Document:

ex10_45.htm

    
      

    

    Exhibit
10.45

    

    JOINDER
TO

    

    AMENDED
AND RESTATED SECURITIES HOLDERS AGREEMENT AND

    

    AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

    

    THIS
JOINDER (this “Joinder”) is made and entered into as of January 15, 2008 by and
among TSG Holdings Corp., a Delaware corporation (the “Company”) and
Participatiemaatschappij Giraffe B.V., a limited liability company organized
under the laws of The Netherlands (the “Investor”).  Capitalized terms
used herein but not otherwise defined shall have the meanings set forth in the
Amended and Restated Securities Holders Agreement, dated as of May 16, 2007 by
and among the Company, The Sheridan Group Holdings (BRS), LLC, The Sheridan
Group Holdings (Jefferies), LLC, Participatiemaatschappij Neushoorn B.V., a
limited liability company organized under the laws of The Netherlands
(“Neushoorn”), Participatiemaatschappij Olifant B.V., a limited liability
company organized under the laws of The Netherlands (“Olifant” and together with
Neushoorn, the “Euradius Investors”) and the other investors of the Company
named therein (the “Securities Holders Agreement”).

    

    WHEREAS,
as of October 21, 2007, each of the Euradius Investors merged with and into the
Investor, with the Investor being the surviving company.  As a result
of the merger, the Investor has acquired 6,112.98104 shares of the Company’s
Series B 10% Cumulative Compounding Preferred Stock (the “Series B Preferred
Stock”) and 80,258.644 shares of the Company’s Common Stock (the “Common Stock”)
from Neushoorn and 2,292.05270 shares of the Series B Preferred Stock and
30,092.854 shares of the Common Stock from Olifant (the “Transferred
Interest”).  The Company requires that the Investor, as a condition to
the Investor being a Permitted Transferee of the Euradius Investors, execute an
agreement expressly agreeing to become bound by and a party to the provisions of
the Securities Holders Agreement.

    

    WHEREAS,
in connection with the Investor joining the Securities Holders Agreement, the
Investor and the other parties hereto would like the Investor to become bound by
and a party to the provisions of the Amended and Restated Registration Rights
Agreement dated as of May 16, 2007 by and among the Company, The Sheridan Group
Holdings (BRS), LLC, The Sheridan Group Holdings (Jefferies), LLC, the Euradius
Investors and the other investors of the Company named therein (the
“Registration Rights Agreement”).

    

    NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Joinder hereby agree as follows:

    

    1.           Agreement to be
Bound.  The Investor hereby agrees that upon execution of this
Joinder by Investor, the Investor shall become a party to the Securities Holders
Agreement and the Registration Rights Agreement and shall be fully bound by and
subject to, and have all of the rights and benefits of, all of the covenants,
terms and conditions of the Securities Holders Agreement and the Registration
Rights Agreement including, without limitation, Article II of the Securities
Holders Agreement.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    2.           Representations and
Warranties of the Investor.  The Investor represents and
warrants to the Company as follows:

    

    (a)         The
Investor is a Permitted Transferee of the Euradius Investors.

    

    (b)         The
Investor is a private limited liability company duly organized, validly
existing, and in good standing under the laws of the Netherlands and has all
requisite power and authority to execute this Joinder and to perform its
obligations hereunder without the need for the consent of any other person
(other than such consents as have heretofore been obtained).

    

    (c)         This
Joinder has been duly authorized by all necessary action, has been duly executed
and delivered by the Investor and constitutes the legal, valid and binding
obligation of the Investor enforceable against the Investor in accordance with
its terms.

    

    (d)         No
action, suit, proceeding or investigation is pending or, to the Investor’s
knowledge, threatened, against the Investor with respect to the execution and
delivery of this Joinder or the consummation by the Investor of the transactions
contemplated hereby.

    

    (e)         The
Investor is an “accredited investor” as such term is defined in Rule 501(a)
promulgated under the Securities Act of 1933, as amended.

    

    (f)    
     The Investor is acquiring the Transferred Interest
for its own account for investment purposes only and not with a view to any
further resale or distribution of the Transferred Interest that would violate
the Securities Act of 1933, as amended (the “Securities Act”) or the applicable
state securities laws of any state.  The Investor will not distribute
the Transferred Interest in violation of the Securities Act or the applicable
securities laws of any state.

    

    (g)         The
Investor has sufficient investment experience as to be able to understand the
merits and risks of an investment in the Company.  The Investor
understands the Transferred Interest has not been registered under the
Securities Act or applicable state securities laws, must be held indefinitely
unless subsequently registered under the Securities Act and any applicable state
securities laws or unless an exemption from such registration becomes or is
available and may not be sold or transferred without the consent of the
Company.

