Document:

Exhibit
10.25

 

Execution Copy

 

AHC
I ACQUISITION CORP.

AKI
HOLDING CORP.

AKI,
INC.

1815
East Main Street

Chattanooga,
Tennessee 37404

 

September
30, 2004

 

PERSONAL AND CONFIDENTIAL

Mr.
William J. Fox

P.O. Box 893

Alpine,
New Jersey  07620-0893

 

Re:                             Agreement Regarding Terms of Resignation from
Employment And Release

 

Dear Mr. Fox:

 

This agreement
(the “Agreement”) sets forth the terms of your separation from
employment.

 

1.               In
consideration of the terms hereof, your employment with each of AHC I
Acquisition Corp. (“AHC”), AKI Holding Corp. (“AKI Holdings”) and
AKI, Inc. (“AKI” and, together with AHC and AKI Holdings, the “Company”)
and their subsidiaries shall end pursuant to your resignation, which shall be
effective as of the closing of the merger of AHC Merger, Inc. with and into AHC
(the “Separation Date”).

 

2.               In
addition to any unpaid wages you have earned through the Separation Date and
whatever vested rights you may have under the Company’s 401(k) defined
contribution plan (the “401(k) Plan”), you shall receive the payments
and benefits listed in paragraphs (a) – (c) below, less any applicable payroll
deductions required by law.  These
payments and benefits will be in lieu of any other payments, severance compensation
or benefits to which you otherwise might be entitled, including, 

 

 

without limitation, in respect of that certain
employment agreement between you and the Company dated as of January 27, 1999
(as amended, the “Employment Agreement”).

 

(a)                                  You
will be entitled to (i) a cash severance payment of $1,787,113 on the first
business day following the effectiveness of this Agreement pursuant to
paragraph 19 hereof (the “Payment Date”); (ii) aggregate cash severance
payments of $1,787,113, payable in six equal installments of $297,852 on the
first day of each month beginning with the first month following the Separation
Date (such period from the Separation Date through the final payment under this
clause (ii), the “Severance Period”); provided, however,
that any payment hereunder that is scheduled to be made on January 1, 2005
shall instead be made on December 31, 2004; (iii) a cash payment of $214,373
representing a prorated fiscal year 2005 bonus assuming a Separation Date of
September 30, 2004, to be increased by an amount equal to $2,330 multiplied by
the number of days that the Separation Date occurs after September 30, 2004,
payable with the final installment paid pursuant to clause (ii) above; and
(iv) two weeks of accrued vacation days to be paid on the Payment Date.

 

(b)                                 In
accordance with Section 6(c)(iii) of the Employment Agreement, you will be
entitled to reimbursement for all out-of-pocket expenses with respect to which
you are entitled pursuant to Section 4(c) of the Employment Agreement through
the Separation 

 

2

 

Date, which shall include reasonable attorneys’ fees
incurred with respect to the negotiation and execution of this Agreement,
within ten business days of your submission of evidence of such out-of-pocket
expenses.

 

(c)                                  In
accordance with Section 6(c)(v) of the Employment Agreement, the Company shall
pay your premiums during the applicable COBRA period for your COBRA
continuation coverage under the Company’s medical, dental and supplemental
medical insurance policies, as in effect from time to time and as such may be
modified, amended or replaced, under which you and your family members enrolled
as of the date hereof are covered pursuant to the Employment Agreement
immediately prior to the Separation Date; provided, that if any such policies
are modified, amended or replaced, coverage, taken as a whole, comparable to
the coverage provided by such policies as in effect immediately prior to the
Separation Date will be provided to such persons.

 

3.               Subject
to paragraph 8 hereof, you will be entitled to retain the BlackBerry wireless
handheld device and the two Company computers that are in your possession as of
the date hereof, it being understood that the Company is not obligated to, and
shall not, provide any support or servicing with respect to such BlackBerry and
computers.

 

4.               You
will not earn or be eligible for any additional benefits under any employee
benefit plan sponsored by the Company as of the Separation Date, including 

 

3

 

your family coverage under any benefit plan, except as
otherwise specifically provided in this Agreement or as required by law.

 

5.               You
affirmatively represent that you have not filed nor caused to be filed any
charges, claims, complaints, or actions against the Company before any federal,
state, or local administrative agency, court, arbitration facilitator, or other
forum.

 

6.               In
consideration of the terms hereof, you agree to and do waive any actual or
potential claims in any way related to or arising from your employment with or
separation from the Company or any of its subsidiaries and any claims you may
have for employment by the Company and agree not to seek employment or
reemployment by the Company or its affiliates in the future.  You further agree to and do release and
forever discharge the Company, its subsidiaries and affiliates and their
respective past and present officers, directors, shareholders, employees and
agents from any and all claims and causes of action, known or unknown, arising
out of or relating to your employment by or with the Company or any of its
subsidiaries or the termination thereof, including, but not limited to wrongful
discharge, breach of contract, tort, fraud, defamation, the Civil Rights laws,
the Americans with Disabilities Act, Age Discrimination in Employment Act, the
Employee Retirement Income Security Act, or any other federal, state or local
law relating to employment or discrimination in employment, or otherwise;
provided, however, that no such release contained in this paragraph 6 shall be
deemed to include a waiver of any right that you may have to director and
officer liability insurance and indemnification.  The Company agrees to and does waive any actual or potential
claims in any way related to or arising from your employment with the Company
or any 

 

4

 

of its subsidiaries. 
The foregoing waivers and releases shall not affect the rights of the
parties hereto to enforce the terms of this Agreement.

 

7.               Concurrently
with your execution of this Agreement, you agree to, and do hereby, resign from
all directorships and officerships held by you with the Company and any of its
subsidiaries or affiliates (including any position as a trustee or board member
of any Company retirement plan) and, if requested, you shall execute and
deliver one or more letters in form and substance satisfactory to the Company
further evidencing such resignations. 
You acknowledge that, effective as of the Separation Date, you are no
longer the President and Chief Executive Officer of the Company and are no
longer a director of the Company and any of its subsidiaries or affiliates.

 

8.               You
represent and warrant that you have returned to the Company all proprietary
documents and other property material to the business of the Company which are
in your possession or control, including, without limitation, any customer and
vendor data, specifications and pricing, product information and know how and
you further represent and warrant that you have not retained copies of any such
proprietary documents, excluding publicly available documents and documents
relating directly to your own compensation and employee benefits.

