Document:

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                                                                   EXHIBIT 10.1

CONFIDENTIAL PORTIONS HAVE BEEN OMITTED PURSUANT TO RULE 24B-2 UNDER THE
SECURITIES ACT OF 1934, AS AMENDED. [ * ] INDICATES OMITTED MATERIAL THAT IS
THE SUBJECT OF AN APPLICATION FOR CONFIDENTIAL TREATMENT AND IS FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

                    FOURTH AMENDMENT TO CREDIT AGREEMENT

                  THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Fourth
                                                                   ------
Amendment") is entered into as of August 7, 2001 among Mail-Well I
---------
Corporation, a Delaware corporation (the "Company"), as borrower, Mail-Well,
                                          -------
Inc., a Colorado corporation (the "Parent"), and certain other U.S.
                                   ------
Subsidiaries of the Parent, as guarantors, the several financial
institutions from time to time party to the Credit Agreement referred to
below (individually, a "Lender" and, collectively, the "Lenders"), ABN AMRO
                        ------                          -------
Bank N.V., as syndication agent, The Bank of Nova Scotia, as documentation
agent, SunTrust Bank and Union Bank of California, N.A., as managing agents,
and Bank of America, N.A., as Issuing Bank, Swingline Bank and as
administrative agent for itself and the other Lenders (in such capacity, the
"Agent").
 -----
                  WHEREAS, the Company, the Parent and the other Loan
Parties, the Lenders and the Agent entered into a Credit Agreement dated as
of February 18, 2000, as amended by that certain First Amendment to Credit
Agreement dated as of July 28, 2000, that certain Second Amendment to Credit
Agreement dated as of March 28, 2001, and that certain Third Amendment to
Credit Agreement dated as of June 29, 2001 (as so amended, the "Credit
                                                                ------
Agreement"); and
---------

                  WHEREAS, the Company has requested that the Majority
Lenders agree to certain amendments to the Credit Agreement, and the
Majority Lenders have agreed to such request, subject to the terms and
conditions of this Fourth Amendment;

                  NOW, THEREFORE, the parties hereto agree as follows:

1.       Definitions; References; Interpretation.
         ---------------------------------------

         (a)      Unless otherwise specifically defined herein, each term used
herein (including in the Recitals hereof) which is defined in the Credit
Agreement shall have the meaning assigned to such term in the Credit Agreement.

         (b)      Each reference to "this Agreement", "hereof", "hereunder",
"herein" and "hereby" and each other similar reference contained in the Credit
Agreement, and each reference to "the Credit Agreement" and each other similar
reference in the other Loan Documents, shall from and after the Effective
Date (as defined below) refer to the Credit Agreement as amended hereby.

         (c)      The rules of interpretation set forth in Section 1.02 of
the Credit Agreement shall be applicable to this Fourth Amendment.

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2.       Amendments to Credit Agreement. Subject to the terms and conditions
         ------------------------------
hereof, the Credit Agreement is amended as follows, effective as of the date
of satisfaction of the conditions set forth in Section 4 (the "Effective Date"):
                                                               --------------

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

                  (i)    The defined term "Attributed Principal Amount" set
                                           ---------------------------
forth in Section 1.01 of the Credit Agreement is deleted in its entirety.

                  (ii)   A new defined term "Borrowing Base" shall be added to
                                             --------------
Section 1.01 in proper alphabetical order as follows:

                  ""Borrowing Base" means asset-based lending limits
                    --------------
         reasonably satisfactory to the Agent, the Majority Lenders and the
         Loan Parties to become effective not later than August 15, 2002 in
         accordance with Section 5 of the Fourth Amendment to Credit Agreement
         dated as of August 7, 2001 (the "Borrowing Base Agreement Date")."
                                          -----------------------------

                  (iii)  A new defined term "Borrowing Base Agreement Date"
                                             -----------------------------
shall be added to Section 1.01 in proper alphabetical order as follows:

                  ""Borrowing Base Agreement Date" shall have the meaning
                    -----------------------------
         set forth in the definition of Borrowing Base."

                  (iv)   A new defined term "Borrowing Base Certificate" shall
                                             --------------------------
be added to Section 1.01 in proper alphabetical order as follows:

                  ""Borrowing Base Certificate" means a certificate of a
                    --------------------------
         Responsible Officer of the Borrower, in such form as the Agent
         reasonably shall specify prior to the Borrowing Base Agreement
         Date, with such changes thereto as the Agent or the Majority
         Lenders may from time to time reasonably request."

                  (v)    The defined term "Collateral Release Date" set forth
                                           -----------------------
in Section 1.01 of the Credit Agreement is deleted in its entirety.

                  (vi)   A new defined term "Compliance Event" shall be added
                                             ----------------
to Section 1.01 in proper alphabetical order as follows:

                  ""Compliance Event" means the date occurring after the
                    ----------------
         second fiscal quarter of 2002 on which the Agent receives a completed
         Compliance Certificate, executed by a Responsible Officer, pursuant
         to Section 7.02 of the Credit Agreement (i) certifying the financial
         statements required under Section 7.01(b) and the other information
         required under the Compliance Certificate (including, without
         limitation, that no Default or Event of Default has occurred and is
         continuing) and (ii) demonstrating that the Parent and its
         Subsidiaries are in compliance with the financial covenants set forth
         in Section 8.21 as of the last day of the second fiscal quarter of
         2002."

                  (vii)  The defined term "EBITDA" set forth in Section 1.01 of
                                           ------
the Credit Agreement is amended and restated in its entirety as follows:

                                     2

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                  ""EBITDA" means, for any period, for the Parent and its
                    ------
         Subsidiaries, the sum of Consolidated Net Income of the Parent and
         its Subsidiaries for such period plus (to the extent deducted in
                                          ----
         determining Consolidated Net Income) (i) Interest Expense for such
         period, (ii) income tax expense for such period, (iii) depreciation
         expense, amortization expense and other non-cash expenses for such
         period, in each case, measured in accordance with GAAP, and
         (without duplication) (iv) the following charges incurred in
         connection with the Restructuring (collectively, the "Restructuring
         Charges"), in each case, measured in accordance with GAAP: (A)
         pre-tax net losses of up to $90,000,000 in fiscal year 2001
         resulting from book losses on dispositions recorded in fiscal year
         2001, (B) pre-tax net losses for fiscal years 2001 and 2002
         resulting from restructuring charges in an aggregate amount of up
         to $100,000,000 subject to the limitations that (x) no more than
         $60,000,000 of such charges (cash and non-cash) may be added back
         in the calculation of EBITDA for fiscal year 2001, (y) no more than
         $40,000,000 of cash restructuring charges may be added back in the
         calculation of EBITDA for fiscal year 2001, and (z) no more than
         $55,000,000 of cash restructuring charges in the aggregate may be
         added back in the calculation of EBITDA for fiscal years 2001 and
         2002.

                  "For purposes of determining the consolidated EBITDA of
         the Parent and its Subsidiaries hereunder for purposes of
         calculating the Total Leverage Ratio and the Senior Leverage Ratio
         only, EBITDA shall be adjusted for Permitted Acquisitions of
         Persons that become Subsidiaries or become part of consolidated
         Subsidiaries (each an "Acquired Subsidiary") made by the Parent,
         the Company or any Subsidiary during the four fiscal quarter period
         (the "Compliance Period") for which the consolidated EBITDA of the
         Parent and its Subsidiaries is being calculated. Such adjustment
         shall be made as follows:

                  "(i)   actual financial results of each such Acquired
         Subsidiary from the date of its Acquisition through the end of the
         Compliance Period shall be included in the consolidated measure of
         EBITDA in accordance with GAAP;

                  "(ii)  historical financial results of each such Acquired
         Subsidiary shall be included in the consolidated measure of EBITDA
         if any one of the following conditions is satisfied: (1) either (A)
         audited financial statements of such Acquired Subsidiary are
         available for its most recent fiscal year-end or (B) if such
         audited financial statements are not yet available because such
         Acquired Subsidiary was acquired within 90 days of its most recent
         fiscal year-end, audited financial statements of such Acquired
         Subsidiary are available for its next most recent fiscal year-end;
         (2) such Acquired Subsidiary is a Subsidiary or division of a
         public company for which either (A) audited financial statements
         are available for such company's most recent fiscal year-end or (B)
         if such audited financial statements are not yet available because
         such Acquired Subsidiary was acquired within 90 days of such public
         company's most recent fiscal year-end, audited financial statements
         of such public company are available for its next most recent
         fiscal year-end; or (3) reviewed financial statements of such
         Acquired Subsidiary prepared in accordance with GAAP are available
         for its most recent fiscal year-end;

                  "(iii) if one or more of the conditions set forth in the
         preceding paragraph (ii) are satisfied, then such historical
         financial results shall be so included as follows: (1) the Parent
         shall determine in accordance with GAAP the relevant financial
         results of such Acquired

