Document:

EX-10.36

 Exhibit 10.36 
 EXECUTION VERSION 
  
  

AMENDMENT NO. 1 

Dated as of April 12, 2013 
 to the 
 SENIOR SECURED SUPER PRIORITY DEBTOR-IN-POSSESSION 

CREDIT AGREEMENT 

Dated as of February 27, 2013 
 among 
 SCHOOL SPECIALTY, INC., 

CLASSROOMDIRECT.COM, LLC, 
 DELTA EDUCATION, LLC, 
 SPORTIME, LLC, 

CHILDCRAFT EDUCATION CORP., 
 BIRD-IN-HAND WOODWORKS, INC., 
 CALIFONE INTERNATIONAL, INC., 

and 
 PREMIER
AGENDAS, INC., 
 as Borrowers, 
 SELECT AGENDAS, CORP., 
 FREY SCIENTIFIC, INC., 

and 
 SAX
ARTS & CRAFTS, INC., 
 as Guarantors, 
 THE LENDERS, 
 as defined herein, 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Administrative Agent and as Collateral Agent 

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	  	Defined Terms	  	 	2	  
		
	 ARTICLE II AMENDMENTS TO EXISTING CREDIT AGREEMENT
	  	 	2	  
			
	 Section 2.1
	  	Amendments to the Existing Credit Agreement	  	 	2	  
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	 	4	  
			
	 Section 3.1
	  	Conditions Precedent	  	 	4	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	5	  
			
	 Section 4.1
	  	Notices	  	 	5	  
	 Section 4.2
	  	Governing Law; Waiver of Jury Trial	  	 	5	  
	 Section 4.3
	  	Integration; Inconsistency	  	 	5	  
	 Section 4.4
	  	Advice from Independent Counsel	  	 	5	  
	 Section 4.5
	  	Binding Effect; No Assignment by Borrower	  	 	5	  
	 Section 4.6
	  	Loan Document	  	 	5	  
	 Section 4.7
	  	Execution in Counterparts	  	 	5	  
	 Section 4.8
	  	Severability of Provisions	  	 	6	  
	 Section 4.9
	  	Reaffirmation	  	 	6	  
	 Section 4.10
	  	No Novation	  	 	6	  
	 Section 4.11
	  	Payment of Expenses	  	 	6	  
	 Section 4.12
	  	Conflict	  	 	6	  

  
 -i-

 AMENDMENT NO. 1 

to 

SENIOR SECURED SUPER PRIORITY DEBTOR-IN-POSSESSION 
 CREDIT AGREEMENT 
 This AMENDMENT NO. 1 is dated as of April 12, 2013
(this “Amendment”) to the Senior Secured Super Priority Debtor-in-Possession Credit Agreement, dated as of February 27, 2013, entered into by and among School Specialty, Inc., a Wisconsin corporation (“School
Specialty” or the “Administrative Borrower”), each of ClassroomDirect.com, LLC, a Delaware limited liability company, Delta Education, LLC, a Delaware limited liability company, Sportime, LLC, a Delaware limited liability
company, Childcraft Education Corp., a New York corporation, Bird-in-Hand Woodworks, Inc. a New Jersey corporation, Califone International, Inc. a Delaware corporation, and Premier Agendas, Inc., a Washington corporation (collectively, the
“Subsidiary Borrowers” and, together with the Administrative Borrower, the “Borrowers”), Select Agendas, Corp., a Nova Scotia unlimited liability company, Frey Scientific, Inc. and Sax Arts & Crafts, Inc.,
each a Delaware corporation, each as a Guarantor, each Subsidiary of the Administrative Borrower (other than the Subsidiary Borrowers) that becomes a Guarantor hereunder and party hereto from time to time in accordance with Section 5.8
therein, each of the lenders appearing on the signature pages hereof, together with such other lenders as may from time to time become a party to this Amendment pursuant to the terms and conditions of Article VIII thereof (collectively, the
“Lenders”), and U.S. Bank National Association (“U.S. Bank”), in its separate capacity as administrative agent for itself and all other Lenders (in such capacity, together with its successors and assigns, the
“Administrative Agent”), and in its separate capacity as collateral agent for itself and all other Lenders (in such capacity, together with its successors and assigns, the “Collateral Agent” and, collectively with
the Administrative Agent, the “Agent”) (such Senior Secured Super Priority Debtor-in-Possession Credit Agreement as in effect on the date hereof, together with all schedules and exhibits thereto effective on the date hereof, the
“Existing Credit Agreement”). 
 RECITALS: 

A. The Borrowers and Guarantors (other than Select Agendas, Corp.) have commenced a case under Chapter 11 of Title 11 of the United
States Code in the United States Bankruptcy Court for the District of Delaware, and have retained possession of their respective assets and are authorized under the Bankruptcy Code to continue the operation of their businesses as
debtors-in-possession. 
 B. The Bankruptcy Court has entered an Interim Order and Final Order pursuant to which Administrative
Agent and Lenders may make post-petition term loans to Borrowers secured by substantially all the assets and properties of the Obligors as set forth in the Interim Order or Final Order, as applicable, and this Amendment. 

C. The Borrowers, the Guarantors, the Lenders and the Agent are parties to the Existing Credit Agreement and one or more of the Loan
Documents. 

