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

  APOSTLE LOOMIS SAYLES   SENIOR LOAN FUND,   As Lender   By:   Loomis, Sayles &
Company, L.P.,     Its Investment Manager   By:   Loomis, Sayles & Company,
Incorporated,     Its General Partner By:  

/s/ Mary McCarthy

  Name:   Mary McCarthy   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

    LOOMIS SAYLES SENIOR   FLOATING RATE & FIXED INCOME FUND,   As Lender   By:
  Loomis, Sayles & Company, L.P.,     Its Investment Adviser   By:   Loomis,
Sayles & Company, Incorporated,     Its General Partner By:  

/s/ Mary McCarthy

  Name:   Mary McCarthy   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

  LOOMIS SAYLES SENIOR FLOATING   RATE AND FIXED INCOME TRUST,   As Lender   By:
  Loomis Sayles Trust Company, LLC,     As Trustee of Loomis Sayles Senior
Floating Rate and Fixed Income Trust By:  

/s/ Mary McCarthy

  Name:   Mary McCarthy   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

  THE LOOMIS SAYLES   SENIOR LOAN FUND, LLC,   As Lender   By:   Loomis, Sayles
& Company, L.P.,     Its Managing Member   By:   Loomis, Sayles & Company,
Incorporated,     Its General Partner By:  

/s/ Mary McCarthy

  Name:   Mary McCarthy   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

  NATIXIS LOOMIS SAYLES   SENIOR LOAN FUND,   As Lender   By:   Loomis, Sayles &
Company, L.P.,     Its Investment Manager   By:   Loomis, Sayles & Company,
Incorporated,     Its General Partner By:  

/s/ Mary McCarthy

  Name:   Mary McCarthy   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Oppenheimer Capital Income Fund By:  

/s/ Jason Reuter

  Name:   Jason Reuter   Title:   AVP Brown Brothers Harriman & Co. acting as
agent for OppenheimerFunds, Inc.

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Oppenheimer Quest for Value Funds for the account of Oppenheimer Flexible
Strategies Fund By:  

/s/ Jason Reuter

  Name:   Jason Reuter   Title:   AVP Brown Brothers Harriman & Co. acting as
agent for OppenheimerFunds, Inc.

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Oppenheimer Master Loan Fund, LLC By:  

/s/ Jason Reuter

  Name:   Jason Reuter   Title:   AVP Brown Brothers Harriman & Co. acting as
agent for OppenheimerFunds, Inc.

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Oppenheimer Senior Floating Rate Fund By:  

/s/ Jason Reuter

  Name:   Jason Reuter   Title:   AVP Brown Brothers Harriman & Co. acting as
agent for OppenheimerFunds, Inc.

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

FCCI Insurance Company By:  

/s/ Kathleen News

  Name:   Kathleen News   Title:   Sr. Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

BATTALION CLO 2007-I, LTD. By: BRIGADE CAPITAL MANAGEMENT LLC As Collateral
Manager By:  

/s/ James Keogh

  Name:   James Keogh   Title:   Bank Debt Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

BATTALION CLO III LTD. By: BRIGADE CAPITAL MANAGEMENT LLC As Collateral Manager
By:  

/s/ James Keogh

  Name:   James Keogh   Title:   Bank Debt Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Battalion CLO IV Ltd. By: BRIGADE CAPITAL MANAGEMENT LLC As Collateral Manager
By:  

/s/ James Keogh

  Name:   James Keogh   Title:   Bank Debt Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Stichting Pensioenfonds Medische Specialisten By: Pioneer Institutional Asset
Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Stichting Pensioenfonds voor Huisartsen By: Pioneer Institutional Asset
Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Ascension Health Master Pension Trust - Pioneer By: Pioneer Institutional Asset
Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

CHIMCO Alpha Fund, LLC By: Pioneer Institutional Asset Management, Inc. As its
adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Met Investors Series Trust - Pioneer Strategic Income Portfolio By: Pioneer
Investment Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Metropolitan Water Reclamation District Retirement Fund By: Pioneer
Institutional Asset Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Dynamic Credit Fund By: Pioneer Investment Management, Inc. As its
adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Floating Rate Fund By:   Pioneer Investment Management, Inc. As its
adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Floating Rate Trust By:   Pioneer Investment Management, Inc. As its
adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Institutional Opportunistic Core Plus Portfolio By:   Pioneer
Institutional Asset Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Opportunistic Core Plus Fixed Income Trust By:   Pioneer Institutional
Asset Management, Inc. As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Strategic Income Fund By:   Pioneer Investment Management, Inc. As its
adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Pioneer Strategic Income VCT Portfolio By:   Pioneer Investment Management, Inc.
As its adviser By:  