 

9.               You
acknowledge that in the course of your employment with the Company and its
subsidiaries you have acquired information relating to the business or affairs
of the Company or any subsidiary corporation or parent corporation of the
Company, including, but not limited to, information relating to financial
statements, customer identities, potential customers, employees, sales
representatives, suppliers, servicing methods, equipment programs, strategies
and information, analyses, profit 

 

5

 

margins or other proprietary information used by the
Company or any subsidiary corporation or parent corporation of the Company (“Confidential
Information”).  You agree that you
will keep such Confidential Information confidential pursuant to your duty to
protect the Company’s trade secrets and confidential information and the terms
of Section 8 of the Employment Agreement. 
You acknowledge and agree that, for a period of two years after the
Separation Date, you remain subject to certain non-competition and non-solicitation
provisions contained in Sections 9 and 10 of the Employment Agreement and
certain provisions regarding intellectual property contained in Section 12 of
the Employment Agreement.  You also
agree that you will be entitled to receive the payments and benefits set forth
in paragraphs 2(a) - (c) above if, and only if, you do not breach the
confidentiality, non-competition, non-solicitation and post-employment property
provisions of Sections 8, 9, 10 and 12 of the Employment Agreement.

 

10.  (a)             The parties intend that this Agreement be
and is confidential.  You warrant that
you have not and agree that you will not in the future disclose the terms of
this Agreement, or the terms of compensation to be paid by the Company to you
as part of this Agreement, to any person other than your attorneys, spouse, tax
advisors, investment bankers, bankers, accountants, other professional advisors
or representatives of the E.E.O.C., any Department of Human or Civil Rights or
any fair employment practices agency, who shall be bound by the same
prohibitions against disclosure as bind you, and you shall be responsible for
advising these individuals of this confidentiality provision and obtaining
their commitment to 

 

6

 

maintain such
confidentiality.  You shall not provide
or allow to be provided to any person this Agreement, or any copies thereof nor
shall you now or in the future disclose in any way any information concerning
any of your purported claims, charges and causes of action against the Company
to any person, with the sole exception of communications with your spouse,
investment bankers, bankers, attorneys and tax advisors, accountants and other
professional advisors unless otherwise ordered to do so by a court or agency of
competent jurisdiction.

 

(b)                                 The
Company similarly agrees not to disclose the terms of this Agreement or the
compensation paid to you, to any person other than officers, directors, and
other persons as the Company deems as having a need to know, accountants and
auditors, attorneys, tax advisors, Board Members, representatives of the
E.E.O.C. or any fair employment practices agency, and such other disclosures as
may be required by law, court, arbitrator, or agency of competent jurisdiction,
or as may be necessary to enforce the terms of this Agreement.

 

11.         The
confidentiality and non-disparagement provisions of this Agreement have
substantially induced the parties to enter into this Agreement.  Any violation by one party to this Agreement
of the confidentiality and/or non-disparagement provisions of this Agreement
shall entitle the other party to bring a legal action for appropriate equitable
relief as well as damages, including reasonable attorneys’ fees. In 

 

7

 

addition to any other rights or remedies available at
law, in equity, or by statute, the parties consent to the specific enforcement
of the confidentiality and non-disparagement provisions of this Agreement
through an injunction or restraining order issued by an appropriate court.

 

12.         Neither
by offering to make nor by making this Agreement does any party admit any
failure of performance, wrongdoing, or violation of law.

 

13.         The
parties hereto shall mutually agree upon the language to be contained in any
press release announcing your resignation; provided, however, that in the event
the parties, acting in good faith, are unable to agree upon the language of
such press release, the Company shall be permitted to issue a press release
stating that you have left the Company to pursue other interests.  The parties agree that they will not make a
public statement inconsistent with such press release.

 

14.         You
agree that after the date hereof (i) you will not make any negative or
unfavorable statements or communications or in any way denigrate, defame or
disparage the Company or any of its affiliates, directors, officers, employees,
Jostens Holding Corp. or its affiliates, DLJ Merchant Banking II, Inc. or its
affiliates or KKR Millennium Fund L.P. or its affiliates and (ii) you will use
all reasonable efforts to prevent any of your affiliates, including any family
member and all other persons or entities over which you can be reasonably
expected to exert significant influence from engaging in any such activity.  You agree that any breach of this paragraph
14 will cause such persons described above substantial and irrevocable damage
and therefore in the event of any such breach, in addition to all other
remedies which may be available, the 

 

8

 

Company shall have the right to seek specific
performance and injunctive relief or any other equitable remedy which may then
be available.

 

The Company agrees that
after the date hereof (i) it will not make any negative or unfavorable
statements or communications or in any way denigrate, defame or disparage you
and (ii) the Company will use all reasonable efforts to prevent any of its
affiliates (including Jostens Holding Corp., DLJ Merchant Banking II, Inc. and
KKR Millennium Fund L.P. or their respective affiliates), directors, officers,
employees and all other persons or entities over which it can be reasonably
expected to exert significant influence from engaging in any such
activity.  The Company agrees that any
breach of this paragraph 14 will cause you substantial and irrevocable damage
and therefore in the event of any such breach, in addition to all other
remedies which may be available, you shall have the right to seek specific
performance and injunctive relief or any other equitable remedy which may then
be available.

 

15.         Any
claim by one party of a breach of this Agreement by another party, if not
resolved by the parties, shall be submitted by any of the parties to final and
binding arbitration before a single arbitrator selected by the American Arbitration
Association in New York City; provided, however, that if any party seeks
injunctive relief to prohibit violation of this Agreement, the party seeking
such relief shall be entitled to do so in a court of law, including without
limitation, the Supreme Court of the State of New York, County of New
York.  The arbitrator shall be governed
by the terms of this Agreement and the Employment Dispute Resolution Rules of
the American Arbitration Association. 
The award of the arbitrator may be entered as a judgment in any court of
competent jurisdiction.  Any arbitration
proceeding hereunder shall be conducted 

 

9

 

in such a manner as to preserve to the maximum extent
possible the confidentiality of all information subject to restrictive
covenants referenced hereunder.

 

16.         This
Agreement sets forth the entire understanding of the parties and supersedes any
and all prior agreements, oral or written, relating to your employment by or
with the Company and its subsidiaries or the termination thereof and any
payments, severance compensation or other benefits due or payable to you upon
termination of employment; provided, however that Sections 9, 10 and 12 of the
Employment Agreement shall be incorporated herein and shall survive termination
of the Employment Agreement.  This
Agreement may not be modified except by a writing, signed by you and by a duly
authorized officer of the Company.  This
Agreement shall be binding upon your heirs and personal representatives, and
the successors and assigns of the Company. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

 

17.         Whenever
possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction,
but this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never
been contained herein.

 

18.         This
Agreement may be executed in separate counterparts, each of which is deemed to
be an original and all of which taken together constitute one and the same
Agreement.

 

10

 

19.         Notwithstanding
anything in this Agreement to the contrary, this Agreement will be of no force
or effect until eight (8) calendar days after you duly execute the Agreement,
unless earlier revoked pursuant to paragraph 21 hereto.