    

    (h)         The
Investor has received a copy of and has had an opportunity to review the
Securities Holders Agreement and the Registration Rights
Agreement.  The Investor has also received or has been afforded access
to such other information concerning the Company and its business as the
Investor has deemed necessary to make an informed investment
decision.  The Investor has had an opportunity to ask questions and
receive answers to any questions Investor may have to be able to evaluate the
merits and risks of an investment in the Company.

    

    3.           Notices.  All
notices and other communications which are required or permitted hereunder shall
be delivered in accordance with Section 5.4 of the Securities Holders Agreement
except that notices to the Investor, as successor in interest to the Euradius
Investors, shall be delivered to:

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    If to the
Investor:

    

    Participatiemaatschappij
Giraffe B.V.

    Koestraat
44

    Zwolle,
Netherlands

    Attn:

    Fax:

    

    4.           Successors and
Assigns.  Subject to the provisions of the Securities Holders
Agreement and the Registration Rights Agreement, this Joinder shall bind and
inure to the benefit of and be enforceable by the Company and the Investor and
their respective successors and assigns.

    

    5.           Counterparts.  This
Joinder may be executed in separate counterparts each of which shall be an
original and all of which taken together shall constitute one and the same
agreement.

    

    6.           Governing
Law.  This Joinder shall be governed by and construed in
accordance with the laws of the State of Delaware without reference to its
choice of law or conflict of law provisions thereof

    

    7.           Descriptive
Headings.  The descriptive headings of this Joinder are
inserted for convenience only and do not constitute a part of this
Joinder.

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Joinder as of the date first above
written.

    

    
      	 
      	
              TSG
      HOLDINGS CORP.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:  

            	
              /s/ John A.
      Saxton

            
	 
      	 
      	
              Name:  John
      A. Saxton

            
	 
      	 
      	
              Title:  President

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              PARTICIPATIEMAATSCHAPPIJ
      GIRAFFE B.V.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:  

            	
              /s/ Ronald
      Hof

            
	 
      	 
      	
              Name:  Ronald
      Hof

            
	 
      	 
      	
              Title:  Managing
      Director

            

    

     

     

    A-4ex10_46.htm

    
      

    

    Exhibit
10.46

    

    Execution
Version

    

    AMENDMENT
No. 1 

    to

    AMENDED
AND RESTATED REVOLVING CREDIT AGREEMENT

    

    AMENDMENT
No. 1 dated December 18, 2007 (“Amendment”) to AMENDED AND RESTATED REVOLVING
CREDIT AGREEMENT made as of the 25th day of May, 2004 (“Original Agreement”) by
and among THE SHERIDAN  GROUP, INC., a Maryland corporation
(“Borrower”), BANK OF AMERICA, N.A. (successor to FLEET NATIONAL BANK) (“Bank”),
individually, as Administrative Agent, Issuer and a Lender, and the other
Lenders under the Original Agreement.

    

    RECITALS:

    

    WHEREAS,
Borrower, Lenders  and Bank are party to the Original Agreement;
and

    

    WHEREAS,
all capitalized terms used in this Amendment, unless otherwise defined herein,
shall have the meanings ascribed thereto in the Original Agreement;
and

    

    WHEREAS,
Borrower has requested that standby Letters of Credit be issued under the
Original Agreement, as amended hereby (the “Agreement”), in Singapore dollars
and Euros, as well as U.S. Dollars, as security for an overdraft facility of GPN
Asia Pte. Ltd., an Affiliate of Borrower, or for other business purposes;
and

    

    WHEREAS,
Bank is willing to be the Issuer of such Letters of Credit for and on behalf of
the Lenders under the Agreement; and

    

    NOW
THEREFORE, the parties hereto, intending to be legally bound, agree that the
Original Agreement be, and it hereby is amended as follows:

    

    1.         
    Letter of Credit
Currencies.  A new subsection (h) shall be added to Section
1.04, which shall read in full as follows:

    

    (h)           (i)          Standby
Letters of Credit may be issued from time to time in any Offshore Currency.  The Borrower
shall notify the Issuer as to the Offshore Currency in which each Offshore
Letter of Credit is to be issued, simultaneously with Borrower’s initial
application therefor in accordance with Issuer’s standard
procedures.  

