Document:

Exhibit 10.4(b)
                       FIRST AMENDMENT TO CREDIT AGREEMENT

         This First  Amendment to Credit  Agreement  ("Amendment")  is made this
31st day of March,  1999,  by and  among  Phoenix  Color  Corp.  ("Phoenix"),  a
Delaware corporation, PCC Express, Inc. ("PCC"), a Delaware corporation, Phoenix
(MD.)  Realty,  LCC  ("Realty"),  a  Maryland  limited  liability  company,  and
TechniGraphix,   Inc.  ("TechniGraphix"),   a  Maryland  corporation  (singly  a
"Borrower" and collectively,  "Borrowers"), the lending institutions listed from
time to time on Schedule A to the Credit Agreement (as defined below) (singly, a
"Lender" and  collectively,  "Lender"),  First Union  National  Bank, a national
banking  association,  as issuer agent for Issuer and Lenders (in such capacity,
"Agent").

Background

     A. Borrowers,  Agent, Issuer, and Lenders are parties to a Credit Agreement
dated September 15, 1998, as  supplemented  on February 12, 1999  (collectively,
"Credit  Agreement"),  pursuant to which  certain  financing  arrangements  were
established for the benefit of Borrowers.  All  capitalized  terms not otherwise
defined herein shall have the respective meanings ascribed thereto in the Credit
Agreement.

     B.  Borrowers  have requested  that Agent,  Issuer and Lenders  modify,  in
certain respects, the Credit Agreement and Agent, Issuer and Lenders have agreed
to make such  modifications,  all as more fully set forth  herein and subject to
the terms and conditions thereof.

         NOW, THEREFORE, with the foregoing Background incorporated by reference
herein and made part hereof, the parties hereto,  intending to be legally bound,
hereby agree as follows:

     1. Amendments to Credit Agreement.

          a.  Definitional  Amendment.  Upon  satisfaction of the  Effectiveness
     Conditions  (as defined  below),  the following  definitions  in the Credit
     Agreement are hereby amended and restated in its entirety and shall read as
     follows:

          Consolidated  Capital  Expenditures - For any period, the aggregate of
     all expenditures  (including that portion of Capitalized  Lease Obligations
     incurred  during that  period)  made by  Borrowers  and their  Subsidiaries
     during  such  period in  respect  of the  purchase,  construction  or other
     acquisition of fixed or capital assets  determined in accordance with GAAP;
     provided however,  Consolidated  Capital Expenditures shall not include the
     fair  market  value of any assets  acquired  by  Borrower as a result of an
     acquisition  or merger  permitted  by written  consent of Lenders (it being
     understood  that such  consent may be withheld by Lenders in their sole and
     absolute discretion). For the purposes hereof, any deposits made by

                                       3
<PAGE>

     any  Borrower or its  Subsidiaries  for the purpose of  acquiring  fixed or
     capital assets shall be deemed Consolidated Capital Expenditures.

          Consolidated  EBITDA - For any  period,  Borrowers'  Consolidated  Net
     Income  (or  deficit)  plus  (a)   Consolidated   Interest   Expense,   (b)
     Consolidated  Tax  Expense,  (c)  Consolidated  Depreciation  Expense,  (d)
     Consolidated  Amortization  Expense minus, (e) extraordinary gains and plus
     (f)  extraordinary  non-cash  loses,  all as determined in accordance  with
     GAAP. In addition to the foregoing,  for the measurement period in which an
     acquisition or merger by any Borrower  occurs which is permitted by written
     consent of Lenders (it being  understood  that such consent may be withheld
     by  Lenders  in  their  sole  and  absolute  discretion),  and for the next
     succeeding  three (3)  measurement  periods,  Consolidated  EBITDA shall be
     calculated  by  giving  effect to such  acquisition  or merger as if it has
     occurred on the first day of the applicable measurement period.