 

20.         You
acknowledge that before entering into this Agreement, you have had the
opportunity to consult with any attorney or other advisor of your choice, and
you have been advised to do so if you choose. 
You further acknowledge that you have entered into this Agreement of
your own free will, and that no promises or representations have been made to
you by any person to induce you to enter into this Agreement other than the
express terms set forth herein.  You
further acknowledge that you have read this Agreement and understand all of its
terms, including the waiver and release of claims set forth in paragraph 6
above.  You further acknowledge that the
Company has given you at least twenty-one (21) days from the date you received
a copy of this Agreement to decide whether you want to sign it.  You acknowledge that this Agreement conforms
with the Older Workers Benefit Protection Act.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

11

 

21.         If
the foregoing is acceptable to you, please sign and date a copy of this
Agreement and return it to David Durkin at DLJ Merchant Banking II, Inc.,
Eleven Madison Avenue, 16th Floor, New York, New York 10010.  You may revoke the Agreement after signing
it, but only by delivering a signed revocation notice to David Durkin within
seven (7) days of your signing this Agreement, in which event the Company shall
have no obligations to you hereunder.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  AHC
  I ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  David A. Durkin

  
	
   

  	
   

  	
  Name:
  David A. Durkin

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President and Assistant 

  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AKI
  HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  David A. Durkin

  
	
   

  	
   

  	
  Name:
  David A. Durkin

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President and Assistant 

  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AKI,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  David A. Durkin

  
	
   

  	
  Name:
  David A. Durkin

  
	
   

  	
  Title:

  	
  Vice
  President and Assistant 

  Secretary

  
	
   

  
	
  Accepted
  and Agreed:

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  William J. Fox

  	
   

  
	
  William
  J. Fox

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  September
  29, 2004

  	
   

  
	
  Date
  Signed

  	
   

  
						

 

12Exhibit
10.26

 

EXECUTION COPY

 

AMENDMENT NO. 1 AND AGREEMENT dated as of December 21, 2004 (this “Amendment”), to the Credit
Agreement dated as of October 4, 2004, among JOSTENS IH CORP., a Delaware
corporation (the “Borrower”), 
JOSTENS CANADA LTD., a Manitoba corporation (the “Canadian Borrower”),
JOSTENS SECONDARY HOLDINGS CORP., a Delaware corporation (“Holdings”),
the lending institutions from time to time parties thereto (each a “Lender”
and, collectively, the “Lenders”), CREDIT SUISSE FIRST BOSTON, as
Administrative Agent (in such capacity, the “Administrative Agent”), and
CREDIT SUISSE FIRST BOSTON TORONTO BRANCH, as Canadian Administrative Agent.

 

A.            Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement.

 

B.            The
Borrower has requested that the Credit Agreement be amended to, among other
things, provide for new Tranche C Term Loans, the proceeds of which will be
used to repay in full all currently outstanding Tranche B Term Loans.

 

C.            Each
existing Lender with a Tranche B Term Loan Commitment or with outstanding
Tranche B Term Loans (an “Existing Tranche B Term Loan Lender”) that
executes and delivers a signature page to this Amendment specifically in the
capacity of a Continuing Lender (a “Continuing Lender”) will be deemed
upon the First Amendment Effective Date to have agreed to the terms of this
Amendment and to have made a commitment to make Tranche C Term Loans in an
aggregate principal amount up to, but not in excess of, the aggregate principal
amount of such Existing Tranche B Term Loan Lender’s outstanding Tranche B Term
Loans immediately prior to the First Amendment Effective Date (“Existing
Tranche B Term Loans”).  Each
Existing Tranche B Term Loan Lender that executes and delivers this Amendment
solely in the capacity as an Existing Tranche B Term Loan Lender and not
specifically as a Continuing Lender shall be deemed to have agreed to this
Amendment, but will not be deemed by virtue of such execution and delivery to
have undertaken any commitment to make Tranche C Term Loans.

 

D.            Each
Person (other than a Continuing Lender in its capacity as such) that agrees to
make Tranche C Term Loans (an “Additional Lender”) will, on the First
Amendment Effective Date, make such Tranche C Term Loans to the Borrower in the
manner contemplated by Section 3 hereof. 
The cash proceeds to the Borrower of any such Tranche C Term Loans will
be used solely to repay in full the outstanding principal amount of Existing
Tranche B Term Loans of Existing Tranche B Term Loan Lenders (other than any
such Existing Tranche B Term Loans refinanced pursuant to an exchange

 

 

thereof for
Tranche C Term Loans as provided herein) and to pay fees and expenses in
connection with such prepayments and with this Amendment.

 

E.             The
Required Lenders are willing to effect such amendment (and the other amendments
set forth herein), and the Continuing Lenders and the Additional Lenders are
willing to make Tranche C Term Loans as contemplated hereby, in each case on
the terms and subject to the conditions of this Amendment.

 

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

 

SECTION 1.  Amendment of the Credit Agreement.  The Credit Agreement is hereby amended,
effective as of the First Amendment Effective Date, as follows:

 

(a)  Amendment of Preliminary Statement.  The third paragraph of the preliminary
statement to the Credit Agreement is amended by deleting the language appearing
in the parenthetical in the fifth and sixth lines thereof in its entirety.

 

(b)  Amendment of Section 1.1 Section 1.1 of
the Credit Agreement is hereby amended by

 

(i)  inserting the definitions of the following
terms in appropriate alphabetical order therein:

 

“Continuing Lenders” shall mean those Lenders
under the Credit Agreement immediately prior to the First Amendment Effective
Date that execute and deliver a signature page to the First Amendment
specifically in the capacity of a “Continuing Lender”.

 

“First Amendment”
shall mean Amendment No. 1 and Agreement to this Agreement dated as of December
21, 2004.

 

“First Amendment Effective Date” shall have the
meaning provided in the First Amendment.

 

“New Tranche C Term Loan Commitments” shall
have the meaning provided in Section 2.15.

 

“New Tranche C Term Loan Lender” shall have the
meaning provided in Section 2.15.

 

“New Tranche C Term Loan Maturity Date” shall
mean the date on which a New Tranche C Term Loan matures.

 

2

 

“New Tranche C Term Loans” shall have the
meaning provided in Section 2.15.

 

“Required Tranche C Term Loan Lenders” shall
mean, at any date, Non-Defaulting Lenders having or holding a majority of the
sum of (a) the portion of the Adjusted Total Term Loan Commitment that relates
to Tranche C Term Loan Commitments at such date and (b) the outstanding
principal amount of the Tranche C Term Loans (excluding Tranche C Term Loans
held by Defaulting Lenders) in the aggregate at such date.

 

“Tranche C
Repayment Amount” shall have the meaning provided in Section 2.5(c).