/s/ maggie begley

  Name:   maggie begley   Title:   Vice President and Associate General Counsel

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Shackleton 2013-III CLO, Ltd. By:   Alcentra NY, LLC, as investment advisor By:
 

/s/ Andrew Sieurin

  Name:   Andrew Sieurin   Title:   Credit Analyst

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Shackleton I CLO, Ltd. By:   Alcentra NY, LLC, as investment advisor By:  

/s/ Andrew Sieurin

  Name:   Andrew Sieurin   Title:   Credit Analyst

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

ILLINOIS STATE BOARD OF INVESTMENT By: THL Credit Senior Loan Strategies LLC, as
Investment Manager By:  

/s/ Kathleen Zarn

  Name:   Kathleen Zarn   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

THL CREDIT WIND RIVER 2013-1 CLO LTD. By: THL Credit Senior Loan Strategies LLC,
as Investment Manager By:  

/s/ Kathleen A Zarn

  Name:   Kathleen A Zarn   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

THL Credit Bank Loan Select Master Fund, a Class of The THL Credit Bank Loan
Select Series Trust I By: THL Credit Senior Loan Strategies LLC, as Investment
Manager By:  

/s/ Kathleen Zarn

  Name:   Kathleen Zarn   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

THL Credit Wind River 2012-1 CLO Ltd. By: THL Credit Senior Loan Strategies LLC,
as Investment Manager By:  

/s/ Kathleen Zarn

  Name:   Kathleen Zarn   Title:   Managing Director

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2012-1, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2012-2, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2012-3, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2012-4, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2013-1, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2013-2, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Carlyle Global Market Strategies CLO 2013-3, Ltd. By:  

/s/ Michael Hadley

  Name:   Michael Hadley   Title:   Principal

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Kingsland III, Ltd. By: Kingsland Capital Management, LLC, as Manager By:  

/s/ Ursula Bernal

  Name:   Ursula Bernal   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Kingsland IV Ltd. By: Kingsland Capital Management, LLC, as Manager By:  

/s/ Ursula Bernal

  Name:   Ursula Bernal   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Kingsland V Ltd. By: Kingsland Capital Management, LLC, as Manager By:  

/s/ Ursula Bernal

  Name:   Ursula Bernal   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

--------------------------------------------------------------------------------

Kingsland VI By: Kingsland Capital Management, LLC as Manager By:  

/s/ Ursula Bernal

  Name:   Ursula Bernal   Title:   Portfolio Administrator

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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This consent is made by the following Lender, acting through the undersigned
investment advisor:

 

ACE American Insurance Company By: T. Rowe Price Associates, Inc. as investment
advisor By:  

/s/ Brian Rubin

  Name:   Brian Rubin   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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This consent is made by the following Lender, acting through the undersigned
investment advisor:

 

T. Rowe Price Floating Rate Fund, Inc. By:  

/s/ Brian Rubin

  Name:   Brian Rubin   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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This consent is made by the following Lender, acting through the undersigned
investment advisor:

 

T. Rowe Price Floating Rate Multi-Sector Account Portfolio By:  

/s/ Brian Rubin

  Name:   Brian Rubin   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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This consent is made by the following Lender, acting through the undersigned
investment advisor:

 

T. Rowe Price Institutional Floating Rate Fund By:  

/s/ Brian Rubin

  Name:   Brian Rubin   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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BLACKSTONE/GSO STRATEGIC CREDIT FUND

By: GSO / Blackstone Debt Funds Management LLC

 

as Collateral Manager

By:  

/s/ Dan Smith

  Name:   Dan Smith   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Blackstone / GSO Senior Floating Rate Term Fund By: GSO / Blackstone Debt Funds
Management LLC as Investment Advisor By:  

/s/ Dan Smith

  Name:   Dan Smith   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Emerson Park CLO Ltd. By: GSO / Blackstone Debt Funds Management LLC as
Collateral Manager By:  