 D. The Parties hereto have agreed, upon the terms and subject to the conditions set forth
herein, that the Existing Credit Agreement be amended as set forth herein (as so amended, the “Amended Credit Agreement”). 
 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be
legally bound, agree as follows: 
 ARTICLE I  

DEFINITIONS 
 Section 1.1 Defined Terms. Capitalized terms used but not defined herein shall, unless the context otherwise requires, have the meanings assigned to such terms in the Amended Credit Agreement.

 ARTICLE II AMENDMENTS 
 TO EXISTING CREDIT 
 AGREEMENT 

Section 2.1 Amendments to the Existing Credit Agreement. 

(a) Definition of Additional Funding Dates. Section 1.1 of the Existing Credit Agreement is hereby amended by deleting
the definition of “Additional Funding Dates” and inserting in lieu thereof the following: 
 “Additional
Funding Dates” means (i) not more than two dates after the Initial Borrowing and during the Availability Period on which the Borrowers may borrow Loans under this Agreement in accordance with clause (ii) of Section 2.1
and (ii) not more than one date after the Initial Borrowing and during the Availability Period on which the Borrowers may borrow Loans under this Agreement in accordance with clause (iii) of Section 2.1.” 

(b) Definitions of Extended Funding Dates and Extended Funding Date Test Periods. Section 1.1 of the Existing Credit
Agreement is hereby amended by deleting the definitions of “Extended Funding Dates” and “Extended Funding Test Period.” 
 (c) Loans. 
 (i) Section 2.1 of the Existing Credit
Agreement is hereby amended by deleting the text of clauses (iii) and (iv) thereof and inserting in lieu thereof the following: 
 “and (iii) on or after April 25, 2013 an additional borrowing in an aggregate principal amount of $10,000,000 in respect of which a Notice of Borrowing has been delivered” 

(ii) Section 2.1 of the Existing Credit Agreement is hereby amended by deleting the text “and Extended Funding
Date” from the third to final sentence thereof. 

  
 -2 

 (iii) Section 2.1 of the Existing Credit Agreement is hereby amended
by deleting the text “or Extended Funding Date” from the penultimate sentence thereof. 
 (d) Procedures for
Loans. 
 (i) Section 2.2 of the Existing Credit Agreement is hereby amended by deleting the text
“or Extended Funding Date” in each case where it appears in the second sentence thereof. 
 (ii)
Section 2.2 of the Existing Credit Agreement is hereby amended by deleting the text “or $1,000,000 in the aggregate on each such Extended Funding Date” and inserting in lieu thereof the following: 

“pursuant to clause (ii) of Section 2.1 or $10,000,000 for the Additional Funding Date pursuant to clause
(iii) of Section 2.1.” 
 (e) Additional Conditions Precedent to Each Loan.
Section 3.2(f) of the Existing Credit Agreement is hereby amended by inserting after the word “occurred” and before the comma in the first line thereof the following: 

“on or after April 12, 2013” 
 (f) Additional Conditions Precedent to Each Loan Made on An Extended Funding Date. Section 3.3 of the Existing Credit Agreement and Section 5.3 of the Table of Contents to the
Existing Credit Agreement is hereby amended by deleting the text thereof and inserting in lieu thereof the following: 

“[Intentionally Omitted]” 
 (g) Post-Closing Obligations. 
 (i)
Section 5.16 of the Existing Credit Agreement is amended by deleting the period at the end thereof and inserting in lieu thereof the following: 
 “; provided, however, that the Administrative Agent shall (at the direction of the Required Lenders) have the authority to (i) waive any due date with respect to the delivery of
any of the Collateral Access Agreements, (ii) approve the form and substance of any Collateral Access Agreement and (iii) waive the requirement to deliver any Collateral Access Agreement.” 

(ii) Schedule 5.16 of the Existing Credit Agreement is amended by deleting the second entry in the column under Due
Date and inserting in lieu thereof the following: 
 “No later than 60 days after the Closing Date” 

  
 -3 

 (h) Milestones. 

(i) Item (ii) of Schedule 5.18 of the Existing Credit Agreement is hereby amended by deleting “44”
in the first line thereof and inserting in lieu thereof the following: 
 “56” 

(ii) Item (iii) of Schedule 5.18 of the Existing Credit Agreement is hereby amended by deleting “48”
in the first line thereof and inserting in lieu thereof the following: 
 “59” 

ARTICLE III CONDITIONS 
 PRECEDENT 
 Section 3.1 Conditions Precedent. This
Amendment shall become effective on the date (the “Amendment Effective Date”) that all of the following conditions have been satisfied. 
 (a) the Administrative Agent (or its counsel) shall have received from the other Parties hereto a counterpart of this Amendment signed on behalf of such Party. 

(b) the representations and warranties contained in Article IV of the Amended Credit Agreement shall be true and correct in all
material respects (without duplication of any materiality qualifier contained herein) as though made on and as of such date (and each Borrower shall be deemed to have so made each representation and warranty on and as of such date). 

(c) no event shall have occurred, or would result from the execution and delivery of this Amendment that, with the giving of notice or
lapse of time or both, if required, constitutes, or would give rise to, a Default or an Event of Default. 
 (d) no injunction,
writ, judgment, decree, restraining order, or other order of any nature shall have been issued and remain in force by any Governmental Authority or arbitrator against any Obligor, the Agent, any Lender or the ABL DIP Agent or any ABL DIP Credit
Lender or letter of credit issuing bank prohibiting or restraining, directly or indirectly, and no other legal bar shall exist directly or indirectly to, the execution and delivery of this Amendment. 

