Document:

Exhibit 10.8

                   AMENDED AND RESTATED REVOLVING CREDIT NOTE

$20,000,000                                                   September 30, 2003

      FOR VALUE RECEIVED and intending to be legally bound, the undersigned,
(collectively, "Borrowers" and singly, a "Borrower"), jointly and severally
promise to pay, in lawful money of the United States of America, to the order of
WACHOVIA BANK, NATIONAL ASSOCIATION ("Lender"), at the offices of WACHOVIA BANK,
NATIONAL ASSOCIATION ("Agent") at Broad and Chestnut Streets, Philadelphia,
Pennsylvania, 19107, the maximum aggregate principal sum of Twenty Million
Dollars ($20,000,000) or such lesser sum which represents Lender's Commitment
Percentage of the principal balance outstanding under that certain Amended and
Restated Loan and Security Agreement dated of even date herewith, among
Borrowers, Agent and Lenders (as it may be amended, modified, restated or
supplemented from time to time, "Loan Agreement"). The outstanding principal
balance hereunder shall, absent earlier acceleration, be payable on the Maturity
Date. The actual amount due and owing from time to time hereunder shall be
evidenced by Agent's records of receipts and disbursements, which shall, in the
absence of manifest error, be conclusive evidence of the amount. All capitalized
terms used herein without further definition shall have the respective meanings
ascribed thereto in the Loan Agreement.

      Borrowers shall pay interest on the outstanding principal balance
hereunder from time to time at the per annum rates set forth in the Loan
Agreement. Interest shall be calculated on the basis of a year of 360 days but
charged for the actual number of days elapsed, and shall be due and payable as
set forth in the Loan Agreement.

      This Revolving Credit Note is one of those certain Notes referred to in
the Loan Agreement.

      If an Event of Default occurs and is continuing under the Loan Agreement,
Agent may exercise the rights and remedies set forth in the Loan Agreement. The
obligations evidenced by this Revolving Credit Note are secured by the real and
personal property Collateral described in the Loan Agreement.

      This Revolving Credit Note may be prepaid only in accordance with the
terms and conditions of the Loan Agreement.

      Each Borrower hereby waives protest, demand, notice of nonpayment and all
other notices in connection with the delivery, acceptance, performance or
enforcement of this Revolving Credit Note.

      This Revolving Credit Note shall be construed and governed by the laws of
the Commonwealth of Pennsylvania without regard to otherwise applicable
principles of conflicts of laws. The provisions of this Revolving Credit Note
are severable and the invalidity or

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unenforceability of any provision shall not alter or impair the remaining
provisions of this Revolving Credit Note.

      This Revolving Credit Note amends and restates (but does not extinguish
the absolute and unconditional obligation to repay the indebtedness evidenced
by) that certain Revolving Credit Note issued by Phoenix, PCC Express, Inc. and
Realty, in favor of Lender dated September 15, 1998, as amended and modified
from time to time.

                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

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      IN WITNESS WHEREOF, and intending to be legally bound hereby, Borrowers
have executed these presents the day and year first above written.

BORROWERS:                           PHOENIX COLOR CORP.

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

                                     PCC EXPRESS, INC.

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

                                     TECHNIGRAPHIX, INC.

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

                                     PHOENIX (MD.) REALTY, LLC

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

                                     PHOENIX COLOR FULFILLMENT, INC.

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

                                       3Exhibit 10.9

                    REAFFIRMATION OF MASTER PLEDGE AGREEMENT

      This Reaffirmation of Master Pledge Agreement ("Reaffirmation") is dated
as of September 30, 2003, by the undersigned (collectively, the "Pledgors" and
each is referred to as a "Pledgor") to and for the benefit of Wachovia Bank,
National Association, as agent ("Agent") for the Lenders and Issuing Bank named
in that certain Amended and Restated Loan and Security Agreement, dated as of
even date herewith, among Phoenix Color Corp., PCC Express, Inc. ("PCC"),
Technigraphix, Inc., Phoenix (Md.) Realty, LLC, and Phoenix Color Fulfillment,
Inc. ("Borrowers"), Lenders and Agent (as amended, supplemented or replaced from
time to time, the "Loan Agreement"). Capitalized terms used but not otherwise
defined in this Reaffirmation shall have the respective meanings ascribed
thereto in the Loan Agreement.

