Document:

Third Amendment to Lease

 Exhibit 10.5 
 THIRD AMENDMENT TO LEASE 
 THIS THIRD AMENDMENT TO LEASE (the
“Amendment”) is made and entered into this 2nd day of November, 2010 by and between One Directory Place, LLC, a Colorado limited liability company (“Landlord”) and World Color (USA), LLC, a Delaware limited liability company
f/k/a Novink (USA), LLC, as successor in interest to Quebecor World Loveland, Inc., f/k/a Quebecor Printing Loveland, Inc., a Delaware corporation (“Tenant”). 
 RECITALS 
 WHEREAS, Landlord and Tenant, through its predecessors in
interest, are parties to that certain Lease dated July 21, 1995, as amended or modified by the First Amendment to Lease dated May 6, 1996, the Second Amendment to Lease dated September 12, 2008, the Memorandum and Agreement dated
April 8, 2009, the Assignment of Lease and Consent to Assignment of Lease dated September 2, 2009, and the Commencement Date Memorandum and Agreement dated January 19,2010 (collectively the “Lease”) for the premises now
consisting of approximately 169,816 square feet of space known as the “Redefined Demised Premises” at 380 W. 37th Street, Loveland, Colorado 80538; and 
 WHEREAS, the Extended Lease Term expires on July 31, 2022; and 
 WHEREAS,
Landlord is in possession of, and the Beneficiary under, that certain Irrevocable Standby Letter of Credit No. NZS645524 dated August 13, 2009 from Wells Fargo, N.A., as amended pursuant to the Commencement Date Memorandum and Agreement by that
certain Amendment Number 1 dated January 26, 2010 (collectively the “Letter of Credit”) in the amended amount of $3,094,447.36, which Letter of Credit is serving as security for Tenant’s performance under the Lease; and

 WHEREAS, Landlord and Tenant now desire to enter into this Amendment for purposes of, among other things, releasing the
Letter of Credit in exchange for a Guarantee of Lease from Quad/Graphics, Inc. 
 AGREEMENT 

NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby mutually acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows: 
 1. Letter of Credit and Guarantee of Lease. Upon execution hereof Tenant shall obtain: (i) the consent of World Color Press, Inc., as Guarantor, in the form attached hereto as Exhibit A; and
(ii) the additional guarantee of Quad/Graphics, Inc., in the form attached hereto as Exhibit B. In consideration for the additional guarantee Landlord, shall, upon its execution hereof, return to Tenant the original Letter of Credit.

 2. Roof Repairs and Replacement. Paragraph 6 of the Second Amendment to Lease is hereby deleted in its entirety.
Accordingly, pursuant to Section 7.2 of the Lease, Tenant shall be solely responsible, at Tenant’s sole cost and expense, for all repairs and maintenance of the roof for the Redefined Demised Premises during the Extended Lease Term, and
Landlord shall have no obligations whatsoever in connection therewith, including, but not limited to, no obligation to provide the Redefined Demised Premises with a new roof; provided, however, Landlord will put in place a ten (10) year
warranty on the existing roof, and shall assign all rights thereunder to Tenant. To the extent such warranty is not assignable, Landlord shall cooperate with Tenant in good faith to enable Tenant to exercise the benefit of such warranty, as
necessary. 
 3. Tenant’s Right of First Refusal to Purchase the Redefined Demised Premises. Effective upon mutual
execution hereof, the Right of First Refusal to Purchase the Redefined Demised Premises granted to Tenant in the Second Amendment to Lease shall be null and void and of no further force or effect. 

  
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 4. Ratification. Except as expressly amended, modified or changed herein, all of the
terms, conditions and covenants of the Lease shall remain in full force and effect during the Extended Lease Term and Landlord and Tenant hereby ratify and reaffirm such terms, conditions and covenants and shall be bound thereby. Tenant acknowledges
that to Tenant’s knowledge, Landlord is not in default under the Lease and Tenant is not aware of any conditions which would give rise to claims against Landlord for failure to perform any of its obligations thereunder. Landlord acknowledges
that, to Landlord’s knowledge, Tenant is not in default under the Lease, and Landlord is not aware of any conditions which would give rise to claims against Tenant for failure to perform any of its obligations thereunder. IN WITNESS WHEREOF,
the parties hereto have entered into this Amendment as of the day and year first above written. 
  