/s/ Dan Smith

  Name:   Dan Smith   Title:   Authorized Signatory

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Ann Arbor Employee’s Retirement System, City of By: Bradford & Marzec, LLC as
Investment Advisor on behalf of the Ann Arbor Employee’s Retirement System, City
of, account number 17-99170/ANX01 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Eastern Band of Cherokee Indians By: Bradford & Marzec, LLC as Investment
Advisor on behalf of the Eastern Brand of Cherokee Indians, account number
17-12465 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Employees’ Retirement System of the State of Hawaii By: Bradford & Marzec, LLC
as Investment Advisor on behalf of the Employees’ Retirement System of the State
of Hawaii, account number 17-14428/HIE52 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Forest County Potawatomi Community of Wisconsin (Tribe) By: Bradford & Marzec,
LLC as Investment Advisor on behalf of the Forest County Potawatomi Community of
Wisconsin (Tribe), account number 080016215013 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Gila River Indian Community By: Bradford & Marzec, LLC as Investment Advisor on
behalf of the Gila River Indian Community, account number 1040014161 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Hamilton Health Care System By: Bradford & Marzec, LLC as Investment Advisor on
behalf of the Hamilton Health Care System, account number ZKY7 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Imperial County Employees’ Retirement System By: Bradford & Marzec, LLC as
Investment Advisor on behalf of the Imperial County Empoyees’ Retirement System,
account number P24736/43383 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Midwest Operating Engineers Pension Fund By: Bradford & Marzec, LLC as
Investment Advisor on behalf of the Midwest Operating Engineers Pension Fund,
account number 17-06210/MDP03 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Pension Fund of Local No. One, IATSE By: Bradford & Marzec, LLC as Investment
Advisor on behalf of the Pension Fund of Local No. One, IATSE, account number
G12F7861282 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Sheet Metal Workers Pension Plan of Northern California By: Bradford & Marzec,
LLC as Investment Advisor on behalf of the Sheet Metal Workers Pension Plan of
Northern California, account number MW2F3001042 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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The Weymouth Retirement System By: Bradford & Marzec, LLC as Investment Advisor
on behalf of the The Weymouth Retirement System, account number HCN4 By:  

/s/ Drew R. Sweeney

  Name:   Drew R. Sweeney   Title:   Portfolio Manager

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Muir Grove CLO, Ltd.

By: Tall Tree Investment Management, LLC

as Collateral Manager

By:  

/s/ Douglas L. Winchell

  Name:   Douglas L. Winchell   Title:   Officer

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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LENDER NAME By:   DWS Floating Rate Fund By:   Deutsche Investment Management
Americas, Inc. Investment Advisor By:  

/s/ James T. Anderson

  Name:   James T. Anderson   Title:   Managing Director By:  

/s/ Paula Penkal

  Name:   Paula Penkal   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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LENDER NAME By:   MT. WHITNEY SECURITIES INC., By:   Deutsche Investment
Management Americas Inc. As Manager By:  

/s/ James T. Anderson

  Name:   James T. Anderson   Title:   Managing Director By:  

/s/ Paula Penkal

  Name:   Paula Penkal   Title:   Vice President

 

[APPVION, INC. - FIRST AMENDMENT TO CREDIT AGREEMENT]

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Exhibit A to Amendment

ACKNOWLEDGMENT

Reference is hereby made to (a) the foregoing First Amendment to Credit
Agreement dated as of November 11, 2013 (the “Amendment”) by and among APPVION,
INC., a Delaware corporation (the “Borrower”), PAPERWEIGHT DEVELOPMENT CORP., a
Wisconsin corporation (“Holdings”), JEFFERIES FINANCE LLC, a Delaware limited
liability company, as Administrative Agent (in such capacity, the
“Administrative Agent”) for certain financial institutions from time to time
party to the Credit Agreement referred to below (each a “Lender” and
collectively the “Lenders”), and such Lenders, and (b) that certain Guarantee
and Collateral Agreement dated as of June 28, 2013 (as amended, restated,
amended and restated, supplemented or otherwise modified and in effect from time
to time), executed and delivered by APPVION CANADA LTD., a corporation formed
under the laws of the Province of Ontario (“Guarantor”), in favor of the
Administrative Agent. Capitalized terms used and not defined herein shall have
the respective meanings ascribed to them in the Credit Agreement referred to in
the Amendment.

