Document:

<Page>

                                                                   EXHIBIT 10.19

                                 FIRST AMENDMENT

          FIRST AMENDMENT (this "Amendment"), dated as of December 9, 1999,
among BIG FLOWER HOLDINGS, INC., a Delaware corporation ("Holdings"), BIG FLOWER
PRESS HOLDINGS, INC., a Delaware corporation ("BFPH"), BIG FLOWER LIMITED, a
Wholly-Owned Subsidiary of BFPH and a limited company organized under the laws
of England ("BFL"), OLWEN DIRECT MAIL LIMITED, a Wholly-Owned Subsidiary of BFL
and a limited company organized under the laws of England ("Olwen"), BIG FLOWER
DIGITAL SERVICES LIMITED, an indirect Wholly-Owned Subsidiary of BF Digital and
a limited company organized under the laws of England ("BFDSL"), FUSION PREMEDIA
GROUP LIMITED (f/k/a Troypeak Limited), an indirect Wholly-Owned Subsidiary of
BF Digital and a limited company organized under the laws of England ("Fusion"),
PISMO LIMITED, an indirect Wholly-Owned Subsidiary of BF Digital and a limited
company organized under the laws of England ("Pismo"), COLORGRAPHIC DIRECT
RESPONSE LIMITED, a Wholly-Owned Subsidiary of BFL and a limited company
organized under the laws of England ("Colorgraphic"), and THE ADMAGIC GROUP
LIMITED, an indirect Wholly-Owned Subsidiary of BF Digital and a limited company
organized under the laws of England ("Admagic", and together with BFPH, BFL,
Olwen, BFDSL, Fusion, Pismo, Colorgraphic and each other entity that may become
a party to the Credit Agreement referred to below as a U.K. Borrower in
accordance with the provisions of Section 6 of the Credit Agreement, the
"Borrowers", and each, a "Borrower"), the Lenders party to the Credit Agreement
referred to below on the date hereof and immediately before giving effect to
this Amendment (the "Existing Lenders"), CHASE SECURITIES, INC. and DEUTSCHE
BANK SECURITIES INC., as Joint Lead Arrangers and Joint Book Managers (in such
capacities, the "Joint Lead Arrangers"), THE CHASE MANHATTAN BANK, as
Administrative Agent (in such capacity, the "Administrative Agent"), BANKERS
TRUST COMPANY, as Syndication Agent (in such capacity, the Syndication Agent")
and BANK OF AMERICA, N.A., as Documentation Agent (in such capacity, the
"Documentation Agent"), and each of the lenders listed on Schedule A hereto
(each, a "New Lender" and, collectively, the "New Lenders"). All capitalized
terms used herein and not otherwise defined herein shall have the respective
meanings provided such terms in the Credit Agreement referred to below.

                              W I T N E S S E T H :

          WHEREAS, Holdings, the Borrowers, the Joint Lead Arrangers, the
Administrative Agent, the Syndication Agent and the Documentation Agent are
parties to a Credit Agreement, dated as of December 7, 1999 (the "Credit
Agreement"); and

          WHEREAS, the parties hereto wish to amend the Credit Agreement as
herein provided;

          NOW, THEREFORE, it is agreed:

          1.   Each Existing Lender hereby sells and assigns to each New Lender
without recourse and without representation or warranty (other than as expressly
provided herein), and each New Lender hereby purchases and assumes from each
Existing Lender, that interest in and to each Existing Lender's rights and
obligations in respect of those Tranches set forth on Schedule B hereto under
the Credit Agreement as

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of the date hereof which in the aggregate for each such New Lender represents
such New Lender's PRO RATA share (for each such New Lender, its "PRO RATA
Share") in such Tranches as set forth on such Schedule B (calculated after
giving effect to this Amendment), and such PRO RATA Share represents all of the
outstanding rights and obligations under the Credit Agreement in respect of the
Tranches that are being sold and assigned to each such New Lender pursuant to
this Amendment, including, without limitation, (i) in the case of any assignment
of the outstanding Tranche A Term Loans, all rights and obligations with respect
to such New Lender's PRO RATA Share of such outstanding Tranche A Term Loans,
(ii) in the case of any assignment of all or any portion of outstanding Total
Tranche A Term Loan Commitment, all rights and obligations with respect to such
New Lender's PRO RATA Share of the Total Tranche A Term Loan Commitment, (iii)
in the case of any assignment of the outstanding Tranche B Term Loans, all
rights and obligations with respect to such New Lender's PRO RATA Share of such
outstanding Tranche B Term Loans, (iv) in the case of any assignment of all or
any portion of the Total Dollar Facility Revolving Loan Commitment, all rights
and obligations with respect to such New Lender's PRO RATA Share of the Total
Dollar Facility Revolving Commitment and of any outstanding Dollar Facility
Revolving Loans, Dollar Facility Swingline Loans and Dollar Facility Letters of
Credit and (v) in the case of all or any assignment of all or any portion of all
or the Total Multicurrency Facility Revolving Loan Commitment, all rights and
obligations with respect to such New Lender's Pro RATA Share of the Total
Multicurrency Facility Revolving Loan Commitment and of any outstanding BFPH
Multicurrency Facility Revolving Loans, BFPH Multicurrency Facility Swingline
Loans, U.K. Borrowers Multicurency Facility Revolving Loans, U.K. Borrowers
Multicurrency Facility Swingline Loans and Multicurrency Facility Letters of
Credit. After giving effect to this Amendment, each Lender's outstanding Tranche
A Term Loans, Tranche B Term Loans, Dollar Facility Revolving Loan Commitment
and Multicurrency Facility Revolving Loan Commitment will be as set forth on
Schedule C hereto.

          2.   In accordance with the requirements of Section 13.04(b) of the
Credit Agreement, on the First Amendment Effective Date (as defined below), (i)
the Credit Agreement shall be amended by deleting Schedule I thereto in its
entirety and by inserting in lieu thereof a new Schedule I in the form of
Schedule C hereto and (ii) each Borrower agrees that it will, upon the request
of any Lender, issue appropriate new Note(s) to such Lender in conformity with
the requirements of Section 1.05 of the Credit Agreement.

          3.   On and after the First Amendment Effective Date, Schedule II to
the Credit Agreement shall be amended by deleting such Schedule in its entirety
and inserting in lieu thereof a new Schedule II in the form of Schedule D
hereto.

          4.   Each Existing Lender (i) represents and warrants that it is the
legal and beneficial owner of the interest being assigned by it hereunder and
that such interest is free and clear of any adverse claim; (ii) makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the
Credit Agreement or the other Credit Documents or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement or the other Credit Documents or any other instrument

                                       -2-
<Page>

or document furnished pursuant thereto; and (iii) makes no representation or
warranty and assumes no responsibility with respect to the financial condition
of Holdings or any of its Subsidiaries or the performance or observance by
Holdings or any of its Subsidiaries of any of their respective obligations under
the Credit Agreement or the other Credit Documents to which they are a party or
any other instrument or document furnished pursuant thereto.

          5.   Each New Lender (i) represents and warrants that it is duly
authorized to enter into and perform the terms of this Amendment; (ii) confirms
that it has received a copy of the Credit Agreement and the other Credit
Documents, together with copies of the financial statements referred to therein
and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Amendment; (iii) agrees
that it will, independently and without reliance upon any Agent or any other
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Agreement; (iv) confirms that it is (I) a parent company
and/or an affiliate of the Assignor which is at least 50% owned by the Assignor
or its parent company, (II) in the event the Assignor is a fund that invests in
bank loans, a fund that invests in bank loans and is managed by the same
investment advisor of the Assignor or by an affiliate of such investment advisor
or (III) an Eligible Transferee under Section 13.04(b) of the Credit Agreement;
(v) appoints and authorizes each Agent and the Collateral Agent to take such
action as agents on its behalf and to exercise such powers under the Credit
Agreement and the other Credit Documents as are delegated to such Agent and the
Collateral Agent by the terms thereof, together with such powers as are
reasonably incidental thereto; (vi) agrees that it will perform in accordance
with their terms all of the obligations which by the terms of the Credit
Agreement are required to be performed by it as a Lender; and (vii) to the
extent legally entitled to do so, agrees to promptly submit to BFPH and the
Administrative Agent the appropriate Internal Revenue Service Forms described in
Section 13.04(b) of the Credit Agreement.