                                     3

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         Subsidiary for the period of four fiscal quarters of such Acquired
         Subsidiary ending on the date of its fiscal quarter most recently
         ended prior to the date of its Acquisition, (2) the Parent shall make
         adjustments to such financial results to exclude any specific,
         identifiable expense items which are eliminated (in accordance with
         Regulation S-X promulgated by the SEC) as a result of the Permitted
         Acquisition of such Acquired Subsidiary at the closing thereof, and
         (3) the Parent shall include in consolidated EBITDA only such portion
         of such relevant historical financial results that is obtained by
         multiplying such financial results by the quotient obtained by
         dividing (x) the number of days elapsed from the first day of the
         Compliance Period to the date of the Acquisition of such Acquired
         Subsidiary, by (y) 365;

         "provided, however, that amounts that would otherwise be included
          --------  -------
         in EBITDA on account of Permitted Acquisitions made by any of the
         Parent or its Subsidiaries shall be excluded unless the Agent and
         the Lenders have been provided with reasonably satisfactory
         independent verification of such historical financial results. The
         parties agree that if at any time (A) the historical financial
         results of any Acquired Subsidiary have not been included in the
         consolidated measure of EBITDA because none of the requirements set
         forth in clauses (1), (2) and (3) of the preceding clause (ii) have
         theretofore been satisfied, (B) audited financial statements for
         such Acquired Subsidiary shall have since become available for its
         most recent fiscal year-end and (C) such Acquired Subsidiary was
         acquired during the Compliance Period for which the consolidated
         EBITDA of the Parent and its Subsidiaries is then being calculated,
         then (subject to the preceding proviso) the Parent shall adjust its
         consolidated EBITDA as provided in the preceding clauses (i), (ii)
         and (iii); provided, however, that this sentence is intended only
         to permit the Parent to make adjustments to its consolidated EBITDA
         in respect of the historical financial results of such Acquired
         Subsidiary for purposes of any certificate or demonstration of
         covenant compliance to be delivered to the Agent and/or the Lenders
         after the date on which such audited financial statements become
         available, and this sentence is not intended to permit the Parent
         to restate or otherwise re-calculate its consolidated EBITDA for
         purposes of any certificate or demonstration of covenant compliance
         delivered to the Agent and/or the Lenders prior to the date on
         which such audited financial statements became available.

                  "Upon any disposition by the Parent, the Company or the
         Subsidiaries of any Subsidiary or of any assets (other than to the
         Parent, the Company or any Subsidiary), all financial results of
         such Subsidiary or attributable to such assets during the
         Compliance Period in which such disposition occurred shall be
         excluded from the calculation of EBITDA hereunder for purposes of
         calculating the Total Leverage Ratio and the Senior Leverage Ratio
         only."

                  (viii) The defined term "Existing Receivables Purchase
                                           -----------------------------
Facility" set forth in Section 1.01 shall be deleted in its entirety.
--------
                  (ix)   Clause (a) in the definition of "Fixed Charge Coverage
                                                          ---------------------
Ratio" in Section 1.01 of the Credit Agreement shall be amended and restated as
-----
follows:

                         "(a) EBITDA for the period of the last four
         fiscal quarters ended on or prior to such date minus cash taxes
                                                        -----
         paid during such period (other than cash taxes paid in respect of
         the Restructuring and plans of dispositions with respect thereto) to"

                                     4

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                  (x)    Clause (h) in the definition of "Indebtedness" in
                                                          ------------
Section 1.01 of the Credit Agreement shall be deleted in its entirety and
replaced with "[intentionally omitted]".

                  (xi)   The following language at the end of the definition
of "Lien" in Section 1.01 of the Credit Agreement shall be deleted and replaced
    ----
with a period: "or the interest of a purchaser of Permitted Receivables under
any Permitted Receivables Purchase Facility."

                  (xii)  The defined term "Permitted Receivables Purchase
                                           ------------------------------
Facility" in Section 1.01 of the Credit Agreement shall be deleted in its
--------
entirety.

                  (xiii) Subsection (vi) of the definition of "Permitted
                                                               ---------
Acquisition" in Section 1.01 of the Credit Agreement shall be amended and
-----------
restated as follows:

                         "(vi) in the case of any Acquisition prior to the
         Compliance Event, the Majority Lenders shall have consented in
         writing to the consummation of such Acquisition."

                  (xiv)  The defined term "Significant Acquisition" in Section
                                           -----------------------
1.01 of the Credit Agreement shall be deleted in its entirety.

         (b)      Section 2.01 of the Credit Agreement shall be amended as
follows:

                  (i)    Clause (ii) of subsection 2.01(a) of the Credit
Agreement shall be amended and restated as follows:

                         "(ii) the Effective Amount of all outstanding Revolving
         Loans plus the Effective Amount of all Swingline Loans plus the
               ----                                             ----
         Effective Amount of all L/C Obligations plus the Effective Amount of
                                                 ----
         all outstanding Term Loans shall not exceed the lesser of (A) the
         Aggregate Commitment and (B) from and after the Borrowing Base
         Agreement Date, the Borrowing Base then in effect."

                  (ii)   Clause (ii) of subsection 2.01(b) of the Credit
Agreement shall be amended and restated as follows:

                         "(ii) the Effective Amount of all outstanding Revolving
         Loans plus the Effective Amount of all Swingline Loans plus the
               ----                                             ----
         Effective Amount of all L/C Obligations plus the Effective Amount of
                                                 ----
         all outstanding Term Loans shall not exceed the lesser of (A) the
         Aggregate Commitment and (B) from and after the Borrowing Base
         Agreement Date, the Borrowing Base then in effect."

                  (iii)  Subsection (c) of Section 2.01 of the Credit Agreement
shall be amended and restated in its entirety as follows:

                         "(c) The Revolving Credit. Each Lender severally
                              --------------------
         agrees, on the terms and conditions set forth herein, to make loans
         to the Company (each such loan, a "Revolving Loan") from time to time
                                            --------------
         on any Business Day during the period from the Closing Date to the
         Revolving Termination Date, in an aggregate amount not to exceed at
         any time the amount set forth opposite such Lender's name on
         Schedule 2.01 under the heading "Revolving Commitment" (such
         -------------
         amount, as the same may be reduced under Section 2.05 or Section
         2.08 or reduced or increased as a result of one or more assignments
         under
                                     5

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         Section 11.08, such Lender's "Revolving Commitment"); provided,
                                       --------------------    --------
         however, that after giving effect to any Borrowing of Revolving Loans,
         -------
         (i) the Effective Amount of all outstanding Revolving Loans and
         Swingline Loans, and the Effective Amount of all L/C Obligations,
         shall not at any time exceed the combined Revolving Commitments;
         (ii) the Effective Amount of the Revolving Loans of any Lender, plus
                                                                         ----
         the participation of such Lender in the Effective Amount of all L/C
         Obligations and Swingline Loans, shall not at any time exceed such
         Lender's Revolving Commitment; and (iii) the Effective Amount of all
         outstanding Revolving Loans plus the Effective Amount of all Swingline
                                     ----
         Loans plus the Effective Amount of all L/C Obligations plus the
               ----                                             ----
         Effective Amount of all outstanding Term Loans shall not exceed the
         lesser of (A) the Aggregate Commitment and (B) from and after the
         Borrowing Base Agreement Date, the Borrowing Base then in effect.
         Within the limits of each Lender's Commitment, and subject to the
         other terms and conditions hereof, the Company may borrow under this
         subsection 2.01(c), prepay under Section 2.07 and reborrow under this
         subsection 2.01(c). Notwithstanding anything to the contrary in
         this subsection 2.01(c) or this Agreement, the aggregate
         outstanding principal amount of the Revolving Loans shall not
         exceed $150,000,000 (1) at any time prior to the Compliance Event,
         (2) at any time that the outstanding principal amount of the Term
         Loans exceeds $50,000,000 or (3) if the Borrowing Base is not then
         in effect."

         (c)      Section 2.07 of the Credit Agreement shall be amended by
deleting from the last sentence the following text: "or from the issuance of
common stock or Permitted Preferred Stock of the Parent".