(e) The execution and delivery of the Amendment shall not violate any requirement of Applicable Law and shall not be enjoined,
temporarily, preliminarily or permanently. 
 (f) The Administrative Borrower shall have notified the ABL DIP Agent and any other
parties that require notice pursuant to the Chapter 11 Cases. 

  
 -4 

 ARTICLE IV 
 MISCELLANEOUS 
 Section 4.1 Notices. All notices
hereunder shall be given in accordance with the provisions of Section 10.3 of the Amended Credit Agreement. 

Section 4.2 Governing Law; Waiver of Jury Trial. 
 (a) Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the choice of law provisions thereof (other than
Section 5-1401 of the New York General Obligations Law). 
 (b) WAIVER OF JURY TRIAL. THE OBLIGORS, THE LENDERS AND
THE AGENT HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER. 

Section 4.3 Integration; Inconsistency. This Amendment, together with the Loan Documents, comprise the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to such subject matter, superseding all prior oral or written
understandings. If any provision of a Loan Document (other than the Intercreditor Agreement) is inconsistent with or conflicts with a comparable or similar provision appearing in this Amendment, the comparable or similar provision in this Amendment
shall govern. 
 Section 4.4 Advice from Independent Counsel. The parties hereto understand that this Amendment is a
legally binding agreement that may affect such party’s rights. Each party hereto represents to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Amendment and that it is
satisfied with its legal counsel and the advice received from it. 
 Section 4.5 Binding Effect; No Assignment by
Borrower. This Amendment shall be binding upon and inure to the benefit of the Obligors, the Lenders, the Agent and their respective successors and assigns; provided, however, no Obligor may assign any or all of its rights or
obligations hereunder or any of its interest herein without the prior written consent of the Administrative Agent and all Lenders. 
 Section 4.6 Loan Document. This Amendment is a Loan Document executed pursuant to the Amended Credit Agreement and shall (unless otherwise expressly indicated herein) be construed,
administered and applied in accordance with the terms and provisions thereof. 
 Section 4.7 Execution in
Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered (including by PDF or facsimile transmission, which shall be as effective as delivery of a manually executed counterpart
hereof) shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. 

  
 -5 

 Section 4.8 Severability of Provisions. Any provision of this Amendment which is
prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. 
 Section 4.9 Reaffirmation. Each of the Obligors hereby consents to this Amendment and the transactions contemplated hereby, and hereby confirms its respective guarantees, pledges, grants of
security interests and other agreements, as applicable, under each of the Loan Documents to which it is party, and agrees that notwithstanding the effectiveness of this Amendment and the consummation of the transactions contemplated hereby, such
guarantees, pledges, grants of security interests and other agreements shall continue to be in full force and effect and shall accrue to the benefit of the Lenders under the Amended Credit Agreement. Each of the Obligors further agrees to take any
action that may be required or that is reasonably requested by the Administrative Agent to ensure compliance by such Obligor with Section 5.14 (“Further Assurances”) of the Amended Credit Agreement and hereby reaffirms
its obligations under each similar provision of each Loan Document to which it is party. 
 Section 4.10 No
Novation. Neither this Amendment nor the transactions contemplated hereby shall extinguish the Loans outstanding under the Existing Credit Agreement or release the Liens granted under the Loan Documents. Nothing herein contained shall be
construed as a substitution or novation of the Loans outstanding under the Existing Credit Agreement, which shall remain outstanding after the Amendment Effective Date as modified hereby. Each of the Existing Credit Agreement and the other Loan
Documents shall remain in full force and effect except to the extent modified hereby or in connection herewith. 

Section 4.11 Payment of Expenses. The Borrower agrees to pay and reimburse the Administrative Agent and the Lenders for all
of its out-of-pocket costs and reasonable expenses incurred to date in connection with this Amendment and the other Loan Documents, including, without limitation, the disbursements of legal counsel expenses to the Administrative Agent and the
Lenders. 
 Section 4.12 Conflict. In the event of a conflict between this Amendment and the Final Order, the Final
Order shall govern. 
 [Remainder of Page Intentionally Left Blank] 

  
 -6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	BORROWERS:
	
	SCHOOL SPECIALTY, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President and Chief Executive Officer
	
	CLASSROOMDIRECT.COM, LLC,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	DELTA EDUCATION, LLC,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	SPORTIME, LLC,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	CHILDCRAFT EDUCATION CORP.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	BIRD-IN-HAND WOODWORKS, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President

  
 [Signature Page to DIP
First Amendment] 

 
			
	CALIFONE INTERNATIONAL, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	PREMIER AGENDAS, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	GUARANTORS:
	
	SELECT AGENDAS, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	FREY SCIENTIFIC, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	SAX ARTS & CRAFTS, INC.,
		
	By:	 	 /s/ Michael P. Lavelle

	Name:	 	Michael P. Lavelle
	Title:	 	President

  
 [Signature Page to DIP
First Amendment] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent and as Collateral Agent
		
	By:	 	/s/ James A Hanley
	Name:	 	James A Hanley
	Title:	 	Vice President

  
 [Signature Page to DIP
First Amendment] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Administrative Agent and as Collateral Agent
		
	By:	 	/s/ James A Hanley
	Name:	 	James A Hanley
	Title:	 	Vice President

  
 [Signature Page to DIP
First Amendment] 

 
			
