Document:

Exhibit

Exhibit 4.6 
EXECUTION VERSION

INTERCREDITOR AGREEMENT
This INTERCREDITOR AGREEMENT (this “Agreement”), is dated as of June 10, 2016 and entered into by and among Cenveo, Inc., a Colorado corporation (“Holdings”), Cenveo Corporation, a Delaware corporation (the “Borrower”), certain other subsidiaries of Holdings that become party hereto from time to time as Guarantors, Bank of America, N.A. (“Bank of America”), as administrative agent for the holders of the Senior Priority Obligations (as defined below) (together with its permitted successors and assigns, the “Senior Priority Collateral Agent”), and The Bank of New York Mellon, as collateral agent for the holders of the Junior Priority Obligations (as defined below) (together with its permitted successors and assigns, the “Junior Priority Collateral Agent”).  Capitalized terms used in this Agreement have the meanings assigned to them in Section 1 below or, if not otherwise defined, the Revolving Credit Agreement (as such term is defined below) or, if not otherwise defined in Section 1 below or in the Revolving Credit Agreement, the Junior Priority Note Purchase Agreement (as such term is defined below).
RECITALS
The Borrower, Holdings, the lenders and agents party thereto and the Senior Priority Collateral Agent have entered into that certain asset-based revolving credit agreement, dated as of April 16, 2013, providing a revolving credit and letter of credit facility to the Borrower (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “Revolving Credit Agreement”);
The Borrower, the Guarantors, the noteholders party thereto, The Bank of New York Mellon, as trustee, and the Junior Priority Collateral Agent, as collateral agent, are party to an indenture and note purchase agreement governing the Junior Priority Notes (as defined below), dated as of the date hereof (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “Junior Priority Note Purchase Agreement”);
Each of the Senior Priority Collateral Agent and the Junior Priority Collateral Agent desires to agree to the relative priority of its respective Liens on the Collateral and certain other rights, priorities and interests as set forth in this Agreement.
AGREEMENT
In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
		
	SECTION 1.
	Definitions.

1.1.    Defined Terms.  As used in the Agreement, the following terms shall have the following meanings:

“ABL Intercreditor Agreement” means the Intercreditor Agreement, dated as of June 26, 2014, as amended by Amendment No. 1 to Intercreditor Agreement, dated as of the date hereof, by and among the Senior Priority Collateral Agent, the Junior Priority Collateral Agent, the Fixed Asset Collateral Agent (as defined therein) and the Grantors.

“Affiliate” means, as applied to any Person, another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with, the Person specified.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ability to exercise voting power, by contract or otherwise.
“Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise modified from time to time.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.
“Bankruptcy Law” means each of the Bankruptcy Code, any similar federal, state, provincial, territorial or foreign laws, rules or regulations for the relief of debtors or any reorganization, insolvency, moratorium or assignment for the benefit of creditors or any other marshalling of the assets and liabilities of any Person and any similar laws, rules or regulations relating to or affecting the enforcement of creditors’ rights generally.
“Borrower” has the meaning given to such term in the Preamble of this Agreement.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Senior Priority Collateral Agent’s office is located, the state where the Junior Priority Collateral Agent’s principal corporate trust office is located, Stamford, Connecticut or New York, New York.
“Canadian Grantor” means any Grantor that is organized under the law of Canada or any province or territory thereof.
“Claimholders” means, collectively, the Senior Priority Claimholders and the Junior Priority Claimholders.
“Collateral” means all of the assets and property now owned or at any time hereafter acquired by any Grantor, whether real, personal or mixed, constituting Senior Priority Collateral and/or Junior Priority Collateral.
“Collateral Agents” means, collectively, (i) the Senior Priority Collateral Agent and (ii) the Junior Priority Collateral Agent.
“Collateral Enforcement Action” means, collectively or individually for one or more of the Collateral Agents, when a Senior Priority Default or a Junior Priority Default, as the case may be, has occurred and is continuing, whether or not in consultation with any other Collateral Agent, any action by any Collateral Agent to repossess or join any Person in repossessing, or exercise or join any Person in exercising, or institute or maintain or participate in any action or proceeding with respect to, any remedies with respect to any Collateral or commence the judicial enforcement of any of the rights and remedies under the Credit Documents or under any applicable law, but in all cases (i) including, without limitation, (a) instituting or maintaining, or joining any Person in instituting or maintaining, any enforcement, contest, protest, attachment, collection, execution, levy or foreclosure action or proceeding with respect to any Collateral, whether under any Credit Document or otherwise, (b) exercising any right of set-off with respect to any Credit Party or (c) exercising any remedy under any Deposit Account Control Agreement (as defined in the Revolving Credit Agreement), Dominion Account (as defined in the Revolving Credit

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Agreement), Landlord Lien Waiver and Access Agreement (as defined in the Revolving Credit Agreement) or similar agreement or arrangement and (ii) excluding the imposition of a default rate or late fee.

“Contingent Obligations” means at any time, any indemnification or other similar contingent obligations which are not then due and owing at the time of determination.
“Credit Documents” means, collectively, the Senior Priority Documents and the Junior Priority Documents.
“Credit Party” means each Senior Priority Credit Party and each Junior Priority Credit Party.
“Deposit Account” as defined in the UCC (or, with respect to any Canadian Grantor, the meaning given to the term “account” in the PPSA).
“DIP Financing” has the meaning assigned to that term in Section 6.1.
“Discharge of Junior Priority Obligations” means, except to the extent otherwise expressly provided in Section 5.5:
(a)    payment in full in cash of the principal of and interest (including Post-Petition Interest), on all Indebtedness outstanding under the Junior Priority Documents and constituting Junior Priority Obligations;
(b)    payment in full in cash of all other Junior Priority Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); and
(c)    termination or expiration of all commitments, if any, to extend credit that would constitute Junior Priority Obligations.
“Discharge of Priming Senior Priority Obligations” means, except to the extent otherwise expressly provided in Section 5.5:
(a)    payment in full in cash of the principal of and interest (including Post-Petition Interest), on all Indebtedness outstanding under the Senior Priority Documents and constituting Priming Senior Priority Obligations;
(b)    payment in full in cash of all other Priming Senior Priority Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time);
(c)    termination or expiration of all commitments, if any, to extend credit that would constitute Priming Senior Priority Obligations; and
(d)    termination of all letters of credit issued under the Senior Priority Documents and constituting Priming Senior Priority Obligations or providing cash collateral or backstop letters of credit reasonably acceptable to the Senior Priority Collateral Agent in an amount equal to 103% 

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of the applicable outstanding reimbursement obligation (in a manner reasonably satisfactory to the Senior Priority Collateral Agent).

“Disposition” has the meaning assigned to that term in Section 5.1(b).

“Excess Senior Priority Obligations” means, collectively, (a) the portion (if any) of the principal of Indebtedness outstanding under the Senior Priority Documents and the undrawn amount of all letters of credit issued under the Senior Priority Documents that is in excess of the Maximum Senior Priority Principal Amount, (b) the portion of interest and letter of credit fees, unused line fees or other fees on account of such portion of the Indebtedness and letters of credit described in clause (a) of this definition and (c) the portion of interest on any Priming Senior Priority Obligations to the extent in excess of the Interest Rate Cap.  For the avoidance of doubt, (i) interest (subject to the Interest Rate Cap) and fees in respect of Priming Senior Priority Obligations, (ii) costs, expenses and indemnities required to be paid or reimbursed pursuant to the Senior Priority Documents and (iii) bank product and hedging obligations constituting Secured Bank Product Obligations (as defined in the Revolving Credit Agreement) shall in no event constitute Excess Senior Priority Obligations.
“Grantors” means the Borrower, Holdings, each other Guarantor and each other Person that has or may from time to time hereafter execute and deliver a Junior Priority Collateral Document or a Senior Priority Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof).
“Guarantor” means, collectively, each “Guarantor” as defined in the Junior Priority Note Purchase Agreement and the Revolving Credit Agreement.
“Holdings” has the meaning set forth in the Preamble to this Agreement.
“Indebtedness” means “Indebtedness” within the meaning of the Junior Priority Note Purchase Agreement or the Revolving Credit Agreement, as applicable.
“Insolvency or Liquidation Proceeding” means:
(a)    any voluntary or involuntary case or proceeding under the Bankruptcy Code or any other Bankruptcy Law with respect to any Grantor;
(b)    any other voluntary or involuntary insolvency, reorganization, winding-up or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective assets (other than any merger, amalgamation, arrangement, consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of each Revolving Credit Agreement and the Junior Priority Note Purchase Agreement);
(c)    any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy (other than any merger, amalgamation, arrangement, consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of the Revolving Credit Agreement and the Junior Priority Note Purchase Agreement);
(d)    any case or proceeding seeking arrangement, adjustment, protection, relief or composition of any debt or other property of any Grantor;

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(e)    any case or proceeding seeking the entry of an order of relief or the appointment of a custodian, receiver, interim receiver, monitor, trustee or other similar proceeding with respect to any Grantor or any property or Indebtedness of any Grantor; or
(f)    any assignment for the benefit of creditors or any other marshaling of assets and liabilities of any Grantor.
“Interest Rate Cap” has the meaning assigned to that term in Section 5.3(b)(2).
“Junior Priority Claimholders” means, at any relevant time, the holders of Junior Priority Obligations at that time, including the Junior Priority Collateral Agent.
“Junior Priority Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, that is or is intended under the terms of the Junior Priority Collateral Documents to be subject to Liens in favor of the Junior Priority Collateral Agent for the benefit of the Junior Priority Secured Parties. 
“Junior Priority Collateral Agent” has the meaning set forth in the Preamble to this Agreement and shall include any successor thereto as well as any Person designated as the “Junior Priority Collateral Agent,” “Notes Collateral Agent” or “Collateral Agent” under the Junior Priority Note Purchase Agreement.
“Junior Priority Collateral Documents” means the Junior Priority Security Agreement, the Junior Priority Mortgages, all other “Security Documents” as defined in the Junior Priority Note Purchase Agreement and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with the Junior Priority Note Purchase Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.
“Junior Priority Credit Parties” means the Borrower, Holdings, the other Guarantors and each other direct or indirect subsidiary or parent of Holdings or any of its Affiliates that is now or hereafter becomes a party to any Junior Priority Document.
“Junior Priority Default” means an “Event of Default” or equivalent term (as defined in any of the Junior Priority Documents).
“Junior Priority Documents” means the Junior Priority Note Purchase Agreement, the Junior Priority Notes, the Junior Priority Collateral Documents and those other ancillary agreements as to which the Junior Priority Collateral Agent or any other Junior Priority Secured Party is a party or a beneficiary (including any intercreditor or joinder agreements) and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Junior Priority Credit Party or any of its respective subsidiaries or Affiliates, and delivered to the Junior Priority Collateral Agent or any Junior Priority Claimholder, in connection with any of the foregoing or any Junior Priority Document, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.
“Junior Priority Enforcement Date” means, with respect to the Junior Priority Collateral Agent, the date which is 180 days after the occurrence of both (i) a Junior Priority Default and (ii) the Senior Priority Collateral Agent’s receipt of written notice from the Junior Priority Collateral Agent that (x) the Junior Priority Collateral Agent is the Collateral Agent under the Junior Priority Documents and that a Junior Priority Default has occurred and is continuing and (y) except with respect 

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to a Junior Priority Default that constitutes a payment default with respect to the Junior Priority Obligations, the Junior Priority Obligations are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the Junior Priority Note Purchase Agreement; provided that the Junior Priority Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the Senior Priority Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to all or substantially all of the Senior Priority Collateral or, with respect to any Fixed Asset Priority Collateral (as defined in the ABL Intercreditor Agreement), is stayed from such enforcement action pursuant to the ABL Intercreditor Agreement or (2) with respect to any individual Grantor and the Collateral owned by such Grantor, at any time such Grantor is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.

“Junior Priority Mortgages” means a collective reference to each mortgage, deed of trust and other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Junior Priority Obligations or (except for this Agreement) under which rights or remedies with respect to any such Liens are governed. 

“Junior Priority Notes” means (a) the initial $50,000,000 in aggregate principal amount 4% Senior Secured Notes due 2021 issued by the Borrower pursuant to the Junior Priority Note Purchase Agreement and (b) any additional notes issued under the Junior Priority Note Purchase Agreement by the Borrower, to the extent permitted by the Junior Priority Note Purchase Agreement and the Revolving Credit Agreement, in each case, including, for the avoidance of doubt, any Indebtedness incurred or issued by the Borrower that Refinances any of the foregoing.

“Junior Priority Note Purchase Agreement” has the meaning given to such term in the recitals of this Agreement including, for the avoidance of doubt, any Refinancing of the Junior Priority Note Purchase Agreement in effect on the Issue Date.

“Junior Priority Obligations” means all “Note Obligations” (as such term is defined in the Junior Priority Note Purchase Agreement) and other obligations of every nature of each Grantor from time to time owed to any Junior Priority Claimholder under the Junior Priority Documents, whether for principal, interest, fees, expenses, indemnification or otherwise.  “Junior Priority Obligations” shall include all Post-Petition Interest with respect to the Indebtedness under the Junior Priority Documents.

“Junior Priority Secured Parties” means the Secured Parties (as defined in the Junior Priority Security Agreement).

“Junior Priority Security Agreement” means the Senior 4% Secured Notes Pledge and Security Agreement, dated as of the date hereof, among the Borrower, each of the other grantors from time to time party thereto and the Junior Priority Collateral Agent, as it may be amended, amended and restated, supplemented or otherwise modified from time to time.

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

“Maximum Senior Priority Principal Amount” means, at any time, (a) an aggregate principal amount of $190,000,000 (which amount may include, for the avoidance of doubt, customary 

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protective advances and overadvances constituting Protective Advances or Overadvances (in each case, as defined in the Revolving Credit Agreement) under the Revolving Credit Agreement and DIP Financing (if any) provided by the Senior Priority Claimholders) plus (b) an additional aggregate principal amount of up to $20,000,000, solely to the extent consisting of customary protective advances and overadvances constituting Protective Advances or Overadvances under the Revolving Credit Agreement and DIP Financing (if any) provided by the Senior Priority Claimholders.

“New Agent” has the meaning assigned to that term in Section 5.5.

“New Debt Notice” has the meaning assigned to that term in Section 5.5.

“Obligations” means the Senior Priority Obligations and the Junior Priority Obligations. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.

“Pledged Collateral” has the meaning set forth in Section 5.4(a).

“Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Junior Priority Documents or the Senior Priority Documents, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under applicable the Bankruptcy Law or in any such Insolvency or Liquidation Proceeding.

“PPSA” means the Personal Property Security Act (Ontario), including the regulations thereto, provided that if perfection or the effect of perfection or non-perfection or the priority of any Lien created under any of the Credit Documents on the Collateral is governed by the personal property security legislation or other applicable legislation with respect to personal property security in effect in a jurisdiction in Canada other than the Province of Ontario, “PPSA” means the Personal Property Security Act or such other applicable legislation (including the Civil Code (of Quebec)) in effect from time to time in such other jurisdiction in Canada for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

“Priming Senior Priority Obligations” means all Senior Priority Obligations other than Excess Senior Priority Obligations.  “Priming Senior Priority Obligations” shall include all Post-Petition Interest with respect to the Indebtedness under the Senior Priority Documents, other than with respect to Indebtedness constituting Excess Senior Priority Obligations.

“Purchase Event” means the occurrence of any of the following:  (a) the acceleration of all of the Priming Senior Priority Obligations in accordance with the terms of the applicable Senior Priority Documents governing the terms thereof, (b) the commencement of an Insolvency or Liquidation Proceeding with respect to the Borrower or any Significant Subsidiary (as such term is defined in the Junior Priority Note Purchase Agreement), or (c) the commencement of the exercise of remedies with respect to a material portion of the Collateral by the Senior Priority Collateral Agent.

“Qualifying Cash Collateral Use or DIP Financing” means any Cash Collateral use or DIP Financing to the extent (a) that the Junior Priority Collateral Agent retains its Liens with respect to the Collateral that existed as of the date of the commencement of the applicable Insolvency or Liquidation Proceeding (including proceeds thereof arising after the commencement of such Insolvency or Liquidation Proceeding) with the relative priorities (as between the Junior Priority Claimholders and the Senior Priority Claimholders) set forth in Section 2.1, (b) as to Collateral acquired by the applicable 

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Grantor after the commencement of an Insolvency or Liquidation Proceeding (excluding proceeds of Collateral existing prior to the commencement of such Insolvency or Liquidation Proceeding), either (i) neither the Senior Priority Claimholders nor the Junior Priority Claimholders obtain a Lien with respect to such Collateral, or (ii) if a Lien with respect to such Collateral is granted to secure any Senior Priority Obligations, then the Junior Priority Collateral Agent obtains a Lien with respect to such Collateral with the relative priorities (as between the Junior Priority Claimholders and the Senior Priority Claimholders) set forth in Section 2.1, (c) with respect to any DIP Financing, the principal amount of such DIP Financing, together with the aggregate outstanding principal amount of loans and unreimbursed drawings under letters of credit under the Senior Priority Documents as of the date of the commencement of such Insolvency or Liquidation Proceeding, does not exceed the Maximum Senior Priority Principal Amount, (d) in the case of any “roll-up” of the Priming Senior Priority Obligations into any DIP Financing, the interest rate with respect to the principal amount of the Priming Senior Priority Obligations subject to such “roll-up” does not exceed the Interest Rate Cap, (e) that the proposed Cash Collateral use or DIP Financing does not compel any Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the Cash Collateral order or DIP Financing documentation, as applicable, (f) that the proposed Cash Collateral order or DIP Financing documentation does not expressly require the sale of all or substantially all of the Collateral prior to a default under such order or documentation and (g) that the DIP Financing is otherwise subject to the terms of this Agreement.

“Recovery” has the meaning set forth in Section 6.4.

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part.  “Refinanced” and “Refinancing” shall have correlative meanings.

“Revolving Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement, including, for the avoidance of doubt, any Refinancing of the Revolving Credit Agreement in effect on the date hereof.

“Revolving Security Agreement” means the Pledge and Security Agreement, dated as of April 16, 2013, among the Borrower, each of the other grantors from time to time party thereto and Bank of America, N.A., as collateral agent, as it may be amended, amended and restated, supplemented or otherwise modified from time to time.

“Securities Account” as defined in the UCC.

“Senior Priority Claimholders” means, at any relevant time, the holders of Senior Priority Obligations at that time, including the “Secured Parties” as defined in the Revolving Security Agreement.

“Senior Priority Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Senior Priority Obligations.

“Senior Priority Collateral Agent” has the meaning assigned to that term in the Preamble of this Agreement.

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“Senior Priority Collateral Documents” means the Security Documents and any other agreement, document or instrument pursuant to which a Lien is granted by any Grantor securing any Senior Priority Obligations or under which rights or remedies with respect to such Liens are governed.

“Senior Priority Credit Party” means each “Loan Party” as defined in the Revolving Credit Agreement.

“Senior Priority Default” means an “Event of Default” or equivalent term (as defined in any of the Senior Priority Documents).

“Senior Priority Documents” means the Revolving Credit Agreement and the other Loan Documents (as defined in the Revolving Credit Agreement), any agreements governing customary secured bank product or hedging obligations constituting Secured Bank Product Obligations (as defined in the Revolving Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other Senior Priority Obligation, and any other document or instrument executed or delivered at any time in connection with any Senior Priority Obligations, including any intercreditor or joinder agreement among holders of Senior Priority Obligations to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.

 “Senior Priority Mortgages” means a collective reference to each mortgage, deed of trust and other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Senior Priority Obligations or (except for this Agreement) under which rights or remedies with respect to any such Liens are governed.

“Senior Priority Obligations” means all “Obligations” (as defined in the Revolving Credit Agreement) and other obligations of every nature of each Grantor from time to time owed to any Senior Priority Claimholder or any other respective Affiliates under the Senior Priority Documents, whether for principal, interest, reimbursement of amounts drawn under letters of credit, fees, expenses, indemnification or otherwise. “Senior Priority Obligations” shall include all Post-Petition Interest with respect to the Indebtedness under the Senior Priority Documents.

“Senior Priority Secured Parties” means the Secured Parties (as defined in the Revolving Security Agreement).

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of any Collateral Agent’s or any secured party’s security interest in any Collateral is governed by the Uniform Commercial Code as in effect from time to time in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions.

1.2.    Terms Generally.  The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise:

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(a)    any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended in accordance with the terms of this Agreement (including in connection with any Refinancing);

(b)    any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns;

(c)    the words “herein,” “hereof’ and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof;

(d)    all references herein to Sections shall be construed to refer to Sections of this Agreement; 

(e)    all references to terms defined in the UCC or the PPSA, as applicable, shall have the meaning ascribed to them therein (unless otherwise specifically defined herein); and

(f)    the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 2.     Lien Priorities.

2.1.    Relative Priorities.  Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Senior Priority Obligations granted on the Collateral or of any Liens securing the Junior Priority Obligations granted on the Collateral and notwithstanding any provision of any UCC, the PPSA or any other applicable law or the Senior Priority Documents or the Junior Priority Documents or any defect or deficiencies in, or failure to perfect, the Liens securing the Senior Priority Obligations or Junior Priority Obligations or any other circumstance whatsoever, the Senior Priority Collateral Agent, on behalf of itself and the Senior Priority Claimholders and the Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, hereby each agrees that:

(a)    any Lien of the Senior Priority Collateral Agent on the Collateral securing or purporting to secure any Priming Senior Priority Obligations, whether now or hereafter held by or on behalf of the Senior Priority Collateral Agent or any Senior Priority Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to all Liens on the Collateral securing or purporting to secure any Junior Priority Obligations; 

(b)    any Lien of the Junior Priority Collateral Agent on the Collateral securing or purporting to secure any Junior Priority Obligations, whether now or hereafter held by or on behalf of the Junior Priority Collateral Agent, any Junior Priority Claimholder or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing or purporting to secure any Priming Senior Priority Obligations. All Liens on the Collateral securing or purporting to secure any Priming Senior Priority Obligations shall be and remain senior in all respects and prior to all Liens on the Collateral securing or purporting to secure any Junior Priority Obligations for all purposes, whether or not such Liens securing or purporting to secure any Priming Senior Priority Obligations are subordinated to any Lien

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securing any other obligation of the Borrower, any Grantor or any other Person or otherwise subordinated, voided, avoided, invalidated or lapsed; and

(c)    any Lien of the Senior Priority Collateral Agent on the Collateral securing or purporting to secure any Excess Senior Priority Obligations, whether now or hereafter held by or on behalf of the Senior Priority Collateral Agent, any Senior Priority Claimholder or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing or purporting to secure any Junior Priority Obligations. All Liens on the Collateral securing or purporting to secure any Junior Priority Obligations shall be and remain senior in all respects and prior to all Liens on the Collateral securing or purporting to secure any Excess Senior Priority Obligations for all purposes, whether or not such Liens securing or purporting to secure any Junior Priority Obligations are subordinated to any Lien securing any other obligation of the Borrower, any Grantor or any other Person or otherwise subordinated, voided, avoided, invalidated or lapsed.

2.2.    Prohibition on Contesting Liens.  The Junior Priority Collateral Agent, for itself and on behalf of each Junior Priority Claimholder, and the Senior Priority Collateral Agent, for itself and on behalf of each Senior Priority Claimholder for which it is acting hereunder, agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of, or the allowability of any claim asserted by or on behalf of, any of the Senior Priority Claimholders or any of the Junior Priority Claimholders in the Collateral, respectively, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any Junior Priority Claimholder or Senior Priority Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.1 and 3.1.

2.3.    No New Liens.  

(a)Until the Discharge of Priming Senior Priority Obligations shall have occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Borrower or any other Grantor, the parties hereto acknowledge and agree that it is their intention that there shall be no Liens on any asset or property to secure any Junior Priority Obligation unless a Lien on such asset or property also secures the Senior Priority Obligations, and no Liens on any asset or property to secure any Senior Priority Obligation unless a Lien on such asset or property also secures the Junior Priority Obligations.  If the Junior Priority Collateral Agent or any Junior Priority Claimholder shall hold any Lien on any assets or property of any Grantor securing any Junior Priority Obligations that are not also subject to the Liens securing Senior Priority Obligations under the Senior Priority Collateral Documents, such Junior Priority Collateral Agent if a responsible officer of the Junior Priority Collateral Agent has actual knowledge thereof or Junior Priority Claimholder (i) shall notify the Senior Priority Collateral Agent promptly upon becoming aware thereof and, unless such Grantor shall promptly grant a similar Lien on such assets or property to the Senior Priority Collateral Agent as security for the Senior Priority Obligations, shall, at the expense of such Grantor, assign such Lien to the Senior Priority Collateral Agent as security for the Senior Priority Obligations (but shall retain a lien in accordance with the relative priorities set forth in Section 2.1 on such assets or property subject to the terms hereof) and (ii) until such assignment or such grant of a similar Lien to the Senior Priority Collateral Agent, shall be deemed to hold and have held such Lien for the benefit of the Senior Priority Collateral Agent as security for the Senior Priority Obligations.  If the Senior Priority Collateral Agent or any Senior Priority Claimholder shall hold any Lien on any assets or property of any Grantor securing any Senior Priority Obligations that are not also subject to the Liens securing Junior Priority Obligations under the Junior 

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Priority Collateral Documents, such Senior Priority Collateral Agent if a responsible officer of the Senior Priority Collateral Agent has actual knowledge thereof or Senior Priority Claimholder shall notify the Junior Priority Collateral Agent promptly upon becoming aware thereof and, unless and until such Grantor shall promptly grant a similar Lien on such assets or property to the Junior Priority Collateral Agent as security for the Junior Priority Obligations, shall, at the expense of such Grantor, be deemed to hold and have held such Lien for the benefit of the Junior Priority Collateral Agent as security for the Junior Priority Obligations.  Neither the Junior Priority Collateral Agent nor the Senior Priority Collateral Agent shall have any liability in connection with this Section 2.3(a) except as a result of its gross negligence or willful misconduct.

(b)To the extent any additional Liens are granted on any asset or property as described above, the priority of such additional Liens shall be determined in accordance with Section 2.1.  In addition, to the extent that Liens are granted on any asset or property to secure any Junior Priority Obligation or any Senior Priority Obligation and a corresponding Lien is not granted to secure any of the Senior Priority Obligations or the Junior Priority Obligations, as applicable, without limiting any other rights and remedies available hereunder, the Junior Priority Collateral Agent, on behalf of the Junior Priority Claimholders, and the Senior Priority Collateral Agent, on behalf of the Senior Priority Claimholders, agree that any amounts received by or distributed to it pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

(c)Notwithstanding anything to the contrary in clauses (a) and (b) above, this Section 2.3 shall not be violated with respect to any Senior Priority Obligations if for any reason the Senior Priority Collateral Agent expressly declines to accept a Mortgage, or releases a Mortgage, on the Mortgaged Property owned by Envelope Product Group, LLC and located at Route 866, Williamsburg, PA  16693.

2.4.    Similar Liens and Agreements.  The parties hereto agree that it is their intention that the Senior Priority Collateral and the Junior Priority Collateral be identical; provided that this provision will not be violated with respect to any Senior Priority Obligations if for any reason the Senior Priority Collateral Agent expressly declines to accept a Mortgage, or releases a Mortgage, on the Mortgaged Property owned by Envelope Product Group, LLC and located at Route 866, Williamsburg, PA  16693.  In furtherance of the foregoing and of Section 8.8, the parties hereto agree, subject to the other provisions of this Agreement:

(a)    upon request by the Senior Priority Collateral Agent or the Junior Priority Collateral Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Senior Priority Collateral and the Junior Priority Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the Senior Priority Documents and the Junior Priority Documents; and

(b)    that the Senior Priority Collateral Documents, taken as a whole, and the Junior Priority Collateral Documents, taken as a whole, shall be in all material respects the same forms of documents other than with respect to differences to reflect the nature of the financial arrangements and the relative lien priorities securing the Obligations thereunder.