          6.   Each of the Existing Lenders, the New Lenders and the
Administrative Agent hereby agree that (x) all interest on any New Lender's PRO
RATA Share of the outstanding Loans, all RL Commitment Commission (if
applicable) on such New Lender's PRO RATA Share of the Total Dollar Facility
Revolving Loan Commitment and/or the Total Multicurrency Facility Revolving Loan
Commitment, as the case may be, and all TL Commitment Commission (if applicable)
on such New Lender's PRO RATA Share of the Total Tranche A Term Loan Commitment,
in each case accrued prior to the delivery by such New Lender of the amount
referred to in clause (ii) of Section 11 of this Amendment, shall be for the
account of the Existing Lender and (y) all such interest and Commitment
Commission accrued on and after the delivery of the amount referred to in clause
(ii) of such Section 11 shall be for the account of such New Lender.

          7.   In accordance with Section 13.04(b) of the Credit Agreement, on
and as of the date upon which each New Lender delivers the amount referred to in
clause (ii) of Section 11 of this Amendment, such New Lender shall become a
"Lender" under, and for all purposes of, the Credit Agreement and the other
Credit Documents

                                       -3-
<Page>

and, notwithstanding anything to the contrary in Section 13.16 of the Credit
Agreement, the Administrative Agent shall record the transfers contemplated
hereby in the Register. The Administrative Agent hereby waives the assignment
fee referred to in Section 13.04(b) of the Credit Agreement in connection with
the assignments effected hereby.

          8.   This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

          9.   This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with Holdings and the Administrative Agent.

          10.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

          11.  Subject to Section 12 of this Amendment, this Amendment shall
become effective on the date (the "First Amendment Effective Date") when (i)
Holdings, the Borrowers, the Joint Lead Arrangers, the Administrative Agent, the
Syndication Agent, the Documentation Agent, each Existing Lender and each New
Lender shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of facsimile
transmission) the same to the Administrative Agent at its Notice Office and (ii)
each New Lender shall have delivered to the Administrative Agent for the
accounts of the respective Existing Lenders, an amount equal to such New
Lender's relevant PRO RATA Share of the principal amount of the outstanding
Loans.

          12.  Notwithstanding Section 11 of this Amendment, if for any reason
any New Lender shall not have (i) signed a counterpart hereof and delivered the
same to the Administrative Agent at its Notice Office and (ii) delivered to the
Administrative Agent an amount equal to such New Lender's relevant PRO RATA
Share of the principal amount of the outstanding Loans, in each case on or prior
to December 9, 1999, then, if the respective Existing Lender agrees, this
Amendment shall become effective notwithstanding such failure, PROVIDED that (x)
Schedule C shall be modified to delete any such New Lender and such New Lender's
relevant PRO RATA Share shall be reallocated to the respective Existing Lender
and (y) the signature pages of this Amendment shall be deemed revised to delete
such New Lender's name therefrom.

          13.  From and after the First Amendment Effective Date, all references
in the Credit Agreement and each of the Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement as amended hereby.

                                      * * *

                                       -4-
<Page>

          IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                   BIG FLOWER HOLDINGS, INC.,
                                     as a Guarantor

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   BIG FLOWER PRESS HOLDINGS,
                                     INC., as a Borrower and a Guarantor

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   BIG FLOWER LIMITED,
                                     as a Borrower

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   OLWEN DIRECT MAIL LIMITED,
                                     as a Borrower

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   FUSION PREMEDIA GROUP,
                                     as a Borrower

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

<Page>

                                   PISMO LIMITED,
                                     as a Borrower

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   BIG FLOWER DIGITAL SERVICES
                                     LIMITED, as a Borrower

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   COLORGRAPHIC DIRECT RESPONSE
                                     LIMITED

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   THE ADMAGIC GROUP LIMITED

                                   By       /s/ Mark Angelson
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

                                   THE CHASE MANHATTAN BANK
                                     Individually and as
                                     Administrative Agent

                                   By       /s/ Bruce Borden
                                            --------------------------
                                       Title: Executive V.P./Office of the
                                            Chairman

<Page>

                                   BANKERS TRUST COMPANY
                                     Individually and as
                                     Syndication Agent

                                     By   /s/ Gregory Shefrin
                                          ------------------------------------
                                         Title: Princpal

                                   BANK OF AMERICA, N.A.
                                     as Documentation Agent

                                     By   /s/ Elizabeth R. Borow
                                          ------------------------------------
                                         Title: Managing Director

                                   DEUTSCHE BANK SECURITIES INC.

                                     By   /s/ William W. Archer
                                          ------------------------------------
                                         Title: Managing Director

                                   FLOATING RATE PORTFOLIO
                                   BY:  INVESCO SENIOR SECURED
                                         MANAGEMENT, INC. AS ATTORNEY
                                         IN FACT

                                      By  /s/ Kathleen A. Lenarcic
                                          ------------------------------------
                                              Name:  Kathleen A. Lenarcic
                                              Title:  Authorized Signatory

<Page>

                                   AVALON CAPITAL LTD.

                                   BY:  INVESCO SENIOR SECURED
                                         MANAGEMENT, INC.
                                         AS PORTFOLIO ADVISOR

                                     By   /s/ Kathleen A. Lenarcic
                                          ------------------------------------
                                              Name:  Kathleen A. Lenarcic
                                              Title:  Authorized Signatory

                                   BOEING CAPITAL CORPORATION

                                   By:    /s/ James C. Hammersmith
                                          ------------------------------------
                                          Name:     James C. Hammersmith
                                          Title:    Senior Documentation Officer

                                   CREDIT AGRICOLE INDOSUEZ

                                   By:    /s/ Craig Welch
                                          ------------------------------------
                                          Name:    Craig Welch
                                          Title:   FVP

                                   By:    /s/ John McCloskey
                                          ------------------------------------
                                          Name:    John McCloskey
                                          Title:   VP, SRM

                                   FIRST UNION NATIONAL BANK,
                                   as Managing Agent

                                   By:    /s/ Joan Anderson
                                          ------------------------------------
                                          Name:     Joan Anderson
                                          Title:    Vice President

                                   FIRST SOURCE FINANCIAL LLP
                                   BY: FIRST SOURCE FINANCIAL, INC., AS
                                       AGENT/MANAGER

                                   By:    /s/ David C. Wagner
                                          ------------------------------------
                                          Name:     David C. Wagner
                                          Title:    Vice President

<Page>

                                   BANKBOSTON, N.A.

                                   By:    /s/ Julie V. Jalelein
                                          ------------------------------------
                                          Name:     Julie V. Jalelein
                                          Title:    Director

                                   BAVARIA TRR CORPORATION

                                   By:    /s/ Frank B. Bilotta
                                          ------------------------------------
                                          Name:     Frank B. Bilotta
                                          Title:    Vice President

                                   FRANKLIN FLOATING RATE TRUST

                                   By:    /s/ Chauncey Lufkin
                                          ------------------------------------
                                          Name:     Chauncey Lufkin
                                          Title:    Vice President

                                   MERRILL LYNCH SENIOR FLOATING
                                     RATE FUND, INC.

                                   By:    /s/ Joseph Matteo
                                          ------------------------------------
                                          Name:     Joseph Matteo
                                          Title:    Authorized Signatory

<Page>

                                   MERRILL LYNCH SENIOR FLOATING
                                     RATE FUND II, INC.