         (d)      Subsection (d) of Section 2.08 of the Credit Agreement shall
be redesignated as subsection "(f)" and new subsections "(d)" and "(e)" shall
be added as follows:

                  "(d) Equity Issuance. If the Parent, the Company or any
                       ---------------
         Subsidiary shall issue common or preferred equity (other than to
         the Parent, the Company or any Subsidiary, and other than in
         connection with compensation of employees, directors or
         consultants), the Company shall promptly notify the Agent of the
         estimated Net Issuance Proceeds of such issuance to be received by
         the Parent, the Company or such Subsidiary in respect thereof.
         Promptly upon, and in no event later than one Business Day after,
         receipt by the Parent, the Company or such Subsidiary of Net
         Issuance Proceeds of such issuance, the Company shall prepay the
         Term Loans in an aggregate amount equal to the lesser of (i) the
         amount of such Net Issuance Proceeds and (ii) the Effective Amount
         of the outstanding Terms Loans. Notwithstanding the foregoing,
         after the Compliance Event, the Parent, the Company or any
         Subsidiary shall be permitted to use the Net Issuance Proceeds of
         any common or preferred equity issuance to repay, purchase, redeem
         or repurchase amounts outstanding under the Parent's 5% Convertible
         Subordinated Notes due 2002 in accordance with Section 8.14 until
         such notes are redeemed or repaid in full, whereupon all Net
         Issuance Proceeds from common or preferred equity issuances shall
         again be applied to prepay the Terms Loans as provided in the
         immediately preceding sentence."

                  "(e) Borrowing Base. If at any time the Effective Amount
                       --------------
         of all outstanding Revolving Loans plus the Effective Amount of all
                                            ----
         Swingline Loans plus the Effective Amount of all L/C Obligations
         plus the Effective Amount of all outstanding Term Loans shall
         ----
         exceed the Borrowing Base, the Company, upon becoming aware of such
         excess,

                                     6

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         shall immediately prepay the outstanding principal amount of the
         Revolving Loans and any L/C Advances, in an amount equal to such
         excess and, if necessary, shall also prepay the outstanding
         principal amount of the Term Loans in an amount equal to any
         remaining excess, and, if necessary, shall also cash collateralize
         outstanding Letters of Credit in an amount equal to any remaining
         excess."

         (e)      Subsection (b) of Section 2.16 of the Credit Agreement shall
be deleted in its entirety and replaced with "[intentionally omitted.]."

         (f)      Subsection (f) of Section 7.02 of the Credit Agreement shall
be redesignated as subsection "(h)" and a new subsection "(f)" and subsection
"(g)" shall be added as follows:

                  "(f) prior to the Borrowing Base Agreement Date, as soon
         as available and in any event not later than twenty (20) days after
         the end of each fiscal quarter, a certificate, in form and
         substance satisfactory to the Agent, setting forth gross accounts
         receivable and gross inventory of the Parent and its Subsidiaries
         on a consolidated basis as of such fiscal quarter-end, certified by
         a Responsible Officer of the Borrower as being accurate in all
         material respects and fairly presenting the information set forth
         therein; provided, however, that the failure to timely provide such
                  --------  -------
         certificate pursuant to this subsection 7.02(f) shall not
         constitute a Default or an Event of Default;"

                  "(g) from and after the Borrowing Base Agreement Date, as
         soon as available and in any event not later than (i) August 15,
         2002 for the fiscal month ending June 29, 2002 and (ii) twenty (20)
         days after the end of each fiscal month commencing with the fiscal
         month ending July 27, 2002, (A) a completed Borrowing Base
         Certificate as of such fiscal month-end, and (B) such reports with
         respect to the Collateral included in the Borrowing Base as the
         Agent or the Majority Lenders reasonably shall request in
         connection therewith, in form and substance satisfactory to the
         Agent;"

         (g)      The second sentence of Section 7.06 of the Credit Agreement
shall be amended and restated as follows:

                  "All such insurance shall name the Agent as loss payee/
         mortgagee and as additional insured, for the benefit of the Lenders,
         as their interest may appear."

         (h)      An additional sentence shall be added to Section 7.10 at the
end as follows:

                  "Without limiting the generality of the foregoing, the
         Parent and the Company shall permit, and shall cause each
         Subsidiary to permit, representatives and independent contractors
         of the Agent to conduct, upon 10 days prior written notice, at the
         expense of the Company such periodic audits of the Collateral at
         such frequencies as the Agent or the Majority Lenders shall deem
         appropriate; provided, however, that no more than two such audits
                      --------  -------
         shall occur in any fiscal year unless an Event of Default has
         occurred and is continuing."

         (i)      Clause (iv) of Section 7.12 of the Credit Agreement shall
be deleted in its entirety and replaced with "[intentionally omitted]".

                                     7

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         (j)      Subsection (c) of Section 7.14 of the Credit Agreement shall
be amended and restated as follows:

                  "(c) The parties agree and acknowledge that Mail-Well
         Trade Receivables Corporation ("Mail-Well Trade Receivables"), a
         special purpose Subsidiary of the Parent, shall not be required to
         be a Guarantor hereunder; provided that (1) the Parent and the
                                   --------
         Company shall use reasonable efforts to promptly cause
         substantially all of the remaining assets, lockboxes and deposit
         accounts of Mail-Well Trade Receivables to be transferred to the
         Company and (2) thereafter Mail-Well Trade Receivables shall remain
         a special purpose Subsidiary of the Parent with only nominal
         assets."

         (k)      The parenthetical in the first paragraph of Section 8.01 of
the Credit Agreement shall be amended and restated as follows:

         "(other than this Agreement, any other Loan Document and the Equipment
         Lease Facility Documents)"

         (l)      Subsection (b) of Section 8.01 of the Credit Agreement shall
be amended and restated as follows:

                  "(b) any Lien created under any Loan Document."

         (m)      Subsection (d) of Section 8.02 of the Credit Agreement shall
be deleted in its entirety and replaced with "[intentionally omitted]".

         (n)      Subsection (g) of Section 8.02 of the Credit Agreement shall
be amended and restated in its entirety as follows:

                  "(g) dispositions not otherwise permitted hereunder which
         are made for fair market value; provided that (i) at the time of
                                         --------
         any disposition, no Event of Default shall exist or shall result
         from such disposition and the Parent shall be in full pro forma
         compliance with Section 8.21 after giving effect to such
         disposition, measured as of the last day of the fiscal quarter then
         most recently ended, (ii) the aggregate sales price from such
         disposition shall be paid in cash, (iii) the aggregate fair market
         value of the assets disposed of by the Parent, the Company and the
         Subsidiaries, together, pursuant to this subsection (g) shall not
         exceed in any fiscal year $50,000,000, (iv) prior to the Compliance
         Event, no dispositions of accounts or notes receivable shall be
         permitted under this subsection (g) unless in connection with the
         sale of all or substantially all of a business unit, division or
         subsidiary and such sale is otherwise permitted hereunder, and (v)
         after the Compliance Event, no dispositions of accounts or notes
         receivable shall be permitted under this subsection (g); provided
                                                                  --------
         further, however, that the restrictions set forth in clauses (iii)
         -------  -------
         and (v) of this subsection (g) shall not apply to the disposition
         of the following business units, divisions or Subsidiaries: (A) the
         Label group, (B) Curtis 1000, Inc., (C) [ * ], (D) [ * ] and (E)
         PrintXcel or, in the case of this clause (E), upon the prior
         written consent of the Agent, any other Subsidiary or division the
         sale of which would generate Net Proceeds similar to the Net
         Proceeds that would be generated by the sale of PrintXcel.

                  "Notwithstanding anything to the contrary in this Section
         8.02, dispositions by the Loan Parties to any Subsidiaries that are
         not Guarantors which are otherwise permitted

<FN>
[ * ] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF AN APPLICATION FOR
CONFIDENTIAL TREATMENT AND IS FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION.

                                     8

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         under this Section 8.02 shall not exceed $15,000,000 in the aggregate
         in any fiscal year, exclusive of such dispositions undertaken in the
         ordinary course of business pursuant to normal business requirements."

         (o)      Subsection (d) of Section 8.04 is amended and restated in its
entirety as follows:

                  "(d) Permitted Acquisitions otherwise permitted herein,
         provided that (i) such Acquisitions are undertaken after the
         --------
         Compliance Event, (ii) the principal amount of the Term Loans then
         outstanding is less than $100,000,000, (iii) the consideration
         consisting of cash or the assumption of Indebtedness given by the
         Parent, the Company and the Subsidiaries for all such Acquisitions
         in the aggregate may not exceed $30,000,000 in fiscal year 2002 and
         in each fiscal year thereafter, and (iv) the consideration
         consisting of the issuance of capital stock of the Parent, the
         Company and the Subsidiaries for all such Acquisitions in the
         aggregate shall not exceed $50,000,000 in fiscal year 2002 and in
         each fiscal year thereafter."

         (p)      Subsection (f) of Section 8.05 of the Credit Agreement shall
be deleted in its entirety and replaced with "[intentionally omitted]".

         (q)      Subsection (c) of Section 8.13 of the Credit Agreement shall
be deleted in its entirety and replaced with "[intentionally omitted]".