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SECTION 3.     Enforcement.

3.1.    Exercise of Remedies - Restrictions on Junior Priority Collateral Agent.

(a) Until the Discharge of Priming Senior Priority Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Junior Priority Collateral Agent and the Junior Priority Claimholders:

(1)will not contest, protest or object to, or otherwise interfere with, any foreclosure proceeding or action brought by the Senior Priority Collateral Agent or any Senior Priority Claimholder or any other exercise by the Senior Priority Collateral Agent or any Senior Priority Claimholder of any rights and remedies relating to the Collateral, whether under the Senior Priority Documents or otherwise; 

(2)agree that, in exercising rights and remedies with respect to the Collateral, the Senior Priority Collateral Agent and the Senior Priority Claimholders may enforce the provisions of the Senior Priority Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion; and

(3)except as may be permitted in Section 3.1(c), will not object to the forbearance by the Senior Priority Collateral Agent or any of the Senior Priority Claimholders from bringing or pursuing any Collateral Enforcement Action;

provided, however, that, in the case of clauses (1), (2) and (3) above, the Liens granted to secure the Junior Priority Obligations of the Junior Priority Claimholders shall attach to the Proceeds thereof subject to the relative priorities described in Section 2.

(b)    Until the earlier of (i) the occurrence of the Discharge of Priming Senior Priority Obligations and (ii) the Junior Priority Enforcement Date, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that (i) it will not exercise or seek to exercise any rights or remedies with respect to any Collateral (including the exercise of any right of setoff or any right under any lockbox agreement or any control agreement with respect to Deposit Accounts or Securities Accounts) or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure) and (ii) the Senior Priority Collateral Agent and the Senior Priority Claimholders shall have the exclusive right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and, in connection therewith make determinations regarding the release, disposition, or restrictions with respect to the Collateral after a Senior Priority Default (including, without limitation, exercising remedies under Deposit Account Control Agreements and Dominion Accounts) without any consultation with or the consent of the Junior Priority Collateral Agent or any Junior Priority Claimholder; provided, however, that the Lien securing the Junior Priority Obligations shall remain on the Proceeds (other than those properly applied to the Senior Priority Obligations) of such Collateral released or disposed of subject to the relative priorities described in Section 2.  Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of the Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC or the PPSA and of a secured creditor under the Bankruptcy Laws of any applicable jurisdiction.  The Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that, until the occurrence of the Discharge of Priming Senior Priority Obligations, it will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral.

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(c)     Notwithstanding the foregoing, the Junior Priority Collateral Agent and any Junior Priority Claimholder may:

(1)file a claim, proof of claim or statement of interest with respect to the Junior Priority Obligations that is not inconsistent with the relative lien priorities set forth in Section 2.1; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor;

(2)take any action in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the Collateral; provided that such action shall not be inconsistent with the terms of this Agreement;

(3)file any necessary or appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims or Liens of the Junior Priority Claimholders, including any claims secured by the Collateral, if any, in each case in accordance with the terms of this Agreement;

(4)file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with or prohibited by the terms of this Agreement; 

(5)vote on any plan of reorganization or similar dispositive proposed plan or arrangement, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement (including Section 6.7(c)), with respect to the Junior Priority Obligations and the Collateral; and

(6)from and after the Junior Priority Enforcement Date, exercise or seek to exercise any rights or remedies (including set-off) with respect to any Collateral in respect of any Junior Priority Obligations, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure); 

The Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, agrees that it will not take or receive any Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any such Collateral in its capacity as a creditor in violation of this Agreement.  Without limiting the generality of the foregoing, unless and until the earlier of (i) the occurrence of the Discharge of Priming Senior Priority Obligations and (ii) the Junior Priority Enforcement Date, except as expressly provided in Section 3.1(a), Section 3.1(b) and this Section 3.1(c), the sole right of the Junior Priority Collateral Agent and the Junior Priority Claimholders with respect to the Collateral is to hold a Lien on such Collateral pursuant to the Junior Priority Collateral Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Priming Senior Priority Obligations has occurred.  Except to the extent that the Discharge of ABL Obligations (as defined in the ABL Intercreditor Agreement) had occurred, from and after the earlier to occur of (A) the occurrence of the Discharge of Priming Senior Priority Obligations and (ii) the Junior Priority Enforcement Date, the Senior Priority Collateral Agent agrees, upon the written direction of the Junior Priority Collateral Agent (acting upon the written direction of the Majority Noteholders), to send an Enforcement Notice (as defined in the ABL Intercreditor Agreement) to the Fixed Asset Collateral Agent (as defined in the ABL Intercreditor Agreement) pursuant to the terms of the ABL Intercreditor Agreement.

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(d)    Subject to Sections 3.1(a) and (c):

(1)the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that it will not, except as not prohibited herein, take any action that would hinder or otherwise interfere with any exercise of remedies under the Senior Priority Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise;

(2)the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, hereby waives any and all rights it or the Junior Priority Claimholders may have to object to the manner in which the Senior Priority Collateral Agent or the Senior Priority Claimholders seek to enforce or collect the Priming Senior Priority Obligations or the Liens on the Collateral securing the Priming Senior Priority Obligations granted in any of the Senior Priority Documents or undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of the Senior Priority Collateral Agent or Senior Priority Claimholders is adverse to the interest of the Junior Priority Claimholders; and

(3)the Junior Priority Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any of the Junior Priority Collateral Documents or any other Junior Priority Document shall be deemed to restrict in any way the rights and remedies of the Senior Priority Collateral Agent or the Senior Priority Claimholders with respect to the Collateral securing the Priming Senior Priority Obligations as set forth in this Agreement and the Senior Priority Documents.

(e)    The Junior Priority Collateral Agent and the Junior Priority Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and remedies with respect to the Collateral, in each case, in accordance with the terms of the Junior Priority Documents and applicable law except to the extent directly prohibited by the other provisions of this Agreement; provided, however, that in the event that any Junior Priority Claimholder becomes a judgment Lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Junior Priority Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Senior Priority Obligations) as the other Liens securing the Junior Priority Obligations are subject to this Agreement.

(f)    Nothing in this Agreement shall prohibit the receipt by the Junior Priority Collateral Agent or any Junior Priority Claimholders of payments of interest, principal and other amounts owed in respect of the applicable Junior Priority Obligations so long as such receipt is not the direct or indirect result of the exercise by the Junior Priority Collateral Agent or any Junior Priority Claimholders of rights or remedies as a secured creditor (including set-off) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement.  Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Senior Priority Collateral Agent or the Senior Priority Claimholders may have against the Grantors in respect of the Priming Senior Priority Obligations under the Senior Priority Documents.

Section 4.     Payments.

4.1.    Application of Proceeds.  Subject to the ABL Intercreditor Agreement, so long as the Discharge of Priming Senior Priority Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies by the Senior Priority Collateral Agent or any Senior Priority Claimholder, shall be 

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applied by the Senior Priority Collateral Agent to the Priming Senior Priority Obligations in such order as specified in the relevant Senior Priority Documents.  Upon the Discharge of Priming Senior Priority Obligations, the Senior Priority Collateral Agent shall deliver to the Junior Priority Collateral Agent any Collateral and Proceeds of Collateral held by it as a result of the exercise of remedies in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Junior Priority Collateral Agent to the Junior Priority Obligations in such order as specified in the relevant Junior Priority Documents.  Upon the Discharge of Junior Priority Obligations, the Junior Priority Collateral Agent shall deliver to the Senior Priority Collateral Agent any Collateral and Proceeds of Collateral held by it as a result of the exercise of remedies in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Senior Priority Collateral Agent to any Excess Senior Priority Obligations, in such order as specified in the relevant Senior Priority Documents.

4.2.    Payments Over in Violation of Agreement.  

(a)So long as the Discharge of Priming Senior Priority Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, any Collateral or Proceeds thereof (including assets or Proceeds subject to Liens referred to in the final sentence of Section 2.3(b)) received by the Junior Priority Collateral Agent or any Junior Priority Claimholders in connection with the exercise of any right or remedy (including set-off) relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the Senior Priority Collateral Agent for the benefit of the Senior Priority Claimholders, as the case may be, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.  The Senior Priority Collateral Agent is hereby authorized by the Junior Priority Collateral Agent to, so long as the Discharge of Priming Senior Priority Obligations has not occurred, make any such endorsements as agent for the Junior Priority Collateral Agent or any Junior Priority Claimholders.  This authorization is coupled with an interest and is irrevocable until the Discharge of Priming Senior Priority Obligations.

(b)After the occurrence of the Discharge of Priming Senior Priority Obligations and so long as the Discharge of Junior Priority Obligations has not occurred, to the extent any Excess Senior Priority Obligations remain outstanding, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, any Collateral or Proceeds thereof (including assets or Proceeds subject to Liens referred to in the final sentence of Section 2.3(b)) received by the Senior Priority Collateral Agent or any Senior Priority Claimholders in connection with the exercise of any right or remedy (including set-off) relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the Junior Priority Collateral Agent for the benefit of the Junior Priority Claimholders, as the case may be, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.  The Junior Priority Collateral Agent is hereby authorized by the Senior Priority Collateral Agent to, after the occurrence of the Discharge of Priming Senior Priority Obligations and so long as the Discharge of Junior Priority Obligations has not occurred, make any such endorsements as agent for the Senior Priority Collateral Agent or any Senior Priority Claimholders.  This authorization is coupled with an interest and is irrevocable until the Discharge of Junior Priority Obligations.

4.3.    Application of Payments.  Subject to the ABL Intercreditor Agreement and the other terms of this Agreement, all payments received by (a) the Senior Priority Collateral Agent or the Senior Priority Claimholders may be applied, reversed and reapplied, in whole or in part, to the Senior Priority Obligations to the extent provided for in the Senior Priority Documents and (b) the Junior Priority Collateral Agent or the Junior Priority Claimholders may be applied, reversed and reapplied, in whole or in part, to the Junior Priority Obligations.

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Section 5.     Other Agreements.

5.1.    Releases.

(a)If in connection with the exercise of the Senior Priority Collateral Agent’s remedies in respect of any Collateral as provided for in Section 3.1 after a Senior Priority Default, the Senior Priority Collateral Agent, for itself or on behalf of any of the Senior Priority Claimholders, releases any of its Liens on any part of the Collateral, then the Liens, if any, of the Junior Priority Collateral Agent, for itself or for the benefit of the Junior Priority Claimholders, on the Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released.  The Junior Priority Collateral Agent, for itself or on behalf of the Junior Priority Claimholders, promptly shall, at the sole cost and expense of the Credit Parties, execute and deliver to the Senior Priority Collateral Agent or such Grantor such termination statements, financing change statements, releases and other documents as the Senior Priority Collateral Agent or such Grantor may reasonably request to effectively confirm such release.

(b)If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral (collectively, a “Disposition”) permitted under the terms of the Senior Priority Documents and the Junior Priority Documents (other than in connection with the exercise of the Senior Priority Collateral Agent’s rights and remedies in respect of the Collateral after a Senior Priority Default as provided for in Section 3.1), the Senior Priority Collateral Agent, for itself or on behalf of any of the relevant Senior Priority Claimholders, releases any of its Liens on any part of the Collateral, in each case other than (A) in connection with the Discharge of Priming Senior Priority Obligations or (B) after the occurrence and during the continuance of a Junior Priority Default, then the Liens, if any, of the Junior Priority Collateral Agent, for itself or for the benefit of the Junior Priority Claimholders, on such Collateral shall be automatically, unconditionally and simultaneously released.  The Junior Priority Collateral Agent, each for itself and on behalf of any Junior Priority Claimholders, as the case may be, promptly shall, at the sole cost and expense of the Credit Parties, execute and deliver to the Senior Priority Collateral Agent or such Grantor such termination statements, financing change statements, releases and other documents as the Senior Priority Collateral Agent or such Grantor may reasonably request to effectively confirm such release.

(c)Until the Discharge of Priming Senior Priority Obligations shall occur, the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, hereby irrevocably constitutes and appoints the Senior Priority Collateral Agent and any officer or agent of the Senior Priority Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Junior Priority Collateral Agent or such holder or in the Junior Priority Collateral Agent’s own name, from time to time in the Senior Priority Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. The Junior Priority Collateral Agent shall have no liability with respect to any action taken by any other Collateral Agent or any officer or agent of the other Collateral Agent pursuant to such appointment.

(d)Until the Discharge of Priming Senior Priority Obligations shall occur, to the extent that the Senior Priority Collateral Agent or the Senior Priority Claimholders (i) have released any Lien on Collateral and such Lien is later reinstated or (ii) obtain any new Liens from any Grantor, then the Junior Priority Collateral Agent, for itself and for the Junior Priority Claimholders shall be granted a Lien on any such Collateral, subject to the lien priority provisions of this Agreement.

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5.2.    Insurance.

(a)Unless and until the Discharge of Priming Senior Priority Obligations has occurred, subject to the terms of, and the rights of the Grantors under, the Senior Priority Documents, the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders agrees, that (i) in accordance with the terms of the applicable Senior Priority Documents (including the ABL Intercreditor Agreement), the Senior Priority Collateral Agent shall have the sole and exclusive right to adjust settlement for any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) in accordance with the applicable Senior Priority Documents (including the ABL Intercreditor Agreement), all Proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of such Collateral and to the extent required by the Senior Priority Documents shall be paid to the Senior Priority Collateral Agent for the benefit of the Senior Priority Claimholders and applied to the Priming Senior Priority Obligations pursuant to the terms of the Senior Priority Documents (including, without limitation, for purposes of cash collateralization of letters of credit), and thereafter, to the extent required by the Junior Priority Documents, shall be paid to the Junior Priority Collateral Agent for the benefit of the Junior Priority Claimholders and applied to the Junior Priority Obligations pursuant to the terms of the Junior Priority Documents and then, to the extent no Junior Priority Obligations are outstanding, to the Senior Priority Collateral Agent for the benefit of the Senior Priority Claimholders pursuant to the terms of the Senior Priority Documents on account of any outstanding Excess Senior Priority Obligations, and then, to the extent no outstanding Excess Senior Priority Obligations are outstanding, to the owner of the subject property or such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct, and (iii) if any Collateral Agent or Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the applicable Collateral Agent in accordance with the terms of Section 4.2.

5.3.    Amendments to Junior Priority Documents and Senior Priority Documents; Refinancing.

(a)The Junior Priority Documents may be amended, amended and restated, replaced, supplemented or otherwise modified in accordance with their terms, and the Junior Priority Note Purchase Agreement may be Refinanced, in each case, without notice to, or the consent of, the Senior Priority Collateral Agent or the Senior Priority Claimholders, all without affecting the lien priorities or other provisions of this Agreement; provided, however, that any such Refinancing shall comply with Section 5.5; provided, further, that any such amendment, amendment and restatement, replacement, supplement, modification or Refinancing shall not, without the prior written consent of the Senior Priority Collateral Agent:

(1)contravene the provisions of this Agreement;

(2)increase the interest rate applicable to the Junior Priority Obligations by more than 2.00% per annum (excluding the accrual of interest at the default rate);

(3)change to earlier dates any dates upon which payments of principal or interest are due thereon (other than in connection with the waiver, amendment or forbearance with respect to an event of default, so long as such applicable Grantor offers to the Senior Priority Collateral Agent to make a corresponding change to principal and interest due dates pursuant to the Revolving Credit Agreement);

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(4)modify (or have the effect of a modification of) the mandatory prepayment, redemption or defeasance provisions of the Junior Priority Note Purchase Agreement or any Junior Priority Document in a manner that makes them more restrictive to Grantors (other than such modifications that permit payments to permanently reduce the Priming Senior Priority Obligations); or

(5)change any covenants, defaults, or events of default under the Junior Priority Note Purchase Agreement or any other Junior Priority Document (including the addition of covenants, defaults, or events of default not contained in the Junior Priority Note Purchase Agreement or other Junior Priority Documents as in effect on the date hereof) to restrict any Grantor from making payments of the Priming Senior Priority Obligations that would otherwise be permitted under the Junior Priority Documents as in effect on the date hereof.

(b)The Senior Priority Documents may be amended, amended and restated, replaced, supplemented or otherwise modified in accordance with their terms, and the Revolving Credit Agreement may be Refinanced, in each case, without notice to, or the consent of, the Junior Priority Collateral Agent or the Junior Priority Claimholders, all without affecting the lien priorities or other provisions of this Agreement; provided, however, that any such Refinancing shall comply with Section 5.5; provided, further, that any such amendment, amendment and restatement, replacement, supplement, modification or Refinancing shall not, without the prior written consent of the Junior Priority Collateral Agent (acting at the written direction of the Majority Noteholders):

(1)contravene the provisions of this Agreement;

(2)increase the “Applicable Margin” or similar component of the interest rate (including any “floor”) by more than 2.00% per annum (excluding increases resulting from  increases in the underlying reference rate not caused by an amendment, supplement, modification or Refinancing of the Revolving Credit Agreement, or the accrual of interest at the default rate) (together with the applicable underlying reference interest rate, the “Interest Rate Cap”);

(3)change to earlier dates any dates upon which payments of principal or interest are due thereon (other than in connection with the waiver, amendment or forbearance with respect to an event of default, so long as such applicable Grantor offers to the Junior Priority Claimholders to make a corresponding change to principal and interest due dates pursuant to the Junior Priority Note Purchase Agreement);

(4)modify (or have the effect of a modification of) the mandatory prepayment, redemption or defeasance provisions of the Revolving Credit Agreement or any Senior Priority Document in a manner that makes them more restrictive to Grantors (other than such modifications that permit payments to permanently reduce the Junior Priority Obligations);

(5)change any covenants, defaults, or events of default under the Revolving Credit Agreement or any other Senior Priority Document (including the addition of covenants, defaults, or events of default not contained in the Revolving Credit Agreement or other Senior Priority Documents as in effect on the date hereof) to restrict any Grantor from making payments of the Junior Priority Obligations that would otherwise be permitted under the Senior Priority Documents as in effect on the date hereof;

(6)subordinate the Liens securing the Senior Priority Obligations except to Liens securing (A) any other Priming Senior Priority Obligations or (B) any DIP Financing; or

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(7)modify Section 11.06(b)(v) of the Revolving Credit Agreement.

(c)The Borrower, Holdings, each other Grantor and the Junior Priority Collateral Agent (for itself and on behalf of the Junior Priority Claimholders) each agree that each Junior Priority Collateral Document shall include the following language (or language to similar effect approved by the Senior Priority Collateral Agent):

“Notwithstanding anything herein to the contrary, the lien and security interest granted to the Collateral Agent pursuant to this Agreement and the exercise of certain rights and remedies by the Collateral Agent hereunder are subordinated and subject to the provisions of that certain Intercreditor Agreement, dated as of June 10, 2016 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the ‘Intercreditor Agreement’), among Cenveo Corporation, Cenveo, Inc., the other Guarantors from time to time party thereto, Bank of America, N.A., in its capacity as the administrative agent pursuant to or in connection with the asset-based credit agreement dated as of April 16, 2013, and The Bank of New York Mellon, in its capacity as the collateral agent pursuant to the indenture and note purchase agreement dated as of June 10, 2016, in respect of Cenveo Corporation’s 4% Senior Secured Notes due 2021 issued thereunder.  In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.”

(d)On or after any Refinancing, and the receipt of notice thereof, which notice shall include the identity of any new or replacement Collateral Agent or other agent serving the same or similar function, each existing Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the Borrower or such new or replacement Collateral Agent may reasonably request in order to provide to such new or replacement Collateral Agent the rights, remedies and powers and authorities contemplated hereby, in each case consistent in all respects with the terms of this Agreement.

5.4.    Bailees for Perfection.

(a)The Senior Priority Collateral Agent agrees to hold that part of the Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or the PPSA (such Collateral being the “Pledged Collateral”) as collateral agent for the Junior Priority Claimholders and as bailee for the Junior Priority Collateral Agent (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the purpose of perfecting the security interest granted under the Junior Priority Documents, respectively, subject to the terms and conditions of this Section 5.4.

(b)The Senior Priority Collateral Agent shall not have any obligation whatsoever to the Junior Priority Collateral Agent or to any Junior Priority Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4.  The duties or responsibilities of the Senior Priority Collateral Agent under this Section 5.4 shall be limited solely to holding the Pledged Collateral as collateral agent and bailee in accordance with this Section 5.4 and delivering the Pledged Collateral upon the Discharge of Priming Senior Priority Obligations as provided in paragraph (d) below.

(c)The Senior Priority Collateral Agent shall not have by reason of the Junior Priority Collateral Documents, this Agreement, or any other document, a fiduciary relationship in respect 

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of the Junior Priority Collateral Agent or any Junior Priority Claimholder.  Each Junior Priority Collateral Agent and Junior Priority Claimholder hereby waives and releases the Senior Priority Collateral Agent from all claims and liabilities arising pursuant to the Senior Priority Collateral Agent’s roles under this Section 5.4 as collateral agent and bailee with respect to the Pledged Collateral.

(d)Upon the Discharge of Priming Senior Priority Obligations, the Senior Priority Collateral Agent shall deliver the remaining Pledged Collateral (if any) in its possession together with any necessary endorsements and without recourse or warranty, first, to the Junior Priority Collateral Agent, to the extent the Junior Priority Obligations (other than Contingent Obligations) remain outstanding, and second, to the applicable Grantor to the extent no Junior Priority Obligations, as the case may be, remain outstanding (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral).  The Senior Priority Collateral Agent further agrees, to the extent that any Junior Priority Obligations (other than applicable Contingent Obligations) remain outstanding, to take all other commercially reasonable action as shall be reasonably requested by the Junior Priority Collateral Agent, at the sole cost and expense of the Credit Parties, to permit the Junior Priority Collateral Agent to obtain, for the benefit of the Junior Priority Claimholders, a first-priority security interest in the Pledged Collateral or as a court of competent jurisdiction may otherwise direct, subject to the terms of the ABL Intercreditor Agreement.

(e)Subject to the terms of this Agreement and the ABL Intercreditor Agreement, so long as the Discharge of Priming Senior Priority Obligations has not occurred, the Senior Priority Collateral Agent shall be entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other Senior Priority Documents, as if the Liens of the Junior Priority Collateral Agent and Junior Priority Claimholders did not exist.

(f)Notwithstanding anything in this Agreement to the contrary, the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that any requirement under any Junior Priority Collateral Document that any Grantor deliver any Collateral to the Junior Priority Collateral Agent, or that requires any Grantor to vest the Junior Priority Collateral Agent with possession or “control” (as defined in the UCC or in the manner provided for in the PPSA) of any Collateral, in each case, shall be deemed satisfied to the extent that, prior to the Discharge of Priming Senior Priority Obligations, such Collateral is delivered to the Senior Priority Collateral Agent, or the Senior Priority Collateral Agent shall have been vested with such possession or (unless, pursuant to the UCC or the PPSA, as applicable, control may be given concurrently to the Senior Priority Collateral Agent and the Junior Priority Collateral Agent) “control,” in each case, subject to the provisions of this Section 5.4; and

(g)The parties hereto further agree that to the extent the Senior Priority Collateral Agent is specified as the lienholder on the certificates of title with respect to any Motor Vehicles (as defined in the Junior Priority Security Agreement) of any Grantor or has “control” over any Deposit Accounts or Securities Accounts of any Grantor pursuant to any control agreement, then (including for the purposes of the applicable state certificate of title laws and any other applicable laws) the Senior Priority Collateral Agent shall act as agent for both the Senior Priority Claimholders and the Junior Priority Claimholders in order to perfect and secure both the Senior Priority Obligations and the Junior Priority Obligations, provided that the priorities as between the rights of the Junior Priority Claimholders and the Senior Priority Claimholders shall be as if there were two separate Liens, subject to the priorities and other terms of this Agreement.  In furtherance of the foregoing, (i) the Junior Priority Collateral Agent hereby appoints the Senior Priority Collateral Agent as its collateral agent for the limited purpose of (A) acting as the agent on behalf of the Junior Priority Claimholders with respect to the applicable Motor Vehicles solely for purposes of perfecting the Liens of such parties on such Motor Vehicles and (B) acting as the agent on behalf of the Junior Priority Claimholders with respect to the applicable 

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Deposit Accounts and Securities Accounts solely for purposes of perfecting the Liens of such parties on such Deposit Accounts and Securities Accounts and the amounts contained therein and (ii) in order to secure the prompt payment and performance of the Junior Priority Obligations, each Grantor hereby grants to the Senior Priority Collateral Agent, as agent for the Junior Priority Claimholders, a security interest in all right, title and interest of such Grantor in, to and under all Motor Vehicles and, for purposes hereof and of Section 5.4(a), all Deposit Accounts and Securities Accounts, whether now owned or hereafter acquired by such Grantor.  Such grant creates a security interest wholly separate from the security interest in such Motor Vehicles and such Deposit Accounts and Securities Accounts granted to the Senior Priority Collateral Agent in the Senior Priority Documents as security for the Senior Priority Obligations.  The duties or responsibilities of the Senior Priority Collateral Agent under this Section 5.4(g) shall be limited solely to holding (either itself or through its appointment of a custodian or agent) a Lien on such Motor Vehicles, Deposit Accounts and Securities Accounts (and releasing such Lien), as applicable, as agent in accordance with this Section 5.4(g).

5.5.    When Discharge of Priming Senior Priority Obligations and Discharge of Junior Priority Obligations Deemed to Not Have Occurred.  If, at any time substantially concurrently with or after the Discharge of Priming Senior Priority Obligations or the Discharge of Junior Priority Obligations, the Borrower enters into any Refinancing of any Senior Priority Obligation or Junior Priority Obligation, as the case may be, which Refinancing is permitted by both the Senior Priority Documents and the Junior Priority Documents, in each case, to the extent such documents will remain in effect following such Refinancing, then such Discharge of Priming Senior Priority Obligations or Discharge of Junior Priority Obligations, shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken pursuant to this Agreement as a result of the occurrence of such Discharge of Priming Senior Priority Obligations or Discharge of Junior Priority Obligations, as applicable) and, from and after the date on which the New Debt Notice is delivered to the appropriate Collateral Agents in accordance with the next sentence, the obligations under such Refinancing shall automatically be treated as Senior Priority Obligations or Junior Priority Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the agent, representative or trustee for the holders of such Senior Priority Obligations under such new Senior Priority Documents or for the holders of such Junior Priority Obligations under such new Junior Priority Documents, as applicable, shall be a Senior Priority Collateral Agent or a Junior Priority Collateral Agent, as applicable, for all purposes of this Agreement.  Upon receipt of a notice (the “New Debt Notice”) stating that the Borrower has entered into new Senior Priority Documents or new Junior Priority Documents (which notice shall include a complete copy of the relevant new documents and provide the identity of the new collateral agent (such agent, the “New Agent”)), the other Collateral Agents shall promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Borrower or such New Agent shall reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to the New Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral).  The New Agent shall agree in a writing addressed to the other Collateral Agents, for the benefit of the Senior Priority Claimholders or the Junior Priority Claimholders, as the case may be, to be bound by the terms of this Agreement.  If the new Senior Priority Obligations under the new Senior Priority Documents or the new Junior Priority Obligations under the new Junior Priority Documents are secured by assets of the Grantors constituting Collateral that do not also secure the other Obligations, then the other Obligations shall be secured at such time by a Lien on such assets to the same extent provided in the Senior Priority Documents, Junior Priority Documents and this Agreement.