 

“Tranche C
Repayment Date” shall have the meaning provided in Section 2.5(c).

 

“Tranche C
Term Loan” shall mean a Loan made to the Borrower in Dollars on the First
Amendment Effective Date pursuant to Section 3 of the First Amendment.  On the First Amendment Effective Date, the
aggregate principal amount of the Tranche C Term Loans shall be $870,000,000.

 

“Tranche C Term Loan
Commitment” shall mean, with respect to each Lender, the amount (if any) set
forth opposite such Lender’s name on Schedule I of the First
Amendment as such Lender’s “Tranche C Term Loan Commitment” The aggregate
amount of the Tranche C Term Loan Commitments as of the First Amendment
Effective Date is $870,000,000.

 

“Tranche C Term Loan
Lender” shall mean a Lender with a Tranche C Term Loan Commitment or an outstanding
Tranche C Term Loan.

 

“Tranche C Term
Loan Maturity Date” shall mean the date which is seven years after the Closing
Date or, if such date is not a Business Day, the first Business Day thereafter.;

 

(ii)  amending and restating the definition of each
of the following terms in Section 1.1 of the Credit Agreement in their entirety
to read as follows:

 

“Applicable ABR Margin” shall mean at any date,
with respect to each ABR Loan, Cdn ABR Loan and Canadian Prime Loan that is a
Tranche A Term Loan, Tranche C Term Loan, Revolving Credit Loan or Swingline
Loan, the applicable percentage per annum set
forth below based upon the Status in effect on such date:

 

3

 

	
  Status

  	
   

  	
  Applicable ABR Margin for

  Tranche A Term Loans,

  Revolving Credit and Swingline Loans

  (including ABR Loans, Cdn ABR

  Loans and Canadian Prime Loans)

  	
   

  	
  Applicable ABR Margin for

  Tranche C Term Loans

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Level I
  Status

  	
   

  	
  1.50

  	
  %

  	
  1.25

  	
  %

  
	
  Level II
  Status

  	
   

  	
  1.25

  	
  %

  	
  1.25

  	
  %

  
	
  Level III
  Status

  	
   

  	
  1.00

  	
  %

  	
  1.00

  	
  %

  
	
  Level IV
  Status

  	
   

  	
  0.75

  	
  %

  	
  1.00

  	
  %

  

 

Notwithstanding the foregoing, the term “Applicable ABR
Margin” shall mean, (i) with respect to each ABR Loan, Cdn ABR Loan and
Canadian Prime Loan that is a Tranche A Term Loan, Revolving Credit Loan or
Swingline Loan, 1.50% per annum,
during the period from and including the Closing Date to but excluding the
Initial Financial Statement Delivery Date and (ii) with respect to each ABR
Loan that is a Tranche C Term Loan, 1.25% per annum during
the period from and including the First Amendment Effective Date to but
excluding the Initial Financial Statement Delivery Date.

 

“Applicable LIBOR Margin” shall mean at any
date, with respect to each LIBOR Loan that is a Tranche A Term Loan, a
Tranche C Term Loan or a Revolving Credit Loan, the applicable percentage per annum set forth below based upon the Status in effect on
such date:

 

	
  Status

  	
   

  	
  Applicable LIBOR Margin for

  Tranche A Term Loans

  and Revolving Credit Loans

  	
   

  	
  Applicable LIBOR Margin

  for Tranche C Term Loans

  	
   

  
	
  Level I
  Status

  	
   

  	
  2.50

  	
  %

  	
  2.25

  	
  %

  
	
  Level II
  Status

  	
   

  	
  2.25

  	
  %

  	
  2.25

  	
  %

  
	
  Level III
  Status

  	
   

  	
  2.00

  	
  %

  	
  2.00

  	
  %

  
	
  Level IV
  Status

  	
   

  	
  1.75

  	
  %

  	
  2.00

  	
  %

  

 

Notwithstanding the foregoing, the term “Applicable
LIBOR Margin” shall mean, (i) with respect to each LIBOR Loan that is a Tranche
A Term Loan or a Revolving Credit Loan, 2.50% per annum,
during the period from and including the Closing Date to but excluding the
Initial Financial Statement Delivery Date and (ii) with respect to each LIBOR
Loan that is a Tranche C Term Loan, 2.25% per annum during
the period from and including the First Amendment Effective Date to but
excluding the Initial Financial Statement Delivery Date.

 

“Lender” shall
have the meaning provided in the preamble to this Agreement and shall include (a)
the Persons listed on Schedule 1.1(c),

 

4

 

(b) effective as of
the First Amendment Effective Date, the Persons listed on Schedule I to the
First Amendment (as appended to the First Amendment on the First Amendment
Effective Date) and (c) any other Person that becomes a party hereto pursuant
to an Assignment and Acceptance, in each case other than any such Person that
ceases to be a party hereto pursuant to an Assignment and Acceptance or
otherwise ceases to have any Loans or Commitments hereunder.

 

(iii)  in the definition of “Borrowing”, deleting
the words “Delayed Draw Date” appearing in each of the third and fourth lines
thereof and replacing them with the words “First Amendment Effective Date”;

 

(iv)  in the definition of “Class”, (A)
deleting the words “Tranche B Term Loans” appearing in the third line thereof
and replacing them with the words “Tranche C Term Loans”, (B) deleting the
words “New Tranche B Term Loans” appearing in the third and fourth lines
thereof and replacing them with the words “New Tranche C Term Loans”, (C)
deleting the words “Tranche B Term Loan Commitment” appearing in the sixth and
seventh lines thereof and replacing them with the words “Tranche C Term Loan
Commitment” and (D) deleting the words “New Tranche B Term Loan Commitment”
appearing in the seventh line thereof and replacing them with the words “New
Tranche C Term Loan Commitment”;

 

(v)  in the definition of “Commitment Fee Rate”,
deleting the words “, the Available Canadian Commitment and the Available
Tranche B Term Loan Commitment” appearing in the second and third lines thereof
and replacing them with the words “and the Available Canadian Commitment”;

 

(vi)  in the definition of “Commitments”,
deleting the words “New Tranche B Term Loan Commitment” appearing in the third
line thereof and replacing them with the words “New Tranche C Term Loan
Commitment”;

 

(vii)  in the definition of “Guarantee and
Collateral Exception Amount”, deleting the words “New Tranche B Term Loan
Commitments” appearing in the sixth and seventh lines thereof and replacing
them with the words “New Tranche C Term Loan Commitments”;

 

(viii)  in the definition of “Loan”, deleting
the words “New Tranche B Term Loan” appearing in the second line thereof and
replacing them with the words “New Tranche C Term Loan”;

 