                                   By: /s/ Joseph Matteo
                                       ------------------------------------
                                       ----------------------------------
                                       Name:     Joseph Matteo
                                       Title:    Authorized Signatory

                                   METROPOLITAN LIFE INSURANCE
                                   COMPANY

                                   By: /s/ James R. Dingler
                                       ------------------------------------
                                       Name:    James R. Dingler
                                       Title:   Director

                                   OAK HILL SECURITIES FUND, L.P.
                                   BY:  OAK HILL SECURITIES GENPAR,
                                        L.P., ITS GENERAL PARTNER
                                   BY:  OAK HILL MGP, INC.,
                                        ITS GENERAL PARTNER

                                   By: /s/ Scott D. Krase
                                       ------------------------------------
                                       Name:   Scott D. Krase
                                       Title:  Vice President

                                   OAK HILL SECURITIES FUND II, L.P.

                                   BY:  OAK HILL SECURITIES GENPAR II,
                                        L.P., ITS GENERAL PARTNER
                                   BY:  OAK HILL MGP II, INC.,
                                        ITS GENERAL PARTNER

                                   By: /s/ Scott D. Krase
                                       ------------------------------------
                                       Name:    Scott D. Krase
                                       Title:   Vice President

<Page>

                                   NORTHWOODS CAPITAL, LIMITED
                                   By:  Angelo, Gordon & Co., L.P.,
                                   as Collateral Agent

                                   By:/s/ Michael L. Gordon
                                      ----------------------------------------
                                      Name:   Michael L. Gordon
                                      Title:  Authorized Signatory

                                   AG CAPITAL FUNDING PARTNERS, L.P.
                                   By:  Angelo, Gordon & Co., L.P.,
                                   as Investment Adviser

                                   By:/s/ Michael L. Gordon
                                      ----------------------------------------
                                      Name:   Michael L. Gordon
                                      Title:  Authorized Signatory

                                   MAPLEWOODS (CAYMAN) LIMITED

                                   BY:  MASSACHUSETTS MUTUAL LIFE
                                        INSURANCE COMPANY,AS
                                        INVESTMENT MANAGER

                                   By:/s/ Steven J. Katz
                                      ----------------------------------------
                                      Name:   Steven J. Katz
                                      Title:  Second VP and Associate General
                                              Counsel

<Page>

                                   SIMSBURY CLO, LIMITED

                                   BY:  MASSACHUSETTS MUTUAL LIFE
                                        INSURANCE COMPANY, AS
                                        COLLATERAL MANAGER

                                   By:/s/ Steven J. Katz
                                      ----------------------------------------
                                      Name:   Steven J. Katz
                                      Title:  Second VP and Associate General
                                              Counsel

                                   MASSACHUSETTS MUTUAL LIFE
                                   INSURANCE COMPANY

                                   By:/s/ Steven J. Katz
                                      ----------------------------------------
                                      Name:   Steven J. Katz
                                      Title:  Second VP and Associate General
                                              Counsel

                                   MASSMUTUAL HIGH YIELD PARTNERS
                                      II, LLC
                                   By:  HYP Management, Inc.

                                   By:/s/ Steven J. Katz
                                      ----------------------------------------
                                      Name:    Steven J. Katz
                                      Title:   Second VP and Associate General
                                               Counsel

<Page>

                                   NORTH AMERICAN SENIOR FLOATING
                                     RATE FUND
                                   By:  CypressTree Investment Management
                                   Company, Inc. as Portfolio Manager

                                   By:/s/ Jonathan D. Sharkey
                                      -----------------------------------
                                      Name:  Jonathan D. Sharkey
                                      Title: Principal

                                   ORIX USA CORPORATION

                                   By:/s/ Charles Kobayashi
                                      ----------------------------------------
                                      Name:  Charles Kobayashi
                                      Title: Senior Vice President

                                   PILGRIM PRIME RATE TRUST
                                   By:  Pilgrim Investments, Inc.,
                                        as its investment manager

                                   By:/s/ Charles E. Lemieux
                                      ----------------------------------------
                                      Name:  Charles E. LeMieux, CFA
                                      Title: Assistant Vice President

                                   MORGAN STANLEY DEAN WITTER
                                     PRIME INCOME TRUST

                                   By:/s/ Sheila A. Finnerty
                                      ----------------------------------------
                                      Name:  Sheila A. Finnerty
                                      Title: Vice President

<Page>

                                   VAN KAMPEN PRIME RATE INCOME
                                     TRUST
                                   By: Van Kampen Investment Advisory Corp.

                                   By:/s/ Darvin D. Pierce
                                      ----------------------------------------
                                      Name:  Darvin D. Pierce
                                      Title: Vice President

                                   VAN KAMPEN SENIOR FLOATING RATE
                                     FUND
                                   By: Van Kampen Investment Advisory Corp.

                                   By:/s/ Darvin D. Pierce
                                      ----------------------------------------
                                      Name:  Darvin D. Pierce
                                      Title: Vice President

<Page>

                                                                      SCHEDULE A
                                                                              to
                                                                 FIRST AMENDMENT

                                   NEW LENDERS

[Credit Agricole Indosuez
First Union National Bank
BankBoston, N.A
AG Capital Funding Partners, L.P.
Avalon Capital Ltd.
Boeing Capital Corporation
Bavaria TRR Corporation
First Source Financial LLP
Floating Rate Portfolio
Franklin Floating Rate Trust
Maplewood (Cayman) Limited
Massachusetts Mutual Life Insurance Company
MassMutual High Yield Partners II, LLC
Merrill Lynch Senior Floating Rate Fund, Inc.
Merrill Lynch Senior Floating Rate Fund II, Inc.
Metropolitan Life Insurance Company
Morgan Stanley Dean Witter Prime Income Trust
North American Senior Floating Rate Fund
Northwoods Capital, Limited
Oak Hill Securities Fund, L.P.
Oak Hill Securities Fund II, L.P.
ORIX USA Corporation
Pilgrim Prime Rate Trust
Simsbury CLO, Limited
Van Kampen Prime Rate Income Trust
Van Kampen Senior Floating Rate Fund]

<Page>

                                                                      SCHEDULE B
                                                                              to
                                                                 FIRST AMENDMENT

                            RELEVANT PRO RATA SHARES
<Table>
<Caption>
                                        PRINCIPAL OF       PRINCIPAL OF                         MULTICURRENCY
                      TRANCHE A         OUTSTANDING        OUTSTANDING         DOLLAR FACILITY     FACILITY
                      TERM LOAN          TRANCHE A          TRANCHE B          REVOLVING LOAN   REVOLVING LOAN
     LENDER          COMMITMENTS         TERM LOANS         TERM LOANS          COMMITMENT       COMMITMENT
----------------   ----------------   ----------------   ----------------   ----------------   ----------------
<S>                   <C>                <C>                <C>                      <C>                <C>
The Chase             .277500000000      .277500000000      .232916666667            .277500            .277500
Manhattan Bank

Bankers Trust         .277500000000      .277500000000      .062916666667            .277500            .277500
Company

Bank of America,      .185000000000      .185000000000      .004166666667            .185000            .185000
N.A

Credit Agricole       .090000000000      .090000000000                 --            .090000            .090000
Indosuez

First Union           .070000000000      .070000000000                 --            .070000            .070000
National Bank

BankBoston, N.A       .090000000000      .090000000000                 --            .100000            .100000

AG Capital                       --                 --      .008333333333                 --                 --
Funding Partners,
L.P.

Avalon Capital                   --                 --      .016666666667                 --                 --
Ltd.

Boeing Capital                   --                 --      .066666666667                 --                 --
Corporation

Bavaria TRR                      --                 --      .050000000000                 --                 --
Corporation

First Source          .010000000000      .010000000000      .016666666667                 --                 --
Financial LLP

Floating Rate                    --                 --      .016666666667                 --                 --
Portfolio

Franklin Floating                --                 --      .033333333333                 --                 --
Rate Trust

Maplewood                        --                 --      .025000000000                 --                 --
(Cayman) Limited

Massachusetts                    --                 --      .006666666667                 --                 --
Mutual Life
Insurance
</Table>

<Page>

<Table>
<Caption>
                                      PRINCIPAL OF        PRINCIPAL OF                            MULTICURRENCY
                       TRANCHE A      OUTSTANDING         OUTSTANDING        DOLLAR FACILITY        FACILITY
                       TERM LOAN       TRANCHE A           TRANCHE B         REVOLVING LOAN       REVOLVING LOAN
    LENDER            COMMITMENTS     TERM LOANS          TERM LOANS          COMMITMENT           COMMITMENT
----------------   ----------------   ----------------   ----------------   ----------------   ----------------
<S>                            <C>                <C>       <C>                         <C>                <C>
Company

MassMutual High                --                 --        .010000000000               --                 --
Yield Partners II,
LLC

Merrill Lynch                  --                 --        .040000000000               --                 --
Senior Floating
Rate Fund, Inc.

