Document:

Exhibit
10.1

LIMITED CONSENT AND
AMENDMENT NO. 5 TO CREDIT AGREEMENT

This Limited Consent and
Amendment No. 5 to Credit
Agreement, dated as of September 5, 2006
(this “Consent and Amendment”), is entered into by and among Vertis, Inc. (“Borrower”),
as Borrower, the other Credit Parties signatory hereto, General Electric
Capital Corporation, as a Lender and as Agent for Lenders (“Agent”), and the
other Lenders.

RECITALS

A. Borrower, the other
Credit Parties, Agent and Lenders are parties to that certain Credit Agreement,
dated as of December 22, 2004, including all annexes, exhibits and schedules
thereto (as amended by: (i) that certain Limited Consent and Amendment No. 1 to
Credit Agreement, dated as of October 3,2005; (ii) that certain Amendment No. 2
to Credit Agreement, dated as of November 22, 2005; (iii) that certain Limited
Consent and Amendment No. 3 to Credit Agreement, dated as of December 12, 2005;
and (iv) that certain Amendment No. 4 to Credit Agreement, dated as of May
30,2006; and as from time to time further amended, restated, supplemented or
otherwise modified, the “Credit Agreement”).

B. Borrower and the other
Credit Parties have requested that Agent and Lenders consent to the sale by
Borrower and Webcraft, LLC (“Webcraft”) of certain assets related to Borrower’s
and Webcraft’s fragrance and cosmetic businesses as set forth in (i) that
certain Asset Purchase Agreement to be entered into by Borrower and Webcraft,
together as Seller, and Spice Acquisition Corp. (“Spice”), as Purchaser, and
(ii) that certain Asset Sale Agreement to be entered into by Vertis Fragrance
SARL (“SARL”), as Seller, and Arcade Europe SARL, as Purchaser, substantially
in the form of Exhibit A-1 and Exhibit A-2, respectively, to this Consent and
Amendment (together, the “Asset Purchase Agreements”), and (iii) certain
related actions as further described in Section 2 herein.

C. This Consent and
Amendment shall constitute a Loan Document and these Recitals shall be
construed as part of this Consent and Amendment.

NOW THEREFORE, in
consideration of the premises and the mutual covenants hereinafter contained,
and of the Loans and other extensions of credit heretofore, now or hereafter
made to, or for the benefit of, Borrower by Lenders, Borrower, the other Credit
Parties, Agent and Lenders hereby agree as follows:

1. Definitions.
Except to the extent otherwise specified herein, capitalized terms used in this
Consent and Amendment shall have the same meanings ascribed to them in the
Credit Agreement and Annex A thereto.

2. Consents.

2.1. Notwithstanding Section
5.7 of the Credit Agreement or any other provision of the Credit Agreement or
any other Loan Document to the contrary, Agent and Lenders hereby consent to
the sale by Borrower and Webcraft to Spice of certain assets related to
Borrower’s and Webcraft’s fragrance and cosmetic businesses as set forth in the
Asset Purchase Agreements; provided, that, any changes to the
Asset Purchase Agreements from the versions thereof attached to this Consent
and Amendment as Exhibit A-1 and Exhibit A-2, shall be reasonably satisfactory
to Agent.

2.2. Notwithstanding any
provision of the Credit Agreement or any other Loan Document to the contrary,
Agent and Lenders hereby consent to the release of Agent’s Liens on the assets
of Borrower and Webcraft which are being sold by Borrower and Webcraft to Spice
pursuant to the Asset Purchase Agreements upon the closing of the transactions
contemplated by the Asset Purchase 

 

Agreements to the extent such properties and assets
have been pledged to Agent pursuant to the Credit Agreement or any other Loan
Document.

3. Further Assurances.

3.1. Each Credit Party
shall, from time to time, execute and deliver such agreements, instruments,
certificates, reports and other documents and take all such actions as Agent or
Lenders at any time may reasonably request to evidence, further document,
effectuate or otherwise implement the actions described above in Section 2,
under the Credit Agreement and/or the other Loan Documents.