(ix)  in the definition of “Maturity Date”, (A)
deleting the words “Tranche B Term Loan Maturity Date” appearing in the first
and second lines thereof and replacing them with the words “Tranche C Term Loan
Maturity Date” and (B) deleting the words “New Tranche B Term Loan Maturity
Date” appearing in the

 

5

 

second line thereof and
replacing them with the words “New Tranche C Term Loan Maturity Date”;

 

(x)  in the definition of “Repayment Amount”,
deleting the words “Tranche B Repayment Amount” appearing in the second line
thereof and replacing them with the words “Tranche C Repayment Amount”;

 

(xi)  in the definition of “Repayment Date”,
deleting the words “Tranche B Repayment Date” appearing in the first and second
lines thereof and replacing them with the words “Tranche C Repayment Date”;

 

(xii)  in the definition of “Term Loans”,
deleting the words “Tranche B Term Loans” appearing in the first and second
lines thereof and replacing them with the words “Tranche C Term Loans”;

 

(xiii)  in the definition of “Term Loan Commitment”,
deleting the words “Tranche B Term Loan Commitment” appearing in the second
line thereof and replacing them with the words “Tranche C Term Loan Commitment”;

 

(xiv)  in the definition of “Term Loan Lenders”,
deleting the words “Tranche B Term Loan Lenders” appearing in the second line
thereof and replacing them with the words “Tranche C Term Loan Lenders”;

 

(xv)  in the definition of “Total Term Loan
Commitment”, (A) deleting the words “Tranche B Term Loan Commitments” appearing
in the second line thereof and replacing them with the words “Tranche C Term
Loan Commitments” and (B) deleting the words “New Tranche B Term Loan
Commitments” appearing in the second and third lines thereof and replacing them
with the words “New Tranche C Term Loan Commitments”; and

 

(xvi)  deleting the following definitions in their
entirety:  “Available Tranche B Term
Loan Commitment”, “Delayed Draw Date”, “New Tranche B Term Loans”,
“New Tranche B Term Loan Commitments”, “New Tranche B Term Loan
Lender”, “New Tranche B Term Loan Maturity Date”, “Required
Tranche B Term Loan Lenders”, “Tranche B Repayment Amount”, “Tranche
B Repayment Date”, “Tranche B Term Loan”, “Tranche B Term Loan
Commitment”, “Tranche B Term Loan Lender” and “Tranche B Term
Loan Maturity Date”.

 

(c)  Amendment of Section 2.1. (i)  Section 2.1(a)(ii) is amended and restated in
its entirety to read as follows:

 

“(ii) each Lender having
a Tranche C Term Loan Commitment severally agrees, pursuant to the First
Amendment, to make a Tranche C Term Loan

 

6

 

or Tranche C Term Loans
to the Borrower on the First Amendment Effective Date, which Tranche C Term
Loans in the aggregate for any such Lender shall not exceed the Tranche C Term
Loan Commitment of such Lender and in the aggregate for all such Lenders shall
not exceed $870,000,000; provided that each Continuing Lender having a
Tranche C Term Loan Commitment shall make Tranche C Term Loans on the First
Amendment Effective Date by exchanging its existing term loans designated as “Tranche
B Term Loans” under the Credit Agreement immediately prior to the First
Amendment Effective Date for Tranche C Term Loans in the manner contemplated by
Section 3 of the First Amendment.”

 

(ii)  The second paragraph of Section 2.1(a) is
hereby amended by (A) deleting the words “Delayed Draw Date” appearing in the
first and second lines thereof and replacing them with the words “First
Amendment Effective Date”, (B) deleting the words “Tranche B Term Loan
Commitment” appearing in clause (iv) thereof and replacing them with the words “Tranche
C Term Loan Commitment”, (C) deleting the words “Tranche B Term Loan
Commitments” appearing in clause (v) thereof and replacing them with the words “Tranche
C Term Loan Commitments” and (D) deleting the last sentence of such paragraph
in its entirety and replacing it with the following sentence: “On the Tranche C
Term Loan Maturity Date, all Tranche C Term Loans shall be repaid in full.”.

 

(d)  Amendment of Section 2.3.  Section 2.3(a) is amended by deleting the
words “Delayed Draw Date” appearing in the twelfth line thereof and replacing
them with the words “First Amendment Effective Date”.

 

(e)  Amendment of Section 2.5.  Section 2.5 is amended by:

 

(i)  deleting clause (ii) appearing in the first
sentence of paragraph (a) thereof in its entirety and replacing it with the
following: “(ii) on the Tranche C Term Loan Maturity Date, the then-unpaid
Tranche C Term Loans, in Dollars.”;

 

(ii)  deleting the lead-in sentence above the table
appearing in paragraph (c) thereof in its entirety and replacing it with the
following: “The Borrower shall repay to the Administrative Agent, in Dollars,
for the benefit of the Tranche C Term Loan Lenders, on each date set forth
below (each a “Tranche C Repayment Date”), the principal amount of the
Tranche C Term Loans equal to (x) the outstanding principal amount of Tranche C
Term Loans immediately after funding on the First Amendment Effective Date
multiplied by (y) the percentage set forth below opposite such Tranche C Repayment
Date (each a “Tranche C Repayment Amount”):”;

 

7

 

(iii)  deleting the words “Tranche B Repayment
Amount” appearing at the top of the second column in the table in paragraph (c)
thereof and replacing them with the words “Tranche C Repayment Amount”; and

 

(iv)  deleting the words “Tranche B Term Loan
Maturity Date” appearing at the bottom of the first column in the table in
paragraph (c) thereof and replacing them with the words “Tranche C Term Loan
Maturity Date”.

 

(f)  Amendment of Section 2.7.  Section 2.7 is amended by (i) deleting the
words “New Tranche B Term Loans” appearing in the eighth line thereof and
replacing them with the words “New Tranche C Term Loans” and (ii) deleting the
words “New Tranche B Term Loan Commitments” appearing in the ninth and tenth
lines thereof and replacing them with the words “New Tranche C Term Loan
Commitments”.

 

(g)  Amendment of Section 2.8.  Section 2.8 is amended by deleting the words “Tranche
B Term Loan” appearing in the sixth line of paragraph (c) thereof and replacing
them with the words “Tranche C Term Loan”.