	LENDERS:
	
	J. GOLDMAN MASTER FUND, L.P, as Lender
	
	By: J. GOLDMAN & CO, LP, as investment advisor
		
	By:	 	/s/ Adam J. Reback
	Name:	 	Adam J. Reback
	Title:	 	CCO

  
 [Signature Page to DIP
First Amendment] 

 
			
	SHELBY CULLOM DAVIS CHARITABLE FUND, INC., as Lender
		
	By:	 	/s/ Keith J. Sabol
	Name:	 	Keith J. Sabol
	Title:	 	Portfolio Manager

  
 [Signature Page to DIP
First Amendment] 

 
			
	 DAVIS APPRECIATION AND INCOME FUND,

as Lender

		
	 By:
	 	/s/ Keith J. Sabol
	 Name:
	 	Keith J. Sabol
	 Title:
	 	Portfolio Manager

  
 [Signature Page to DIP
First Amendment] 

 
			
	 HUDSON BAY DISTRESSED MASTER FUND
 LLC., as Lender

		
	 By:
	 	/s/ Charles Winkler
	 Name:
	 	Charles Winkler
	 Title:
	 	Partner

  
 [Signature Page to DIP
First Amendment] 

 
			
	BULWARKBAY CREDIT OPPORTUNITIES MASTER FUND LTD, as Lender
		
	By:	 	/s/ Michael Hamm
	Name:	 	Michael Hamm
	Title:	 	Portfolio Manager

  
 [Signature Page to DIP
First Amendment] 

 
			
	ANSON CATALYST MASTER FUND LP, as Lender
	
	By: M5V ADVISORS INC., as advisors to ANSON CATALYST MASTER FUND LP
		
	By:	 	/s/ Adam Spears
	Name:	 	Adam Spears
	Title:	 	Director

  
 [Signature Page to DIP
First Amendment] 

 
			
	WOLVERINE FLAGSHIP FUND TRADING
	LIMITED, as Lender
		
	By:	 	 /s/ Ken Nadel

	Name:	 	Ken Nadel
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	BLUE CROSS OF CALIFORNIA
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	Q OPPORTUNITY FUND, LTD., as Lender
	
	By: AMALGAMATED GADGET, L.P. as Investment Manager
	By: SCEPTER HOLDINGS, INC., its General Partner
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 [Signature Page to DIP
First Amendment] 

 
			
	CATHOLIC MUTUAL RELIEF SOCIETY OF AMERICA
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	THE CATHOLIC MUTUAL RELIEF SOCIETY RETIREMENT PLAN AND TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	THE CATHOLIC RELIEF INSURANCE COMPANY OF AMERICA
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	CENTURY NATIONAL INSURANCE COMPANY
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	DESERET HEALTHCARE EMPLOYEE BENEFITS TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	DESERET MUTUAL RETIREE MEDICAL & LIFE PLAN TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	DESERET MUTUAL EMPLOYEE PENSION
	TRUST	 	
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	DOW RETIREMENT GROUP TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	ALEX GREEN IRA
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	LOCKHEED MARTIN CORPORATION MASTER
	RETIREMENT TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	NATIONAL RAILROAD RETIREMENT
	INVESTMENT TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	PROTECTIVE INSURANCE COMPANY
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	THE NORTHERN TRUST AS TRUSTEE OF
	 THE CENTURYLINK, INC. DEFINED BENEFIT
 MASTER TRUST

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	THE NORTHERN TRUST AS TRUSTEE OF
	 THE CENTURYLINK, INC. DEFINED BENEFIT
 MASTER TRUST

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	SAGICOR LIFE INSURANCE COMPANY
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	 STARVEST CONVERTIBLE SECURITIES FUND
 LTD.

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	TEACHERS’ RETIREMENT SYSTEM OF THE CITY OF NEW YORK
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	VIRGINIA RETIREMENT SYSTEM
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	VIRGINIA RETIREMENT SYSTEM
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	WELLMARK INC. (IOWA)
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	WELLMARK OF SOUTH DAKOTA INC.
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	ZAZOVE AGGRESSIVE GROWTH FUND, L.P.
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	ZAZBOND LLC
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	ZAZOVE CONVERTIBLE SECURITIES FUND, INC.
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	 ZAZOVE HIGH YIELD CONVERTIBLE
 SECURITIES FUND, L.P.

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	EDGEWOOD COMMERCIAL VILLAGE, LLC
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	GLENBROOK PARTNERS LP
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	 THE STUART AND PAULA SAGAN FAMILY
 TRUST

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment] 

 
			
	THE ZISSIS FAMILY TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	 /s/ Steven M. Kleiman

	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

  
 [Signature Page to DIP
First Amendment]EX-10.37

 Exhibit 10.37 

 
  
 AMENDMENT NO. 2 
 Dated as of May 3, 2013 

to the 
 SENIOR
SECURED SUPER PRIORITY DEBTOR-IN-POSSESSION 
 CREDIT AGREEMENT 

Dated as of February 27, 2013 
 among 
 SCHOOL SPECIALTY, INC., 

CLASSROOMDIRECT.COM, LLC, 
 DELTA EDUCATION, LLC, 
 SPORTIME, LLC, 

CHILDCRAFT EDUCATION CORP., 
 BIRD-IN-HAND WOODWORKS, INC., 
 CALIFONE INTERNATIONAL, INC., 

and 
 PREMIER
AGENDAS, INC., 
 as Borrowers, 
 SELECT AGENDAS, CORP., 
 FREY SCIENTIFIC, INC., 

and 
 SAX
ARTS & CRAFTS, INC., 
 as Guarantors, 
 THE LENDERS, 
 as defined herein, 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Administrative Agent and as Collateral Agent 