5.6.    Purchase Right. Without prejudice to the enforcement of the Senior Priority Claimholders’ remedies, the Senior Priority Claimholders agree that within five (5) Business Days following the occurrence of a Purchase Event, the Senior Priority Collateral Agent shall inform the Junior 

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Priority Collateral Agent thereof in writing (a “Purchase Notice”) and, within forty-five (45) days following receipt of such Purchase Notice by the Junior Priority Collateral Agent, one or more of the Junior Priority Claimholders may request, and the Senior Priority Claimholders hereby offer the Junior Priority Claimholders the option, to purchase all, but not less than all, of the aggregate amount of outstanding Priming Senior Priority Obligations (other than any Priming Senior Priority Obligations in respect of Secured Bank Product Obligations, which shall not be subject to the purchase right hereunder) outstanding at the time of purchase at par, plus any premium that would be applicable upon prepayment of such Priming Senior Priority Obligations and accrued and unpaid interest, fees, and expenses, without warranty or representation (other than customary warranties and representations by the Senior Priority Claimholders with respect to (i) the principal of and accrued and unpaid interest on the Priming Senior Priority Obligations subject to the purchase right, and the fees and expenses owing with respect thereto, (ii) ownership of such Priming Senior Priority Obligations free and clear of all Liens and (iii) full right and power to assign such Priming Senior Priority Obligations and that such assignment has been duly authorized by all necessary action by such Senior Priority Claimholder) or recourse (other than in respect of any breach of the foregoing warranties and representations).  If such option is timely exercised, the parties shall endeavor to close promptly thereafter but in any event within thirty (30) days of the request.  If one or more of the Junior Priority Claimholders exercise such purchase right, the documentation relating thereto shall be mutually acceptable to each of the Senior Priority Collateral Agent and the Junior Priority Collateral Agent.  Following the exercise of such right and the consummation of such assignment, any Priming Senior Priority Obligations in respect of Secured Bank Product Obligations shall retain the priority afforded by this Agreement, and no amendment, modification or waiver of any Senior Priority Document that is adverse to the priority afforded by this Agreement to such Secured Bank Product Obligations shall be effective, as to any Senior Priority Claimholder holding such Secured Bank Product Obligations, without the written consent of such Senior Priority Claimholder.  If none of the Junior Priority Claimholders timely exercise such right, the Senior Priority Claimholders shall have no further obligations pursuant to this Section 5.6 for such Purchase Event and may take any further actions in their sole discretion in accordance with the Senior Priority Documents and this Agreement.  

Section 6.     Insolvency or Liquidation Proceedings.
    
6.1.    Finance Issues.

Until the Discharge of Priming Senior Priority Obligations has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the Senior Priority Collateral Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) that consists of Collateral on which the Senior Priority Collateral Agent or any other creditor has a Lien or to permit any Grantor to obtain financing, whether from the Senior Priority Claimholders or any other Person, under Section 364 of the Bankruptcy Code (or any similar provision of any applicable Bankruptcy Law) that is to be secured by the Collateral (a “DIP Financing”), then the Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, agrees that it will not be entitled to raise an objection to such Cash Collateral use or DIP Financing to the extent such Cash Collateral use or DIP Financing constitutes a Qualifying Cash Collateral Use or DIP Financing, it being agreed that the Junior Priority Collateral Agent and the Junior Priority Claimholders shall retain the right to object to the specific terms of any Cash Collateral use or DIP Financing that would not comply with a Qualifying Cash Collateral Use or DIP Financing.  To the extent the Liens securing the Senior Priority Obligations are subordinated to or pari passu with such DIP Financing, the Junior Priority Collateral Agent will subordinate its Liens in the Collateral (to the same extent subordinated to such Collateral) to the Liens securing such DIP Financing (and all Obligations relating thereto), all adequate protection Liens granted to the Senior Priority Claimholders, and any “carve out” from the Collateral for outstanding post-petition professional and United States Trustee fees that has been agreed to by the Senior Priority Collateral Agent, provided, however, that the Junior Priority Collateral Agent may request 

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adequate protection under Section 361 of the Bankruptcy Code (or any similar provision of any applicable Bankruptcy Law) in respect of such subordinated Liens in a manner that is consistent with Section 6.3.

6.2.    Relief from the Automatic Stay.

Until the Discharge of Priming Senior Priority Obligations has occurred, the Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, agrees that none of them may (i) seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral, without the prior written consent of the Senior Priority Collateral Agent, or (ii) object to any sale of any Collateral or any motion by the Senior Priority Collateral Agent seeking relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral for the purpose of exercising remedies with respect to the Priming Senior Priority Obligations.

6.3.    Adequate Protection.

(a)The Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, agrees that none of them shall contest (or support any other Person contesting):

(1)any request by the Senior Priority Collateral Agent or the Senior Priority Claimholders for adequate protection in respect of the Priming Senior Priority Obligations in any form with respect to the Collateral; or

(2)any objection by the Senior Priority Collateral Agent or the Senior Priority Claimholders to any motion, relief, action or proceeding based on the Senior Priority Collateral Agent or Senior Priority Claimholder claiming a lack of adequate protection in respect of the Priming Senior Priority Obligations in any form; 

(b)Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding:

(1)if the Senior Priority Claimholders (or any subset thereof) are granted adequate protection with respect to the Collateral in the form of a Lien on additional or replacement collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted Collateral) in connection with any Cash Collateral use or DIP Financing, then the Junior Priority Collateral Agent, on behalf of itself or any of the Junior Priority Claimholders, may seek or request adequate protection with respect to its interests in such Collateral in the form of a Lien on the same additional or replacement collateral, which Lien will be subordinated to the Liens securing and granted as adequate protection for the Priming Senior Priority Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens of the Junior Priority Collateral Agent on Collateral; 

(2)in the event the Junior Priority Collateral Agent, on behalf of itself or any of the Junior Priority Claimholders, seeks or requests adequate protection in respect of Collateral and such adequate protection is granted in the form of a Lien on additional or replacement collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted Collateral), then the Junior Priority Collateral Agent, on behalf of itself and any of the Junior Priority Claimholders, agrees that the Senior Priority Collateral Agent shall also be granted Liens on the same additional or replacement collateral as adequate protection for the Priming Senior Priority Obligations, and the Junior Priority Collateral Agent, on behalf of itself and any of the Junior Priority Claimholders, agrees that any Lien on such additional or replacement collateral 

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securing or granted as adequate protection for the Junior Priority Obligations shall be subordinated to the Liens on such collateral securing the Priming Senior Priority Obligations and to any other Liens granted to the Senior Priority Claimholders as adequate protection in respect of the Priming Senior Priority Obligations with respect to the Collateral, all on the same basis as the other Liens of the Senior Priority Collateral Agent on Collateral with respect to the Priming Senior Priority Obligations; and

(3)if the Senior Priority Claimholders (or any subset thereof) are granted adequate protection with respect to the Collateral in the form of payments in the amount of current post-petition fees and expenses, then the Junior Priority Collateral Agent, on behalf of itself or any of the Junior Priority Claimholders, shall not be prohibited from seeking adequate protection in the form of payments in the amount of current post-petition incurred fees and expenses, subject to the right of the Senior Priority Claimholders to object to the reasonableness of the amounts of fees and expenses or other cash payments so sought by the Junior Priority Collateral Agent and Junior Priority Claimholders.

6.4.    Avoidance Issues.  If any Senior Priority Claimholder or Junior Priority Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the applicable Grantor any amount paid in respect of Priming Senior Priority Obligations or the Junior Priority Obligations, as the case may be (a “Recovery”), then such Senior Priority Claimholders or Junior Priority Claimholders shall be entitled to a reinstatement of Priming Senior Priority Obligations or Junior Priority Obligations, as the case may be, with respect to all such recovered amounts.  If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement.  
        
6.5.    Post-Petition Interest.

(a)None of the Junior Priority Collateral Agent or the Junior Priority Claimholders shall oppose or seek to challenge any claim by the Senior Priority Collateral Agent or any Senior Priority Claimholder for allowance in any Insolvency or Liquidation Proceeding of Senior Priority Obligations consisting of Post-Petition Interest (but solely with respect to Post-Petition Interest in respect of Excess Senior Priority Obligations, after taking into account the existence of the Lien of the Junior Priority Collateral Agent on behalf of the Junior Priority Claimholders on the Collateral).

(b)Neither the Senior Priority Collateral Agent nor any other Senior Priority Claimholder shall oppose or seek to challenge any claim by the Junior Priority Collateral Agent or any Junior Priority Claimholder for allowance in any Insolvency or Liquidation Proceeding of Junior Priority Obligations consisting of Post-Petition Interest (after taking into account the existence of the Lien of the Senior Priority Collateral Agent on behalf of the Senior Priority Claimholders in respect of the Priming Senior Priority Obligations on the Collateral).

6.6.    Waivers.

(a)The Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, waives any claim it may hereafter have against any Senior Priority Claimholder arising out of the election of any Senior Priority Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law) or out of any grant of a security interest in connection with the Collateral to secure the Priming Senior Priority Obligations in any Insolvency or Liquidation Proceeding.

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(b)The Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that it will not assert or enforce any claim under Section 506(c) of the Bankruptcy Code (or any similar provision of any other applicable Bankruptcy Law) senior to or on a parity with the Liens securing the Priming Senior Priority Obligations for costs or expenses of preserving or disposing of any Collateral.

6.7.    Separate Grants of Security and Separate Classification.

(a)The Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders and the Senior Priority Collateral Agent, for itself and on behalf of the Senior Priority Claimholders, acknowledge and agree that the grants of Liens pursuant to the Senior Priority Collateral Documents and the Junior Priority Collateral Documents constitute separate and distinct grants of Liens, and because of, among other things, their differing rights in the Collateral, the Junior Priority Obligations are fundamentally different from the Senior Priority Obligations and must be separately classified in any plan of reorganization or similar dispositive plan or arrangement, proposed, confirmed or adopted in an Insolvency or Liquidation Proceeding. In furtherance of the foregoing, the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that the Junior Priority Claimholders will vote and otherwise be treated as separate classes in connection with any plan of reorganization or similar dispositive plan or arrangement in any Insolvency or Liquidation Proceeding and that neither the Junior Priority Collateral Agent nor any Junior Priority Claimholder will seek to vote with the other as a single class in connection with any plan of reorganization or similar dispositive plan or arrangement in any Insolvency or Liquidation Proceeding, or vote in a manner that is otherwise in accordance with this Agreement.

(b)To further effectuate the intent of the parties as provided in this Section 6.7, if it is held that the claims of the Senior Priority Claimholders and the Junior Priority Claimholders in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims with respect to such Collateral), then the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, hereby acknowledges and agrees that all distributions from the Collateral shall be made as if there were separate classes of senior and junior allowed secured claims against the Grantors in respect of the Collateral (with the effect being that, to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by the Junior Priority Claimholders and all Excess Senior Priority Obligations), the Senior Priority Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest, including any additional interest payable pursuant to the Senior Priority Documents, arising from or related to a default, regardless of whether any claim therefor is allowed or allowable in any Insolvency or Liquidation Proceeding but excluding any amounts in respect of Excess Senior Priority Obligations, before any distribution is made from the Collateral in respect of the claims held by the Junior Priority Claimholders, with the Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, hereby acknowledging and agreeing to turn over to the Senior Priority Collateral Agent, for itself and on behalf of the Senior Priority Claimholders, amounts otherwise received or receivable by them from the Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Junior Priority Claimholders.

(c)No Junior Priority Collateral Agent or Junior Priority Claimholder (whether in the capacity of a secured creditor or an unsecured creditor) shall propose, vote in favor of, or otherwise directly or indirectly support any plan of reorganization, plan of liquidation, agreement for composition, or other type of plan or arrangement that is inconsistent with the priorities or other provisions of this Agreement.  Without limiting the generality of the foregoing, no Junior Priority Collateral Agent or Junior Priority Claimholder (whether in the capacity of a secured or unsecured creditor) may propose, 

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support, or vote for any plan of reorganization, plan of liquidation, agreement for composition, or other type of plan or arrangement that provides for any distributions of Collateral, cash payments with the proceeds of Collateral, or any other proceeds of Collateral to such Junior Priority Claimholder unless such plan (i) pays the Priming Senior Priority Obligations in full in cash or (ii) is proposed or supported by the number of Senior Priority Claimholders required under Section 1126(c) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law); provided, however, that the Junior Priority Claimholders may retain any reorganization securities that satisfy the provisions of Section 6.10 that are distributed pursuant to any plan of reorganization, plan of liquidation, agreement for composition, or other type of plan or arrangement that has been confirmed and consummated in an Insolvency or Liquidation Proceeding.

6.8.    Enforceability and Continuing Priority.  This Agreement shall be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding and all converted or succeeding cases in respect thereof.  The relative rights of Claimholders in or to any distributions from or in respect of any Collateral or Proceeds of Collateral shall continue after the commencement of any Insolvency or Liquidation Proceeding.  Accordingly, the provisions of this Agreement (including, without limitation, Section 2.1 hereof) are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law).

6.9.    Sales.  The Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, agrees that it will consent, and will not object or oppose, or support any party in opposing, a motion to sell or otherwise dispose of any Collateral free and clear of any Liens or other claims under Section 363 of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law) if the requisite Senior Priority Claimholders under the Senior Priority Documents have consented to such sale or disposition of their Collateral and the terms of any proposed order approving such transaction provide for the parties’ respective Liens to attach to the Proceeds of the Collateral that is the subject of such disposition, subject to the Lien priorities in Section 2.1 and the other terms and conditions of this Agreement.  The Junior Priority Collateral Agent, for itself and on behalf of the Junior Priority Claimholders, further agrees that it will not oppose, or support any party in opposing, the right of any Senior Priority Claimholder to credit bid under Section 363(k) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law).

6.10.    Reorganization Securities.  If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon the assets of the Grantors constituting Collateral are distributed pursuant to a plan of reorganization or similar dispositive plan or arrangement on account of both the Senior Priority Obligations and the Junior Priority Obligations, then, to the extent the debt obligations distributed on account of the Senior Priority Obligations and on account of the Junior Priority Obligations are secured by Liens upon the same assets or property constituting Collateral, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations.

Section 7.     Reliance; Waivers, Etc.
    
7.1.    No Warranties or Liability.  The Junior Priority Collateral Agent, on behalf of itself and each Junior Priority Claimholder, acknowledges and agrees that no Senior Priority Collateral Agent or other Senior Priority Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Senior Priority Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.  Except as otherwise provided in this Agreement, the Senior Priority Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Priority 

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Documents in accordance with law and the Senior Priority Documents, as they may, in their sole discretion, deem appropriate and the Senior Priority Claimholders may manage their loans and extensions of credit without regard to any rights or interests that the Junior Priority Collateral Agents and the Junior Priority Claimholders have in the Collateral or otherwise, except as provided in this Agreement. Neither the Senior Priority Collateral Agent nor any Senior Priority Claimholders shall have any duty to any Junior Priority Collateral Agent or any of the Junior Priority Claimholders to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the Junior Priority Documents), regardless of any knowledge thereof which they may have or be charged with. 

7.2.    No Waiver of Lien Priorities.

(a)No right of the Collateral Agents or the Claimholders to enforce any provision of this Agreement or any Credit Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by such Collateral Agent or Claimholder or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the Credit Documents, regardless of any knowledge thereof which the Collateral Agents or the Claimholders, or any of them, may have or be otherwise charged with.

(b)Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Grantors under the Credit Documents and subject to the provisions of Sections 2.3, 2.4 and 5.3), the Collateral Agents and the Claimholders may, at any time and from time to time in accordance with the Credit Documents to which they are party and/or applicable law, without the consent of, or notice to, any other Collateral Agent or Claimholders, without incurring any liabilities to such Persons and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy is affected, impaired or extinguished thereby) do any one or more of the following:

(1)change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the Collateral Agents or any rights or remedies under any of the Credit Documents;

(2)sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral (except to the extent provided in this Agreement) or any liability of any Grantor or any liability incurred directly or indirectly in respect thereof;

(3)settle or compromise any Obligation or any other liability of any Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability in any manner or order that is not inconsistent with the terms of this Agreement; and

(4)exercise or delay in or refrain from exercising any right or remedy against any security or any Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor.

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(c)Until the Discharge of Priming Senior Priority Obligations, the Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law.

7.3.    Obligations Unconditional.  All rights, interests, agreements and obligations of the Collateral Agents and the other Claimholders hereunder shall remain in full force and effect irrespective of:

(a)any lack of validity or enforceability of any Senior Priority Documents or any Junior Priority Documents;

(b)except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other terms of, all or any of the Junior Priority Obligations or Senior Priority Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Senior Priority Document or any Junior Priority Document;

(c)    except as otherwise expressly set forth in this Agreement, any exchange of any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Priority Obligations or Junior Priority Obligations or any guaranty thereof;

(d)    the commencement of any Insolvency or Liquidation Proceeding in respect of the any Grantor; or

(e)    any other circumstances which otherwise might constitute a defense available to, or a discharge of (i) the Borrower or any other Grantor in respect of the Senior Priority Obligations or (ii) the Junior Priority Collateral Agent or any Junior Priority Claimholder in respect of this Agreement.

Section 8.     Miscellaneous.

8.1.    Conflicts.  In the event of any conflict between the provisions of this Agreement and the provisions of any Senior Priority Document or any Junior Priority Document, the provisions of this Agreement shall govern and control; provided, however, solely as it relates to matters between the Fixed Asset Collateral Agent and the Fixed Asset Secured Parties (as each term is defined in the ABL Intercreditor Agreement) on the one hand and the Collateral Agents and the Claimholders on the other hand, in the event of any conflict between the provisions of this Agreement and the ABL Intercreditor Agreement with respect to such matters, the provisions of the ABL Intercreditor Agreement shall govern and control.

8.2.    Effectiveness; Continuing Nature of this Agreement; Severability.  Subject to Section 6.4, this Agreement shall become effective when executed and delivered by the parties hereto and shall continue to be effective until the earlier to occur of (a) the Discharge of Priming Senior Priority Obligations shall have occurred and no Excess Senior Priority Obligations are then outstanding or (b) the Discharge of Junior Priority Obligations shall have occurred.  This is a continuing agreement of lien subordination and the Senior Priority Claimholders and Junior Priority Claimholders may continue, at any time and without notice to any Collateral Agent, to extend credit and other financial accommodations and

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lend monies to or for the benefit of any Grantor in reliance hereon.  Each of the Collateral Agents, on behalf of itself and the applicable Claimholders, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement.  The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Consistent with, but not in limitation of, the preceding sentence, each Collateral Agent, on behalf of the applicable Claimholders, irrevocably acknowledges that this Agreement constitutes a “subordination agreement” within the meaning of both New York law and Section 510(a) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law).  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for any Grantor (as the case may be) in any Insolvency or Liquidation Proceeding.  

8.3.    Amendments; Waivers.  No amendment, modification or waiver of any of the provisions of this Agreement by the Senior Priority Collateral Agent or the Junior Priority Collateral Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time.  Notwithstanding the foregoing, no Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent that such amendment, modification or waiver (i) adversely affects or impairs its rights hereunder, under the Senior Priority Documents or under the Junior Priority Documents or (ii) imposes any additional obligation or liability upon it.

8.4.    Information Concerning Financial Condition of the Grantors and their Subsidiaries.  The Senior Priority Collateral Agent or Senior Priority Claimholders, on the one hand, and the Junior Priority Collateral Agent or Junior Priority Claimholders, on the other hand, shall not have any duty to advise the other of information known to it or them regarding the financial condition of the Grantors and their subsidiaries and all endorsers and/or guarantors of the Senior Priority Obligations or the Junior Priority Obligations or any other circumstances bearing upon the risk of nonpayment of the Senior Priority Obligations or the Junior Priority Obligations or otherwise.  In the event that any Collateral Agent and or Claimholder undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation:

(a)to make, and shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided;

(b)to provide any additional information or to provide any such information on any subsequent occasion;

(c)    to undertake any investigation; or

(d)    to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential.

 30

8.5.    Subrogation. The Junior Priority Collateral Agent, on behalf of itself and each Junior Priority Claimholder, hereby waives any rights of subrogation it may have acquired as a result of any payment hereunder until the Discharge of Priming Senior Priority Obligations has occurred.

8.6.    SUBMISSION TO JURISDICTION, WAIVERS.

(a)ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK OR ANY COURT OF COMPETENT JURISDICTION PRESIDING OVER AN INSOLVENCY OR LIQUIDATION PROCEEDING.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

(1)ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;

(2)WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

(3)AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.7; AND

(4)AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.

(b)EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.6(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 31

(c)EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER SENIOR PRIORITY DOCUMENT OR JUNIOR PRIORITY DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO.

8.7.    Notices.  All notices to the Junior Priority Claimholders and the Senior Priority Claimholders permitted or required under this Agreement shall also be sent to the Junior Priority Collateral Agent and the Senior Priority Collateral Agent, respectively.  Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by facsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed.  For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on Exhibit A hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.

Each Collateral Agent agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, PDF, facsimile transmission or other similar unsecured electronic methods, provided, however, that each Collateral Agent shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.  If any other party hereto elects to give a Collateral Agent e-mail or facsimile instructions (or instructions by a similar electronic method) and such Collateral Agent in its discretion elects to act upon such instructions, such Collateral Agent’s understanding of such instructions shall be deemed controlling absent manifest error.  Each Collateral Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from such Collateral Agent’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.  The other parties hereto agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions to any Collateral Agent, including without limitation the risk of such Collateral Agent acting on unauthorized instructions, and the risk or interception and misuse by third parties.

The Senior Priority Collateral Agent agrees to provide promptly to the Junior Priority Collateral Agent copies of any written notices (i) received by the Senior Priority Collateral Agent (in its capacity as “ABL Collateral Agent” or “Designated Revolving Credit Collateral Agent”) under the ABL Intercreditor Agreement and (ii) sent by the Senior Priority Collateral Agent (in its capacity as “ABL Collateral Agent” or “Designated Revolving Credit Collateral Agent”) to the Fixed Asset Collateral Agent under the ABL Intercreditor Agreement.  Prior to the Discharge of ABL Obligations (as defined in the ABL Intercreditor Agreement), with respect to any Notice of Occupancy (as defined in the ABL Intercreditor Agreement) received by the Senior Priority Collateral Agent from and after the earlier to occur of (A) the occurrence of the Discharge of Priming Senior Priority Obligations and (B) the Junior Priority Enforcement Date, the Senior Priority Collateral Agent agrees, upon the written direction of the Junior Priority Collateral Agent (acting at the written direction of the Majority Noteholders), to send an Access Acceptance Notice (as defined in the ABL Intercreditor Agreement) to the Fixed Asset Collateral Agent pursuant to the terms of the ABL Intercreditor Agreement.  

8.8.    Further Assurances.  The Senior Priority Collateral Agent, on behalf of itself and the applicable Senior Priority Claimholders under the Senior Priority Documents, and the Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders under the Junior Priority 

 32

Documents, and the Grantors, agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the other parties hereto may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement.

8.9.    APPLICABLE LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

8.10.     Binding on Successors and Assigns.  This Agreement shall be binding upon each Collateral Agent, each Claimholder and their respective successors and assigns.

8.11.     Specific Performance.  Each of the Senior Priority Collateral Agent, any other Senior Priority Claimholder, the Junior Priority Collateral Agent and any other Junior Priority Claimholder may demand specific performance of this Agreement.  Each of the Senior Priority Collateral Agent, on behalf of itself and the Senior Priority Claimholders, and the Junior Priority Collateral Agent, on behalf of itself and the Junior Priority Claimholders, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Senior Priority Collateral Agent, any other Senior Priority Claimholder, the Junior Priority Collateral Agent or any Junior Priority Claimholder, as the case may be.

8.12.     Headings.  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.

8.13.     Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

8.14.     Authorization.  By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement.

8.15.     No Third Party Beneficiaries.  This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Collateral Agents and other Claimholders.  Nothing in this Agreement shall impair, as between the Grantors and the Senior Priority Collateral Agent and the Senior Priority Claimholders, or as between the Grantors and the Junior Priority Collateral Agent and the Junior Priority Claimholders, the obligations of the Grantors to pay principal, interest, fees and other amounts as provided in the Senior Priority Documents and the Junior Priority Documents, respectively.

8.16.     Provisions to Define Relative Rights.  The provisions of this Agreement are and are intended for the purpose of defining the relative rights of the Senior Priority Collateral Agent and the Senior Priority Claimholders on the one hand and the Junior Priority Collateral Agent and the Junior Priority Claimholders on the other hand.  Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Senior Priority Obligations 

 33

and the Junior Priority Obligations as and when the same shall become due and payable in accordance with their terms.

8.17.    Regarding the Collateral Agents. In no event shall any Collateral Agent be responsible or liable for (i) special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether any such party has been advised of the likelihood of such loss or damage and regardless of the form of action or (ii) any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that such Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

8.18.     Reciprocal Rights.  The parties agree that the provisions of Sections 3.1, 5.1, 5.2, 5.4, 6.2, 6.3, 6.4, 6.6, 6.7, 6.9 and 8.5, including, as applicable, the defined terms referenced therein (but only to the extent used therein), which govern the relationship, and certain rights, restrictions, and agreements, between the Senior Priority Claimholders as priority Claimholders with respect to the Priming Senior Priority Obligations, on the one hand, and the Junior Priority Claimholders as junior Claimholders with respect to the Junior Priority Obligations, on the other hand, shall, from and after the Discharge of Priming Senior Priority Obligations, apply to and govern, mutatis mutandis, the relationship between the Junior Priority Claimholders as priority Claimholders with respect to the Junior Priority Obligations, on the one hand, and the Senior Priority Claimholders as junior Claimholders with respect to the Excess Senior Priority Obligations, on the other hand.