         (r)      Section 8.14 of the Credit Agreement shall be amended and
restated as follows:

                  "8.14 Certain Payments. The Parent and the Company shall
                        ----------------
         not, and shall not permit any of its Subsidiaries to, (i) prepay,
         redeem, repurchase or otherwise acquire for value any of the
         Subordinated Debt; or (ii) make any principal, interest or other
         payments on any Subordinated Debt if not permitted by the
         respective subordination provisions of the Subordinated Debt
         Documents. Notwithstanding the foregoing, the Parent shall be
         permitted to (a) repay, purchase, redeem or repurchase in the open
         market some or all of the 5% Convertible Subordinated Notes due
         2002 using proceeds of Indebtedness permitted under subsection
         8.05(j) or, after the Compliance Event, proceeds from the issuance
         of common stock or Permitted Preferred Stock of the Parent,
         provided that such proceeds are so used within 90 days of their
         --------
         receipt by the Parent, the Company or any Subsidiary, as the case
         may be; or (b) repay, purchase, redeem or repurchase in the open
         market some or all of the 5% Convertible Subordinated Notes due
         2002 with proceeds from Revolving Loans if all of the following
         conditions are satisfied: (i) the Compliance Event shall have
         occurred, (ii) the Borrowing Base shall then be in effect, (iii)
         after giving effect to such repayment, purchase, redemption or
         repurchase there shall be at least $25,000,000 of availability
         under the Borrowing Base then in effect, (iv) the then-outstanding
         principal amount of the Term Loans is less than $50,000,000 and (v)
         if only some (and not all) of the 5% Convertible Subordinated Notes
         due 2002 shall be repaid, purchased, redeemed or repurchased using
         proceeds of the Revolving Loans, then,

                                     9

<PAGE>
<PAGE>

         concurrently therewith, the Parent shall repay, purchase, redeem or
         repurchase the remaining 5% Convertible Subordinated Notes due 2002
         in a manner permitted under the immediately preceding clause (a) such
         that after giving effect thereto all Indebtedness outstanding under
         the 5% Convertible Subordinated Notes due 2002 shall have been paid
         in full. Notwithstanding the preceding clauses (a) and (b), no
         repayment, purchase, redemption or repurchase of the 5% Convertible
         Subordinated Notes due 2002 of the Parent or any other Subordinated
         Debt shall be permitted if (i) any Default or Event of Default then
         exists or would result therefrom or (ii) after giving effect to
         such repayment, purchase, redemption or repurchase, the Parent
         would not be in full pro forma compliance with Section 8.21,
         measured as of the last day of the fiscal quarter then most
         recently ended."

         (s)      Subsection (a) of Section 8.21 of the Credit Agreement shall
be amended and restated as follows:

                  "(a) The Parent shall not permit its Consolidated Net
         Worth as of the last day of any fiscal quarter to be less than (i)
         $300,000,000, plus (ii) 75% of Consolidated Net Income for each
                       ----
         fiscal quarter (without giving effect to any net loss for any such
         period) ending after September 30, 1999, plus (iii) 100% of all Net
                                                  ----
         Issuance Proceeds for the issuance of equity of the Parent, the
         Company or any Subsidiary from and after September 30, 1999, minus
                                                                      -----
         (iv) pre-tax net losses of up to $90,000,000 in fiscal year 2001
         resulting from book losses on dispositions recorded in fiscal year
         2001, minus (v) pre-tax net losses for fiscal years 2001 and 2002
               -----
         resulting from restructuring charges in an aggregate amount of up
         to $100,000,000 subject to the limitations that (A) no more than
         $60,000,000 of such charges (cash and non-cash) may be subtracted
         in the calculation of minimum Consolidated Net Worth for fiscal
         year 2001, (B) no more than $40,000,000 of cash restructuring
         charges may be subtracted in the calculation of minimum
         Consolidated Net Worth for fiscal year 2001, and (C) no more than
         $55,000,000 of cash restructuring charges in the aggregate may be
         subtracted in the calculation of minimum Consolidated Net Worth for
         fiscal years 2001 and 2002."

         (t)      Subsection (b) of Section 8.21 of the Credit Agreement shall
be amended and restated as follows:

                  "(b) The Parent shall not permit the Total Leverage Ratio
         as of the last day of any fiscal quarter to be greater than (i)
         5.00 to 1.00 for the fiscal quarter ending on September 30, 2001,
         (ii) 5.25 to 1.00 for the fiscal quarters ending on December 31,
         2001, and March 31, 2002, (iii) 4.50 to 1.00 for the fiscal
         quarters ending on June 30, 2002, September 30, 2002, December 31,
         2002 and March 31, 2003, (iv) 4.25 to 1.00 for the fiscal quarters
         ending on June 30, 2003 and September 30, 2003 and (v) 4.00 to 1.00
         for the fiscal quarter ending on December 31, 2003, and each fiscal
         quarter ending thereafter."

         (u)      Subsection (c) of Section 8.21 of the Credit Agreement shall
be amended and restated as follows:

                  "(c) The Parent shall not permit the Senior Leverage Ratio
         as of the last day of any fiscal quarter to be greater than (i)
         3.00 to 1.00 for the fiscal quarters ending

                                     10

<PAGE>
<PAGE>

         September 30, 2001, December 31, 2001, and March 31, 2002, and (ii)
         2.50 to 1.00 for the fiscal quarter ending June 30, 2002, and each
         fiscal quarter ending thereafter."

         (v)      Section 8.22 of the Credit Agreement shall be deleted in its
entirety and replaced with "[intentionally omitted]".

         (w)      Clause (iii) in subsection 9.01(e) of the Credit Agreement
shall be deleted in its entirety and replaced with "[intentionally omitted]".

         (x)      Subsection (a) of Section 11.08 of the Credit Agreement shall
be amended and restated as follows:

                  "(a) Any Lender may, with the written consent of the
         Company and the Agent, the Issuing Bank and the Swingline Bank
         (which in each case shall not be unreasonably withheld), at any
         time assign and delegate to one or more Eligible Assignees (each an
         "Assignee") all, or any ratable part of all, of the Loans, the
          --------
         Commitment, the L/C Obligations and the other rights and
         obligations of such Lender hereunder; provided, however, that (i)
                                               --------  -------
         no written consent of the Company shall be required during the
         existence of a Default or an Event of Default; (ii) no written
         consent of the Company or the Agent, the Issuing Bank or the
         Swingline Bank shall be required in connection with any assignment
         and delegation by a Lender to an Eligible Assignee that is (A)
         another Lender or an Affiliate of such Lender or (B) a fund that is
         administered or managed by (1) a Lender, (2) an Affiliate of a
         Lender or (3) an entity or an Affiliate of an entity that
         administers or manages a Lender; (iii) no written consent of the
         Issuing Bank or the Swingline Bank shall be required in connection
         with any assignment and delegation of Term Loans by a Lender; and
         (iv) except in connection with an assignment of all of a Lender's
         rights and obligations with respect to its Commitment, Loans and
         L/C Obligations, any such assignment to an Eligible Assignee shall
         be equal to or greater than $1,000,000; and provided further,
                                                     -------- -------
         however, that the Company and the Agent may continue to deal solely
         -------
         and directly with such Lender in connection with the interest so
         assigned to an Assignee until (A) such Lender and its Assignee
         shall have delivered to the Company and the Agent an Assignment and
         Acceptance Agreement substantially in the form of Exhibit E
                                                           ---------
         ("Assignment and Acceptance"), together with any Note or Notes
           -------------------------
         subject to such assignment; (B) a written notice of such
         assignment, together with payment instructions, addresses and
         related information with respect to the Assignee, in substantially
         the form of the Notice of Assignment and Acceptance attached as
         Schedule 1 to the Assignment and Acceptance, shall have been given
         ----------
         to the Company and the Agent by such Lender and the Assignee; (C)
         the assignor Lender or Assignee shall have paid to the Agent a
         processing fee in the amount of $4,000 and (D) the Agent, the
         Company, the Issuing Bank and the Swingline Bank each shall have
         provided any required consent to such assignment in accordance with
         this Section. In connection with any assignment by BofA, its
         Swingline Commitment may be assigned in whole (and not part) and
         only in connection with an assignment transaction involving an
         assignment of all of its Commitments and Loans, and the Assignment
         and Acceptance may be appropriately modified to include an
         assignment and delegation of its Swingline Commitment and any
         outstanding Swingline Loans. It is understood that any Lender may
         (1) assign its Tranche A Term Loans separately from its Revolving
         Loans, Revolving Commitment and Tranche B Term Loans, (2) assign
         its Tranche B Term Loans separately from its Revolving Loans,
         Revolving Commitment and Tranche A Term Loans; and (3)

                                     11

<PAGE>
<PAGE>

         assign its Revolving Loans and Revolving Commitment separately from
         its Tranche A Term Loans and Tranche B Term Loans."

         (y)      The pricing grid attached as Annex I to the Credit Agreement
                                               -------
is amended and restated in its entirety in the form of Annex I hereto.
                                                       -------

         (z)      Schedule 1.01(A) to the Credit Agreement is amended and
                  ----------------
restated in its entirety in the form of Schedule 1.01(A) hereto.
                                        ----------------

3.       Representations and Warranties. The Parent and the Company hereby
         ------------------------------
represent and warrant to the Agent and the Lenders as follows:

         (a)      No Default or Event of Default has occurred and is continuing
(or would result from the amendment of the Credit Agreement contemplated
hereby).