Guarantor hereby (a) acknowledges receipt of a copy of the Amendment, and
(b) agrees that its respective Guaranty remains in full in force and effect with
respect to such Guarantor and that the terms and provisions of the Amendment do
not modify or otherwise affect in any way any of such Guarantor’s obligations
and liabilities under its respective Guaranty, all of which obligations and
liabilities are hereby ratified, confirmed and reaffirmed.

Remainder of Page Intentionally Left Blank -

Signature Pages Follow

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment as of the day and year first above written.

 

APPVION CANADA LTD.,

  a corporation formed under the laws

  of the Province of Ontario

By:       Name:   Its:

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Exhibit B to Amendment

Amendments to be Made to 2009 Intercreditor Agreement

 

    

Topic

  

Potential Amendments to ICA

1.    Documentation    To be substantially the same as the 2009 intercreditor
agreement, except as set forth below. 2.    Cap on First Lien Principal Amount
  

Increase cap to $525 million plus the accordion. $25 million DIP financing cap
will be added as additional post-bankruptcy cushion.

 

Secured Hedge Agreement Obligations and Secured Cash Management Obligations will
not be counted against the cap for any purpose

3.    Standstill Period    Shorten from 360 to 180 days 4.    Amendments to
First Lien Loan Documents   

Requisite second lien creditor consent will be required to:

 

(i) increase the interest rate by more than 2.5% (excluding increases due to the
application of the default rate (not to exceed 2% per annum) or changes in the
underlying reference rate);

 

(ii) extend a maturity date of the First Lien Credit Agreement or Refinancing
beyond the maturity of the second lien notes;

 

(iii) alter any mandatory repayment provision unless repayments are permitted to
be paid to permanently reduce second lien obligations; and

 

(iv) increase the principal amount of the obligations in excess of the first
lien cap.

5.    Amendments to Second Lien Note Documents   

Requisite first lien creditor consent will be required to:

 

(i) increase the principal amount of the second lien notes in excess of $250
million, plus any premium payable to holders of the second lien notes and
expenses in each case related to or in connection with the first refinancing
thereof, such premium and expenses not to exceed $25 million in the aggregate
(subject to compliance with the ICA and first lien credit agreement);

 

(ii) increase the interest rate by more than 2.5% (excluding increases due to
the application of the default rate (not to exceed 2% per annum) or changes in
the underlying reference rate);

 

(iii) modify or add any event of default in a manner materially adverse to the
loan parties;

 

(iv) modify or add any covenant in a manner that would make it materially more
restrictive to any obligor;

 

(v) accelerate any dates for scheduled payments of principal or interest or
decrease the weighted average life to maturity;

 

(vi) change any prepayment provisions in a manner adverse to first lien
creditors or obligors; and

 

(vii) increase the obligations of any obligor or confer additional material
rights on second lien creditors in a manner adverse to first lien creditors.

      No consent by first lien creditors or second lien creditors, as the case
may be, will be presumed based on the provision of notice of any proposed change
or refinancing. Any refinancing of the second lien notes or the first lien loans
must be pursuant to an indenture or other credit documentation, as applicable,
that complies with the ICA including the foregoing consent items. 6.   
DIP Financing by First Lien Lenders   

Will add a DIP financing cap of $25 million in excess of the pre-bankruptcy cap.

 

Secured Hedge Agreement Obligations and Secured Cash Management Obligations will
not be counted against the cap

7.    DIP Financing by Second Lien Creditors    Not permitted if one or more of
the first lien lenders have proposed a DIP financing, or if the DIP financing to
be provided by the second lien creditors will be secured by liens which prime or
are pari passu with the liens of the first lien lenders. 8.    Releases in
connection with Sale of Collateral   

Liens will be automatically released by the Second Lien Agent upon a release by
the First Lien Agent only (a) in connection with an enforcement action by the
First Lien Agent, during the continuation of a first-lien event of default or
during or in connection with an insolvency or liquidation proceeding or (b) to
the extent the sale is permitted by the second lien documents (as in effect on
the First Amendment Effective Date).

 

9.    Customary exculpatory provisions    Customary exculpatory provisions
relating to the Second Lien Agent to be included.