 

(h)  Amendment of Section 2.15.  Section 2.15 is amended by (i) deleting the
words “New Tranche B Term Loan commitments” appearing in the second and third
lines of the first sentence thereof and replacing them with the words “New
Tranche C Term Loan commitments”, (ii) deleting the words “New Tranche B Term
Loan Commitments” in each instance in such section and replacing them with the
words “New Tranche C Term Loan Commitments”, (iii) deleting the words “New
Tranche B Term Loans” in each instance in such section and replacing them with
the words “New Tranche C Term Loans”, (iv) deleting the words “New Tranche B
Term Loan Lenders” in each instance in such section and replacing them with the
words “New Tranche C Term Loan Lenders”, (v) deleting the words “Tranche B Term
Loans” in each instance in such section and replacing them with the words “Tranche
C Term Loans”, (vi) deleting the words “New Tranche B Term Loan Maturity Date”
in each instance in such section and replacing them with the words “New Tranche
C Term Loan Maturity Date”, (vii) deleting the words “New Term Tranche B Term
Loans” appearing in clause (iii) to the proviso in the third paragraph thereof
and replacing them with the words “New Tranche C Term Loans” and (viii)
deleting the second paragraph of such section in its entirety and replacing it
with the following paragraph:

 

“On any Increased
Amount Date on which any New Tranche C Term Loan Commitments of any Series are
effective, subject to the satisfaction of the foregoing terms and conditions,
(i) each Lender with a New Tranche C Term Loan Commitment (each, a “New
Tranche C Term Loan Lender”) of any Series shall make a Loan to the
Borrower (a “New
Tranche C Term Loan”) in an amount equal to its New Tranche C Term

 

8

 

Loan Commitment of such
Series, and (ii) each New Tranche C Term Loan Lender of any Series shall become
a Lender hereunder with respect to the New Tranche C Term Loan Commitment of
such Series and the New Tranche C Term Loans of such Series made pursuant thereto.”.

 

(i)  Amendment of Section 2. Section 2 is
amended by inserting a new Section 2.16 at the end thereof as follows:

 

“SECTION
2.16.  Term Loan Repricing Protection.  All voluntary prepayments of all but not less
than all of the Tranche C Term Loans effected on or prior to the first
anniversary of the First Amendment Effective Date with the proceeds of a
substantially concurrent issuance or incurrence of new bank loans which
(a) are incurred for the primary purpose of refinancing the Tranche C
Term Loans and decreasing the Applicable ABR Margin or Applicable LIBOR Margin
with respect thereto, (b) otherwise have terms and conditions (and are in
an aggregate principal amount) substantially the same as those of the
Tranche C Term Loans as in effect prior to the prepayment thereof and
(c) are not otherwise in connection with (i) a transaction and any
transactions related thereto not permitted by this Agreement (as determined
prior to giving effect to any amendment or waiver of this Agreement being
adopted in connection with such transaction and related transactions) or
(ii) an initial public offering by the Borrower or any of its Subsidiaries
or holding companies, shall be accompanied by a prepayment fee equal to 1.00%
of the aggregate principal amount of such prepayment. “

 

(j)  Amendment of Section 4.1.  Section 4.1(a)(iii) is deleted in its
entirety and replaced with the words “[Intentionally Omitted]”.

 

(k)  Amendment of Section 4.3.  Section 4.3(a)(ii) is deleted in its entirety
and replaced with the following new Section 4.3(a)(ii): “(ii) The Tranche C
Term Loan Commitments shall terminate at 5:00 p.m. (New York City time) on the
First Amendment Effective Date.”.

 

(l)  Amendment of Section 5.1.  Section 5.1 is amended by deleting the words “Tranche
B Repayment Amounts” appearing in the thirty-second and thirty-third lines
thereof and replacing them with the words “Tranche C Repayment Amounts”.

 

(m)  Amendment of Section 5.2  Section 5.2 is amended by (i) deleting the
words “Tranche B Term Loans” appearing in the third line of paragraph (c)
thereof and replacing them with the words “Tranche C Term Loans”, (ii) deleting
the words “Tranche B Term Loan Lender” appearing in the fifteenth line of
paragraph (c) thereof and replacing them with the words “Tranche C Term Loan
Lender”, (iii) deleting the

 

9

 

words “Tranche B Term
Loans” appearing in the eighteenth line of paragraph (c) thereof and replacing
them with the words “Tranche C Term Loans” and (iv) deleting the words “Tranche
B Term Loans” appearing in the second line of paragraph (d) thereof and
replacing them with the words “Tranche C Term Loans”.

 

(n)  Amendment of Section 6.  Section 6B is deleted in its entirety and
replaced with the words “[Intentionally Omitted]”.

 

(o)  Amendment of Section 9.13.  Section 9.13 is amended by (i) inserting the
words “(other than Tranche C Term Loans)” immediately following the words “all
Loans” in the second line of paragraph (a) thereof and (ii) deleting paragraph
(b) thereof in its entirety and replacing it with the following paragraph: “(b)
The Borrower will use the proceeds of all Tranche C Term Loans funded on the
First Amendment Effective Date solely to repay in full the outstanding
principal amount of those existing term loans designated as “Tranche B Term
Loans” under this Agreement as in effect immediately prior to the First
Amendment Effective Date and to pay fees and expenses in connection with such
prepayments and with the First Amendment.”.

 

(p)  Amendment of Section 13.1.  Section 13.1 is amended by (i) deleting the
words “Required Tranche B Term Loan Lenders” appearing in the fourth line of
clause (ii) in the proviso thereof and replacing them with the words “Required
Tranche C Term Loan Lenders” and (ii) deleting clause (x) of such proviso in
its entirety and replacing it with the following clause: “(x) decrease any
Tranche C Repayment Amount, extend any scheduled Tranche C Repayment
Date or decrease the amount or allocation of any mandatory prepayment to be
received by any Lender holding any Tranche C Term Loans, in each case
without the written consent of the Required Tranche C Term Loan Lenders”.

 

(q)  Amendment of Section 13.6.  Section 13.6 is amended by (i) deleting the
words “Tranche B Term Loan Commitment” appearing in the seventh line of
paragraph (b)(ii)(A) thereof and replacing them with the words “Tranche C Term
Loan Commitment”, (ii) deleting the words “Tranche B Term Loan” appearing in
the eighth line of paragraph (b)(ii)(A) thereof and replacing them with the
words “Tranche C Term Loan”, (iii) deleting the words “Tranche B Term Loans” appearing
in the thirteenth line of paragraph (d) thereof and replacing them with the
words “Tranche C Term Loans”; and (iv) deleting the words “New Tranche B Term
Loans” appearing in the thirteenth line of paragraph (d) thereof and replacing
them with the words “New Tranche C Term Loans”.

 

(r)  Amendment of Schedules and Exhibits to the
Credit Agreement.  The Schedules and Exhibits
to the Credit Agreement are amended by (i) in Schedule 1.1(c) of the Credit
Agreement, deleting the column entitled “Term Loan B Commitment” in its
entirety, (ii) in Exhibit D of the Credit Agreement (A) deleting the words “New
Tranche B Term Loan Commitment” in each instance in such Exhibit and

 

10

 

replacing them with the
words “New Tranche C Term Loan Commitment”, (B) deleting the words “New Tranche
B Term Loan Lender” in each instance in such Exhibit and replacing them with
the words “New Tranche C Term Loan Lender” and (C) deleting the words “New
Tranche B Term Loan” in each instance in such Exhibit and replacing them with
the words “New Tranche C Term Loan” and (iii) in Exhibit K-2 of the Credit
Agreement, deleting the words “Tranche B” appearing in each instance in such
Exhibit and replacing them with the words “Tranche C”.