         (b)      The execution, delivery and performance by the Parent, the
Company and the other Loan Parties of this Fourth Amendment and the Credit
Agreement (as amended by this Fourth Amendment) have been duly authorized by
all necessary corporate and other action and do not and will not require any
registration with, consent or approval of, or notice to or action by, any
Person (including any Governmental Authority) in order to be effective and
enforceable.

         (c)      This Fourth Amendment and the Credit Agreement (as amended
by this Fourth Amendment) constitute the legal, valid and binding obligations
of the Parent, the Company and each other Loan Party, enforceable against it
in accordance with their respective terms.

         (d)      All representations and warranties of the Parent, the Company
and the other Loan Parties contained in the Credit Agreement are true and
correct (except to the extent such representations and warranties expressly
refer to an earlier date, in which case they shall be true and correct as of
such earlier date, and except that this subsection (d) shall be deemed instead
to refer to the last day of the most recent quarter and year for which
financial statements have then been delivered in respect of the
representation and warranty made in subsection 6.11(a) of the Credit
Agreement and to take into account any amendments to the Schedules to the
Credit Agreement and other disclosures made in writing by the Parent or the
Company to the Agent and the Lenders after the Closing Date and approved by
the Agent and the Majority Lenders).

         (e)      The Parent, the Company and each other Loan Party are
entering into this Fourth Amendment on the basis of its own investigation and
for its own reasons, without reliance upon the Agent and the Lenders or any
other Person.

         (f)      The Parent's, the Company's and each other Loan Party's
obligations under the Credit Agreement and under the other Loan Documents are
not subject to any defense, counterclaim, set-off, right of recoupment,
abatement or other claim.

4.       Conditions of Effectiveness.
         ---------------------------

         (a)      The effectiveness of Section 2 of this Fourth Amendment
shall be subject to the satisfaction of each of the following conditions
precedent:

                                     12

<PAGE>
<PAGE>

                  (i)   The Agent or Banc of America Securities LLC ("BAS")
shall have received from the Company all amounts payable under that certain fee
letter dated as of July 11, 2001, delivered by the Company to BAS in connection
herewith.

                  (ii)  The Agent shall have received from the Parent, the
Company and each other Loan Party and the Majority Lenders a duly executed
original (or, if elected by the Agent, an executed facsimile copy) of this
Fourth Amendment.

                  (iii) The Agent shall have received all other documents it
or the Majority Lenders may reasonably request relating to any matters relevant
hereto, all in form and substance satisfactory to the Agent and the Majority
Lenders.

                  (iv)  The representations and warranties in Section 3 of
this Fourth Amendment shall be true and correct on and as of the Effective Date
with the same effect as if made on and as of the Effective Date.

                  (v)   The Agent shall have received a completed Update
Certificate in the form of Exhibit K attached to the Credit Agreement for the
                           ---------
period commencing on February 18, 2000, through the Effective Date.

         (b)      For purposes of determining compliance with the conditions
specified in Section 4(a), each Lender that has executed this Fourth Amendment
shall be deemed to have consented to, approved or accepted, or to be satisfied
with, each document or other matter either sent, or made available for
inspection, by the Agent to such Lender for consent, approval, acceptance or
satisfaction, or required hereunder to be consented to or approved by or
acceptable or satisfactory to such Lender.

         (c)      From and after the Effective Date, the Credit Agreement is
amended as set forth herein. Except as expressly amended pursuant hereto, the
Credit Agreement shall remain unchanged and in full force and effect and is
hereby ratified and confirmed in all respects.

         (d)      The Agent will notify the Parent, the Company and the Lenders
of the occurrence of the Effective Date.

5.       Borrowing Base. Not later than August 15, 2002, the Loan Parties and
         --------------
the Agent shall have agreed to a Borrowing Base and a form of Borrowing Base
Certificate, in each case, in form and substance satisfactory to the Agent
and the Majority Lenders (such date on which the parties agree on such
items, the "Borrowing Base Agreement Date"). The Agent, the Lenders and the
Loan Parties hereby agree that the failure of the Borrowing Base Agreement
Date to occur on or prior to August 15, 2002 shall constitute an immediate
Event of Default under Section 9.01(c) of the Credit Agreement and for all
purposes of the Credit Agreement and the other Loan Documents, unless the
reason that the Borrowing Base Agreement Date does not occur on or prior to
August 15, 2002 is the failure of the Agent and/or the Lenders to act in
good faith.

6.       Consent of Guarantors. Each of the Parent and the other Guarantors,
         ---------------------
in its capacity as a Guarantor, acknowledges that its consent to this Fourth
Amendment and the amendments to the Credit Agreement contemplated hereby is
not required, but each of such Persons nevertheless does hereby consent to
this Fourth Amendment and the amendments to the Credit Agreement

                                     13

<PAGE>
<PAGE>

contemplated hereby and to the documents and agreements referred to herein.
Nothing herein shall in any way limit any of the terms or provisions of the
Guaranty of the Parent or any of the other Guarantors or the Collateral
Documents executed by the Parent or any of the other Guarantors in the
Agent's and the Lenders' favor, or any other Loan Document executed by the
Parent or any of the other Guarantors (as the same may be amended from time
to time), all of which are hereby ratified and affirmed in all respects.

7.       Miscellaneous.
         -------------

         (a)      The Parent, the Company and each other Loan Party
acknowledges and agrees that the execution and delivery by the Agent and the
Majority Lenders of this Fourth Amendment shall not be deemed to create a
course of dealing or an obligation to execute similar waivers or amendments
under the same or similar circumstances in the future.

         (b)      This Fourth Amendment and the Credit Agreement as amended by
this Fourth Amendment shall be binding upon and inure to the benefit of the
parties hereto and thereto and their respective successors and assigns.

         (c)      This Fourth Amendment shall be governed by and construed in
accordance with the law of the State of California, provided that the Agent
                                                    --------
and the Lenders shall retain all rights arising under Federal law.

         (d)      This Fourth Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. Each
of the parties hereto understands and agrees that this document (and any other
document required herein) may be delivered by any party thereto either in
the form of an executed original or an executed original sent by facsimile
transmission to be followed promptly by mailing of a hard copy original, and
that receipt by the Agent of a facsimile transmitted document purportedly
bearing the signature of a Lender or any Loan Party shall bind such Lender
or such Loan Party, respectively, with the same force and effect as the
delivery of a hard copy original. Any failure by the Agent to receive the
hard copy executed original of such document shall not diminish the binding
effect of receipt of the facsimile transmitted executed original of such
document of the party whose hard copy page was not received by the Agent.

         (e)      This Fourth Amendment contains the entire and exclusive
agreement of the parties hereto with reference to the matters discussed herein.
This Fourth Amendment supersedes all prior drafts and communications with
respect hereto. This Fourth Amendment may not be amended except in accordance
with the provisions of Section 11.01 of the Credit Agreement.

         (f)      If any term or provision of this Fourth Amendment shall be
deemed prohibited by or invalid under any applicable law, such provision shall
be invalidated without affecting the remaining provisions of this Fourth
Amendment, the Credit Agreement or the other Loan Documents.

         (g)      The Company agrees to pay or reimburse BofA (including in
its capacity as Agent), upon demand, for all reasonable costs and expenses
(including reasonable Attorney Costs) incurred by BofA (including in its
capacity as Agent) in connection with the development, preparation,
negotiation, execution and delivery of this Fourth Amendment.

                          [Signature pages follow.]

                                     14

<PAGE>
<PAGE>

                   IN WITNESS WHEREOF, the parties hereto have caused this
Fourth Amendment to be duly executed and delivered in San Francisco,
California, by their proper and duly authorized officers as of the day and
year first above written.

                                   MAIL-WELL, INC.

                                   By:  ___________________________________

                                   Title: _________________________________

                                   MAIL-WELL I CORPORATION

                                   By:  ___________________________________

                                   Title: _________________________________

                                   EACH SUBSIDIARY GUARANTOR LISTED ON
                                   ANNEX II

                                   By:  ___________________________________

                                   Title: _________________________________

                                   BANK OF AMERICA, N.A., as Agent, Issuing
                                   Bank, Swingline Bank and as a Lender

                                   By:  __________________________________

                                   Title: ________________________________

                                   [Other Lenders.]