3.2. At the time of the
closing of the transactions contemplated by the Asset Purchase Agreements and
from time to time thereafter, at Borrower’s expense, Agent and Lenders shall
execute and deliver such lien release instruments and documents and take such
related actions as Borrower may reasonably request to evidence, further
document, effectuate or otherwise implement the release of Agent’s Liens as
described above in Section 2, under the Credit Agreement and the other Loan
Documents.

4. Representations and
Warranties. Borrower and Credit Parties, jointly and severally, hereby
represent and warrant to Agent and Lenders that:

4.1. Aside from: (a) (i) the
agreements to provide indemnification, (ii) the guaranty by Borrower, and (iii)
other obligations, all as set forth in the Asset Purchase Agreements, under
which the maximum aggregate exposure with respect to the preceding clause (i)
is $4,000,000, subject to the exceptions set forth in the Asset Purchase
Agreements; and (b) the obligations set forth in the Transition Services
Agreement, substantially in the form of Exhibit B to this Consent and Amendment
(the “Transition Services Agreement”), to be entered into by and among
Borrower, Webcraft, SARL and Spice, (A) there are no post-closing obligations
and liabilities, including, without limitation, contingent obligations and
liabilities, under the Asset Purchase Agreements or the Transition Services
Agreement of Borrower and the other Credit Parties to Spice or any other
Person, and (B) there is no existing guaranty, credit support, indemnity or other
similar arrangement by Borrower or any other Credit Party or by any of their
direct or indirect Subsidiaries in favor of Spice or any employee, customer or
creditor relating to Spice.

4.2. The execution, delivery
and performance by Borrower and each of the other Credit Parties of this
Consent and Amendment have been duly authorized by all necessary corporate
action, and this Consent and Amendment constitutes the legal, valid and binding
obligation of Borrower and each of the other Credit Parties enforceable against
each of them in accordance with its terms, except as the enforcement hereof may
be subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors’ rights generally
or to general principles of equity.

4.3. The execution, delivery
and performance of this Consent and Amendment and the consummation of the
transactions contemplated hereby by Borrower and each other Credit Party do
not, and will not:

(a) contravene or conflict
with any provision of (i) law, (ii) any judgment, decree or order, or (iii) the
certificate or articles of incorporation or by-laws or other constituent
documents of Borrower or any other Credit Party; or

(b) contravene or conflict
with, or cause any Lien to arise under, any provision of any indenture,
agreement, mortgage, lease, instrument or other document, including, without
limitation, the Security Agreement, the February 2003 Senior Subordinated Debt
Documents, the 2002 Senior Debt 

 

Documents, the 2003 Senior Secured Debt Documents or
the Mezzanine Debt Documents, binding upon or otherwise affecting Borrower or
any Credit Party or any property of Borrower or any Credit Party.

4.4.          No Default or Event of Default exists under the Credit
Agreement or any other Loan Document or will exist after or be triggered by the
execution, delivery and performance of this Consent and Amendment or the
consummation of the transactions contemplated hereby and by the Asset Purchase
Agreements. In addition, each of Borrower and each other Credit Party hereby
represents, warrants and reaffirms that the Credit Agreement and each of the
other Loan Documents remains in full force and effect.

5. Covenants. Aside
from (a) (i) the agreements to provide indemnification, (ii) the guaranty by
Borrower, and (iii) other obligations, all as set forth in the Asset Purchase
Agreements, under which the maximum aggregate exposure with respect to the
preceding clause (i) is $4,000,000, subject to the exceptions set forth in the
Asset Purchase Agreements, and (b) the obligations set forth in the Transition
Services Agreement, each of Borrower and each other Credit Party executing this
Consent and Amendment jointly and severally agrees as to all Credit Parties
that from and after the date hereof, the Credit Parties shall not and shall not
cause or permit their Subsidiaries directly or indirectly to create, incur,
assume or otherwise become or remain directly or indirectly liable with respect
to any guaranty, credit support, indemnity or other similar arrangement, by
Borrower or by any of its direct or indirect Subsidiaries in favor of Spice or
any employee, customer or creditor relating to Spice.