									
	 LANDLORD

ONE DIRECTORY PLACE, LLC
	  		  	 TENANT:

WORLD COLOR (USA), LLC,

	a Colorado limited liability company	  		  	A Delaware limited liability company
					
	By:	  	 /s/ Donald P. Cook
	  		  	By:	  	         /s/ Andrew R. Schiesl

		  	        Donald P. Cook, Manager	  		  	Its:	  	        Secretary

  
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 EXHIBIT A 
 GUARANTOR’S CONSENT AND RATIFICATION 
 World Color Press Inc., f/k/a Quebecor World Inc.,
f/k/a Quebecor Printing, Inc., a Canadian corporation, as guarantor under that certain Guaranty of Lease dated July 21, 1995 (the “Guaranty”), pursuant to which it has unconditionally and irrevocably guaranteed all of the obligations
of World Color (USA), LLC, as successor in interest to Quebecor World Loveland, Inc., f/k/a Quebecor Printing Loveland, Inc., as Tenant under a Lease Agreement of even date thereof with One Directory Place, LLC, as Landlord, for the lease of certain
Redefined Demised Premises known as 380 W. 3th Street, Loveland, Colorado 80538 for good and valuable consideration, does hereby provide its consent to that certain Third Amendment to Lease. Guarantor further does hereby ratify and reaffirm the
Guaranty in its entirety, and expressly acknowledges and agrees that the duties and obligations thereunder have not been altered, modified, waived, released, discharged, impaired or affected and shall continue to apply with full force and effect.

 IN WITNESS WHEREOF, Guarantor does execute this Guarantor’s Consent and Ratification this 10th day of December, 2010 . 

 

			
	Guarantor:
	WORLD COLOR PRESS, INC.
	a Canadian corporation
		
	 By:
	 	         /s/ Andrew R. Schiesl

	 Its:
	 	        Secretary

  
 3Lease Memorandum

 Exhibit 10.6 
 COMMENCEMENT DATE MEMORANDUM AND AGREEMENT 

THIS COMMENCEMENT DATE MEMORANDUM AND AGREEMENT (the “CDM”) is entered into this 19th day of
January, 2010, by and between ONE DIRECTORY PLACE, LLC a Colorado limited liability company (“Landlord”) and WORLD COLOR (USA), LLC, a Delaware limited liability company f/k/a NOVINK (USA), LLC, as successor in interest to QUEBECOR WORLD
LOVELAND, INC., f/k/a QUEBECOR PRINTING LOVELAND, INC., (“Tenant”) and shall operate as an acknowledgment between the parties as to the completion of certain conditions and requirements under the Second Amendment to Lease dated
September 12, 2008 (the “Second Amendment”) and an agreement as to the affect thereof. 
 WHEREAS, pursuant to
the Second Amendment and the Memorandum and Agreement dated April 8, 2009 (the “Memorandum”), among other things, Landlord and Tenant agreed as to the conditions under which the Demised Premises known as 380 W. 37th Street, Loveland,
Colorado 80538 would be redefined to include certain additional space (the “New Expansion Space”) to be constructed by Landlord; and 
 WHEREAS, the construction of the New Expansion Space has been completed, and Landlord and Tenant therefore desire to enter into this CDM for purposes of confirming, among other things, the Effective Date
thereof, the size of the Redefined Demised Premises, and the amount of Monthly Basic Rent due therefor; and 
 NOW,
THEREFORE, Landlord and Tenant hereby acknowledge and agree as follows: 
 1. Capitalized terms used in this CDM which are
not otherwise defined herein shall have the meanings ascribed to such terms in the Second Amendment. 
 2. Landlord has
satisfactorily completed all of the Landlord’s Work under the Second Amendment. Therefore, the Effective Date, as defined in paragraph 3.A. of the Second Amendment, is September 29, 2009. The New Expansion Space consists of 19,866 square
feet of space resulting in a Redefined Demised Premises, as of the Effective Date, totaling 169,816 square feet of space. Subject to Landlord’s warranty of workmanship for the Landlord’s Work, any latent defects related thereto, and the
Punch List Items, Tenant has accepted possession of the Redefined Demised Premises, as of the Effective Date, in its As-Is condition. 
 3. Landlord and Tenant acknowledge and agree that the Costs in Excess of 10,000 SF was $635,470.50, which under the Second Amendment and the Memorandum is to result in a revised Basic Rent Schedule to
reflect the Return on Investment of Costs in Excess of 10,000 SF to include an additional $5,295.59 per month (the “Return on Investment”). Although Landlord has drawn the entire original Letter of Credit in the amount of $3,094,447.37
(the “Landlord Drawn Funds”), which pursuant to paragraph 5 of the Memorandum would operate to relieve Tenant of the obligation to pay the Return on Investment, since Landlord has agreed to accept a new letter of credit, as set forth in
paragraph 4 below, the Basic Rent shall therefore remain as set forth in the Memorandum, and as restated below, except that, notwithstanding the Effective Date, the Tenant’s obligation to pay the Return on Investment shall, commence as of
January 15, 2010: 

  
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	 Time Period
	  	 Monthly Base Rent

(per Second Amendment)
	  	Return on Investment
of Costs in Excess
of
10,000 SF	  	Total Basic
Rent
	 01/01/10 – 01/31/10
	  	$ 96,041.29	  	$2,647.80	  	$ 98,689.09
	 02/01/10 – 07/31/20
	  	$ 96,041.29	  	$5,295.59	  	$101,336,88
	 08/01/20 – 07/31/22
	  	Annual CPI increase per paragraph 4 of the Second Amendment	  	$5,295.59	  	CPI+$5,295.59