          Consolidated  Interest  Expense  -  For  any  period,  the  aggregate,
     consolidated  amount of  interest  expense  required  to be paid or accrued
     during such period on all Indebtedness of Borrowers  outstanding during all
     or any part of such period, as determined in accordance with GAAP; provided
     however,  for the period commencing January 1, 1999 through March 31, 1999,
     Consolidated  Interest  Expense  shall not include the  following  one-time
     charges associated with the closing of the high yield bond transaction: (i)
     charges associated with a certain unamortized bridge loan fee in the amount
     of $1,140,000  and (ii) payment of breakage  fees on a certain  capitalized
     lease in the amount of $1, 168,000.

          b.  Technical  Amendment  - Upon  satisfaction  of  the  Effectiveness
     Conditions,  the following  technical  amendments  to the Credit  Agreement
     shall be effective:

               (i) The  reference to  subparagraph  (d)  contained in the fourth
          line of Section  6.3(e) of the Credit  Agreement is hereby  amended so
          that the reference is to subparagraph (e);

               (ii) The reference to Section 6.3 (d) contained in the fifth line
          of Section 6.7 of the Credit  Agreement is hereby  amended so that the
          reference is to Section 6.3(e).

               (iii) The  reference to Section 6.7  contained in the second line
          of Section 6.8 of the Credit  Agreement is hereby  amended so that the
          reference is to Section 6.6.

          c. Financial Covenant  Amendments - Upon satisfaction of the Effective
     Conditions,  Section  5.8 of the Credit  Agreement  is hereby  amended  and
     restated in its entirety and shall read as follows:

                                       4
<PAGE>

          5.8 Financial Covenants:  Borrowers shall maintain and comply with the
     following financial covenants:

          (a) Total Leverage  Ratio:  Borrowers  shall have and maintain a Total
     Leverage Ration of not more than the following during the following periods
     (measured quarterly on a rolling four quarter basis):

<TABLE>
<CAPTION>

            Period                          Maximum Ratio
            ------                          -------------

<S>                                             <C>
    1/1/99 through 3/31/99                      5.50:1
    4/1/99 through 6/30/99                      5.50:1
    7/1/99 through 9/30/99                      5.25:1
    0/1/99 through 12/31/99                     5.00:1
    1/1/00 through 3/31/00                      4.75:1
    4/1/00 through 6/30/00                      4.75:1
    7/1/00 through 9/30/00                      4.50:1
    10/1/00 through 12/31/00                    4.25:1
    1/1/01 through 3/31/01                      4.25:1
    4/1/01 through 6/30/01                      4.00:1
    7/1/01 through 9/30/01                      3.75:1
    10/1/01 through 12/31/01                    3.50:1
    1/1/02 through 3/31/02                      3.25:1
    4/1/02 and thereafter                       3.00:1

</TABLE>

          (b)  Interest  Coverage  Ratio:  Borrowers  shall have and maintain an
     Interest  Coverage  Ration  of not  less  than  the  following  during  the
     following  periods  (measured  quarterly on a rolling  four quarter  basis;
     provided  that the  measurement  at March 31,  1999  shall be based on nine
     months):

<TABLE>
<CAPTION>

          Period                         Minimum Ratio
          ------                         -------------

<S>                                         <C>
    1/1/99 through 3/31/99                  2.25:1
    4/1/99 through 6/30/99                  2.25:1
    7/1/99 through 9/30/99                  2.25:1
    10/1/99 through 12/31/99                2.25:1
    1/1/00 through 3/31/00                  2.25:1
    4/1/00 through 6/30/00                  2.25:1
    7/1/00 through 9/30/00                  2.25:1
    10/1/00 through 12/31/00                2.25:1
    1/1/01 through 3/31/01                  2.25:1
    4/1/01 through 6/30/01                  2.25:1
    7/1/01 through 9/30/01                  2.50:1
    10/1/01 through 12/31/01                2.50:1
    1/1/02 through 3/31/02                  2.50:1
    4/1/02 and thereafter                   2.50:1
</TABLE>

                                       5
<PAGE>

          (c) Minimum Consolidated  EBITDA:  Borrowers shall have and maintain a
     Consolidated  EBITDA of not less than the  following  during the  Following
     periods (measured quarterly on a rolling four quarter basis):

<TABLE>
<CAPTION>

            Period                         Minimum Amount
            ------                         --------------
<S>                                         <C>
    1/1/99 through 3/31/99                  $20,000,000
    4/1/99 through 6/30/99                  $21,000,000
    7/1/99 through 9/30/99                  $22,000,000
    10/1/99 through 12/31/99                $23,000,000
    1/1/00 through 3/31/00                  $24,000,000
    4/1/00 through 3/31/00                  $25,000,000
    7/1/00 through 6/30/00                  $26,000,000
    10/1/00 through 12/31/00                $27,000,000
    1/1/01 through 3/31/01                  $28,000,000
    4/1/01 through 6/30/01                  $29,000,000
    7/1/01 through 9/30/01                  $31,500,000
    10/1/01 through 12/31/01                $34,000,000
    1/1/02 through 3/31/02                  $35,000,000
    4/1/02 and thereafter                   $35,000,000
</TABLE>