 
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS
	  	 	2	  
		
	 Section 1.1 Defined Terms
	  	 	2	  
		
	 ARTICLE II AMENDMENTS TO EXISTING CREDIT AGREEMENT
	  	 	2	  
		
	 Section 2.1 Amendments to the Existing Credit Agreement
	  	 	2	  
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	 	3	  
		
	 Section 3.1 Conditions Precedent
	  	 	3	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	4	  
		
	 Section 4.1 Notices
	  	 	4	  
	 Section 4.2 Governing Law; Waiver of Jury Trial
	  	 	4	  
	 Section 4.3 Integration; Inconsistency
	  	 	4	  
	 Section 4.4 Advice from Independent Counsel
	  	 	4	  
	 Section 4.5 Binding Effect; No Assignment by Borrower
	  	 	4	  
	 Section 4.6 Loan Document
	  	 	4	  
	 Section 4.7 Execution in Counterparts
	  	 	5	  
	 Section 4.8 Severability of Provisions
	  	 	5	  
	 Section 4.9 Reaffirmation
	  	 	5	  
	 Section 4.10 No Novation
	  	 	5	  
	 Section 4.11 Payment of Expenses
	  	 	5	  
	 Section 4.12 Conflict
	  	 	5	  

  
 -i-

 AMENDMENT NO. 2 

to 

SENIOR SECURED SUPER PRIORITY DEBTOR-IN-POSSESSION 
 CREDIT AGREEMENT 
 This AMENDMENT NO. 2 is dated as of May 3, 2013
(this “Amendment”) to the Senior Secured Super Priority Debtor-in-Possession Credit Agreement, dated as of February 27, 2013, entered into by and among School Specialty, Inc., a Wisconsin corporation (“School
Specialty” or the “Administrative Borrower”), each of ClassroomDirect.com, LLC, a Delaware limited liability company, Delta Education, LLC, a Delaware limited liability company, Sportime, LLC, a Delaware limited liability
company, Childcraft Education Corp., a New York corporation, Bird-in-Hand Woodworks, Inc. a New Jersey corporation, Califone International, Inc. a Delaware corporation, and Premier Agendas, Inc., a Washington corporation (collectively, the
“Subsidiary Borrowers” and, together with the Administrative Borrower, the “Borrowers”), Select Agendas, Corp., a Nova Scotia unlimited liability company, Frey Scientific, Inc. and Sax Arts & Crafts, Inc.,
each a Delaware corporation, each as a Guarantor, each Subsidiary of the Administrative Borrower (other than the Subsidiary Borrowers) that becomes a Guarantor hereunder and party hereto from time to time in accordance with Section 5.8
therein, each of the lenders appearing on the signature pages hereof, together with such other lenders as may from time to time become a party to this Amendment pursuant to the terms and conditions of Article VIII thereof (collectively, the
“Lenders”), and U.S. Bank National Association (“U.S. Bank”), in its separate capacity as administrative agent for itself and all other Lenders (in such capacity, together with its successors and assigns, the
“Administrative Agent”), and in its separate capacity as collateral agent for itself and all other Lenders (in such capacity, together with its successors and assigns, the “Collateral Agent” and, collectively with
the Administrative Agent, the “Agent”) (such Senior Secured Super Priority Debtor-in-Possession Credit Agreement as in effect on the date hereof, together with all schedules, exhibits and amendments thereto effective on the date
hereof, the “Existing Credit Agreement”). 
 RECITALS: 

A. The Borrowers and Guarantors (other than Select Agendas, Corp.) have commenced a case under Chapter 11 of Title 11 of the United
States Code in the United States Bankruptcy Court for the District of Delaware, and have retained possession of their respective assets and are authorized under the Bankruptcy Code to continue the operation of their businesses as
debtors-in-possession. 
 B. The Bankruptcy Court has entered an Interim Order and Final Order pursuant to which Administrative
Agent and Lenders may make post-petition term loans to Borrowers secured by substantially all the assets and properties of the Obligors as set forth in the Interim Order or Final Order, as applicable, and this Amendment. 

C. The Borrowers, the Guarantors, the Lenders and the Agent are parties to the Existing Credit Agreement and one or more of the Loan
Documents. 

 D. The Parties hereto have agreed, upon the terms and subject to the conditions set forth
herein, that the Existing Credit Agreement be amended as set forth herein (as so amended, the “Amended Credit Agreement”). 
 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be
legally bound, agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Defined Terms. Capitalized
terms used but not defined herein shall, unless the context otherwise requires, have the meanings assigned to such terms in the Amended Credit Agreement. 
 ARTICLE II 
 AMENDMENTS TO EXISTING 

CREDIT AGREEMENT 
 Section 2.1 Amendments to the Existing Credit Agreement. 
 (a)
Repayment of Loans; Representations; Joint and Several Liability. Section 2.5(a) of the Existing Credit Agreement is hereby amended by deleting the text thereof and inserting in lieu thereof the following: 

“The Borrowers hereby unconditionally promise to pay to the Administrative Agent for itself and the account of each Lender in cash in
Dollars in immediately available funds the then unpaid amount of each Loan and any other Obligations on the Maturity Date, or on such prior date as may be required by the terms of this Agreement (including, without limitation, upon the Termination
Date); provided, however, that to the extent the Borrowers are unable to pay the Obligations in full and in cash upon the effective date of the Borrower’s plan of reorganization as required by Section 1129(a)(9)(A) of the
Bankruptcy Code and Section 8.12 of the ABL DIP Credit Agreement, the Lenders will, notwithstanding anything herein to the contrary, accept alternative consideration in the form of capital stock of reorganized School Specialty for that portion
of the Obligations that cannot be paid to the Lenders in cash; provided, further, however, that the amount and terms of such consideration alternative must be satisfactory to the Required Lenders in their sole discretion.”