 

SECTION 2.  Representations and Warranties.  To induce the other parties hereto to enter
into this Amendment, each of Holdings, the Borrower and the Canadian Borrower
represents and warrants to the Administrative Agent and each of the Lenders (including
the Additional Lenders) that, as of the First Amendment Effective Date:

 

(a)  This Amendment has been duly authorized,
executed and delivered by each of Holdings, the Borrower and the Canadian
Borrower, and each of (i) the Credit Agreement, as amended hereby, and
(ii) this Amendment, constitutes a legal, valid and binding obligation of
each of Holdings, the Borrower and the Canadian Borrower enforceable in
accordance with its terms, except as the enforceability thereof may be limited
by bankruptcy, insolvency or similar laws affecting creditors’ rights generally
and subject to general principles of equity.

 

(b)  The representations and warranties set forth
in Section 8 of the Credit Agreement are, both prior to and after giving effect
to this Amendment, true and correct in all material respects on and as of the First
Amendment Effective Date with the same effect as though made on and as of the First
Amendment Effective Date, except to the extent such representations and
warranties expressly relate to an earlier date (in which case such
representations and warranties were true and correct in all material respects
as of such earlier date).

 

(c)  No Default or Event of Default has occurred
and is continuing.

 

SECTION 3.  Tranche C Term Loans.  (a)  Subject
to the terms and conditions set forth herein, each Continuing Lender and each
Additional Lender agrees to make Tranche C Term Loans to the Borrower on the First
Amendment Effective Date in amounts equal to its Tranche C Term Loan Commitment
(as defined below).  Notwithstanding
anything herein or in the Credit Agreement to the contrary, the aggregate
principal amount of the Tranche C Term Loans shall not exceed the aggregate
principal amount of the Existing Tranche B Term Loans immediately prior to the First
Amendment Effective Date.  For purposes
hereof, a Person shall become an Additional Lender and a party to the Credit
Agreement by executing and delivering to the Administrative Agent, on or prior
to the First Amendment Effective Date, a signature page to this Amendment
setting forth the amount of Tranche C Term Loans such Person commits to make on
the First Amendment Effective Date.  The “Tranche
C Term Loan Commitment” of (i) any Continuing Lender shall be the principal
amount of its Existing

 

11

 

Tranche B Term Loans or such lesser amount as is
allocated to it by the Borrower and Credit Suisse First Boston, as arranger for
this Amendment (in such capacity, the “Arranger”), by notice to such
Lender prior to the First Amendment Effective Date and (ii) any Additional
Lender shall be the amount of such commitment set forth on its signature page
hereto or such lesser amount as is allocated to it by the Borrower and the Arranger
by notice to such Lender prior to the First Amendment Effective Date, in each
case as set forth on Schedule I hereto (which Schedule shall be created by the
Administrative Agent acting on instructions from the Borrower and the Arranger
after giving effect to the foregoing, and each Continuing Lender and each
Additional Lender hereby irrevocably authorizes the Administrative Agent to do
so).

 

(b)  Each Continuing Lender and each Additional
Lender shall make Tranche C Term Loans on the First Amendment Effective Date by
(i) exchanging its Existing Tranche B Term Loans, if any, for Tranche C Term
Loans in an equal principal amount (to the extent the amounts of such Existing
Tranche B Term Loans, if any, do not exceed the Tranche C Term Loan Commitment
of such Lender) and (ii) transferring to the Administrative Agent, in the
manner contemplated by the Credit Agreement (including Section 2.4 thereof), an
amount equal to the excess, if any, of its Tranche C Term Loan Commitment over
the principal amount of Existing Tranche B Term Loans, if any, exchanged pursuant
to clause (i) above.  The Borrower hereby
irrevocably directs the Administrative Agent pursuant to Section 5.1 of the
Credit Agreement to apply all proceeds of the Tranche C Term Loans received
hereunder immediately upon the receipt thereof to prepay outstanding Existing
Tranche B Term Loans.  The commitments of
the Additional Lenders and the exchange undertakings of the Continuing Lenders
are several and no such Lender shall be responsible for any other Lender’s
failure to make or acquire by exchange any Tranche C Term Loans.

 

(c)   The
obligations of each Continuing Lender and each Additional Lender to make
Tranche C Term Loans on the First Amendment Effective Date are subject to the
satisfaction of the following conditions:

 

(i)  the Administrative Agent shall have received
a certificate of each of Holdings, the Borrower and each US Subsidiary
Guarantor, in the case of the Borrower substantially in the form of Exhibit
J-1 of the Credit Agreement, and in the case of each other such Credit
Party, substantially in the form of Exhibit J-2 of the Credit Agreement,
in each case with appropriate insertions, executed by the President or any Vice
President and the Secretary or any Assistant Secretary of such Credit Party,
and attaching the documents referred to in Sections 6.8 and 6.9 of the Credit
Agreement (or, in the case of any document referred to in Section 6.9 of the
Credit Agreement, a certification to the effect that such document has not been
amended, supplemented or modified since the Closing Date), with the reference
to the “the extensions of credit contemplated hereunder” in the last line of
Section 6.8 of the Credit Agreement being deemed for this purpose to refer to
the extensions of credit contemplated by this Amendment, and, where applicable,

 

12

 

certifying as to the
incumbency and specimen signature of each officer executing any Credit Document
or any other document delivered in connection herewith on behalf of any such
Credit Party;

 

(ii)  the Administrative Agent shall have received
the executed legal opinions of (A) Simpson Thacher & Bartlett
LLP, special New York counsel to the Borrower, substantially in the form of Exhibit
A-1 hereto and (B) Paula R. Johnson, General Counsel to Jostens, Inc. substantially
in the form of Exhibit A-2 hereto. 
The Borrower, the other Credit Parties and the Administrative Agent
hereby instruct such counsel to deliver such legal opinions;

 

(iii)  each of Holdings and each US Subsidiary Guarantor
shall have entered into a written instrument reasonably satisfactory to the Administrative
Agent pursuant to which it confirms that it consents to this Amendment and that
the Security Documents to which it is party will continue to apply in respect
of the Credit Agreement, as amended hereby, and the Obligations thereunder;

 

(iv)  the aggregate amount of Tranche C Term Loan
Commitments shall equal the aggregate principal amount of the Existing Tranche
B Term Loans;

 

(v)  the Administrative Agent shall have received
evidence satisfactory to it that the Borrower has made the payment referred to
in Section 3(e) hereof or is making such payment on the First Amendment
Effective Date with the cash proceeds of the Tranche C Term Loans and such
other funds of the Borrower as may be required; and

 

(vi)  the conditions to effectiveness of this
Amendment set forth in Section 4 hereof shall have been satisfied.