    

    (ii)         Each
request for an Offshore Letter of Credit shall constitute the Borrower’s request
for an Offshore Letter of Credit in the amount of the Offshore Currency
specified in the request. The stated amount available for drawing under any
Offshore Letter of Credit shall be recorded in the Agent’s records in US Dollars
as if the Offshore Letter of Credit had been issued in US Dollars in the US
Dollar Equivalent Amount of such Offshore Letter of Credit, as such amount may
be adjusted as provided in subsections (iii), (iv) or (v).  For the
purposes of determining the maximum amount of Letter of Credit Liabilities
hereunder, it is intended by the parties that all Offshore Letters of Credit
shall be the functional equivalent of US Letters of Credit made and repaid in US
Dollars and shall be included in such determination based on their US Dollar
Equivalent Amount as determined from time to time as set forth herein. The Agent
shall maintain records (based upon information furnished by  Issuer)
sufficient to identify at any time the Spot Rate of Exchange with respect to
each Offshore Letter of Credit.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (iii)        In
the event an Offshore Letter of Credit is for a term exceeding one (1) month,
the US Dollar Equivalent Amount of the corresponding Letter of Credit
Liabilities shall be recalculated by Borrower as of the last Business Day of
each calendar month and the Agent shall review and validate or adjust such
calculation, and notify the Borrower and the Lenders, based upon the new Spot
Rate of Exchange as of such Business Day for such Offshore Letter of Credit. The
Agent shall apply such new Spot Rate of Exchange to determine the new US Dollar
Equivalent Amount of such Offshore Letter of Credit as of such Business Day and
shall adjust its record of the Letter of Credit Liabilities.  In the
event that such adjustment with respect to any Offshore Letter of Credit causes
the Revolving Credit Outstandings to exceed the Revolving Credit Commitment, the
Borrower shall immediately repay the portion of Revolving Credit Loans necessary
to ensure that, giving effect to the new Spot Rate of Exchange for such Offshore
Letters of Credit, the sum of Revolving Credit Outstandings does not exceed the
Revolving Credit Commitment. In the event that such adjustment with respect to
an Offshore Letter of Credit causes the total US Dollar Equivalent Amount of
Letter of Credit Liabilities to exceed $5,000,000, the Borrower shall
immediately deposit US Dollars in cash (or other immediately available funds
acceptable to the Agent) with the Agent, in the amount of the Letter of Credit
Liabilities which cause such violation, as collateral security for the repayment
of any future drawings or repayments under such Letters of Credit and such
amounts shall be held by the Agent pursuant to the terms of a cash collateral
account agreement satisfactory to it.

    

    (iv)        In
the event that an Offshore Letter of Credit is drawn upon, the Spot Rate of
Exchange applicable to any remaining undrawn amount of such Offshore Letter of
Credit shall be adjusted to be the Spot Rate of Exchange for the date of such
drawing and the amount of the corresponding Letter of Credit Liabilities shall
be recalculated as of the date of such drawing for the purposes of determining
the US Dollar Equivalent Amount of the remaining undrawn amount of such Offshore
Letter of Credit.

    

    (v)         Without
limiting the foregoing provisions of this subsection (h), the Agent may from
time to time further modify the terms of, and practices contemplated by this
subsection (h) to the extent the Agent determines, in its reasonable discretion,
that such modifications are necessary or convenient to reflect new laws,
regulations, customs or practices developed in connection with any Offshore
Currency.

    

    (vi)        For
purposes of this subsection (h), the following terms shall have the meanings
ascribed thereto below:

    

    “Offshore Currency”
means (i) Singapore Dollars, (ii) Euros, and (iii) any other freely available
currency requested by the Borrower by thirty (30) days prior written notice to
the Agent and Issuer which is, in the complete discretion of both the Agent and
the Issuer, at the time of such request, freely traded in the offshore interbank
foreign exchange markets and is freely transferable and convertible into US
Dollars in the United States currency market.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    “Offshore Letter of
Credit” means a Letter of Credit, which shall always be a standby Letter
of Credit, denominated in an Offshore Currency.

    

    “Spot Rate of
Exchange” means in determining the US Dollar Equivalent Amount of a
specified amount of any Offshore Currency as of any date, the spot rate of
exchange determined by the Agent in accordance with its usual procedures for the
purchase by the Agent of US Dollars with such Offshore Currency at approximately
11:00 A.M. (London, England time) with respect to any Offshore Currency, on the
Business Day that is two (2) Business Days prior to such date.

    

    “US Dollar Equivalent
Amount” means, with respect to a specified amount of any Offshore
Currency, the amount of US Dollars into which such amount of Offshore Currency
would be converted, based on the applicable Spot Rate of Exchange.