 (b) Post-Closing Obligations. Schedule 5.16 of the Existing Credit Agreement is amended by deleting the second entry in
the column under Due Date and inserting in lieu thereof the following: 
 “No later than May 31, 2013”

  
 -2-

 (c) Milestones. 

(i) Item (ii) of Schedule 5.18 of the Existing Credit Agreement is hereby amended by deleting “56”
in the first line thereof and inserting in lieu thereof the following: 
 “58” 

(ii) Item (iii) of Schedule 5.18 of the Existing Credit Agreement is hereby amended by deleting “59”
in the first line thereof and inserting in lieu thereof the following: 
 “62” 

(iii) Item (vi) of Schedule 5.18 of the Existing Credit Agreement is hereby amended by deleting “80”
in the first line thereof and inserting in lieu thereof the following: 
 “84” 

ARTICLE III 

CONDITIONS PRECEDENT 
 Section 3.1 Conditions Precedent. This Amendment shall become effective on the date (the “Amendment Effective Date”) that all of the following conditions have been satisfied.

 (a) the Administrative Agent (or its counsel) shall have received from the other Parties hereto a counterpart of this
Amendment signed on behalf of such Party. 
 (b) the representations and warranties contained in Article IV of the Amended
Credit Agreement shall be true and correct in all material respects (without duplication of any materiality qualifier contained herein) as though made on and as of such date (and each Borrower shall be deemed to have so made each representation and
warranty on and as of such date). 
 (c) no event shall have occurred, or would result from the execution and delivery of this
Amendment that, with the giving of notice or lapse of time or both, if required, constitutes, or would give rise to, a Default or an Event of Default. 
 (d) no injunction, writ, judgment, decree, restraining order, or other order of any nature shall have been issued and remain in force by any Governmental Authority or arbitrator against any Obligor, the
Agent, any Lender or the ABL DIP Agent or any ABL DIP Credit Lender or letter of credit issuing bank prohibiting or restraining, directly or indirectly, and no other legal bar shall exist directly or indirectly to, the execution and delivery of this
Amendment. 
 (e) The execution and delivery of the Amendment shall not violate any requirement of Applicable Law and shall not
be enjoined, temporarily, preliminarily or permanently. 

  
 -3-

 (f) The Administrative Borrower shall have notified the ABL DIP Agent and any other parties
that require notice pursuant to the Chapter 11 Cases. 
 ARTICLE IV 

MISCELLANEOUS 
 Section 4.1 Notices. All notices hereunder shall be given in accordance with the provisions of Section 10.3 of the Amended Credit Agreement. 

Section 4.2 Governing Law; Waiver of Jury Trial. 
 (a) Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the choice of law provisions thereof (other than
Section 5-1401 of the New York General Obligations Law). 
 (b) WAIVER OF JURY TRIAL. THE OBLIGORS, THE LENDERS AND
THE AGENT HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER. 

Section 4.3 Integration; Inconsistency. This Amendment, together with the Loan Documents, comprise the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to such subject matter, superseding all prior oral or written
understandings. If any provision of a Loan Document (other than the Intercreditor Agreement) is inconsistent with or conflicts with a comparable or similar provision appearing in this Amendment, the comparable or similar provision in this Amendment
shall govern. 
 Section 4.4 Advice from Independent Counsel. The parties hereto understand that this Amendment is a
legally binding agreement that may affect such party’s rights. Each party hereto represents to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Amendment and that it is
satisfied with its legal counsel and the advice received from it. 
 Section 4.5 Binding Effect; No Assignment by
Borrower. This Amendment shall be binding upon and inure to the benefit of the Obligors, the Lenders, the Agent and their respective successors and assigns; provided, however, no Obligor may assign any or all of its rights or
obligations hereunder or any of its interest herein without the prior written consent of the Administrative Agent and all Lenders. 
 Section 4.6 Loan Document. This Amendment is a Loan Document executed pursuant to the Amended Credit Agreement and shall (unless otherwise expressly indicated herein) be construed,
administered and applied in accordance with the terms and provisions thereof. 

  
 -4-

 Section 4.7 Execution in Counterparts. This Amendment may be executed in any
number of counterparts, each of which when so executed and delivered (including by PDF or facsimile transmission, which shall be as effective as delivery of a manually executed counterpart hereof) shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same instrument. 
 Section 4.8 Severability of
Provisions. Any provision of this Amendment which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. 