                                     15

<PAGE>
<PAGE>

                                   ANNEX I

                   To Fourth Amendment to Credit Agreement
                   ---------------------------------------

                                   ANNEX I
                                   -------

                                PRICING GRID
                                ------------

                  From the Effective Date (as such term is defined in the
Fourth Amendment to the Credit Agreement dated as of August 7, 2001) until
the date on which the Parent delivers a Compliance Certificate pursuant to
Section 7.02(b) of the Credit Agreement for the fiscal quarter ending June
30, 2001 (the "Initial Period"), the Applicable Margin and the Applicable
               --------------
Fee Amount shall be fixed at Level 5. From and after the last day of the
Initial Period, the Applicable Margin and the Applicable Fee Amount for any
day shall be the amount per annum set forth below based on the Total
Leverage Ratio set forth in the most recently delivered Compliance
Certificate delivered by the Parent pursuant to Section 7.02(b) of the
Credit Agreement. Changes in the Applicable Margin and the Applicable Fee
Amount resulting from a change in the Total Leverage Ratio shall become
effective on the date of delivery by the Parent to the Agent of a new
Compliance Certificate pursuant to Section 7.02(b), except that no such
change shall take effect until the end of the Initial Period. If the Parent
shall fail to deliver a Compliance Certificate and accompanying financial
statements within the number of days after the end of any fiscal quarter or
fiscal year as required pursuant to Section 7.02(b), the parties agree that
the Applicable Margin and the Applicable Fee Amount shall be fixed at Level
6 until such time as the Parent delivers such new Compliance Certificate and
accompanying financial statements pursuant to Section 7.02(b).
Notwithstanding the foregoing, the Applicable Margin for Tranche B Term
Loans shall be, at Levels 1 through 5, 3.50% for Offshore Rate Loans and
2.25% for Base Rate Loans and, at Level 6, 3.75% for Offshore Rate Loans and
2.50% for Base Rate Loans.

<TABLE>
<CAPTION>
================================================================================================================

                                               OFFSHORE RATE     BASE RATE         LETTER OF        COMMITMENT
    LEVEL            TOTAL LEVERAGE RATIO      SPREAD            SPREAD            CREDIT FEE       FEE

================================================================================================================

<S>                  <C>                       <C>               <C>               <C>              <C>
    Level 6          greater than or equal     3.50%             2.25%             3.50%            0.50%
                     to 4.75 to 1.00
----------------------------------------------------------------------------------------------------------------

    Level 5          greater than or equal     3.25%             2.00%             3.25%            0.50%
                     to 4.25 to 1.00 and
                     less than 4.75 to 1.00
----------------------------------------------------------------------------------------------------------------

    Level 4          greater than or equal     3.00%             1.75%             3.00%            0.50%
                     to 3.50 to 1.00 and
                     less than 4.25 to 1.00
----------------------------------------------------------------------------------------------------------------

    Level 3          greater than or equal     2.75%             1.50%             2.75%            0.50%
                     to 3.00 to 1.00 and
                     less than 3.50 to 1.00
----------------------------------------------------------------------------------------------------------------

    Level 2          greater than or equal     2.50%             1.25%             2.50%            0.50%
                     to 2.50 to 1.00 and
                     less than 3.00 to 1.00
----------------------------------------------------------------------------------------------------------------

    Level 1          less than 2.50 to 1.00    2.25%             1.00%             2.25%            0.50%
----------------------------------------------------------------------------------------------------------------
</TABLE>

                                     16

<PAGE>
<PAGE>

                                  ANNEX II

                   To Fourth Amendment to Credit Agreement
                   ---------------------------------------

ABP Books, Inc.
Curtis 1000, Inc.
Discount Labels, Inc.
Hill Graphics, Inc.
Mail-Well Canada Holdings, Inc.
Mail-Well Commercial Printing, Inc.
Mail-Well Europe Holdings, LLC
Mail-Well Label USA, Inc.
Mail-Well Mexico Holdings, Inc.
Mail-Well Services, Inc.
Mail-Well West, Inc.
National Graphics Company
Poser Business Forms, Inc.
Vanier Graphics Corporation
Wisco III, LLC

                                     17China Broadband Corporation                                      NORTEL
                                                                    NETWORKS
PURCHASE AND LiCENSE AGREEMENT

This Purchase and License Agreement ("Purchase and License Agreement") is
between Nortel Networks Limited ("Nortel Networks") and China Broadband
Corporation for itself and on behalf of Big Sky Networks Canada Ltd. ("Big Sky")
and Sichuan Huayu Big Sky Networks Ltd. ("SHBS") ("collectively, Customer")
effective as of the last date signed. Additional terms related to Customer's
purchase or license of Products or Services may be added by written agreements
("Supplements") referencing the Purchase and License Agreement, collectively
referred to as the "Agreement".

1. DEFINITIONS
a) "Furnish-only" means Products that Customer installs.
b) "Hardware" means a Nortel Networks machine or components.
c) "Products" are any Hardware, Software or Third Party Vendor Items provided
under this Agreement.
d) "Services" includes associated engineering, maintenance and installation; and
consulting, network management, software services and other telecommunication
support services as quoted and set forth in a Supplement.
e) "Software" is owned or licensed by Nortel Networks, its parent or one of its
subsidiaries or affiliates, and is copyrighted and licensed, not sold. Software
consists of machine-readable instructions, its components, data, audio-visual
content (such as images, text, recordings or pictures) and related licensed
materials including all whole or partial copies.
f) "Third Party Vendor Item" includes "Third Party Hardware" and "Third Party
Software" and meets any non-Nortel Networks hardware and/or software supplied to
Customer under this Agreement.

2. ORDERS
Customer may acquire Products or Services by issuing a written purchase order
signed by an authorized representative or, if Customer is enrolled in Nortel
Networks' Order Online Progtam, by submitting electronic orders (collectively,
"Orders"). All Orders shall reference this Agreement and specify the quantity,
price, Nortel Networks quotation number, shipping and billing instructions,
requested delivery dates, requested commencement date for Services and any other
special instructions. All Orders will be governed by and cannot alter the terms
and conditions of this Agreement. Nortel Networks' written or electronic
communication accepting the Order, shipment of Products or commencement of
Services will be Nortel Networks' acceptance of Customer's Order.

3. ORDER ONLINE PROGRAM
Nortel Networks has established an Order Online Program to facilitate electronic
transactions. By enrolling in the Order Online Program, Customer agrees to
comply with the Order Online Program Terms. Customer agrees that all electronic
Orders issued are equivalent to a written Order, are governed by the terms and
conditions of this Agreement and that in the event of any conflict between this
Agreement and the information contained in Customer's Order Online website, this
Agreement governs. Customer is responsible for the use and protection of all
Order Online passcodes provided by Nortel Networks and agrees that all Orders
submitted using such passcodes are valid and binding Orders authorized by
Customer. Nortel Networks shall have no liability to Customer due to Customer's
failure to access Customer's Order Online website or errors or failures relating
to its operation.

4. LICENSED USE OF SOFTWARE
Nortel Networks grants Customer a nonexclusive license to use Software to the
extent of the activation or authorized usage level. To the extent Software is
furnishcd for use with designated Hardware, Customer is granted a nonexclusive
license to use Software only on such Hardware. Software contains trade secrets
and Customer agrees to treat Software as confidential information. Customer will
ensure that anyone who uses the Software does so only in compliance with the
terms of this Agreement. Customer shall not a) use, copy, modify, transfer or
distribute the Software except as expressly authorized; b) reverse assemble,
reverse compile, reverse engineer or otherwise translate the Software; c) create
derivative works or modifications unless expressly authorized; or d) sublicense,
rent or lease the Software. Licensors of intellectual property to Nortel
Networks are beneficiaries of this provision. Upon termination of the license
for any reason, Customer will promptly return the Software to Nortel Networks or
certify its destruction. Nortel Networks may audit by remote polling or other
reasonable means to determine Customer's Software activation or usage levels.
With respect to Third Party Software, Customer agrees to abide by the terms
provided by Nortel Networks with respect to any such software. Customer further
agrees that the terms contained in any Nortel Networks or third party "shrink
wrap" or "click" licenses shall govern the use of such software.

5. CHARGES AND PAYMENT
Amounts are due upon receipt of invoice and shall be paid by Customer within 30
days. Customer shall pay interest on any late payments at the rate of 18% per
annum (1 1/2 % per month.) Nortel Networks will inform Customer in advance
whenever additional charges apply. Additional charges shall apply for shipping,
insurance and special handling. Charges for Software may be based on extent of
use authorized as specified in a Supplement or invoice. Customer agrees to pay
the charges applicable for any activation or usage beyond the authorized level.
If any authority imposes a tax, duty, levy or fee, excluding those based on
Nortel Networks' net income, upon a Product or Service supplied by Nortel
Networks under this Agreement, Customer agrees to pay that amount as specified
in the invoice, or supply exemption documentation. Customer is responsible for
personal property taxes for each Product from the date of shipment by Nortel
Networks. Customer consents without qualification to the sale of receivables by
Nortel Networks without further notice and authorizes the disclosure of this
Agreement and Supplements as necessary to facilitate such sale.