6. Conditions Precedent
to Effectiveness. The effectiveness of the consents set forth in Section 2
hereof are in each instance subject to the satisfaction of each of the
following conditions precedent:

6.1. Consent and
Amendment. This Consent and Amendment shall have been duly executed and
delivered by Borrower, the other Credit Parties, Agent and Lenders.

6.2. No Default. No
Default or Event of Default shall have occurred and be continuing or would
result from the effectiveness of this Consent and Amendment or the consummation
of any of the transactions contemplated hereby or by the Asset Purchase
Agreements.

6.3. Opinion. Agent
and Lenders shall have received an opinion of counsel to Borrower, Sullivan
& Cromwell LLP, with respect to this Consent and Amendment, including,
without limitation, as to this Consent and Amendment, the Asset Purchase
Agreements and the transactions contemplated hereby and thereby not conflicting
with any provision of the Security Agreement, the February 2003 Senior
Subordinated Debt Documents, the 2002 Senior Debt Documents, the 2003 Senior
Secured Debt Documents or the Mezzanine Debt Documents, in form and substance
acceptable to Agent.

6.4. Miscellaneous.
Agent and Lenders shall have received such other agreements, instruments and
documents as Agent or Lenders may reasonably request.

7. Reference to and
Effect Upon the Credit Agreement and other Loan Documents.

7.1. Full Force and
Effect. Except as specifically provided herein, the Credit Agreement, the
Notes and each other Loan Document shall remain in full force and effect and
each is hereby ratified and confirmed by all Credit Parties.

7.2. No Waiver. The
execution, delivery and effect of this Consent and Amendment shall be limited
precisely as written and shall not be deemed to (i) be a consent to any waiver
of any term or condition, or to any amendment or modification of any term or
condition (except as specifically provided herein) of the Credit Agreement or
any other Loan Document or (ii) prejudice any right, power or remedy 

 

which the Agent or any Lender now has or may have in
the future under or in connection with the Credit Agreement, the Notes or any
other Loan Document.

7.3 Certain Terms.
Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof
‘, “herein” or any other word or words of similar import shall mean and be a
reference to the Credit Agreement as amended hereby, and each reference in any
other Loan Document to the Credit Agreement or any word or words of similar
import shall be and mean a reference to the Credit Agreement as amended hereby.

8. Counterparts. This
Consent and Amendment may be executed in any number of counterparts, each of
which when so executed shall be deemed an original but all such counterparts
shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Consent and Amendment by telecopier or “pdf”
shall be as effective as delivery of a manually executed counterpart signature
page to this Consent and Amendment.

9. Costs and Expenses.
As provided in the Credit Agreement, Borrower shall pay the fees, costs and
expenses incurred by Agent in connection with the preparation, execution and
delivery of this Consent and Amendment (including, without limitation,
attorneys’ fees).

10. GOVERNING LAW.
THIS CONSENT AND AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPALS.

11. Headings. Section
headings in this Consent and Amendment are included herein for convenience of
reference only and shall not constitute a part of this Consent and Amendment
for any other purpose.

[Signature Pages Follow]

 

 

IN WITNESS WHEREOF, this
Consent and Amendment has been duly executed as of the date first written
above.

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  VERTIS,
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D.
  Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and
  Chief Executive Officer

  
					

 

 

 

	
   

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION

  
	
   

  	
  as Agent, an L/C
  Issuer and a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sandra
  Claghorn

  
	
   

  	
   

  	
  Duly Authorized Signatory

  

 

 

 

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Anchundia

  
	
   

  	
  Name:

  	
  Robert Anchundia

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

 

 

The following Persons are signatory to this Amendment
in their capacity as Credit Parties and not as Borrowers:

	
   

  	
  VERTIS HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  VERTIS DIGITAL SERVICES LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ENTERON GROUP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBCRAFT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  USA DIRECT, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
									