Section 4.9 Reaffirmation. Each of the Obligors hereby consents to this Amendment and the transactions contemplated hereby,
and hereby confirms its respective guarantees, pledges, grants of security interests and other agreements, as applicable, under each of the Loan Documents to which it is party, and agrees that notwithstanding the effectiveness of this Amendment and
the consummation of the transactions contemplated hereby, such guarantees, pledges, grants of security interests and other agreements shall continue to be in full force and effect and shall accrue to the benefit of the Lenders under the Amended
Credit Agreement. Each of the Obligors further agrees to take any action that may be required or that is reasonably requested by the Administrative Agent to ensure compliance by such Obligor with Section 5.14 (“Further
Assurances”) of the Amended Credit Agreement and hereby reaffirms its obligations under each similar provision of each Loan Document to which it is party. 
 Section 4.10 No Novation. Neither this Amendment nor the transactions contemplated hereby shall extinguish the Loans outstanding under the Existing Credit Agreement or release the Liens
granted under the Loan Documents. Nothing herein contained shall be construed as a substitution or novation of the Loans outstanding under the Existing Credit Agreement, which shall remain outstanding after the Amendment Effective Date as modified
hereby. Each of the Existing Credit Agreement and the other Loan Documents shall remain in full force and effect except to the extent modified hereby or in connection herewith. 

Section 4.11 Payment of Expenses. The Borrower agrees to pay and reimburse the Administrative Agent and the Lenders for all
of its out-of-pocket costs and reasonable expenses incurred to date in connection with this Amendment and the other Loan Documents, including, without limitation, the disbursements of legal counsel expenses to the Administrative Agent and the
Lenders. 
 Section 4.12 Conflict. In the event of a conflict between this Amendment and the Final Order, the Final
Order shall govern. 
 [Remainder of Page Intentionally Left Blank] 

  
 -5-

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	BORROWERS:
	
	SCHOOL SPECIALTY, INC.,
	
	By:  /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President and Chief Executive Officer
	
	CLASSROOMDIRECT.COM, LLC,
	
	By:  /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	DELTA EDUCATION, LLC,
	
	By:  /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	SPORTIME, LLC,
	
	By:  /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	CHILDCRAFT EDUCATION CORP.,
	
	By:  /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	BIRD-IN-HAND WOODWORKS, INC.,
	
	By:   /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President

 [Signature Page to DIP Second Amendment] 

 
			
	CALIFONE INTERNATIONAL, INC.,
	
	By:   /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	PREMIER AGENDAS, INC.,
	
	By: /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	GUARANTORS:
	
	SELECT AGENDAS, INC.,
	
	By: /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President
	
	FREY SCIENTIFIC, INC.,
	
	By: /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	Executive Vice President
	
	SAX ARTS & CRAFTS, INC.,
	
	By: /s/ Michael P.
Lavelle                                        

	Name:	 	Michael P. Lavelle
	Title:	 	President

 [Signature Page to DIP Second Amendment] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as
 Administrative Agent and as Collateral Agent

	
	By:  /s/ James A
Hanley                                        
    
	Name:	 	James A Hanley
	Title:	 	Vice President

 [Signature Page to DIP Second Amendment] 

 
			
	LENDERS:
	
	DG VALUE PARTNERS II MASTER FUND, L.P.,
	as Lender
	
	By:  /s/ Dov
Gertzulin                                        
        
	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

 [Signature Page to DIP Second Amendment] 

 
			
	DG VALUE PARTNERS, L.P., as Lender
	
	By:  /s/ Dov
Gertzulin                                        
    
	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

 [Signature Page to DIP Second Amendment] 

 
			
	SPECIAL SITUATIONS LLC, as Lender
	
	By:  /s/ Dov
Gertzulin                                        
    
	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

 [Signature Page to DIP Second Amendment] 

 
			
	SPECIAL SITUATIONS X LLC, as Lender
	
	By:  /s/ Dov
Gertzulin                                        
        
	Name:	 	Dov Gertzulin
	Title:	 	Managing Member

 [Signature Page to DIP Second Amendment] 

 
			
	J. GOLDMAN MASTER FUND, L.P, as Lender
	
	By: J. GOLDMAN & CO, LP, as investment advisor
	
	By:  /s/ Albert R.
Seebo                                        
        
	Name:	 	Albert R. Seebo
	Title:	 	CFO

 [Signature Page to DIP Second Amendment] 

 
			
	DAVIS APPRECIATION AND INCOME FUND,
	as Lender
	
	By:  /s/ Keith J.
Sabol                                        
        
	Name:	 	Keith J. Sabol
	 Title:
	 	Portfolio Manager

 [Signature Page to DIP Second Amendment] 

 
			
	SHELBY CULLOM DAVIS CHARITABLE FUND, INC., as Lender
	
	By:  /s/ Keith J. Sabol                  
                                  
	Name	 	Keith J. Sabol
	Title:	 	Portfolio Manager

 [Signature Page to DIP Second Amendment] 

 
			
	AG ONCON, LLC, as Lender
	
	BY: Angelo, Gordon & Co., L.P., its manager
	
	By:  /s/ Michael L.
Gordon                                        

	Name:	 	Michael L. Gordon
	 Title:
	 	CIO

 [Signature Page to DIP Second Amendment] 

 
			
	AG OFCON, LTD., as Lender
	
	BY: Angelo, Gordon & Co., L.P., its manager
	
	By:  /s/ Michael L.
Gordon                        
	Name:	 	Michael L. Gordon
	Title:	 	CIO

 [Signature Page to DIP Second Amendment] 

 
			