8.19.     Regarding the Junior Priority Collateral Agent.  BNY Mellon has entered into this Agreement in its capacity as Junior Priority Collateral Agent under the Junior Priority Documents to which it is party and shall be entitled, in connection with the exercise of its rights and performance of its duties thereunder and as Junior Priority Collateral Agent hereunder, to all protections, immunities and exculpations available to it under the Junior Priority Note Purchase Agreement and the Junior Priority Security Agreement, all of which are incorporated by reference herein, mutatis mutandis.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 34

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

Junior Priority Collateral Agent

THE BANK OF NEW YORK MELLON,
       as Junior Priority Collateral Agent
                            
By:      /s/  Laurence J. O' Brien
Name:  Laurence J. O' Brien
Title:    Vice President

S-1
Signature Page to Intercreditor Agreement

Senior Priority Collateral Agent

BANK OF AMERICA, N.A.,
      as Senior Priority Collateral Agent

By:      /s/  Robert Q. Mahoney
Name:  Robert Q. Mahoney
Title:    Sr. Vice President

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Signature Page to Intercreditor Agreement

Acknowledged and Agreed to by:

The Borrower

CENVEO CORPORATION

By:    /s/ Scott J. Goodwin                     
Name:  Scott J. Goodwin    
Title:    Chief Financial Officer    

The Guarantors
CENVEO, INC.
CNMW INVESTMENTS, INC. 
CENVEO SERVICES, LLC 
DISCOUNT LABELS, LLC 
CENVEO OMEMEE LLC 
COLORHOUSE CHINA, INC. 
RX JV HOLDING, INC. 
CRX JV, LLC 
CRX HOLDING, INC. 
RX TECHNOLOGY CORP. 
CADMUS PRINTING GROUP, INC. 
CADMUS FINANCIAL DISTRIBUTION, INC. 
GARAMOND/PRIDEMARK PRESS, INC. 
CADMUS JOURNAL SERVICES, INC. 
CADMUS DELAWARE, INC. 
CADMUS UK, INC. 
EXPERT GRAPHICS, INC. 
CADMUS MARKETING GROUP, INC. 
CADMUS MARKETING, INC. 
CADMUS/O’KEEFE MARKETING, INC. 
OLD TSI, INC.  
PORT CITY PRESS, INC. 
CADMUS INTERNATIONAL HOLDINGS, INC. 
CDMS MANAGEMENT, LLC 
MADISON/GRAHAM COLORGRAPHICS, INC. 
VSUB HOLDING COMPANY 

By:    /s/ Scott J. Goodwin                     
Name:  Scott J. Goodwin    
Title:    Chief Financial Officer

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Signature Page to Intercreditor Agreement

VAUGHAN PRINTERS INCORPORATED
MADISON/GRAHAM COLORGRAPHICS INTERSTATE SERVICES, INC. 
COMMERCIAL ENVELOPE MANUFACTURING CO. INC.
CENVEO CEM, INC. 
CENVEO CEM, LLC 
LIGHTNING LABELS, LLC 
NASHUA CORPORATION 
NASHUA INTERNATIONAL, INC. 
ENVELOPE PRODUCT GROUP, LLC

By:    /s/ Scott J. Goodwin                     
Name:  Scott J. Goodwin    
Title:    Chief Financial Officer

S-4
Signature Page to Intercreditor Agreement

Exhibit A
Notice Addresses

Junior Priority Collateral Agent:

The Bank of New York Mellon
Corporate Trust
101 Barclay Street, 7 East
New York, New York 10286
Facsimile:  (212) 815-5704

Senior Priority Collateral Agent:

Mr. Robert Mahoney
Bank of America, N.A.
BABC Loans - 140/EAST DIVISION
185 Asylum St.
Hartford, Connecticut  06103
Email:  robert.mahoney@baml.com

Grantors:

Chief Financial Officer
Cenveo Corporation
200 First Stamford Place
Stamford, Connecticut  06902
Email:  Scott.Goodwin@cenveo.com 

A-1Exhibit

Exhibit 4.7
EXECUTION VERSION

AMENDMENT NO. 1 TO THE INTERCREDITOR AGREEMENT

Amendment No. 1 (this “Amendment”) to the Intercreditor Agreement, dated as of June 10, 2016, by and among Cenveo, Inc., a Colorado corporation (“Holdings”), Cenveo Corporation, a Delaware corporation (the “Borrower”), certain other Subsidiaries of Holdings as Guarantors, Bank of America, N.A. (“Bank of America”), as administrative agent for the holders of the Revolving Credit Obligations (together with its permitted successors and assigns, the “ABL Collateral Agent”), The Bank of New York Mellon (“BNY Mellon”), as collateral agent for the holders of the 2016 Secured Notes Obligations (together with its permitted successors and assigns, the “2016 Secured Notes Collateral Agent”, and together with the ABL Collateral Agent being referred to herein, collectively, as the “Revolving Credit Collateral Agents”), and BNY Mellon, as collateral agent for the holders of the Fixed Asset Obligations (together with its permitted successors and assigns, the “Fixed Asset Collateral Agent”).

WHEREAS, the Borrower, Holdings, the ABL Collateral Agent and the Fixed Asset Collateral Agent are parties to that certain intercreditor agreement, dated as of June 26, 2014 (the “Agreement”);

WHEREAS, the Borrower, Holdings, the lenders and agents party thereto and the ABL Collateral Agent have entered into that certain asset-based revolving credit agreement, dated as of April 16, 2013, providing a revolving credit and letter of credit facility to the Borrower (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “Revolving Credit Agreement”);

WHEREAS, the Borrower, the Guarantors, the 2016 Secured Notes Collateral Agent, BNY Mellon, as trustee, and the 2016 Secured Notes Holders are party to an indenture and note purchase agreement governing the 2016 Secured Notes, dated as of June 10, 2016 (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “2016 Secured Notes Purchase Agreement”).  The 2016 Secured Notes Purchase Agreement has refinanced and replaced a portion of the Revolving Credit Agreement and, accordingly, constitutes an ABL Facility (as defined in the Indenture);

WHEREAS, the Borrower, the Guarantors, the Fixed Asset Collateral Agent and BNY Mellon, as trustee (in such capacity and together with its successors and assigns, the “Trustee”), are party to an indenture governing the Notes, dated as of June 26, 2014 (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “Indenture”);

WHEREAS, pursuant to Section 9.01(k) of the Indenture and Section 8.3 of the Agreement, the Borrower, the Fixed Asset Collateral Agent and the ABL Collateral Agent are authorized to amend the Agreement to appropriately include the 2016 Secured Notes Purchase Agreement as a Revolving Credit Document thereunder (including related conforming modifications) as set forth herein; 

WHEREAS, the Borrower, the Fixed Asset Collateral Agent (acting at the direction of the Borrower and in reliance on an Officers’ Certificate and Opinion of Counsel delivered 

pursuant to provisions of the Indenture) and the ABL Collateral Agent have agreed to such amendments and the 2016 Secured Notes Collateral Agent (acting pursuant to the provisions of the 2016 Secured Notes Purchase Agreement) has agreed to become a party to the Agreement on the terms and conditions set forth herein.  

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

Section 1.Defined Terms; References.  Unless otherwise specifically defined herein, each term used herein (including, without limitation, in the preamble and recitals hereto) which is defined in the Agreement has the meaning assigned to such term in Exhibit A hereto.

Section 2.Amendments to Agreement.  The Agreement is, effective as of the Amendment No. 1 Effective Date (as defined below), hereby amended pursuant to Section 9.01(k) of the Indenture and Section 8.3 of the Agreement, to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the form of the Agreement attached as Exhibit A hereto.

Section 3.Representations Correct. By its execution of this Amendment, each Grantor hereby certifies that:  

(a)This Amendment has been duly authorized by all necessary corporate or other organizational action and has been duly executed and delivered by each Grantor and constitutes a legal, valid and binding obligation of each Grantor, enforceable against such Grantor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law); 

(b)Neither the execution, delivery or performance by any Grantor of this Amendment (i) will contravene any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Revolving Credit Collateral Documents and the Fixed Asset Collateral Documents, as applicable) upon any of the property or assets of any Grantor or any of its respective Subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which any Grantor or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject (except, in the case of preceding clauses (i) and (ii), any contravention, breach, default and/or conflict, that would not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect (as defined in the Revolving Credit Agreement)) or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, of any Grantor or any of its respective Subsidiaries; and

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(c)Except to the extent the failure to obtain or make the same would not reasonably be expected to have a Material Adverse Effect, no order, consent, approval, license, authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or prior to the Amendment No. 1 Effective Date and which remain in full force and effect on the Amendment No. 1 Effective Date and (y) filings which are necessary to perfect the security interests created under the Revolving Credit Collateral Documents and the Fixed Asset Collateral Documents, as applicable), or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or made by, or on behalf of, any Grantor to authorize, or is required to be obtained or made by, or on behalf of, any Grantor in connection with, the execution, delivery and performance of this Amendment.

Section 4.Effectiveness.  This Amendment shall become effective as of the date hereof (the “Amendment No. 1 Effective Date”), subject to the satisfaction or waiver of the following condition:

(a)    Counterparts of this Amendment shall have been executed and delivered by the Revolving Credit Collateral Agents and the Fixed Asset Collateral Agent, and the Borrower and the other Grantors party to the Agreement shall have executed and delivered an acknowledgment counterpart of this Amendment.  

Section 5.Effect of the Amendment.  Upon the effectiveness of this Amendment, each reference in the Agreement to “this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Agreement, as amended by this Amendment.

Section 6.Entire Agreement.  This Amendment and the Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  

Section 7.GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  SECTION 8.6 OF THE AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO.

Section 8.Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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Section 9.Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery by facsimile or other electronic means of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.

Section 10.Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

Section 11.Concerning the Fixed Asset Collateral Agent and the Revolving Credit Collateral Agents.   The recitals contained herein shall be taken as the statements of the Grantors and none of the Fixed Asset Collateral Agent or the Revolving Credit Collateral Agents assumes any responsibility for their correctness.  None of the Fixed Asset Collateral Agent or the Revolving Credit Collateral Agents makes any representations as to the validity or sufficiency of this Amendment. 

Section 12.Incorporation.  Sections 8.17 and 8.18 of the Agreement are hereby incorporated by reference into this Amendment and shall apply hereto.

[Remainder of Page Intentionally Left Blank]

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

Fixed Asset Collateral Agent
THE BANK OF NEW YORK MELLON, 
as Fixed Asset Collateral Agent
By:    /s/ Laurence J. O'Brien 
Name: Laurence J. O'Brien
Title:   Vice President

S-1
Signature Page to Amendment No. 1 to the Intercreditor Agreement
        

2016 Secured Notes Collateral Agent
THE BANK OF NEW YORK MELLON, 
as 2016 Secured Notes Collateral Agent
By:    /s/ Laurence J. O'Brien 
Name: Laurence J. O'Brien
Title:   Vice President

S-2
Signature Page to Amendment No. 1 to the Intercreditor Agreement
        

ABL Collateral Agent
BANK OF AMERICA, N.A., 
as ABL Collateral Agent
By:    /s/ Robert Q. Mahoney         
Name: Robert Q. Mahoney
Title: Sr. Vice President

S-3
Signature Page to Amendment No. 1 to the Intercreditor Agreement
        

GRANTORS’ ACKNOWLEDGMENT AND AGREEMENT
The undersigned, being the Grantors referred to in the foregoing Amendment (and the Agreement amended thereby), hereby acknowledge receipt of a copy thereof, and agree to be bound by all of the terms and provisions thereof.  

Dated the date of the foregoing Amendment:
CENVEO CORPORATION
CENVEO, INC.

By:     /s/ Scott J. Goodwin
Name: Scott J. Goodwin     
Title:      Chief Financial Officer

S-4
Signature Page to Amendment No. 1 to the Intercreditor Agreement
        

CNMW INVESTMENTS, INC. 
CENVEO SERVICES, LLC 
DISCOUNT LABELS, LLC 
CENVEO OMEMEE LLC 
COLORHOUSE CHINA, INC. 
RX JV HOLDING, INC. 
CRX JV, LLC 
CRX HOLDING, INC. 
RX TECHNOLOGY CORP. 
CADMUS PRINTING GROUP, INC. 
CADMUS FINANCIAL DISTRIBUTION, INC. 
GARAMOND/PRIDEMARK PRESS, INC. 
CADMUS JOURNAL SERVICES, INC. 
CADMUS DELAWARE, INC. 
CADMUS UK, INC. 
EXPERT GRAPHICS, INC. 
CADMUS MARKETING GROUP, INC. 
CADMUS MARKETING, INC. 
CADMUS/O’KEEFE MARKETING, INC. 
OLD TSI, INC.  
PORT CITY PRESS, INC. 
CADMUS INTERNATIONAL HOLDINGS, INC. 
CDMS MANAGEMENT, LLC  
MADISON/GRAHAM COLORGRAPHICS, INC. 
VSUB HOLDING COMPANY 
 
 
By:       /s/ Scott J. Goodwin      
Name:    Scott J. Goodwin     
Title:    Chief Financial Officer

S-5
Signature Page to Amendment No. 1 to the Intercreditor Agreement
        

VAUGHAN PRINTERS INCORPORATED
MADISON/GRAHAM COLORGRAPHICS 
     INTERSTATE SERVICES, INC. 
COMMERCIAL ENVELOPE 
     MANUFACTURING CO. INC.
CENVEO CEM, INC. 
CENVEO CEM, LLC 
LIGHTNING LABELS, LLC 
NASHUA CORPORATION 
NASHUA INTERNATIONAL, INC. 
ENVELOPE PRODUCT GROUP, LLC
 
 
By:       /s/ Scott J. Goodwin      
Name:    Scott J. Goodwin     
Title:    Chief Financial Officer

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Signature Page to Amendment No. 1 to the Intercreditor Agreement
        

EXHIBIT A TO AMENDMENT NO. 1

MARKED VERSION REFLECTING CHANGES PURSUANT TO AMENDMENT NO. 1
ADDED TEXT SHOWN UNDERSCORED
DELETED TEXT SHOWN STRIKETHROUGH

INTERCREDITOR AGREEMENT

This INTERCREDITOR AGREEMENT (this “Agreement”), is dated as of June 26, 2014 and entered into by and among Cenveo, Inc., a Colorado corporation (“Holdings”), Cenveo Corporation, a Delaware corporation (the “Borrower”), certain other Subsidiaries of Holdings that become party hereto from time to time as Guarantors, Bank of America, N.A. (“Bank of America”), as administrative agent for the holders of the Revolving Credit Obligations (as defined below) (together with its permitted successors and assigns, the “Revolving CreditABL Collateral Agent”), and The Bank of New York Mellon (“BNY Mellon”), as collateral agent for the holders of the 2016 Secured Notes Obligations (as defined below) (together with its permitted successors and assigns, the “2016 Secured Notes Collateral Agent”, and together with the ABL Collateral Agent being referred to herein, collectively, as the “Revolving Credit Collateral Agents”), and BNY Mellon, as collateral agent for the holders of the Fixed Asset Obligations (as defined below) (together with its permitted successors and assigns, the “Fixed Asset Collateral Agent”).  Capitalized terms used in this Agreement have the meanings assigned to them in Section 1 below or, if not otherwise defined, the Revolving Credit Agreement (as such term is defined below) or, if not otherwise defined in Section 1 below or in the Revolving Credit Agreement, the 2016 Secured Notes Purchase Agreement (as such term is defined below) or the Indenture (as such term is defined below), as the case may be.

RECITALS

The Borrower, Holdings, the lenders and agents party thereto and the Revolving CreditABL Collateral Agent have entered into that certain asset-based revolving credit agreement, dated as of April 16, 2013, providing a revolving credit and letter of credit facility to the Borrower (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “Revolving Credit Agreement”);

The Borrower, the Guarantors, the 2016 Secured Notes Collateral Agent, BNY Mellon, as trustee, and the Noteholders (as defined therein) are party to an indenture and note purchase agreement governing the 2016 Secured Notes (as defined below), dated as of June 10, 2016 (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “2016 Secured Notes Purchase Agreement”).  The 2016 Secured Notes Purchase Agreement has refinanced and replaced a portion of the Revolving Credit Agreement and, accordingly, constitutes an ABL Facility (as defined in the Indenture (as defined below));

The Borrower, the Guarantors, the Fixed Asset Collateral Agent and BNY Mellon, as trustee (in such capacity and together with its successors and assigns, the “Trustee”), are party to an indenture in connection with the Notes (as defined below), dated as of the date hereofJune 26, 2014 (as amended, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time, the “Indenture”);

Each of the Revolving Credit Collateral AgentAgents and the Fixed Asset Collateral Agent desires to agree to the relative priority of their respective Liens on the Collateral and certain other rights, priorities and interests as set forth in this Agreement.

AGREEMENT

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

SECTION 1.Definitions.

1.1.    Defined Terms.  As used in the Agreement, the following terms shall have the following meanings:

“2016 Intercreditor Agreement” means the Intercreditor Agreement, dated as of June 10, 2016, by and among the ABL Collateral Agent, 2016 Secured Notes Collateral Agent and the Grantors, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

“2016 Secured Notes” means the 4% Senior Secured Notes due 2021 issued by the Borrower pursuant to the 2016 Secured Notes Purchase Agreement in an initial aggregate principal amount of $50,000,000, including, for the avoidance of doubt, any Indebtedness incurred or issued by the Borrower that Refinances any of the foregoing.

“2016 Secured Notes Claimholders” means, at any relevant time, the holders of the 2016 Secured Notes Obligations at that time, including the “Secured Parties” as defined in the 2016 Secured Notes Security Agreement.

“2016 Secured Notes Collateral Agent” has the meaning assigned to that term in the Preamble of this Agreement. 

“2016 Secured Notes Collateral Documents” means the 2016 Secured Notes Security Agreement, all other “Security Documents” as defined in the 2016 Secured Notes Purchase Agreement and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with the 2016 Secured Notes Purchase Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

“2016 Secured Notes Credit Parties” means the Borrower, Holdings, the other Guarantors and each other direct or indirect subsidiary or parent of Holdings or any of its Affiliates that is now or hereafter becomes a party to any 2016 Secured Notes Document.

“2016 Secured Notes Default” means an “Event of Default” or equivalent term (as defined in any of the 2016 Secured Notes Documents).

“2016 Secured Notes Documents” the 2016 Secured Notes Purchase Agreement, the 2016 Secured Notes, the 2016 Secured Notes Collateral Documents and those other ancillary agreements as to which the 2016 Secured Notes Collateral Agent or any other 2016 Secured Notes Claimholder is a party or a beneficiary (including any intercreditor or joinder agreements) and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any 2016 Secured

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Notes Credit Party or any of its respective subsidiaries or Affiliates, and delivered to the 2016 Secured Notes Collateral Agent or any 2016 Secured Notes Claimholder, in connection with any of the foregoing or any 2016 Secured Notes Document, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

“2016 Secured Notes Obligations” means all “Note Obligations” (as such term is defined in the 2016 Secured Notes Purchase Agreement) and other obligations of every nature of each Grantor from time to time owed to any 2016 Secured Notes Claimholder under the 2016 Secured Notes Documents, whether for principal, interest, fees, expenses, indemnification or otherwise. “2016 Secured Notes Obligations” shall include all Post-Petition Interest with respect to the 2016 Secured Notes Documents.

“2016 Secured Notes Purchase Agreement” has the meaning given to such term in the recitals of this Agreement, including, for the avoidance of doubt, any Refinancing of the 2016 Secured Notes Purchase Agreement in effect on the Issue Date.

“2016 Secured Notes Security Agreement” means the Senior 4% Secured Notes Pledge and Security Agreement, dated as of June 10, 2016, among the Borrower, each of the other grantors from time to time party thereto and the 2016 Secured Notes Collateral Agent, as it may be amended, amended and restated, supplemented or otherwise modified from time to time.

“ABL Claimholder” means, at any relevant time, the holders of ABL Obligations at that time, including the “Secured Parties” as defined in the Revolving Security Agreement. 

“ABL Collateral” means the following assets of the Borrower and the Guarantors:  (a) all Accounts Receivable (except to the extent constituting proceeds of Equipment, real property or Intellectual Property or evidencing any intercompany loans); (b) all Inventory; (c) all Instruments, Payment Intangibles, Chattel Paper and other contracts, in each case, evidencing, or substituted for, any Accounts Receivable referred to in clause (a) above; (d) all guarantees, letters of credit, security and other credit enhancements in each case for the Accounts Receivable referred to in clause (a) above; (e) all Documents for any Inventory referred to in clause (b) above; (f) all Commercial Tort Claims and General Intangibles (other than Intellectual Property and Capital Stock) to the extent relating to any of the Accounts Receivable referred to in clause (a) above or Inventory; (g) all Deposit Accounts, Securities Accounts (including all cash and other funds on deposit therein, except any such account which holds solely identifiable proceeds of the Fixed Asset Priority Collateral, including the Fixed Asset Priority Collateral Proceeds Account) and Investment Property (excluding any Capital Stock); (h) all tax refunds; (i) all Supporting Obligations, Documents and books and records relating to any of the foregoing; and (j) all substitutions, replacements, accessions, products or Proceeds (including, without limitation, insurance proceeds) of any of the foregoing; provided, however, that to the extent that identifiable Proceeds of Fixed Asset Priority Collateral are deposited or held in any Deposit Accounts or Securities Accounts that constitute ABL Collateral after an Enforcement Notice, then (as provided in Section 3.5 below) such Collateral or other identifiable Proceeds shall be treated as Fixed Asset Priority Collateral for purposes of this Agreement.  Terms used in this definition and not otherwise defined herein shall have the meanings given to such terms in the UCC or the PPSA, as applicable.

“ABL Collateral Agent” has the meaning assigned to that term in the Preamble of this Agreement.

“ABL Collateral Documents” means the Collateral Documents (as such term is defined in the Revolving Credit Agreement) and any other agreement, document or instrument pursuant to which

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a Lien is granted by any Grantor securing any ABL Obligations or under which rights or remedies with respect to such Liens are governed.

“ABL Credit Documents” means the Revolving Credit Agreement and the other Loan Documents (as defined in the Revolving Credit Agreement), any Secured Bank Product Obligation (as defined in the Revolving Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other ABL Obligation, and any other document or instrument executed or delivered at any time in connection with any ABL Obligations, including any intercreditor or joinder agreement among holders of Revolving Credit Obligations to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.

“ABL Default” means an “Event of Default” (as defined in the Revolving Credit Agreement).

“ABL Obligations” means all “Obligations” (as defined in the Revolving Credit Agreement) and other obligations of every nature of each Grantor from time to time owed to any ABL Claimholder or any of their respective Affiliates under the ABL Credit Documents, whether for principal, interest, reimbursement of amounts drawn under letters of credit, fees, expenses, indemnification or otherwise.  “ABL Obligations” shall include all Post-Petition Interest with respect to ABL Credit Documents.

“Access Acceptance Notice” has the meaning assigned to that term in Section 3.3(b).

“Access Period” means for each parcel of Mortgaged Premises the period, after the commencement of an Enforcement Period, which begins on the day that the Designated Revolving Credit Collateral Agent provides the Fixed Asset Collateral Agent with the notice of its election to request access to any Mortgaged Premises pursuant to Section 3.3(b) below and ends on the earliest of (i) the 180th day after the Designated Revolving Credit Collateral Agent obtains the ability to use, take physical possession of, remove or otherwise control the use or access to the Collateral located on such Mortgaged Premises following a Collateral Enforcement Action plus such number of days, if any, after the Designated Revolving Credit Collateral Agent obtains access to such Collateral that it is stayed or otherwise prohibited by law or court order from exercising remedies with respect to Collateral located on such Mortgaged Premises, (ii) the date on which all or substantially all of the ABL Collateral located on such Mortgaged Premises is sold, collected or liquidated, (iii) the date on which the Discharge of Revolving Credit Obligations occurs and (iv) the date on which the Revolving Credit Default or the Fixed Asset Default that was the subject of the applicable Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the Revolving CreditABL Collateral Agent, the 2016 Secured Notes Collateral Agent or the Fixed Asset Collateral Agent, as applicable, or waived in writing in accordance with the requirements of the applicable Credit Document.

“Accounts Receivable” means (i) all “Accounts,” as such term is defined in the UCC or PPSA and (ii) all other rights to payment of money or funds, whether or not earned by performance, (a) for Inventory that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, or (c) owed by a credit card issuer or by a credit card processor resulting from purchases by customers using credit or debit cards issued by such issuer in connection with the transactions described in clauses (a) and (b) above, whether such rights to payment constitute Payment Intangibles, Letter-of-Credit Rights or any other classification of property, or are evidenced in whole or in part by Instruments, Chattel Paper, General Intangibles or Documents.  Terms used in this definition and not otherwise defined herein shall have the meanings given to such terms in the UCC or the PPSA, as applicable.

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“Additional Pari Passu Fixed Asset Agent” means the Person appointed to act as trustee, agent or representative for the holders of Additional Pari Passu Fixed Asset Obligations pursuant to any Additional Pari Passu Fixed Asset Agreement, it being understood and agreed that no Additional Pari Passu Fixed Asset Agent (if other than the Fixed Asset Collateral Agent) shall hold directly any Lien on Collateral.

“Additional Pari Passu Fixed Asset Agreement” means the indenture, credit agreement, note purchase agreement or other agreement under which any Additional Pari Passu Fixed Asset Obligations are incurred.

“Additional Pari Passu Fixed Asset Obligations” means Indebtedness of the Grantors issued following the date of this Agreement to the extent (a) such Indebtedness is permitted by the terms of the Revolving Credit Agreement, the 2016 Secured Notes Purchase Agreement and the Indenture to be secured by Liens on the Collateral ranking pari passu with the Liens securing the Notes Obligations, (b) the Grantors have granted Liens on the Collateral to secure the obligations in respect of such Indebtedness, and (c) the Additional Pari Passu Fixed Asset Agent, for and on behalf of the holders of such Indebtedness, has executed a joinder agreement to the Fixed Asset Security Agreement in the form attached thereto agreeing on behalf of itself and such holders to (i) be bound by the terms of this Agreement applicable to them, (ii) appoint the Fixed Asset Collateral Agent to act as their collateral agent and representative hereunder and thereunder and (iii) be bound by the pari passu intercreditor provisions contained in the Fixed Asset Collateral Documents entered into in connection with the Indenture (which provisions are binding on the Fixed Asset Secured Parties only).  “Additional Pari Passu Fixed Asset Obligations” shall include all Post-Petition Interest with respect to any Additional Pari Passu Fixed Asset Agreement.

“Affiliate” means, as applied to any Person, another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with, the Person specified.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ability to exercise voting power, by contract or otherwise.

“Agreement” means this Intercreditor Agreement, as amended by Amendment No. 1 to the Intercreditor Agreement, dated as of June 10, 2016, and as may be further amended, restated, renewed, extended, supplemented or otherwise modified from time to time.

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.

“Bankruptcy Law” means each of the Bankruptcy Code, any similar federal, state, provincial, territorial or foreign laws, rules or regulations for the relief of debtors or any reorganization, insolvency, moratorium or assignment for the benefit of creditors or any other marshalling of the assets and liabilities of any Person and any similar laws, rules or regulations relating to or affecting the enforcement of creditors’ rights generally.

“Borrower” has the meaning given to such term in the Preamble of this Agreement.

“BNY Mellon” has the meaning assigned to that term in the Preamble of this Agreement.

“Borrower” has the meaning given to such term in the Preamble of this Agreement.

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“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Revolving CreditABL Collateral Agent’s office is located, the state where the 2016 Secured Notes Collateral Agent’s principal corporate trust office is located, the state where the Fixed Asset Collateral Agent’s principal corporate trust office is located, Stamford, Connecticut or New York, New York.

“Canadian Grantor” means the Grantors that are organized under the laws of Canada or any province or territory thereof.

“Capital Stock” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

“Claimholders” means, collectively, the Revolving Credit Claimholders and the Fixed Asset Claimholders.

“Collateral” means all of the assets and property now owned or at any time hereafter acquired by any Grantor, whether real, personal or mixed, constituting either Revolving Credit Collateral or Fixed Asset Collateral.

“Collateral Agents” means, collectively, (i) the Revolving CreditABL Collateral Agent, (ii) the 2016 Secured Notes Collateral Agent and (iiiii) the Fixed Asset Collateral Agent.

“Collateral Enforcement Action” means, collectively or individually for one or more of the Collateral Agents, when a Revolving Credit Default or Fixed Asset Default, as the case may be, has occurred and is continuing, whether or not in consultation with any other Collateral Agent, any action by any Collateral Agent to repossess or join any Person in repossessing, or exercise or join any Person in exercising, or institute or maintain or participate in any action or proceeding with respect to, any remedies with respect to any Collateral or commence the judicial enforcement of any of the rights and remedies under the Credit Documents or under any applicable law, but in all cases (i) including, without limitation, (a) instituting or maintaining, or joining any Person in instituting or maintaining, any enforcement, contest, protest, attachment, collection, execution, levy or foreclosure action or proceeding with respect to any Collateral, whether under any Credit Document or otherwise, (b) exercising any right of set-off with respect to any Credit Party or (c) exercising any remedy under any Deposit Account Control Agreement (as defined in the Revolving Credit Agreement), Dominion Account (as defined in the Revolving Credit Agreement), Landlord Lien Waiver and Access Agreement (as defined in the Revolving Credit Agreement) or similar agreement or arrangement and (ii) excluding the imposition of a default rate or late fee; provided, that notwithstanding anything to the contrary in the foregoing, (y) the exercise of rights or remedies by the Revolving CreditABL Collateral Agent under any Deposit Account Control Agreement or Dominion Account during a Liquidity Period (as defined in the Revolving Credit Agreement) shall not constitute a Collateral Enforcement Action under this Agreement and (z) the collection and application of monies deposited from time to time in any Fixed Asset Priority Collateral Proceeds Account against the Fixed Asset Obligations pursuant to the provisions of the Fixed Asset Documents shall not constitute a Collateral Enforcement Action under this Agreement.