          (d) Consolidated Capital Expenditures:  Borrowers shall not expend for
     Consolidated  Capital  Expenditures  more than the following amounts during
     the following periods (measured quarterly on a rolling four quarter basis):
<TABLE>
<CAPTION>

            Period                         Maximum Amount
            ------                         --------------
<S>                                         <C>
    1/1/99 through 3/31/99                  $55,000,000
    4/1/99 through 6/30/99                  $55,000,000
    7/1/99 through 9/30/99                  $40,000,000
    10/1/99 through 12/31/99                $35,000,000
    1/1/00 through 3/31/00                  $35,000,000
    4/1/00 through 6/30/00                  $25,000,000
    7/1/00 through 9/30/00                  $20,000,000
    10/1/00 through 12/31/00                $15,000,000
    1/1/01 through 3/31/01                  $15,000,000
    4/1/01 through 6/30/01                  $15,000,000
    7/1/01 through 9/30/01                  $15,000,000
    10/1/01 through 12/31/01                $15,000,000
    1/1/02 through 3/31/02                  $15,000,000
    4/1/02 and thereafter                   $15,000,000
</TABLE>

                                       6
<PAGE>

     2. Effectiveness Conditions. This Amendment shall become effective upon the
satisfactory  completion,  as  determined  by  Agent in its  discretion,  of the
following conditions  ("Effectiveness  Conditions") (all documents to be in form
and substance satisfactory to Agent):

                    a. Execution of this Amendment

     3. Representations and Warranties. Each Borrower warrants and represents to
Agent, Issuer and Lenders that:

                    a. Prior Representations.  As of this date of the Amendment,
               all  warranties  and  representations  set  forth  in the  Credit
               Agreement and Loan Documents are true and correct in all material
               respects, both before and after giving effect to this Amendment.

                    b. No Default.  After giving  effect to this  Amendment,  no
               Default or Event of Default is  outstanding  or would exist after
               giving effect to this Amendment.

     4. Incorporation into Existing Loan Documents.  The parties acknowledge and
agree  that this  Amendment  is  incorporated  into and made part of the  Credit
Agreement  and Loan  Documents,  the  terms  and  provisions  of  which,  unless
expressly  modified  herein,  are hereby  ratified  and  confirmed  and continue
unchanged  and in full  force and  effect.  Any future  reference  to the Credit
Agreement or Loan Documents shall mean the Credit Agreement or Loan Documents as
amended hereby. To the extent that any term or provision of this Amendment is or
may be deemed  expressly  inconsistent  with any term or  provision  in the Loan
Documents, the terms and provisions hereof shall control.

     5. Miscellaneous.

                    a. Headings. The headings of any paragraph of this Amendment
               are for  convenience  only and shall not be used to interpret any
               provision thereof.

                    b. Other Instruments.  Each Borrower shall execute any other
               documents,  instruments  and  writings,  in  form  and  substance
               satisfactory to Agent, as Agent may reasonably  request, to carry
               out the intentions of the parties hereunder.

                    c.  Modifications.  No modification  hereof or any agreement
               referred  to herein  shall be  binding or  enforceable  unless in
               writing  and  signed  on  behalf  of  the  party   against   whom
               enforcement is sought.

                    d. Governing Law. The terms and conditions of this Amendment
               shall  be  governed  by and  construed  in  accordance  with  the
               substantive  laws of the  Commonwealth  of  Pennsylvania  without
               regard to its  otherwise  applicable  principles of conflicts and
               laws.

                                       7
<PAGE>

                    e.   Counterparts.   This   Amendment  may  be  executed  in
               counterpart  all,  of which  counterparts  taken  together  shall
               constitute one completed fully executed  document.  A photocopied
               or  facsimile  signature  shall be  deemed  to be the  functional
               equivalent of a manually executed original for all purposes.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

         IN WITNESS  WHEREOF,  the parties have executed this  Amendment the day
and year First above written.