 

 

 

	
   

  	
  VERTIS MAILING, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBCRAFT CHEMICALS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dean D. Durbin

  
	
   

  	
  Name:

  	
  Dean D. Durbin

  
	
   

  	
  Title:

  	
  President and Chief Executive OfficerExhibit 10.2

FIRST AMENDMENT

THIS FIRST AMENDMENT
(this “Amendment”), is dated September 5, 2006, and relates to that
certain Receivables Funding and Administration Agreement, dated as of November
25, 2005 (as amended, restated, supplemented or otherwise modified from time to
time, the “Funding Agreement”), among Vertis Receivables II, LLC, a
Delaware limited liability company (“Borrower”), the financial
institutions from time to time party thereto (each a “Lender” and
collectively, the “Lenders”), General Electric Capital Corporation, a
Delaware corporation, as administrative agent for the Lenders (the “Administrative
Agent”), and is hereby made by Borrower, the Administrative Agent, and the
Lenders. Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Funding Agreement.

W I T N E S S E T H:

WHEREAS, Borrower has
advised the Lenders and the Administrative Agent that Webcraft, LLC, a Delaware
limited liability company (“Webcraft”) has agreed to sell certain assets
used in the development, marketing, sale and production of multi-sensory
sampling devices and renditions, including, without limitation, fragrance,
cosmetics and toiletries-related sampling, labels, scent strips and single use
packaging for fragrances, cosmetics and toiletries (which business is
hereinafter referred to as the “Fragrance Business”) pursuant to that
certain Asset Purchase Agreement (the “FB Purchase Agreement”) among
Vertis, Inc., a Delaware corporation (“Vertis”) and Webcraft as “Seller”
thereunder and Spice Acquisition Corp., a Delaware corporation (the “FB
Purchaser”), dated September 5, 2006 (the transactions relating thereto,
the “Sale Transaction”);

WHEREAS, prior to the
date hereof, and continuing until the “Closing Date” (as defined in the FB
Purchase Agreement), Webcraft has sold and will continue to sell Receivables
arising out of the Fragrance Business to Borrower (the “FB Receivables”)
and after the Closing Date will continue to sell Receivables (other than those
arising out of the Fragrance Business) as provided in the Related Documents;

WHEREAS, the parties
hereto have agreed as follows:

(a)           contemporaneously with the
effectiveness of the Sale Transaction, all Transferred Receivables constituting
FB Receivables shall no longer constitute “Eligible Receivables”;

(b)           as a result of the foregoing, a
Funding Excess shall exist and Borrower shall be required to pay the amount of
such Funding Excess in cash to Administrative Agent pursuant to Section 2.08(b)
and 2.08(d);

(c)           if such Funding Excess is not paid as
and when required pursuant to Section 2.08(b) and 2.08(d), then Administrative
Agent has the authority pursuant to Section 9.01(b) to direct the sale of the
FB Receivables; and

(d)           in order to effectuate the provisions
of the Funding Agreement and Related Documents and the orderly disposition of
Transferred Receivables as required to repay the Loans, notwithstanding any
timing differentials between the occurrence of the 

 

foregoing pursuant to the Funding Agreement,
the Administrative Agent and the Lenders shall on the Effective Date (as
defined in Section 3 below), direct the sale of the FB Receivables to
the FB Purchaser by the Borrower, and the Borrower will effectuate such sale by
the execution and delivery of a quit-claim assignment agreement with the FB
Purchaser in form and substance satisfactory to Administrative Agent (a copy of
which is attached hereto as Exhibit A, the “FB Quitclaim”, such
quit-claim transaction, the “Quitclaim Transaction”);

WHEREAS, subject to the terms
and conditions set forth herein, in connection with the consummation of the
Sale Transaction and the Quitclaim Transaction, the Administrative Agent  and Lenders have agreed to consent to the
Quitclaim Transaction;

WHEREAS, the
Administrative Agent, the Lenders, and Borrower are willing to amend the
Funding Agreement to reflect the foregoing and grant the requested consent on
the terms and conditions set forth herein;

NOW, THEREFORE, in
consideration of the foregoing premises, the parties hereto agree as follows:

1.             Consent and Amendments as of Effective Date.  As of the “Effective Date” (as defined in Section
3 below):

(a)           All Transferred Receivables
constituting FB Receivables shall no longer be deemed “Eligible Receivables”.