 4. From the
Landlord Drawn Funds, Landlord retained $559,392.96 as a Security Deposit, and the parties acknowledge and agree such sum has been returned to Tenant in exchange for the replacement Letter of Credit in such amount dated August 13, 2009 provided
to Landlord from Wells Fargo Bank, N.A., (the “Replacement Letter of Credit”). Simultaneously herewith Tenant shall provide Landlord with an amendment to the Replacement Letter of Credit, increasing the amount thereof from the existing
amount of $559,392.96 to $3,094,447.37, which shall be held by Landlord in accordance with the applicable provisions of the Second Amendment and the Memorandum, including, without limitation, Landlord’s right to draw the entire amount of the
amended Replacement Letter of Credit in the event of Tenant’s failure to renew or replace the same as required thereunder (a “Landlord Draw”). In exchange for the amended Replacement Letter of Credit, Landlord shall pay to Tenant the
remaining Landlord Drawn Funds in the amount of $2,535,054.40. 
 In the event of a Landlord Draw, the parties acknowledge and
agree that: (i) Landlord shall be entitled to retain, as liquidated damages (fair consideration for which Tenant hereby unconditionally acknowledges) the proceeds of the amended Replacement Letter of Credit, less $559,392.96 to be held by
Landlord as a Security Deposit pursuant to paragraph 5 of the Memorandum; and (ii) for the remainder of the Extended Lease Term, Tenant shall no longer be required to pay the Return on Investment as a part of the Monthly Basic Rent; provided,
however, in such event, and in lieu of the foregoing, Tenant shall have the right for seventy-five (75) days following a Landlord Draw to provide Landlord with another replacement letter of credit, reasonably acceptable to Landlord and
Landlord’s lender (with the form of the amended Replacement Letter of Credit, or one substantially similar thereto being deemed acceptable), and upon receipt of the same Landlord shall return to Tenant the entire amount of the amended
Replacement Letter of Credit proceeds. 
 5. Section 6.3 of the Lease is hereby amended to provide that separate
certificates of insurance must be provided to Landlord for all mortgagees or holders of deeds of trust named as additional insureds therein, and shall include a requirement that any notice of cancellation or alteration of insurance coverages be
provided separately to each such mortgagee or holder of a deed of trust. In addition, Landlord may deposit such certificates of insurance with the respective mortgagees and holders of a deed of trust. 

6. Except as modified and amended by the terms of this CDM, all of the terms, conditions and covenants of the Lease (including, without
limitation, the Second Amendment) shall remain in full force and effect and Landlord and Tenant hereby ratify and reaffirm such terms, conditions, and covenants and shall be bound thereby. Tenant further acknowledges and agrees that as of the date
hereof Landlord is not in default under the Lease, and that it has no claims against Landlord for 

  
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failure to perform any of its obligations thereunder. 
 IN WITNESS
WHEREOF, the parties have caused this CDM to be duly executed and made as of the date first above written. 
  

									
	LANDLORD:	 		 	TENANT:
			
	ONE DIRECTORY PLACE, LLC,	 		 	WORLD COLOR (USA), LLC,
	 a Colorado limited liability company
	 		 	a Delaware limited liability company
					
	By:	 	/s/ Donald P. Cook	 		 	By:	 	/s/ Daniel McCarthy
		 	Donald P. Cook, Manager	 		 	Its:	 	Vice President

  
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 EXHIBIT A 
 GUARANTOR’S CONSENT AND RATIFICATION 
 World Color Press Inc., f/k/a Quebecor
World Inc., f/k/a Quebecor Printing, Inc., a Canadian corporation, as guarantor under that certain Guaranty of Lease dated July 21, 1995 (the “Guaranty”), pursuant to which it has unconditionally and irrevocably guaranteed all of the
obligations of World Color (USA), LLC, as successor in interest to Quebecor World Loveland, Inc., f/k/a Quebecor Printing Loveland, inc., as Tenant under a Lease Agreement of even date thereof with One Directory Place, LLC, as Landlord, for the
lease of certain Demised Premises known as 380 W. 37th Street, Loveland, Colorado 80538 for good and valuable consideration, does hereby provide its consent to that certain Commencement Date Memorandum and Agreement. Guarantor further does hereby
ratify and reaffirm the Guaranty in its entirety, and expressly acknowledges and agrees that the duties and obligations thereunder have not been altered, modified, waived, released, discharged, impaired or affected and shall continue to apply with
full force and effect. 
 IN WITNESS WHEREOF, Guarantor does execute this Guarantor’s Consent and Ratification this 19
day of January, 2010 
  

			
	GUARANTOR:
	
	WORLD COLOR PRESS INC.,
	a Canadian corporation
		
	By:	 	(illegible)
	Its:	 	(illegible)

  
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