Merrill Lynch                  --                 --        .010000000000               --                 --
Senior Floating
Rate Fund II, Inc.

Metropolitan Life              --                 --        .066666666667               --                 --
Insurance
Company

Morgan Stanley                 --                 --        .066666666667               --                 --
Dean Witter Prime
Income Trust

North American                 --                 --        .003333333333               --                 --
Senior Floating
Rate Fund

Northwoods                     --                 --        .008333333333               --                 --
Capital, Limited

Oak Hill Securities            --                 --        .033333333333               --                 --
Fund, L.P.

Oak Hill Securities            --                 --        .016666666667               --                 --
Fund II, L.P.

ORIX USA                       --                 --        .033333333333               --                 --
Corporation

Pilgrim Prime Rate             --                 --        .013333333333               --                 --
Trust

Simsbury CLO,                  --                 --        .025000000000               --                 --
Limited

Van Kampen                     --                 --        .080000000000               --                 --
Prime Rate Income
Trust
</Table>

<Page>

<Table>
<S>                   <C>                <C>                <C>                 <C>                <C>
Van Kampen                       --                 --      .053333333333                 --                 --
Senior Floating
Rate Fund

                       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000
</Table>

<Page>

                                                                      SCHEDULE C
                                                                              to
                                                                 FIRST AMENDMENT

                              COMMITMENTS AND LOANS

<Table>
<Caption>

                                        PRINCIPAL OF       PRINCIPAL OF      DOLLAR FACILITY    MULTICURRENCY
                       TRANCHE A        OUTSTANDING        OUTSTANDING          REVOLVING         FACILITY
                       TERM LOAN         TRANCHE A          TRANCHE B            LOAN           REVOLVING LOAN
    LENDER            COMMITMENTS        TERM LOANS        TERM LOANS          COMMITMENT         COMMITMENT
----------------   ----------------   ----------------   ----------------   ----------------   ----------------
<S>                <C>                <C>                <C>                <C>                <C>
The Chase          $   3,756,160.85   $  65,618,839.15   $  69,875,000.00   $  24,975,000.00   $  44,400,000.00
Manhattan Bank

Bankers Trust      $   3,756,160.85   $  65,618,839.15   $  18,875,000.00   $  24,975,000.00   $  44,400,000.00
Company

Bank of America,   $   2,504,107.24   $  43,745,892.76   $   1,250,000.00   $  16,650,000.00   $  29,600,000.00
N.A

Credit Agricole    $   1,218,214.33   $  21,281,785.67                 --   $   8,100,000.00   $  14,400,000.00
Indosuez

First Union        $     947,500.04   $  16,552,499.96                 --   $   6,300,000.00   $  11,200,000.00
National Bank

BankBoston, N.A    $   1,218,214.33   $  21,281,785.67                 --   $   9,000,000.00   $  16,000,000.00

AG Capital                       --                 --   $   2,500,000.00
Funding Partners,
L.P.

Avalon Capital Ltd.              --                 --   $   5,000,000.00

Boeing Capital                   --                 --   $  20,000,000.00
Corporation

Bavaria TRR                      --                 --   $  15,000,000.00
Corporation

First Source       $     135,357.15   $   2,364,642.85   $   5,000,000.00
Financial LLP

Floating Rate                    --                 --   $   5,000,000.00
Portfolio

Franklin Floating                --                 --   $  10,000,000.00
Rate Trust

Maplewood                        --                 --   $   7,500,000.00
(Cayman) Limited
</Table>

<Page>

<Table>
<S>                <C>                <C>                <C>                <C>                <C>
Massachusetts                    --                 --   $   2,000,000.00
Mutual Life
Insurance Company

MassMutual High                  --                 --   $   3,000,000.00
YieldPartners II,
LLC

Merrill Lynch                    --                 --   $  12,000,000.00
Senior Floating
Rate Fund, Inc.

Merrill Lynch                    --                 --   $   3,000,000.00
Senior Floating
Rate Fund II, Inc.

Metropolitan Life                --                 --   $  20,000,000.00
Insurance Company

Morgan Stanley                   --                 --   $  20,000,000.00
Dean Witter Prime
Income Trust

North American                   --                 --   $   1,000,000.00
Senior Floating
Rate Fund

Northwoods                       --                 --   $   2,500,000.00
Capital, Limited

Oak Hill Securities              --                 --   $  10,000,000.00
Fund, L.P.

Oak Hill Securities              --                 --   $   5,000,000.00
Fund II, L.P.

ORIX USA                         --                 --   $  10,000,000.00
Corporation

Pilgrim Prime Rate               --                 --   $   4,000,000.00
Trust

Simsbury CLO,                    --                 --   $   7,500,000.00
Limited

Van Kampen Prime                 --                 --   $  24,000,000.00
Rate Income Trust

Van Kampen                       --                 --   $  16,000,000.00
Senior Floating
Rate Fund

TOTAL:             $  13,535,714.79   $ 236,464,285.21   $    300,000,000   $     90,000,000   $    160,000,000
</Table>

<Page>

                                                                      SCHEDULE D
                                                                              to
                                                                 FIRST AMENDMENT

                                LENDER ADDRESSES

<Table>
<Caption>
Bank                                                         Address
----                                                         --------
<S>                                                          <C>
The Chase Manhattan Bank                                     270 Park Avenue
                                                             New York, NY 10017
                                                             Attention:  Bruce Borden
                                                             Telephone No.: (212) 270-5799
                                                             Facsimile No.: (212) 270-1063

Bankers Trust Company                                        130 Liberty Street
                                                             New York, NY 10006
                                                             Attention:  Gregory Shefrin
                                                             Telephone No.: (212) 250-1724
                                                             Facsimile No.: (212) 250-7218

Deutsche Bank Securities Inc.                                130 Liberty Street
                                                             New York, NY 10006
                                                             Attention: Bruce Tully
                                                             Telephone No.: (212) 250-2533
                                                             Facsimile No.: (212) 250-7200

Bank of America, N.A.                                        9 West 57th Street
                                                             New York, NY  10019
                                                             Attention: Elizabeth Borow
                                                             Telephone No.: (212) 847-5000
                                                             Facsimile No.: (212) 847-5038

Credit Agricole Indosuez                                     520 Madison Avenue, 8th Floor
                                                             New York, NY 10022
                                                             Attention:  Janet Alexander
                                                             Telephone No.: (212) 418-7077
                                                             Facsimile No.: (212) 418-2228

First Union National Bank                                    1339 Chestnut Street
                                                             Philadelphia, PA 19107
                                                             Attention: Joan Anderson
                                                             Telephone No.: (215) 973-8376
                                                             Facsimile No.: (215) 973-6745
</Table>

<Page>

<Table>
<S>                                                          <C>
BankBoston, N.A.                                             100 Federal Street
                                                             Boston, MA 02110
                                                             Attention: Julie Jalelian
                                                             Telephone No.: (617) 434-9974
                                                             Facsimile No.: (617) 346-0590

AG Capital Funding Partners, L.P.                            245 Park Avenue, 26th Floor
                                                             New York, NY 10167
                                                             Attention: John Fraser
                                                             Telephone No.: (212) 692-2043
                                                             Facsimile No.: (212) 867-1388

Avalon Capital Ltd.                                          1166 Avenue of the Americas
                                                             New York, NY 10036-2789
                                                             Attention:  Carmela Caputo
                                                             Telephone No.: (212) 278-9647
                                                             Facsimile No.: (212) 278-9847