 

(d)  Notwithstanding anything in the Credit
Agreement to the contrary, the Borrower shall be permitted to request that the
initial Interest Period to be applicable to any Tranche C Term Loan to be made
on the First Amendment Effective Date in the form of a LIBOR Term Loan be a
period other than a period contemplated by the definition of the term “Interest
Period” in the Credit Agreement, provided that all Lenders participating
therein agree to make an interest period of the requested duration available.  The Borrower will not be required to make any
payments to Continuing Lenders under Section 2.11 of the Credit Agreement in
respect of the repayment of Existing Tranche B Term Loans on the First
Amendment Effective Date pursuant to their exchange for Tranche C Term Loans.

 

(e)  On the First Amendment Effective Date, the
Borrower shall apply the cash proceeds of the Tranche C Term Loans and such
other amounts as may be necessary to (i) prepay in full all Existing Tranche B
Term Loans (other than those that are exchanged for Tranche C Term Loans as
provided herein), (ii) pay all accrued and unpaid

 

13

 

interest and fees, if any, on all Existing Tranche B
Term Loans, (iii) pay to each Existing Tranche B Term Loan Lender all amounts
payable pursuant to Section 2.11 of the Credit Agreement as a result of the
prepayment of such Lender’s Existing Tranche B Term Loans (other than, in the
case of any Continuing Lender, any portion thereof that is exchanged for
Tranche C Term Loans as provided herein) on the First Amendment Effective Date
and (iv) pay all other Obligations then due and owing to the Existing Tranche B
Term Loan Lenders, in their capacity as such, under the Credit Agreement.

 

(f)  The Required Lenders hereby waive the
requirements of Section 5.1 of the Credit Agreement solely to the extent that
such Section requires more than one Business Day’s notice of prepayment to be
given in respect of the Existing Tranche B Term Loans to be prepaid on the First
Amendment Effective Date. 
Notwithstanding that the Tranche B Term Loans shall be refinanced in
full on the First Amendment Effective Date, the provisions of the Credit
Agreement with respect to indemnification, reimbursement of costs and expenses,
increased costs and break funding payments (other than as set forth in Section
3(d) above) will continue in full force and effect with respect to, and for the
benefit of, each Existing Tranche B Term Loan Lender in respect of such Lender’s
Existing Tranche B Term Loans existing under the Credit Agreement prior to the First
Amendment Effective Date.

 

SECTION 4.  Effectiveness of Amendment.  This Amendment shall become effective as of
the date (the “First Amendment Effective Date”) on which the
Administrative Agent (or its counsel) shall have received counterparts of this
Amendment that, when taken together, bear the signatures of (a) Holdings,
(b) the Borrower, (c) the Canadian Borrower, (d) the Required
Lenders, (e) each of the Continuing Lenders and (f) each of the Additional
Lenders.

 

SECTION 5.  Effect of Amendment.  Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of, or otherwise affect the rights and remedies of the Lenders or the
Administrative Agent under the Credit Agreement or any other Credit Document,
and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other provision of the Credit Agreement or any other Credit
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. 
Nothing herein shall be deemed to entitle any Credit Party to a consent
to, or a waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Credit Document in similar or different circumstances.  This Amendment shall apply and be effective
only with respect to the provisions of the Credit Agreement specifically
referred to herein.  After the date
hereof, any reference to the Credit Agreement shall mean the Credit Agreement,
as modified hereby.  This Amendment (and
each agreement relating thereto and delivered in connection herewith) shall
constitute a “Credit Document” for all purposes of the Credit Agreement and the
other Credit Documents.

 

14

 

SECTION 6.  Costs and Expenses. The Borrower agrees to reimburse the
Administrative Agent for all reasonable out-of-pocket costs and expenses
incurred in connection with this Amendment in accordance with the Credit
Agreement, including the reasonable fees, disbursements and other charges of
counsel to the Administrative Agent.

 

SECTION 7.  Counterparts.  This Amendment may be executed by one or more
of the parties to this Amendment on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

 

SECTION 8.  GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 9.  Headings.  The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

[Remainder of page intentionally left blank]

 

15

 

IN WITNESS WHEREOF, the
parties hereto have caused a counterpart of this Amendment to be duly executed
and delivered as of the date first above written.

 

	
   

  	
  JOSTENS
  IH CORP.,

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
   

  	
  /s/ Marie Hlavaty

  	
   

  
	
   

  	
   

  	
  Name: Marie Hlavaty

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JOSTENS
  CANADA LTD.,

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
   

  	
  /s/ Marjorie Brown

  	
   

  
	
   

  	
   

  	
  Name: Marjorie
  Brown

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JOSTENS
  SECONDARY HOLDINGS CORP.,

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
   

  	
  /s/ Marie Hlavaty

  	
   

  
	
   

  	
   

  	
  Name: Marie Hlavaty

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  

 

16

 

	
   

  	
  CREDIT
  SUISSE FIRST BOSTON, acting

  through its Cayman Islands Branch, individually

  as a Lender, as a Continuing Lender, as an

  Additional Lender and as Administrative Agent,

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
   

  	
  /s/ Robert Hetu

  	
   

  
	
   

  	
   

  	
  Name: Robert
  Hetu

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
  By

  
	
   

  	
   

  	
  /s/ Vanessa Gomez

  	
   

  
	
   

  	
   

  	
  Name: Vanessa
  Gomez

  
	
   

  	
   

  	
  Title: Associate

  
	
   

  	
   

  
	
   

  	
  Principal Amount of
  Outstanding Existing Tranche

  B Term Loans:

  
	
   

  	
   

  
	
   

  	
  $

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tranche C Term Loan
  Commitment:

  
	
   

  	
   

  
	
   

  	
  $

  

 

 

	
   

  	
  SIGNATURE PAGE TO
  AMENDMENT

  NO. 1 AND AGREEMENT TO THE

  JOSTENS CREDIT AGREEMENT

  DATED AS OF OCTOBER 4, 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
  To approve Amendment:

  	
   

  
	
   

  	
  Name of Institution:

  
	
   

  	
   

  
	
   

  	
  [Lender]

  	
  ,

  
	
   

  	
  as a Lender,

  
	
   

  	
   

  
	
   

  	
  by

  	
  [Authorized Signatory]

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

Schedule I

 

Tranche C Term
Loan Commitments

 

 

	
  Tranche
  C Term Loan Lender

  	
   

  	
  Tranche C Term Loan Commitment

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  870,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]