(b)           The Administrative Agent and the
Lenders hereby direct, and consent to, the Quitclaim Transaction, and Borrower
shall enter into the Quitclaim Transaction and use the proceeds thereof to pay
on the Effective Date any Funding Excess resulting from the amendment described
in clause (a) above.

(c)           Any collections received in a
Lockbox, Collection Account or Concentration Account with respect to FB
Receivables on and after the Effective Date shall be deemed “Unrelated Amounts”.
Borrower shall identify to Administrative Agent such Unrelated Amounts within
one Business Day of deposit therein, and Administrative Agent agrees that upon
such notice Administrative Agent shall (i) until the 90th day after the Effective Date, remit such
amounts to the FB Purchaser as directed by Servicer and (ii) after the 90th day after the Effective Date, address such
Unrelated Amounts as otherwise provided in the Related Documents.

(d)           No later than 5:00 p.m. (New York
time) on each Tuesday, Borrower shall deliver a report identifying any
collections received by Borrower, Webcraft, any other Originator or Servicer
from FB Receivables during the previous calendar week (including a total of
such amounts identified pursuant to clause (c) above), prepared as of
the last day of such week.

(e)           On each Settlement Date until the 90th day after the Closing Date, Borrower shall
provide (or cause Servicer to so provide) a written report to 

 

Administrative Agent certifying that no
collections from FB Receivables have been remitted to the Agent Account about
which Administrative Agent has not been advised.

(f)            Borrower agrees that it will, on or
before the close of business on the fifth Business Day after the “Closing Date”
(as defined in the FB Purchase Agreement), cause Servicer to send written
notice to each Obligor of FB Receivables to remit payment to a deposit account
other than a Collection Account or Concentration Account (and a lockbox other
than a Lockbox) and a Person other than Borrower, Servicer and Webcraft. Should
notwithstanding such instructions any collections from FB Receivables be
remitted to Servicer, Webcraft, Borrower, any Originator, any Collection
Account, Concentration Account or Lockbox, Borrower shall exercise commercially
reasonable efforts to cause FB Purchaser to renotify such Obligors regarding
the proper direction of payments. The parties hereto agree that a failure to
send such notices by the date set forth in the first sentence of this clause
(f) shall not be subject to any grace period set forth in Section 8.01 of
the Funding Agreement.

(g)           The Administrative Agent, on behalf
of the Lenders, hereby releases all security interests with respect to all of
the Administrative Agent’s right, title and interest in and to the FB
Receivables.

2.             Representations and Warranties. As of the
Effective Date, Borrower hereby represents and warrants to Administrative Agent
and the Lenders that (i) all of the representations and warranties of such
Person in the Related Documents are true and correct in all material respects
on and as of such date as though made to each such Person on and as of such
date (other than representations and warranties which expressly speak as of a
different date, which representations shall be made only on such date), (ii)
each of the recitals accurately describes the transactions described therein in
all respects, and (iii) as of such date, no Incipient Termination Event,
Termination Event, Incipient Servicer Termination Event or Event of Servicer
Termination Event has occurred and is continuing (it being agreed and
understood by all parties that the Sale Transaction, Quitclaim Transaction and
any Funding Excess created thereby but remedied in accordance with Section
3(c) below do not constitute any of the foregoing types of events).

3.             Effective Date. 
The “Effective Date” shall occur upon the satisfaction of the
following conditions precedent:

(a)           The Administrative Agent shall have
received counterparts hereof executed by each Person for which a signature
block is attached hereto.