Boeing Capital Corporation                                   460 Lakewood Blvd., 6th Floor
                                                             Long Beach, CA 90808
                                                             Attention: April Wakeman
                                                             Telephone No.: (562) 627-3064
                                                             Facsimile No.: (562) 627-3002

Bavaria TRR Corporation                                      150 East 42nd Street, 29th Floor
                                                             New York, NY 10017
                                                             Attention: Timothy Harrod
                                                             Telephone No.: (212) 672-6048
                                                             Facsimile No.: (212) 672-5591

First Source Financial LLP                                   2850 West Golf Road
                                                             5th Floor
                                                             Rolling Meadows, IL 60008
                                                             Attention: Jim Cassidy
                                                             Telephone No.: (847) 734-2058
                                                             Facsimile No.: (847) 734-7910

Floating Rate Portfolio                                      1166 Avenue of the Americas
                                                             New York, NY 10036-2789
                                                             Attention:  Carmela Caputo
                                                             Telephone No.: (212) 278-9647
                                                             Facsimile No.: (212) 278-9847

Franklin Floating Rate Trust                                 777 Mariners Island Boulevard, 3rd Floor
                                                             San Mateo, CA 94404
                                                             Attention: Richard Hsu
</Table>

<Page>

<Table>
<S>                                                          <C>
                                                             Telephone No.: (650) 312-3732
                                                             Facsimile No.: (650) 312-3346

Maplewood (Cayman) Limited                                   1295 State Street, MC-F457
                                                             Springfield, MA 01111
                                                             Attention:  Mary Ann McCarthy
                                                             Telephone No.: (413) 744-8754
                                                             Facsimile No.: (413) 846-5064

Massachusetts Mutual Life Insurance Company                  1295 State Street, MC-F457
                                                             Springfield, MA 01111
                                                             Attention:  Mary Ann McCarthy
                                                             Telephone No.: (413) 744-8754
                                                             Facsimile No.: (413) 846-5064

MassMutual  High Yield Partners II, LLC                      1295 State Street, MC-F457
                                                             Springfield, MA 01111
                                                             Attention:  Mary Ann McCarthy
                                                             Telephone No.: (413) 744-8754
                                                             Facsimile No.: (413) 846-5064

Merrill Lynch Senior Floating Rate Fund, Inc.                800 Scudders Mill Road
                                                             Plainsboro, NJ 08536
                                                             Attention:  Joe Matteo
                                                             Telephone No.: (609) 282-2055
                                                             Facsimile No.: (609) 282-2756

Merrill Lynch Senior Floating Rate Fund II, Inc.             800 Scudders Mill Road
                                                             Plainsboro, NJ 08536
                                                             Attention:  Joe Matteo
                                                             Telephone No.: (609) 282-2055
                                                             Facsimile No.: (609) 282-2756

Metropolitan Life Insurance Company                          334 Madison Avenue
                                                             Convent Station, NJ 07961
                                                             Attention:  Jim Dingler
                                                             Telephone No.: (973) 254-3206
                                                             Facsimile No.: (973) 254-254-3032

Morgan Stanley Dean Witter Prime Income Trust                1 World Trade Center
                                                             New York, NY 10048
                                                             Attention: Kevin Egan
                                                             Telephone No.: (212) 392-5845
                                                             Facsimile No.: (212) 392-5345

North American Senior Floating Rate Fund                     125 High Street
</Table>

<Page>

<Table>
<S>                                                          <C>
                                                             Boston, MA 02110
                                                             Attention: Kristin Walsh
                                                             Telephone No.: (617) 646-0657
                                                             Facsimile No.: (617) 946-5681

Northwoods Capital, Limited                                  245 Park Avenue, 26th Floor
                                                             New York, NY 10167
                                                             Attention: John Fraser
                                                             Telephone No.: (212) 692-2043
                                                             Facsimile No.: (212) 867-1388

Oak Hill Securities Fund, L.P.                               65 East 55th Street, 32nd Floor
                                                             New York, NY 10022
                                                             Attention: Shilpa Shah
                                                             Telephone No.: (212) 326-1500
                                                             Facsimile No.: (212) 593-3596

Oak Hill Securities Fund II, L.P.                            65 East 55th Street, 32nd Floor
                                                             New York, NY 10022
                                                             Attention: Shilpa Shah
                                                             Telephone No.: (212) 326-1500
                                                             Facsimile No.: (212) 593-3596

ORIX USA Corporation                                         1177 Avenue of the Americas, 10th Floor
                                                             New York, NY 10036-2714
                                                             Attention:  Franklin Clarke
                                                             Telephone No.: (212) 739-1670
                                                             Facsimile No.: (212) 739-1705

Pilgrim Prime Rate Trust                                     Two Renaissance Square
                                                             40 North Central Avenue, Suite 1200
                                                             Phoenix, AZ 85004-4424
                                                             Attention:  Charles LeMieux
                                                             Telephone No.: (602) 417-8214
                                                             Facsimile No.: (602) 417-8327

Simsbury CLO, Limited                                        1295 State Street, MC-F457
                                                             Springfield, MA 01111
                                                             Attention:  Mary Ann McCarthy
                                                             Telephone No.: (413) 744-8754
                                                             Facsimile No.: (413) 846-5064

Van Kampen Prime Rate Income Trust                           One Parkview Plaza
                                                             5th Floor
                                                             Oakbrook Terrace, IL 60181-5555
                                                             Attention:  Ernest Hodge
</Table>

<Page>

<Table>
<S>                                                          <C>
                                                             Telephone No.: (630) 684-8379
                                                             Facsimile No.: (630) 684-6740

Van Kampen Senior Floating Rate Fund                         One Parkview Plaza
                                                             5th Floor
                                                             Oakbrook Terrace, IL 60181-5555
                                                             Attention:  Ernest Hodge
                                                             Telephone No.: (630) 684-8379
                                                             Facsimile No.: (630) 684-6740
</Table><Page>

                                                                   EXHIBIT 10.20

                          SECOND AMENDMENT AND CONSENT

          SECOND AMENDMENT AND CONSENT (this "Amendment"), dated as of February
17, 2000, among BIG FLOWER HOLDINGS, INC., a Delaware corporation ("Holdings"),
BIG FLOWER PRESS HOLDINGS, INC., a Delaware corporation ("BFPH"), BIG FLOWER
LIMITED, a Wholly-Owned Subsidiary of BFPH and a limited company organized under
the laws of England ("BFL"), OLWEN DIRECT MAIL LIMITED, a Wholly-Owned
Subsidiary of BFL and a limited company organized under the laws of England
("Olwen"), BIG FLOWER DIGITAL SERVICES LIMITED, an indirect Wholly-Owned
Subsidiary of BFPH and a limited company organized under the laws of England
("BFDSL"), FUSION PREMEDIA GROUP LIMITED (f/k/a Troypeak Limited), an indirect
Wholly-Owned Subsidiary of BFPH and a limited company organized under the laws
of England ("Fusion"), PISMO LIMITED, an indirect Wholly-Owned Subsidiary of
BFPH and a limited company organized under the laws of England ("Pismo"),
COLORGRAPHIC DIRECT RESPONSE LIMITED, a Wholly-Owned Subsidiary of BFL and a
limited company organized under the laws of England ("Colorgraphic"), and THE
ADMAGIC GROUP LIMITED, an indirect Wholly-Owned Subsidiary of BFPH and a limited
company organized under the laws of England ("Admagic" and together with BFPH,
BFL, Olwen, BFDSL, Fusion, Pismo and Colorgraphic, the "Borrowers", and each, a
"Borrower"), the Lenders from time to time party to the Credit Agreement
referred to below, CHASE SECURITIES, INC. and DEUTSCHE BANK SECURITIES, INC., as
Joint Lead Arrangers and Joint Book Managers, THE CHASE MANHATTAN BANK, as
Administrative Agent (the "Administrative Agent"), BANKERS TRUST COMPANY, as
Syndication Agent, BANK OF AMERICA, N.A., as Documentation Agent, certain
Managing Agents party to the Credit Agreement and THE CHASE MANHATTAN BANK, as
Pledgee and Collateral Agent under the U.S. Pledge Agreement (the "Pledgee").
All capitalized terms used herein and not otherwise defined shall have the
respective meanings provided such terms in the Credit Agreement.