6. WARRANTY
a) Nortel Networks warrants that Hardware i) is free from defects
in materials and workmanship and ii) substantially conforms to Nortel Networks'
published specifications. If Hardware does not function as warranted during the
warranty period, Nortel Networks will determine to either i) make it do so, or
ii) replace it with equivalent Hardware.
b) Nortel Networks warrants that when Software is used in the specified
operating environment it will substantially conform to its published
specifications. 1f Software does not function as

Proprietary and Confidential Information                                       1

<PAGE>

China Broadband Corporation                                      NORTEL
                                                                    NETWORKS
PURCHASE AND LiCENSE AGREEMENT

warranted during the warranty period, Nortel Networks will provide a suitable
fix or workaround or will replace the Software; provided Software is within one
software release level of the then-current software.
c) Services will be performed in a professional and workmanlike manner. If
Services are not performed as warranted, Nortel Networks will correct the
defective Services.
d) The warranty period for Hardware and Software shall be the warranty period
identified in the Nortel Networks Warranty Matrix in effect at the time of
Customer's Order. In the event Nortel Networks determines that repair or
replacement as set forth in this Section 6 cannot be made using commercially
reasonable efforts, Nortel Networks will refund to Customer the price paid for
the Product, less applicable depreciation.
e) No warranty is provided for i) supply items normally consumed during Product
operation, ii) failures caused by non- Networks products; iii) failures caused
by a Product's inability to operate in conjunction with other Customer hardware
or software; or iv) performance failures resulting from services not performed
by Nortel Networks or Customer's failure to purchase all necessary Products
under this Agreement. Warranty will be voided by misuse, accident, damage or
modification, failure to maintain proper physical or operating environment or
improper Customer maintenance. Software is not warranted to operate
uninterrupted or error free. THESE WARRANTIES AND LIMITATIONS ARE CUSTOMER'S
EXCLUSIVE WARRANTIES AND SOLE REMEDIES AND REPLACE ALL OTHER WARRANTIES OR
CONDITIONS. EXPRESS OR IMPLIED. INCLUDING, BUT NOT LIMITED TO, THE IMPLIED
WARRANTIES OR CONDITIONS OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE.
d) Noetel Networks provides Third Party vendor Items on an "AS IS" BASIS WITHOUT
WARRANTIES OF ANY KIND, unless Nortel Networks specifics otherwise. However,
such Third Party Vendor Items may carry their own warranties and Nortel Networks
shall pass through to Customer any such warranties to the extent authorized.

7. WARRANTY SERVICE
Nortel Networks provides certain types of warranty repair and exchange service,
without charge. Nortel Networks will inform Customer of the types of warranty
services available to Customer consistent with Nortel Networks standard
practices and response times. Nortel Networks Technical Assistance Services
("TAS") are available for warranty repair during the warranty period at no
charge only for specified Products. When Customer is required to return Hardware
to Nortel Networks for warranty service, Customer agrees to ship it prepaid and
suitably packaged to a location Nortel Networks designates. Nortel Networks will
return the Hardware to Customer at Nortel Networks' expense. Nortel Networks is
responsible for loss of, or damage to, Customer Hardware while is is a) in
Nortel Networks' possession or b) in transit back to Customer. Any exchanged
Hardware becomes Nortel Networks' property and, subject to Section 8 Title and
Risk of Loss, its replacement becomes the Customer's property. The replacement
Hardware may not be new but will be in working order and equivalent to the item
exchanged. The warranty period for the Hardware shall be the greater of ninety
(90) days from the date of repair or replacement or the remaining Hardware
warranty period. Customer agrees to ensure that exchanged Hardware is free of
any legal obligations or restrictions that prevent its exchange and represents
that all returned items are genuine and unaltered. Where applicable, before
Nortel Networks provides warranty services. Customer agrees to a) follow the
problem determination, problem analysis, and warranty services request
procedures that Nortel Networks provides; b) secure all programs and data
contained in Hardware: and c) inform Nortel Networks of changes in the
Hardware's location. Post warranty Services may be available at Nortel Networks'
then-current prices.

8. TITLE AND RISK OF LOSS
Nortel Networks transfers title to hardware to Customer upon final payment of
the total purchase price. Risk of loss for hardware shah pass from Nortel
Networks to Customer upon delivery to the carrier.

9. IMPLEMENTATION TEND INSTALLATION SERVICES
Customer agrees to provide sufficient, free and safe access to Customer's
facilities and a suitable physical environment meeting Nortel Networks'
specified requirements to permit the timely installation of Products and/or
performance of Services. Nortel Networks will perform its responsibilities in
accordance with the standard Nortel Networks statement of work where applicable.
Nortel Networks will successfully complete its standard installation and
commissioning procedures before it considers Products installed. Nortel Networks
may make alterations to any Product and Service as necessary to comply with
specifications, changed safety standards or governmental regulations, to make a
Product non-infringing with respect to any patent, copyright or other
proprietary interest, or to otherwise improve a product or Service. Customer is
responsible for i) the results obtained from the use of Products and Services;
all integration and interconnection with Customer's hardware and/or third party
hardware and/or systems; and iii) installation of Furnish-only Products.

10. CONFIDENTIAL INFORMATION
a) Confidential information ("Information") means i) Software and Third Party
Software; and ii) all business, technical, marketing and financial information
and data that is clearly marked with a restrictive legend of the disclosing
party ("Discloser').
b) The party receiving Information ("Recipient") will use the same care and
discretion to avoid disclosure, publication or dissemination of Information as
it users with its own similar information that it does not wish to disclose,
publish or disseminate. The Recipient may disclose Information only to i) its
employees and employers of its parent, subsidiary or affiliated companies who
have a need to know for purposes of carrying out this Agreement; and ii) any
other party with the Discloser's prior written consent. Before disclosure to my
of the above parties, the Recipient will have a written agreement with such
party sufficient to require that party to treat Information in accordance with
this Agreement.
c) The Recipient may disclose information to the extent required by law.
However, the Recipient must give the Discloser prompt notice and make a
reasonable effort to obtain a protective order.

Proprietary and Confidential Information                                       2

<PAGE>

China Broadband Corporation                                      NORTEL
                                                                    NETWORKS
PURCHASE AND LiCENSE AGREEMENT

d) No obligation of confidentiality applies to any Information that the
Recipient i) already possesses without obligation of confidentiality; ii)
develops independently; or iii) rightfully receives without obligations of
confidentiality from a third party. No obligation of confidentiality applies to
any Information that is, or becomes, publicly available without breach of this
Agreement.
e) The release of any advertising or other publicity relating to this Agreement
requires the prior approval of both patties.

11. PATENTS AND COPYRIGHTS
If a third party claims that Nortel Networks Hardware or Software provided to
Customer under this Agreement infringes that party's patent or copyright, Nortel
Networks will defend Customer against that claim at Nortel Networks' expense and
pay all costs and damages that a Court finally awards or are agreed in
settlement, provided that Customer a) promptly notifies Nortel Networks in
writing of the claim and b) allows Nortel Networks to control, and cooperates
with Nortel Networks in, the defense and any related settlement negotiations. If
such a claim is made or appears likely to be made, Nortel Networks agrees to
secure the right for Customer to continue to use the Hardware or Software, or to
modify it, or to replace it with one that is equivalent. If Nortel Networks
determines that none of these alternatives is reasonably available, Customer
agrees to return the Hardware or Software to Nortel Networks on Nortel Networks'
written request. Nortel Networks will then give Customer a credit equal to
Customer's net book value for the Hardware or Software provided Customer has
followed generally-accepted accounting principles. Any such claims against the
Customer or liability for infringement arising from use of the Hardware or
Software following a request for return by Nortel Networks are the sole
responsibility of Customer. This represents Nortel Networks' entire obligation
to Customer regarding any claim of infringement. Nortel Networks has no
obligation regarding any claim based on any of the following: a) anything
Customer provides which is incorporated into the Hardware or Software; b)
functionality provided by Nortel Networks at the instruction of Customer; c)
Customer's modification of Hardware or Software; d) the combination, operation,
or use of Hardware of Software with other products not porvided by Nortel
Networks as a system, or the combination, operation, or use of Hardware or
Software with any product, data, or apparatus that Nortel Networks did not
provide; or e) infringement by a Third Party Vendor item alone, as opposed to
its combination with Products Nortel
Networks provides to Customer as a system.

12. LIMITATION OF LIABILITY
In no event shall Nortel Networks or its agents or suppliers be liable to
Customer for more than the amount of any actual direct damages up to the
greater of U.S. $100,000 (or equivalent in local currency) or the charges for
the Product or Services that are the subject of the claim, regardless of the
cause and whether arising in contract, tort (including negligence) or otherwise.
This limitation will not apply to claims for damages for bodily injury
(including death) and damage to real property and tangible personal property for
which Nortel Networks is legally liable and payments as set forth in Section l1
Patents and Copyrights. IN NO EVENT SHALL NORTEL NETWORKS OR ITS AGENTS OR
SUPPLIERS BE LIABLE FOR ANY OF THE FOLLOWING: a) DAMAGES BASED ON ANY THIRD
PARTY CLAIM EXCEPT AS EXPRESSLY PROVIDED HEREIN AND IN SECTION 11; b) LOSS OF
OR DAMAGE TO, CUSTOMER'S RECORDS, FILES OR DATA; OR c) INDIRECT, SPECIAL,
INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS OR
SAVINGS), EVEN IF NORTEL NETWORKS IS INFORMED OF THEIR POSSIBILITY.