(b)           Each of the representations and
warranties contained in this Amendment which speaks as of the Effective Date
shall be true and correct in all respects on and as of the Effective Date.

(c)           Borrower shall have delivered to the
Administrative Agent on or prior to the Effective Date a Daily Report giving pro forma effect to the foregoing
amendment and consent, and from the amount received from the proceeds of the
Quitclaim Transaction, Borrower shall have paid to the Administrative Agent, in

 

immediately available funds, an amount equal
to the amount, if any, of Funding Excess created by the foregoing amendment and
consent.

(d)           The Administrative Agent shall have
received an execution copy of the FB Purchase Agreement and the FB Quitclaim
executed and delivered by all parties thereto in form and substance reasonably
satisfactory to Administrative Agent.

(e)           The “Closing Date” pursuant to the FB
Purchase Agreement shall have occurred, and the Sale Transaction and the
Quitclaim Transaction shall have been consummated.

4.             Reference to and Effect on the Related Documents.

(a)           As applicable, on and after the
Effective Date, each reference in the Funding Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import, and each reference in the other Related
Documents to the Funding Agreement, shall mean and be a reference to the
Funding Agreement as modified hereby.

(b)           Except as specifically amended or
consented to above, all of the terms of the Funding Agreement and all other
Related Documents remain unchanged and in full force and effect.

(c)           The execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of any Lender or of Administrative Agent under any of the
Related Documents, nor constitute an amendment, other than as set forth herein,
or waiver of any provision of any of the Related Documents, nor obligate any
Lender or Administrative Agent to agree to similar consents in the future.

(d)           This Amendment shall constitute a
Related Document.

5.             Costs and Expenses.  Borrower agrees to pay upon demand in
accordance with the terms of Section 12.04 of the Funding Agreement all
reasonable costs and expenses of the Administrative Agent in connection with
the preparation, negotiation, execution and delivery of this Amendment,
including, without limitation, the reasonable fees, expenses and disbursements
of Sidley Austin LLP, counsel for the Administrative Agent with respect to any
of the foregoing.

6.             Miscellaneous. 
The headings herein are for convenience of reference only and shall not
alter or otherwise affect the meaning hereof.

7.             Counterparts. 
This Amendment may be executed in any number of counterparts and by the
different parties hereto in separate counterparts, each of which when so
executed and delivered by facsimile shall be an original, but all of which
shall together constitute one and the same instrument.

8.             GOVERNING LAW. 
THIS AMENDMENT
AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE 

 

GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS BUT
OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES) EXCEPT TO THE EXTENT
THAT THE PERFECTION, EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF THE
ADMINISTRATIVE AGENT IN THE RECEIVABLES OR REMEDIES HEREUNDER OR THEREUNDER, IN
RESPECT THEREOF, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE
STATE OF NEW YORK, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

	
  *

  	
  *

  	
  *

  

 

 

IN WITNESS WHEREOF,
Borrower, the Administrative Agent, and the Lenders, have caused this Amendment
to be executed by their respective officers thereunto duly authorized as of the
date first above written.

	
   

  	
  VERTIS RECEIVABLES II, LLC

  
	
   

  	
  as the Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John V. Howard, Jr.

  
	
   

  	
   

  	
  Name:

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  

 

 

 

	
   

  	
  GENERAL ELECTRIC CAPITAL CORPORATION

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Timmerman

  
	
   

  	
   

  	
  Name: Susan
  Timmerman

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Commitment:
  $130,000,000

  	
  GENERAL ELECTRIC CAPITAL CORPORATION

  
	
   

  	
  as the Lender
  and Swing Line Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Timmerman

  
	
   

  	
   

  	
  Name: Susan
  Timmerman

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  

 

 

 

	
  ACKNOWLEDGED & AGREED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  VERTIS, INC.

  
	
   

  	
  as Servicer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John V. Howard, Jr.

  
	
   

  	
   

  	
  Name:

  	
  John V. Howard, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  

 

 

 

Exhibit A

Quitclaim
Agreement

SEE
ATTACHED

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}]]