                              W I T N E S S E T H :

          WHEREAS, Holdings, the Borrowers, the Lenders and the Agents are
parties to a Credit Agreement, dated as of December 7, 1999 (as amended,
modified or supplemented from time to time to but not including the date hereof,
the "Credit Agreement");

          WHEREAS, Holdings, BFPH, the U.S. Subsidiary Guarantors and the
Pledgee are parties to a U.S. Pledge Agreement, dated as of December 7, 1999
(the "U.S. Pledge Agreement"); and

          WHEREAS, subject to the terms and conditions of this Amendment, the
parties hereto wish to amend the Credit Agreement and the U.S. Pledge Agreement
and the Lenders wish to grant certain consents to the Credit Agreement, in each
case as herein provided;

          NOW, THEREFORE, it is agreed:

<Page>

I.  AMENDMENT AND CONSENTS TO CREDIT AGREEMENT.

          1.   Section 8.12(b)(x) of the Credit Agreement is hereby amended by
inserting the text "or (xviii)" immediately after the text "9.02(viii) or (xiv)"
appearing in said Section.

          2.   Section 9.02(xviii) of the Credit Agreement is hereby amended by
deleting said Section in its entirety and inserting the following new Section
9.02(xviii) in lieu thereof:

          "(xviii) Webcraft may sell all of the capital stock of IMPCO
     Enterprises, Inc., a Wholly-Owned Subsidiary of Webcraft ("IMPCO"), to
     Naviant, Inc. ("Naviant"), so long as (I) no Default or Event of Default is
     then in existence or would be in existence immediately after giving effect
     thereto, (II) immediately prior to the consummation of such sale (x) all
     intercompany debt (equal to approximately $17.5 million in aggregate
     principal amount) owing by IMPCO to Webcraft shall have been forgiven and
     capitalized in IMPCO as an equity contribution by Webcraft and (y) IMPCO
     shall have distributed all of the assets and liabilities of its "Response
     Management Services" operating division to Webcraft, (III) at the time of
     the consummation of the sale, Webcraft and Naviant shall have entered into
     a business services agreement providing for, INTER ALIA, the purchase by
     Webcraft and Naviant of $16.5 million and $5.0 million, respectively, of
     products and services from each other over a five-year period, (IV) the
     only other consideration received by Webcraft from Naviant in connection
     with such sale shall be 3,625,926 shares of Series C Convertible Preferred
     Stock of Naviant (the "Naviant Shares"), with a deemed value of
     approximately $7.25 million at the time of the consummation of such sale,
     and (V) immediately after giving effect to such sale, Webcraft shall have
     transferred the Naviant Shares to XL Venture Fund II, LLC, an Affiliate of
     Holdings ("XL II"), in exchange for (A) a membership interest in XL II,
     which membership interest shall (x) be pledged to the Collateral Agent
     pursuant to the U.S. Pledge Agreement, (y) entitle Webcraft to a
     distribution (i) equal to $7.25 million PLUS 8.0% interest per annum on the
     unpaid amount of such distribution from time to time and (ii) payable to
     Webcraft on a priority basis (I.E., without PRO RATA participation in such
     distribution by the other members of XL II) with the Net Sale Proceeds
     (determined in the case of a sale of the Naviant Shares, prior to the
     payment of profits as contemplated by succeeding clause (B)) from any sale
     by XL II of any investment held by it (whether or not the Naviant Shares)
     in excess of XL II's initial capital investment in such investment (which
     in the case of the Naviant Shares shall be deemed to be approximately $7.25
     million) and (z) be governed by documentation in form and substance
     reasonably satisfactory to the Administrative Agent and (B) the right to
     receive 7% of any net profits received (after giving effect to any
     distribution to Webcraft pursuant to its membership interest in XL II as
     contemplated by subclause (y) of preceding clause (A)) from the disposition
     of the Naviant Shares by XL II (assuming a cost basis of $7.25 million)."

          3.   Notwithstanding anything to the contrary in Section 9.02 of the
Credit Agreement, so long as no Default or Event of Default is then in existence
or would result therefrom, Webcraft may transfer the proceeds received by it
from its 7% interest in any profits from the disposition of Naviant Shares
referred to in subclause (V)(B) of Section 9.02(xviii) of

                                       -2-
<Page>

the Credit Agreement (as amended hereby) to a non-qualified deferred
compensation plan for the benefit of certain members of Webcraft's management.

          4.   Notwithstanding anything to the contrary contained in Section
9.05 of the Credit Agreement, Webcraft may (i) forgive all intercompany
Indebtedness owing to it by IMPCO and capitalize same in IMPCO as an equity
contribution in connection with a sale of all of the capital stock of IMPCO
consummated in accordance with the requirements of Section 9.02(xviii) of the
Credit Agreement (as amended hereby) and (ii) make an Investment in XL II as
contemplated by clause (V) of Section 9.02(xviii) of the Credit Agreement (as
amended hereby) in connection with a sale of all of the capital stock of IMPCO
consummated in accordance with the requirements of Section 9.02(xviii) of the
Credit Agreement (as amended hereby).

          5.   Notwithstanding anything to the contrary contained in Section
9.06 of the Credit Agreement, Webcraft may (i) consummate the sale of all of the
capital stock of IMPCO in accordance with the requirements of Section
9.02(xviii) of the Credit Agreement (as amended hereby), (ii) effect the
transfer of proceeds referred to in Section 3 of Part I of this Amendment, to
the extent expressly permitted by the terms of said Section and (iii) make an
Investment in XL II as contemplated by clause (V) of Section 9.02(xviii) of the
Credit Agreement (as amended hereby) in connection with a sale of all of the
capital stock of IMPCO consummated in accordance with the requirements of
Section 9.02(xviii) of the Credit Agreement (as amended hereby).

          6.   Section 9.13(f) of the Credit Agreement is hereby amended by
deleting said Section in its entirety and inserting the following new Section
9.13(f) in lieu thereof:

          "(f) Holdings will not permit (i) the Investment Subsidiary to engage
     in any business other than its ownership of the Second-Tier Investment
     Subsidiaries and XL Ventures Investments and (ii) the Second-Tier
     Investment Subsidiaries to engage in any business other than the ownership
     of XL Ventures Investments."

          7. The definition of "Consolidated Debt" appearing in Section of 11.01
of the Credit Agreement is hereby amended by inserting the following text
immediately after the text "Notwithstanding anything to the contrary contained
in the immediately preceding sentence," appearing in said definition:

          "(x) Indebtedness of Webcraft of the type described in clause (v) of
     the definition of Indebtedness arising under the business services
     agreement referred to in subclause (III) of Section 9.02(xviii) shall not
     be included in any determination of Consolidated Debt to the extent (and
     only to the extent) that the aggregate principal amount of such
     Indebtedness (net of the aggregate principal amount of Indebtedness of such
     type owing by Naviant to Webcraft under such services agreement) does not
     exceed $6.0 million at any time outstanding and (y)".

          8.   Section 11.01 of the Credit Agreement is hereby further amended
by (i) deleting the definition of "Investment Subsidiary" appearing in said
Section and (ii) inserting the following new definitions in appropriate
alphabetical order in said Section:

          "IMPCO" shall have the meaning provided in Section 9.02(xviii).

                                      -3-
<Page>

          "Investment Subsidiary" shall mean XL Ventures, Inc. (f/k/a XL Capital
     Corporation and Big Flower Capital Corporation), a Delaware corporation and
     a direct Wholly-Owned Subsidiary of Holdings.

          "Naviant" shall have the meaning provided in Section 9.02(xviii).