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“Contingent Obligations” means at any time, any indemnification or other similar contingent obligations which are not then due and owing at the time of determination.

“Copyright License” means any written agreement, now or hereinafter in effect, granting any right to any third party under any Copyright now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all rights of any Grantor under any such agreement.

“Copyrights” means all of the following now owned or hereafter acquired by any Grantor, (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the United States Copyright Office, including those listed on Schedule 10 to the Fixed Asset Security Agreement for such Grantor, as such schedule may be supplemented from time to time.

“Credit Documents” means, collectively, the Revolving Credit Documents and the Fixed Asset Documents.

“Credit Party” means each Revolving Credit Party, each 2016 Secured Notes Credit Party and each Fixed Asset Credit Party.

“Deposit Account” as defined in the UCC (or, with respect to any Canadian Grantor, the meaning given to the term “account” in the PPSA).

“Designated Revolving Credit Collateral Agent” means (i) until the Discharge of ABL Obligations, the ABL Collateral Agent and (ii) from and after the Discharge of ABL Obligations, the 2016 Secured Notes Collateral Agent.

“Discharge of ABL Obligations” means, except to the extent otherwise expressly provided in Section 5.5:

(a)    payment in full in cash of the principal of and interest (including Post-Petition Interest), on all Indebtedness outstanding under the ABL Credit Documents and constituting ABL Obligations;
(b)    payment in full in cash of all other ABL Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time);

(c)    termination or expiration of all commitments, if any, to extend credit that would constitute ABL Obligations; and

(d)    termination of all letters of credit issued under the ABL Credit Documents and constituting ABL Obligations or providing cash collateral or backstop letters of credit reasonably acceptable to the ABL Collateral Agent in an amount equal to 103% of the applicable outstanding reimbursement obligation (in a manner reasonably satisfactory to the ABL Collateral Agent). 

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 “Discharge of Fixed Asset Obligations” means, except to the extent otherwise expressly provided in Section 5.5:

(a)     (i) payment in full in cash of the principal of and interest (including Post-Petition Interest), on all Indebtedness outstanding under the Fixed Asset Documents and constituting Fixed Asset Obligations; 

(ii) payment in full in cash of all other Fixed Asset Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); and

(iii) termination or expiration of all commitments, if any, to extend credit that would constitute Fixed Asset Obligations; or

(b)    solely in the case of Notes Obligations or, to the extent applicable, any series of Additional Pari Passu Fixed Asset Obligations, satisfaction and discharge of the Indenture or the Additional Pari Passu Fixed Asset Agreement with respect to such series of Additional Pari Passu Fixed Asset Obligations, respectively, in accordance with terms of the Indenture or such Additional Pari Passu Fixed Asset Obligations Agreement, respectively. 

 “Discharge of Revolving Credit Obligations” means, except to the extent otherwise expressly provided in Section 5.5:

(a)    payment in full in cash of the principal of and interest (including Post-Petition Interest), on all Indebtedness outstanding under the Revolving Credit Documents and constituting Revolving Credit Obligations;

(b)    payment in full in cash of all other Revolving Credit Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time);

(c)    termination or expiration of all commitments, if any, to extend credit that would constitute Revolving Credit Obligations; and

(d)    termination of all letters of credit issued under the Revolving Credit Documents and constituting Revolving Credit Obligations or providing cash collateral or backstop letters of credit reasonably acceptable to the applicable Revolving Credit Collateral Agent(s) in an amount equal to 103% of the applicable outstanding reimbursement obligation (in a manner reasonably satisfactory to the applicable Revolving Credit Collateral Agent(s)).

“Disposition” has the meaning assigned to that term in Section 5.1(b).

“Documents” as defined in the UCC (or, with respect to any Canadian Grantor, the meaning given to the term “document of title” in the PPSA).

“Enforcement Notice” means a written notice delivered, at a time when a Revolving Credit Default or Fixed Asset Default has occurred and is continuing, by either (a) in the case of a Revolving Credit Default, the Designated Revolving Credit Collateral Agent to the Fixed Asset Collateral Agent  or (b) in the case of a Fixed Asset Default, the Fixed Asset Collateral Agent to the 

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Designated Revolving Credit Collateral Agent, in each case, announcing that an Enforcement Period has commenced, specifying the relevant event of default, stating the current balance of the Revolving Credit Obligations or the Fixed Asset Obligations, as applicable.

“Enforcement Period” means the period of time following the receipt by the Designated Revolving Credit Collateral Agent or the Fixed Asset Collateral Agent, as the case may be, of an Enforcement Notice until the earliest of (i) in the case of an Enforcement Period commenced by the Fixed Asset Collateral Agent, the Discharge of Fixed Asset Obligations, (ii) in the case of an Enforcement Period commenced by the Designated Revolving Credit Collateral Agent, the Discharge of Revolving Credit Obligations, (iii) the Designated Revolving Credit Collateral Agent or the Fixed Asset Collateral Agent (as applicable) agrees in writing to terminate its Enforcement Period, or (iv) the date on which the Revolving Credit Default or the Fixed Asset Default that was the subject of the Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the Revolving CreditABL Collateral Agent, the 2016 Secured Notes Collateral Agent or the Fixed Asset Collateral Agent, as applicable, or waived in writing in accordance with the requirements of the applicable Credit Documents.

 “Fixed Asset Claimholders” means, at any relevant time, the holders of Fixed Asset Obligations at that time, including the Fixed Asset Collateral Agent.

“Fixed Asset Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, that is or is intended under the terms of the Fixed Asset Collateral Documents to be subject to Liens in favor of the Fixed Asset Collateral Agent for the benefit of the Fixed Asset Secured Parties. 

“Fixed Asset Collateral Agent” has the meaning set forth in the Preamble to this Agreement and shall include any successor thereto as well as any Person designated as the “Fixed Asset Collateral Agent,” “Notes Collateral Agent” or “Collateral Agent” under the Indenture or any Additional Pari Passu Fixed Asset Agreement.

“Fixed Asset Collateral Documents” means the Fixed Asset Security Agreement, the Fixed Asset Mortgages, all other “Security Documents” as defined in the Indenture and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with the Indenture or any Additional Pari Passu Fixed Asset Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

“Fixed Asset Credit Parties” means the Borrower, Holdings, the other Guarantors and each other direct or indirect Subsidiary or parent of Holdings or any of its Affiliates that is now or hereafter becomes a party to any Fixed Asset Document.

“Fixed Asset Default” means an “Event of Default” or equivalent term (as defined in any of the Fixed Asset Documents).

“Fixed Asset DIP Financing” has the meaning assigned to that term in Section 6.1(b).

“Fixed Asset Documents” means the Indenture, the Notes, each Additional Pari Passu Fixed Asset Agreement, the Fixed Asset Collateral Documents and those other ancillary agreements as to which the Fixed Asset Collateral Agent or any other Fixed Asset Secured Party is a party or a beneficiary (including any intercreditor or joinder agreements) and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Fixed Asset Credit Party or any of its

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respective Subsidiaries or Affiliates, and delivered to the Fixed Asset Collateral Agent, the Trustee or any Additional Pari Passu Fixed Asset Agent, in connection with any of the foregoing or any Fixed Asset Document, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

 “Fixed Asset Mortgages” means a collective reference to each mortgage, deed of trust and other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Fixed Asset Obligations or (except for this Agreement) under which rights or remedies with respect to any such Liens are governed.

“Fixed Asset Obligations” means the Notes Obligations and the Additional Pari Passu Fixed Asset Obligations.  “Fixed Asset Obligations” shall include all Post-Petition Interest with respect to Fixed Asset Documents.

“Fixed Asset Priority Collateral” means all Fixed Asset Collateral other than to the extent constituting ABL Collateral.

“Fixed Asset Priority Collateral Proceeds Account” means one or more Deposit Accounts or Securities Accounts holding only the identifiable proceeds of any Fixed Asset Priority Collateral and the proceeds or investment thereof. 

“Fixed Asset Secured Parties” means the Secured Parties (as defined in the Fixed Asset Security Agreement).

“Fixed Asset Security Agreement” means the Senior Notes Pledge and Security Agreement, dated as of the date hereof, among the Borrower, each of the other grantors from time to time party thereto and the Fixed Asset Collateral Agent, as it may be amended, amended and restated, supplemented or otherwise modified from time to time.

“Fixed Asset Standstill Period” has the meaning set forth in Section 3.1(a)(1).

“General Intangible” as defined in the UCC (or, with respect to any Canadian Grantor, the meaning given to the term “intangible” in the PPSA).

“Grantors” means the Borrower, Holdings, each other Guarantor and each other Person that has or may from time to time hereafter execute and deliver a Fixed Asset Collateral Document or a Revolving Credit Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof).

“Guarantor” means, collectively, each “Guarantor” as defined in the Indenture, the 2016 Secured Notes Purchase Agreement and the Revolving Credit Agreement.

“Holder” means the “Holders” as defined in the Indenture and any holders of Additional Pari Passu Fixed Asset Obligations.

“Holdings” has the meaning set forth in the Preamble to this Agreement.

“Indebtedness” means “Indebtedness” within the meaning of the Indenture, the 2016 Secured Notes Purchase Agreement or the Revolving Credit Agreement, as applicable.

“Indenture” has the meaning given to such term in the recitals of this Agreement including, for the avoidance of doubt, any Refinancing of the Indenture in effect on the Issue Date.

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“Insolvency or Liquidation Proceeding” means:

(a)    any voluntary or involuntary case or proceeding under the Bankruptcy Code or any other Bankruptcy Law with respect to any Grantor;

(b)    any other voluntary or involuntary insolvency, reorganization, winding-up or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective assets (other than any merger, amalgamation, arrangement, consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to of the terms of each of the Revolving Credit Agreement, the 2016 Secured Notes Purchase Agreement and the Indenture);

(c)    any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy (other than any merger, amalgamation, arrangement, consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of each of the Revolving Credit Agreement, the 2016 Secured Notes Purchase Agreement and the Indenture);

(d)    any case or proceeding seeking arrangement, adjustment, protection, relief or composition of any debt or other property of any Grantor;

(e)    any case or proceeding seeking the entry of an order of relief or the appointment of a custodian, receiver, interim receiver, monitor, trustee or other similar proceeding with respect to any Grantor or any property or Indebtedness of any Grantor; or

(f)    any assignment for the benefit of creditors or any other marshaling of assets and liabilities of any Grantor.

“Intellectual Property” means all intellectual and similar property of every kind and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, domain names, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, goodwill, registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing.

“License” means any Patent License, Trademark License, Copyright License or other license or sublicense as to which any Grantor is now or hereafter a party.

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

“Mortgaged Premises” means any material real property which shall now or hereafter be subject to a Fixed Asset Mortgage.

“New Agent” has the meaning assigned to that term in Section 5.5.

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“New Debt Notice” has the meaning assigned to that term in Section 5.5.

“Notes” means (a) the initial $540,000,000 in aggregate principal amount of 6.000% Senior Priority Secured Notes due 2019  issued by the Borrower pursuant to the Indenture and (b) any additional notes issued under the Indenture by the Borrower, to the extent permitted by the Indenture, the 2016 Secured Notes Purchase Agreement and the Revolving Credit Agreement, in each case, including, for the avoidance of doubt, any Indebtedness incurred or issued by the Borrower that Refinances any of the foregoing.

“Notes Obligations” means all “Obligations” (as such term is defined in the Indenture) of the Borrower and the Guarantors in respect of the Notes, the Guarantees (as such term is defined in the Indenture), the Indenture and the Security Documents (as such term is defined in the Indenture). “Notes Obligations” shall include all Post-Petition Interest with respect to the Indenture, the Notes or the Guarantees (as such term is defined in the Indenture).

“Notice of Occupancy” has the meaning assigned to that term in Section 3.3(b).

“Obligations” means the Revolving Credit Obligations and the Fixed Asset Obligations. 

“Patent License” means any written agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention on which a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right to make, use or sell any invention on which a Patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement.

“Patents” means all right, title and interest of any Person in and to all of the following, whether now owned or hereafter acquired:

(a)    all letters patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including all such patents, registrations, recordings and applications of the Grantors described on Schedule 8 to the Fixed Asset Security Agreement, as such schedule may be supplemented from time to time; and

(b)    all reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof and the inventions disclosed or claimed therein, including the right to make, use, sell and/or offer to sell the inventions disclosed or claimed therein.

“Payment Intangible” as defined in the UCC (or, with respect to any Canadian Grantor, the meaning given to the term “intangible” in the PPSA).

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.

“Pledged Collateral” has the meaning set forth in Section 5.4(a).

“Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Fixed Asset Documents or the Revolving Credit Documents, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses

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and other charges are allowed or allowable under the Bankruptcy Law or in any such Insolvency or Liquidation Proceeding.

“PPSA” means the Personal Property Security Act (Ontario), including the regulations thereto, provided that if perfection or the effect of perfection or non-perfection or the priority of any Lien created under any of the Credit Documents on the Collateral is governed by the personal property security legislation or other applicable legislation with respect to personal property security in effect in a jurisdiction in Canada other than the Province of Ontario, “PPSA” means the Personal Property Security Act or such other applicable legislation (including the Civil Code (of Quebec)) in effect from time to time in such other jurisdiction in Canada for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

“Priority Collateral” means, with respect to the Revolving Credit Claimholders, all ABL Collateral, and with respect to the Fixed Asset Claimholders, all Fixed Asset Priority Collateral.

“Recovery” has the meaning set forth in Section 6.4.

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part.  “Refinanced” and “Refinancing” shall have correlative meanings.

“Revolving Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement, including, for the avoidance of doubt, any Refinancing of the Revolving Credit Agreement in effect on the date hereof.

“Revolving Credit Claimholders” means, at any relevant time, the holders of Revolving Credit Obligations at that time, including the “Secured Parties” as defined in the Revolving Security Agreement the ABL Claimholders and the 2016 Secured Notes Claimholders.

“Revolving Credit Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Revolving Credit Obligations.

“Revolving Credit Collateral AgentAgents” has the meaning assigned to that term in the Preamble of this Agreement.

“Revolving Credit Collateral Documents” means the Security Documents and any other agreement, document or instrument pursuant to which a Lien is granted by any Grantor securing any Revolving Credit Obligations or under which rights or remedies with respect to such Liens are governedABL Collateral Documents and the 2016 Secured Notes Collateral Documents.

“Revolving Credit Default” means an “Event of Default” (as defined in the Revolving Credit Agreement)ABL Default or a 2016 Secured Notes Default.

“Revolving Credit Documents” means the Revolving Credit Agreement and the other Loan Documents (as defined in the Revolving Credit Agreement), any Secured Bank Product Obligation (as defined in the Revolving Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other Revolving Credit Obligation, and any other document or instrument executed or delivered at any time in connection with any Revolving Credit Obligations, including any intercreditor or joinder agreement among holders of Revolving Credit Obligations to the

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extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.ABL Credit Documents and the 2016 Secured Notes Documents.

“Revolving Credit Obligations” means all “the ABL Obligations” (as defined in the Revolving Credit Agreement) and other obligations of every nature of each Grantor from time to time owed to any Revolving Credit Claimholder or any other respective Affiliates under the Revolving Credit Documents, whether for principal, interest, reimbursement of amounts drawn under letters of credit, fees, expenses, indemnification or otherwise. “Revolving Credit Obligations” shall include all Post-Petition Interest with respect to Revolving Credit Documents and the 2016 Secured Notes Obligations. 

“Revolving Credit Party” means each “Loan Party” as defined in the Revolving Credit Agreement.

“Revolving Credit Standstill Period” has the meaning set forth in Section 3.2(a)(1).

“Revolving DIP Financing” has the meaning assigned to that term in Section 6.1(a).

“Revolving Security Agreement” means the Pledge and Security Agreement, dated as of April 16, 2013, among the Borrower, each of the other grantors from time to time party thereto and Bank of America, N.A., as collateral agent, as it may be amended, amended and restated, supplemented or otherwise modified from time to time.

“Securities Account” as defined in the UCC.

“STA” means the Securities Transfer Act, 2006 (Ontario), or to the extent applicable, similar legislation of any other jurisdiction, as amended from time to time.

“Supporting Obligations” as defined in the UCC.

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any Trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such agreement.

“Trademarks” means all of the following now or hereafter owned by any Grantor, (a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications filed in connection therewith, including registrations and applications in the United States Patent and Trademark Office, any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including, without limitation, those listed on Schedule 9 to the Fixed Asset Security Agreement, as such schedule may be supplemented from time to time, (b) all goodwill associated therewith and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill.

“Trustee” has the meaning assigned to that term in the recitals of this Agreement. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of any Collateral Agent’s or any secured party’s security interest 

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in any Collateral is governed by the Uniform Commercial Code as in effect from time to time in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions.

1.2.    Terms Generally.  The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise:
(a)any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended in accordance with the terms of this Agreement (including in connection with any Refinancing);

(b)any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns;

(c)the words “herein,” “hereof’ and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof;

(d)all references herein to Sections shall be construed to refer to Sections of this Agreement; 

(e)all references to terms defined in the UCC or the PPSA, as applicable, shall have the meaning ascribed to them therein (unless otherwise specifically defined herein); and

(f)the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

SECTION 2.    Lien Priorities.

2.1.    Relative Priorities.  Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Fixed Asset Obligations granted on the Collateral or of any Liens securing the Revolving Credit Obligations granted on the Collateral and notwithstanding any provision of any UCC, the PPSA or any other applicable law or the Revolving Credit Documents or the Fixed Asset Documents or any defect or deficiencies in, or failure to perfect, the Liens securing the Revolving Credit Obligations or Fixed Asset Obligations or any other circumstance whatsoever, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, and the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, hereby each agrees that:

(a)any Lien of theany Revolving Credit Collateral Agent on the ABL Collateral, whether now or hereafter held by or on behalf of theany Revolving Credit Collateral Agent or any Revolving Credit Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to all Liens on the ABL Collateral securing any Fixed Asset Obligations; and

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(b)any Lien of the Fixed Asset Collateral Agent on the Fixed Asset Priority Collateral, whether now or hereafter held by or on behalf of the Fixed Asset Collateral Agent, any Fixed Asset Claimholder or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects to all Liens on the Fixed Asset Priority Collateral securing any Revolving Credit Obligations.

2.2.    Prohibition on Contesting Liens.  The Fixed Asset Collateral Agent, for itself and on behalf of each Fixed Asset Claimholder, and theeach Revolving Credit Collateral Agent, for itself and on behalf of each applicable Revolving Credit Claimholder, agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the Revolving Credit Claimholders, or any of the Fixed Asset Claimholders in the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any Revolving Credit Claimholder or Fixed Asset Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.1, 3.1 and 3.2.

2.3.    No New Liens.  

(a)    Until the Discharge of Revolving Credit Obligations and the Discharge of Fixed Asset Obligations shall have occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Borrower or any other Grantor, the parties hereto acknowledge and agree that it is their intention that:

(1)    (a)    there shall be no Liens on any asset or property to secure any Fixed Asset Obligation unless a Lien on such asset or property also secures the Revolving Credit Obligations; and

(2)    (b)    there shall be no  Liens on any asset or property of any Grantor to secure any Revolving Credit Obligations unless a Lien on such asset or property also secures the Fixed Asset Obligations.

(b)    To the extent any additional Liens are granted on any asset or property as described above, the priority of such additional Liens shall be determined in accordance with Section 2.1.  In addition, to the extent that Liens are granted on any asset or property to secure any Fixed Asset Obligation or Revolving Credit Obligation, as applicable, and a corresponding Lien is not granted to secure the Revolving Credit Obligations or Fixed Asset Obligations, as applicable, without limiting any other rights and remedies available hereunder, theeach Revolving Credit Collateral Agent, on behalf of the applicable Revolving Credit Claimholders, and the Fixed Asset Collateral Agent, on behalf of the Fixed Asset Claimholders, agree that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

(c)    Notwithstanding anything to the contrary in clauses (a) and (b) above, this Section 2.3 shall not be violated with respect to any ABL Obligations if for any reason the ABL Collateral Agent expressly declines to accept a Mortgage, or releases a Mortgage, on the Mortgaged Property owned by Envelope Product Group, LLC and located at Route 866, Williamsburg, PA  16693.

2.4.    Similar Liens and Agreements.  The parties hereto agree that it is their intention that the Revolving Credit Collateral and the Fixed Asset Collateral be identical.; provided that this provision will not be violated with respect to any ABL Obligations if for any reason the ABL Collateral

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Agent expressly declines to accept a Mortgage, or releases a Mortgage, on the Mortgaged Property owned by Envelope Product Group, LLC and located at Route 866, Williamsburg, PA  16693.  In furtherance of the foregoing and of Section 8.8, the parties hereto agree, subject to the other provisions of this Agreement:

(a)upon request by theany Revolving Credit Collateral Agent or the Fixed Asset Collateral Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Revolving Credit Collateral and the Fixed Asset Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the Revolving Credit Documents and the Fixed Asset Documents; and

(b)that the Revolving Credit Collateral Documents, taken as a whole, and the Fixed Asset Collateral Documents, taken as a whole, shall be in all material respects the same forms of documents other than with respect to differences to reflect the nature of the financial arrangements and the relative lien priorities securing the Obligations thereunder with respect to the Fixed Asset Priority Collateral and the ABL Collateral as reflected in this Agreement.

SECTION 3.    Enforcement.

3.1.    Exercise of Remedies – Restrictions on Fixed Asset Collateral Agent.

(a)    Until the Discharge of Revolving Credit Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Fixed Asset Collateral Agent and the Fixed Asset Claimholders:

(1)will not exercise or seek to exercise any rights or remedies with respect to any ABL Collateral (including the exercise of any right of setoff or any right under any lockbox agreement or any control agreement with respect to Deposit Accounts or Securities Accounts) or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure); provided, however, that the Fixed Asset Collateral Agent or any Person authorized by it may exercise any or all such rights or remedies after the passage of a period of at least 180 days has elapsed since the later of:  (A) the date on which the Fixed Asset Collateral Agent declared the existence of a Fixed Asset Default and demanded the repayment of all the principal amount of Fixed Asset Obligations; and (B) the date on which the Designated Revolving Credit Collateral Agent received notice from the Fixed Asset Collateral Agent of such declaration of a Fixed Asset Default (the “Fixed Asset Standstill Period”); provided, further, however, that notwithstanding anything herein to the contrary, in no event shall the Fixed Asset Collateral Agent or any Fixed Asset Claimholder exercise any rights or remedies with respect to the ABL Collateral if, notwithstanding the expiration of the Fixed Asset Standstill Period, theany Revolving Credit Collateral Agent or Revolving Credit Claimholders shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to all or any material portion of such Collateral (prompt notice of such exercise to be given to the Fixed Asset Collateral Agent) or shall be stayed under applicable law from exercising such rights and remedies;

(2)will not contest, protest or object to, or otherwise interfere with, any foreclosure proceeding or action brought by theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder or any other exercise by theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder of any rights and remedies relating to the ABL Collateral, whether under the Revolving Credit Documents or otherwise; and

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(3)subject to their rights under clause (a)(1) above and except as may be permitted in Section 3.1(c), will not object to the forbearance by theany Revolving Credit Collateral Agent or any of the Revolving Credit Claimholders from bringing or pursuing any Collateral Enforcement Action;

provided, however, that, in the case of clauses (1), (2) and (3) above, the Liens granted to secure the Fixed Asset Obligations of the Fixed Asset Claimholders shall attach to the Proceeds thereof subject to the relative priorities described in Section 2.

(b)    Until the Discharge of Revolving Credit Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, agrees that theeach Revolving Credit Collateral Agent and the Revolving Credit Claimholders shall have the exclusive right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and, in connection therewith (including voluntary Dispositions of ABL Collateral by the respective Grantors after a Revolving Credit Default) make determinations regarding the release, disposition, or restrictions with respect to the ABL Collateral (including, without limitation, exercising remedies under Deposit Account Control Agreements and Dominion Accounts) without any consultation with or the consent of the Fixed Asset Collateral Agent or any Fixed Asset Claimholder; provided, however, that the Lien securing the Fixed Asset Obligations shall remain on the Proceeds (other than those properly applied to the Revolving Credit Obligations) of such Collateral released or disposed of subject to the relative priorities described in Section 2.  In exercising rights and remedies with respect to the ABL Collateral, the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, agrees that theeach Revolving Credit Collateral Agent and the Revolving Credit Claimholders may enforce the provisions of the Revolving Credit Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion.  Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of the ABL Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC or the PPSA and of a secured creditor under the Bankruptcy Laws of any applicable jurisdiction.  The Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, agrees that it will not seek, and hereby waives any right, to have any ABL Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral.
(c)    Notwithstanding the foregoing, the Fixed Asset Collateral Agent and any Fixed Asset Claimholder may:

(1)    file a claim, proof of claim or statement of interest with respect to the Fixed Asset Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor;

(2)    take any action in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the Collateral; provided that such action shall not be inconsistent with the terms of this Agreement and shall not be adverse to the priority status of the Liens on the ABL Collateral, or the rights of theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders to exercise remedies in respect thereof;

(3)    file any necessary or appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims or Liens of the Fixed Asset Claimholders,

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including any claims secured by the ABL Collateral, if any, in each case in accordance with the terms of this Agreement;

(4)    file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this Agreement;

(5)    vote on any plan of reorganization or similar dispositive proposed plan or arrangement, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Fixed Asset Obligations and the Fixed Asset Priority Collateral; and

(6)    exercise any of its rights or remedies with respect to any of the Collateral after the termination of the Fixed Asset Standstill Period to the extent permitted by Section 3.1(a)(1).

The Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, agrees that it will not take or receive any ABL Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any such Collateral in its capacity as a creditor in violation of this Agreement.  Without limiting the generality of the foregoing, unless and until the Discharge of Revolving Credit Obligations has occurred, except as expressly provided in Sections 3.1(a) and 6.3(c)(1) and this Section 3.1(c), the sole right of the Fixed Asset Collateral Agent and the Fixed Asset Claimholders with respect to the ABL Collateral is to hold a Lien on such Collateral pursuant to the Fixed Asset Collateral Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Revolving Credit Obligations has occurred.

(d)    Subject to Sections 3.1(a) and (c) and Section 6.3(c)(1):

(1)    the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, agrees that it will not, except as not prohibited herein, take any action that would hinder any exercise of remedies under the Revolving Credit Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the ABL Collateral, whether by foreclosure or otherwise;

(2)    the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, hereby waives any and all rights it or the Fixed Asset Claimholders may have as a junior lien creditor with respect to the ABL Collateral or otherwise to object to the manner in which theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders seek to enforce or collect the Revolving Credit Obligations or the Liens on the ABL Collateral securing the Revolving Credit Obligations granted in any of the Revolving Credit Documents or undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of theany Revolving Credit Collateral Agent or Revolving Credit Claimholders is adverse to the interest of the Fixed Asset Claimholders; and

(3)    the Fixed Asset Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any of the Fixed Asset Collateral Documents or any other Fixed Asset Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Revolving Credit Collateral AgentAgents or the Revolving Credit Claimholders with respect to the ABL Collateral as set forth in this Agreement and the Revolving Credit Documents.

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(e)    Except as otherwise specifically set forth in this Agreement, the Fixed Asset Collateral Agent and the Fixed Asset Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and remedies with respect to the Fixed Asset Priority Collateral, in each case, in accordance with the terms of the applicable Fixed Asset Documents and applicable law; provided, however, that in the event that any Fixed Asset Claimholder becomes a judgment Lien creditor in respect of ABL Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Fixed Asset Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Revolving Credit Obligations) as the other Liens securing the Fixed Asset Obligations are subject to this Agreement.