                                   Background

      A. Pursuant to the Credit Agreement (the "Credit Agreement") dated
September 15, 1998 by and among Phoenix, PCC, Realty, First Union National Bank,
as agent ("First Union"), and the lenders parties thereto (the "Original
Lenders"), the Original Lenders established a credit facility for making loans
and extending credit from time to time for the benefit of Borrowers. As security
for the obligations under the Credit Agreement and Bridge Note Purchase
Agreement dated September 15, 1998 by and between Phoenix and First Union
Investors, Inc. (the "Purchase Agreement"), each Pledgor granted a lien on and
security interest in the Collateral in favor of First Union, for the benefit of
the Original Lenders, First Union National Bank, as issuer of certain letters of
credit, and the holders of the Bridge Notes and Exchange Notes (as defined in
the Purchase Agreement), pursuant to the terms of a certain Master Pledge
Agreement dated as of September 15, 1998 (as amended or modified from time to
time, the "Pledge Agreement"), a copy of which is attached hereto as Exhibit A.

      B. Borrowers have requested and Lenders have agreed to amend and restate
their financing arrangements pursuant to the Loan Agreement.

      C. As a condition to Agent and Lenders entering into the Loan Agreement,
Lenders and Agent have required that Pledgors reaffirm their obligations under
the Pledge Agreement.

      D. Each Pledgor is willing to execute and deliver this Reaffirmation to
induce Lenders and Agent to enter into the Loan Agreement with Borrowers.

      NOW, THEREFORE, with the foregoing Background incorporated by reference
and intending to be legally bound hereby, each Pledgor does jointly and
severally, reaffirm as follows:

      1. Each Pledgor hereby acknowledges and agrees that the Pledge Agreement
is in full force and effect; constitutes the valid, binding and enforceable
obligation of such Pledgor, in accordance with its terms, is not subject to any
defense, setoff, counterclaim or deduction of any nature; and that Borrowers'
execution and delivery of the Loan Agreement does not impair in any way any
Pledgor's obligations to Agent and/or Lenders under the Pledge Agreement.

      2. Each Pledgor covenants, confirms and agrees that as security for the
Obligations, and any extensions, renewals, replacements, restructurings, or
modifications thereof, Agent, for the benefit of Lenders, has, and shall
continue to have, a continuing perfected lien on and security

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interest in all of the Collateral free and clear of any and all liens, security
interests, encumbrances, claims, pledges, restrictions, and options.

      3. This Reaffirmation may be executed in one or more counterparts by some
or all of the parties hereto, each of which counterparts shall be an original
and all of which together shall constitute a single agreement.

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      IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby,
have executed this Reaffirmation as of the day and year first set forth above.

/s/ Edward Lieberman                        /s/ Louis LaSorsa             [Seal]
--------------------------------            ------------------------------------
Witness                                     Louis LaSorsa

/s/ [Illegible]                             /s/ Edward Lieberman          [Seal]
--------------------------------            ------------------------------------
Witness                                     Edward Lieberman

/s/ Joanne [Illegible]                      /s/ John Biancolli            [Seal]
--------------------------------            ------------------------------------
Witness                                     John Biancolli

/s/ Frank S. [Illegible]                    /s/ Ronald Burk               [Seal]
--------------------------------            ------------------------------------
Witness                                     Ronald Burk

/s/ Susan Crosson                           /s/ Henry Burk                [Seal]
--------------------------------            ------------------------------------
Witness                                     Henry Burk

                                                                          [Seal]
--------------------------------            ------------------------------------
Witness                                     Anthony DiMartino

/s/ Edward Lieberman                        /s/ Thomas Newell             [Seal]
--------------------------------            ------------------------------------
Witness                                     Thomas Newell

/s/ Debra Blum                              /s/ John Blum                 [Seal]
--------------------------------            ------------------------------------
Witness                                     John Blum

/s/ Edward Lieberman                        /s/ John Carbone              [Seal]
--------------------------------            ------------------------------------
Witness                                     John Carbone

                                                                          [Seal]
--------------------------------            ------------------------------------
Witness                                     Mitchell  Weiss

                                                                          [Seal]
--------------------------------            ------------------------------------
Witness                                     Dion Von der Lieth

/s/ [Illegible] Jung                        /s/ Bruno Jung                [Seal]
--------------------------------            ------------------------------------
Witness                                     Bruno Jung

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