	HUDSON BAY DISTRESSED MASTER FUND
	LLC., as Lender
	
	By:  /s/ Marc
Sole                                         
               
	Name:	 	Marc Sole
	Title:	 	Authorized Signatory

 [Signature Page to DIP Second Amendment] 

 
			
	WOLVERINE FLAGSHIP FUND TRADING
	LIMITED, as Lender
	
	By:  /s/ Ken
Nadel                                        
                
	Name:	 	Ken Nadel
	Title:	 	Authorized Signatory

 [Signature Page to DIP Second Amendment] 

 
	
	BULWARKBAY CREDIT OPPORTUNITIES
	MASTER FUND LTD, as Lender
	
	By: /s/ Michael
Hanna                                       
                     
	Name: Michael Hanna
	Title:   Portfolio Manager

 [Signature Page to DIP Second Amendment] 

  
 20 

 
	
	STEEL EXCEL INC., as Lender
	
	By: /s/ Jack
Howard                                       
                         
	Name: Jack Howard
	Title:   Vice Chairman

 [Signature Page to DIP Second Amendment] 

 
	
	 ANSON CATALYST MASTER FUND LP,

as Lender
  
 By: M5V ADVISORS INC., as advisors to ANSON CATALYST MASTER FUND LP

	
	By: /s/ Jay
Lubinsky                                       
                         
	Name: Jay Lubinsky
	Title:   Principal

 [Signature Page to DIP Second Amendment] 

 
	
	 SCOGGIN INTERNATIONAL FUND, LTD.,
 as Lender

	
	By: /s/ Dev
Chodry                                       
                           
	Name: Dev Chodry
	Title:   Authorized Signatory

 [Signature Page to DIP Second Amendment] 

 
	
	 SCOGGIN CAPITAL MANAGEMENT II LLC,
 as Lender

	
	By: /s/ Dev
Chodry                                       
                           
	Name: Dev Chodry
	Title:   Authorized Signatory

 [Signature Page to DIP Second Amendment] 

 
			
	 SCOGGIN WORLDWIDE FUND, LTD.,

	 as Lender

		
	 By:
	 	 /s/ Dev Chodry

	 Name:
	 	 Dev Chodry

	 Title:
	 	 Authorized Signatory

 [Signature Page to DIP Second Amendment] 

 
	
	Q OPPORTUNITY FUND, LTD., as Lender
	
	By: AMALGAMATED GADGET, L.P. as
	Investment Manager
	By: SCEPTER HOLDINGS, INC., its General
	Partner
	
	By: /s/ Noel
Nesser                                       
                           
	Name: Noel Nesser
	Title:   CFO

 [Signature Page to DIP Second Amendment] 

 
	
	BLUE CROSS OF CALIFORNIA
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title: Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	CATHOLIC MUTUAL RELIEF SOCIETY OF AMERICA
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title: Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	THE CATHOLIC MUTUAL RELIEF SOCIETY
	RETIREMENT PLAN AND TRUST
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title: Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	THE CATHOLIC RELIEF INSURANCE
	COMPANY OF AMERICA
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	CENTURY NATIONAL INSURANCE COMPANY
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	DESERET HEALTHCARE EMPLOYEE
	BENEFITS TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	DESERET MUTUAL RETIREE MEDICAL & LIFE
	PLAN TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	DESERET MUTUAL EMPLOYEE PENSION
	TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	DOW RETIREMENT GROUP TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	LOCKHEED MARTIN CORPORATION MASTER
	RETIREMENT TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	NATIONAL RAILROAD RETIREMENT
	INVESTMENT TRUST
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	PROTECTIVE INSURANCE COMPANY
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	THE NORTHERN TRUST AS TRUSTEE OF
	THE CENTURYLINK, INC. DEFINED BENEFIT
	 MASTER TRUST

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	THE NORTHERN TRUST AS TRUSTEE OF
	THE CENTURYLINK, INC. DEFINED BENEFIT
	 MASTER TRUST

	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	SAGICOR LIFE INSURANCE COMPANY
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	STARVEST CONVERTIBLE SECURITIES FUND
	LTD.
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	TEACHERS’ RETIREMENT SYSTEM OF THE
	CITY OF NEW YORK
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
			
	VIRGINIA RETIREMENT SYSTEM
	
	By: ZAZOVE ASSOCIATES LLC
		
	By:	 	/s/ Steven M. Kleiman
	Name:	 	Steven M. Kleiman
	Title:	 	Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	WELLMARK INC. (IOWA)
	
	By: ZAZOV\E ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	WELLMARK OF SOUTH DAKOTA INC.
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	ZAZOVE AGGRESSIVE GROWTH FUND, L.P.
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title: Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	ZAZBOND LLC
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title: Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	ZAZOVE CONVERTIBLE SECURITIES FUND,
	INC.
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	ZAZOVE HIGH YIELD CONVERTIBLE
	SECURITIES FUND, L.P.
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	EDGEWOOD COMMERCIAL VILLAGE, LLC
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	GLENBROOK PARTNERS LP
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	THE STUART AND PAULA SAGAN FAMILY
	TRUST
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M.
Kleiman                                       
             
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment] 

 
	
	THE ZISSIS FAMILY TRUST
	
	By: ZAZOVE ASSOCIATES LLC
	
	By: /s/ Steven M. Kleiman
                                        
           
	Name: Steven M. Kleiman
	Title:   Chief Operating Officer

 [Signature Page to DIP Second Amendment]

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