    

    2.           
  Representations and
Covenants.  The Borrower
certifies that all representations and warranties contained in the Loan
Documents, including without limitation the schedules thereto, are true, correct
and complete on and as of the date hereof, and that all covenants and agreements
made in the Loan Documents have been complied with and fulfilled, and that no
Default or Event of Default is in existence on the date hereof.

    

    3.         
    Ratification.  Other
than as specifically set forth herein, the Borrower hereby ratifies and confirms
the Loan Documents and all instruments and agreements relating thereto, and
confirms that (a) all of the foregoing remain in full force and effect, (b) each
of the foregoing is enforceable against the Borrower in accordance with its
terms, and (c) the Borrower has no defenses, claims or setoffs relative to the
Loan Documents or its obligations thereunder.

    

    4.       
     Authority and
Enforceability.  Borrower hereby represents that:

    

    (a)         It
has full corporate power and authority to execute, deliver and perform this
Amendment; and

    

    (b)         The
Agreement, as amended hereby, constitutes Borrower’s legal, valid and binding
agreement, enforceable in accordance with its terms, except as such
enforceability  may be limited by bankruptcy, insolvency, moratorium
or other similar laws affecting creditors’ rights generally and by general
principles of equity.

    

    5.         
    Miscellaneous.  Article
15 of the Original Agreement is incorporated herein by this reference and shall
apply to this Amendment.  Execution of this Amendment shall not
constitute an agreement by the Bank to execute any other amendment or
modification of the Loan Documents.  References to the Original
Agreement in any document relating thereto shall be deemed to include this
Amendment.

    

    6.         
    Counterparts; Electronic
Execution.  This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, shall be deemed to be an original, and all of
which, when taken together, shall constitute but one and the same
Amendment.  Delivery of an executed counterpart of this Amendment by
telefacsimile or by electronic transmission in “pdf” or other imaging format
shall be equally as effective as delivery of an original executed counterpart of
this Amendment.  Any party delivering an executed counterpart of this
Amendment by telefacsimile or electronic transmission also shall promptly
deliver an original executed counterpart of this Amendment but the failure to
deliver an original executed counterpart shall not affect the validity,
enforceability and binding effect of this Agreement.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement, or caused it
to be executed by their duly authorized officers, all as of the day and year
first above written.

    

    

    
      	 
      	
              THE
      SHERIDAN GROUP, INC.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Robert M.
      Jakobe

            
	 
      	 
      	
              Name:
      Robert M. Jakobe

            
	 
      	 
      	
              Title:
      Executive Vice President

            
	 
      	 
      	
              11311
      McCormick Road, Suite 260

            
	 
      	 
      	
              Hunt
      Valley, Maryland 21031-1437

            
	 
      	 
      	 
      
	 
      	 
      	
              Phone:
      (410) 785-7277

            
	 
      	 
      	
              Fax:
      (410) 785-7217

            
	 
      	 
      	
              E-Mail:

            

    

    

    

    

    [signature
page for Amendment]

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    
      	
              AGENT
      AND LENDER:

            	
              BANK
      OF AMERICA, N.A.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Michael
      Strigel

            
	 
      	 
      	
              Michael
      Strigel

            
	 
      	 
      	
              Vice
      President

            
	 
      	 
      	 
      
	 
      	 
      	
              Mail
      Stop: PA7-188-11-01

            
	 
      	 
      	
              1600
      John F. Kennedy Blvd.

            
	 
      	 
      	
              4
      Penn Center, Suite 1100

            
	 
      	 
      	
              Philadelphia,
      PA 19103

            
	 
      	 
      	
              Phone:  (267)
      675-0214

            
	 
      	 
      	
              Fax:  (267)
      675-0219

            
	 
      	 
      	
              E-Mail:
      michael.strigel@bankofamerica.com

            

    

    

    

    

    [signature
page for Amendment]

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    
      	
              LENDER:

            	
              WACHOVIA
      BANK, NATIONAL ASSOCIATION

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Lucy C.
      Campbell

            
	 
      	 
      	
              Lucy
      C. Campbell, Vice President

            
	 
      	 
      	
              Wachovia
      Bank, N.A.

            
	 
      	 
      	
              [7
      Saint Paul Street, 2nd
      Floor

            
	 
      	 
      	
              Baltimore,
      MD  21202]

            
	 
      	 
      	 
      
	 
      	 
      	
              Phone:
      [401-332-5245]

            
	 
      	 
      	
              Fax:  [401-244-1236]

            
	 
      	 
      	
              E-Mail:
      lucy.campbell@wachovia.com

            

    

    

    

    

    [signature
page for Amendment]

     

     

    -6-

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