<TABLE>

<S>                                             <C>
First Union National Bank, as Agent,            Phoenix Color Corp.
Issuer, and Lender

By:  /s/ Margaret Byrne                         By:  /s/ Edward Lieberman
     --------------------------------              ----------------------------
Name:  Margaret Byrne                           Name:  Edward Lieberman
     --------------------------------              ----------------------------
Title: Vice President                           Title:  Chief Financial Officer
     --------------------------------              ----------------------------

                                                PCC Express, Inc.

                                                By:  /s/ Edward Lieberman
                                                   ----------------------------
                                                Name:  Edward Lieberman
                                                   ----------------------------
                                                Title:  Chief Financial Officer
                                                   ----------------------------

                                                Phoenix (MD.) Realty, LLC

                                                By:  /s/ Edward Lieberman
                                                   ----------------------------
                                                Name:  Edward Lieberman
                                                   ----------------------------
                                                Title:  Chief Financial Officer
                                                   ----------------------------

                                                TechniGraphix, Inc.
                                                By:  /s/ Edward Lieberman
                                                   ----------------------------
                                                Name:  Edward Lieberman
                                                   ----------------------------
                                                Title:  Chief Financial Officer
                                                   ----------------------------
</TABLE>

                                       9
<PAGE>Exhibit 10.4(c)

                      SECOND AMENDMENT TO CREDIT AGREEMENT

         This Second  Amendment to Credit  Agreement  ("Amendment") is made this
23rd day of March,  2000,  by and  among  Phoenix  Color  Corp.  ("Phoenix"),  a
Delaware corporation, PCC Express, Inc. ("PCC"), a Delaware corporation, Phoenix
(MD.)  Realty,  LCC  ("Realty"),  a  Maryland  limited  liability  company,  and
TechniGraphix,   Inc.  ("TechniGraphix"),   a  Maryland  corporation  (singly  a
"Borrower" and collectively, ("Borrowers"), the lending institutions listed from
time to time on Schedule A to the Credit Agreement (as defined below) (singly, a
"Lender" and  collectively,  "Lender"),  First Union  National  Bank, a national
banking association, as issuer of letters of credit (in such capacity, "Issuer")
and First Union  National Bank, as  administrative  agent for Issuer and Lenders
(in such capacity, "Agent").

                                   Background

         A.  Borrowers,  Agent,  Issuer  and  Lenders  are  parties  to a Credit
Agreement  dated  September 15, 1998, as  supplemented  on February 12, 1999, as
amended on March __, 1999 (collectively,  "Credit Agreement"), pursuant to which
certain  financing  arrangements  were established for the benefit of Borrowers.
All  capitalized  terms not otherwise  defined  herein shall have the respective
meanings ascribed thereto in the Credit Agreement.

         B. Borrowers have requested that Agent,  Issuer and Lenders modify,  in
certain respects, the Credit Agreement and Agent, Issuer and Lenders have agreed
to make such  modifications,  all as more fully set forth  herein and subject to
the terms and conditions hereof.

         NOW, THEREFORE, with the foregoing Background incorporated by reference
herein and made part hereof, the parties hereto,  intending to be legally bound,
hereby agree as follows:

          1. Amendments to Credit Agreement.

               (a)  Financial Covenant Amendments - Effective December 30, 1999,
                    Section 5.8 (b) of the Credit  Agreement  is hereby  amended
                    and restated in its entirety and shall read as follows:

               (b)  Interest  Coverage Ratio:  Borrowers shall have and maintain
                    an Interest  Coverage  Ratio of not less than the  following
                    during  the  following  periods  (measured  quarterly  on  a
                    rolling four quarter basis; provided that the measurement at
                    March 31, 1999 shall be based on nine months):

                                       10
<PAGE>

<TABLE>
<CAPTION>

            Period                       Minimum Ratio
            ------                       -------------
<S>                                         <C>
    1/1/99 through 3/31/99                  2.25:1
    4/1/99 through 6/30/99                  2.25:1
    7/1/99 through 9/30/99                  2.25:1
    10/1/99 through 12/31/99                1.90:1
    1/1/00 through 3/31/00                  1.90:1
    4/1/00 through 6/30/00                  1.90:1
    7/1/00 through 9/30/00                  2.25:1
    10/1/00 through 12/31/00                2.25:1
    1/1/01 through 3/31/01                  2.25:1
    4/1/01 through 6/30/01                  2.25:1
    7/1/01 through 9/30/01                  2.50:1
    10/1/01 through 12/31/01                2.50:1
    1/1/02 through 3/31/02                  2.50:1
    4/1/02 and thereafter                   2.50:1
</TABLE>