          "Naviant Shares" shall have the meaning provided in Section
     9.02(xviii).

          "Second-Tier Investment Subsidiaries" shall mean and include (i) XL
     Ventures (Delaware), Inc. (f/k/a XL Capital (Delaware), Inc.), a Delaware
     corporation and a Wholly-Owned Subsidiary of the Investment Subsidiary and
     (ii) XL Ventures Fund I, LLC (f/k/a BGF Ventures LLC and Yorkville Ventures
     LLC), a Delaware limited liability company and a Wholly-Owned Subsidiary of
     XL Ventures (Delaware), Inc.

          "XL II" shall have the meaning provided in Section 9.02(xviii).

          9.   Section 13.21 of the Credit Agreement is hereby amended by (i)
deleting the text "90 days" appearing in Section 13.21(b) of the Credit
Agreement and inserting the text "115 days" in lieu thereof and (ii) inserting
the following new clause (e) at the end of said Section:

          "(e) UCC-3 TERMINATION STATEMENTS. Within 110 days following the
     Initial Borrowing Date (or such later date as shall have been determined by
     the Administrative Agent in its sole discretion with respect to any such
     Lien), (i) the Administrative Agent shall have received Form UCC-3
     termination statements in respect of the Liens securing Additional
     Refinanced Indebtedness and (ii) the Borrower shall take reasonable best
     efforts to provide UCC-3 termination statements with respect to any other
     Indebtedness which the Administrative Agent shall have reasonably requested
     in writing and same shall be filed in the appropriate governmental office
     within 115 days following the Initial Borrowing Date (or such later date as
     shall have been determined by the Administrative Agent in its sole
     discretion). Furthermore, within 115 days following the Initial Borrowing
     Date, Holdings shall caused to be delivered to the Administrative Agent a
     revised Schedule VIII to the Credit Agreement, reflecting the deletion of
     all UCC-1 financing statements referred to on the original such Schedule
     and terminated as contemplated by the immediately preceding sentence."

          10.  Notwithstanding anything contained in the Credit Agreement, the
sale of the capital stock of IMPCO pursuant to Section 9.02(xviii) shall be
deemed to be a "Significant Asset Sale" for purposes of (and only for purposes
of) the definition of PRO FORMA Basis appearing in the Credit Agreement.

II.  AMENDMENTS TO U.S. PLEDGE AGREEMENT.

          1.   Section 2(b) of the U.S. Pledge Agreement is hereby amended by
deleting the definition of "Excluded Investment Subsidiary Entity" appearing in
said Section and inserting the following new definition in lieu thereof:

                                       -4-
<Page>

          "Excluded Investment Subsidiary Entity" shall mean any corporation,
     partnership or limited liability company that is not a Subsidiary of the
     Investment Subsidiary or a Second-Tier Investment Subsidiary (or any other
     Pledgor) but in which the Investment Subsidiary or a Second-Tier Investment
     Subsidiary owns or holds capital stock, partnership interests or membership
     interests, as the case may be."

          2.   Section 2(b) of the U.S. Pledge Agreement is hereby further
amended by deleting the text "and Treasure Chest of Nevada" appearing in the
definition of "Stock" contained in said Section and inserting the text ",
Treasure Chest of Nevada and except to the extent not transferred to XL II as
contemplated by Section 9.02(xviii) of the Credit Agreement, the Series C
Convertible Preferred Stock of Naviant" in lieu thereof.

III.  MISCELLANEOUS PROVISIONS.

          1.   In order to induce the Lenders to enter into this Amendment, each
Credit Agreement Party hereby represents and warrants that:

          (a) no Default or Event of Default exists as of the Second Amendment
     Effective Date (as defined below), both immediately before and immediately
     after giving effect to this Amendment; and

          (b) all of the representations and warranties contained in the Credit
     Agreement or the other Credit Documents are true and correct in all
     material respects on the Second Amendment Effective Date both immediately
     before and immediately after giving effect to this Amendment, with the same
     effect as though such representations and warranties had been made on and
     as of the Second Amendment Effective Date (it being understood that any
     representation or warranty made as of a specific date shall be true and
     correct in all material respects as of such specific date).

          2.   This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

          3.   This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with Holdings and the Administrative Agent.

          4.   THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

          5.   This Amendment shall become effective on the date (the "Second
Amendment Effective Date") when each Credit Agreement Party, the Lenders
constituting the Required Lenders and the Pledgee shall have signed a
counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile transmission) the same to the
Administrative Agent at its Notice Office.

                                       -5-
<Page>

          6. From and after the Second Amendment Effective Date, all references
in the Credit Agreement and each of the other Credit Documents to the Credit
Agreement and the U.S. Pledge Agreement shall be deemed to be references to the
Credit Agreement or the U.S. Pledge Agreement, as the case may be, as modified
hereby.

                                      * * *

                                       -6-
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment as of the date first
above written.

                                   BIG FLOWER HOLDINGS, INC.,
                                       as a Guarantor

                                   By  /s/ Irene Fisher
                                       ----------------------------------------
                                       Title: Vice President

                                   BIG FLOWER PRESS HOLDINGS, INC.,
                                       as a Borrower

                                    By /s/ Irene Fisher
                                       ----------------------------------------
                                       Title: Vice President

                                   BIG FLOWER LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                               Chairman

                                   OLWEN DIRECT MAIL LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                               Chairman

                                   BIG FLOWER DIGITAL SERVICES
                                     LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                          Chairman

<Page>

                                   FUSION PREMEDIA GROUP LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                               Chairman

                                   PISMO LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                               Chairman

                                   COLORGRAPHIC DIRECT RESPONSE LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                               Chairman

                                   THE ADMAGIC GROUP LIMITED,
                                       as a Borrower

                                   By  /s/ Mark Angelson
                                       ----------------------------------------
                                       Title: Executive V.P./Office of the
                                               Chairman

                                   THE CHASE MANHATTAN BANK,
                                       Individually, and as Administrative Agent

                                   By  /s/ Robert T. Sacks
                                       ----------------------------------------
                                       Title: Managing Director

<Page>

                                   BANKERS TRUST COMPANY,
                                       Individually, and as Syndication Agent

                                   By  /s/ Gregory Shefrin
                                       ----------------------------------------
                                       Title: Principal

                                   BANK OF AMERICA, N.A.
                                       Individually, and as Documentation Agent

                                    By /s/ W. Larry Hess
                                       ----------------------------------------
                                       Title: Managing Director

<Page>

                                   AG CAPITAL FUNDING PARTNERS, L.P.

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   AMARA-I FINANCE, LTD.

                                   By:
                                      -----------------------------------------

                                   INVESCO Senior Secured Management, Inc.
                                       as Subadviser

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   ARCHIMEDES FINDING II, LTD.

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   ARCHIMEDES FINDING III, LTD.

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   ATHENA CDO, LIMITED
                                   By: Pacific Investment Management Company,
                                       as its Investment Advisor

                                   By:
                                      -----------------------------------------
                                       Name:
                                       Title:

<Page>

                                   AVALON CAPITAL LTD.
                                   BY: INVESCO Senior Secured
                                       Management, Inc.
                                       as Portfolio Advisor

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   BANKBOSTON, N.A.

                                   By: /s/ Julie Jalelian
                                       ----------------------------------------
                                       Name:   Julie Jalelian
                                       Title:  Director

                                   BAVARIA TRR CORPORATION

                                   By: /s/ Lori Rezza
                                       ----------------------------------------
                                       Name:   Lori Rezza
                                       Title:  Vice President

                                   BOEING CAPITAL CORPORATION

                                   By:
                                      -----------------------------------------
                                      Name:
 \                                    Title:

                                   CAPTIVA III FINANCE LTD.,
                                       as advised by Pacific Investment
                                       Management Company

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

<Page>

                                   CAPTIVA IV FINANCE LTD.
                                   as advised by Pacific Investment Management
                                   Company

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   CATALINA CDO LTD.
                                   By: Pacific Investment Management Company,
                                       as its Investment Advisor

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   THE CIT GROUP/EQUIPMENT FINANCING,
                                     INC.