(f)    Nothing in this Agreement shall prohibit the receipt by the Fixed Asset Collateral Agent or any Fixed Asset Claimholders of payments of interest, principal and other amounts owed in respect of the applicable Fixed Asset Obligations so long as such receipt is not the direct or indirect result of the exercise by the Fixed Asset Collateral Agent or any Fixed Asset Claimholders of rights or remedies as a secured creditor (including set-off) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement.  Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies of the Revolving Credit Collateral AgentAgents or the Revolving Credit Claimholders may have against the Grantors under the Revolving Credit Documents, other than with respect to the Fixed Asset Priority Collateral solely to the extent expressly provided herein.

3.2.    Exercise of Remedies – Restrictions on Revolving Credit Collateral AgentAgents.
(a)    Until the Discharge of Fixed Asset Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders:

(1)    will not exercise or seek to exercise any rights or remedies with respect to any Fixed Asset Priority Collateral or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure); provided, however, that theany Revolving Credit Collateral Agent may exercise the rights provided for in Section 3.3 (with respect to any Access Period) and may exercise any or all such other rights or remedies after the passage of a period of at least 180 days has elapsed since the later of  (A) the date on which thesuch Revolving Credit Collateral Agent declared the existence of any Revolving Credit Default and demanded the repayment of all the principal amount of any Revolving Credit Obligations and (B) the date on which the Fixed Asset Collateral Agent received notice from thesuch Revolving Credit Collateral Agent of such declaration of a Revolving Credit Default (the “Revolving Credit Standstill Period”); provided, further, however, that notwithstanding anything herein to the contrary, in no event shall theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder exercise any rights or remedies (other than those under Section 3.3) with respect to the Fixed Asset Priority Collateral if, notwithstanding the expiration of the Revolving Credit Standstill Period, the Fixed Asset Collateral Agent shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to all or any material portion of such Collateral (prompt notice of such exercise to be given to the Revolving Credit Collateral AgentAgents) or shall be stayed under applicable law from exercising such rights and remedies;

(2)    will not contest, protest or object to, or otherwise interfere with, any foreclosure proceeding or action brought by the Fixed Asset Collateral Agent or any Fixed Asset Claimholder or any other exercise by a Fixed Asset Collateral Agent or any Fixed Asset Claimholder of any rights and remedies relating to the Fixed Asset Priority Collateral, whether under the Fixed Asset Documents or otherwise; and

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(3)    subject to their rights under clause (a)(1) above and except as may be permitted in Section 3.2(c), will not object to the forbearance by the Fixed Asset Collateral Agent or Fixed Asset Claimholders from bringing or pursuing any Collateral Enforcement Action;

provided, however, that in the case of clauses (1), (2) and (3) above, the Liens granted to secure the Revolving Credit Obligations of the Revolving Credit Claimholders shall attach to the Proceeds thereof subject to the relative priorities described in Section 2.

(b)    Until the Discharge of Fixed Asset Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees that the Fixed Asset Collateral Agent and the Fixed Asset Claimholders shall have the right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and, in connection therewith (including voluntary Dispositions of Fixed Asset Priority Collateral by the respective Grantors after a Fixed Asset Default) make determinations regarding the release, disposition, or restrictions with respect to the Fixed Asset Priority Collateral without any consultation with or the consent of theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder; provided, however, that the Lien securing the Revolving Credit Obligations shall remain on the Proceeds (other than those properly applied to the Fixed Asset Obligations) of such Collateral released or disposed of subject to the relative priorities described in Section 2.  In exercising rights and remedies with respect to the Fixed Asset Priority Collateral, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees that the Fixed Asset Collateral Agent and the Fixed Asset Claimholders may enforce the provisions of the Fixed Asset Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion.  Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of the Fixed Asset Priority Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC or the PPSA and of a secured creditor under the Bankruptcy Laws of any applicable jurisdiction.

(c)    Notwithstanding the foregoing, theany Revolving Credit Collateral Agent and any Revolving Credit Claimholder may:

(1)    file a claim, proof of claim or statement of interest with respect to the Revolving Credit Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor;

(2)    take any action in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the Collateral; provided that such action shall not be inconsistent with the terms of this Agreement and shall not be adverse to the priority status of the Liens on the Fixed Asset Priority Collateral, or the rights of the Fixed Asset Collateral Agent or any of the Fixed Asset Claimholders to exercise remedies in respect thereof;

(3)    file any necessary or appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims or Liens of the Revolving Credit Claimholders, including any claims secured by the Fixed Asset Priority Collateral, if any, in each case in accordance with the terms of this Agreement;

(4)    file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or

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 Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this Agreement;

(5)    vote on any plan of reorganization or arrangement, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Revolving Credit Obligations and the ABL Collateral; and

(6)    exercise any of its rights or remedies with respect to any of the Collateral after the termination of the Revolving Credit Standstill Period to the extent permitted by Section 3.2(a)(1).

TheEach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees that it will not take or receive any Fixed Asset Priority Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any such Collateral in its capacity as a creditor in violation of this Agreement.  Without limiting the generality of the foregoing, unless and until the Discharge of Fixed Asset Obligations has occurred, except as expressly provided in Sections 3.2(a), 3.3, 3.4 and 6.3(c)(2) and this Section 3.2(c), the sole right of the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders with respect to the Fixed Asset Priority Collateral is to hold a Lien on such Collateral pursuant to the Revolving Credit Collateral Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Fixed Asset Obligations has occurred.

(d)    Subject to Sections 3.2(a) and (c) and Sections 3.3 and 6.3(c)(2):

(1)    theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, agrees that thesuch Revolving Credit Collateral Agent and the applicable Revolving Credit Claimholders will not, except as not prohibited herein, take any action that would hinder any exercise of remedies under the Fixed Asset Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the Fixed Asset Priority Collateral, whether by foreclosure or otherwise;

(2)    theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, hereby waives any and all rights it or the applicable Revolving Credit Claimholders may have as a junior lien creditor with respect to the Fixed Asset Priority Collateral or otherwise to object to the manner in which the Fixed Asset Collateral Agent or the Fixed Asset Claimholders seek to enforce or collect the Fixed Asset Obligations or the Liens on the Fixed Asset Priority Collateral securing the Fixed Asset Obligations granted in any of the Fixed Asset Documents or undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of the Fixed Asset Collateral Agent or the Fixed Asset Claimholders is adverse to the interest of the Revolving Credit Claimholders; and

(3)    theeach Revolving Credit Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any of the Revolving Credit Collateral Documents or any other Revolving Credit Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Fixed Asset Collateral Agent or the Fixed Asset Claimholders with respect to the Fixed Asset Priority Collateral as set forth in this Agreement and the Fixed Asset Documents.

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(e)    Except as otherwise specifically set forth in Sections 3.2(a) and (d), Section 3.5 and Section 5, the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and remedies with respect to the ABL Collateral, in each case, in accordance with the terms of the Revolving Credit Documents and applicable law; provided, however, that in the event that any Revolving Credit Claimholder becomes a judgment Lien creditor in respect of Fixed Asset Priority Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Revolving Credit Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Fixed Asset Obligations) as the other Liens securing the Revolving Credit Obligations are subject to this Agreement.

(f)    Nothing in this Agreement shall prohibit the receipt by theany Revolving Credit Collateral Agent or any Revolving Credit Claimholders of payments of interest, principal and other amounts owed in respect of the Revolving Credit Obligations so long as such receipt is not the direct or indirect result of the exercise by theany Revolving Credit Collateral Agent or any Revolving Credit Claimholders of rights or remedies as a secured creditor (including set-off) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement.  Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Fixed Asset Collateral Agent or the Fixed Asset Claimholders may have against the Grantors under the Fixed Asset Documents, other than with respect to the ABL Collateral solely to the extent expressly provided herein.

3.3.    Exercise of Remedies – Collateral Access Rights.

(a)    TheEach Revolving Credit Collateral Agent and the Fixed Asset Collateral Agent agree not to commence any Collateral Enforcement Action until an Enforcement Notice has been given to the other Collateral Agents.  Subject to the provisions of Sections 3.1 and 3.2 above, any Collateral Agent may join in any judicial proceedings commenced by any other Collateral Agent to enforce Liens on the Collateral, provided that no Collateral Agent, nor the Revolving Credit Claimholders or the Fixed Asset Claimholders, as the case may be, shall interfere with the Collateral Enforcement Actions of the other with respect to Collateral in which such party has the priority Lien in accordance herewith.

(b)    If the Fixed Asset Collateral Agent, or any agent or representative of the Fixed Asset Collateral Agent, or any receiver, shall obtain possession or physical control of any of the Mortgaged Premises, the Fixed Asset Collateral Agent shall promptly notify the Designated Revolving Credit Collateral Agent of that fact (such notice, a “Notice of Occupancy”) and the Designated Revolving Credit Collateral Agent shall, within ten (10) Business Days thereafter, notify the Fixed Asset Collateral Agent as to whether the Designated Revolving Credit Collateral Agent desires to exercise access rights under this Agreement (such notice, an “Access Acceptance Notice”), at which time the parties shall confer in good faith to coordinate with respect to the Designated Revolving Credit Collateral Agent’s exercise of such access rights; provided, that it is understood and agreed that the Fixed Asset Collateral Agent shall obtain possession or physical control of the Mortgaged Premises in the manner provided in the applicable Fixed Asset Collateral Documents and in the manner provided herein.  Access rights may apply to differing parcels of Mortgaged Premises at differing times, in which case, a differing Access Period may apply to each such property.  In the event that the Designated Revolving Credit Collateral Agent elects to exercise its access rights as provided in this Agreement, the Fixed Asset Collateral Agent agrees, for itself and on behalf of the Fixed Asset Claimholders, that in the event that any Fixed Asset Claimholder exercises its rights to sell or otherwise dispose of any Mortgaged Premises, whether before or after the delivery of a Notice of Occupancy to the Designated Revolving Credit Collateral Agent, the Fixed Asset Collateral Agent shall (i) provide access rights to the Revolving Credit Collateral AgentAgents for the duration of the Access Period in accordance with this Agreement and (ii) 

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if such a sale or other disposition occurs prior to the Designated Revolving Credit Collateral Agent delivering an Access Acceptance Notice during the time period provided therefor, or if applicable, the expiration of the applicable Access Period, shall request that the purchaser or other transferee of such Mortgaged Premises agree to provide theeach Revolving Credit Collateral Agent the opportunity to exercise its access rights, and upon delivery of an Access Acceptance Notice to such purchaser or transferee, continued access rights to theeach Revolving Credit Collateral Agent for the duration of the applicable Access Period, in the manner and to the extent required by this Agreement.

(c)    Upon delivery of notice to the Fixed Asset Collateral Agent as provided in Section 3.3(b), the Access Period shall commence for the subject parcel of Mortgaged Premises.  During the Access Period, theeach Revolving Credit Collateral Agent and its agents, representatives and designees shall have a non-exclusive right to have access to, and a rent free right to use, the Fixed Asset Collateral for the purpose of arranging for and effecting the sale or disposition of ABL Collateral, including the production, completion, packaging and other preparation of such ABL Collateral for sale or disposition.  During any such Access Period, theeach Revolving Credit Collateral Agent and its agents, representatives and designees (and Persons employed on their respective behalves), may continue to operate, service, maintain, process and sell the ABL Collateral, as well as to engage in bulk sales of ABL Collateral.  TheEach Revolving Credit Collateral Agent shall take proper care of any Fixed Asset Priority Collateral that is used by thesuch Revolving Credit Collateral Agent during the Access Period and repair and replace any damage (ordinary wear-and-tear excepted) caused by thesuch Revolving Credit Collateral Agent or its agents, representatives or designees and theeach Revolving Credit Collateral Agent shall comply with all applicable laws in connection with its use or occupancy of the Fixed Asset Priority Collateral.  TheEach Revolving Credit Collateral Agent and the Revolving Credit Claimholders shall (to the extent that there are sufficient available proceeds of ABL Collateral for the purposes of paying such indemnity) indemnify and hold harmless the Fixed Asset Collateral Agent and the Fixed Asset Claimholders for any injury or damage to Persons or property caused by the acts or omissions of Persons under its control.  TheEach Revolving Credit Collateral Agent and the Fixed Asset Collateral Agent shall cooperate and use reasonable efforts to ensure that their activities during the Access Period as described above do not interfere materially with the activities of the other as described above, including the right of the Fixed Asset Collateral Agent to show the Fixed Asset Priority Collateral to prospective purchasers and to ready the Fixed Asset Priority Collateral for sale.

(d)    If any order or injunction is issued or stay is granted which prohibits theany Revolving Credit Collateral Agent from exercising any of its rights hereunder, then at thesuch Revolving Credit Collateral Agent’s option, the Access Period granted to thesuch Revolving Credit Collateral Agent under this Section 3.3 shall be stayed during the period of such prohibition and shall continue thereafter for the number of days remaining as required under this Section 3.3.  If the Fixed Asset Collateral Agent shall foreclose or otherwise sell any of the Fixed Asset Priority Collateral, the Fixed Asset Collateral Agent will notify the buyer thereof of the existence of this Agreement and that the buyer is acquiring the Fixed Asset Priority Collateral subject to the terms of this Agreement.

3.4.    Exercise of Remedies – Intellectual Property Rights/Access to Information.  The Fixed Asset Collateral Agent and each Grantor hereby grants (to the full extent of their respective rights and interests) the Revolving Credit Collateral AgentAgents and itstheir agents, representatives and designees (a) a royalty free, rent free non-exclusive license and lease to use all of the Fixed Asset Priority Collateral constituting Intellectual Property, to complete the sale of inventory and (b) a royalty free non-exclusive license (which will be binding on any successor or assignee of the Intellectual Property) to use any and all Intellectual Property, in each case, at any time in connection with its Collateral Enforcement Action; provided, however, the royalty free, rent free non-exclusive license and lease granted in clause (a) shall immediately expire upon the sale, lease, transfer or other disposition of all such inventory.

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3.5.    Exercise of Remedies – Set Off and Tracing of and Priorities in Proceeds.

(a)    TheEach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, acknowledges and agrees that, to the extent theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder exercises its rights of setoff against any Grantors’ Deposit Accounts or Securities Accounts that contain identifiable Proceeds of Fixed Asset Priority Collateral, a percentage of the amount of such setoff equal to the percentage that such Proceeds bear to the total amount on deposit in or credited to the balance of such Deposit Accounts or Securities Accounts shall be deemed to constitute Fixed Asset Priority Collateral, which amount shall be held and distributed pursuant to Section 4.3; provided, however that the foregoing shall not apply to any setoff by theany Revolving Credit Collateral Agent against any ABL Collateral to the extent applied to the payment of Revolving Credit Obligations.

(b)    The Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, also agrees that prior to an issuance of an Enforcement Notice, all funds deposited in an account subject to a Deposit Account Control Agreement or a Dominion Account (in each case as defined in the Revolving Credit Agreement) that constitute ABL Collateral and then applied to the Revolving Credit Obligations shall be treated as ABL Collateral and, unless theany Revolving Credit Collateral Agent has actual knowledge to the contrary, any claim that payments made to theany Revolving Credit Collateral Agent through the Deposit Accounts and Securities Accounts that are subject to such Deposit Account Control Agreements or Dominion Accounts, respectively, are Proceeds of or otherwise constitute Fixed Asset Priority Collateral are waived by the Fixed Asset Collateral Agent and the Fixed Asset Claimholders.

(c)    TheEach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, and the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, further agree that prior to an issuance of an Enforcement Notice, any Proceeds of Collateral, whether or not deposited in an account subject to a deposit account control agreement or a securities account control agreement, shall not (as between the Collateral Agents, the Revolving Credit Claimholders and the Fixed Asset Claimholders) be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral.

SECTION 4.    Payments.

4.1.    Application of Proceeds.

(a)    So long as the Discharge of Revolving Credit Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all ABL Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies by theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder, shall be applied by the Revolving Credit Collateral AgentAgents to the Revolving Credit Obligations in such order as specified in the relevant Revolving Credit Documents.  Upon the Discharge of Revolving Credit Obligations, theeach Revolving Credit Collateral Agent shall deliver to the Fixed Asset Collateral Agent any Collateral and Proceeds of Collateral held by it as a result of the exercise of remedies in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Fixed Asset Collateral Agent to the Fixed Asset Obligations in such order as specified in the relevant Fixed Asset Documents.

(b)    So long as the Discharge of Fixed Asset Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all 

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Fixed Asset Priority Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies by the Fixed Asset Collateral Agent or any Fixed Asset Claimholder, shall be applied by the Fixed Asset Collateral Agent to the Fixed Asset Obligations in such order as specified in the relevant Fixed Asset Documents.  Upon the Discharge of Fixed Asset Obligations, the Fixed Asset Collateral Agent shall deliver to the Designated Revolving Credit Collateral Agent any Collateral and Proceeds of Collateral held by it as a result of the exercise of remedies in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Revolving Credit Collateral AgentAgents to the Revolving Credit Obligations in such order as specified in the relevant Revolving Credit Documents.

4.2.    Payments Over in Violation of Agreement.  So long as neither the Discharge of Revolving Credit Obligations nor the Discharge of Fixed Asset Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, any Collateral or Proceeds thereof (including assets or Proceeds subject to Liens referred to in the final sentence of Section 2.3(b)) received by any Collateral Agent or any Fixed Asset Claimholders or Revolving Credit Claimholders in connection with the exercise of any right or remedy (including set-off) relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the appropriateDesignated Revolving Credit Collateral Agent or the Fixed Asset Collateral Agent for the benefit of the Fixed Asset Claimholders or the Revolving Credit Claimholders, as the case may be, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct.  Each Collateral Agent is hereby authorized by the other Collateral AgentAgents to make any such endorsements as agent for the other Collateral AgentAgents or any Fixed Asset Claimholders or Revolving Credit Claimholders, as the case may be.  This authorization is coupled with an interest and is irrevocable until the Discharge of Revolving Credit Obligations and Discharge of Fixed Asset Obligations.

4.3.    Application of Payments.  Subject to the other terms of this Agreement, all payments received by (a) theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders may be applied, reversed and reapplied, in whole or in part, to the Revolving Credit Obligations to the extent provided for in the Revolving Credit Documents and (b) the Fixed Asset Collateral Agent or the Fixed Asset Claimholders may be applied, reversed and reapplied, in whole or in part, to the Fixed Asset Obligations.

4.4.    Reinstatement.

(a)    To the extent any payment with respect to any Revolving Credit Obligation (whether by or on behalf of any Grantor, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be and is avoided as a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Fixed Asset Claimholders, receiver or similar Person, whether in connection with any Insolvency or Liquidation Proceeding or otherwise, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the Revolving Credit Claimholders and the Fixed Asset Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred.  To the extent that any interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the Revolving Credit Documents are disallowed by order of any court, including, without limitation, by order of a Bankruptcy Court in any Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the Revolving Credit Claimholders and the Fixed Asset Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the “Revolving Credit Obligations.”

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(b)    To the extent any payment with respect to any Fixed Asset Obligation (whether by or on behalf of any Grantor, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be and is avoided as a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Revolving Credit Claimholders, receiver or similar Person, whether in connection with any Insolvency or Liquidation Proceeding or otherwise, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the Fixed Asset Claimholders and the Revolving Credit Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred.  To the extent that any interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the Fixed Asset Documents are disallowed by order of any court, including, without limitation, by order of a Bankruptcy Court in any Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the Fixed Asset Claimholders and the Revolving Credit Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the “Fixed Asset Obligations.”

SECTION 5.    Other Agreements.

5.1.    Releases.

(a)    (i)   If in connection with the exercise of theany Revolving Credit Collateral Agent’s remedies in respect of any Collateral as provided for in Section 3.1, theany Revolving Credit Collateral Agent, for itself or on behalf of any of the applicable Revolving Credit Claimholders, releases any of its Liens on any part of the ABL Collateral, then the Liens, if any, of the Fixed Asset Collateral Agent, for itself or for the benefit of the Fixed Asset Claimholders, on the ABL Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released.  The Fixed Asset Collateral Agent, for itself or on behalf of the Fixed Asset Claimholders, promptly shall execute and deliver to thesuch Revolving Credit Collateral Agent or such Grantor such termination statements, financing change statements, releases and other documents as thesuch Revolving Credit Collateral Agent or such Grantor may reasonably request to effectively confirm such release.

(ii)    If in connection with the exercise of the Fixed Asset Collateral Agent’s remedies in respect of any Collateral as provided for in Section 3.2, the Fixed Asset Collateral Agent, for itself or on behalf of any of the Fixed Asset Claimholders, releases any of its Liens on any part of the Fixed Asset Priority Collateral, then the Liens, if any, of theeach Revolving Credit Collateral Agent, for itself or for the benefit of the applicable Revolving Credit Claimholders, on the Fixed Asset Priority Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released.  TheEach Revolving Credit Collateral Agent, for itself or on behalf of any such applicable Revolving Credit Claimholders, promptly shall execute and deliver to the Fixed Asset Collateral Agent or such Grantor such termination statements, financing change statements, releases and other documents as the Fixed Asset Collateral Agent or such Grantor may reasonably request to effectively confirm such release.
(b)    If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral (collectively, a “Disposition”) permitted under the terms of both the Revolving Credit Documents and the Fixed Asset Documents (other than in connection with the exercise of the respective Collateral Agent’s rights and remedies in respect of their Priority Collateral as provided for in Sections 3.1 and 3.2), (i) theeach Revolving Credit Collateral Agent, for itself or on behalf of any of the applicable Revolving Credit Claimholders, releases any of its Liens on any part of the ABL Collateral, in each case other than (A) in connection with the Discharge of Revolving Credit Obligations or (B) after the occurrence and during the continuance of a Fixed Asset Default, then the Liens, if any, of the Fixed Asset Collateral Agent, for itself or for the benefit of the Fixed Asset Claimholders, on such Collateral 

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shall be automatically, unconditionally and simultaneously released, and (ii) the Fixed Asset Collateral Agent, for itself or on behalf of any of the Fixed Asset Claimholders, releases any of its Liens on any part of the Fixed Asset Priority Collateral, in each case other than (A) in connection with the Discharge of Fixed Asset Obligations or (B) after the occurrence and during the continuance of a Revolving Credit Default, then the Liens, if any, of theeach Revolving Credit Collateral Agent, for itself or for the benefit of the applicable Revolving Credit Claimholders, on such Collateral (or, if such Collateral includes the Capital Stock of any Subsidiary, the Liens on Collateral owned by such Subsidiary) shall be automatically, unconditionally and simultaneously released.  TheEach Revolving Credit Collateral Agent and the Fixed Asset Collateral Agent, each for itself and on behalf of any such applicable Revolving Credit Claimholders or Fixed Asset Claimholders, as the case may be, promptly shall execute and deliver to the other Collateral Agents or such Grantor such termination statements, financing change statements, releases and other documents as the other Collateral Agents or such Grantor may reasonably request to effectively confirm such release.

(c)    Until the Discharge of Revolving Credit Obligations and Discharge of Fixed Asset Obligations shall occur, theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, and the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, as the case may be, hereby irrevocably constitutes and appoints the other Collateral Agents and any officer or agent of any other Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such other Collateral Agent or such holder or in such Collateral Agent’s own name, from time to time in such Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release.  NeitherNo Collateral Agent shall have any liability with respect to any action taken by theany other Collateral Agent or any officer or agent of theany other Collateral Agent pursuant to such appointment.

(d)    Until the Discharge of Revolving Credit Obligations and Discharge of Fixed Asset Obligations shall occur, to the extent that the Collateral Agents or the Revolving Credit Claimholders or the Fixed Asset Claimholders (i) have released any Lien on Collateral and such Lien is later reinstated or (ii) obtain any new Liens from any Grantor, then each other Collateral Agent, for itself and for the applicable Revolving Credit Claimholders or Fixed Asset Claimholders, as the case may be, shall be granted a Lien on any such Collateral, subject to the lien priority provisions of this Agreement.

5.2.    Insurance.

(a)    Unless and until the Discharge of Revolving Credit Obligations has occurred, subject to the terms of, and the rights of the Grantors under, the Revolving Credit Documents, the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders agrees, that (i) in accordance with the terms of the applicable Credit Documents, the Designated Revolving Credit Collateral Agent shall have the sole and exclusive right to adjust settlement for any insurance policy covering the ABL Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) in accordance with the terms of the applicable Credit Documents, all Proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of such Collateral and to the extent required by the Revolving Credit Documents shall be paid to the Designated Revolving Credit Collateral Agent for the benefit of the Revolving Credit Claimholders pursuant to the terms of the Revolving Credit Documents (including, without limitation, for purposes of cash collateralization of letters of credit) and thereafter, to the extent no Revolving Credit Obligations are outstanding, and subject to the rights of the Grantors under the Fixed Asset Documents, to the Fixed 

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Asset Collateral Agent for the benefit of the Fixed Asset Claimholders to the extent required under the Fixed Asset Collateral Documents and then, to the extent no Fixed Asset Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct, and (iii) if the Fixed Asset Collateral Agent or any Fixed Asset Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the Designated Revolving Credit Collateral Agent in accordance with the terms of Section 4.2.

(b)    Unless and until the Discharge of Fixed Asset Obligations has occurred, subject to the terms of, and the rights of the Grantors under, the Fixed Asset Documents, theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, agrees that (i) in accordance with the terms of the applicable Credit Documents, the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, shall have the sole and exclusive right to adjust settlement for any insurance policy covering the Fixed Asset Priority Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) in accordance with the terms of the applicable Credit Documents, all Proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of such Collateral and to the extent required by the Fixed Asset Documents shall be paid to the Fixed Asset Collateral Agent for the benefit of the Fixed Asset Claimholders pursuant to the terms of the Fixed Asset Documents and thereafter, to the extent no Fixed Asset Obligations are outstanding, and subject to the rights of the Grantors under the Revolving Credit Documents, to the Designated Revolving Credit Collateral Agent for the benefit of the Revolving Credit Claimholders to the extent required under the Revolving Credit Collateral Documents and then, to the extent no Revolving Credit Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct, and (iii) in accordance with the terms of the applicable Credit Documents, if theany Revolving Credit Collateral Agent or any Revolving Credit Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the Fixed Asset Collateral Agent in accordance with the terms of Section 4.2.

(c)    To effectuate the foregoing, the Collateral Agents shall each receive separate lender’s loss payable endorsements naming themselves as loss payee and additional insured, as their interests may appear, with respect to policies which insure Collateral hereunder.  To the extent any Proceeds are received for business interruption or for any liability or indemnification and those Proceeds are not compensation for a casualty loss with respect to the Fixed Asset Priority Collateral, such Proceeds shall first be applied to repay the Revolving Credit Obligations (to the extent required pursuant to the Revolving Credit AgreementDocuments) and then be applied, to the extent required by the Fixed Asset Documents, to the Fixed Asset Obligations.

5.3.    Amendments to Revolving Credit Documents and Fixed Asset Documents; Refinancing.

(a)    The Fixed Asset Documents may be amended, amended and restated, replaced, supplemented or otherwise modified in accordance with their terms, and the Indenture and each Additional Pari Passu Fixed Asset Agreement may be Refinanced, in each case, without notice to, or the consent of, theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders, all without affecting the lien priorities or other provisions of this Agreement; provided, however, that any such Refinancing shall comply with Section 5.5 and shall not contravene any provision of this Agreement.

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(b)    The Revolving Credit Documents may be amended, amended and restated, replaced, supplemented or otherwise modified in accordance with their terms, and the Revolving Credit Agreement and 2016 Secured Notes Purchase Agreement may be Refinanced, in each case, without notice to, or the consent of, the Fixed Asset Collateral Agent or the Fixed Asset Claimholders, all without affecting the lien priorities or other provisions of this Agreement; provided, however, that any such Refinancing shall comply with Section 5.5 and shall not contravene any provision of this Agreement.