          2.  Effectiveness  Conditions.  This Amendment shall become  effective
     upon the satisfactory completion, as determined by Agent in its discretion,
     of the following conditions ("Effectiveness  Conditions") (all documents to
     be in form and  substance  satisfactory  to Agent):

               a.   Execution of this Amendment.

          3.   Representations  and  Warranties.   Each  Borrower  warrants  and
     represents to Agent, Issuer and Lenders that:

               a.   Prior Representations. As of the date of this Amendment, all
                    warranties  and  representations  set  forth  in the  Credit
                    Agreement  and Loan  Documents  are true and  correct in all
                    material  respects,  both before and after giving  effect to
                    this Amendment.

               b.   No  Default.  After  giving  effect  to this  Amendment,  no
                    Default or Event of Default is  outstanding  or would  exist
                    after giving effect to this Amendment.

          4. Incorporation into Existing Loan Documents. The parties acknowledge
     and agree that this  Amendment  is  incorporated  into and made part of the
     Credit  Agreement and Loan  Documents,  the terms and  provisions of which,
     unless  expressly  modified  herein,  are hereby ratified and confirmed and
     continue  unchanged and in full force and effect.  Any future  reference to
     the Credit  Agreement or Loan Documents shall mean the Credit  Agreement or
     Loan Documents as amended hereby.  To the extent that any term or provision
     of this Amendment is or may be deemed expressly  inconsistent with any term
     or provision in the Loan Documents,  the terms and provisions  hereof shall
     control.

          5. Miscellaneous.

               a.   Headings.  The headings of any  paragraph of this  Amendment
                    are for convenience  only and shall not be used to interpret
                    any provision hereof.

                                       11
<PAGE>

               b.   Other  Instruments.  Each  Borrower  shall execute any other
                    documents,  instruments and writings,  in form and substance
                    satisfactory to Agent, as Agent may reasonably  request,  to
                    carry out the intentions of the parties hereunder.

               c.   Modifications.  No  modification  hereof  or  any  agreement
                    referred to herein shall be binding or enforceable unless in
                    writing  and  signed on behalf  of the  party  against  whom
                    enforcement is sought.

               d.   Governing  Law. The terms and  conditions of this  Amendment
                    shall be governed by and  construed in  accordance  with the
                    substantive laws of the Commonwealth of Pennsylvania without
                    regard to its otherwise  applicable  principles of conflicts
                    and laws.

               e.   Counterparts.  This Amendment may be executed in counterpart
                    all, of which  counterparts  taken together shall constitute
                    one completed  fully  executed  document.  A photocopied  or
                    facsimile  signature  shall be deemed  to be the  functional
                    equivalent of a manually executed original for all purposes.

IN WITNESS  WHEREOF,  the parties have executed this  Amendment the day
and year First above written.
<TABLE>

<S>                                           <C>
First Union National Bank, as Agent,
Issuer, and Lender
                                              Phoenix (MD.) Realty, LLC
By:  /s/ Margaret Byrne
     --------------------------               By:  /s/ Edward Lieberman
Name:  Margaret Byrne                            ----------------------------
     --------------------------               Name:  Edward Lieberman
Title: Vice President                            ----------------------------
     --------------------------               Title:  Chief Financial Officer
                                                 ----------------------------
Phoenix Color Corp.

By:  /s/ Edward Lieberman                     TechniGraphix, Inc.
   ----------------------------               By:  /s/ Edward Lieberman
Name:  Edward Lieberman                            ---------------------------
   ----------------------------               Name:  Edward Lieberman
Title:  Chief Financial Officer                    ---------------------------
   ----------------------------               Title:  Chief Financial Officer
                                                   ---------------------------

PCC Express, Inc.

By:  /s/ Edward Lieberman
   ----------------------------
Name:  Edward Lieberman
   ----------------------------
Title:  Chief Financial Officer
   ----------------------------

</TABLE>

                                       12
<PAGE>

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