                                   By: /s/ Daniel E. A. Nichols
                                       ----------------------------------------
                                       Name:  Daniel E. A. Nichols
                                       Title: Vice President

                                   CREDIT AGRICOLE INDOSUEZ

                                   By: /s/ Craig Welch
                                       ----------------------------------------
                                       Name:   Craig Welch
                                       Title:  FVP

                                   By: /s/ John McCloskey
                                       ----------------------------------------
                                       Name:   John McCloskey
                                       Title:  VP, SRM

<Page>

                                   CYPRESSTREE SENIOR FLOATING RATE
                                     FUND
                                   By: CypressTree Investment Management
                                       Company, Inc. as Portfolio Manager

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   THE DAI-ICHI KANGYO BANK, LIMITED

                                   By:
                                      -----------------------------------------
                                       Name:
                                       Title:

                                   DELANO COMPANY
                                   By: Pacific Investment Management Company,
                                       as its Investment Advisor

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   FIRST UNION NATIONAL BANK

                                   By: /s/ Joan Anderson
                                       ----------------------------------------
                                       Name:   Joan Anderson
                                       Title:  Vice President

                                   FIRST SOURCE FINANCIAL LLP
                                   BY:FIRST SOURCE FINANCIAL, INC., AS
                                      AGENT/MANAGER

                                   By: /s/ David C. Wagner
                                       ----------------------------------------
                                       Name:   David C. Wagner
                                       Title:  Vice President

<Page>

                                   FLOATING RATE PORTFOLIO
                                   BY: INVESCO Senior Secured
                                       Management, Inc. as Attorney in Fact

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   FRANKLIN FLOATING RATE TRUST

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   GLENEAGLES TRADING LLC

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   KZH CYPRESSTREE-1 LLC

                                   By: /s/ Peter Chin
                                       ----------------------------------------
                                       Name:   Peter Chin
                                       Title:  Authorized Agent

                                   KZH LANGDALE LLC

                                   By: /s/ Peter Chin
                                       ----------------------------------------
                                       Name:   Peter Chin
                                       Title:  Authorized Agent

                                   KZH STERLING LLC

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

<Page>

                                   MAPLEWOODS (CAYMAN) LIMITED
                                   BY: MASSACHUSETTS MUTUAL LIFE
                                       INSURANCE COMPANY, AS
                                       INVESTMENT MANAGER

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   MASSACHUSETTS MUTUAL LIFE
                                     INSURANCE COMPANY

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   MASSMUTUAL HIGH YIELD PARTNERS
                                      II, LLC
                                   By: HYP Management, Inc.

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   MERRILL LYNCH SENIOR FLOATING
                                     RATE FUND, INC.

                                   By: /s/ Jospeh Matteo
                                       ----------------------------------------
                                       Name:  Joseph Matteo
                                       Title: Authorized Signatory

                                   MERRILL LYNCH SENIOR FLOATING
                                     RATE FUND II, INC.

                                   By: /S/ JOSPEH MATTEO
                                       ----------------------------------------
                                       Name:  Joseph Matteo
                                       Title: Authorized Signatory

<Page>

                                   MERRILL LYNCH GLOBAL INVESTMENT
                                     SERIES: INCOME STRATEGIES
                                     PORTFOLIO
                                   By: Merrill Lynch Asset Management, L.P., as
                                       Investment Advisor

                                   By: /s/ Jospeh Matteo
                                       ----------------------------------------
                                       Name:  Joseph Matteo
                                       Title: Authorized Signatory

                                   MERRILL LYNCH PRIME RATE
                                     PORTFOLIO
                                   By: Merrill Lynch Asset Management, L.P., as
                                       Investment Advisor

                                   By: /s/ Jospeh Matteo
                                       ----------------------------------------
                                       Name:  Joseph Matteo
                                       Title: Authorized Signatory

                                   METROPOLITAN LIFE INSURANCE
                                     COMPANY

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   ML CLO XX PILGRIM AMERICA
                                      (CAYMAN)

                                   By: /s/ Elizabeth O. Maclean
                                       ----------------------------------------
                                       Name:  Elizabeth O. MacLean
                                       Title: Vice President

                                   MORGAN STANLEY DEAN WITTER
                                     PRIME INCOME TRUST

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

<Page>

                                   NORTH AMERICAN SENIOR FLOATING
                                     RATE FUND
                                     By:  CypressTree Investment Management
                                     Company, Inc., as Portfolio Manager

                                   By: /s/ Jonathan D. Sharkey
                                       ----------------------------------------
                                       Name:  Jonathan D. Sharkey
                                       Title: Principal

                                   NORTHWOODS CAPITAL, LIMITED

                                   By:
                                      -----------------------------------------
                                       Name:
                                       Title:

                                   OAK HILL SECURITIES FUND, L.P.
                                   By: OAK HILL SECURITIES GENPAR, L.P.,
                                       ITS GENERAL PARTNER
                                   By: OAK HILL MGP, INC.,
                                       ITS GENERAL PARTNER

                                   By: /s/ Scott D. Krase
                                       ----------------------------------------
                                       Name:  Scott D. Krase
                                       Title: Vice President

                                   OAK HILL SECURITIES FUND II, L.P.
                                   By: OAK HILL SECURITIES GENPAR II,
                                       L.P., ITS GENERAL PARTNER
                                   By: OAK HILL MGP II, INC.,
                                       ITS GENERAL PARTNER

                                   By: /s/ Scott D. Krase
                                       ----------------------------------------
                                       Name:  Scott D. Krase
                                       Title: Vice President

<Page>

                                   OASIS COLLATERALIZED HIGH INCOME
                                     PORTFOLIO-1, LTD.
                                   By: INVESCO Senior Secured Management,
                                       Inc. as Subadviser

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   ORIX USA CORPORATION

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   PILGRIM PRIME RATE TRUST
                                   By: Pilgrim Investments, Inc.,
                                       as its investment manager

                                   By: /s/ ELIZABETH O. MACLEAN
                                       ----------------------------------------
                                       Name:  Elizabeth O. MacLean
                                       Title: Vice President

                                   PAMCO CAYMAN LTD.
                                   By: Highland Capital Management, L.P.
                                       as Collateral Manager

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   PILGRIM AMERICA HIGH INCOME
                                      INVESTMENTS LTD.
                                   By: Pilgrim Investments, Inc.
                                       as its investment manager

                                   By: /s/ Elizabeth O. Maclean
                                       ----------------------------------------
                                       Name:  Elizabeth O. MacLean
                                       Title: Vice President

<Page>

                                   PILGRIM CLO 1999-1 LTD.
                                   By: Pilgrim Investments, Inc.
                                       as its investment manager

                                   By: /s/ Elizabeth O. Maclean
                                       ----------------------------------------
                                       Name:  Elizabeth O. MacLean
                                       Title: Vice President

                                   ROYALTON COMPANY
                                   By: Pacific Investment Management Company,
                                       as its Investment Advisor

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   SEQUILS - PILGRIM I, LTD.
                                   By: Pilgrim Investments, Inc.
                                       as its investment manager

                                   By: /s/ Elizabeth O. Maclean
                                       ----------------------------------------
                                       Name:  Elizabeth O. MacLean
                                       Title: Vice President

                                   SIMSBURY CLO, LIMITED
                                   BY: MASSACHUSETTS MUTUAL LIFE
                                       INSURANCE COMPANY, AS
                                       COLLATERAL MANAGER

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

<Page>

                                   TRIGON HEALTHCARE INC. (ACCT 674)
                                   By: Pacific Investment Management
                                       Company, as its Investment Advisor,
                                       acting through The Bank of New York in
                                       the Nominee Name of Hare & Co.

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   TRITON CDO IV LIMITED

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   VAN KAMPEN PRIME RATE INCOME
                                     TRUST

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

                                   VAN KAMPEN SENIOR FLOATING RATE FUND

                                   By:
                                      -----------------------------------------
                                      Name:
                                      Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]