(c)    On or after any Refinancing, and the receipt of notice thereof, which notice shall include the identity of anany new or replacement Collateral Agent or other agent serving the same or similar function, each existing Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the Borrower or such new or replacement Collateral Agent may reasonably request in order to provide to such new or replacement Collateral Agent the rights, remedies and powers and authorities contemplated hereby, in each case consistent in all respects with the terms of this Agreement.

(d)    The Revolving Credit Collateral AgentAgents and the Fixed Asset Collateral Agent shall each use good faith efforts to notify the other parties hereto of any written amendment or modification to any Revolving Credit Loan Document or any Fixed Asset Document, as applicable, but the failure to do so shall not create a cause of action against or give rise to any liability for the party failing to give such notice or create any claim or right on behalf of any third party.

5.4.    Bailees for Perfection.

(a)    Each Collateral Agent agrees to hold that part of the Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or the PPSA (such Collateral being the “Pledged Collateral”) as collateral agent for the Revolving Credit Claimholders or the Fixed Asset Claimholders, as the case may be, and as bailee for the other Collateral Agents (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the purpose of perfecting the security interest granted under the Revolving Credit Documents and the Fixed Asset Documents, respectively, subject to the terms and conditions of this Section 5.4.

(b)    No Collateral Agent shall have any obligation whatsoever to the other Collateral Agents, to any Revolving Credit Claimholder, or to any Fixed Asset Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4.  The duties or responsibilities of the respective Collateral Agents under this Section 5.4 shall be limited solely to holding the Pledged Collateral as bailee in accordance with this Section 5.4 and delivering the Pledged Collateral upon a Discharge of Revolving Credit Obligations or Discharge of Fixed Asset Obligations, as the case may be, as provided in paragraph (d) below.

(c)    No Collateral Agent acting pursuant to this Section 5.4 shall have by reason of the Revolving Credit Documents, the Fixed Asset Documents, this Agreement or any other document a fiduciary relationship in respect of the other Collateral Agent, or any Revolving Credit Claimholders or any Fixed Asset Claimholders.

(d)    Upon the Discharge of Revolving Credit Obligations or the Discharge of Fixed Asset Obligations, as the case may be, the Collateral Agent under the debt facility or indenture which has been discharged shall deliver the remaining Pledged Collateral (if any) together with any necessary endorsements and without recourse or warranty, first, to the otheranother Collateral Agent (for the

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 avoidance of doubt, in the case of the Discharge of Revolving Credit Obligations, to the Fixed Asset Collateral Agent, and in the case of the Discharge of Fixed Asset Obligations, to the Designated Revolving Credit Collateral Agent) to the extent the other Obligations (other than Contingent Obligations) remain outstanding, and second, to the applicable Grantor to the extent no Revolving Credit Obligations or Fixed Asset Obligations, as the case may be, remain outstanding (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral).  Each Collateral Agent further agrees, to the extent that any other Obligations (other than applicable Contingent Obligations) remain outstanding, to take all other commercially reasonable action as shall be reasonably requested by any other Collateral Agent, at the sole cost and expense of the Credit Parties, to permit such other Collateral Agent to obtain, for the benefit of the Revolving Credit Claimholders or Fixed Asset Claimholders, as applicable, a first-priority interest in the Collateral or as a court of competent jurisdiction may otherwise direct.

(e)    Subject to the terms of this Agreement, (i) so long as the Discharge of Revolving Credit Obligations has not occurred, theeach Revolving Credit Collateral Agent shall be entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other Revolving Credit Documents, but only to the extent that such Collateral constitutes ABL Collateral, as if the Liens of the Fixed Asset Collateral Agent and Fixed Asset Claimholders did not exist and (ii) so long as the Discharge of Fixed Asset Obligations has not occurred, the Fixed Asset Collateral Agent shall be entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other Fixed Asset Documents, but only to the extent that such Collateral constitutes Fixed Asset Priority Collateral, as if the Liens of the Revolving Credit Collateral AgentAgents and Revolving Credit Claimholders did not exist.  In furtherance of the foregoing, in connection with any deposit account control agreement or securities account control agreement to which any Revolving Credit Collateral Agent and the Fixed Asset Collateral Agent are parties, promptly following the Discharge of Revolving Credit Obligations, unless a New Debt Notice in respect of new Revolving Credit Documents shall have been delivered as provided in Section 5.5 below, thesuch Revolving Credit Collateral Agent hereby agrees to deliver, at the cost and expense of the Credit Parties, to each deposit bank and securities intermediary, if any, that is counterparty to a deposit account control agreement or securities account control agreement, as applicable, written notice as contemplated in such deposit account control agreement or securities account control agreement, as applicable, directing such deposit bank or securities intermediary, as applicable, to comply with the instructions of the Fixed Asset Collateral Agent, unless the Discharge of Fixed Asset Obligations has occurred (as certified to the Revolving Credit Collateral AgentAgents by the Borrower), in which case, such deposit account control agreement or securities account control agreement, as the case may be, shall be terminated.  With respect to any deposit account control agreement or securities account control agreement executed by the ABL Collateral Agent and any Grantor pursuant to any ABL Credit Document prior to the date the 2016 Secured Notes Obligations were initially incurred and to the extent the same continues to be in favor of the ABL Collateral Agent, each party hereto agrees that unless the Liens on the applicable deposit account or securities account in favor of the 2016 Secured Notes Collateral Agent shall have been or concurrently are released, the ABL Collateral Agent, the 2016 Secured Notes Collateral Agent and the applicable Grantors shall, substantially concurrently with the Discharge of ABL Obligations, notify in writing the applicable deposit bank or securities intermediary that upon and following the date such written notice is delivered, the 2016 Secured Notes Collateral Agent shall constitute the “Revolving Credit Collateral Agent” (or similar term) under such control agreement as a permitted successor of the ABL Collateral Agent (which written notice shall (i) state that the 2016 Secured Notes Collateral Agent is the permitted successor of the ABL Collateral Agent under such control agreement, (ii) include the notice address for the 2016 Secured Notes Collateral Agent, (iii) include an agreement by the 2016 Secured Notes Collateral Agent to be bound by all of the terms and conditions of such control agreement in such capacity and (iv) be signed by the ABL Collateral Agent, the 2016 Secured Notes Collateral Agent and the applicable Grantor), and, upon the occurrence of the 

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Discharge of ABL Obligations and the delivery of such written notice, the parties hereto hereby acknowledge and agree that the 2016 Secured Notes Collateral Agent shall constitute the successor “Revolving Credit Collateral Agent” (or similar term) under such control agreement and shall be bound by the terms and conditions thereof in such capacity.  The ABL Collateral Agent agrees that, upon the Discharge of ABL Obligations, all of its rights as the “Revolving Credit Collateral Agent” (or similar term) under any such control agreement is deemed assigned to the 2016 Secured Notes Collateral Agent; provided that the ABL Collateral Agent shall have no obligation (other than to deliver the written notice described in the immediately preceding sentence in accordance with the terms of the immediately preceding sentence) to the 2016 Secured Notes Collateral Agent or any 2016 Secured Notes Claimholder to ensure the effectiveness or preserve the rights or benefits of such control agreements.  In connection therewith, the Fixed Asset Collateral Agent agrees to take any further actions or execute and deliver such further documents within its power and authority, in each case pursuant to Section 8.8, as the 2016 Secured Notes Collateral Agent may reasonably request to effectuate the foregoing under any such control agreement (including, without limitation, notifying the applicable depositary bank or securities intermediary that the 2016 Secured Notes Collateral Agent is the successor “Revolving Credit Collateral Agent” (or similar term) under such control agreement and, to the extent required in order for the 2016 Secured Notes Collateral Agent to exercise its rights under such control agreement as the “Revolving Credit Collateral Agent” (or similar term) thereunder, sending any notices to the depositary bank or securities intermediary (as applicable) thereunder).

(f)    Notwithstanding anything in this Agreement to the contrary:

(1)    each of the Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, agrees that any requirement under any Revolving Credit Collateral Document that any Grantor deliver any Collateral that constitutes Fixed Asset Priority Collateral to thesuch Revolving Credit Collateral Agent, or that requires any Grantor to vest thesuch Revolving Credit Collateral Agent with possession or “control” (as defined in the UCC or in the manner provided for in the STA) of any Collateral that constitutes Fixed Asset Priority Collateral, in each case, shall be deemed satisfied to the extent that, prior to the Discharge of Fixed Asset Obligations (other than Contingent Obligations), such Collateral is delivered to the Fixed Asset Collateral Agent, or the Fixed Asset Collateral Agent shall have been vested with such possession or (unless, pursuant to the UCC or the STA, as applicable, control may be given concurrently to the Revolving Credit Collateral AgentAgents and the Fixed Asset Collateral Agent) “control,” in each case, subject to the provisions of this Section 5.4; and

(2)    the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, agrees that any requirement under any Fixed Asset Collateral Document that any Grantor deliver any Collateral that constitutes ABL Collateral to the Fixed Asset Collateral Agent, or that requires any Grantor to vest the Fixed Asset Collateral Agent with possession or “control” (as defined in the UCC or in the manner provided for in the STA) of any Collateral that constitutes ABL Collateral, in each case, shall be deemed satisfied to the extent that, prior to the Discharge of Revolving Credit Obligations (other than Contingent Obligations), such Collateral is delivered to the Designated Revolving Credit Collateral Agent, or the Designated Revolving Credit Collateral Agent shall have been vested with such possession or (unless, pursuant to the UCC or STA, as applicable, control may be given concurrently to the Fixed Asset Collateral Agent and the Revolving Credit Collateral AgentAgents) “control,” in each case, subject to the provisions of this Section 5.4.

(g)    The parties hereto further agree that to the extent the any Revolving Credit Collateral Agent is specified as the lienholder on the certificates of title with respect to any Motor Vehicles (as defined in the Fixed Asset Security Agreement) of any Grantor, then (including for the

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purposes of the applicable state certificate of title laws and any other applicable laws) thesuch Revolving Credit Collateral Agent shall act as agent for both the Revolving Credit Claimholders and the Fixed Asset Claimholders in order to perfect and secure both the Revolving Credit Obligations and the Fixed Asset Obligations, provided that, notwithstanding that there may be only one lienholder noted on such certificate of title for such purposes, the priorities as between the rights of the Revolving Credit Claimholders and the Fixed Asset Claimholders shall be as if there were two separate Liens, subject to the priorities and other terms of this Agreement.  In furtherance of the foregoing, (i) the Fixed Asset Collateral Agent hereby appoints the Designated Revolving Credit Collateral Agent as its collateral agent for the limited purpose of acting as the agent on behalf of the Fixed Asset Claimholders with respect to the applicable Motor Vehicles solely for purposes of perfecting the Liens of such parties on such Motor Vehicles and releasing such Liens when required by the terms of the Fixed Asset Documents and (ii) in order to secure the prompt payment and performance of the Fixed Asset Obligations, each Grantor hereby grants to the Designated Revolving Credit Collateral Agent, as agent for the Fixed Asset Claimholders, a security interest in all right, title and interest of such Grantor in, to and under all Motor Vehicles and, for purposes of Section 5.4(a), all Deposit Accounts and Securities Accounts (other than any Fixed Asset Priority Collateral Proceeds Account), whether now owned or hereafter acquired by such Grantor.  Such grant creates a security interest wholly separate from the security interest in such Motor Vehicles and such Deposit Accounts and Securities Account granted to the Designated Revolving Credit Collateral Agent in the Revolving Credit Documents as security for the applicable Revolving Credit Obligations. The duties or responsibilities of the Designated Revolving Credit Collateral Agent under this Section 5.4(g) shall be limited solely to holding (either itself or through its appointment of a custodian or agent) a Lien on such Motor Vehicles (and releasing such Lien), or the Deposit Accounts and Securities Accounts, as applicable, as agent in accordance with this Section 5.4(g).

5.5.    When Discharge of Revolving Credit Obligations, Discharge of ABL Obligations and Discharge of Fixed Asset Obligations Deemed to Not Have Occurred.  If in connection with the Discharge of Revolving Credit Obligations, the Discharge of ABL Obligations or the Discharge of Fixed Asset Obligations, the Borrower substantially concurrently enters into any Refinancing of any Revolving Credit Obligation or Fixed Asset Obligation as the case may be, which Refinancing is permitted by both the Fixed Asset Documents and the Revolving Credit Documents, in each case, to the extent such documents will remain in effect following such Refinancing, then such Discharge of Revolving Credit Obligations, Discharge of ABL Obligations or the Discharge of Fixed Asset Obligations, as the case may be, shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken pursuant to this Agreement as a result of the occurrence of such Discharge of Revolving Credit Obligations, Discharge of ABL Obligations or Discharge of Fixed Asset Obligations, as applicable) and, from and after the date on which the New Debt Notice is delivered to the appropriate Collateral Agents in accordance with the next sentence, the obligations under such Refinancing shall automatically be treated as Revolving Credit Obligations or Fixed Asset Obligations, as applicable, for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the Revolving Credit Collateral Agent or Fixed Asset Collateral Agent, as the case may be, under such new Revolving Credit Documents or new Fixed Asset Documents shall be thea Revolving Credit Collateral Agent or a Fixed Asset Collateral Agent for all purposes of this Agreement.  Upon receipt of a notice (the “New Debt Notice”) stating that the Borrower has entered into new Revolving Credit Documents or new Fixed Asset Documents (which notice shall include a complete copy of the relevant new documents and provide the identity of the new collateral agent (such agent, the “New Agent”)), the other Collateral Agents shall promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Borrower or such New Agent shall reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to the New Agent any Pledged Collateral (that is Fixed Asset Priority Collateral, in the case of a New Agent that is the agent under any new Fixed Asset Documents or that is 

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ABL Collateral, in the case of a New Agent that is the agent under any new Revolving Credit Documents) held by it together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral).  The New Agent shall agree in a writing addressed to the other Collateral Agents for the benefit of the Revolving Credit Claimholders or the Fixed Asset Claimholders, as the case may be, to be bound by the terms of this Agreement.  If the new Revolving Credit Obligations under the new Revolving Credit Documents or the new Fixed Asset Obligations under the new Fixed Asset Documents are secured by assets of the Grantors constituting Collateral that do not also secure the other Obligations, then the other Obligations shall be secured at such time by a Lien on such assets to the same extent provided in the Revolving Credit Documents, Fixed Asset Collateral Documents and this Agreement.

SECTION 6.    Insolvency or Liquidation Proceedings.

6.1.    Finance Issues.

(a)    Until the Discharge of Revolving Credit Obligations has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the Designated Revolving Credit Collateral Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) that consists of ABL Collateral on which theany Revolving Credit Collateral Agent or any other creditor has a Lien or to permit any Grantor to obtain financing, whether from the Revolving Credit Claimholders or any other Person, under Section 364 of the Bankruptcy Code (or any similar provision of any Bankruptcy Law) that is to be secured by the ABL Collateral (a “Revolving DIP Financing”) then the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, agrees that it will raise no objection to such Cash Collateral use or Revolving DIP Financing so long as such Cash Collateral use or Revolving DIP Financing meet the following requirements:  (i) the Fixed Asset Collateral Agent and the Fixed Asset Claimholders retain the right to object to any ancillary agreements or arrangements regarding the Cash Collateral use or the Revolving DIP Financing that are materially prejudicial to their interests in the Fixed Asset Priority Collateral, and (ii) the terms of the Revolving DIP Financing (A) do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the Revolving DIP Financing documentation or a related document, (B) do not expressly require the liquidation of the Collateral prior to the occurrence of an Event of Default under the Revolving DIP Financing documentation or Cash Collateral order and (C) do not require that any Lien of the Fixed Asset Collateral Agent on the Fixed Asset Priority Collateral be subordinated to or pari passu with the Lien on the Fixed Asset Priority Collateral securing such Revolving DIP Financing.  To the extent the Liens securing the Revolving Credit Obligations are subordinated to or pari passu with such Revolving DIP Financing which meets the requirements of clauses (i) and (ii) above, the Fixed Asset Collateral Agent will subordinate its Liens in the ABL Collateral (to the same extent subordinated to such ABL Collateral) to the Liens securing such Revolving DIP Financing (and all Obligations relating thereto), provided, however, that the Fixed Asset Collateral Agent may request adequate protection under Section 361 of the Bankruptcy Code in respect of such subordinated Liens in a manner that is consistent with Section 6.3.

(b)    Until the Discharge of Fixed Asset Obligations has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the Fixed Asset Collateral Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) that consists of Fixed Asset Priority Collateral (if any) on which the Fixed Asset Collateral Agent or any other creditor has a Lien or to permit any Grantor to obtain financing, whether from the Fixed Asset Claimholders or any other Person, under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law that is to be secured by the Fixed Asset Priority Collateral (a “Fixed Asset DIP Financing”) then each Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit

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Claimholders, agrees that it will raise no objection to such Cash Collateral use or Fixed Asset DIP Financing so long as such Cash Collateral use or Fixed Asset DIP Financing meet the following requirements:  (i) the Revolving Credit Collateral Agents and the Revolving Credit Claimholders retain the right to object to any ancillary agreements or arrangements regarding the Cash Collateral use or the Fixed Asset DIP Financing that are materially prejudicial to their interests in the ABL Collateral, and (ii) the terms of the Fixed Asset DIP Financing (A) do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the Fixed Asset DIP Financing documentation or a related document, (B) do not expressly require the liquidation of the Collateral prior to the occurrence of an Event of Default under the Fixed Asset DIP Financing documentation or Cash Collateral order and (C) do not require that any Lien of the Revolving Credit Collateral Agents on the ABL Collateral be subordinated to or pari passu with the Lien on the ABL Collateral securing such Fixed Asset DIP Financing.  To the extent the Liens securing the Fixed Asset Obligations are subordinated to or pari passu with such Fixed Asset DIP Financing which meets the requirements of clauses (i) and (ii) above, each Revolving Credit Collateral Agent will subordinate its Liens in the Fixed Asset Priority Collateral (to the same extent subordinated to such Fixed Asset Priority Collateral) to the Liens securing such Fixed Asset DIP Financing (and all Obligations relating thereto), all adequate protection Liens granted to the Revolving Credit Claimholders, and any “carve out” from Collateral for professional and United States Trustee fees that has been agreed to by the Fixed Asset Collateral Agent, provided, however, that the Revolving Credit Collateral AgentAgents may request adequate protection under Section 361 of the Bankruptcy Code (or any similar provision of any applicable Bankruptcy Law) in respect of such subordinated Liens in a manner that is consistent with Section 6.3.

6.2.    Relief from the Automatic Stay.

(a)    Until the Discharge of Revolving Credit Obligations has occurred, the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the ABL Collateral for the purpose of exercising remedies with respect to the Fixed Asset Obligations, without the prior written consent of the Revolving Credit Collateral AgentAgents, unless a motion for adequate protection permitted under Section 6.3 has been denied by the bankruptcy court.

(b)    Until the Discharge of Fixed Asset Obligations has occurred, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees that none of them shall (i) seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Fixed Asset Priority Collateral for the purpose of exercising remedies with respect to the Revolving Credit Obligations (other than to the extent such relief is required to exercise its rights under Section 3.3), without the prior written consent of the Fixed Asset Collateral Agent, or (ii) object to any motion by the Fixed Asset Collateral Agent seeking relief from the automatic stay or any other stay in an Insolvency or Liquidation Proceeding in respect of the Collateral for the purpose of exercising remedies with respect to the Fixed Asset Obligations.

6.3.    Adequate Protection.

(a)    The Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, agrees that none of them shall contest (or support any other Person contesting):

(1)    any request by theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders for adequate protection with respect to the ABL Collateral; provided that (A) such

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adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor other than with respect to assets or property that constitute Revolving Credit Collateral and (B) if such additional assets or property shall also constitute Fixed Asset Priority Collateral, (i) a Lien shall also have been created in favor of the Fixed Asset Claimholders in respect of such Collateral and (ii) the Lien in favor of the Revolving Credit Claimholders shall be subordinated to the Lien in favor of the Fixed Asset Claimholders to the extent set forth in this Agreement; or

(2)    any objection by theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders to any motion, relief, action or proceeding based on theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders claiming a lack of adequate protection in any form; provided that if theany Revolving Credit Collateral Agent is granted adequate protection in the form of additional or replacement collateral, the Fixed Asset Collateral Agent and the Fixed Asset Claimholders may seek or request adequate protection in the form of Lien on such additional or replacement collateral; it being understood and agreed that (1) if such additional or replacement collateral shall also constitute Fixed Asset Priority Collateral, the Lien on such additional or replacement collateral in favor of the Revolving Credit Collateral AgentAgents shall be subordinate to the Lien on such additional or replacement collateral in favor of the Fixed Asset Collateral Agent and (2) if such additional or replacement collateral shall also constitute ABL Collateral, the Lien on such additional or replacement collateral in favor of the Revolving Credit Collateral AgentAgents shall be senior to the Lien on such additional or replacement collateral in favor of the Fixed Asset Collateral Agent, in each case with respect to the foregoing clauses (1) and (2), to the extent required by this Agreement.

(b)    TheEach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees that none of them shall contest (or support any other Person contesting):

(1)    any request by the Fixed Asset Collateral Agent for adequate protection with respect to the Fixed Asset Priority Collateral; provided that (A) such adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor other than with respect to assets or property that constitute Fixed Asset Collateral and (B) if such additional assets or property shall also constitute ABL Collateral, (i) a Lien shall also have been created in favor of the Revolving Credit Claimholders in respect of such Collateral and (ii) the Lien in favor of the Fixed Asset Claimholders shall be subordinated to the Lien in favor of the Revolving Credit Claimholders to the extent set forth in this Agreement; or

(2)    any objection by the Fixed Asset Collateral Agent to any motion, relief, action or proceeding based on the Fixed Asset Collateral Agent claiming a lack of adequate protection in any form; provided that if the Fixed Asset Collateral Agent is granted adequate protection in the form of additional or replacement collateral, theeach Revolving Credit Collateral Agent and the Revolving Credit Claimholders may seek or request adequate protection in the form of Lien on such additional or replacement collateral; it being understood and agreed that (1) if such additional or replacement collateral shall also constitute ABL Collateral, the Lien on such additional or replacement collateral in favor of the Fixed Asset Collateral Agent shall be subordinate to the Lien on such additional or replacement collateral in favor of the Revolving Credit Collateral AgentAgents and (2) if such additional or replacement collateral shall also constitute Fixed Asset Priority Collateral, the Lien on such additional or replacement collateral in favor of the Fixed Asset Collateral Agent shall be senior to the Lien on such additional or replacement collateral in favor of the Revolving Credit Collateral AgentAgents, in each case with respect to the foregoing clauses (1) and (2), to the extent required by this Agreement.

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(c)    Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding:

(1)    if the Revolving Credit Claimholders (or any subset thereof) are granted adequate protection with respect to the ABL Collateral in the form of additional or replacement collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted ABL Collateral) in connection with any Cash Collateral use or Revolving DIP Financing, then the Fixed Asset Collateral Agent, on behalf of itself or any of the Fixed Asset Claimholders, may seek or request adequate protection with respect to its interests in such Collateral in the form of a Lien on the same additional or replacement collateral, which Lien will be subordinated to the Liens securing and granted as adequate protection for the Revolving Credit Obligations and such Cash Collateral use or Revolving DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens of the Fixed Asset Collateral Agent on ABL Collateral;

(2)    if the Fixed Asset Claimholders (or any subset thereof) are granted adequate protection with respect to the Fixed Asset Priority Collateral in the form of additional or replacement collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted Fixed Asset Priority Collateral) in connection with any Cash Collateral use or Fixed Asset DIP Financing, then theeach Revolving Credit Collateral Agent, on behalf of itself or any of the applicable Revolving Credit Claimholders, may seek or request adequate protection with respect to its interests in such Collateral in the form of a Lien on the same additional or replacement collateral, which Lien will be subordinated to the Liens securing the Fixed Asset Obligations and such Cash Collateral use or Fixed Asset DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens of the Revolving Credit Collateral AgentAgents on Fixed Asset Priority Collateral;

(3)    in the event theany Revolving Credit Collateral Agent, on behalf of itself or any of the applicable Revolving Credit Claimholders, seeks or requests adequate protection in respect of ABL Collateral and such adequate protection is granted in the form of additional or replacement collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted ABL Collateral), then theeach Revolving Credit Collateral Agent, on behalf of itself and any of the applicable Revolving Credit Claimholders, agrees that the Fixed Asset Collateral Agent shall also be granted a Lien on the same additional or replacement collateral as adequate protection for the Fixed Asset Obligations, and the Fixed Asset Collateral Agent, on behalf of itself and any of the Fixed Asset Claimholders, agrees that any Lien on such additional or replacement collateral securing or granted as adequate protection for the Fixed Asset Obligations shall be subordinated to the Liens on such collateral securing the Revolving Credit Obligations and to any other Liens granted to the Revolving Credit Claimholders as adequate protection with respect to the ABL Collateral, all on the same basis as the other Liens of the Fixed Asset Collateral Agent on ABL Collateral; and

(4)    in the event the Fixed Asset Collateral Agent, on behalf of itself or any of the Fixed Asset Claimholders, seeks or requests adequate protection in respect of Fixed Asset Priority Collateral and such adequate protection is granted in the form of additional or replacement collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted Fixed Asset Priority Collateral), then the Fixed Asset Collateral Agent, on behalf of itself and any of the Fixed Asset Claimholders, agrees that theeach Revolving Credit Collateral Agent may also be granted a Lien on the same additional or replacement collateral as security for the Revolving Credit Obligations, and theeach Revolving Credit Collateral Agent, on behalf of itself and any of the applicable Revolving Credit 

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Claimholders, agrees that any Lien on such additional or replacement collateral securing the Revolving Credit Obligations shall be subordinated to the Liens on such collateral securing the Fixed Asset Obligations and to any other Liens granted to the Fixed Asset Claimholders as adequate protection with respect to the Fixed Asset Priority Collateral, all on the same basis as the other Liens of the Revolving Credit Collateral AgentAgents on Fixed Asset Priority Collateral.

(d)    Except as otherwise expressly set forth in this Section 6 or in connection with the exercise of remedies with respect to (i) the ABL Collateral, nothing herein shall limit the rights of the Fixed Asset Collateral Agent or the Fixed Asset Claimholders to seek adequate protection with respect to their rights in the Fixed Asset Priority Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise) or (ii) the Fixed Asset Priority Collateral, nothing herein shall limit the rights of the Revolving Credit Collateral AgentAgents or the Revolving Credit Claimholders from seeking adequate protection with respect to their rights in the Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise).

6.4.    Avoidance Issues.  If any Revolving Credit Claimholder or Fixed Asset Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the applicable Grantor any amount paid in respect of Revolving Credit Obligations or the Fixed Asset Obligations, as the case may be (a “Recovery”), then such Revolving Credit Claimholders or Fixed Asset Claimholders shall be entitled to a reinstatement of Revolving Credit Obligations or the Fixed Asset Obligations, as the case may be, with respect to all such recovered amounts.  If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement.

6.5.    Post-Petition Interest.

(a)    Neither the Fixed Asset Collateral Agent nor any Fixed Asset Claimholder shall oppose or seek to challenge any claim by theany Revolving Credit Collateral Agent or any Revolving Credit Claimholder for allowance in any Insolvency or Liquidation Proceeding of Revolving Credit Obligations consisting of Post-Petition Interest, fees or expenses to the extent of the value of the Lien securing any Revolving Credit Claimholder’s claim, without regard to the existence of the Lien of the Fixed Asset Collateral Agent on behalf of the Fixed Asset Claimholders on the Collateral.