13. GENERAL
a) Customer agrees not to assign, or otherwise transfer this Agreement or
Customer's rights under it, or delegate Customer's obligations, without Nortel
Networks' prior written consent, and any attempt to do so is void. Customer
represents and warrants that it is buying Products and/or Services for its own
internal use and not for resale. Customer agrees to comply with all applicable
laws including all applicable export and import laws and regulations. Except for
non-payment, neither Customer not Nortel Networks will bring a legal action
under this Agreement more than two years after the cause of action arose.
Neither party is responsible for failure to fulfill any obligations due to
causes beyond its control. In the event that any provision of this Agreement or
portions thereof are held to be invalid or unenforceable, the remainder of this
Agreement will remain in full force and effect.

b) The terms and conditions of this Agreement, including ally Supplement(s)
signed by Nortel Networks and Customer referencing this Agreement and attached
hereto, form the Complete and exclusive agreement between Customer and Nortel
Networks and replace any prior oral or written proposals, correspondence or
communications regarding the subject matter hereof. In the event of a conflict
between this Purchase and License Agreement and a Supplement, the terms in any
Supplement(s) prevail. Any changes to this Agreement must be made by mutual
agreement in writing. All Customer's rights and all of Nortel Networks'
obligations are valid only in the country in which the Products and Services
were supplied; the laws of the State of Ontario govern this Agreement, exclusive
of its conflict of laws provisions; and nothing in this Agreement affects any
statutory rights of consumers that cannot be waived or limited by contract. c)
The Parties have requested that this Agreement be drawn up in the English
language. Ets Parties ont demande que cette convention oit redigee en langue
anglaise.

CHINA BROADBAND CORPORATAION
By:/s/MATT HEYSEL
   ------------------------------
Name: Matt Heysel
     ----------------------------
Title: Chariman & CEO
      ---------------------------
Address: Calgary, AB.
        -------------------------
Date: 26-Sep-00
     ----------------------------

NORTEL NETWORKS LIMITED
By:/s/RICHARD DUGAL
   ------------------------------
Name: Richard Dugal
     ----------------------------
Title: Sales Director
      ---------------------------
Address: Brampton, Ontario
        -------------------------
Date: 28-Sep-00
     ----------------------------

Proprietary and Confidential Information                                       3

<PAGE>

China Broadband Corporation                                      NORTEL
                                                                    NETWORKS
WARRANTY MATRIX

The following Hardware and Software items shall have the corresponding warranty
periods:

<TABLE>
<CAPTION>

Category       Includes                                 Hardware                    Software
--------       -------------------------------------    --------------------------  ----------------------------
<S>            <C>                                      <C>                         <C>
A              DMS 10, DMS 100, DMS 100W DMS 200,       12 months from ship date    12 months from ship date
               DMS 250, DMS 300, DMS 300/250, DMS
               500. DMS GSP NIS product families.
               Optical Networks, AccessNode, and
               Wireless product families
--------       -------------------------------------    --------------------------  ----------------------------
B              CVX 1800. SS7 Gateway                    12 months from ship date    90 days from ship date
               and Shasta Products
--------       -------------------------------------    --------------------------  ----------------------------
C              Internet Telephony Products              6 months from ship date     6 months from ship date
--------       -------------------------------------    --------------------------  ----------------------------
D              Nortel Networks-Bay Products             See current Nortel          See current Nortel
                                                        Networks price list         Networks price list
--------       -------------------------------------    --------------------------  ----------------------------
E              Passport                                 Varies depending on the     Varies depending on the
                                                        Performance Pack selected   I  Performance Pack selected
                                                        by Customer. See current    , by Customer. See current
                                                        Nortel Networks price list  Nortel Networks price list
                                                        for description of          for description of
                                                        Performanced Pack warranty  Performance Pack
                                                        periods.                    warranty periods.
--------       -------------------------------------    --------------------------  ----------------------------
F              All other product families not listed    90 days from ship date      90 days from ship daft
               above (unless specified otherwise in
               writing)
--------       -------------------------------------    --------------------------  ----------------------------
</TABLE>

This Warranty Matrix may be revised from time to time.

Proprietary and Confidential Information                                       4

<PAGE>

China Broadband Corporation                                      NORTEL
                                                                    NETWORKS
WARRANTY MATRIX

The terms and conditions provided in this Supplement ("Supplement") are in
addition to those contained in the Purchase and License Agreement dated - and
will apply solely to the provision of the Products specified in this Supplement
during the term.

1. TERM

This Supplement will commence on date of last signature on Purchase and License
Agreement and terminate after 12 months ("Term").

2. SCOPE/ COMMITMENT / RESPONSIBILITIES OF THE PARTIES

Nortel Networks will ship the equipment listed in Exhibit A to the mutually
agreeable site in Hong Kong. Customer is responsible to ship the goods from Hong
Kong into the People's Republic of China ("PRC") to the installation site(s).
Customer shall comply fully with all relevant laws. rules and regulations in
respect of the importation of the goods into the PRC. China Broadband
Corporation warrants that it has the authority to bind Big Sky and SHBS and
guarantees the performance by Big Sky and SHBS of all of their obligations
Specified in this Agreement

CHINA BROADBAND CORPORATION

By:/s/MATT HEYSEL
   ------------------------------
Name: Matt Heysel
     ----------------------------
Title: Chairman & CEO
      ---------------------------
Address:
        -------------------------
Date:
     ----------------------------

NORTEL NETWORKS LIMITED

By:/s/RICHARD DUGAL
   ------------------------------
Name: Richard Dugal
     ----------------------------
Title: Sales Director, Canada
      ---------------------------
Address: Brampton, Ontario
        -------------------------
Date: 28-Sep-00
     ----------------------------

Proprietary and Confidential Information                                       5

<PAGE>

<TABLE>
<CAPTION>

China Broadband Corporation                                      NORTEL
                                                                    NETWORKS
PLA SUPPLEMENT

                                  EXHIBIT "A"

MODEL                   DESCRIPTION                                       QTY           LIST US$        EXT
-------------           ----------------------------------------------  -------         --------      -------
<S>                     <C>                                               <C>             <C>           <C>
DE3801E02               CMTS-1000                                         *               *             *
DE3804031               Receiver Card                                     *               *             *
ARSVS01031              CPS-2000 V1.1                                     *               *             *
ARSVS01020              CPS-2000 Software Kit V1.1                        *               *             *
ARSVS01016              CPS-2000 Documentation                            *               *             *
DE3810001               SNMPC 4.2 Software                                *               *             *
DE3810004               On Net Server Software Arris                      *               *             *
DE3313001               LCn Software Arris                                *               *             *
ARCD21522               Cable Modem, Ethernet (Revised 9-14)              *               *             *
AL2012F14               BayStack 450-24T Switch                           *               *             *
DS1410005-1.0           Optivity Campus NMS 702 Network Management        *               *             *
NTJT55AH                Australia Power Cord                              *               *             *
NTJT02FA                BSN-5000 System - 10G                             *               *             *
NTJT16AA                Slot Cover                                        *               *             *
NTJT29CA                Sub Svc Card + 4xSub Svc Module no encryption     *               *             *
NTJT36CA                8xFE(UTPS)                                        *               *             *
NTJT60BA                SW - ISOS Software Release 2.0                    *               *             *
NTJT63AA                SW - ISOS - Aggregation - 1000 users              *               *             *
NTJT64AA                SW - ISOS - Residential Firewalls - 1000 users    *               *             *
NTJT68AA                SW - ISOS - Interdomain Routing (BG P-4)          *               *             *
NTJTB0BA                SW - SC5- Entry - 2000 subscribers                *               *             *
NTJT878A                SW - SC5 Server for ISOS 2.0 - Domain Tier        *               *             *
NTJT50AA                AC Power Shelf                                    *               *             *
NTJT51AA                AC Power Module                                   *               *             *
NTJT52AA                Status Cable                                      *               *             *
NTJT90BA                Perf Pak                                          *               *             *
                                                                        TOTAL                           *
<FN>
* - Information has been omitted and has been filed separately with the United
    States Securities and Exchange Commission pursuant to an application for
    confidential treatment under Rule 406 of the Securities Exchange Act of
    1933, as amended.
</FN>

</TABLE>

PROPRIETARY AND CONFIDENTIAL INFORMATION                                       6

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