(b)    Neither the Revolving Credit Collateral AgentAgents nor any other Revolving Credit Claimholder shall oppose or seek to challenge any claim by the Fixed Asset Collateral Agent or any Fixed Asset Claimholder for allowance in any Insolvency or Liquidation Proceeding of Fixed Asset Obligations consisting of Post-Petition Interest, fees or expenses to the extent of the value of the Lien securing any Fixed Asset Claimholder’s claim, without regard to the existence of the Lien of theany Revolving Credit Collateral Agent on behalf of the applicable Revolving Credit Claimholders on the Collateral.

6.6.    Waiver – 1111(b)(2) Issues.

(a)    The Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, waives any claim it may hereafter have against any Revolving Credit Claimholder arising out of the election of any Revolving Credit Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code or out of any grant of a security interest in connection with the ABL Collateral in any Insolvency or Liquidation Proceeding.

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(b)    TheEach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, waives any claim it may hereafter have against any Fixed Asset Claimholder arising out of the election of any Fixed Asset Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law) or out of any grant of a security interest in connection with the Fixed Asset Priority Collateral in any Insolvency or Liquidation Proceeding.

6.7.    Separate Grants of Security and Separate Classification.

(a)    The Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, and theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, acknowledge and agree that the grants of Liens pursuant to the applicable Revolving Credit Collateral Documents and the Fixed Asset Collateral Documents constitute separate and distinct grants of Liens, and because of, among other things, their differing rights in the Collateral, the Fixed Asset Obligations are fundamentally different from the Revolving Credit Obligations and must be separately classified in any plan of reorganization or similar dispositive plan or arrangement proposed, confirmed or adopted in an Insolvency or Liquidation Proceeding.  In furtherance of the foregoing, the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, and theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, agree that the Fixed Asset Claimholders and the Revolving Credit Claimholders will vote and otherwise be treated as separate classes in connection with any plan of reorganization or similar dispositive plan or arrangement in any Insolvency or Liquidation Proceeding and that no Collateral Agent nor any Claimholder will seek to vote with the other as a single class in connection with any plan of reorganization or similar dispositive plan or arrangement in any Insolvency or Liquidation Proceeding, or vote in a manner that is otherwise in accordance with this Agreement.

(b)    To further effectuate the intent of the parties as provided in this Section 6.7, if it is held that the claims of the Fixed Asset Claimholders and the Revolving Credit Claimholders in respect of the Fixed Asset Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims with respect to such Fixed Asset Collateral), then the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, and theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, hereby acknowledge and agree that, subject to Sections 2.1 and 4.1, all distributions from the Fixed Asset Collateral shall be made as if there were separate classes of senior and junior allowed secured claims against the Grantors in respect of the Fixed Asset Collateral (with the effect being that, to the extent that the aggregate value of the Fixed Asset Collateral is sufficient (for this purpose ignoring all claims held by the Revolving Credit Claimholders), the Fixed Asset Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest, including any additional interest payable pursuant to the Fixed Asset Documents, arising from or related to a default, regardless of whether any claim therefor is allowed or allowable in any Insolvency or Liquidation Proceeding) before any distribution is made from the Fixed Asset Priority Collateral in respect of the claims held by the Revolving Credit Claimholders, with theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, hereby acknowledging and agreeing to turn over to the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, amounts otherwise received or receivable by them from the Fixed Asset Priority Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Revolving Credit Claimholders.

(c)    To further effectuate the intent of the parties as provided in this Section 6.7, if it is held that the claims of the Fixed Asset Claimholders and the Revolving Credit Claimholders in respect

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of the Revolving Credit Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims with respect to such Revolving Credit Collateral), then the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, and theeach Revolving Credit Collateral Agent, for itself and on behalf of the applicable Revolving Credit Claimholders, hereby acknowledge and agree that, subject to Sections 2.1 and 4.1, all distributions from the Revolving Credit Collateral shall be made as if there were separate classes of senior and junior allowed secured claims against the Grantors in respect of the Revolving Credit Collateral (with the effect being that, to the extent that the aggregate value of the Revolving Credit Collateral is sufficient (for this purpose ignoring all claims held by the Fixed Asset Claimholders), the Revolving Credit Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest, including any additional interest payable pursuant to the Revolving Credit Agreement or the 2016 Secured Notes Purchase Agreement, arising from or related to a default, which is disallowed as a claim in any Insolvency or Liquidation Proceeding) before any distribution is made from the Revolving Credit Collateral in respect of the claims held by the Fixed Asset Claimholders, with the Fixed Asset Collateral Agent, for itself and on behalf of the Fixed Asset Claimholders, hereby acknowledging and agreeing to turn over to the Designated Revolving Credit Collateral Agent, for itself and on behalf of the Revolving Credit Claimholders, amounts otherwise received or receivable by them from the Revolving Credit Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Fixed Asset Claimholders.

(d)    Notwithstanding anything in the foregoing to the contrary, the Fixed Asset Collateral Agent and the Fixed Asset Claimholders, on the one hand, and the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders, on the other hand, shall retain the right to vote and otherwise act in any Insolvency or Liquidation Proceeding (including the right to vote to accept or reject any plan of reorganization or arrangement) to the extent not inconsistent with the provisions hereof.

6.8.    Enforceability and Continuing Priority.  This Agreement shall be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding and all converted or succeeding cases in respect thereof.  The relative rights of Claimholders in or to any distributions from or in respect of any Collateral or Proceeds of Collateral shall continue after the commencement of any Insolvency Proceeding.  Accordingly, the provisions of this Agreement (including, without limitation, Section 2.1 hereof) are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law).

6.9.    Sales.  Subject to Sections 3.1(c)(5) and 3.2(c)(5) and 3.3, each Collateral Agent agrees that it will consent to, and will not object or oppose, or support any party in opposing, a motion to sell or otherwise dispose of any Priority Collateral of the other party free and clear of any Liens or other claims under Section 363 of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law) if the requisite Revolving Credit Claimholders under the Revolving Credit Agreement and/or the 2016 Secured Notes Purchase Agreement, as applicable, or Fixed Asset Claimholders under the applicable Fixed Asset Documents, as the case may be, have consented to such disposition of their respective Priority Collateral, such motion does not impair, subject to the priorities set forth in this Agreement, the rights of such party under Section 363(k) of the Bankruptcy Code, or any similar Bankruptcy Law (so long as the right of any Fixed Asset Claimholder to offset its claim against the purchase price for any ABL Collateral exists only after the Revolving Credit Obligations have been paid in full in cash, and so long as the right of any Revolving Credit Claimholder to offset its claim against the purchase price for any Fixed Asset Priority Collateral exists only after the Fixed Asset Obligations have been paid in full in cash), and the terms of any proposed order approving such transaction provide for the respective Liens to attach to the proceeds of the Priority Collateral that is the subject of such disposition,

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subject to the Lien priorities in Section 2.1 and the other terms and conditions of this Agreement and further provided that such party may assert any objection to such proposed sale or disposition that may be raised by an unsecured creditor of the Grantors.  Each of the Fixed Asset Collateral Agent and the Revolving Credit Collateral AgentAgents further agrees that it will not oppose, or support any party in opposing, the right of the other party to credit bid under Section 363(k) of the Bankruptcy Code (or any similar provision of other applicable Bankruptcy Law).

SECTION 7.    Reliance; Waivers, Etc.

7.1.    Reliance.  Other than any reliance on the terms of this Agreement, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders under its applicable Revolving Credit Documents, acknowledges that it and such Revolving Credit Claimholders have, independently and without reliance on the Fixed Asset Collateral Agent or any Fixed Asset Claimholders, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such Revolving Credit Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Revolving Credit Agreement, the 2016 Secured Notes Purchase Agreement or this Agreement.  Other than any reliance on the terms of this Agreement, the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, acknowledges that it and the Fixed Asset Claimholders have, independently and without reliance on the Revolving Credit Collateral AgentAgents or any Revolving Credit Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each of the Fixed Asset Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Fixed Asset Documents or this Agreement.

7.2.    No Warranties or Liability.  TheEach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders under the Revolving Credit Documents, acknowledges and agrees that no Fixed Asset Collateral Agent nor any Fixed Asset Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Fixed Asset Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.  Except as otherwise provided in this Agreement, the Fixed Asset Collateral Agent and the Fixed Asset Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Fixed Asset Documents in accordance with law and the Fixed Asset Documents, as they may, in their sole discretion, deem appropriate.  The Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, acknowledges and agrees that neither the Revolving Credit Collateral AgentAgents nor any Revolving Credit Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Revolving Credit Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.  Except as otherwise provided in this Agreement, the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under their respective Revolving Credit Documents in accordance with law and the Revolving Credit Documents, as they may, in their sole discretion, deem appropriate.  No Fixed Asset Collateral Agent nor any Fixed Asset Claimholders shall have any duty to theany Revolving Credit Collateral Agent or any of the Revolving Credit Claimholders, and the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders shall have no duty to the Fixed Asset Collateral Agent or any of the Fixed Asset Claimholders, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the Revolving Credit Documents and the Fixed Asset Documents), regardless of any knowledge thereof which they may have or be charged with.

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7.3.    No Waiver of Lien Priorities.

(a)    No right of the Collateral Agents, the Revolving Credit Claimholders or the Fixed Asset Claimholders to enforce any provision of this Agreement or any Revolving Credit Document or Fixed Asset Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by such Collateral Agents, Revolving Credit Claimholders or Fixed Asset Claimholders or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the Revolving Credit Documents or any of the Fixed Asset Documents, regardless of any knowledge thereof which the Collateral Agents or the Revolving Credit Claimholders or Fixed Asset Claimholders, or any of them, may have or be otherwise charged with.

(b)    Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Grantors under the Revolving Credit Documents and Fixed Asset Documents and subject to the provisions of Sections 2.3, 2.4 and 5.3), the Collateral Agents, the Revolving Credit Claimholders and the Fixed Asset Claimholders may, at any time and from time to time in accordance with the Revolving Credit Documents and Fixed Asset Documents and/or applicable law, without the consent of, or notice to, theany other Collateral Agent or the Revolving Credit Claimholders or the Fixed Asset Claimholders (as the case may be), without incurring any liabilities to such Persons and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy is affected, impaired or extinguished thereby) do any one or more of the following:

(1)    change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the Collateral Agents or any rights or remedies under any of the Revolving Credit Documents or the Fixed Asset Documents;

(2)    sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral (except to the extent provided in this Agreement) or any liability of any Grantor or any liability incurred directly or indirectly in respect thereof;

(3)    settle or compromise any Obligation or any other liability of any Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability in any manner or order that is not inconsistent with the terms of this Agreement; and

(4)    exercise or delay in or refrain from exercising any right or remedy against any security or any Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor.

(c)    Except as otherwise provided herein, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, also agrees that the Fixed Asset Claimholders and the Fixed Asset Collateral Agent shall have no liability to the Revolving Credit Collateral AgentAgents or any Revolving Credit Claimholders, and theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, hereby waives any claim

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against any Fixed Asset Claimholder or the Fixed Asset Collateral Agent, arising out of any and all actions which the Fixed Asset Claimholders or the Fixed Asset Collateral Agent may take or permit or omit to take with respect to:

(1)    the Fixed Asset Documents;

(2)    the collection of the Fixed Asset Obligations; or

(3)    the foreclosure upon, or sale, liquidation or other disposition of, any Fixed Asset Priority Collateral.

TheEach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees that the Fixed Asset Claimholders and the Fixed Asset Collateral Agent have no duty to them in respect of the maintenance or preservation of the Fixed Asset Priority Collateral, the Fixed Asset Obligations or otherwise.

(d)    Except as otherwise provided herein, the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, also agrees that the Revolving Credit Claimholders and the Revolving Credit Collateral AgentAgents shall have no liability to the Fixed Asset Collateral Agent or any Fixed Asset Claimholders, and the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, hereby waives any claim against any Revolving Credit Claimholder or theany Revolving Credit Collateral Agent, arising out of any and all actions which the Revolving Credit Claimholders or theany Revolving Credit Collateral Agent may take or permit or omit to take with respect to:

(1)    the Revolving Credit Documents;

(2)    the collection of the Revolving Credit Obligations; or

(3)    the foreclosure upon, or sale, liquidation or other disposition of, any ABL Collateral.

The Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, agrees that the Revolving Credit Claimholders and the Revolving Credit Collateral AgentAgents have no duty to them in respect of the maintenance or preservation of the ABL Collateral, the Revolving Credit Obligations or otherwise.

(e)    Until the Discharge of Fixed Asset Obligations, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Fixed Asset Priority Collateral or any other similar rights a junior secured creditor may have under applicable law.

(f)    Until the Discharge of Revolving Credit Obligations, the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the ABL Collateral or any other similar rights a junior secured creditor may have under applicable law.

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7.4.    Obligations Unconditional.  All rights, interests, agreements and obligations of the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders and the Fixed Asset Collateral Agent and the Fixed Asset Claimholders, respectively, hereunder shall remain in full force and effect irrespective of:

(a)any lack of validity or enforceability of any Revolving Credit Documents or any Fixed Asset Documents;

(b)except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other terms of, all or any of the Revolving Credit Obligations or Fixed Asset Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Revolving Credit Document or any Fixed Asset Document;

(c)except as otherwise expressly set forth in this Agreement, any exchange of any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Revolving Credit Obligations or Fixed Asset Obligations or any guaranty thereof;

(d)the commencement of any Insolvency or Liquidation Proceeding in respect of the any Grantor; or

(e)any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of theany Revolving Credit Collateral Agent, the Revolving Credit Obligations, any Revolving Credit Claimholder, the Fixed Asset Collateral Agent, the Fixed Asset Obligations or any Fixed Asset Claimholder in respect of this Agreement.

SECTION 8.    Miscellaneous.

8.1.    Conflicts; Term Intercreditor Agreement.  In the event of any conflict between the provisions of this Agreement and the provisions of any Revolving Credit Document or any Fixed Asset Document, the provisions of this Agreement shall govern and control.  The Revolving CreditABL Collateral Agent hereby acknowledges and agrees that, for the avoidance of doubt, immediately upon the effectiveness of this Agreement, (a) all references in the Revolving Credit Agreement or any other Revolving Credit Document to the “Term Intercreditor Agreement” shall mean and be a reference to this Agreement and (b) that certain Intercreditor Agreement, dated as of April 16, 2013, among the Borrower, Holdings, the other Guarantors, the Revolving CreditABL Collateral Agent and Bank of America, N.A., as Term Agent, has terminated and is of no further force or effect.

8.2.    Effectiveness; Continuing Nature of this Agreement; Severability.  This Agreement shall become effective when executed and delivered by the parties hereto.  This is a continuing agreement of lien subordination and the Revolving Credit Claimholders and Fixed Asset Claimholders may continue, at any time and without notice to any Collateral Agent, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor in reliance hereon.  Each of the Collateral Agents, on behalf of itself and the Revolving Credit Claimholders or the Fixed Asset Claimholders, as the case may be, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement.  The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding.  Consistent with, but not in limitation of, the preceding sentence, each Collateral Agent, on behalf of the applicable Claimholders, irrevocably acknowledges that this Agreement constitutes a “subordination agreement” within the meaning of both New York law and Section 510(a) of the Bankruptcy Code (or 

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any similar provision of other applicable Bankruptcy Law).  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for any Grantor (as the case may be) in any Insolvency or Liquidation Proceeding.  This Agreement shall terminate and be of no further force and effect:
(a)    with respect to the Revolving Credit Collateral AgentAgents, the Revolving Credit Claimholders and the Revolving Credit Obligations, on the date of the Discharge of Revolving Credit Obligations, subject to the rights of the Revolving Credit Claimholders under Section 6.4; and

(b)    with respect to the Fixed Asset Collateral Agent, the Fixed Asset Claimholders and the Fixed Asset Obligations, on the date of the Discharge of Fixed Asset Obligations, subject to the rights of the Fixed Asset Claimholders under Section 6.4.

8.3.    Amendments; Waivers.  No amendment, modification or waiver of any of the provisions of this Agreement by the Fixed Asset Collateral Agent or the Revolving Credit Collateral AgentAgents shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time.  Notwithstanding the foregoing, no Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent that such amendment, modification or waiver (i) adversely affects or impairs its rights hereunder, under the Fixed Asset Documents or under the Revolving Credit Documents or (ii) imposes any additional obligation or liability upon it.

8.4.    Information Concerning Financial Condition of the Grantors and their Subsidiaries.    Neither the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders, on the one hand, nor the Fixed Asset Collateral Agent and the Fixed Asset Claimholders, on the other hand, shall have any duty to advise the other of information known to it or them regarding the financial condition of the Grantors and their Subsidiaries and all endorsers and/or guarantors of the Revolving Credit Obligations or the Fixed Asset Obligations or any other circumstances bearing upon the risk of nonpayment of the Revolving Credit Obligations or the Fixed Asset Obligations or otherwise.  In the event that either theany Revolving Credit Collateral Agent or any of the Revolving Credit Claimholders, on the one hand, or the Fixed Asset Collateral Agent and the Fixed Asset Claimholders, on the other hand, undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation:

(a)to make, and shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided;

(b)to provide any additional information or to provide any such information on any subsequent occasion;

(c)to undertake any investigation; or

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(d)to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential.

8.5.    Subrogation.

(a)    With respect to the value of any payments or distributions in cash, property or other assets that any of the Fixed Asset Claimholders or the Fixed Asset Collateral Agent pays over to the Revolving Credit Collateral AgentAgents or the Revolving Credit Claimholders under the terms of this Agreement, the Fixed Asset Claimholders and Fixed Asset Collateral Agent shall be subrogated to the rights of the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders; provided, however, that, the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Revolving Credit Obligations has occurred.  The Grantors acknowledge and agree that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by the Fixed Asset Collateral Agent or the Fixed Asset Claimholders that are paid over to the Revolving Credit Collateral AgentAgents or the Revolving Credit Claimholders pursuant to this Agreement shall not reduce any of the Fixed Asset Obligations.

(b)    With respect to the value of any payments or distributions in cash, property or other assets that any of the Revolving Credit Claimholders or the Revolving Credit Collateral AgentAgents pays over to the Fixed Asset Collateral Agent or the Fixed Asset Claimholders under the terms of this Agreement, the Revolving Credit Claimholders and the Revolving Credit Collateral AgentAgents shall be subrogated to the rights of the Fixed Asset Collateral Agent and the Fixed Asset Claimholders; provided, however, that, theeach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Fixed Asset Obligations has occurred.  The Grantors acknowledge and agree that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by the Revolving Credit Collateral AgentAgents or the Revolving Credit Claimholders that are paid over to the Fixed Asset Collateral Agent or the Fixed Asset Claimholders pursuant to this Agreement shall not reduce any of the Revolving Credit Obligations.

8.6.    SUBMISSION TO JURISDICTION, WAIVERS.

(a)    ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

(1)ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS;

(2)WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

(3)AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.7; AND

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(4)AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.

(b)    EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.6(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

(c)    EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER REVOLVING CREDIT DOCUMENT OR FIXED ASSET DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO.

8.7.    Notices.  All notices to the Fixed Asset Claimholders and the Revolving Credit Claimholders permitted or required under this Agreement shall also be sent to the Fixed Asset Collateral Agent and the Revolving Credit Collateral AgentAgents, respectively.  Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by facsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed.  For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on Exhibit A hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.

Each Collateral Agent agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, PDF, facsimile transmission or other similar unsecured electronic methods, provided, however, that each Collateral Agent shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing.  If any other party hereto elects to give a Collateral Agent 

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e-mail or facsimile instructions (or instructions by a similar electronic method) and such Collateral Agent in its discretion elects to act upon such instructions, such Collateral Agent’s understanding of such instructions shall be deemed controlling absent manifest error. Each Collateral Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from such Collateral Agent’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The other parties hereto agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions to any Collateral Agent, including without limitation the risk of such Collateral Agent acting on unauthorized instructions, and the risk or interception and misuse by third parties.

8.8.    Further Assurances.  TheEach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders under the Revolving Credit Documents, and the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders under the Fixed Asset Documents, and the Grantors, agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the Borrower, any Revolving Credit Collateral Agent or the Fixed Asset Collateral Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement.

8.9.    APPLICABLE LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

8.10.    Binding on Successors and Assigns.  This Agreement shall be binding upon the Revolving Credit Collateral AgentAgents, the Revolving Credit Claimholders, the Fixed Asset Collateral Agent, the Fixed Asset Claimholders and their respective successors and assigns.

8.11.    Specific Performance.  Each of the Revolving Credit Collateral AgentAgents and the Fixed Asset Collateral Agent may demand specific performance of this Agreement.  TheEach Revolving Credit Collateral Agent, on behalf of itself and the applicable Revolving Credit Claimholders, and the Fixed Asset Collateral Agent, on behalf of itself and the Fixed Asset Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Fixed Asset Collateral Agent or the Fixed Asset Claimholders or theany Revolving Credit Collateral Agent or the Revolving Credit Claimholders, as the case may be.

8.12.    Headings.  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.

8.13.    Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

8.14.    Authorization.  By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement.

8.15.    No Third Party Beneficiaries.  This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall

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 inure to the benefit of each of the Collateral Agents, the Revolving Credit Claimholders and the Fixed Asset Claimholders.  Nothing in this Agreement shall impair, as between the Grantors and the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders, or as between the Grantors and the Fixed Asset Collateral Agent and the Fixed Asset Claimholders, the obligations of the Grantors to pay principal, interest, fees and other amounts as provided in the Revolving Credit Documents and the Fixed Asset Documents, respectively.

8.16.    Provisions to Define Relative Rights.  The provisions of this Agreement are and are intended for the purpose of defining the relative rights of the Revolving Credit Collateral AgentAgents and the Revolving Credit Claimholders on the one hand and the Fixed Asset Collateral Agent and the Fixed Asset Claimholders on the other hand.  Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Revolving Credit Obligations and the Fixed Asset Obligations as and when the same shall become due and payable in accordance with their terms.
8.17.    Regarding the Fixed Asset Collateral Agent and the 2016 Secured Notes Collateral Agent.  BNY Mellon has entered into this Agreement in its capacity as Fixed Asset Collateral Agent under the Fixed Asset Documents to which it is party and shall be entitled, in connection with the exercise of its rights and performance of its duties thereunder and as Fixed Asset Collateral Agent hereunder, to all protections, immunities and exculpations available to it under the Indenture, all of which are incorporated by reference herein, mutaismutatis mutandis.  In addition, BNY Mellon has entered into this Agreement in its capacity as 2016 Secured Notes Collateral Agent under the 2016 Secured Notes Documents to which it is party and shall be entitled, in connection with the exercise of its rights and performance of its duties thereunder and as 2016 Secured Notes Collateral Agent hereunder, to all protections, immunities and exculpations available to it under the 2016 Secured Notes Purchase Agreement, all of which are incorporated by reference herein, mutatis mutandis.

8.18.    Regarding the Collateral Agents.  In no event shall any Collateral Agent be responsible or liable for (i) special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether any such party has been advised of the likelihood of such loss or damage and regardless of the form of action or (ii) any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that such Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

8.19.    2016 Intercreditor Agreement.  Notwithstanding anything herein to the contrary, solely as between the 2016 Secured Notes Claimholders and the ABL Claimholders, the exercise of any right or remedy by any Revolving Credit Collateral Agent or any Revolving Credit Claimholder with respect to Collateral is subject to the terms of the 2016 Intercreditor Agreement and in the event of any conflict or inconsistency between this Agreement and the 2016 Intercreditor Agreement with respect to such rights or remedies, the 2016 Intercreditor Agreement shall govern.

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IN WITNESS WHEREOF, the parties hereto have executed this Intercreditor Agreement as of the date first written above.
Fixed Asset Collateral Agent
THE BANK OF NEW YORK MELLON, 
as Fixed Asset Collateral Agent
By:             
    Name: 
    Title:    

[Intercreditor Agreement]

2016 Secured Notes Collateral Agent
THE BANK OF NEW YORK MELLON, 
as 2016 Secured Notes Collateral Agent
By:         
    Name: 
    Title:

[Intercreditor Agreement]

Revolving CreditABL Collateral Agent
BANK OF AMERICA, N.A., 
as Revolving CreditABL Collateral Agent
By:             
    Name: 
    Title:    

[Intercreditor Agreement]

Acknowledged and Agreed to by: 
 
The Borrower 
 
CENVEO CORPORATION 
 
 
By:    _______________________________________ 
    Name:  Scott J. Goodwin     
    Title:  Chief Financial Officer    
The Guarantors
CENVEO, INC.
CENVEO COMMERCIAL OHIO, LLC
CNMW INVESTMENTS, INC. 
CENVEO GOVERNMENT PRINTING, INC. 
CENVEO SERVICES, LLC 
DISCOUNT LABELS, LLC 
CENVEO OMEMEE LLC 
COLORHOUSE CHINA, INC. 
RX JV HOLDING, INC. 
CRX JV, LLC 
CRX HOLDING, INC. 
RX TECHNOLOGY CORP. 
CADMUS PRINTING GROUP, INC. 
CADMUS FINANCIAL DISTRIBUTION, INC. 
GARAMOND/PRIDEMARK PRESS, INC. 
WASHBURN GRAPHICS, INC. 
CADMUS JOURNAL SERVICES, INC. 
CADMUS DELAWARE, INC. 
CADMUS UK, INC. 
EXPERT GRAPHICS, INC. 
CADMUS MARKETING GROUP, INC. 
CADMUS MARKETING, INC. 
CADMUS/O’KEEFE MARKETING, INC. 
OLD TSI, INC.  
PORT CITY PRESS, INC. 
CADMUS INTERNATIONAL HOLDINGS, INC. 
CDMS MANAGEMENT, LLC  
MADISON/GRAHAM COLORGRAPHICS, INC. 
VSUB HOLDING COMPANY 
 
 
By:    _______________________________________ 
    Name:  Scott J. Goodwin     
    Title:  Chief Financial Officer

[Intercreditor Agreement]

VAUGHAN PRINTERS INCORPORATED
MADISON/GRAHAM COLORGRAPHICS INTERSTATE SERVICES, INC. 
COMMERCIAL ENVELOPE MANUFACTURING CO. INC.
CENVEO CEM, INC. 
CENVEO CEM, LLC 
REX 2010, LLC
136 EASTPORT ROAD, LLC 
LIGHTNING LABELS, LLC 
NASHUA CORPORATION 
NASHUA INTERNATIONAL, INC. 
IMPAXX, INC. 
CMS GILBRETH PACKAGING SYSTEMS, INC. 
ENVELOPE PRODUCT GROUP, LLC
CENVEO MCLAREN MORRIS AND TODD COMPANY 
 
 
By:    _______________________________________ 
    Name:  Scott J. Goodwin     
    Title:  Chief Financial Officer    

[Intercreditor Agreement]

Exhibit A
Notice Addresses
Fixed Asset Collateral Agent and 
2016 Secured Notes Collateral Agent: 
 
The Bank of New York Mellon 
Corporate Trust 
101 Barclay Street, 7 WestEast 
New York, NY 10286 
FascimileFacsimile: (212) 815-5704
Revolving CreditABL Collateral Agent: 
 
Mr. Robert Mahoney 
Bank of America, N.A. 
BABC Loans – 140/EAST DIVISION 
185 Asylum St. 
Hartford, Connecticut  06103 
Email:  robert.mahoney@baml.com
Grantors: 
 
Chief Financial Officer 
Cenveo Corporation 
One Canterbury Green 
One Broad St.200 First Stamford Place 
Stamford, Connecticut  0690106902 
Email:  Scott.Goodwin@cenveo.com

[Intercreditor Agreement]

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